Banco Central de Bolivia

Directorio

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RESOLUCIÓN DE DIRECTORIO N° 171/2017

SUBJECT: FINANCIAL ENTITIES MANAGEMENT – APPROVES THE REGULATION OF THE INTEGRATED PAYMENT CLEARING SYSTEM

VIEWED:

• The Political Constitution of the State promulgated on February 7, 2009.
• Law No. 1670, of October 31, 1995, of the Central Bank of Bolivia (BCB).
• Law No. 1834, of March 31, 1998, of the Securities Market.
• Law No. 393, of August 21, 2013, of Financial Services.
• The Statute of the BCB, approved by Board Resolution No. 128/2005, of October 21, 2005, and its subsequent modifications.
• The Regulation of the Integrated Payment Clearing System, approved by Board Resolution No. 061/2014, of June 10, 2014, and its modification.
• The Regulation of Payment Services, Electronic Payment Instruments, Clearing and Settlement approved by Board Resolution No. 134/2015, of July 28, 2015, and its modifications.
• The Regulation of the Deferred Settlement Module of the Integrated Payment Clearing System approved by Board Resolution No. 203/2016, of October 18, 2016.
• The Regulation for Brokerage Agencies of the Compilation of Norms for the Securities Market, of the Supervisory Authority of the Financial System.
• The Report of the Financial Entities Management BCB-GEF-SSPSF-DVSP-INF-2017-63, of November 15, 2017.
• The Report of the Legal Affairs Management BCB-GAL-SANO-DLBCI-INF-2017-372, of November 24, 2017.

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.

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That Law No. 1670 in virtue of what is provided in articles 1, 2 and 3, states that the object of the BCB is to ensure the stability of the internal purchasing power of the national currency, for whose compliance 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 and financial services entities, whose operation is authorized by the Superintendency of Banks and Financial Entities, currently named the Supervisory Authority of the Financial System; are subject to the regulatory competence of the BCB regarding the administration of the payment system.

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

That subsection c) of article 22 of the Securities Market Law establishes that Brokerage Agencies must permanently maintain a net worth at least equal to the minimum required capital.

That article 4°, Section 1°, Chapter III of the Regulation for Brokerage Agencies of the Compilation of Norms for the Securities Market of the Supervisory Authority of the Financial System establishes the daily liquidity and financial solvency margins that Brokerage Agencies must maintain.

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

That article 11, numeral 13 of the Statute of the BCB establishes as an attribute of the Board of Directors of the Issuing Entity, to approve the norms for the operation of the payment system.

That the Regulation of the Integrated Payment Clearing System regulates the operation and operability of said system.

That the Regulation of Payment Services, Electronic Payment Instruments, Clearing and Settlement regulates in the scope of the national payment system, the services and Electronic Payment Instruments and the clearing and settlement derived from these instruments.

That the Regulation of the Deferred Settlement Module of the Integrated Payment Clearing System regulates the operation, operability, the clearing and settlement processes derived from the processing of electronic payment orders in the Deferred Settlement Module of the Integrated Payment Clearing System.

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That the Technical Report of the Financial Entities Management BCB-GEF-SSPSF-DVSP-INF-2017-69, states that it is necessary to update and complement the Regulation of the Integrated Payment Clearing System to contribute to the better understanding and updating of the regulation and to specify that the settlement accounts of the LIP allow the maintenance of the resources of the liquidity and financial solvency margin that the Brokerage Agencies are obliged to constitute within the framework of Law No. 1834 of the Securities Market.

That the Legal Report of the Legal Affairs Management BCB-GAL-SANO-DLBCI-INF-2017-372 states that there is no legal impediment for the Board of Directors of the BCB to consider the approval of the proposal 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 11 of the Statute of the Issuing Entity.

THEREFORE,

THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA

RESOLVES:

Article 1.- Approve the new Regulation of the Integrated Payment Clearing System in its IX Chapters, 67 articles and Single Additional Provision which forms part of the annex to this Resolution with effect from its approval.

Article 2.- The new Regulation of the Integrated Payment Clearing System will enter into force from its approval.

Article 3.- Repeal, from the entry into force of this Resolution, Board Resolutions No. 061/2014 of June 10, 2014 and No. 101/2014 of August 18, 2014.

