Board Resolution No. 071/2017 Approving Amendments to the Payment Services, Electronic Payment Instruments, Compensation and Settlement Regulation

Banco Central de Bolivia
Directorio

RESOLUCIÓN DE DIRECTORIO Nº 071/2017

SUBJECT: FINANCIAL ENTITIES MANAGEMENT – APPROVES AMENDMENT TO THE REGULATION ON PAYMENT SERVICES, ELECTRONIC PAYMENT INSTRUMENTS, COMPENSATION AND SETTLEMENT.

VIEWED:

The Political Constitution of the State of February 7, 2009.

Law No. 1670 of October 31, 1995, of the Central Bank of Bolivia.

Law No. 393 on Financial Services of August 5, 2013.

The Statute of the Central Bank of Bolivia of October 21, 2005, approved by Board Resolution No. 128/2005 and its subsequent modifications.

The Regulation on Payment Services, Electronic Payment Instruments, Compensation and Settlement approved by Board Resolution No. 134/2015 of July 28, 2015, and its modification.

The Report from the Financial Entities Management BCB-GEF-SSPSF-DVSP-INF-2017-26 of May 17, 2017.

The Report from the Legal Affairs Management BCB-GAL-SANO-INF-2017-116 of May 19, 2017.

CONSIDERING:

That the Political Constitution of the State establishes in its Article 328 that it is an attribute of the Central Bank of Bolivia, in coordination with the economic policy determined by the Executive Branch, in addition to those indicated by Law, to regulate the payment system.

That pursuant to Article 331 of the Constitutional Text, financial intermediation activities, the provision of financial services, and any other activity related to the management, 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 articles 2, 3, and 30 of Law No. 1670 provide that the Central Bank of Bolivia has as its objective to ensure the stability of the internal purchasing power of the national currency, for the fulfillment of which it formulates policies of general application in monetary, exchange, and payment system matters, with all entities of financial intermediation and financial services authorized by the Superintendence of Banks and Financial Entities, currently known as the Financial System Supervisory Authority, being subject to its regulatory competence.

That paragraph III of article 8 establishes that the Financial Supervisory Authority will issue specific regulation and supervise its compliance within the framework of the regulation issued by the Central Bank of Bolivia, in the scope of the payment system.

That article 11, numeral 13 of the Statute of the Central Bank of Bolivia establishes as an attribute of the Board of the Issuer Entity to approve the rules for the functioning of the payment system.

That the Regulation on Payment Services, Electronic Payment Instruments, Compensation and Settlement regulates, within the scope of the national payment system, the services and Electronic Payment Instruments-EPI and the compensation and settlement derived from these instruments.

That in Report BCB-GEF-SSPSF-DVSP-INF-2017-26, the Financial Entities Management states that it is necessary to modify and complement the Regulation on Payment Services, Electronic Payment Instruments, Compensation and Settlement to have a regulatory framework consistent with the new characteristics of the national payment system.

That Report BCB-GAL-SANO-DLBCI-INF-2017-116 from the Legal Affairs Management establishes that the modifications, clarifications, complements, and incorporations proposed by the Financial Entities Management to the Regulation on Payment Services, Electronic Payment Instruments, Compensation and Settlement are legally appropriate, being the competence of the BCB Board to consider their approval by two-thirds of the votes of all its members, in accordance with what is established in subsection o) of article 54 of Law No. 1670 and numeral 29 of article 11 of the Statute of the Issuer Entity.

THEREFORE,
THE BOARD OF THE CENTRAL BANK OF BOLIVIA
RESOLVES:

Article 1.- Modify the wording of subsection e) of Article 2 of Board Resolution No. 134/2015 that approves the Regulation on Payment Services, Electronic Payment Instruments, Compensation and Settlement as follows:

SAYS:

Article 2 (Scope of application). The rules contained in this Regulation are applicable to:

e) Entities that carry out liquidation activities.

