Regulatory Alerts2004-05-18 | Resolución 065/2004Added · Updated
Resolution 065/2004
The Board of Directors of the Central Bank of Bolivia extends the compliance deadline for entities providing check clearing services under Resolution 138/2003 until November 9, 2004. This extension addresses the inability of these entities to meet the requirements for obtaining operating licenses from the Superintendency of Banks and Financial Entities within the original timeframe. The General Management is tasked with ensuring the execution of this resolution.
BOARD RESOLUTION NO. 065/2004 SUBJECT: GENERAL MANAGEMENT - APPROVES EXTENSION OF COMPLIANCE DEADLINE FOR THE REGULATION OF ELECTRONIC CLEARING HOUSES AND CLEARING AND SETTLEMENT SERVICES.
HAVING VIEWED:
Central Bank of Bolivia Law No. 1670, dated October 31, 1995, modified by Popular Property and Credit Law No. 1864, dated June 15, 1998.
Banks and Financial Entities Law No. 1488, dated April 14, 1993, modified by Financial Regulation and Supervision Strengthening Law No. 2297, dated December 20, 2001.
Regulation of Electronic Clearing Houses and Clearing and Settlement Services approved by Board Resolution No. 138/2003 of December 4, 2003.
Resolution No. 024/2004 of the Superintendency of Banks and Financial Entities, dated April 21, 2004.
Note SE-121/04 from the Association of Private Banks of Bolivia dated May 11, 2004.
Report from the Financial Entities Management and the SIPE Payment System Project No. 010/2004, dated May 18, 2004.
Report from the Legal Affairs Management SANO No. 105/2004, dated May 17, 2004.
CONSIDERING:
That Law No. 1670, in its Article 54 subsection k), establishes that it is within the authority of the BCB Board to authorize the creation and regulate the operation of Clearing Houses. Likewise, subsection o) of the cited Article establishes that it is within the authority of the Board of the Central Bank of Bolivia to approve, modify, and interpret the Statutes and Regulations of the BCB.
That Law No. 1488 in Article 3 numeral 6 defines as auxiliary service activity the operation of clearing houses, establishing in its Article 58 that it corresponds to the Superintendency of Banks and Financial Entities to grant the operating license for these societies. Likewise, Article 68 of this same Law provides that the rules for the creation, constitution, and operation of clearing houses will be established by the Central Bank of Bolivia.
That Article 4 of the Board Resolution of the Central Bank of Bolivia No. 138/2003 determines a period of six months from its effective date for the adaptation of the constitution and operation of entities providing check clearing services to the Regulation of Electronic Clearing Houses and Clearing and Settlement Services.
That the Superintendency of Banks and Financial Entities through Resolution No. 024/2004 approved the Regulation for the Constitution and Authorization of Operation of Clearing Houses, within the framework of the rules for the creation, constitution, and operation of these entities approved by the Central Bank of Bolivia.
That the Association of Private Banks of Bolivia, through note SE-121/04, requests an extension of the validity period of Service Provision Contract No. 90/97, due to the impossibility of complying with the deadlines established in the Regulation set by the SBEF for obtaining the operating license.
That to address the request for extension of the validity of the Service Provision Contract of the Association of Private Banks of Bolivia, it is necessary to extend the compliance deadline established in Article 4 of Board Resolution No. 138/2003 of the Central Bank of Bolivia.
That according to Report SIPE No. 010/2004 from the Financial Entities Management and the Payment System Project, it states that the constitution and operation requirements established in the Regulation of Electronic Clearing Houses and Clearing and Settlement Services cannot be completed within the period determined by Board Resolution No. 138/2003; therefore, it recommends authorizing the extension of the deadline established in said Resolution.
That through Report SANO No. 105/2004, the Legal Affairs Management states that there is no legal impediment for the Board of the Issuing Entity to consider the ASOBAN request, to which effect the deadline established in Board Resolution No. 138/2003 must be modified.
THEREFORE,
THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA RESOLVES:
Article 1.- Extend the deadline established in Article 4 of Board Resolution No. 138/2003, to adapt the constitution and operation of entities providing check clearing services until November 9, 2004.
Article 2.- The Presidency and General Management are charged with the compliance of this Resolution.
La Paz, May 18, 2004
Juan Antonio Morales A.
Juan Medinaceli V. Enrique Ackermann A.
José Luis Evia V. Fernando Paz B.
Jaime Apt B.
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