Regulatory Alerts2012-02-23 | Resolución 025/2012Added · Updated
Resolution 025/2012
The Board of Directors of the Central Bank of Bolivia extends the deadline for the Financial Entities Management to establish operational security requirements for authorized electronic payment instruments from an initial 90-day period to April 30, 2012. This modification applies to the second transitional provision of the Regulation on Electronic Payment Instruments, allowing additional time for the socialization of proposals with industry groups. The amendment enters into force on the date of approval of this Resolution.
BOARD RESOLUTION NO. 025/2012 SUBJECT: FINANCIAL ENTITIES MANAGEMENT – AMENDMENT TO THE REGULATION ON ELECTRONIC PAYMENT INSTRUMENTS.
HAVING SEEN: The Political Constitution of the State approved by referendum on January 25, 2009, and promulgated on February 7, 2009. Law No. 1670 of October 31, 1995 of the Central Bank of Bolivia (BCB). The Statute of the BCB approved by Board Resolution No. 128/2005 of October 21, 2005, and its subsequent modifications. The Regulation on Electronic Payment Instruments approved by Board Resolution No. 126/2011 of October 4, 2011. The Report from the Financial Entities Management BCB-GEF-SANA-DSP-INF-2012-44 of February 13, 2012. The Report from the Legal Affairs Management BCB-GAL-SANO-INF-2012-53 of February 17, 2012.
CONSIDERING: That the Political Constitution of the State establishes in its article 328 that it is the responsibility 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 according 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, use, and investment of savings, are of public interest and can only be exercised with prior authorization from the State, in accordance with the Law.
That Law No. 1670 provides in its articles 2, 3, and 30 that the BCB’s objective is to procure the stability of the internal purchasing power of the national currency; for this purpose, it formulates policies of general application in monetary and payment system matters, which are subject to its regulatory competence, all financial intermediation entities and financial services authorized by the Superintendence of Banks and Financial Entities, currently known as the Financial System Supervision Authority (ASFI).
That the Financial Entities Management, through Report BCB-GEF-SANA-DSP-INF-2012-44, indicates that the process of establishing operational security requirements for electronic payment instruments requires more time than initially defined because it constitutes a new topic that required unforeseen activities and there are still pending tasks, especially regarding the socialization of proposals with industry groups.
That according to Report BCB-GAL-SANO-INF-2012-53, the Legal Affairs Management concludes that the proposed amendment to the Regulation on Electronic Payment Instruments is legally appropriate, and it is the competence of the BCB Board to modify it.
That, the BCB Board, in its capacity as the highest authority of the Institution, is responsible for defining its policies, specialized regulations of general application, and internal rules, and is empowered to issue norms and adopt general decisions necessary for the fulfillment of the functions, competencies, and powers assigned by Law to the Issuing Entity, as established in articles 44 and 54 item o) of Law No. 1670 and articles 9, 11, and 24 of the BCB Statute.
THEREFORE, THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA RESOLVES:
Article 1.- Modify the second transitional provision of the Regulation on Electronic Payment Instruments, as follows:
IT SAID: CHAPTER VIII TRANSITIONAL PROVISIONS First. (Adaptation Period). Issuers of electronic payment instruments, as well as entities authorized by the BCB to carry out clearing and settlement of payment instruments, must adapt to what is determined in this Regulation within the period defined and communicated by the ASFI. Second. (Operational Security Requirements). The Financial Entities Management of the BCB will establish the operational security requirements for each authorized EPI within a period of 90 (ninety) days from the date of approval of this Regulation.
IT MUST SAY:
“CHAPTER VIII TRANSITIONAL PROVISIONS First. (Adaptation Period). Issuers of electronic payment instruments, as well as entities authorized by the BCB to carry out clearing and settlement of payment instruments, must adapt to what is determined in this Regulation within the period defined and communicated by the ASFI. Second. (Operational Security Requirements). The Financial Entities Management of the BCB will establish the operational security requirements for each authorized EPI by April 30, 2012.”
Article 2.- The modification of the second transitional provision of the Regulation on Electronic Payment Instruments will enter into force from the date of approval of this Resolution.
Article 3.- The Presidency and the General Management are charged with the execution and compliance of this Resolution.
La Paz, February 23, 2012
Marcelo Zabalaga Estrada
Rafael Boyán Téllez Rolando Marín Ibáñez
Hugo Dorado Araníbar Ernesto Yáñez Aguilar
More like this from BCB
BCB published 4 documents in the last 30 days. We email you each new one the day it's published.