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Banco Central de Bolivia
Directorio

//2. B.D. No. 071/2017

SHOULD SAY:

“Article 2 (Scope of application). The rules contained in this Regulation are applicable to:

e) Entities that carry out liquidation activities, indicated in this Regulation.”

Article 2.- Modify the wording of subsections e), g), q), z), aa), dd), ee), oo), zz), hhh), iii), kkk), mmm) and nnn) of Article 3 (Definitions) of Board Resolution No. 134/2015 that approves the Regulation on Payment Services, Electronic Payment Instruments, Compensation and Settlement as follows:

SAYS:

Article 3 (Definitions). For the purposes of this Regulation, the following definitions are established:

e) Mobile Wallet: Electronic Payment Instrument-EPI that accredits a contractual relationship between the issuer and the holder of a Mobile Wallet account exclusively in national currency, which allows originating electronic fund transfers, depositing and/or withdrawing cash, making inquiries, and other ancillary activities.

g) Compensation and Clearing Chamber: Complementary financial services entity whose object is the automatic and centralized processing of the compensation and settlement of Payment Orders-PO generated from Payment Instruments-PI and other ancillary activities.

q) Mobile wallet account: Account associated with the Electronic Payment Instrument-EPI mobile wallet, exclusively in national currency. The funds held in these accounts are not deposits, therefore they do not generate interest.

z) Electronic Money: Monetary value stored in electronic devices that circulates through Payment Orders-PO. Electronic money is convertible into cash at nominal value at the request of the holder, user, or beneficiary.

aa) Electronic device or document: Electronic Payment Instrument-EPI that through communication networks, specialized computer systems and developments such as Internet Banking, Mobile Banking, or others allows holders and/or users to originate Payment Orders-PO and/or make inquiries on accounts related to the instrument.

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Banco Central de Bolivia
Directorio

//3. B.D. No. 071/2017

dd) Issuance of Electronic Payment Instrument-EPI: Action by which the Financial Intermediation Entity-FIE or Payment Service Company-PSC authorized by the Financial System Supervisory Authority-ASFI delivers to a holder or user an Electronic Payment Instrument-EPI.

ee) Issuer of Electronic Payment Instruments-EPI: Financial Intermediation Entity-FIE or Payment Service Company-PSC authorized by the Financial System Supervisory Authority-ASFI that in the course of its activities issues one or more Electronic Payment Instruments-EPI. The issuer is obligated to pay obligations generated by the use of the Electronic Payment Instrument-EPI.

oo) Electronic Payment Instrument-EPI: Electronic device or document that allows the holder and/or user to originate Payment Orders-PO and/or make inquiries on accounts associated with the instrument. The Electronic Payment Instruments-EPI are:

• Mobile wallet,
• Electronic devices or documents that allow originating fund transfers,
• Electronic cards (credit, debit, and prepaid), and
• Others authorized by the BCB Board.

zz) Proximity Payment Order-PO: Payment Order-PO that is processed using a contactless reader (infrared reader or short-range communication or NFC for its acronym in English), not requiring that the Electronic Payment Instrument-EPI have physical contact with a device.

hhh) Redemption of quotas: Operation by which the participant makes liquid or converts into cash the quotas of an open investment fund through the redemption of quotas executed by the Investment Fund Administrator Society-IFAS.

iii) Payment service: Set of activities aimed at the issuance, acquiring, administration of Electronic Payment Instruments-EPI, processing of Payment Orders-PO, buying and selling of foreign currency, sending and paying of international remittances, sending and receiving of internal drafts.

