Board Resolution No. 101/2014

BOARD RESOLUTION NO. 101/2014

SUBJECT: FINANCIAL ENTITIES MANAGEMENT — MODIFIES THE EFFECTIVE DATE OF THE REGULATION OF THE INTEGRATED PAYMENT SETTLEMENT SYSTEM (LIP).

HAVING REVIEWED:

The Political Constitution of the State.

• Law No. 1670 of October 31, 1995, of the Central Bank of Bolivia.
  Law No. 393 of August 21, 2013, on Financial Services.
  Law No. 164 of August 8, 2011, General on Telecommunications, Information Technology and Communication.

The Regulation of the High-Value Payment System (SIPAV) approved by Board Resolution of the BCB No. 131/2009 of October 27, 2009.
The Regulation of the Integrated Payment Settlement System (LIP) approved by Board Resolution No. 061/2014 of June 10, 2014.
The Report from the Financial Entities Management BCB-GEF-SSPSF-INF-2014-17 of August 17, 2014.
The Report from the Legal Affairs Management BCB-GAL-SANO-INF-2014-342 of August 15, 2014.

CONSIDERING:

That the Political Constitution of the State establishes in its article 328 that it is an attribute 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 Law No. 1670, pursuant to what is provided in articles 1, 2 and 3, states that the objective of the BCB is to ensure the stability of the internal purchasing power of the national currency, for whose fulfillment and within the framework of its administrative, technical, financial and specialized regulatory competence, it formulates policies of general application in monetary and payment system matters.

That Law No. 1670, in accordance with articles 30 and 37, states that financial intermediation entities and financial services, whose operation is authorized by the Superintendence of Banks and Financial Entities, currently named the Financial System Supervisory Authority (ASFI), are subject to the regulatory competence of the BCB regarding the administration of the payment system.

That Law No. 1670 in its article 54, paragraph b) provides that it is an attribute of the Board of Directors of the BCB to regulate the administration of payment systems between authorized financial entities.

That Law No. 393, on Financial Services, establishes in paragraph III of article 8 that the Financial System Supervisory Authority (ASFI) will issue specific regulation and supervise its compliance within the framework of the regulation issued by the BCB in the area of the payment system.

That the SIPAV Regulation - the system that will be replaced by the LIP at the time of its launch - aims to regulate the functioning and operability of this system and establish the rights, obligations and responsibilities of its administrator, its participants and its query users.

That the LIP Regulation establishes that it will enter into force from August 18, 2014 and the SIPAV Regulation will be repealed.

That the Report from the Financial Entities Management requests that to attend to the request of participants of the BCB electronic payment system, the effective date of the LIP Regulation be modified to September 8, 2014.

That the Report from the Legal Affairs Management states that there is no legal impediment for the Board of Directors of the BCB to consider the approval of the modification of the effective date of the Regulation of the Integrated Payment Settlement System and recommends its approval.

THEREFORE,

THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA

RESOLVES:

Article 1.- Modify the effective date of the Regulation of the Integrated Payment Settlement System from August 18, 2014, to September 8, 2014.

Article 2.- Modify the date on which Board Resolution No. 131/2009 of October 27, 2009 is repealed, effective from September 8, 2014.

Article 3.- The Presidency and the General Management are charged with the execution and compliance of this Resolution.

La Paz, August 18, 2014