Board Resolution No. 154/2014 - Maximum Tariffs for Electronic Fund Transfer Orders

BOARD RESOLUTION NO. 154/2014

SUBJECT: FINANCIAL ENTITIES MANAGEMENT — MAXIMUM TARIFFS FOR ELECTRONIC ORDERS FOR FUNDS TRANSFER

HAVING SEEN:

The Political Constitution of the State.

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

Law No. 393 of August 21, 2013, on Financial Services.

The Regulation on Electronic Payment Instruments approved by Board Resolution No. 126/2011 of October 4, 2011 and modified by Board Resolutions No. 25/2012, 60/2012 and 22/2013 of February 23, 2012, May 22, 2012 and March 5, 2013, respectively.

The Regulation on Payment Services approved by Board Resolution No. 121/2011 of September 27, 2011 modified by Board Resolutions No. 59/2012 of May 22, 2012 and No. 100/2013 of July 30, 2013.

Regulation for the Issuance and Administration of Electronic Payment Instruments approved by ASFI Resolution No. 405/2012 of August 15, 2012 and modified by ASFI resolutions No. 461/2012 of September 17, 2012, No. 324/2013 of June 4, 2013 and No. 743/2013 of November 11, 2013.

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

The Report from the Financial Entities Management BCB-GEF-SSPSF-DVSP-INF-2014-76 of October 27, 2014.

The Report from the Legal Affairs Management BCB-GAL-SANO-INF-2014-501 of October 31, 2014.

CONSIDERING:

That the Political Constitution of the State establishes in 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 pursuant 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, utilization and investment of savings are of public interest and can only be exercised with prior authorization of the State, in accordance with the Law.

That Law No. 1670 provides in its Articles 2, 3 and 30 that the BCB has as its objective to ensure the stability of the internal purchasing power of the national currency, for whose fulfillment it formulates general application policies in monetary and payment system matters, being subject to its regulatory competence, all financial intermediation and financial services entities authorized by the Superintendence of Banks and Financial Entities, currently the Financial System Supervisory Authority (ASFI).

That Law No. 393 in its Article 124 establishes that operations carried out within the framework of the services provided by financial entities may be carried out through electronic means, which necessarily must comply with security measures that guarantee integrity, confidentiality, authentication and non-repudiation. Likewise, in numeral IV of this article it states that the Financial System Supervisory Authority and the BCB, according to their competencies, will issue regulation establishing the procedure and security regulations for operations, as well as the minimum requirements that entities must meet to carry out electronic banking, telephone banking and mobile device activities.

That the Regulation on Electronic Payment Instruments approved with Board Resolution No. 126/2011 and its modifications states in subsection a), Article 17, that the BCB through Board Resolution may determine the maximum tariffs, commissions and other charges applicable to Electronic Payment Instruments.

That the Regulation on Payment Services approved with Board Resolution No. 121/2011 and its modifications states in subsection a), Article 30, that the BCB through Board Resolution will determine the maximum tariffs, commissions and other charges applicable to payment instruments and services.

That the Regulation for the Issuance and Administration of Electronic Payment Instruments approved with ASFI Resolution No. 405/2012 and its modifications in numeral 6, Article 14, Section 2 states that it is the obligation of issuers of Electronic Payment Instruments to establish, approve and apply the tariffs, commissions and other charges for the use of Electronic Payment Instruments, provided that these do not exceed those established by the Central Bank of Bolivia.

That the BCB Statute approved by Board Resolution No. 128/2005 and its modifications states that the Financial System Analysis Committee has the purpose of recommending policies, norms and risk control measures for the safe and efficient functioning of the national payment system and that in compliance with this attribute in a meeting held on October 29, 2014, this Committee considered the proposed tariff structure for electronic fund transfer orders and recommended its submission to the BCB Board of Directors.

That the Financial Entities Management through Report BCB-GEF-SSPSF-DVSP-INF-2014-76 evaluates the tariffs charged to the public for the electronic fund transfer order service, and recommends establishing a tariff structure that promotes the use and greater access to the electronic fund transfer order service among the Bolivian population.

That the Legal Affairs Management through Report BCB-GAL-SANO-INF-2014-501 concludes that the proposed tariff structure does not contravene the current legal framework, being the competence of the BCB Board of Directors to consider its approval.

That, the BCB Board of Directors in its capacity as the highest authority of the institution, is responsible for defining policies, specialized regulations of general application and internal norms, being empowered to issue norms and adopt general decisions that may be necessary for the fulfillment of the functions, competencies and powers assigned by Law to the Issuing Entity.

THEREFORE,

THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA

RESOLVES:

Article 1.- From November 20, 2014, the following maximum tariffs are established for the electronic fund transfer order service provided by financial intermediation entities.

Maximum tariffs for electronic fund transfer orders between financial entities

Amount in Bs or its equivalent in Foreign Currency	Electronic Clearing House (ACH)	Integrated Payment Liquidation System (LIP) Platform
1 - 5,000	0	5
5,001 - 50,000	5	10
Greater than 50,000	10	15
	30

Other electronic fund transfer orders

Service	Maximum Tariff
Transfers to accounts of the same entity	0
Balance inquiries	0
Online service payments	0
Tax payments	0

Article 2.- The Presidency and General Management are charged with the execution and compliance of this Resolution.

La Paz, November 4, 2014

Reynaldo Yujra Segales
Ronald Polo Rivero
Sergio Velarde Vera

Abraham Pérez Alandia