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LAW No. 393
EVO MORALES AYMA
CONSTITUTIONAL PRESIDENT OF THE PLURINATIONAL STATE OF BOLIVIA
Inasmuch as, the Plurinational Legislative Assembly has enacted the following Law:
THE PLURINATIONAL LEGISLATIVE ASSEMBLY,
DECREE:
FINANCIAL SERVICES LAW
TITLE I
THE GOVERNING STATE OF THE FINANCIAL SYSTEM
CHAPTER I
OBJECT, SCOPE OF APPLICATION AND SOCIAL FUNCTION OF THE
FINANCIAL SERVICES
Article 1. (OBJECT). The purpose of this Law is to regulate the activities of
financial intermediation and the provision of financial services, as well as the organization and
operation of financial entities and financial service providers; the protection
of the financial consumer; and the participation of the State as rector of the financial system, ensuring
for the universality of financial services and directing their operation in support of the
economic and social development policies of the country.
Article 2. (SCOPE OF APPLICATION). They are under the scope of
this Law, financial activities, the provision of financial services and entities
financial companies that carry out these activities.
Article 3. (DEFINITIONS). For the purposes of this Law and its regulations,
The definitions included in the Glossary of Financial Terms of the Financial System will apply,
that appears in the Annex.
Article 4. (SOCIAL FUNCTION OF FINANCIAL SERVICES).
I.

Financial services must fulfill the social function of contributing to the achievement of
comprehensive development objectives for living well, eliminating poverty and social exclusion
and economic of the population.

II.

The Plurinational State of Bolivia and the financial entities included in this Law,
They must ensure that the financial services they provide, minimally comply with the
following objectives:
to)

Promote comprehensive development for living well.

b)
c)

Facilitate universal access to all its services.
Provide financial services with quality care and warmth.

d)

Ensure the continuity of the services offered.

and)

Optimize times and costs in the delivery of financial services.

F)

Inform financial consumers about how to use with

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efficiency and security of financial services.
Article 5. (PREFERRED APPLICATION AND SCOPE OF THE LAW).
I.

The provisions contained in this Law are of preferential application over
any other legal provision in all that it has in its different titles.

II.

The provisions of this Law constitute the legal framework allowed for the activities
financial entities, not being able to carry out these other activities not indicated
in this Law.

III.

The Central Bank of Bolivia - BCB will be governed by its own provisions.
CHAPTER II
ROLE OF THE PLURINATIONAL STATE IN FINANCIAL ACTIVITY
Article 6. (ACTIVITY OF PUBLIC INTEREST).

I.

Financial intermediation activities and the provision of financial services are
of public interest and can only be exercised by authorized financial entities
in accordance with this Law.

II.

In order to safeguard the continuity of financial services and stability
of the financial system, the Executive Branch of the central level of the State, through Decree
Supreme Court, may determine the temporary preventive measures that it deems
necessary on financial entities, according to the following:

III.

to)

The Supreme Decree must indicate the cause of the measure.

b)

The adopted measure must remedy the cause that originates its
determination.

Operational compliance with the preceding paragraph may be entrusted to the Authority of
Supervision of the Financial System - ASFI.

Article 7. (RECTOR OF THE FINANCIAL SYSTEM). The State in exercise of its
exclusive powers over the financial system, attributed by the Political Constitution of the
State, is the rector of the financial system that, through instances of the Executive Branch of the
central level of the State, will define and execute financial policies destined to guide and promote
the functioning of the financial system in support mainly of the productive activities of the
country and the growth of the national economy with social equity; promote savings and your
adequate channeling towards productive investment; promote financial inclusion and preserve
the stability of the financial system. The Executive Branch of the central level of the State, through the
Financial Stability Council at the head of the Ministry of Economy and Public Finance, is
the rector of the financial system and assumes responsibility for defining policy objectives
within the framework of the principles and values ​established in the Political Constitution of the
Condition.
Article 8. (REGULATION AND SUPERVISION BY THE STATE).
I.

It is the exclusive non-delegable competence of the System Supervisory Authority
Financial - ASFI execute financial regulation and supervision, in order to ensure
for the healthy functioning and development of financial institutions and to preserve the
stability of the financial system, under the postulates of financial policy, established
in the Political Constitution of the State.

II.

The Financial System Supervisory Authority Authority - ASFI, is the institution
in charge of exercising the functions of regulation, supervision and control of the entities
based on the provisions of this Law.

III.

The Financial System Supervision Authority - ASFI, will issue regulations
specific and will supervise its compliance within the framework of the regulations issued by the Bank
Central de Bolivia - BCB, in the field of the payment system.

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CHAPTER III
OF THE FINANCIAL STABILITY COUNCIL
Article 9. (CREATION). The Financial Stability Council - CEF is created, as
governing body of the financial system and advisory body for guidance to the financial system, for
application of measures to preserve its stability and efficiency.
Article 10. (OBJECT). The purpose of the Financial Stability Board - CEF is:
I.

As the governing body, define, propose and execute financial policies aimed at
guide and promote the functioning of the financial system in support mainly, to
productive activities of the country and the growth of the national economy with equity
Social; promote savings and their adequate channeling towards productive investment;
promote financial inclusion and preserve the stability of the financial system.

II.

As a consultative body, coordinate inter-institutional actions and issue recommendations
on the application of prudential macro-regulation policies aimed at identifying,
control and mitigate situations of systemic risk in the financial sector and impact on the
national economy.
Article 11. (CONFORMATION).

I.

The Financial Stability Council - CEF, will be made up of:
to)

The Minister or Minister of the Economy and Public Finance, acting as
President.

b)

The Minister or Minister of Development Planning.

c)

The President of the Central Bank of Bolivia - BCB.

d)

The Executive Director or Executive Director of the Supervisory Authority of the
Financial System - ASFI.

and)

The Executive Director or Executive Director of the Supervisory Authority and
Control of Pensions and Insurance.

II.

The technical secretariat functions will be exercised by the Supervisory Authority of the
Financial System - ASFI.

III.

The members of the Financial Stability Board - CEF, may delegate their
participation of senior officials of your institution, assuming the
responsibilities for the decisions made by your delegate.

Article 12. (PROPOSALS AND RECOMMENDATIONS OF THE COUNCIL OF
FINANCIAL STABILITY - CEF). The proposals and recommendations of the Council of
Financial Stability - CEF, will be issued by resolution of the board.
Article 13. (POWERS). To achieve its objective, the Stability Council
Financial - CEF, will have the following attributions:

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to)

Define, propose and execute financial policies destined to guide and
promote the functioning of the financial system.

b)

Issue recommendations on prudential macro regulation.

c)

Propose to the Supervisory Authorities and the Central Bank of Bolivia BCB, standards and measures for the development and integration of the system
financial.

d)

Serve as a consultative body for the Executive Body in matters of
financial stability.

and)

The others that are necessary for the achievement of its object.

Article 14. (SYSTEMIC RISK). When the Financial Stability Board CEF, determines that there are circumstances of systemic risk for the financial system, will issue
recommendations in order to preserve a stable and competitive financial system.
CHAPTER IV
OF THE FINANCIAL SYSTEM SUPERVISORY AUTHORITY
SECTION I
INSTITUTIONAL REGIME
Article 15. (NATURE). The Financial System Supervisory Authority ASFI, is an institution of public law and of indefinite duration, with legal personality,
own patrimony and autonomy of administrative, financial, legal and technical management, with
jurisdiction, competence and structure of national scope, under the supervision of the Ministry of Economy
and Public Finance, and subject to social control.
Article 16. (OBJECT). The Financial System Supervisory Authority - ASFI,
aims to regulate, control and supervise financial services within the framework of the
Political Constitution of the State, this Law and the Supreme Regulatory Decrees, as well
such as the activity of the stock market, intermediaries and auxiliary entities thereof.
Article 17. (OBJECTIVES OF THE REGULATION AND FINANCIAL SUPERVISION). They are
objectives of financial regulation and supervision, with respect to financial services, in a manner
indicative and not limiting, the following:
to)

Protect the savings placed in financial intermediation entities
authorized, strengthening public confidence in the financial system
Bolivian.

b)

Promote universal access to financial services.

c)

Ensure that financial institutions provide transactional means
efficient and safe financial institutions, which facilitate economic activity and
meet the financial needs of the financial consumer.

d)

Control compliance with financing policies and goals
established by the Executive Branch of the central level of the State.

and)

Protect the financial consumer and investigate complaints within the scope of their
competence.

F)

Control the financing destined to satisfy the needs of
people's housing, mainly low-income housing for the
lower income population.

g)

Promote greater information transparency in the financial system,
as a mechanism that allows financial consumers of the
supervised entities access better information on interest rates,
commissions, expenses and other conditions of contracting services
that leads, in turn, to better decision-making about
a more informed base.

h)

Ensure the provision of financial services with quality care.

i)

Preserve the stability, solvency and efficiency of the financial system.

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Article 18. (ASSESSMENT OF OBJECTIVES).
I.

II.

The Financial System Supervisory Authority - ASFI will annually evaluate the
achievement of the objectives set forth in Article 17 and will submit reports to the Ministry of
Economy and Public Finance.
The results of these evaluations will guide the objectives of the financial policy that
define the Executive Body and the regulatory policy established by the Authority of
Supervision of the Financial System - ASFI.
Article 19. (AUTHORIZATION OF ACTIVITIES AND FINANCIAL SERVICES).

I.

Financial activities and the provision of financial services will be carried out
only by entities authorized by the System Supervisory Authority
Financial - ASFI, according to the types of financial entity that this Law defines.

II.

