Regulatory Alerts2012-06-15 | SGDB Nº 030/2012Added · Updated
SGDB No. 030/2012: Operational Procedure for the Internal Regulation of Operations under the ALADI Reciprocal Payments and Credits Agreement
Authorized financial institutions must register and authorize instruments, amendments, negotiations, and transfers in the ALADI Information and Registration System (SIR-ALADI) within five business days of the relevant event. Debits received by 16:00 must be authorized by 16:30 the same day, while those received later require authorization on the next business day. Reimbursement requests must be registered by 16:00, and institutions must submit semi-annual balance reconciliation reports by the fifth business day of January and July. The Central Bank of Bolivia imposes fines for delays in information submission and requires interest payments on refunds for improper reimbursements.
EXTERNAL CIRCULAR OF THE CENTRAL BANK OF BOLIVIA
La Paz, June 15, 2012 SGDB No. 030/2012
FROM: GENERAL MANAGEMENT INTERNATIONAL OPERATIONS DEPARTMENT TO: FINANCIAL INSTITUTIONS SUBJECT: OPERATIONAL PROCEDURE FOR THE INTERNAL REGULATION FOR OPERATIONS THROUGH THE ALADI RECIPROCAL PAYMENTS AND CREDITS AGREEMENT
Ladies and Gentlemen:
In compliance with Article 28 of the Internal Regulation for Operations through the ALADI Reciprocal Payments and Credits Agreement (CPCR-ALADI), approved by Resolution of the Board of Directors of the Central Bank of Bolivia (BCB) No. 140/2011 of October 25, 2011, the following provisions are established:
1. Deadline for registration of Instruments issued or guaranteed under CPCR - ALADI
Authorized Institutions have a maximum deadline of 5 business days, counted from the next business day following the date on which they issued or guaranteed an Instrument, to register and authorize it in the ALADI Information and Registration System (SIR – ALADI), attaching, as applicable, the SWIFT message for the issuance of the Letter of Credit or the Payment Order, the guaranteed Bill of Exchange, or the Promissory Note.
2. Deadline for negotiation, cancellation, and amendments
Authorized Institutions must register and authorize in the SIR – ALADI the negotiations, cancellations, modifications, or transfers of Instruments, relating to the deadline, maturity date, amount, payment method, and description of the merchandise, within a maximum deadline of 5 business days, counted from the next business day following the date on which these are carried out.
Ayacucho y Mercado • Tel: (591-2) 2409090 • Casilla: 3118 bcb@bcb.gob.bo • La Paz - Bolivia 1
3. Authorization schedule for debits received in SIR-ALADI.
Debits received through SIR-ALADI until 16:00 hours must be authorized by Authorized Institutions until 16:30 hours.
Debits received after 16:00 hours must be authorized on the next business day.
4. Deadline for registration of received Instruments
Authorized Institutions must register and authorize in the SIR – ALADI all those Instruments issued or guaranteed, amendments, negotiations, and/or cancellations that they have received from Authorized Institutions abroad. For the purposes of this registration, they must attach the SWIFT message of issuance or the guaranteed instrument.
This information must be registered within a maximum deadline of 5 business days, counted from the next business day following the date on which they receive the notification.
The registration of this information is an indispensable condition for Authorized Institutions to have the right to reimbursement.
5. Deadline for reimbursement requests
Authorized Institutions must register and authorize in the SIR-ALADI reimbursement requests until 16:00 hours.
6. Semi-annual balance reconciliation
By the fifth business day of January and July of each year, Authorized Institutions must send to the International Operations Management of the BCB a report generated in the SIR-ALADI, with the detail of balances owed by instrument as of December 31 and June 30 respectively, which must be signed by their authorities. The BCB will reconcile the information within a period of 3 business days and return a copy signed by its authorities.
7. Debits for delays in information
The BCB will debit the amount in bolivianos determined in the “BCB Fine Table” according to the deadlines set in points 1, 2, 4, and 6 of this Circular, calculated from the day following the expiration of the deadline.
Ayacucho y Mercado • Tel: (591-2) 2409090 • Casilla: 3118 bcb@bcb.gob.bo • La Paz - Bolivia 2
8. Requests for reversal
Authorized Institutions that request a reversal for the cancellation of an improper reimbursement will make a payment to the BCB for the value of the reimbursement plus interest for the period between the date of the deposit and the cancellation of the operation, calculated at the LIBOR rate for four (4) months plus four (4) percentage points.
9. Other information
Authorized Institutions must provide the BCB with the information requested regarding their operations in the CPCR-ALADI, within the deadline set by the BCB for this purpose.
External Circular SGRAL No. 038/2007 of December 24, 2007, is hereby repealed.
The External Operations Sub-management of the BCB (Telephone 2409090 Ext. 1802 - 1838) will handle inquiries regarding this Circular.
Sincerely,
Ayacucho y Mercado • Tel: (591-2) 2409090 • Casilla: 3118 bcb@bcb.gob.bo • La Paz - Bolivia 3