Resolution No. JPRF-A-2023-082 — Election of President and Acting President of the JPRF

Address: Av. Amazonas between Pereira and Unión Nacional de Periodistas, Governmental Financial Management Platform. Yellow Block, 5th Floor | Postal Code: 170507 | Quito - Ecuador | Resolution No. JPRF-A-2023-082 THE FINANCIAL POLICY AND REGULATION BOARD CONSIDERING: That, Article 82 of the Constitution of the Republic of Ecuador establishes that the right to legal security is based on respect for the Constitution and the existence of prior, clear, public legal norms applied by competent authorities; That, Article 226 of the Magna Carta provides that State institutions, their agencies, dependencies, public servants, and persons acting by virtue of a State power shall exercise only the competencies and faculties attributed to them in the Constitution and the law. They shall have the duty to coordinate actions for the fulfillment of their purposes and to make effective the enjoyment and exercise of rights recognized in the Constitution; That, Article 227 of the Fundamental Law foresees the Principles governing the conduct of public administration, among which is the Principle of Hierarchy; That, Article 6 of the Organic Administrative Code defines the Principle of Hierarchy as: "The organisms that make up the State are structured and organized in a staggered manner. Superior organs direct and control the work of their subordinates and resolve conflicts among them."; That, Article 47 of the aforementioned Code prescribes that the highest administrative authority of the corresponding public entity exercises its representation to intervene in all acts, contracts, and legal relations subject to its competence. This authority does not require delegation or authorization from any superior organ or entity, except in cases expressly provided for by law; That, Article 158 supra determines that terms can only be fixed in days and deadlines in months or years; That, Article 160 of the aforementioned normative body stipulates that the deadline shall be computed from date to date; That, Article 13 of the Organic Monetary and Financial Code, Book I, created the Financial Policy and Regulation Board, part of the Executive Function, as a legal person of public law, with administrative, financial, and operational autonomy, responsible for the formulation of credit, financial, securities, insurance, and prepaid comprehensive health care service policy and regulation; That, the second paragraph of the aforementioned article states that the Financial Policy and Regulation Board shall be composed of three full-time members; That, the third paragraph of the same article provides that the members of the Financial Policy and Regulation Board shall be designated and sworn in by the National Assembly, after verifying compliance with the requirements established in this Code, from among three candidates proposed by the President of the Republic, who shall serve a term of four years;

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Address: Av. Amazonas between Pereira and Unión Nacional de Periodistas, Governmental Financial Management Platform. Yellow Block, 5th Floor | Postal Code: 170507 | Quito - Ecuador | That, the sixth and seventh paragraphs of the aforementioned article, in order, indicate that "the Financial Policy and Regulation Board shall elect from among its members the President and an Acting President, for a term of two years, who may be reelected. In case of temporary absence of the President of the Financial Policy and Regulation Board, the Acting President shall substitute him. In case of permanent absence of the President of the Financial Policy and Regulation Board, the Acting President shall substitute him for the remainder of his term."; That, Article 24 of the aforementioned normative body determines the functions of the President of the Financial Policy and Regulation Board, among which is exercising legal, judicial, and extrajudicial representation of the Financial Policy and Regulation Board; That, the National Assembly, through the Act of Swearing-in of October 12, 2021, in compliance with what is provided in Article 13 of the Organic Monetary and Financial Code, Book I, swore in Master Catalina Pazos Chimbo, Master Iván Eduardo Velástegui Velástegui, and Master María Paulina Vela Zambrano as members of the Financial Policy and Regulation Board; That, by Resolution No. JPRF-A-2021-001 of October 14, 2021, the collegiate body of the Financial Policy and Regulation Board resolved to elect from among its members Master María Paulina Vela Zambrano as President; and Master Catalina Pazos Chimbo as Acting President, for a term of two (2) years counted from the date of the aforementioned Resolution; That, the Technical Secretariat of the Financial Policy and Regulation Board, through Memorandum No. JPRF-ST-2023-0082-M of October 5, 2023, submits to the President of the Board the Legal Report No. JPRF-CJF-2023-047 of October 5, 2023, which, among other things, concludes that the legal period for the exercise of the functions of the current President and Acting President of the Financial Policy and Regulation Board will end on October 14 of the current year, therefore, by virtue of what is provided in Article 13 of the Organic Monetary and Financial Code, Book I, it is necessary for its Members to choose from among themselves the aforementioned authorities for the next two (2) years, counted from October 15, 2023; That, the Financial Policy and Regulation Board, in an extraordinary in-person session held on October 6, 2023, reviewed the Memorandum No. JPRF-ST-2023-0082-M of October 5, 2023, issued by the Technical Secretary of the Board; as well as the aforementioned report from the Coordination of Legal and Financial Policy and Norms, in addition to the draft resolution corresponding; That, the Financial Policy and Regulation Board, in an extraordinary in-person session held on October 6, 2023, reviewed and approved the following Resolution; and, In the exercise of its legal powers, RESOLVES: ARTICLE 1.- To reelect Master María Paulina Vela Zambrano as President of the Financial Policy and Regulation Board for a term of two (2) years, counted from October 15, 2023, in accordance with current regulations. ARTICLE 2.- To elect Master Iván Eduardo Velástegui Velástegui as Acting President of the Financial Policy and Regulation Board for a term of two (2) years, counted from October 15, 2023, in accordance with current regulations.

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Address: Av. Amazonas between Pereira and Unión Nacional de Periodistas, Governmental Financial Management Platform. Yellow Block, 5th Floor | Postal Code: 170507 | Quito - Ecuador | FINAL PROVISION.- This Resolution shall enter into force from October 15, 2023; without prejudice to its publication in the Official Register. Publish this Resolution on the website of the Financial Policy and Regulation Board, within a maximum term of two (2) days from its issuance. COMMUNICATE.- Given in the Metropolitan District of Quito, on October 6, 2023. THE PRESIDENT, Master María Paulina Vela Zambrano The aforementioned Resolution was processed and signed by Master María Paulina Vela Zambrano, President of the Financial Policy and Regulation Board, in the Metropolitan District of Quito, on October 6, 2023.- I CERTIFY. TECHNICAL SECRETARY Master Nelly Arias Zavala