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

La Paz, November 28, 2017

Pablo Ramos Sánchez

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Luis Baudoin Olea
Ronald Polo Rivero
Abraham Pérez Alandia
Sergio Velarde Vera
Gabriel Herbas Camacho

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ANNEX

REGULATION OF THE INTEGRATED PAYMENT CLEARING SYSTEM – LIP

CHAPTER I

PRELIMINARY PROVISIONS

Article 1.- (Object).

The object of this Regulation is to regulate the operation and operability of the Integrated Payment Clearing System (LIP) and to establish the rights, obligations and responsibilities of its administrator, its participants and its query users.

Article 2.- (Scope of application).

The norms contained in this Regulation will apply to the BCB, to the participants and query users of the system insofar as applicable.

Article 3.- (Definitions).

For the purposes of this Regulation, the following definitions are established:

a) Administrator. Entity that manages the clearing and settlement processes of payment orders and provides payment services. These services may include the issuance of Payment Instruments (PI), provision of settlement accounts to participants, provision of technology, terminals or electronic devices, security mechanisms, communication management, preparation and dissemination of procedures and other ancillary activities.

b) Authenticity. Quality of the digitally signed electronic document that allows verifying the identity of the participant that generates it.

c) Digital certificate. It is a digitally signed document by an authorized certification entity that links signature verification data to a signatory and confirms their identity. The digital certificate is valid only within the validity period, indicated in the digital certificate.

d) Collateral. Assets that the participant maintains at the Central Bank of Bolivia (BCB), whose purpose is to guarantee the credits granted within the LIP operation.

e) Intraday credit. Credit granted for a period of less than one business day.

f) Overnight credit. Credit with a maturity of one working day for the following.

g) Settlement account. Account opened at the BCB by LIP participants to process Payment Orders (PO) in the system. Settlement accounts are considered:

• current and reserve accounts;
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• reserve accounts;
• clearing accounts of Clearing and Settlement Chambers, the Securities Depository Entity or Payment Service Entities and;
• settlement accounts opened by the BCB for other entities covered by this Regulation.

h) Contingency. Event caused by an event that can cause interruptions or failures in the normal functioning of the payment system.

i) BCB Debits. Charge made by the BCB in the accounts of financial entities participating in the LIP, previously authorized by them.

j) Digital document. It is any digital representation of legally relevant acts, facts or data regardless of the medium used for its fixation, storage or filing.

k) Electronic document. Data message created, sent, communicated, received and stored by electronic means processed through the LIP. Electronic is understood as the use of technology that has electrical, digital, magnetic, wireless, optical, electromagnetic or other similar properties.

l) Certification entity. Entity that issues digital certificates and provides services related to digital certification.

m) Settlement entity. Entity participating in the Hybrid Settlement Module (MLH) of the LIP, of Clearing and Settlement Chambers, Payment Service Entities or Securities Depository Entities with an account at the BCB, which assumes the responsibility of providing the necessary funds for the settlement of the Net Multilateral Positions (NMP) of participants of a Clearing and Settlement Chamber, Payment Service Entity or Securities Depository Entity that do not have settlement accounts at the BCB.

n) Due. Characteristic by which POs originated and accepted in a payment system must be settled or paid.

o) Digital signature. It is the electronic signature that identifies only its holder, created by methods that are under the absolute and exclusive control of its holder, susceptible to verification and is linked to the data of the digital document in such a way that any modification of them reveals its alteration. It allows ensuring authenticity, integrity and non-repudiation.

p) MLH Operational Guide. Document approved by the General Management of the BCB that describes the processes and procedures of the LIP, its schedules, the use of electronic communication forms, encoders for payment orders, suspension and contingency procedures of participants.

q) MLH IT Guide. Document approved by the General Management of the BCB that describes the generation of digital certificates, aspects of communication, of the

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digital signature and the determination of the structure of electronic documents for processing in the LIP.

r) Integrity. Quality of the digitally signed electronic document, of being protected against accidental or fraudulent alterations.

s) Irrevocable or definitive. Condition or state by which accepted POs cannot be repudiated, denied, reversed or annulled by who generated them or by who received them.

t) Real-Time Gross Settlement (RTGS). Continuous (real-time) settlement of Electronic Fund Transfer Orders (EFTO) or securities individually, that is, one by one, without netting.

