JPRF-A-2023-079 — Reforming the Operating Regulations of the Financial Policy and Regulation Board

Address: Av. Amazonas between Pereira and Unión Nacional de Periodistas, Financial Management Governmental Platform. Yellow Block, 5th Floor | Postal Code: 170507 | Quito - Ecuador | Resolution No. JPRF-A-2023-079 THE FINANCIAL POLICY AND REGULATION BOARD CONSIDERING:
That Article 226 of the Constitution of the Republic of Ecuador prescribes that State institutions, their agencies, dependencies, public servants, and persons acting under state authority shall exercise only the competencies and powers attributed to them in the Constitution and the law; having the duty to coordinate actions for the fulfillment of their purposes and to make effective the enjoyment and exercise of rights recognized in the Constitution; That Article 13 of the Organic Monetary and Financial Code, Book I, reformed from the promulgation of the Organic Reformatory Law to the Organic Monetary and Financial Code for the Defense of Dollarization, created the Financial Policy and Regulation Board, part of the Executive Function, as a public law legal entity, with administrative, financial, and operational autonomy, responsible for formulating credit, financial, securities, insurance, and prepaid comprehensive health care service policy and regulation; That Article 14 of the aforementioned Code, Book I, in number 1, determines that, within the scope of the Financial Policy and Regulation Board, it corresponds to formulate credit, financial, including insurance policy, prepaid comprehensive health care services, and securities policy. The aforementioned article also establishes that, for the fulfillment of these functions, the Financial Policy and Regulation Board shall issue regulations in matters within its competence, without being able to alter legal provisions; That the same Organic Monetary and Financial Code, Book I, in article 14.1, prescribes that, for the performance of its functions, the Financial Policy and Regulation Board must fulfill certain duties and exercise specific powers; among which is that determined in number 20, which is, to issue the operating regulations of the Financial Policy and Regulation Board and the Code of Ethics. For this effect, the same article states that all norms and policies issued by the Financial Policy and Regulation Board, in the exercise of its functions, duties, and powers, must be backed by duly founded and argued technical reports; That Article 19 ibidem states that the Financial Policy and Regulation Board shall issue regulations governing its functioning, based on the provisions of the Organic Monetary and Financial Code; That, through Resolution No. JPRF-A-2022-022 of March 16, 2022, the Financial Policy and Regulation Board issued the "Operating Regulations of the Financial Policy and Regulation Board"; That, the Technical Secretariat of the Financial Policy and Regulation Board, through Memorandum No. JPRF-ST-2023-0073-M of September 15, 2023, submits to the President of the Board the Legal Report No. JPRF-CJF-2023-041 of September 15, 2023, issued by the Legal Coordination of Financial Policy and Norms of the Board, which concludes that the Financial Policy and Regulation Board, as responsible for formulating credit, financial, securities, insurance, and prepaid comprehensive health care
service policy and regulation, has legal competence and authority to formulate credit, financial policy, including insurance policy, prepaid comprehensive health care services, and securities; in accordance with what is provided in article 14, number 1, of the Organic Monetary and Financial Code, Book I; and, that the Financial Policy and Regulation Board has the legal attribution to issue its regulations and norms regulating its functioning, based on the provisions of the Organic Monetary and Financial Code, in accordance with what is mandated by number 20 of article 14.1 of the aforementioned Code and article 19 ibidem.

Resolution No. JPRF-A-2023-079

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Address: Av. Amazonas between Pereira and Unión Nacional de Periodistas, Financial Management Governmental Platform. Yellow Block, 5th Floor | Postal Code: 170507 | Quito - Ecuador | That, the Financial Policy and Regulation Board, in an ordinary session held by technological means, convened on September 15, 2023, and carried out through video conference on September 21 and 25, 2023, reviewed the Memorandum No. JPRF-ST-2023-0073-M of September 15, 2023, issued by the Technical Secretariat of the Board; as well as the aforementioned legal report from the Legal Coordination of Financial Policy and Norms, in addition to the corresponding draft resolution; That, the Financial Policy and Regulation Board, in an ordinary session held by technological means, convened on September 15, 2023, and carried out through video conference on September 21 and 25, 2023, reviewed and approved the following Resolution; and, In exercise of its functions, RESOLVES:
SINGLE ARTICLE.- The text of Article 21 of the Operating Regulations of the Financial Policy and Regulation Board, issued through Resolution No. JPRF-A-2022-022 of March 16, 2022, is substituted by the following:

"Article 21.- Resolutions.- The decisions taken by the Board regarding policies, regulations, approvals, authorizations, and other acts shall be expressed through resolutions, in accordance with what is provided in Article 21 of the Organic Monetary and Financial Code, Book I.
Resolutions on policies and regulations issued by the Board shall be numbered successively, maintaining a sequential number that begins from one (1) by adding the necessary number of zeros, adding the year of issuance and an identifier code according to the following nomenclature, as appropriate:
F: Financial
V: Securities
S: Insurance
M: Prepaid Medicine
P: Policy
A: Internal Administrative
G: General, Approvals, and Authorizations
Example: Resolution No. JPRF-A-2022-001, page # of # Resolutions under the codes: F, V, S, M, and P, being norms of general application and mandatory compliance, must be codified.
Resolutions classified as G and A are declarations that produce individual legal effects that are exhausted with their compliance or internal administrative norms of the Board, respectively, which will not be codified. Without prejudice to this, they will be listed in the annex of the Codification in chronological order.
Consultations, requests, or petitions related to the formulation of policies and regulations shall be known and resolved by the collegiate body of the Board, as appropriate; whose resolutions shall be made known to the proponent by the Technical Secretary. The other petitions presented shall be attended to by the Technical Secretariat of the Board."

Resolution No. JPRF-A-2023-079

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Address: Av. Amazonas between Pereira and Unión Nacional de Periodistas, Financial Management Governmental Platform. Yellow Block, 5th Floor | Postal Code: 170507 | Quito - Ecuador | FINAL PROVISION.- This Resolution shall enter into force from the present date, without prejudice to its publication in the Official Register. Publish this Resolution on the website of the Financial Policy and Regulation Board, within a maximum term of two days from its issuance. NOTIFY.- Given in the Metropolitan District of Quito, on September 25, 2023. THE PRESIDENT, Mgs. María Paulina Vela Zambrano The resolution above was processed and signed by Master María Paulina Vela Zambrano, President of the Financial Policy and Regulation Board, in the Metropolitan District of Quito, on September 25, 2023.- I CERTIFY. TECHNICAL SECRETARY Mgs. Nelly Arias Zavala