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Banco Central de Bolivia
Directorio

//4. B.D. No. 071/2017

kkk) National payment system: With regard to this Regulation, the payment system is the set of rules, procedures, payment services, compensation and settlement, Electronic Payment Instruments-EPI, and electronic payment channels that make possible the processing of Payment Orders-PO originated by natural and/or legal persons. The payment system makes possible the circulation of money in the national economy.

mmm) Electronic card: Physical or virtual Electronic Payment Instrument-EPI that allows originating Payment Orders-PO and making inquiries on associated accounts. The following are considered electronic cards:

• Credit Card: Allows its holder and/or user to avail themselves of the funds of a credit line up to a financing limit.
• Debit Card: Allows its holder and/or user to avail themselves of the funds held in their associated account.
• Prepaid Card: Allows its holder and/or user to avail themselves of the stored money that was previously paid to the issuer of the Electronic Payment Instrument-EPI.

nnn) Point of Sale Terminal: Device that allows the use of Electronic Payment Instruments-EPI at points of sale of goods and services to process Payment Orders-PO by contact or proximity, the information is captured in paper receipts (vouchers) or by electronic terminals designed to transmit the information. The Point of Sale Terminal is also known by its acronym in English: POS (Point of Sale).

SHOULD SAY:

“Article 3 (Definitions). For the purposes of this Regulation, the following definitions are established:

e) Mobile Wallet: Electronic Payment Instrument-EPI that accredits a contractual relationship between the issuer and the holder of a Mobile Wallet account exclusively in national currency, which allows the holder of the instrument to originate electronic fund transfers, load and/or withdraw cash, make inquiries, and other ancillary activities.

g) Compensation and Clearing Chamber: Complementary financial services company whose object is the automatic and centralized processing of the compensation and settlement of Payment Orders-PO generated from Payment Instruments-PI and other ancillary activities.

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Banco Central de Bolivia
Directorio

//5. B.D. No. 071/2017

q) Mobile wallet account: Payment account issued in the name of a holder, associated with the Electronic Payment Instrument-EPI mobile wallet, exclusively in national currency.

z) Electronic Money: Monetary value used to process or receive Payment Orders-PO through different Electronic Payment Instruments-EPI and is convertible into cash at nominal value at the request of the holder.

aa) Electronic Fund Transfer Order-EFTO: Electronic Payment Instrument-EPI that through communication networks, specialized computer developments such as Internet Banking, Mobile Banking, or others allows holders and/or users to originate Payment Orders-PO from accounts related to the instrument.

dd) Issuance of Electronic Payment Instrument-EPI: Action by which the Financial Intermediation Entity-FIE, Payment Service Company-PSC authorized by the Financial System Supervisory Authority-ASFI, as well as the Investment Fund Administrator Society-IFAS that administers Open Investment Funds authorized by the Financial System Supervisory Authority-ASFI and duly registered in the Securities Market Registry, delivers to a holder or user an Electronic Payment Instrument-EPI.

ee) Issuer of Electronic Payment Instruments-EPI: Financial Intermediation Entity-FIE or Payment Service Company-PSC authorized by the Financial System Supervisory Authority-ASFI, as well as the Investment Fund Administrator Society-IFAS that administers Open Investment Funds authorized by the Financial System Supervisory Authority-ASFI and duly registered in the Securities Market Registry, that in the course of its activities issues one or more Electronic Payment Instruments-EPI. The issuer is obligated to pay obligations generated by the use of the Electronic Payment Instrument-EPI.

oo) Electronic Payment Instrument-EPI: Electronic device or document that allows the holder and/or user to originate Payment Orders-PO and/or make inquiries on accounts associated with the instrument. The Electronic Payment Instruments-EPI are:

• Mobile wallet,
• Electronic Fund Transfer Order-EFTO,
• Electronic cards (credit, debit, and prepaid), and
• Others authorized by the BCB Board.

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Banco Central de Bolivia
Directorio

//6. B.D. No. 071/2017

An Electronic Payment Instrument-EPI can be used physically or virtually.

zz) Contactless Payment Order-PO: Payment Order-PO that for its processing does not require that the Electronic Payment Instrument-EPI have physical contact with a device.

hhh) Redemption of quotas: Operation by which the participant makes liquid or converts into cash the quotas of an open investment fund through the redemption of quotas executed by the Investment Fund Administrator Society-IFAS.

iii) Payment service: Set of activities aimed at the issuance, acquiring, administration of Electronic Payment Instruments-EPI, processing of Payment Orders-PO, buying and selling of foreign currency, sending and paying of international remittances, sending and receiving of internal drafts.