The Financial System Supervisory Authority - ASFI will periodically evaluate the
degree of growth and expansion of the financial system, its coverage and its
characteristics, guiding the authorization process to improve the degree of coverage and
provision of services throughout the national territory.

III.

The Financial System Supervisory Authority - ASFI will incorporate into the field of
application of this Law to other types of financial services existing or to be created that do not
are included in this Law, as well as financial companies
who routinely perform these services.

Article 20. (DESIGNATION OF THE HIGHEST EXECUTIVE AUTHORITY). The maximum
Executive Authority of the Financial System Supervisory Authority - ASFI will be designated
by the President of the Plurinational State of Bolivia for a period of six (6) years,
of a shortlist proposed by the Plurinational Legislative Assembly, approved by two thirds of
votes.
Article 21. (REQUIREMENTS FOR THE HIGHEST EXECUTIVE AUTHORITY). To be
Director or Executive General Director of the Financial System Supervisory Authority -

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ASFI must meet the following requirements:
to)

Be Bolivian or Bolivian and a citizen or citizen in exercise.

b)

Have an academic degree at the bachelor's level in the economic area and / or
legal.

c)

Have experience in financial or economic matters of no less than ten
(10 years.

d)

Not having an enforceable statement of charge, or conviction
executed in criminal matters, pending compliance.

Article 22. (REMOVAL OF THE HIGHEST EXECUTIVE AUTHORITY). The removal o
removal of the Highest Executive Authority from the System Supervisory Authority
Financial - ASFI will be given for the following reasons:
to)
b)

c)

Incur in any impediment, prohibition, or incompatibility provided for in the
Political Constitution of the State and this Law.
When there is an enforceable conviction in criminal matters,
final resolution of dismissal in disciplinary process, or statement of charge
executed, as appropriate.
Have completed the period of functions for which she was appointed or
designated in accordance with this Law.

Article 23. (POWERS).
I.

The attributions of the Financial System Supervision Authority - ASFI, the
following:
to)

Ensure the solvency of the financial system.

b)

Guarantee and defend the rights and interests of the financial consumer.

c)

Regulate, exercise and supervise the internal and external control system of all
financial intermediation and financial services activity
complementary including the Central Bank of Bolivia - BCB.

d)

Monitor compliance with the rules that regulate the activity of
financial intermediation and complementary financial services.

and)

Supervise the application of the active and passive interest rates offered
by financial entities and compliance with the tax rate regime
interest and portfolio levels established by the Executive Branch.
Regulate and monitor the correct application of rates, commissions and others
charges for services provided by regulated financial entities to their
financial consumers.

F)

g)

Establish preventive control and surveillance systems.

h)

Exercise consolidated supervision of financial groups.

i)

Instruct financial entities to establish additional provisions or
paid-in capital increases to cover future unidentified losses
due to credit, market or operational risks and other existing risks or

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when there is a risk that the capital adequacy coefficient
falls below the set limit.
j)

Impose administrative sanctions on financial entities under its
control, when they violate legal and regulatory provisions.

k)

Provide for the mandatory regularization and intervention of the entities
that incur in the causes provided in Article 511 of the
present Law.

l)

Operate and maintain the information centers provided herein
Law.

m) Enter into agreements or arrangements with other foreign organizations of
regulation and supervision of the financial sector for cooperation,
training and information exchange.
n)

Instruct accounting adjustments and regularizations to financial entities,
resulting from its supervision and control work.

or)

Revoke operating authorizations for financial entities,
for duly substantiated reasons, as established in the
present Law.

p)

Suspend certain operations of the financial institutions of
grounded way.

q)

Supervise the control of money laundering risks and financing of the
terrorism and others that are established in regulations issued by
the Financial Investigations Unit, in accordance with the provisions of the
specific legal provisions on the matter.

r)

Instruct actions to financial entities, to resolve claims and
complaints filed by financial consumers, following the opinion of
the competent authority.

s)

Authorize the incorporation into the scope of regulation to other types of services
financiers and companies that provide these services.

t)

Issue prudential regulations of a general nature, extending to the
regulation of accounting standards for application by entities
financial

or)

Enforce this Law and other legal and regulatory provisions
related.

v)

Reject transfers of shares, when a direct shareholder or
indirectly owns five percent (5%) or more of participation
shareholding in the financial institution.

w) Control the conformation of the structure of the Bolivian financial system
in order to avoid the formation of monopolies or oligopolies, as well as,
prohibit all practices that restrict the complementarity of services
financial institutions among the various financial entities, to the extent that these
contribute to the economic and social development of the country.

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x)

Determine the criteria for classifying and evaluating assets and their
forecasts, within the framework of a healthy balance between the objective of promoting
the expansion of credit and bankarization, with effective administration
credit risk, strictly subject to the provisions of this present
Law.

Y)

Determine the criteria for comprehensive risk management and the
provisions and capital requirements derived from exposures to
different risks.

z)

Propose to the Executive Body, through the Ministry of Economy and
Public Finance, the modification of the minimum capital required for
the constitution and operation of financial entities, based on the
prevailing conditions in the financial system, the situation
macroeconomic and external situation.

aa) Issue regulations to regulate advertising or propaganda related to
financial services and products offered by the entities under its scope, and
prohibit or suspend advertising or propaganda when in its opinion it may
confuse the public about the operations they are to perform
as provided by this Law, or when it may promote distortions
serious in the normal development of the financial system.
II.

The attributions of the Financial System Supervisory Authority - ASFI, regarding
of the regulation of the activity of the stock market, the constitution, operation and
liquidation of intermediaries and auxiliary entities of the same, will be exercised
in accordance with the functions provided for the regulatory and supervisory body of the
stock market in the current legal provisions.

Article 24. (OPENING OF OFFICES). To fulfill the functions assigned by
the Political Constitution of the State and this Law, the Supervisory Authority of the System
Financial - ASFI may install departmental offices.
Article 25. (LEGAL PRESUMPTION OF VALIDITY OF ACTS). The acts dictated by
the officials of the Ministry of Economy and Public Finance, of the Supervisory Authority
of the Financial System, of the Supervision and Control Authority of Pensions and Insurance, of the
Central Bank of Bolivia, of the Financial Investigations Unit, as well as by the
Controllers, in settlement procedures, settlement processes with deposit insurance and
judicial forced liquidation, in the exercise of its functions in application of the Law, regulations and
resolutions, will be immediately executive and will enjoy the legal presumption of validity,
the burden of proof corresponding to the one who alleges its irregularity.
Article 26. (BUDGET OF THE SYSTEM SUPERVISORY AUTHORITY
FINANCIAL).
I.

The annual budget of the Financial System Supervisory Authority - ASFI will be
covered by the entities that it regulates, including the Central Bank of Bolivia - BCB,
through quotations.

II.

The annual amount of the assessments of financial entities will be equivalent to one
per thousand (1 ‰), applicable to its total assets and contingent operations. The fee
of the Central Bank of Bolivia - BCB will be established annually by resolution
supreme, which may not exceed half per thousand (0.5 ‰) of its assets and contingents.

III.

The Financial System Supervisory Authority - ASFI will not receive financial support
of the General State Treasury - TGE, for the regulation and supervision of the
financial intermediation.

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Article 27. (INFORMATION). The Central Bank of Bolivia - BCB and the Authority of
Supervision of the Financial System - ASFI must provide in a diligent and timely manner,
information and studies that the Ministry of Economy and Public Finance requires for the analysis
and formulation of financial policies; within the framework of the right to reserve and confidentiality of the
information.
SECTION II
OF THE CONTROL AND SUPERVISION FUNCTIONS
Article 28. (SCOPE OF CONTROL). The System Supervisory Authority
Financial - ASFI will carry out the functions of control and supervision of the activities of the
financial entities in accordance with this Law and its regulations.
Article 29. (REQUIREMENT OF INFORMATION).
I.

The Financial System Supervisory Authority - ASFI will require from each entity
within its scope of competence the document (s), reports or other necessary, in the
framework of its powers.

II.

The information that is required by electronic means, backed by signatures
electronic, will have full validity and probative force for all purposes.
Article 30. (SCOPE OF THE SUPERVISORY FACULTY).

I.

The power of the Financial System Supervisory Authority - ASFI to supervise and
supervise financial institutions, includes any office or dependency of
these, in the country or abroad, and even related companies
patrimonially.

II.

This power of supervision and control also includes companies
holding companies and financial companies that are members of financial groups, and it will be
developed through supervision on a consolidated basis, in coordination with the
Supervision and Control Authority of Pensions and Insurance, within the framework of the provisions
by Title IV, Chapter IV, Section II of this Law.

III.

In no case, financial entities under the supervision of the Authority
Supervision of the Financial System - ASFI will be subject to inspection or supervision
supplementary or concurrent by national, departmental authorities,
municipal or university.
Article 31. (POWERS IN SUPERVISORY TASKS).

I.

The Executive Director or the Executive Director and the officials of the
Supervision of the Financial System - ASFI that carry out inspections, controls or
Any act of supervision in a financial institution, subject to supervision, will have
the following powers:
to)

Collect from the financial institution all the information necessary to
fulfill the purpose of supervision.

b)

Require the sworn statement of members of the board of directors, directors of
administration and surveillance, trustees, surveillance inspectors, auditors
interns, internal auditors, officials and anyone else

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related to the financial institution.

II.

c)

Cite and require the presence of people related to the scope of your
competition, to file your return.

d)

Require documentation, report or any document, be it original or copy
in physical, electronic or other medium.