u) Hybrid Settlement. Settlement system that combines characteristics of an RTGS system and one of DNS. In a hybrid settlement payment system, payments are settled based on available liquidity; likewise, algorithms are included for queue management and operation compensation to better take advantage of liquidity.

v) Deferred Net Settlement (DNS). Settlement system traditionally used by retail payment systems where the settlement of electronic fund transfer orders or securities is carried out in cycles.

w) Electronic communication message. Electronic document under a specific format, whose object is the exchange of information between the BCB and LIP participants.

x) Payment Order (PO). Payment order. Instruction or message by which an orderer requests the transfer of funds in favor of a beneficiary that, in an enumerative and non-limiting manner, considers:

i. Electronic transfers between natural and/or legal persons, which includes payments in case of being benefited by the provision of a service, purchase-sale of goods and payment for the fulfillment of obligations (debts, taxes and others);

ii. Deposit or withdrawal of cash, loading and cashing of electronic money and the cashing of Electronic Payment Instruments (EPI) in businesses (the cash comes from the business's own activities).

y) Participant. Entity authorized by the BCB to issue (originating participant) or receive (receiving participant) electronic documents on its own behalf or on behalf of third parties in the LIP.

z) Repudiation. Refusal by the signer or signatory of a payment order or electronic communication message to acknowledge their participation in it.

aa) Fund transfer. Movement of funds generated by a payment order.

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bb) Query user. Entity enabled in the LIP authorized by the BCB that accesses through it the electronic query services of balances and statements of its accounts in the LIP.

cc) Valid. Characteristic by which all electronic documents accepted by a payment system produce full legal effects between who issued them and who received them.

CHAPTER II
INTEGRATED PAYMENT CLEARING SYSTEM

Article 4.- (Integrated Payment Clearing System – LIP)

I. The LIP is the BCB's high-value payment system that operates under a hybrid settlement scheme, which combines the security and timely final settlement characteristics of Real-Time Gross Settlement with the liquidity usage efficiency of Deferred Net Settlement for the management of payment orders with independent operational and functional management.

II. The LIP is composed of a set of interrelated modules that facilitates the interconnection of the national payment system.

Article 5.- (Objectives of the LIP).

The objectives of the LIP are the following:

a) Implement solutions that facilitate the interconnection of LIP participants for the processing of Electronic Payment Orders (EPO).

b) Provide a tool for holders of accounts opened at LIP participating entities to interconnect and process EPO in the national payment system.

c) Implement solutions that allow electronic negotiation for the purchase-sale of US dollars and offer the excess money of participants in BCB accounts.

Article 6.- (Functionalities and structure of the LIP).

The LIP has a modular structure for the processing of Electronic Payment Orders (EPO) in real time and deferred time, clearing and settlement, electronic negotiation, credit disbursement, collateral management, information, reports, help desk and contingencies.

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Article 7.- (LIP Modules).

Each module of the Integrated Payment Clearing System – LIP corresponds to a development phase:

a) Phase 1 – Hybrid Settlement Module – MLH: Interconnects its participants for the processing of high-value EPO in real time and deferred time, granting liquidity credits and control of settlement collateral, regulated by this Regulation.

b) Phase 2 – Deferred Settlement Module – MLD: Facilitates electronic fund transfers to natural or legal persons holding accounts opened at MLH participating entities, for the processing of low-value EPO with Deferred Net Settlement regulated by the Regulation of the Deferred Settlement Module of the Integrated Payment Clearing System.

c) Phase 3 – Electronic Negotiation Module – MNE: Allows MLH participating entities to electronically and online negotiate through a direct real-time connection the purchase-sale of US dollars and offer the excess money they could have in their BCB accounts.

CHAPTER III
LIP ADMINISTRATION

Article 8.- (Administrator).

I. The Central Bank of Bolivia - BCB, is the administrator of LIP through the Financial Entities Management.

II. For operational purposes, administration tasks are differentiated by module of the system in accordance with what is established in Chapter II of this regulation.

III. To instrument the administration tasks, the BCB issues operational and technical documents that describe the functionalities and processes of each module. These documents are known as Operational Guide and IT Guide.

Article 9.- (Obligations).

The Administrator of the LIP has the following obligations:

a) Ensure the availability and operability of the LIP during its operating hours.

b) Process the electronic documents received through the LIP.