kkk) National payment system: With regard to this Regulation, the payment system is the set of rules, procedures, payment services, compensation and settlement, Electronic Payment Instruments-EPI, and electronic payment channels that make possible the processing of Payment Orders-PO originated by natural and/or legal persons. The payment system makes possible the circulation of money in the national economy.

mmm) Electronic card: Electronic Payment Instrument-EPI that allows originating Payment Orders-PO and making inquiries on associated accounts. The electronic card is issued physically and can be used virtually at the request of the holder. The following are considered electronic cards:

• Credit Card: Allows its holder and/or user to avail themselves of the funds of a credit line up to a financing limit.
• Debit Card: Allows its holder and/or user to avail themselves of the funds held in their associated account.
• Prepaid Card: Allows its holder and/or user to avail themselves of the stored money that was previously paid to the issuer of the Electronic Payment Instrument-EPI.

nnn) Point of Sale Terminal: Device that allows the use of physical or virtual Electronic Payment Instruments-EPI at points of sale of goods and/or services to process Payment Orders-PO by contact or contactless, the information is captured in paper receipts (vouchers) or by electronic terminals designed to transmit the information. The Point of Sale Terminal is also known by its acronym in English: POS (Point of Sale).”

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Banco Central de Bolivia
Directorio

//7. B.D. No. 071/2017

Article 3.- Include four definitions in Article 3 of Board Resolution No. 134/2015 that approves the Regulation on Payment Services, Electronic Payment Instruments, Compensation and Settlement in the following terms:

“Article 3 (Definitions). For the purposes of this Regulation, the following definitions are established:

ttt) Mobile wallet distribution channel: Infrastructure that through an electronic fund transfer network allows the issuance and distribution of the mobile wallet, from the issuer to the account holder and/or beneficiary.

uuu) Payment Account: Account issued in the name of a holder, associated with the Electronic Payment Instrument-EPI mobile wallet or prepaid card. The funds held in these accounts are not deposits, therefore they do not generate interest.

vvv) Cash-out of Electronic Payment Instruments-EPI at merchants: Procedure by which the holder of an Electronic Payment Instrument-EPI can withdraw cash from the account associated with said instrument at merchants affiliated with the network of the Electronic Payment Instrument-EPI at the time of making a purchase and paying at a Point of Sale Terminal-POS or some payment channel established in this Regulation, subject to specific regulation issued by the Central Bank of Bolivia-BCB and the Financial System Supervisory Authority-ASFI.

www) Electronic repository of the mobile wallet distribution channel: Component of the distribution channel of the mobile wallet service that temporarily holds funds from the wallet issuer to the holder and/or beneficiary.”

Article 4.- Modify the wording of paragraph II of Article 7 of Board Resolution No. 134/2015 that approves the Regulation on Payment Services, Electronic Payment Instruments, Compensation and Settlement as follows:

SAYS:

Article 7 (Tariffs and commissions).

II. The entities covered by this regulation must submit to the Financial System Supervisory Authority-ASFI their initial tariffs, commissions, and other charges for non-objection and each time they are modified, these must not exceed those established by the Central Bank of Bolivia-BCB.

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Banco Central de Bolivia
Directorio

//8. B.D. No. 071/2017

SHOULD SAY:

“Article 7 (Tariffs and commissions).

II. The entities covered by this regulation must submit to the Financial System Supervisory Authority-ASFI their tariffs, commissions, and other charges initially and each time they are modified, these must not exceed those established by the Central Bank of Bolivia-BCB.”

Article 5.- Modify the wording of Article 10 of Board Resolution No. 134/2015 that approves the Regulation on Payment Services, Electronic Payment Instruments, Compensation and Settlement as follows:

SAYS:

Article 10 (Permitted payment services).