In all cases, the public servant in charge will document the request and receipt
of the information, which must be signed by the participants involved or their
representatives. The document will become a sworn statement and will have value
probative part for all purposes.
Article 32. (INTERNAL AUDIT AND INTERNAL CONTROL SYSTEM).

I.

The Financial System Supervisory Authority - ASFI must have proof of
that financial institutions have internal audit units with
effective independent operation and internal control system.

II.

The policies of financial institutions should include clear rules on delegation
of authority and responsibilities and segregation of duties.
Article 33. (EXTERNAL AUDIT).

I.

In addition to the general standards that regulate audits, the
Supervision of the Financial System - ASFI will regulate the form of contracting of the
external auditors and establish external auditing requirements and standards for the
work that external audit firms carry out for financial institutions
subject to its scope of supervision, the Financial System Supervisory Authority ASFI will maintain a registry of authorized external audit firms.

II.

The regulations on external auditors issued by the Supervisory Authority of the
Financial System - ASFI will establish the mandatory rotation for hiring its
services by financial entities, establishing a maximum period of three
(3) continuous years for external audit firms in a financial institution. On
in no case may an external audit firm directly or indirectly perform
advisory or consulting work on the issues observed in their opinions.

III.

The omission or defective compliance by the external auditors with the provisions of the
This article will be sanctioned by the System Supervision Authority
Financial - ASFI being able to include the exclusion of the corresponding record.
Article 34. (PRESENTATION AND PUBLICATION OF FINANCIAL STATEMENTS).

I.

Financial entities will submit to the System Supervisory Authority
Financial - ASFI, once a year, its financial statements with audit opinion
external, except for some types of complementary financial services companies that
the Financial System Supervisory Authority - ASFI determines that by its
characteristics, do not require the presentation of financial statements with an opinion of
external audit.

II.

Financial entities will publish their financial statements as of June 30 and June 31
December of each year, in a newspaper with national circulation.

III.

The financial entities will keep, duly, the books and documents referring to
to their operations, microfilmed or recorded on magnetic and electronic media, by

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a period of not less than ten (10) years, from the date of the last accounting entry, subject
Regulation of the Financial System Supervision Authority - ASFI.
SECTION III
RISK-BASED SUPERVISION
Article 35. (SUPERVISION BASED ON RISKS). The Supervisory Authority of the
Financial System - ASFI will apply risk-based supervision to verify the existence and
operation of formalized comprehensive risk management systems in entities
financial For this purpose, in an enunciative and non-limiting manner, you must:
to)

Evaluate the effectiveness of the systems of financial institutions to
manage risks in a timely manner.

b)

Control the effectiveness and efficiency of the timely control of risks inherent to
the financial activities carried out by the entities.

Article 36. (USE OF STANDARD METHODOLOGIES AND INTERNAL MODELS).
I.

The Financial System Supervisory Authority - ASFI will determine the methodologies
for the comprehensive management of the different types of risks that entities must comply with
financial, as well as the forecast and capital requirements that correspond to its
coverage.

II.

Financial entities may develop internal models for the management of their
risks, based on sound practices of international acceptance. These models may
be applied for the calculation of provisions and capital requirements for exposures
at risk, only with authorization from the System Supervisory Authority
Financial - ASFI based on the requirements and conditions established in the regulations
issued for this purpose.
Article 37. (CLASSIFICATION OF SOLVENCY AND MANAGEMENT).

I.

The Financial System Supervisory Authority - ASFI will carry out an evaluation
periodical level of solvency and quality of management of the entities of
financial intermediation, classifying them by levels.

II.

The Financial System Supervisory Authority - ASFI will define the criteria for
classify the levels of solvency and quality of management of the entities of
financial intermediation.

III.

The results will be made known to the intermediation entities
financial, together with the respective instructions and recommendations according to the
corresponding classification.
Article 38. (SURVEILLANCE OF THE BOARD OF DIRECTORS OR EQUIVALENT BODY).

I.

In the exercise of its supervisory functions, the System Supervisory Authority
Financial - ASFI must evaluate the oversight of the board of directors or equivalent body
comprehensive risk management process.

II.

The Financial System Supervisory Authority - ASFI will apply sanctions to the
board of directors or equivalent body, when risk exposure levels are
high due to the non-existence of policies and procedures or because they
They present weaknesses that limit optimal risk management.

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Article 39. (INFORMATION REPORTS).
I.

The regulatory regulations issued by the Financial System Supervisory Authority ASFI will establish the requirements and procedures for the reporting of information related to the
risk management, by financial entities.

II.

The reports issued must show the impact of processes in relation to the
different risks, control and mitigation mechanisms, and coverage of provisions and capital.
SECTION IV
SANCTIONS REGIME
Article 40. (ON THE IMPOSITION OF ADMINISTRATIVE SANCTIONS).

I.

Any natural or legal person, entities or groups, regardless of their
nature or the norm that created them, whether by acts or omissions, that
contravene the provisions of this Law, its regulations or
regulations, regulations, rules, statutes and internal policies of the entity and regulations
prudential, depending on the seriousness of the case, the imposition of sanctions
administrative.

II.

They are within the provisions of the previous paragraph especially, without being
limiting financial entities, their directors, directors of administration and
surveillance, trustees, surveillance inspectors, internal auditors, internal auditors,
administrators, managers, general attorneys and employees without exception.

III.

Administrative sanctions will be applied by the Executive Director or Director
Executive of the Financial System Supervisory Authority - ASFI, without prejudice to
the other sanctions established by law and the civil or criminal responsibility to which there is
place.

IV.

Sanctions must be imposed by express administrative resolution and
substantiated, mentioning the sanctioned natural or legal person or persons.

V.

The imposition of an administrative sanction must be governed by the principles of law
administrative sanctioning and especially due process, principle of typicity,
equality, material truth, non-retroactivity and proportionality.

SAW.

The imposition of prior, subsequent or concurrent sanction to the person, entity or groups
of persons by another authority, national or foreign, other than the Authority of
Supervision of the Financial System - ASFI, does not prevent or limit the application of this
rule.
Article 41. (ON ADMINISTRATIVE SANCTIONS).

I.

Depending on the seriousness of the case, the highest executive authority of the
Supervision of the Financial System - ASFI may impose the following sanctions
administrative:
to)

Written warning.

b)

Financial fine.

c)

Temporary suspension of authorization to open new offices,
branches, agencies or other points of attention to the public.

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II.

d)

Temporary or permanent prohibition to carry out certain activities.

and)

Temporary or permanent suspension and disqualification of directors, trustees,
managers, administrators and general attorneys.

F)

Revocation of operating license.

Administrative sanctions will be qualified based on the following criteria of
gravity:
to)
Maximum Gravity. When the infringement by action or omission, is not
Amendable or rectifiable, be it the result of fault or fraud and cause damage
economic or damage to the financial institution, the financial consumer and / or
third parties and whether for their own benefit or that of third parties.
b) Medium Severity. When the infringement by action or omission has been
caused by negligence, lack of skill or fault and cause economic damage or
damage to the financial institution, the financial consumer and / or third parties or in their
case is for own benefit or of third parties.
c)

Mild severity. When the infringement by action or omission, has been
provoked in a pre-intentional way and in the result there is no
own benefit, of people related to the offender or third parties.

d) Very Light Gravity. When the offense by action or omission has been
committed by the negligence or recklessness of the offender that do not cause damage or
economic damage to the entity, financial consumers and in general to
anyone.
III.

The seriousness of the commission of an act or omission, according to the categories
established will be determined by the Financial System Supervisory Authority ASFI, being able to request and carry out all the procedures and investigations that it considers
necessary in order to establish the severity rating, considering the deadlines
established for this purpose.

IV.

The Financial System Supervision Authority - ASFI will regulate the application of
administrative penalties for recurring operational errors that do not cause harm
economic to third parties and that have very light gravity characteristics.
Article 42. (SANCTION WITH WRITTEN WARNING).

I.

This sanction will fall on infractions of slight seriousness and very slight seriousness.

II.

Recurrence of the offense will be sanctioned with a fine.
Article 43. (SANCTION WITH A FINE).

I.

The Financial System Supervisory Authority - ASFI will apply a sanction with a fine in
those cases in which the infringement by action or omission is classified as
mild severity and very mild severity in case of recidivism and medium severity.

II.

In the case of deficiencies in legal reserve and delays in the presentation of information
periodically by financial entities to the System Supervisory Authority
Financial - ASFI, the determined fines will be applied, according to express regulations
issued for this purpose.

III.

The maximum pecuniary fines that will be applied are the following:

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to)

b)

c)

IV.

Very light gravity:
1.

For the financial institution up to zero point three percent (0.3%)
of the minimum capital.

two.

Personal fines to internal auditors, administrators, managers,
general attorneys-in-fact and employees, up to two (2) times the
monthly compensation of the offender.

3.

Personal fines to directors, directors of administration or of
surveillance, trustees, surveillance inspectors, internal auditors or
equivalent organs that only receive diet, the fine may not
exceed three (3) times said amount.

Mild severity:
1.

For the financial institution of up to one point five percent
(1.5%) of the minimum capital.

two.

Personal fines to internal auditors, administrators, managers,
general attorneys-in-fact and employees, up to three (3) times the
monthly compensation of the offender.

3.

Personal fines to directors, directors of administration or of
surveillance, trustees, surveillance inspectors, internal auditors or
equivalent organs that only receive diet, the fine may not
exceed five (5) times said amount.

Medium severity:
1.

For the financial institution of up to five percent (5%) of the capital
minimum.

two.

Personal fines to internal auditors, administrators, managers,
general attorneys-in-fact and employees, up to five (5) times the
monthly compensation of the offender.

3.

