Resolution No. JPRF-F-2023-063 - Renumbering of Sections, Subsections, Paragraphs, Provisions, and Articles of Chapter XXXVI Popular and Solidarity Financial Sector

Resolution No. JPRF-F-2023-063
THE FINANCIAL POLICY AND REGULATION BOARD
CONSIDERING:
That Article 82 of the Constitution of the Republic of Ecuador prescribes that the right to legal certainty is based on respect for the Constitution and the existence of prior, clear, public legal norms applied by competent authorities;

That Article 84 of the Supreme Norm obliges every organism with normative power to "adapt, formally and materially, the laws and other legal norms to the rights provided for in the Constitution";

That Article 226 of the Fundamental Norm states that State institutions, their organisms, dependencies, public servants, and persons acting by virtue of a state power shall exercise only the competencies and faculties attributed to them in the Constitution and the law, and shall have the duty to coordinate actions for the fulfillment of their purposes and to make effective the enjoyment and exercise of the rights recognized in the Constitution;

That Article 309 of the aforementioned Magna Carta prescribes that monetary, credit, exchange, and financial policies are a privative competence of the Executive Branch;

That Article 309 of the Fundamental Norm determines that the national financial system is composed of the public, private, and popular and solidarity sectors, which intermediated public resources; each of these sectors will have specific, autonomous, and differentiated control norms and entities, which will be responsible for preserving their safety, stability, transparency, and solidity;

That Article 13 ibidem, reformed by the Organic Reform Law to the Organic Monetary and Financial Code for the Defense of Dollarization, published in the Official Register Supplement No. 443 of May 3, 2021, created the Financial Policy and Regulation Board, part of the Executive Branch, as a public law legal entity, with administrative, financial, and operational autonomy, responsible for the formulation of credit, financial, securities, insurance, and prepaid comprehensive health care services policy and regulation;

That Article 14 ibidem, which refers to the scope of the Financial Policy and Regulation Board, determines that this collegiate body is responsible for formulating policies and regulations in financial matters, as well as issuing regulations that allow maintaining the integrity, solidity, sustainability, and stability of the national financial, securities, insurance, and prepaid comprehensive health care services systems;

That Article 14.1 of the Organic Monetary and Financial Code, Book I, in number 2, states that it is the competence of the Financial Policy and Regulation Board to "issue regulations that allow maintaining the integrity, solidity, sustainability, and stability of the national financial, securities, insurance, and prepaid comprehensive health care services systems in accordance with what is provided in Article 309 of the Constitution of the Republic of Ecuador";

Resolution No. JPRF-F-2023-063

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That the Fiftieth Fourth Transitional Provision ibidem, provides that the resolutions contained in the Codification of Monetary, Financial, Securities, and Insurance Resolutions will remain in force until the Monetary Policy and Regulation Board and the Financial Policy and Regulation Board decide what corresponds, within the scope of their competencies;

That the Technical Secretariat of the Financial Policy and Regulation Board, through Memorandum No. JPRF-ST-2023-0021-M of March 10, 2023, submits to the President of the Board the Technical Legal Report No. JPRF-CTCJ-2023-004 of March 9, 2023, which concludes:
a. As a mechanism to safeguard the right to legal certainty and the normative guarantee of the regulators recognized in the Constitution of the Republic of Ecuador, in its articles 82, 84, 132 numeral 6, and 226, it is necessary to renumber Chapter XXXVI "Popular and Solidarity Financial Sector", Title II "National Financial System", of Book I "Monetary and Financial System" of the Codification of Monetary, Financial, Securities, and Insurance Resolutions. b. Given that the numbering of the sections, subsections, paragraphs, provisions, and articles of Chapter XXXVI "Popular and Solidarity Financial Sector", Title II "National Financial System", of Book I "Monetary and Financial System" of the Codification of Monetary, Financial, Securities, and Insurance Resolutions was carried out by resolution of the financial regulator, it would correspond for the renumbering to be carried out by an act of the collegiate body of the Financial Policy and Regulation Board.
c. The Financial Policy and Regulation Board, in accordance with articles 14 and 14.1 numbers 1 and 2 of the Organic Monetary and Financial Code, Book I, is competent to renumber the sections, subsections, paragraphs, provisions, and articles of Chapter XXXVI "Popular and Solidarity Financial Sector", Title II "National Financial System", of Book I "Monetary and Financial System" of the Codification of Monetary, Financial, Securities, and Insurance Resolutions;

That the Financial Policy and Regulation Board, in ordinary session convened by technological means on March 10, 2023, and held via video conference on March 14, 2023, reviewed the Memorandum No. JPRF-ST-2023-0021-M of March 10, 2023, issued by the Technical Secretariat of the Board; as well as the aforementioned report from the Technical Coordination of Financial Sector Policy and Regulation and the Legal Coordination of Financial Policy and Regulation, in addition to the corresponding draft resolution;

That the Financial Policy and Regulation Board, in ordinary session convened by technological means on March 10, 2023, and held via video conference on March 14, 2023, reviewed and approved the following Resolution; and,

In exercise of its functions,

Resolution No. JPRF-F-2023-063

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RESOLVES:
SINGLE ARTICLE.- Renumber the sections, subsections, paragraphs, provisions, and articles of Chapter XXXVI "Popular and Solidarity Financial Sector", Title II "National Financial System", of Book I "Monetary and Financial System" of the Codification of Monetary, Financial, Securities, and Insurance Resolutions.
FINAL PROVISION.- This Resolution shall enter into force as of the present date, without prejudice to its publication in the Official Register. Publish this Resolution on the website of the Financial Policy and Regulation Board, within a maximum term of two days from its issuance.
NOTIFY.- Given in the Metropolitan District of Quito, on March 14, 2023.
THE PRESIDENT,
Mgs. María Paulina Vela Zambrano
The resolution above was processed and signed by Master María Paulina Vela Zambrano, President of the Financial Policy and Regulation Board, in the Metropolitan District of Quito, on March 14, 2023.- I CERTIFY.
TECHNICAL SECRETARIAT
Dr. Nelly Arias Zavala