Resolution 038/2010

BOARD RESOLUTION NO. 038/2010
SUBJECT: FINANCIAL ENTITIES MANAGEMENT – AUTHORIZES THE INCORPORATION OF CREDIT CARD ADMINISTRATOR S.A. INTO THE SCOPE OF APPLICATION OF THE REGULATION OF ELECTRONIC CLEARING HOUSES AND COMPENSATION AND SETTLEMENT SERVICES.

HAVING SEEN:

The Law No. 1670 of October 31, 1995 of the Central Bank of Bolivia (BCB).
The Law No. 1488 of April 14, 1993, on Banks and Financial Entities (Consolidated Text approved by Supreme Decree No. 26581 of April 3, 2002) and its modifications.
The Regulation of Electronic Clearing Houses and Compensation and Settlement Services approved by Board Resolution No. 017/2008 of February 12, 2008.
The Report of the Financial Entities Management SANA No. 110/2010 of March 4, 2010.
The Report of the Legal Affairs Management SANO No. 057/2010 of March 5, 2010.

CONSIDERING:

That pursuant to articles 3 numeral 6, 58, and 68 of Law No. 1488, the operation of clearing houses is considered as auxiliary services activity, corresponding to the Superintendence of Banks and Financial Entities, currently named the Financial System Supervisory Authority, the granting of the operating license for these societies, and to the BCB the issuance of norms for the creation, constitution, and operation of clearing houses.

That Law No. 1670 establishes in its articles 44 and 54 item k), that the Board of Directors of the BCB, in its capacity as the highest authority of the Institution, is responsible for defining its policies, specialized general application regulations, and internal norms, being empowered to authorize the creation and regulate the operation of Clearing Houses.

That article 8 of the Regulation of Electronic Clearing Houses and Compensation and Settlement Services provides that, in case there is no supervisory and control body, the BCB will issue the authorization for compensation and settlement through an express Resolution of its Board, for which purpose the compliance with the requirements and the compensation and settlement guidelines established in Chapters IV and VII of the regulation will be verified.

That the Financial Entities and Systems Managements, through Report SANA No. 110/2010 of March 4, 2010, state that having verified compliance with what is established in article 8 of the Regulation of Electronic Clearing Houses and Compensation and Settlement Services, regarding the requirements and guidelines for compensation and settlement indicated in chapters IV and VII respectively, they recommend that the Board authorize Administradora de Tarjetas de Crédito S.A. to carry out compensation and settlement activities for payment cards.

That the Legal Affairs Management through Report SANO No. 057/2010, states that the incorporation of Administradora de Tarjetas de Crédito S.A. into the scope of application of the Regulation of Electronic Clearing Houses and Compensation and Settlement Services for the performance of compensation and settlement activities is legally appropriate, as it falls within the current legal framework, being the competence of the Board of Directors of the BCB to consider its authorization.

That the Board of Directors of the BCB is responsible for defining its policies, specialized general application regulations, 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, as established in article 54 item a) of Law No. 1670.

THEREFORE,

THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA

RESOLVES:

Article 1.- Authorize Administradora de Tarjetas de Crédito S.A. as a Compensation and Settlement Services Entity, for the performance of compensation and settlement activities for payment cards, within the scope of application of the Regulation of Electronic Clearing Houses and Compensation and Settlement Services.

Article 2.- This Resolution shall enter into force from its signature.

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

La Paz, March 9, 2010

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Gabriel Loza Tellería

_________________________ _________________________ Gustavo Blacutt Alcalá Hugo Dorado Araníbar

_________________________ _________________________ Rolando Marín Ibáñez Ernesto Yáñez Aguilar

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Rafael Boyán Téllez