Personal fines to directors, directors of administration or of
surveillance, trustees, surveillance inspectors, internal auditors or
equivalent organs that only receive diet, the fine may not
exceed ten (10) times said amount.

The sanctions described in the previous paragraph will be paid by the financial entity,
the same that he will repeat against the responsible persons.
Article 44. (CANCELLATION OF OPERATION AUTHORIZATION).

I.

The cancellation or revocation of the operating license of a financial institution
as well as the suspension, prohibition and definitive disqualification of the offender, will be applied
when the offense by action or omission is classified as maximum severity.

II.

The cancellation or revocation of the operating license will also apply when the
entity is intervened for its liquidation in accordance with the provisions of this Law.
Article 45. (REPAIR OF DAMAGE). The financial consumer may request the

Page 15

Financial System Supervision Authority - ASFI, that administrative sanctions
include, if applicable, the obligation on the part of the financial institution to cover all
expenses, losses, damages and losses caused by the transgression of the rules, when the
damage does not exceed zero point five percent (0.5%) of the minimum capital required for the entity
financial
Article 46. (PRESCRIPTION).
I.

The action of the Financial System Supervisory Authority - ASFI to impose
sanctions prescribes within a period of two (2) computable years from the date of
realization of the facts, acts or omissions constituted of the infraction.

II.

The prescription will be interrupted with any administrative act or express diligence
carried out by the Financial System Supervision Authority - ASFI for the purposes of the
investigation of the act or infraction allegedly committed, resuming the count
of the prescription when the activity that caused the interruption ceases.

III.

The prescription will not apply in case of permanent infractions.
Article 47. (ON REINCIDENCE).

I.

It will be considered recidivism when the offender sanctioned by resolution
administrative, incur in the same infraction that caused the sanction in the same
management.

II.

For the consideration of recidivism, the sanctions must be taken into account
imposed by administrative resolution, which on the date of the new offense
found firm in administrative headquarters.

III.

The recidivism in the commission of infringement by action or omission, entails the
aggravation of the sanction, implying the immediate application of a greater sanction,
according to the following:

IV.

to)

The first recidivism will be sanctioned with an increase of up to
fifty percent (50%) of the first sanction applied to the infraction for
which was incurred in recidivism, except in the case of sanctions of
reprimand, which will generate a pecuniary fine.

b)

For each repeat offense, the sanction will be aggravated
with respect to the last one imposed according to the previous paragraph, until reaching the
maximum sanctionable amount according to the severity qualification of the
infringement.

c)

If the offender commits more than four repeat offenses, he must
qualify the sanction with the immediately higher severity and thus
successively until reaching medium gravity. In case the
offender again repeats four times, the Supervisory Authority of the
Financial System - ASFI may assess the offense as seriousness
maximum or medium severity, depending on the type of offense committed.

In all the above cases, the infractions must be rectifiable.

Article 48. (OF THE CRIMES COMMISSION). The acts that can typify the
commission of crime, will be duly documented for submission, with a report to the Ministry
Public, in order to promote criminal action, in accordance with the provisions of Article
286, Section 1 of the Code of Criminal Procedure.

Page 16

Article 49. (ON THE PROHIBITION AND PENALTY FOR THE MANAGEMENT OF INFLUENCES).
Directors, directors of administration and surveillance, trustees, surveillance inspectors,
internal auditors, internal auditors, administrators, managers, general attorneys and
employees of a financial institution, may not influence in any way to obtain in
own benefit, family members or third parties, the provision of services by the entity
or company in which they carry out their activities, with advantages and under special conditions or
extraordinary events, nor may they use their influence to obstruct or prevent the
investigation of a crime by a competent authority. In case of non-compliance with the
this standard, the Financial System Supervisory Authority - ASFI will apply prior process
the corresponding sanctions within the framework of the Sanctions Regime.
Article 50. (ON RESPONSIBILITY FOR REPORTS OR JUDGMENTS). The
internal and external auditors, risk raters, appraisers and entity evaluators
financial institutions, that in the fulfillment of their functions for which they were hired, lead to
take erroneous and inappropriate actions to the financial entity that hired them, to the
Supervisory Authority of the Financial System, the Central Bank of Bolivia, the Authority of
Inspection and Control of Pensions and Insurance, or the Ministry of Economy and Public Finance,
will be sanctioned by the Financial System Supervision Authority - ASFI, in accordance with the
this Law and its regulatory norms, without prejudice to the other sanctions established by
Law and the civil or penal responsibility to which there was place.
Article 51. (ON THE RESPONSIBILITY OF THE AUDIT FIRMS
EXTERNAL).
I.

The external audit firms whose opinions have underestimated or omitted the
disclosure of facts that significantly distort the economic situation and
financial statement reflected through the financial statements subject to the audit examination of
financial companies, national or international, or from other sectors that have
seen involved in the bankruptcy situation, they will be excluded from the register of signatures of
external audit of the Financial System Supervision Authority - ASFI, through
founded resolution.

II.

The determination given in paragraph I above will also apply when without having
directly involved, the external audit firm has ownership or ownership ties
management, or be a representative or have representation rights of companies of
foreign auditors that have had or have some degree of participation or
responsibility in public acts of corruption abroad or are found
involved in bankruptcy situations of foreign companies.

Article 52. (ON SOLIDARY LIABILITY). The director, counselor of
administration or surveillance, trustee, surveillance inspector, internal auditor, internal auditor,
administrator, manager, general attorney or employee of a financial institution that with
knowledge executes or allows operations prohibited or unauthorized by this
Law, that carry out restricted operations or with temporary or definitive prohibition by the Authority
Supervision of the Financial System - ASFI or that violate the special provisions that
regulate financial entities, they will be jointly and severally liable to the entity,
as indicated in Articles 321, 322, 323 and 327 of the Commercial Code, without prejudice to the fact that the
Financial System Supervision Authority - ASFI submits actions to the Public Ministry to
that promotes criminal action in accordance with the provisions of Article 225 of the Political Constitution
of the State.
Article 53. (OBLIGATION TO REPORT ON THE IMPOSED SANCTIONS).
The sanctions imposed by the highest executive authority of the Supervisory Authority of the
Financial System - ASFI to a financial institution, will be made known to its
board of directors, board of directors or highest authority, as appropriate, the entity owing

Page 17

financial report to the general meeting of shareholders, assembly of partners or associates, according to
corresponding, on all the sanctions imposed.
Article 54. (DESTINATION OF FINES). The fines that in application to the present
Law, imposed by the Financial System Supervision Authority - ASFI, will constitute income for
the General State Treasury - TGE.
Article 55. (BREACHES OF THE RULES OF EFFICIENCY AND QUALITY OF
MANAGEMENT). In the case of financial entities that repeatedly fail to comply with the regulations
efficiency and quality of management defined by prudential regulations, the Supervisory Authority
of the Financial System - ASFI may apply sanctions according to the administrative regime
sanctioner.
Article 56. (BREACH OF THE CODE OF CONDUCT). Failure to
code of conduct by a financial institution, will make it subject to sanctions in accordance with
administrative sanctioning regime.
Article 57. (PROHIBITION TO ASSUME FINES).
I.

The personal financial sanctions that apply to directors, directors of
administration or surveillance, trustees, surveillance inspectors, internal auditors,
internal auditors, administrators, general proxy managers and employees
must be assumed by the people who were sanctioned, being
It is prohibited to use resources of the financial institution for this purpose.

II.

Shareholders, partners or associates, trustees, surveillance inspectors, auditors
interns, internal auditors, administrators, proxies and managers who approve or
consent with their signature or rubric the allocation of resources of the financial institution for
the payment of these personal fines will be sanctioned by the Supervisory Authority
of the Financial System - ASFI with pecuniary fines that in no case may be
less than the amount affected to the entity.

Article 58. (REGULATION). The Executive Branch by Supreme Decree
will regulate this section, determining the procedure, application, ranges, types
administrative, specific infractions and other regulations for the correct application of the
sanctions.
CHAPTER V
CONTROL OF INTEREST RATES, COMMISSIONS, OTHER CHARGES
AND MINIMUM PORTFOLIO ALLOCATIONS
SECTION I
INTEREST RATES, COMMISSIONS AND OTHER CHARGES
Article 59. (INTEREST RATE CONTROL REGIME).
I.

Lending interest rates will be regulated by the Executive Branch of the central level of the
State through Supreme Decree, establishing for financing destined to the
productive sector and low-income housing maximum limits within which the
Financial entities may agree with their clients within the framework of what is established in the
present Law.

II.

In the case of credit operations agreed with a variable rate, the interest rate
charged to the client may not exceed the rates established in the Supreme Decree
indicated in this Article.

III.

The interest rate regime may also establish interest rates.
minimum for deposit operations. The characteristics and conditions of these
deposits will be established in a Supreme Decree.

IV.

The Supreme Decree indicated in this Article will be managed by the Ministry
of Economy and Public Finance.

Page 18

Article 60. (COMMISSIONS REGIME). The System Supervisory Authority
Financial - ASFI will establish the commissions and maximum levels of commissions, fees and others
charges that financial institutions may charge financial consumers for the
operations and services provided; and may even include the gratuity of some operations and
services for social purposes.
Article 61. (CONTROL MECHANISMS AND PROCEDURES). The Authority of
Supervision of the Financial System - ASFI through express normative regulation, will establish the
mechanisms and operating procedures for the application and control of the Control Regime of
Interest Rates and Commissions.
Article 62. (MODIFICATION OF INTEREST RATES). The entities of
Financial intermediation may not unilaterally modify the interest rates agreed in the
contracts for financial intermediation operations when this modification affects
negatively to the customer.
Article 63. (EFFECTIVE ANNUAL INTEREST RATE).
I.

