Resolution 109/2007

BOARD RESOLUTION NO. 109/2007
SUBJECT: FINANCIAL ENTITIES MANAGEMENT – APPROVES MODIFICATIONS TO THE REGULATIONS OF THE HIGH-VALUE PAYMENT SYSTEM.

HAVING SEEN:

The Law of the Central Bank of Bolivia No. 1670, of October 31, 1995, and its modifications.

The Statute of the Central Bank of Bolivia, approved by Board Resolution No. 128/2005 of October 21, 2005, and its modification approved by Board Resolution No. 031/2006 of April 18, 2006.

Board Resolution No. 166/2004 of November 9, 2004, which approves the Regulations of the High-Value Payment System.

Minutes of the Subcommittee on Payment System Policies (SPOSIP) No. 010/2007 of August 16, 2007.

Report of the Financial Entities Management GEF – SANA No. 533/2007 of August 15, 2007.

Report of the Legal Affairs Management SANO 192/2007 of August 15, 2007.

CONSIDERING:

That Law No. 1670 empowers the Central Bank of Bolivia to formulate general application policies in monetary, exchange, and payment system matters to fulfill its objectives.

That Law No. 1670 in its Article 54, subsections b) and o), establishes that it is an attribution of the BCB Board to regulate the administration of payment systems among authorized financial entities and to approve, modify, and interpret the Statute and Regulations of the BCB.

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That the Payment System Policy Subcommittee, through Minutes 010/2007, recommends that the Board consider modifying the Regulations of the High-Value Payment System.

That the Financial Entities Management, through Report GEF-SANA No. 533/2007, recommends that the Board consider modifying the Regulations of the High-Value Payment System.

That the Legal Affairs Management, through Report SANO No. 192/2007, states that there is no legal impediment for the Board of the Issuing Entity, in the exercise of its powers, to consider the approval of modifications to the Regulations of the High-Value Payment System.

THEREFORE,

THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA

RESOLVES:

Article 1.- Modify Article 10 (Authorized Entities) of the Regulations of the High-Value Payment System (SIPAV) in the following terms:

SAYS:
Article 10.- (Authorized Entities). In addition to the BCB, the following may be participants in SIPAV: banking entities, electronic clearing houses (CEC), entities providing clearing and settlement services (ESCL), and others expressly authorized by the BCB Board.

SHOULD SAY:
“Article 10.- (Authorized Entities). In addition to the BCB, supervised financial intermediation entities by the Superintendence of Banks and Financial Entities, electronic clearing houses (CEC), entities providing clearing and settlement services (ESCL), and others expressly authorized by the BCB Board may be participants in SIPAV.”

Article 2.- The modifications to the Regulations of the High-Value Payment System will enter into force as of September 10, 2007.

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

La Paz, August 21, 2007

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Raúl Garrón Claure

_________________________ _________________________ Gustavo Blacutt Alcalá Hugo Dorado Araníbar

_________________________ _________________________ Rolando Marín Ibáñez Ernesto Yánez Aguilar

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Osvaldo Nina Baltazar