Resolution 118/2011

BOARD RESOLUTION NO. 118/2011

SUBJECT: FINANCIAL ENTITIES MANAGEMENT – AUTHORIZES SERVIRED S.A. AS A CLEARING AND SETTLEMENT SERVICES ENTITY WITHIN THE SCOPE OF APPLICATION OF THE REGULATION ON ELECTRONIC CLEARING HOUSES AND CLEARING AND SETTLEMENT SERVICES.

HAVING SEEN:

The Political Constitution of the State.

Law No. 1670 of October 31, 1995 of the Central Bank of Bolivia (BCB).

Law No. 1488 of April 14, 1993, on Banks and Financial Entities (Consolidated Text approved by Supreme Decree No. 26581 of April 3, 2002) and its modifications.

The Regulation on Electronic Clearing Houses and Clearing and Settlement Services approved by Board Resolution No. 017/2008 of February 12, 2008.

The Report from the Financial Entities Management GEF-SANA-DSP-INF-2011-219 of September 12, 2011.

The Report from the Legal Affairs Management BCB-GAL-SANO-INF-2011-324 of September 16, 2011.

CONSIDERING:

That the Political Constitution of the State in its Article 328.I states that among the attributions of the Central Bank of Bolivia, in addition to those indicated by law, is the regulation of the payment system.

That Law No. 1670 provides in its Articles 44 and 54 Inc. k), that the Board of Directors of the BCB, in its capacity as the highest authority of the Institution, is responsible for defining its policies, specialized regulations of general application, and internal norms, being empowered to authorize the creation and regulate the operation of Clearing Houses.

That pursuant to Articles 3 numeral 6, 58, and 68 of Law No. 1488, the operation of clearing houses is considered as auxiliary services activity, corresponding to the Superintendence of Banks and Financial Entities, currently named the Financial System Supervision Authority, the granting of operating licenses for these societies, and to the BCB the issuance of norms for the creation, constitution, and operation of clearing houses.

That Article 8 of the Regulation on Electronic Clearing Houses and Clearing and Settlement Services establishes that, in the event that there is no supervisory and control body, the BCB will issue the corresponding authorization for the clearing and settlement of payment instruments through an express resolution of its Board of Directors, for which effect the compliance with the requirements and guidelines for clearing and settlement established in Chapters IV and VII of the Regulation will be verified.

That the Financial Entities Management and Systems Management through Report GEF-SANA-DSP-INF-2011-219 of September 12, 2011, state that having verified compliance with what is established in Article 8 of the Regulation on Electronic Clearing Houses and Clearing and Settlement Services, with respect to the requirements and guidelines for clearing and settlement indicated in Chapters IV and VII respectively, and that since there is no supervisory and control body, they recommend that the Board authorize SERVIRED S.A. to carry out activities of clearing and settlement of electronic fund transfer orders (shared agencies and national money orders).

That the Legal Affairs Management through Report BCB-GAL-SANO-INF-2011-324, states that the incorporation of SERVIRED S.A. into the scope of application of the Regulation on Electronic Clearing Houses and Clearing and Settlement Services for the performance of clearing and settlement activities is legally appropriate, as it falls within the current legal framework, being the competence of the Board of Directors of the BCB to consider its authorization.

That, the Board of Directors of the BCB is responsible for defining its policies, specialized regulations of general application, and internal norms, being empowered to issue norms and adopt general decisions that may be necessary for the fulfillment of the functions, competencies, and powers assigned by Law, as established in Article 54 Inc. a) of Law No. 1670.

THEREFORE,

THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA

RESOLVES:

Article 1.- Authorize SERVIRED S.A. as a Clearing and Settlement Services Entity, for the performance of clearing and settlement activities of electronic fund transfer orders (shared agencies and national money orders), within the scope of application of the Regulation on Electronic Clearing Houses and Clearing and Settlement Services.

Article 2.- This Resolution shall enter into force from the date of its signature.

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

La Paz, September 20, 2011.

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Rolando Marín Ibáñez

_________________________ _________________________ Ernesto Yáñez Aguilar Gustavo Blacutt Alcalá

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Rafael Boyán Téllez