The effective annual interest rate will include all charges, surcharges or commissions
additional for any concept or any other action that results in profits or
revenues for the financial institution.

II.

The financial intermediation entities will calculate the annual interest rates
effective, fixed or variable, using the formulas and procedures established by the
Central Bank of Bolivia - BCB. The issuing entity will determine the form and periodicity of the
reports of such information. This information will be published with a periodicity not
greater than one week by the Central Bank of Bolivia - BCB, in the manner determined by its
directory.

III.

In no case may the effective lending rate be higher than the limit rate established under the
Interest Rate Control Regime.

Article 64. (PROHIBITION OF ADDITIONAL CHARGES). The financial institution in
no case may apply commissions, fees, insurance premiums or other charges to consumers
financial, for concepts not requested, not agreed or not previously authorized by them.
Article 65. (DUTY TO INFORM THE PUBLIC).
I.

Financial entities must inform the general public of interest rates
effective, moratorium, commissions and other charges associated with the different products and
services they offer, as well as the opportunity to collect them and other conditions that
affect its application and determination. This information will be disclosed clearly,
explicit and understandable, in order to facilitate the comparison of alternatives between different
entities.

II.

The Financial System Supervision Authority - ASFI will establish and approve the
interest rate disclosure mechanisms in intermediation entities
financial

Page 19

SECTION II
MINIMUM LEVELS OF CREDIT PORTFOLIO
Article 66. (CREDIT PORTFOLIO LEVELS).
The State, through Supreme Decree, will define minimum portfolio levels that
financial intermediation entities will be obliged to comply, in order to
prioritize attention to sectors of the economy within the framework of government policy.

I.

II.

In some cases, the Financial System Supervisory Authority - ASFI, for the purposes of
safeguard the stability of the financial system, it may determine maximum levels of
purse.

III.

The loan portfolio levels must be reviewed at least once a year.

IV.

The portfolio levels will be calculated taking into account the direct loan portfolio
or through other forms of direct or indirect financing, provided that the destination
can be verified and new disbursements are generated according to regulations that
for this purpose, establish the Financial System Supervision Authority - ASFI.

Article 67. (PRIORITIZED SECTORS). The minimum portfolio levels to
established, they must prioritize the allocation of resources destined for affordable housing and
to the productive sector mainly in the micro, small and medium enterprise segments
urban and rural, artisans and community economic organizations.
Article 68. (STRATEGIC ALLIANCES). Financial intermediation entities
that do not have specialized technologies in the provision of financing to the sectors
productive of micro, small and medium urban and rural enterprises, artisans and organizations
economic community, may establish strategic alliances with other financial entities
to meet minimum portfolio levels.
Article 69. (CONTROL MECHANISMS AND PROCEDURES). The Authority of
Supervision of the Financial System - ASFI will establish the mechanisms and procedures for the
application and control of the minimum and maximum portfolio levels.
CHAPTER VI
CONSUMER PROTECTION OF FINANCIAL SERVICES
SECTION I
CODE OF CONDUCT AND CONSUMER OMBUDSMAN
Article 70. (CODE OF CONDUCT).
I.

The Financial System Supervision Authority - ASFI will regulate the use of the
Code of Conduct, which financial institutions must implement, aimed at the
protection of the rights of financial consumers.

II.

The Code of Conduct will establish the minimum guidelines that financial institutions
must comply.

Article 71. (MINIMUM CONTENT). The Code of Conduct prepared by the Authority
of Supervision of the Financial System - ASFI, must at least contain:
to)
General basic principles.
b)

Information processing.

c)

Quality of customer service.

d)

Training, quality of treatment and working conditions of the
workers of the financial institution.

and)

Claims support.

F)

Conduct with other institutions.

g)

Work environment.

h)

Transparency.

Page 20

Article 72. (BREACH OF THE CODE OF CONDUCT). Failure to
code of conduct by a financial institution, will make it subject to sanctions in accordance with the
Article 41 of this Law.
Article 73. (FINANCIAL CONSUMER OMBUDSMAN).
I.

The Financial System Supervisory Authority - ASFI will establish in its structure
organizational structure a specialized Financial Consumer Ombudsman unit, with
direct functional dependence of the executive director or executive director of the Authority
of Supervision of the Financial System - ASFI.

II.

The Financial Consumer Ombudsman must coordinate operationally with other
national ombudsmen and the Ministry of Justice.

III.

The mission of the Financial Consumer Ombudsman will consist of the defense and
protection of the interests of financial consumers, against acts, facts or
omissions of financial entities.

IV.

The Financial Consumer Ombudsman will be constituted as a second instance of
attention to claims filed by financial consumers of entities
financial statements, once the claim management before the financial institution has been exhausted.

V.

It will be instituted as a specialized area to carry out analysis and studies on needs
and degree of satisfaction of financial consumers.

SAW.

The Financial System Supervision Authority - ASFI, through express regulation
determine the powers and functions of the Financial Consumer Ombudsman as well
such as claims handling operations.
SECTION II
OF THE RIGHTS OF THE CLIENT OR USER
OF FINANCIAL SERVICES
Article 74. (RIGHTS OF THE FINANCIAL CONSUMER).

I.

Financial consumers have the following rights:
to)

Access to financial services with equitable treatment, without discrimination
for reasons of age, gender, race, religion or cultural identity.

b)

To receive financial services in conditions of quality, amount,
opportunity and availability appropriate to their economic interests.

c)

To receive reliable, comprehensive, complete, clear, understandable information,

Page 21

timely and accessible of financial entities, on the characteristics and
conditions of the financial products and services they offer.

II.

d)

To receive good attention and dignified treatment from financial institutions,
They must act at all times with due diligence.

and)

To access to efficient means or channels of complaint, if the products and
financial services received do not comply with the provisions of the numerals
precedents.

F)

To confidentiality, with the exceptions established by Law.

g)

To make inquiries, requests and requests.

h)

Other rights recognized by legal and regulatory provisions.

The regulations issued by the Financial System Supervisory Authority - ASFI
establish rules for financial institutions to ensure consumers
the full exercise of their rights.
Article 75. (SUSPENSION OF RESTRICTIVE AGREEMENTS OR PRACTICES).

I.

The Financial System Supervisory Authority - ASFI will order the suspension of
agreements and practices by the financial institution that directly or indirectly
have the purpose or effect of preventing, restricting or limiting financial consumers, the
exercise of the choice of their preferences or any form of discrimination.

II.

The suspension of the agreement or practice will be executed without prejudice to the beginning of the
sanctioning procedure.

Article 76. (RESTITUTION OF CONCULCATED RIGHTS) . When practices
commercial of a financial institution violate or violate any of the rights of its
financial consumers, the Financial System Supervision Authority - ASFI will order the
entity the restitution of the violated rights. Without prejudice to this, respecting the due
process, the Financial System Supervision Authority - ASFI will initiate ex officio or at the request of
part of the sanctioning procedures for those responsible for having caused such damage.
Article 77. (DEFICIENCY IN THE PROVISION OF SERVICES).
I.

Deficiencies in the provision of financial services by entities
financial institutions, which restrict or limit access, will be subject to the procedure
sanctioner in charge of the Financial System Supervision Authority - ASFI.

II.

Affected financial consumers have the right to file their claim and that
this is processed by the Financial System Supervisory Authority - ASFI or the
own financial institution.

III.

The financial entity is obliged to receive the claims and deliver proof of
written. It will process and issue responses in an express, timely, complete and
understandable, within the deadlines established by the regulations of the Supervisory Authority
of the Financial System - ASFI.

IV .

Regardless of the administrative sanctions that for these reasons could
impose the Financial System Supervisory Authority - ASFI to an entity
financial, financial consumers who believe they were victims or affected
may exercise the corresponding legal actions against the financial institution and / or
its officials to demand compensation for damages caused by them

Page 22

through the civil procedure, as long as the procedure established in the
Article 45 of this Law.
Article 78. (TRANSPARENCY OF INFORMATION). Financial entities
they have an obligation to establish transparent trade relations. By no means
financial entities will hide from their financial consumers the financial and legal situation in
that are found. The concealment of information will hold the
administrators for the obligations they contract and the damages they cause.
Article 79. (FINANCIAL EDUCATION).
I.

It is the obligation and responsibility of financial institutions to design, organize and execute
formalized financial education programs for financial consumers, in
seeks to achieve the following objectives:
a) Educate on the main characteristics of intermediation services
financial and complementary financial services, their uses and applications, and the
benefits and risks that represent their hiring.
b) Clearly report on the rights and obligations associated with the different
products and services they offer.
c) Educate on the rights of financial consumers and the mechanisms of
claim in first and second instance.
d) Report on the financial system, the role of the System Supervisory Authority
Financial - ASFI and the nature of the regulations.

II.

These programs will be annual and may be taught directly by the
financial entities or by hiring specialized academic units,
guaranteeing its recurrence in time.
Article 80. (ON ADVERTISING SERVICES).

I.

Financial entities when advertising their operations, financial products and services,
They must do so with clear, understandable, accurate and truthful information, avoiding any
circumstance that could lead to confusion or error to financial consumers.

II.

Financial entities must make their information transparent, and disclose when
except through its website, the nominal price and the effective price of all
operations, products and services that offer in a clear and understandable way for the
financial consumer.

III.

The Financial System Supervisory Authority - ASFI will issue regulatory standards for
general character in relation to the publicity that the financial entities are going to emit.

