Regulatory Alerts2005-08-09 | Resolucion 116/2005Added · Updated
Resolution 116/2005
The Board of Directors of the Central Bank of Bolivia amends Articles 10 and 13 of the Digital Signature Regulation for the Payments System to accommodate multiple digital signatures in SIPAV operations. Article 10 is modified to require payment system participants to verify the validity of each digital signature, the validity period of all digital certificates, and any limitations contained within those certificates. Article 13 is updated to contractually allow for the use of both a Certification Entity's service and self-signed digital certificates simultaneously, rather than selecting only one. These modifications enter into force immediately upon approval.
BOARD RESOLUTION NO. 116/2005 SUBJECT: FINANCIAL ENTITIES MANAGEMENT – APPROVES MODIFICATIONS TO THE DIGITAL SIGNATURE REGULATION FOR THE PAYMENTS SYSTEM.
HAVING SEEN: Law No. 1670 of October 31, 1995. Law No. 1488 of April 14, 1993, on Banks and Financial Entities, modified by Law No. 2297 of December 20, 2001. The Statute of the Central Bank of Bolivia of December 13, 2001. The Digital Signature Regulation for the Payments System, approved by Board Resolution No. 086/2004 of June 22, 2004. The Evaluation Report on the Application of the Digital Signature Regulation for the Payments System from the Financial Entities Management SANA No. 306/2005 of September 16, 2005. The Report from the Legal Affairs Management SANO No. 203/2005 of September 16, 2005.
CONSIDERING: That through Board Resolution No. 086/2004, the Digital Signature Regulation for the Payments System was approved.
That Report SANA No. 306/2005 indicates that the evaluation of the application of the Digital Signature Regulation for the Payments System establishes its full application as of the date. However, in anticipation of the implementation of new operations in the SIPAV, whose nature implies the use of more than one digital signature, either under own certification or through the use of third-party certification services, it recommends considering the proposed modifications to Articles 10 and 13 of the Digital Signature Regulation for the Payments System.
That the Subcommittee on Policies and Operations of the Payments System (SPOSIP), in its ordinary meeting on September 15, 2005, recommended elevating to the consideration of the BCB Board the proposed modifications to the Digital Signature Regulation for the Payments System.
That Report SANO No. 203/2005 from the Legal Affairs Management considers that the proposed modifications to the Digital Signature Regulation for the Payments System are appropriate and there is no legal impediment to carrying them out, so the Board is authorized to consider the requested modifications.
THEREFORE, THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA RESOLVES:
Article 1.- Approve the modifications to subsections a), b), and c) of Article 10 of the Digital Signature Regulation for the Payments System, under the following terms:
SAYS: Article 10.- (Responsibility of the Recipient of a Digitally Signed Electronic Document) The contracts between the administrators and the participants of each Payments System must establish as the responsibility of the recipient of a digitally signed electronic document, to verify and act accordingly regarding: a) the validity of the digital signature, b) the validity of the Digital Certificate; and c) any limitation contained in the Digital Certificate.
SHOULD SAY: “Article 10.- (Responsibility of the Recipient of a Digitally Signed Electronic Document) The contracts between the administrators and the participants of each Payments System must establish as the responsibility of the recipient of a digitally signed electronic document, to verify and act accordingly regarding: a) the validity of each of the digital signatures, b) the validity of the Digital Certificates; and c) any limitation contained in the Digital Certificates.”
Article 2.- Approve the modifications to Article 13 of the Digital Signature Regulation for the Payments System, under the following terms:
SAYS: Article 13.- (Contractual Definition of Certification Services) For the certification of Digital Signatures, the administrator and the participants of each Payments System will contractually define one of the following modalities:
a) The service of a Certification Entity, or b) Self-signed Digital Certificates accepted between the parties.
SHOULD SAY: “Article 13.- (Contractual Definition of Certification Services)
For the certification of Digital Signatures, the administrator and the participants of each Payments System will contractually define the following modalities:
a) The service of a Certification Entity, b) Self-signed Digital Certificates accepted between the parties, or c) Both.”
Article 3.- The modifications indicated will enter into force from their approval.
Article 4.- The Presidency and the General Management are charged with the execution and compliance of this Resolution.
La Paz, September 20, 2005
Juan Antonio Morales A.
Fernando Paz B. José Luis Evia V. Jaime Apt B.
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