I. Financial Intermediation Entities-FIE and Payment Service Companies-PSC authorized by the Financial System Supervisory Authority-ASFI may provide one or more of the following payment services:

a) Issuance of Electronic Payment Instruments-EPI. b) Administration of Electronic Payment Instruments-EPI. c) Processing of Payment Orders-PO. d) Acquiring. e) Others to be approved by Board Resolution of the Central Bank of Bolivia-BCB.

II. Additionally, Payment Service Companies-PSC may carry out the compensation and settlement of Electronic Payment Instruments-EPI, prior to compliance with the rules referred to compensation and clearing chambers.

SHOULD SAY:

“Article 10 (Permitted payment services).

I. Financial Intermediation Entities-FIE and Payment Service Companies-PSC authorized by the Financial System Supervisory Authority-ASFI may provide one or more of the following payment services:

a) Issuance of Payment Instruments-PI. b) Administration of Payment Instruments-PI.

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Banco Central de Bolivia
Directorio

//9. B.D. No. 071/2017

c) Processing of Payment Orders-PO. d) Acquiring. e) Others to be approved by Board Resolution of the Central Bank of Bolivia-BCB.

II. Additionally, Payment Service Companies-PSC may carry out the compensation and settlement of Electronic Payment Instruments-EPI, prior to compliance with the rules referred to compensation and clearing chambers.”

Article 6.- Modify the wording of subsection a) of Article 18 of Board Resolution No. 134/2015 that approves the Regulation on Payment Services, Electronic Payment Instruments, Compensation and Settlement as follows:

SAYS:

Article 18 (Types of Payment Service Companies-PSC). By way of example and not limitation, the following entities authorized by the Financial System Supervisory Authority-ASFI are considered Payment Service Companies-PSC:

a) Electronic Card Administrator Companies: Legal person whose main activity is the administration of electronic cards, the processing of Payment Orders-PO generated from this instrument, its compensation and settlement, and acquiring.

SHOULD SAY:

“Article 18 (Types of Payment Service Companies-PSC). By way of example and not limitation, the following entities authorized by the Financial System Supervisory Authority-ASFI are considered Payment Service Companies-PSC:

a) Electronic Card Administrator Companies: Legal person whose main activity is the administration of electronic cards, the processing of Payment Orders-PO generated from this instrument and/or other Payment Instruments-PI previously authorized by the Financial System Supervisory Authority-ASFI, as well as their compensation and settlement and acquiring.”

Article 7.- Insert a paragraph in Article 28 of Board Resolution No. 134/2015 that approves the Regulation on Payment Services, Electronic Payment Instruments, Compensation and Settlement that includes the cash withdrawal service at merchants as follows:

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Banco Central de Bolivia
Directorio

//10. B.D. No. 071/2017

SAYS:

Article 28 (Payment Channels). Electronic Payment Instruments-EPI to process Payment Orders-PO use payment channels, which by way of example and not limitation include Automated Teller Machines-ATM, Point of Sale Terminals-POS, internet, and mobile telephone networks.

SHOULD SAY:

“Article 28 (Payment Channels).

I. Electronic Payment Instruments-EPI to process Payment Orders-PO use payment channels, which by way of example and not limitation include Automated Teller Machines-ATM, Point of Sale Terminals-POS, internet, and mobile telephone networks.

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II. The operations to cash out Electronic Payment Instruments-EPI, carried out through Point of Sale Terminals-POS or any other payment channel established in this Regulation, must comply with the requirements established by the Central Bank of Bolivia-BCB and the Financial System Supervisory Authority-ASFI.”

Article 8.- Modify the wording of the first paragraph of Article 32 of Directorate Resolution No. 134/2015, which approves the Regulation on Payment Services, Electronic Payment Instruments, Compensation and Settlement, as follows:

SAYS:

Article 32 (Of the contract between the issuer and the holder). The contract will be framed within what is provided in the Contract Regulation issued by the Financial System Supervisory Authority-ASFI. The Financial System Supervisory Authority-ASFI, according to what is established in Section III of Contracts in Financial Operations of Chapter IV of Title I of Law No. 393 on Financial Services, will proceed to its review.