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c) Apply computer security procedures that minimize risks in the process of electronic documents through the LIP.

d) Prepare and keep updated the Operational and IT Guides for the LIP modules.

e) Make available to each participant online information of their transactions and the status and movement of their accounts.

f) Preserve the electronic documents of payment orders with their corresponding digital signature, for a period of no less than ten (10) years after the document is processed.

g) Establish internal control procedures.

h) Establish and apply contingency procedures for the operational continuity of the LIP.

Article 10.- (Contingency Authorization).

The Financial Entities Management will authorize or reject the declaration of contingency of any participant and will communicate to LIP participants in case the contingency had originated in the LIP system or in the BCB. Contingency procedures are established in the Operational Guide that forms part of the LIP Participation Contract.

Article 11.- (Schedules).

The MLH of the LIP will work in a continuous 24-hour scheme 7 days a week. The EPO processing schedules will be established in the Operational Guide. Any modification of the schedules will be timely communicated to participants through a circular of the General Management of the BCB. The official transactional hour will be that registered by the BCB as administrator of the MLH of the LIP.

Article 12.- (Tariffs).

The tariffs for LIP services will be part of the "Table of commissions for BCB services" approved annually by its Board of Directors. This charge will be debited monthly from the settlement accounts of participants.

Article 13.- (Fines).

The BCB will establish the fines applicable to the operation of the MLH of the LIP in the "BCB Fine Table" and will incorporate the collection procedure in the Operational Guide. In an enumerative and non-limiting manner, the following actions will be subject to the collection of fines:
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a) Fund transfers and debits that the BCB carries out on behalf of participants outside the schedules defined in the Operational Guide.

b) Failure to meet deadlines for adaptation to LIP operation.

c) Credit to customers' accounts of the financial system 24 hours after the transfer has been received.

d) Fund transfers that, being enabled in the MLH of the LIP, are processed by documentary means.

POs and/or fund transfer requests issued outside the established schedules will not be subject to the collection of fines, provided that they are processed within a duly declared and accepted contingency procedure by the Financial Entities Management.

Article 14.- (Certification of digital signatures).

The Administrator and LIP participants will contractually define the digital signature certification modality within the framework of what is established in the Digital Signature Regulation for the Payment System and the General Law of Telecommunications, Information and Communication Technologies.

Article 15.- (Compliance with the regulations of the Financial Investigations Unit - UIF).

Participating entities must comply with the "Know Your Customer" policy regarding the holder, as well as "Due Diligence" procedures and other provisions issued by the UIF regarding the Prevention, Detection, Control and Reporting of Illicit Gains Money Laundering; considering minimally the identification data and all relevant documentation related to customer knowledge.

Article 16.- (Limitation of liability).

The BCB will not be responsible for the legality of the origin or the final destination of the resources processed to effect fund transfers through the MLH of the LIP.

CHAPTER IV

LIP PARTICIPANTS

Article 17.- (Authorized entities).

In addition to the BCB, participants in the LIP will be entities with a license granted by the Supervisory Authority of the Financial System (ASFI) or the Supervisory and Control Authority of Pensions and Insurance (APS), the General Treasury of the State (TGN) and others expressly authorized by the Board of Directors of the BCB. ```markdown

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Article 18.- (Obligation).

All financial intermediation entities, supervised by the ASFI that have an account at the BCB must use the LIP for the processing of their payment orders. Consequently, the BCB, through the Financial Entities Management, will establish an adaptation period for these entities that it will communicate to the ASFI for compliance.

Article 19.- (Direct and indirect participants).

By their nature, participants are direct when they have a settlement account at the BCB or indirect when they settle their payment orders through a Settlement Entity in accordance with what is defined in the BCB regulations.

Article 20.- (Requirements to be enabled as an LIP participant).

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Artículo 21.- (Suscripción de Contrato).

I. Once the provisions of the preceding article are met, the entity must sign the Participation Contract in the LIP to begin its operations.

II. The participation of the TGN in the LIP will be instrumented in accordance with what is stated in the specific regulation of the Governing Body of the National Treasury and Public Credit System.

Artículo 22.- (Inicio de Operaciones).

Once the requirements for the enablement of a participant are met and the Participation Contract in the LIP is signed, the Financial Entities Management will communicate to the participant the date from which it will begin operations in the LIP.

Artículo 23.- (Aprobación, modificación de las Guías operativa e informática del MLH).