Article 81. (LIABILITY FOR ACTS OF OFFICIALS). Entities
Financial will be jointly and severally liable for the acts or omissions of their officials.
Article 82. (COLLECTION LIMIT FOR INTEREST HOUSING CREDITS
SOCIAL).
I.

When the judicial collection action of a home mortgage loan of interest
social is executed on a borrower who contracted the credit obligation, the collection
The judicial auction will be limited to the judicial auction of the mortgaged real estate, with whose product the
financial entity will terminate the credit, even when the amount recovered

Page 23

was less than the liquidation of the credit, being inadmissible and null any affectation
additional equity to the borrower.
II.

The auction will be carried out taking into account the commercial value of the real estate as a basis
for auction.
Article 83. (PUBLICATION OF AUCTIONS).

I.

The Financial System Supervisory Authority - ASFI will regulate the publication of
notices of auctions of goods committed to the judicial collection of a credit, in
regarding the minimum size of the notices and that their publication is made in the media
written press with the largest circulation in the jurisdiction where the personal property is located
or property, ensuring that the process is executed with the greatest transparency.

II.

It is the obligation of the financial institution to continuously disseminate auction notices to
through its website.

III.

The Financial System Supervisory Authority - ASFI must publish in a
special section of its website, all notices of auction processes of
judicial collection of entities of the financial system, owing for this purpose all the
financial entities send updated information, according to regulation.
SECTION III
OF CONTRACTS IN FINANCIAL OPERATIONS
Article 84. (REGISTER OF CONTRACTS).

I.

Financial entities are obliged to register in the registry of contracts of the
Financial System Supervision Authority - ASFI, the formats and models of all
the standard contracts for authorized operations, prior to their application, in accordance with
regulation to be issued by the Financial System Supervision Authority ASFI.

II.

The model contracts for common and recurring operations must be reviewed and
approved by the Financial System Supervision Authority - ASFI.

III.

In the case of non-recurring or special operations, the Supervisory Authority of the
Financial System - ASFI will limit itself to reviewing and registering contracts; if the Authority of
Supervision of the Financial System - ASFI determines the recurrence of these contracts,
may determine that the provisions of Paragraph II apply.

IV.

The Financial System Supervisory Authority - ASFI must review that the
contracts do not contain abusive clauses, publish them on your website and regulate the
operational registration thereof.

V.

The Financial System Supervisory Authority - ASFI shall pronounce itself in a
maximum term established by Supreme Decree, after the term the silence will proceed
positive administrative.

SAW.

Financial entities may not operate with contracts that are not in the
registry of contracts of the Financial System Supervisory Authority - ASFI.

VII.

In the event that a financial entity fails to comply with the determination of this Article,
It will be subject to a sanctioning process, to the repair of the damage if it corresponds.
in accordance with Article 45 of this Law. The Supervisory Authority of the System
Financial - ASFI will instruct the immediate rectification of the contract.

Page 24

Article 85. (PROHIBITION OF EXCESS OR ABUSE CLAUSES).
I.

In the conclusion of contracts for the operations of their object, the entities
financial institutions are prohibited from agreeing clauses that may unduly affect the
interests of the client or give rise to excesses or abuses of dominant position.

II.

The clauses of the contracts must be stipulated observing the rights of the
financial consumer contained in Title I, Chapter VI, Section II of this Law.

Article 86. (PROHIBITION OF UNILATERAL MODIFICATIONS). Entities
financial institutions may not unilaterally modify the terms and conditions agreed in the
contracts for financial intermediation operations and ancillary services, unless
such modification benefits the financial consumer.
Article 87. (GROUP INSURANCE). All group insurance to be taken out by the
financial intermediation entities on behalf of clients, must be done through
public bidding, according to uniform policies established in accordance with the regulations issued by the
Authority for the Supervision and Control of Pensions and Insurance. The intermediation entities
may not charge under any circumstances additional amounts to the premium established by the
insurance entity that obtains the tender.
Article 88. (COLLECTION OF CHARGES AND COMMISSIONS).
I.

Charging fees or commissions that do not imply a consideration is prohibited
effective services or the collection of more than one commission for the same act, fact or
event.

II.

Financial entities may not charge fees or commissions for services not
accepted or not expressly requested by the client or user.

III.

The financial entity that fails to comply with the determination of this article will be subject to
sanctioning process, without prejudice to the return of the wrong charge or commission
done.

Article 89. (PROHIBITION OF DISCRIMINATORY, ABUSIVE OR
RESTRICTIVE). Financial entities, in all their acts and contracts, will avoid privileges and
discrimination, refraining from any practice that has the capacity, purpose or effect
to generate some type of improper or arbitrary practice.
Article 90. (TERMINATION OF CONTRACTS).
I.

II.

Financial entities are obliged to respect the decisions of their clients regarding
terminate the adhesion contracts that they have entered into with them, in
active, passive, contingent and administration operations, having to carry out the
conducive actions to facilitate the conclusion of contractual relationships, prior
fulfillment of the pending obligations that may exist on the part of the clients. The
Financial entities will not be able to apply any charges or commission due to
termination of contract.

The Financial System Supervision Authority - ASFI will establish the requirements and
procedures for financial entities to carry out the termination of
operations, as well as the operation to attend the claims that are raised by the
application of these contract termination mechanisms.
Article 91. (INFORMATION ON CREDIT PUNISHMENTS). Contracts
Credit operations must expressly and clearly indicate the treatment of the

Page 25

written off debts, their registration, the permanence in the registry and the consequences.
CHAPTER VII
RESOURCES
UNIQUE SECTION
REVOCATION APPEAL, HIERARCHICAL APPEAL
AND ADMINISTRATIVE CONTENTIOUS
Article 92. (REVOCATION AND HIERARCHICAL RESOURCES).
I.

Administrative resolutions issued by the System Supervisory Authority
Financial - ASFI may be challenged by Revocation and Hierarchical Appeal
in accordance with the Law of Administrative Procedure and special applicable regulations.

II.

The hierarchical resolutions issued by the Ministry of Economy and Public Finance
as a body of last instance in the administrative field within the system of
financial regulation, conclude the administrative route and cause status, leaving
the Administrative Litigation Resource has been enabled in accordance with the Law, once the
Administrative route.
Article 93. (CHALLENGE OF THE INTERVENTION RESOLUTION).

I.

II.
III.

The resolution of the Financial System Supervisory Authority - ASFI providing
intervention in accordance with the provisions of Article 512 of this Law, may only
be challenged by contentious administrative means. For this purpose, the demand
must be signed by an absolute majority of the members of the old board of directors or
equivalent body of the intervened financial intermediation entity.
The challenge of the intervention resolution will not have suspensive effect.
No judicial sentence or administrative resolution shall suspend the procedure of
settlement or settlement process with deposit insurance. Neither will they
seizures or precautionary measures on the assets or assets of the entity of
financial intermediation intervened during the solution procedure or process of
settlement with deposit insurance. What was executed in the solution procedure or
liquidation process with deposit insurance cannot be left without effect, causing
status of the actions carried out.
CHAPTER VIII
FINANCIAL SERVICES FOR ECONOMIC AND SOCIAL DEVELOPMENT
SECTION I
FINANCING FOR PRODUCTIVE DEVELOPMENT
Article 94. (FINANCING TO THE PRODUCTIVE SECTOR).

I.

The State will participate directly and actively in the design and implementation of measures
to improve and promote financing for the productive sector of the economy, through
of financial entities, in order to achieve an efficient allocation of resources for
support productive transformation, job creation and equitable distribution
of income.

II.

These measures will ensure that the final destination of the resources is the financing to
activities of the productive chains in their different stages, activities
complementary to production processes, marketing activities in the
internal or external market and other activities related to the productive sphere.

Page 26

Article 95. (SPECIALIZED TECHNOLOGIES). Financial entities must
structuring financial products with specialized technologies for financing the sector
productive, for the different economic activities, depending on the resource needs
at each stage of the production and marketing cycle, so that the requirements and
payment terms are appropriate to the productive activities of individual borrowers
or group.
Article 96. (SUPPLEMENTARY SERVICES TO PRODUCTION).
I.

The financing of the productive sector referred to in Article 94 of this Law,
should contemplate the allocation of resources to producers for production purposes and
complementary services to production, such as storage, storage,
marketing, transportation, production technology and other complementary to the process
production required by the producer, according to the definition that for this purpose
establish the Financial System Supervision Authority - ASFI.

II.

Financing for the productive sector may include technical assistance in a
direct or indirect to producers, by financial entities.

Article 97. (PERIOD OF GRACE). Credit directed to the productive sector with destination
investment, you must contemplate a grace period in your repayment structure, which is
established by regulation of the Financial System Supervision Authority - ASFI.
Article 98. (REGULATORY INNOVATIONS). The Supervisory Authority of the
Financial System - ASFI will issue regulations to promote the development and application of
financial innovations in the field of microfinance, in order to boost financing
specialized in micro, small and medium-sized urban and rural enterprises in the productive sector.
Part of these innovations constitute the adaptations made to the activities of
financial leasing, factoring and warehouses, to the characteristics and needs
of micro-finance.
Article 99. (NON-CONVENTIONAL GUARANTEES).
I.

Acceptable guarantees to finance rural and non-rural productive activities,
should include unconventional insurance alternatives typical of these
activities. Among others, acceptable unconventional collateral types are: funds
guarantee, agricultural insurance, documents in custody of real estate and properties
rural, machinery subject or not to registration with or without travel, contracts or
future sale commitment documents in the domestic market or for the
export, endorsements or certifications from community agencies or organizations
territorial, products stored in own or rented premises, guarantees of
livestock, registered intellectual property and other unconventional alternatives
that have the character of guarantee.

