Resolution 158/2011

BOARD RESOLUTION NO. 158/2011
SUBJECT: FINANCIAL ENTITIES MANAGEMENT – APPROVES MODIFICATION TO THE REGULATION ON ELECTRONIC CLEARING HOUSES AND CLEARING AND SETTLEMENT SERVICES

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).
Law No. 1488 of May 5, 2004 on Banks and Financial Entities and its subsequent modifications.
The BCB Statute approved by Board Resolution No. 128/2005 of October 21, 2005 and its subsequent modifications.
The Regulation on Electronic Clearing Houses and Clearing and Settlement Services approved by Board Resolution No. 017/2011 of February 12, 2008.
The Report from the Financial Entities Management BCB-GEF-SANA-DSP-INF-2011-312 of December 5, 2011.
The Report from the Legal Affairs Management BCB-GAL-SANO-INF-2011-463 of December 8, 2011.

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 in accordance with 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, utilization, 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 ensure the stability of the internal purchasing power of the national currency, for which it formulates policies of general application in monetary and payment system matters, 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 Supervisory Authority (ASFI).

That Law No. 1488 in its articles 4 and 154, items 4 and 6, determines that financial intermediation activities and auxiliary financial services will be carried out by financial entities authorized by ASFI, an Institution that has among its attributes to supervise natural or legal persons who carry out auxiliary activities of financial intermediation, as well as to incorporate into its scope of competence, in accordance with the BCB, other persons or entities that carry out financial intermediation activities.

That the Financial Entities Management, through Report BCB-GEF-SANA-DSP-INF-2011-312, recommends the modification of Section III of Article 12 of the Regulation on Electronic Clearing Houses and Clearing and Settlement Services with the purpose of correcting the reference error to an item of the mentioned article in Section III, and in this way guarantee a full understanding of the scope and functions of the BCB within the scope of the RCECYSCL.

That according to Report BCB-GAL-SANO-INF-2011-463, the Legal Affairs Management concludes that the proposal to modify the Regulation on Electronic Clearing Houses and Clearing and Settlement Services is legally appropriate, as it does not contravene the current legal framework, and it is the competence of the BCB Board to consider its approval.

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 that may be 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 Section III of Article 12 of the Regulation on Electronic Clearing Houses and Clearing and Settlement Services, in the following terms:

SAYS:
Article 12. (Verification of requirements).
III. The BCB will carry out system functionality tests of the computer system for clearing and settlement of payment instruments in order to verify compliance with the operational requirements established in Article 9 and the use of digital signatures in transactions. Likewise, it will verify compliance with administrative requirements insofar as they correspond to item 2, items a) and d), and in item 3, items d), e), f), and g) of this Regulation, issuing a certification to that effect which will be considered by the supervisory and control body for the respective authorization.

SHOULD SAY:
“Article 12. (Verification of requirements).
III. The BCB will carry out system functionality tests of the computer system for clearing and settlement of payment instruments in order to verify compliance with the operational requirements established in Article 9 and the use of digital signatures in transactions. Likewise, it will verify compliance with the administrative requirements defined in Article 10 insofar as they correspond to item 2, items a) and d), and to item 4, items d), e), f), and g) of this Regulation, issuing a certification to that effect which will be considered by the supervisory and control body for the respective authorization.”

Article 2. The modifications to Section III of Article 12 of the Regulation on Electronic Clearing Houses and Clearing and Settlement Services 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, December 13, 2011

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Marcelo Zabalaga Estrada

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Hugo Dorado Araníbar
Rolando Marín Ibáñez
Ernesto Yáñez Aguilar