The General Management of the BCB will approve the Operational and IT Guides of the MLH and their modifications by Resolution; the latter will be brought to the knowledge of the participants through an External Circular.

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Artículo 24.- (Obligaciones).

The obligations of the LIP participants are the following:

a) Comply with the provisions contained in this Regulation.

b) Know and apply the Operational and IT Guides.

c) Comply with payment obligations contracted with the BCB within the deadlines and schedules established for this purpose.

d) Promptly manage the additions and removals of officials authorized to access LIP information.

e) Promptly carry out the enablement of the entity's security user.

f) Carry out autonomous management of their users, roles, and profiles to operate in the LIP.

g) Promptly send to the BCB the information it requires regarding the payment system.

h) Correctly classify the OETFs that are processed in the system according to the requirements of the BCB.

i) Process the OETFs with complete and reliable information.

j) Carry out complete follow-up of the OETFs sent and received in their settlement account, according to the instructions and characteristics specific to each one.

k) Preserve the electronic records of the OETFs with their corresponding digital signature for a period of no less than ten (10) years, after the electronic document has been processed.

l) Immediately inform the Financial Entities Management of any failure or vulnerability detected in the system.

m) Request authorization from the Financial Entities Management for the declaration of contingency, complying with the procedures established in the Operational Guide.

n) Comply with the operational and security requirements established in the Operational and IT Guides.

o) Sign the participation contract in the LIP and have it notarized before the Notary of the Department of La Paz.

p) Process refund payment orders in case a participant reports the occurrence of any error in the transfer of funds through the system during the day or, at the latest, the next business day after receiving the request.

q) Manage the processing queues, monitor their pending OETFs, and make changes to settlement priorities when appropriate.

Artículo 25.- (Responsabilidad por pérdidas económicas).

LIP participants will be responsible for economic losses caused by non-compliance with the rules contained in the LIP System Regulations, the MLD of

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LIP, Digital Signature, the Operational and IT Guides, and any other related regulations.

Artículo 26.- (Responsabilidad por las órdenes de pago).

I. Participants will assume full responsibility for their payment orders sent and will employ mechanisms that guarantee the continuous and reliable operation of their systems.

II. The LIP Administrator will not be responsible for errors, omissions, internal technical failures, or other issues of a different nature in the processing of payment orders. The responsibility for connections made by the participant to their own or third-party systems, equipment, or networks remains at their own risk and account, even if these have been recommended, required, or approved by the BCB.

III. The BCB will not be responsible for interruptions in communications or in the functioning of the services provided by the LIP when these are due to strikes, social disturbances, war, terrorism, catastrophic natural phenomena, or any other circumstance arising from force majeure and/or fortuitous event.

IV. In the event that negligent action by the BCB regarding the correct functioning of any data processing or communications component of the LIP, which is owned by it or under its direct and exclusive control, is demonstrated, the BCB's responsibility will be limited to the fulfillment of payment orders whose execution was interrupted or affected, and will never cover lost profits, uncollected interest, fines, or any type of sanction or compensation arising from the delay in fulfilling the payment order.

Artículo 27.- (Resolución de controversias).

Disputes arising between the BCB and an LIP participant will be resolved through the fiscal coercive route.

Artículo 28.- (Causales de suspensión).

An LIP participant will be subject to suspension when:

a) They misuse the system, understood as any act that contravenes what is provided in this Regulation, the Operational and IT Guides, the participation contracts in the LIP, and the specific circulars of the BCB.

b) They process or attempt to process unauthorized payment orders. Unauthorized payment orders are considered those made by documentary means when they are enabled for their execution in the MLH of the LIP and those reserved for

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contingency procedures: cash credits of direct or indirect participants and documentary instructions of indirect participants, when these have not been authorized by the LIP Administrator.

c) They expose other participants or the BCB to unnecessary risks by not observing the processes and procedures contained in this Regulation, the Operational and IT Guides, any other related regulation, and others defined contractually.

d) They are subject to intervention, resolution procedure, or liquidation ordered by the ASFI, within the framework of Law No. 393 of Financial Services, without prejudice to payment orders accepted in entities recognized by the BCB.

e) They fail to pay overnight credits on more than two occasions.

The causes, procedure, and deadlines for suspension will be established in the Operational Guide.