II.

The social control of the different territorial organic structures affiliated to the
parent organizations, may be part of these guarantee mechanisms and be
loan payment assurance agent.

III.

The Financial System Supervisory Authority - ASFI will regulate the rates,
conditions, requirements, registration, realization and execution of guarantees not
conventional.

IV.

The portfolio evaluation and qualification regimes and that of patrimonial sufficiency,
will consider unconventional guarantees for the purposes of calculating provisions and

Page 27

of the weighting of assets by credit risk factors in the operations of
productive financing.
Article 100. (REGISTRATION OF NON-CONVENTIONAL GUARANTEES). The state
promote the establishment of non-conventional collateral registration systems to finance
productive activities, through public, private or mixed mechanisms. The Authority of
Supervision of the Financial System - ASFI will regulate the requirements and conditions for the
operation and functioning of said registers.
SECTION II
RURAL FINANCIAL SERVICES
Article 101. (RURAL FINANCIAL PRODUCTS AND SERVICES).
I.

The financial system must structure rural financial products and services with the
objective of promoting sustainable integral rural development, prioritizing the promotion of
agricultural, fish and forestry production, timber and non-timber, healthy
use, transformation, industrialization and commercialization of resources
renewable natural resources and all community economic ventures and
associative.

II.

Rural financial services should promote and strengthen organizations
rural productive economic, artisans, cooperatives, producer associations, and
micro, small and medium agricultural, fish farming and community enterprises
timber and non-timber forest according to their cultural and productive identity.

III.

Financial intermediation entities must establish a savings and
credit directed to rural families, along with other related financial services and
complementary, applying specialized financial technologies for these sectors,
recognizing unconventional rural practices.
Article 102. (INTEGRAL DEVELOPMENT SERVICES).

I.

Financial intermediation entities with a presence in rural areas of the country,
will be able to provide comprehensive development services, allowing the complementation of the
financial services that provide, with non-financial services, under a technology
specialized and with the restrictions of its nature. The Authority of
Supervision of the Financial System - ASFI will establish through regulations, the
provision of comprehensive development services.

II.

Non-financial services should be aimed at improving the conditions of
work, social relations of production in the community, competitiveness and
productivity of producers and economic units and associations u
community organizations of producers, so that they can contribute in a way
more effective to the objectives of economic and social development of rural communities.
Article 103. (FINANCING FOR RURAL PRODUCTIVE DEVELOPMENT).

I.

The financial system should favor rural productive development, privileging the
provision of direct or indirect financing to peasant producers,
indigenous, intercultural communities, artisans and other economic operators d e
small-scale rural areas, for productive, transformation and
marketing, and also for rural housing, as well as for capital formation
community of rural native indigenous peoples, intercultural communities and
Afro-Bolivian communities.

II.

The Financial System Supervisory Authority - ASFI, through regulations, will define
the coverage goals oriented in compliance with this article, and will evaluate their level
compliance within the framework of the minimum portfolio levels established in Article
66 of this Law, which must consider the basic conditions of each population.

Page 28

Article 104. (SPECIALIZED TECHNOLOGIES FOR RURAL FINANCING AND
APPROPRIATE REGULATION).
I.

Savings and credit services and other financial services provided by entities
of financial intermediation in rural areas, must be adapted to the characteristics of
the activities that rural families engage in.

II.

The prudential regulations of the Financial System Supervisory Authority - ASFI
To regulate the provision of savings and credit services in rural areas, it will recognize
financial technologies developed by financial institutions with a presence in
these areas.
The effective application of these technologies will be considered as a mitigating factor of the
credit risk, for the purposes of calculating the requirement of provisions and the
weighting of assets by credit risk factors in determining the
equity sufficiency.

III.

IV.

The payment requirements and conditions will be adapted to the activities of the borrowers.
individual or group, according to the different stages and productive cycles of
exploitation, transformation and commercialization, and the integral nature of the
rural economy.

Article 105. (REQUIREMENTS FOR OFFICES IN RURAL AREAS AND SCHEDULES OF
ATTENTION). The Financial System Supervision Authority - ASFI will differentiate the requirements
documentary, infrastructure and operational, as well as prudential regulatory standards
for the installation of branches, agencies or other financial service points, for the
provision of conventional and unconventional financial services in rural areas. The
Regulations should also establish the opening hours to the public in rural areas of
according to the dynamics of rural activities.
Article 106. (INFORMATION REQUIREMENTS OF THE AUTHORITY OF
SUPERVISION OF THE FINANCIAL SYSTEM - ASFI).
I.

Information requirements by the System Supervisory Authority
Financial - ASFI about the operations and transactions of financial entities
in rural areas, they will be adapted to the real possibilities of the
communication and data transmission.

II.

The Financial System Supervisory Authority - ASFI will regulate the accounting operations
and the information reports and deadlines for their presentation, appropriate to the
characteristics of rural areas.
Article 107. (COMPLEMENTARITY BETWEEN FINANCIAL INSTITUTIONS).

I.

The provision of financial services in rural areas can be carried out directly or
through strategic alliances, based on the complementarity between entities
financial

II.

Financial entities may sign agreements or contracts to complement and
establish the terms and conditions for the provision of financial services in areas
rural.

III.

The Financial System Supervisory Authority - ASFI will review and evaluate these
agreements and contracts, to ensure that they are effectively framed in the
fulfillment of the purpose of economic and social development of these areas.

IV.

The Financial System Supervision Authority - ASFI will regulate the scope of the
this Article.

Page 29

SECTION III
DEMOCRATIZATION OF FINANCIAL SERVICES
Article 108. (SCHEDULES OF ATTENTION TO THE PUBLIC).
I.

Financial entities will comply with the customer service hours established by
the regulations of the Financial System Supervisory Authority - ASFI, according to the
characteristics of the economic activity of the areas where they operate. Any
exception will only proceed for reasons of force majeure, which will be justified before the
Financial System Supervisory Authority - ASFI.

II.

The Financial System Supervisory Authority - ASFI may declare suspension of
activities of financial institutions, in extremely serious situations that affect
the national interest. Its duration must be limited to that strictly required by the
circumstances.

Article 109. (PROHIBITION OF MONOPOLIES AND OLIGOPOLIES). The
monopoly and private oligopoly or the pursuit of the same through mergers between entities
that damage competition, as well as any monopolistic practice and the search for
part of a financial institution to maintain a dominant position over time, as well as
any other form of association or agreement of private, Bolivian natural or legal persons
or foreign, who seek control or exclusivity in the provision of certain services
financial institutions by committing anti-competitive practices in the financial system.
Article 110. (CONTROLS TO THE PROPORTIONAL PARTICIPATION OF THE
ENTITIES).
I.

No entity may have equity participation that makes it incurred in the
prohibition of the preceding Article 109.

II.

In the approval processes of merger or absorption operations between entities of
financial intermediation or transfers of its shares, the Authority of
Supervision of the Financial System - ASFI must take into account the impact that said
operations could have on the proportion of participation of the entities in the
Finance system.
Article 111. (PROHIBITION OF DOMINANT POSITION).

I.

II.

Financial entities are prohibited from exercising a dominant position with practices
individually or collectively agreed commercial activities, which prevent or restrict access to
certain financial services, limit the right to choose product alternatives
or financial services to financial consumers, or hinder healthy competition between
financial entities.
In the event that the Financial System Supervisory Authority - ASFI determines the
existence of any type of contravention of this prohibition, will order to revert or
immediately suspend such commercial practices in accordance with regulations issued to the
effect, without prejudice to the penalties that correspond to apply for the infringement incurred.

Page 30

Article 112. (COVERAGE). The Executive Branch of the central level of the State, through
Supreme Decree will define the degree of growth and expansion of the coverage of the system
financial and other aspects that guarantee the access of all Bolivian women and men to
financial services, considering minimum conditions that localities must contain,
such as basic services and transportation.
SECTION IV
REGISTRATION AND CONTROL OF THE SOCIAL FUNCTION
OF FINANCIAL SERVICES
Article 113. (SOCIAL BALANCE SHEET AND OTHER REPORTS).
I.

Annually the financial entities determined by the Supervisory Authority of the
Financial System - ASFI will present the social balance in which they will record information
and detailed analysis of the operations carried out to fulfill the social function of
contribute to the economic and social development objectives of the country.

II.

The Financial System Supervisory Authority - ASFI will establish the characteristics
of said social balance, and of other periodic reports with information related to the
verification of compliance with the social function of financial activity, having to
include indicators to measure, among others, the following aspects:
to)

Financial support for the productive priorities of strategic sectors
of the economy, generating employment and income from surpluses.

b)

The allocation of productive financing to micro, small and
medium-sized, urban and rural companies, artisans and organizations
community.

c)

The provision of financial services aimed at the population of minors
income.

d)

The attention of financial services in geographical areas with less
population density and lower economic and social development, especially
from the rural area.

and)

Financing new productive ventures or innovations
linked to productive activity.

F)

Others regulated by the Financial System Supervision Authority
- ASFI, in order to assess the degree of fulfillment of the social function
of financial services by intermediation entities
financial

Article 114. (STRATEGIC PLANNING). Financial entities will prepare
their strategic planning, aligning their strategic objectives with the social function they must
comply with them, in accordance with the provisions of Paragraph II of Article 113 of this Law.
These plans, duly approved by the board of directors or equivalent body of the entity, must
refer to the Financial System Supervisory Authority - ASFI in the following ten (10)
days of its approval, which may request adjustments when it considers that it is not framed
in the social function and must supervise its fulfillment.
Article 115. (UTILITIES DESTINED FOR SOCIAL FUNCTION).
I.

