Resolution JPRM-2024-009-G: Reforming the Regulations on Institutional Committees of the Central Bank of Ecuador

RESOLUTION NO. JPRM-2024-009-G MONETARY POLICY AND REGULATION BOARD

CONSIDERING:

That, Article 226 of the Constitution of the Republic of Ecuador prescribes that public servants and persons acting under state authority shall exercise only the competencies and powers attributed to them in the Constitution and the Law;

That, Article 227 of the same states that Public Administration constitutes a service to the community governed by principles of effectiveness, efficiency, quality, hierarchy, coordination, planning, among others;

That, the first paragraph of Article 303 aforementioned determines that the formulation of monetary, credit, exchange, and financial policies is the exclusive faculty of the Executive Branch and will be implemented through the Central Bank of Ecuador;

That, Article 47.1 of the Organic Monetary and Financial Code created the Monetary Policy and Regulation Board as part of the Executive Branch, responsible for the formulation of monetary policy, the highest governing body of the Central Bank of Ecuador, and determined its composition;

That, in numeral 15 of Article 47.6 of the aforementioned Code, as a function of the Monetary Policy and Regulation Board, the following appears: "(…) 15. Establish and regulate the functioning of committees that may be necessary for the functioning of the Bank (…)";

That, Article 128 of the Organic Administrative Code determines: "It is any unilateral declaration made in the exercise of an administrative competence that produces general legal effects, which is not exhausted with its compliance and directly";

That, the Monetary Policy and Regulation Board, through Resolution No. JPRM-2023-011-G, of May 30, 2023, issued the "Regulations on the composition and functioning of the institutional committees of the Central Bank of Ecuador", reformed by Resolution No. JPRM-2023-017-G, of September 28, 2023;

That, through Resolution No. JPRM-2024-005-A, of March 8, 2024, the Monetary Policy and Regulation Board issued the "Organic Statute of Process-Based Organizational Management of the Central Bank of Ecuador", which establishes the structure, competencies, planning, and management model of the Central Bank of Ecuador;

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That, it is necessary to reform Resolution No. JPRM-2023-011-G, which contains the "Regulations on the composition and functioning of the institutional committees of the Central Bank of Ecuador", in order to harmonize the composition of the institutional committees by adjusting them to the current structure of the Central Bank of Ecuador;

That, the Monetary Policy and Regulation Board, in ordinary session, by mixed modality, on May 15, 2024, reviewed the proposal sent via memorandum No. BCE-BCE-2024-0110-M, of May 10, 2024, by the General Manager of the Central Bank of Ecuador to the President of the Monetary Policy and Regulation Board, as well as, the technical report No. BCE-DPCI-2024-025, of May 8, 2024; and, the legal report No. BCE-CGJ-029-2024, of May 9, 2024; and,

In exercise of its functions and in accordance with Article 47.7 of the Organic Monetary and Financial Code, the Monetary Policy and Regulation Board resolves:

REFORM THE REGULATIONS ON THE COMPOSITION AND FUNCTIONING OF THE INSTITUTIONAL COMMITTEES OF THE CENTRAL BANK OF ECUADOR, CONTAINED IN RESOLUTION NO. JPRM-2023-011-G, REFORMED BY RESOLUTION NO. JPRM-2023-017-G

Article 1.- Substitute Article 21 of Resolution No. JPRM-2023-011-G, of May 30, 2023, with the following text:

"Article 21.- Members: The Assets and Liabilities Committee shall be composed of the following members:

1. General Manager, who shall act as president;
2. Deputy General Manager, who shall act as vice president;
3. Manager of Investments and International Services;
4. Manager of Payment Means and National Services;
5. Manager of Economic Studies and Statistics;
6. Risk Manager;
7. Administrative Financial Manager;
8. Deputy Manager of Financial Risk, who shall act with voice only;
9. Deputy Manager of Monetary and Financial Stability, who shall act with voice only; and,
10. Legal Manager, or their delegate, who shall act with voice only. The General Secretary shall act as secretary.".