Artículo 29.- (Suspensión de participantes por efecto de resoluciones administrativas).

I. When the LIP Administrator receives communication of administrative resolutions that have the effect of prohibiting, suspending, or limiting in any way a participant from carrying out payment orders, the participant against whom the administrative resolution was issued will be suspended, and the suspension carried out will be communicated to the corresponding authority and to all affected participants.

II. The lifting of the suspension of a participant will proceed once the instance that issued the administrative resolution notifies the BCB of this fact.

Artículo 30.- (Modalidades de la suspensión).

The suspension of participation or processing of payment orders of a participant according to the causes of suspension and its impact on the system may imply any of the following modalities:

a) In the case that the participant misuses the system, processes or attempts to process unauthorized payment orders, they will be subject to the suspension of one or more types of payment orders.

b) In the event that the participant exposes other participants, the BCB to unnecessary risks, or fails to comply with computer security requirements, they will be subject to the suspension of their valid digital certificate(s), without prejudice to the payment orders that other participants may electronically credit to the account of the suspended participant.

c) In the event that the participant is subject to intervention ordered by the ASFI, according to Law No. 393 of Financial Services, they will be suspended in their capacity as an LIP participant, thereby being unable to generate or receive electronic documents.

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Artículo 31.- (Efectos de la suspensión).

The suspension of participants has the following effects:

a) No new payment orders from the suspended participant will be accepted.

b) Payment orders accepted before the suspension must be settled.

Artículo 32.- (Suspensión).

The General Management of the BCB, prior to a report from the Financial Entities Management, will authorize the temporary or definitive suspension of a participant in the LIP.

CAPÍTULO V
USUARIOS DE CONSULTA DEL LIP

Artículo 33.- (Usuarios de consulta).

Entities that maintain accounts at the BCB and are not participants in the LIP may request, through a written note to the Financial Entities Management, their enablement as users of LIP consultation services.

Artículo 34.- (Requisitos para la habilitación de usuarios de consulta).

To be enabled as an LIP consultation user, one must comply with the requirements communicated by the BCB. The Financial Entities Management will verify compliance with the requirements and authorize their incorporation into the LIP as a consultation user; otherwise, it will inform the applicant of the reasons for rejection.

Artículo 35.- (Obligaciones).

The obligations of LIP consultation users are the following:

a) Comply with the provisions contained in this Regulation.

b) Promptly certify before the Financial Entities Management of the BCB the additions and removals of officials authorized to access their account information through the LIP consultation tools.

c) Immediately inform the Financial Entities Management of any failure or vulnerability detected in the system.

d) Comply with the minimum computer security requirements established by the BCB for the LIP.

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CAPÍTULO VI
PROCESAMIENTO DE ÓRDENES DE PAGO

Artículo 36.- (Cuentas de débito en el LIP).

LIP participants may only effect fund transfers from their settlement accounts enabled for system operations. These accounts will be detailed in the Operational Guide.

Artículo 37.- (Cuentas de abono en el LIP).

All active accounts of the financial system, Clearing and Settlement Chambers, Payment Service Companies, the Securities Deposit Entity, the General Treasury of the Nation, Brokerage Agencies, Investment Fund Management Companies, and others expressly authorized by the BCB Board of Directors, may receive credits from LIP participants.

Artículo 38.- (Débitos del BCB).

The BCB will debit the accounts of participants in the LIP for the following concepts:

a) For due obligations of participants with the BCB. These debits will be carried out according to the schedules established in the Operational Guide.

b) For operations expressly authorized by the participants, which will be detailed in the respective contracts and in the Operational and IT Guides.

Artículo 39.- (Monedas).

Payment orders may be made in the following currencies:

a) Bolivianos.

b) United States dollars.

Artículo 40.- (Denominaciones monetarias).

I. Payment orders will be registered in the following monetary denominations:

a) National currency (MN).

b) Foreign currency (ME) only United States dollars.

c) National currency with value maintenance in relation to the Housing Development Unit (MNUFV).

d) National currency with value maintenance in relation to the United States dollar (MVDOL).

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II. The participant may not carry out fund transfers from their account denominated in MN, MNUFV, or MVDOL to their account or accounts of other participants denominated in foreign currency.

III. The monetary denominations authorized for each type of payment order will appear in the Operational Guide.

Artículo 41.- (Gestión de colas).

