Central Bank of Bolivia

Board of Directors

BOARD RESOLUTION NO. 025/2015

SUBJECT: FINANCIAL ENTITIES MANAGEMENT – MODIFICATION TO THE REGULATIONS ON PAYMENT SERVICES AND ELECTRONIC PAYMENT INSTRUMENTS

VISTOS:

• The Political Constitution of the State approved by referendum on January 25, 2009, and promulgated on February 7, 2009.
• Law No. 1670 of October 31, 1995 of the Central Bank of Bolivia (BCB).
• The BCB Statute approved by Board Resolution No. 128/2005 of October 21, 2005, and its subsequent modifications.
• The Payment Services Regulation approved by Board Resolution No. 121/2011 of September 27, 2011, and its modifications.
• The Electronic Payment Instruments Regulation approved by Board Resolution No. 126/2011 of October 4, 2011, and its modifications.
• The Report from the Financial Entities Management BCB-GEF-SSPSF-DVSP-INF-2015-6 of January 29, 2015.
• The Report from the Legal Affairs Management BCB-GAL-SANO-INF-2015-57 of February 2, 2015.

CONSIDERING:

• That the Political Constitution of the State establishes in its article 328 that it is the responsibility of the BCB, in coordination with the economic policy determined by the Executive Branch, in addition to those indicated by Law, to regulate the payment system.
• That according to article 331 of the Political Constitution of the State, financial intermediation activities, the provision of financial services, and any other activity related to the handling, use, and investment of savings, are of public interest and can only be exercised with prior authorization from the State, in accordance with the Law.
• That Law No. 1670 establishes in its articles 2, 3, and 30 that the BCB's objective is to ensure the stability of the internal purchasing power of the national currency, for which it formulates policies of general application in monetary matters and the payment system, being subject to its regulatory competence, all financial intermediation and financial services entities authorized by the Superintendence of Banks and Financial Entities, currently known as the Financial System Supervisory Authority (ASFI).
• That the BCB Board of Directors, in its capacity as the highest authority of the Institution, is responsible for defining its policies, specialized regulations of general application, and internal rules, and is empowered to issue norms and adopt general decisions necessary for the fulfillment of the functions, competencies, and powers assigned by Law to the Issuing Entity, as established in articles 44 and 54 item o) of Law No. 1670 and articles 9, 11, and 24 of the BCB Statute.
• That the Payment Services Regulation establishes the permitted payment services in the national payment system, for which it defines the concept of payment order.
• That the Electronic Payment Instruments Regulation governs the conditions of use and acceptance of electronic payment instruments, for which it defines the concept of payment order.
• That the Financial Entities Management, through Report BCB-GEF-SSPSF-DVSP-INF-2015-6, recommends incorporating a new definition of payment order that aligns with the needs of financial entities and payment service providers in the Payment Services and Electronic Payment Instruments Regulations.
• That according to Report BCB-GAL-SANO-INF-2015-57, the Legal Affairs Management concludes that the proposal to modify article 5 of the Payment Services Regulation and the Electronic Payment Instruments Regulation is legally appropriate, and it is the competence of the BCB Board of Directors to approve such modification.

THEREFORE,

THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA

RESOLVES:

Article 1.- Modify article 5 of B.D. No. 121/2011 which approves the Payment Services Regulation, in the following terms:

IT SAYS:

Article 5. (Definitions). For the purposes of interpretation of this Regulation, the following definitions are established:

h) Payment Order. Instruction or message by which the assignment and/or transfer of funds to the order of the beneficiary is requested, which includes electronic transfers.

IT MUST SAY:

Article 5. (Definitions). For the purposes of interpretation of this Regulation, the following definitions are established:

h) Payment Order: Instruction or message by which the assignment and/or transfer of funds in favor of a beneficiary is requested, which, in an enumerative and non-limiting manner, includes electronic transfers between natural and/or legal persons, payments in case of being benefited by the provision of a service, purchase and sale of goods, and payment for the fulfillment of obligations (debts, taxes, and others).

Article 2.- Modify article 5 of B.D. No. 022/2013 - Electronic Payment Instruments Regulation, in the following terms:

IT SAYS:

Article 5 (Definitions). For the purposes of interpretation of this Regulation, the following definitions are established:

q) Payment Order: Instruction or message by which the assignment and/or transfer of funds to the order of the beneficiary is requested. Includes electronic transfers.

IT MUST SAY:

Article 5 (Definitions). For the purposes of interpretation of this Regulation, the following definitions are established:

q) Payment Order: Instruction or message by which the assignment and/or transfer of funds in favor of a beneficiary is requested, which, in an enumerative and non-limiting manner, includes electronic transfers between natural and/or legal persons, payments in case of being benefited by the provision of a service, purchase and sale of goods, and payment for the fulfillment of obligations (debts, taxes, and others).

Article 3.- The modifications to article 5 of the Payment Services and Electronic Payment Instruments Regulations will enter into force from the date of approval of this Resolution.

Article 4.- The Presidency and the General Management are charged with the execution and compliance of this Resolution.

La Paz, February 10, 2015

Marcelo Zabalaga Estrada

Reynaldo Yujra Segales
Alvaro Rodríguez Rojas
Abraham Pérez Alandia
Ronald Polo Rivero
Sergio Velarde Vera