Regulatory Alerts2005-01-18 | Resolución 010/2005Added · Updated
Resolution 010/2005
The Board of Directors of the Central Bank of Bolivia amends Articles 2, 21, 22, 26, 28, and 33 of the Legal Reserve Regulation to replace references to 'trustees' and 'trust' with 'delegated administrators' and 'delegated administration' regarding the investment of resources from the Legal Reserve Fund. The General Management is instructed to draft amendments to contracts with financial entities participating in the Legal Reserve Fund to incorporate these changes, while the Presidency and General Management are charged with executing and ensuring compliance with this resolution.
BOARD RESOLUTION NO. 010/2005 SUBJECT: INTERNATIONAL OPERATIONS MANAGEMENT – APPROVES MODIFICATIONS TO THE LEGAL RESERVE REGULATION
HAVING REVIEWED:
Law No. 1670 of October 31, 1995.
The Consolidated Text of the Legal Reserve Regulation approved by Board Resolution No. 088/2000 of November 28, 2000, and subsequent modifications approved by Board Resolutions 049/2001 of June 5, 2001, 113/2001 of November 13, 2001, 120/2001 of November 29, 2001, 012/2002 of January 22, 2002, 074/2002 of July 2, 2002, 079/2002 of July 23, 2002, 123/2002 of October 22, 2002, 139/2002 of December 10, 2002, and 115/2003 of October 15, 2003.
The Report from the International Operations Management (GOI) No. 016/2004 of December 15, 2004.
The Report from the Legal Affairs Management (SANO) No. 352/2004 of December 21, 2004.
CONSIDERING:
That the Central Bank of Bolivia, in compliance with Law 1670, has established a Legal Reserve regime of mandatory compliance for Banks and Financial Intermediation Entities.
That the International Operations Management, through Report GOI No. 016/2004, recommends that the investment of resources from the Legal Reserve Fund (Fondo RAL) be carried out under the modality of Delegated Administration.
That the Legal Affairs Management, through Report SANO No. 352/2004, considers that there is no legal impediment for the Board to approve the aforementioned recommendation.
THEREFORE,
THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA
RESOLVES:
Article 1.- Partially modify Articles 2, 21, 22, 26, 28, and 33 of the Consolidated Text of the Legal Reserve Regulation, as follows:
WHERE IT SAYS: “Trustees” IT SHALL SAY: “Delegated Administrators”
WHERE IT SAYS “Trustee” IT SHALL SAY “Delegated Administrator”
WHERE IT SAYS: “Trust” IT SHALL SAY “Delegated Administration”
Article 2.- The General Management is instructed to carry out the drafting of amendments to the contracts with the financial entities that participate in the Legal Reserve Fund in order to incorporate the modifications approved in this Resolution.
Article 3.- The Presidency and the General Management are charged with the execution and compliance of this Resolution.
La Paz, January 18, 2005
Juan Antonio Morales A.
Juan Medinaceli V. Enrique Ackermann A.
Fernando Paz B. Jaime Apt B.
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