The MLH of the LIP operates under a hybrid settlement scheme; therefore, in the event of insufficient funds, payment orders that are not processed with the disbursement of an intraday credit will be sent to a processing queue. Participants are responsible for the management of the system queues and must, for this purpose, monitor their payment orders pending processing and, if necessary, make modifications to the assigned priorities.

Artículo 42.- (Prioridad de liquidación).

I. The participant must assign the settlement priority of their payment orders according to the following:

a) Very urgent

b) Urgent

c) Normal

II. Payment orders assigned a higher priority will be settled first, and payment orders of lower priority will not be settled until those with higher assigned priority are settled.

III. Payment orders with the same assigned priority will be settled in the order of entry into the queue, first in, first out.

Artículo 43.- (Rechazo de órdenes en cola).

Payment orders that, at the end of the established schedule or at the closing of the system, are in the processing queue will be rejected by the MLH of the LIP.

Artículo 44.- (Tipos de documentos electrónicos).

The following electronic documents may be sent through the MLH of the LIP:

a) Payment orders.

b) Electronic communication messages.

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Artículo 45.- (Aceptación de documentos electrónicos).

An electronic document is considered accepted when it has passed all validations required by the MLH of the LIP and therefore can be processed or settled under its rules and procedures, and cannot be reversed.

Artículo 46.- (Uso de la firma digital).

Electronic documents sent through the LIP will use digital signature as a mechanism to ensure their authenticity, integrity, and non-repudiation.

Artículo 47.- (Valor probatorio y efectos jurídicos).

The records of electronic documents processed through the LIP, which are maintained by the BCB, will have full probative value and the same legal effects as written files and records.

Artículo 48.- (Finalización de la operación).

Once the funds are credited to the recipient's account, the payment order will be considered definitive and concluded from an operational and legal point of view.

Artículo 49.- (Validez e irrevocabilidad de los documentos electrónicos y su liquidación).

Accepted electronic documents and their processing and settlement are irrevocable or definitive, valid, and enforceable, and cannot be challenged, annulled, or reversed.

Artículo 50.- (Errores y enmiendas).

In the event that there is a need for amendment, correction, or rectification due to a disagreement, error, prejudice, damage, or grievance regarding a payment order, it may be amended only with a new payment order.

CAPÍTULO VII
CRÉDITO INTRADIAIRIO

Artículo 51.- (Objeto).

The object of intraday credit is to provide immediate liquidity to participants to facilitate the flow of payments in the MLH of the LIP.

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Banco Central de Bolivia

Directorio

//21. R.D. Nº 171/2017

Artículo 52.- (Características del crédito intradiario).

Intraday credit will be granted:

a) When the participant does not have sufficient funds in their settlement account to send a payment order.

b) When the payment order is defined to be processed through intraday credit.

c) When the participant establishes that the payment order will generate credit.

d) In MN or ME, according to the payment order.

e) To MLH LIP participants who have the required collateral.

f) Intraday credit will be disbursed at no cost to the participant.

g) Intraday credit will not be granted for fund transfers between own accounts, the debits made by the BCB, nor for the settlement of payment orders resulting from a compensation process.

Artículo 53.- (Colateral).

I. The collateral for intraday credit will be constituted by the first tranche of the Liquid Assets Requirement Fund (Fondo RAL) of the participant, as a portion of Tranche I (5% in United States dollars and 20% in bolivianos). These limits and their method of determination will be reviewed annually by the System Analysis Committee (COASIF) prior to a report from the Financial Entities Management, and if changes are made, they will be notified through an External Circular of the General Management of the BCB.

II. The collateral will be constituted in MN or ME, according to the credit requested. To determine the maximum amount of intraday credit, the interest corresponding to a possible overnight credit will be deducted from the value of the collateral.

III. The constituted collateral will not be subject to any type of judicial seizure or retention.

IV. The processes of constitution, increase, substitution, and execution of collateral in the LIP will be definitive or irrevocable, valid, and enforceable, and cannot be challenged, annulled, or reversed.

V. The BCB may implement new guarantee mechanisms for intraday credit, which will be approved by the Board of Directors and incorporated into the Operational Guide.

Artículo 54.- (Rechazo).

An intraday credit will be rejected for the following causes:

a) When the requested amount exceeds the collateral constituted according to what is established by the preceding article of this Regulation.