Regulatory Alerts2016-04-28 | SGDB N° 021/2016Added · Updated
SGDB N° 021/2016: Requirements for Incorporation of Investment Fund Management Companies into the Integrated Payment Settlement System
The Central Bank of Bolivia mandates that Investment Fund Management Companies (SAFIs) must join the Integrated Payment Settlement System (LIP) within 120 calendar days of the circular's publication, including a 20-day window to submit required documentation. SAFIs must submit a subscription request for the LIP Participation Contract along with legalized copies of their constitution, ASFI operating authorization, commercial registry certificate, statutes, legal representation power of attorney, and identity documents, as well as a simple copy of their tax registration. The legal power of attorney must explicitly authorize the representative to generate digital signatures, execute contracts with the Central Bank, authorize account debits and transfers, and handle digital certificate exchanges. The power of attorney must also be inscribed in the Commercial Registry in accordance with Article 165 of the Commercial Code.
[Logo: Central Bank of Bolivia]
CENTRAL BANK OF BOLIVIA PLURINATIONAL STATE OF BOLIVIA
EXTERNAL CIRCULAR
BCB-DGD-VUC 2016 APR 28 AM 10: 44 N° GENERAL PROCEDURE DESPATCH La Paz, April 26, 2016 SGDB N°021/2016
FROM: GENERAL MANAGEMENT FINANCIAL ENTITIES MANAGEMENT TO: INVESTMENT FUND MANAGEMENT COMPANIES (SAFIs) SUBJECT: REQUIREMENTS FOR INCORPORATION OF INVESTMENT FUND MANAGEMENT COMPANIES (SAFIs) INTO THE INTEGRATED PAYMENT SETTLEMENT SYSTEM (LIP)
Ladies and Gentlemen:
The Central Bank of Bolivia (BCB) communicates that, under Article 13 of the Regulations of the Integrated Payment Settlement System (LIP), approved by Board Resolution No. 061/2014 of June 10, 2014, all Entities with an Operating License granted by the Financial System Supervision Authority (ASFI) must use the LIP System for the processing of their payment orders.
In this context, as part of the process of incorporating Investment Fund Management Companies (SAFIs) into the LIP System, verification tasks regarding compliance with technical requirements will be carried out, which will allow proceeding with the relevant procedures for their participation in the LIP System.
Investment Fund Management Companies (SAFIs) must submit a request note for subscription to the "Contract for Participation in the LIP System," addressed to Mr. Carlos Colodro Lopez, Acting General Manager of the BCB, attaching the following documentation:
- Legalized photocopy of the Deed of Public Constitution.
- Legalized photocopy of the Operating Authorization and Registration in the Securities Market Registry granted by the ASFI or the former Superintendence of Pensions, Securities and Insurance (SPVS).
- Original updated Certificate of Commercial Registration granted by the Commercial Registry.
Ayacucho Street corner Mercado · Phone: (591-2) 2409090 · Fax: (591-2) 2661590 www.bcb.gob.bo · bancocentraldebolivia@bcb.gob.bo · La Paz Bolivia
[Logo: Central Bank of Bolivia]
CENTRAL BANK OF BOLIVIA PLURINATIONAL STATE OF BOLIVIA
- Legalized photocopy of the Entity's Bylaws.
- Legalized photocopy of the Deed of Power of Legal Representation of the person(s) who will sign the Contract.
- Simple photocopy(ies) of the Identity Card(s) of the Legal Representative(s).
- Simple photocopy of the Certificate of Registration to the National Taxpayer Registry (NIT).
Furthermore, for the subscription of the "Contract for Participation in the LIP System," the Deed of Power of Legal Representation must expressly and non-exhaustively consider the following powers:
I. For signatory or signatory:
- The (name of the entity), in its capacity as a participant of the LIP System, grants power to (name of the legal representative), so that in its name and representation and in its capacity as signatory or signatory of the self-signed digital certificates we issue, it generates the digital signature to be used in any electronic document digitally signed in the LIP System, issued in the name of (name of the entity).
- To obligate, in the name of the entity, to celebrate, sign, modify, resolve and/or dissolve any type of contract, agreement or legal act with the BCB, in order to comply with what is provided in the Regulations of the LIP system, within the framework of the BCB's competencies established in Law No. 1670, and the terms that could be established in any contract to be signed with the BCB to implement the Regulations of the LIP System.
- To authorize the BCB to carry out debits from the financial service accounts established by Law, Supreme Decree or Board Resolution, collection of commissions according to the BCB's "Commission Table for Services", debits for overdue obligations and others.
- To authorize the BCB to carry out fund transfers, including automatic credits and debits from its various accounts at the BCB, in order to implement the aforementioned Regulations, as well as to operationalize the management of the aforementioned accounts.
Ayacucho Street corner Mercado · Phone: (591-2) 2409090 · Fax: (591-2) 2661590 www.bcb.gob.bo · bancocentraldebolivia@bcb.gob.bo · La Paz Bolivia
[Logo: Central Bank of Bolivia]
CENTRAL BANK OF BOLIVIA PLURINATIONAL STATE OF BOLIVIA
- To accredit before the BCB, the authorized signatures for the management of its accounts and any act derived from the contracts signed with the BCB.
II. For digital certificate exchange:
- The (name of the entity), in its capacity as a participant of the LIP System, grants power to (name of the legal representative), so that in its name and representation it delivers and receives self-signed digital certificates, as well as signs the respective digital certificate exchange minutes of the LIP System.
On the other hand, it must be considered that the Deed of Power must contain the transcription of the relevant parts of the Bylaws or constitutive documents of the Society, by which the Board of Directors or other administrative bodies of the entity are authorized to confer special powers with powers of asset disposition. Likewise, the minutes or resolutions authorizing the attorney(s) to carry out this mandate with powers of asset disposition within the framework of what is established in this Circular must be incorporated.
Finally, pursuant to Article 165 of the Commercial Code, the Deed of Power of Legal Representation for the signing of the aforementioned contract must be inscribed in the Commercial Registry.
The deadline for the incorporation of SAFIs into the LIP System will be one hundred twenty (120) calendar days from the publication of this External Circular, a term that includes the deadline of twenty (20) calendar days for the presentation of the required documentation by the Entity.
Any doubts or queries will be attended by the LIP Help Desk at the email address ayudalip@bcb.gob.bo or at the phones 2407262, 2147077, 2661623 and 2661645.
Sincerely,
[Signature] RONALD O. PINTO RIBERA FINANCIAL ENTITIES MANAGER CENTRAL BANK OF BOLIVIA
[Signature] CARLOS A. COLODRO LÓPEZ ACTING GENERAL MANAGER CENTRAL BANK OF BOLIVIA
CCL/RPR/AMR/APM/RGVB/PCS
Ayacucho Street corner Mercado · Phone: (591-2) 2409090 · Fax: (591-2) 2661590 www.bcb.gob.bo · bancocentraldebolivia@bcb.gob.bo · La Paz Bolivia