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Article 2.- Substitute Article 25 of Resolution No. JPRM-2023-011-G, of May 30, 2023, with the following text:

"Article 25.- Members: The Comprehensive Risk Management Committee shall be composed of the following members:

1. General Manager, who shall act as president;
2. Deputy General Manager, who shall act as vice president;
3. Risk Manager;
4. Compliance Deputy Manager, who shall act with voice only;
5. Manager of Payment Means and National Services, who shall act with voice only;
6. Manager of Investments and International Services, who shall act with voice only;
7. Manager of Economic Studies and Statistics, who shall act with voice only;
8. Manager of Payment Means Supervision and Innovation, who shall act with voice only;
9. Deputy Manager of Operational Risks, who shall act with voice only;
10. Deputy Manager of Financial Risks, who shall act with voice only;
11. Manager of Planning and Strategic Management, who shall act with voice only;
12. Deputy Manager of Information Security, who shall act with voice only; and,
13. Legal Manager, or their delegate, who shall act with voice only. The General Secretary shall act as secretary.".

Article 3.- Substitute Article 29 of Resolution No. JPRM-2023-011-G, of May 30, 2023, with the following text:

"Article 29.- Members: The Monetary and Financial Stability Committee shall be composed of the following members:

1. General Manager, who shall act as president;
2. Deputy General Manager, who shall act as vice president;
3. Manager of Economic Studies and Statistics;
4. Manager of Payment Means and National Services;
5. Manager of Investments and International Services;
6. Manager of Payment Means Supervision and Innovation;
7. Risk Manager, who shall act with voice only;
8. Deputy Manager of Monetary and Financial Stability, who shall act with voice only;
9. Deputy Manager of Fiduciary Administration, who shall act with voice only;
10. Legal Manager, or their delegate, who shall act with voice only; and,

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11. Delegate of the Monetary Policy and Regulation Board, who shall act with voice only. The General Secretary shall act as secretary.".

Article 4.- Substitute Article 33 of Resolution No. JPRM-2023-011-G, of May 30, 2023, with the following text:

"Article 33.- Members: The Payment Means and Systems Committee shall be composed of the following members:

1. General Manager, who shall preside over it;
2. Deputy General Manager, who shall act as vice president;
3. Manager of Payment Means Supervision and Innovation;
4. Manager of Payment Means and National Services;
5. Manager of Economic Studies and Statistics;
6. Information Technology Manager;
7. Deputy Manager of Payment Means Supervision, who shall act with voice only;
8. Deputy Manager of Payment Means Innovation, who shall act with voice only;
9. Deputy Manager of National Financial Services, who shall act with voice only;
10. Deputy Manager of Payment Systems Administration, who shall act with voice only;
11. Deputy Manager of Securities Depository, who shall act with voice only;
12. Risk Manager, who shall act with voice only; and,
13. Legal Manager, or their delegate, who shall act with voice only. The General Secretary shall act as secretary.".

Article 5.- Substitute Article 37 of Resolution No. JPRM-2023-011-G, of May 30, 2023, with the following text:

"Article 37.- Members: The Institutional Management Committee shall be composed of the following members:

1. General Manager, who shall preside over the Committee;
2. Deputy General Manager, who shall act as vice president;
3. Manager of Payment Means Supervision and Innovation;
4. Manager of Payment Means and National Services;
5. Manager of Investments and International Services;
6. Manager of Economic Studies and Statistics;
7. Manager of Planning and Strategic Management;

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8. Administrative Financial Manager;
9. Legal Manager;
10. Information Technology Manager;
11. Deputy Manager of Security Operations and Securities Transport;
12. Risk Manager;
13. Guayaquil Zonal Deputy Manager; and,
14. Cuenca Zonal Deputy Manager. The General Secretary shall act as secretary.".