SHOULD SAY:

“Article 32 (Of the contract between the issuer and the holder). The contract will be framed within what is provided in Section III of Contracts in Financial Operations of Chapter VI of Title I of Law No. 393 on Financial Services and in the Contract Regulation issued by the Financial System Supervisory Authority-ASFI.”

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Central Bank of Bolivia
Directorate

//12. D.R. No. 071/2017

Article 9.- Modify the wording of Article 33 of Directorate Resolution No. 134/2015, which approves the Regulation on Payment Services, Electronic Payment Instruments, Compensation and Settlement, as follows:

SAYS:

Article 33 (Modifications to the contract between the issuer and the holder of an Electronic Payment Instrument-EPI). To modify the conditions established in the contract, the issuer of the Electronic Payment Instrument-EPI must request a review and no objection of the modification proposal to the Financial System Supervisory Authority-ASFI. The modified physical or electronic contract will only enter into force when it is signed through autograph signature and/or electronically accepted by the holder of the Electronic Payment Instrument-EPI. The issuer cannot unilaterally modify the terms and conditions agreed upon in the contracts within the framework of what is established in Article 86 of Law No. 393 on Financial Services.

SHOULD SAY:

“Article 33 (Modifications to contracts of financial operations related to Electronic Payment Instruments-EPI). To modify the conditions established in contracts of financial operations related to Electronic Payment Instruments-EPI, the issuer must be framed within what is provided in Law No. 393 on Financial Services and the Contract Regulation issued by the Financial System Supervisory Authority-ASFI. The modified physical or electronic financial operations contract will only enter into force when it is signed through autograph signature and/or electronically accepted by the holder of the Electronic Payment Instrument-EPI. The issuer cannot unilaterally modify the terms and conditions agreed upon in the contracts within the framework of what is established in Article 86 of Law No. 393 on Financial Services”

Article 10.- Complement what is established in Article 56 of Directorate Resolution No. 134/2015, which approves the Regulation on Payment Services, Electronic Payment Instruments, Compensation and Settlement, by inserting two paragraphs, according to the following:

SAYS:

Article 56 (Settlement guarantee mechanisms). The General Management of the Central Bank of Bolivia-BCB, prior to the report of the Financial Entities Management, will approve the settlement guarantee mechanisms to be applied by the Compensation and Settlement Chamber and Payment Service Company-PSC. The Securities Depository Entities must apply the settlement guarantee mechanisms to be approved by the Financial System Supervisory Authority-ASFI in coordination with the Central Bank of Bolivia-BCB.

The approved mechanisms must be described in the Internal Operations Regulation-IOR and will comprise some or a combination of the following:

a) Liquidity credits for clearing settlement. This credit is granted by the Central Bank of Bolivia-BCB on the collateral of the RAL Fund committed in the determination of the net multilateral debtor position limit. b) Collateralization of securities issued by the General Treasury of the Nation-TGN or by the Central Bank of Bolivia-BCB. c) Credit lines of Financial Intermediation Entities-FIE. d) Funds constituted by the participants of a Compensation and Settlement Chamber, Securities Depository Entities and Payment Service Companies-PSC with cash contributions or securities accepted by the Central Bank of Bolivia-BCB. e) Own resources of the Compensation and Settlement Chamber, Securities Depository Entities or Payment Service Companies-PSC which will assume as its own the Uncovered Net Multilateral Debtor Positions-NMDP of its participants. f) Others to be approved by the Central Bank of Bolivia-BCB.

SHOULD SAY:

“Article 56 (Settlement guarantee mechanisms). I. The General Management of the Central Bank of Bolivia-BCB, prior to the report of the Financial Entities Management, will approve the settlement guarantee mechanisms to be applied by the Compensation and Settlement Chamber and Payment Service Company-PSC. The Securities Depository Entities must apply the settlement guarantee mechanisms to be approved by the Financial System Supervisory Authority-ASFI in coordination with the Central Bank of Bolivia-BCB.

The approved mechanisms must be described in the Internal Operations Regulation-IOR and will comprise some or a combination of the following:

a) Liquidity credits for clearing settlement. This credit is granted by the Central Bank of Bolivia-BCB on the collateral of the RAL Fund committed in the determination of the net multilateral debtor position limit. b) Collateralization of securities issued by the General Treasury of the Nation-TGN or by the Central Bank of Bolivia-BCB. c) Credit lines of Financial Intermediation Entities-FIE. d) Funds constituted by the participants of a Compensation and Settlement Chamber, Securities Depository Entities and Payment Service Companies-PSC with cash contributions or securities accepted by the Central Bank of Bolivia-BCB.

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Central Bank of Bolivia
Directorate

//14. D.R. No. 071/2017

e) Own resources of the Compensation and Settlement Chamber, Securities Depository Entities or Payment Service Companies-PSC which will assume as its own the Uncovered Net Multilateral Debtor Positions-NMDP of its participants. f) Others to be approved by the Central Bank of Bolivia-BCB.

II. When the guarantee mechanism contemplates the use of cash as established in item d), and the guarantee is used, the participant must replenish said guarantee at the latest by the next business day of its use, being disqualified from entering a new cycle until the guarantee has been replenished.

III. When operations are carried out with third-party funds under administration, the participant will make the prepayment of the total amount of the operations to be compensated prior to making Payment Orders-PO, thereby increasing its Net Multilateral Debtor Position Limit-NMDP.

IV. The operations of the Central Bank of Bolivia-BCB and those carried out by the Public Bank (Banco Unión S.A.) with funds from fiscal checking accounts are exempt from applying the described guarantee mechanisms.

V. In the event of intervention by the Financial System Supervisory Authority-ASFI according to what is provided in current regulations, the operations that have entered the compensation process will be considered irrevocable, definitive, valid and enforceable, and therefore cannot be challenged, annulled, suspended or reversed. The payment of the Net Multilateral Debtor Position-NMDP will be debited from its settlement account by the Central Bank of Bolivia-BCB as part of the execution of settlement guarantee procedures.”

Article 11.- Modify the First Final Provision of Directorate Resolution No. 134/2015, which approves the Regulation on Payment Services, Electronic Payment Instruments, Compensation and Settlement, according to the following:

SAYS:

First. The companies authorized by the Central Bank of Bolivia to carry out compensation and settlement activities through Directorate Resolutions No. 038/2010, No. 056/2010, No. 118/2011 and No. 043/2014, Credit Card Administrator (ATC) S.A., Auxiliary Banking Services Company LINKSER S.A., ServiRed S.A. and UNILINK S.A. according to their activity must obtain authorization from the Financial System Supervisory Authority-ASFI and adapt within the period that this

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Central Bank of Bolivia
Directorate

//15. D.R. No. 071/2017

authority determines, from which moment the Central Bank of Bolivia-BCB will revoke the mentioned authorizations.

SHOULD SAY:

“First. Directorate Resolutions No. 038/2010 and No. 056/2010, granted to the Credit Card Administrator (ATC) S.A. and to the Auxiliary Banking Services Company LINKSER S.A., which obtained a License to Operate as Electronic Card Administrator Companies, are revoked.

The companies ServiRed S.A. and UNILINK S.A., authorized by the Central Bank of Bolivia to carry out compensation and settlement activities, through Directorate Resolutions No. 118/2011 and No. 043/2014, respectively, must obtain authorization from the Financial System Supervisory Authority-ASFI, according to their activity and adapt within the period that this authority determines. Once these companies initiate the procedure to obtain a License to Operate before the Financial System Supervisory Authority-ASFI, the aforementioned Resolutions will be revoked.”

Article 12.- The Presidency and the General Management are in charge of the execution and compliance of this Resolution.

La Paz, May 23, 2017

[Signature]
Pablo Ramos Sánchez

[Signature]
Luis Baudoin Olea

[Signature]
Ronald Polo Rivero

[Signature]
Abraham Pérez Alcudia

[Signature]
Sergio Velarde Vera