Article 6.- Substitute Article 41 of Resolution No. JPRM-2023-011-G, of May 30, 2023, with the following text:

"Article 41.- Members: The Ethics Committee shall be composed of the following members:

1. General Manager, or their delegate, who shall act as president;
2. Deputy General Manager, who shall act as vice president;
3. Legal Manager, or their delegate;
4. Administrative Financial Manager;
5. Risk Manager, who shall act with voice only;
6. Banking Audit Director, who shall act with voice only;
7. Deputy Manager of Operational Risks, who shall act with voice only; and,
8. Compliance Deputy Manager, who shall act with voice only. The Deputy Manager of Human Talent Administration shall act as secretary.".

Article 7.- Substitute Article 45 of Resolution No. JPRM-2023-011-G, of May 30, 2023, with the following text:

"Article 45.- Members: The Service Quality Management and Institutional Development Committee shall be composed of the following members:

1. General Manager, or their delegate, who shall act as president;
2. Deputy General Manager, who shall act as vice president;
3. Manager of Planning and Strategic Management;
4. Manager of Investments and International Services;
5. Manager of Economic Studies and Statistics;
6. Manager of Payment Means and National Services;
7. Risk Manager;
8. Manager of Payment Means Supervision and Innovation;

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9. Administrative Financial Manager;
10. Legal Manager, or their delegate;
11. Information Technology Manager;
12. Banking Audit Director;
13. Government Internal Auditor;
14. Deputy Manager of Processes and Quality;
15. Deputy Manager of Human Talent Administration;
16. Deputy Manager of International Relations;
17. Deputy Manager of Monetary Education and Citizen Attention;
18. Deputy Manager of Strategic Communication; and,
19. Deputy Manager of Security Operations and Securities Transport. The General Secretary shall act as secretary.".

Article 8.- Substitute Article 49 of Resolution No. JPRM-2023-011-G, of May 30, 2023, with the following text:

"Article 49.- Members: The Transparency Committee shall be composed of the following members:

1. Deputy Manager of Strategic Communication, who shall act as president;
2. Deputy Manager of Human Talent Administration, who shall act as vice president;
3. Administrative Deputy Manager;
4. Deputy Manager of Statistical Information;
5. Deputy Manager of National Accounts and Situation;
6. Deputy Manager of Payment Systems Administration;
7. General Secretary;
8. Deputy Manager of Planning and Projects;
9. Deputy Manager of Legal Advice; and,
10. Deputy Manager of Monetary Education and Citizen Attention. The Deputy Manager of Planning and Projects shall act as secretary.".

GENERAL PROVISIONS

FIRST. - In resolutions of the Monetary Policy and Regulation Board, wherever "National Compliance Directorate" is mentioned, understand "Compliance Deputy Manager".

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SECOND. - In resolutions of the Monetary Policy and Regulation Board, wherever "Human Talent Administration Directorate" is mentioned, understand "Human Talent Administration Deputy Manager".

SINGLE TRANSITORY PROVISION. - Within a period of three (3) months, the General Management shall reform the internal operating regulations of the committees, considering the attributions and responsibilities of the current structure of the Central Bank of Ecuador, as well as the composition of the Committees provided for in the Regulations on the Composition and Functioning of the Institutional Committees of the Central Bank of Ecuador.

FINAL PROVISION. - This resolution shall enter into force from its issuance, without prejudice to its publication in the Official Register.

The General Secretariat of the Central Bank of Ecuador is tasked with publishing it on the institutional website.

NOTIFY AND PUBLISH. - Given in the city of Guayaquil, on May 15, 2024.

THE PRESIDENT Dr. TATIANA MARIBEL RODRÍGUEZ CERÓN

The aforementioned resolution was signed by Dr. Tatiana Maribel Rodríguez Cerón - President of the Monetary Policy and Regulation Board, in the city of Guayaquil, on May 15, 2024.

I CERTIFY. ADMINISTRATIVE SECRETARY Attorney MARÍA ALEXANDRA GUERRERO DEL POZO