The financial intermediation entities will annually allocate a percentage of their
profits, to be defined by supreme decree, for the purposes of compliance with its

Page 31

social function, without prejudice to the programs that the financial institutions themselves
run.
II.

In communal financial entities, the part of the profits that corresponds to the
communal capital, will be exempt from the application of this Article.

III.

In development financial entities, the part of the profits that corresponds to the
Founding Capital will be exempt from the application of this Article.

Article 116. (SURVEYS ON FINANCIAL SERVICES). The Authority of
Supervision of the Financial System - ASFI will implement representative annual surveys that
cover all segments of financial consumers in all regions of the country, with
In order to assess your financial needs, the level of attention to them by
of financial institutions and the perceptions of the population on the degree of compliance with
the social function of financial intermediation entities in the provision of services
financial
TITLE II
FINANCIAL SERVICES AND AUTHORIZATION REGIME
CHAPTER I
AUTHORIZED FINANCIAL SERVICES
Article 117. (FINANCIAL INTERMEDIATION SERVICES). Are the operations
passive, active and contingent services such as services of a financial nature that are empowered to
lend the financial entities authorized by the Supervisory Authority of the System
Financial - ASFI.
Article 118. (PASSIVE OPERATIONS). Financial intermediation entities
They are empowered to carry out the following passive operations:
to)

Receive money deposits in savings accounts, in checking accounts, to the
sight and term and issue negotiable and non-negotiable certificates.

b)

Issue and place newly issued shares for capital increase.

c)

Issue and place mortgage bonds.

d)

Issue and place debt securities.

and)

Contract subordinate obligations.

F)

Contract credits or obligations with the Central Bank of Bolivia - BCB and with
financial entities in the country and abroad.

g)

Accept bills drawn on time against themselves, whose maturities do not
exceed one hundred and eighty (180) days counted from the date of
acceptance and that come from commercial operations, internal or
external, goods and / or services.

h)

Issue traveler's checks.

i)

Enter into future contracts for the sale of foreign currencies.

Article 119. (ACTIVE, CONTINGENT AND SERVICE OPERATIONS).

Page 32

I.

Financial intermediation entities are authorized to carry out the following
Active, contingent and service operations, with the limitations of this Law:
to)

Grant credits and make short, medium and long-term loans, with
personal, mortgage, pledge or other unconventional guarantees, or
a combination of them.

b)

Discount and / or negotiate securities or other obligations documents
of commerce, with or without recourse, whose expiration does not exceed one (1) year.

c)

Grant endorsements, bonds and other guarantees at first request.

d)

Open, notify, confirm and negotiate letters of credit.

and)

Receive bills of exchange or other bills of exchange, as well as carry out
collection operations, payments and transfers.

F)

Make money transfers and issue payment orders enforceable in the country or in the
Foreign.

g)

Carry out exchange operations and sale of currencies.

h)

Buy, keep and sell gold, silver and metal coins and bars
precious, as well as certificates of possession of said metals.

i)

Buy, keep and sell for their own account, securities registered in the
stock market registration.
Buy, keep and sell on your own account, representative documents
of bonds listed on the stock exchange, issued by financial entities.

j)

k)

Buy and sell commercial documents on your own account.

l)

Rent safes.

m) Exercise trust commissions and trust operations, including
trusts in guarantee, according to regulations by the
Financial System Supervisory Authority - ASFI.
n)

Operate with credit cards and traveler's checks.

or)

Act as originator agent in securitization processes.

p)

Serve as a financial agent for investments or loans in the country,
resources from abroad.

q)

Carry out repurchase agreements.

r)

Carry out furniture finance leasing operations up to an amount
limit equivalent to UFV200,000.- (Two hundred thousand Development Units to
Housing) and real estate for social housing. These limits may
be modified by Supreme Decree.

s)

Carry out factoring operations, with exchange bills or other types of
mercantile document authorized by regulation of the Authority of
Supervision of the Financial System - ASFI.

t)

Carry out derivative operations in different modalities, subject to
regulation issued by Supreme Decree.

or)

Syndicate with other financial intermediation entities to grant
credits or guarantees, subject to regulation by the Supervisory Authority
of the Financial System - ASFI, which will not be considered as a company
accidental, nor does it entail joint and several liability between the
syndicated entities.

v)

Channel resources to other financial entities in the form of a loan,
only for portfolio expansion purposes to the productive sector by
of the borrowing financial institution

Page 33

w) Channel resources to other financial entities temporarily for purposes
of liquidity, subject to regulations of the Supervisory Authority of the
Financial System - ASFI.
x)
Y)

Maintain balances in foreign correspondent banks.
Make money transfers and issue payment orders enforceable in the
country or abroad, in physical form or by electronic means.

z)

Channel financial products and services, authorized in this Law,
through mobile devices.

II.

Financial intermediation entities that issue a first-time guarantee
requirement must comply with the payment of the same unfailingly, the business day
following the requirement of the beneficiary, without being able to invoke to refrain from
do so, exceptions or defense derived from any other relationship, including the
underlying that is guaranteed. The requirement of the beneficiary will consist of the
written presentation of the payment request accompanying the document (s)
demanded in the guarantee affirming under oath, that the guaranteed obligation has been
unfulfilled.

III.

The financial intermediation entities authorized to carry out the activities
mentioned in subsections i and p, they may do so directly or through companies
authorized.
Article 120. (OTHER OPERATIONS).

I.

Financial entities may acquire and sell real estate to be used
in activities of the business.

II.

Financial entities may request authorization to carry out operations
not provided for in this Law to the Financial System Supervision Authority ASFI, which must accept or reject the request in general, by type of
entity.

III.

The Financial System Supervisory Authority - ASFI, ex officio and with character
Generally, you may authorize the performance of other types of operations in financial matters
not provided for in this Law.

Article 121. (DEADLINES IN PASSIVE OPERATIONS). For the purposes of this Law, the
Passive operations of financial intermediation entities, regarding the term will be:
to)

At sight, any kind of liability whose payment may be required to simple
request of the holder with the presentation of the respective document.

b)

Term, liability of any denomination with a determined term greater or
equal to thirty (30) days, the payment of which may be required once the
the agreed term or before the same according to regulations
specific.

c)

In savings accounts, they are money deposits with an indeterminate term,
subject to the regulations of each Financial Intermediation Entity
approved by the Financial System Supervision Authority - ASFI.

Page 34

Article 122. (DEADLINES IN ACTIVE OPERATIONS). For the purposes of this Law, the
Active operations of financial intermediation entities, regarding the term will be:
to)
Short-term operations, no more than one (1) year.
b)

Medium-term operations between one year (1) at least and five (5)
years maximum.

c)

Long-term operations, greater than five (5) years.

Article 123. (COMPLEMENTARY FINANCIAL SERVICES).
I.

II.

For the purposes of this Law, complementary financial services are those offered
by complementary financial services companies, authorized by the Authority of
Supervision of the Financial System - ASFI, including among these with character
enunciative and not limited to the following:
to)

Financial leasing.

b)

Factoring.

c)

Deposit services in general deposit warehouses.

d)

Administration of clearing houses and settlement.

and)

Information bureau administration.

F)

Activities of transport of monetary material and values.

g)

Electronic card management.

h)

Currency exchange operations.

i)

Mobile payment services.

j)

Money orders and remittances.

These complementary financial services may be offered through companies
single business line, except for operations authorized by regulation, with the exception of the
financial leasing that may be carried out by intermediation entities
up to the limit amount of UFV200,000.- (Two hundred thousand Development Units to
Housing), and the limit amount established for low-income housing susceptible to
modification by Supreme Decree.
Article 124. (OPERATIONS THROUGH ELECTRONIC MEANS).

I.

The operations carried out within the framework of the services provided by the entities

Page 35

financial, may be done through electronic means, which necessarily
must comply with security measures that guarantee integrity, confidentiality,
authentication and non-repudiation.
II.

These operations and the information contained and transmitted as electronic messages
of data, will have the same legal effects, with sufficient probative validity whatever
written document with autograph signature.

III.

Electronic signature, security keys, electronic identification number
personal, scanned signatures, telephone banking, and other electronic or
alternates are electronic means of evidence for transactions.

IV.

The Financial System Supervision Authority - ASFI and the Central Bank of Bolivia BCB, according to its powers, will issue regulations that establish the
procedure and safety regulations for operations, as well as the requirements
minimum requirements that entities must meet to carry out electronic banking activities,
banking by telephone and mobile devices, regulatory regulations of
Mandatory compliance by the financial entities that provide the service.
Article 125. (INVESTMENTS IN OTHER FINANCIAL COMPANIES).

I.

II.

Financial intermediation entities may only make investments in the
financial companies permitted by this Law, according to each type, according to the
following:
to)

They will be able to invest in shares of financial services companies
complementary companies, public limited companies in the insurance sector,
investment fund managers, securitization companies and other
in the securities sector and in companies in the pension sector.

b)

They will be able to invest in development banks, which in turn will not be able to invest
in shares of the financial intermediation entity that carried out the
investment. These investments will be consolidated in the investing entity to
the calculation of solvency.

In financial groups, it is the holding company of the financial group that may
make such investments.
CHAPTER II
OF THE FINANCIAL LEASE

Article 126. (AUTHORIZED ENTITIES). The finance lease operation
can be carried out directly by a financial intermediation entity, by a company
single purpose finance lease incorporated as a financial services company
complementary, by commercial companies and manufacturers of capital goods.
Article 127. (LEGAL NATURE). Financial leasing, by its nature
financial and credit, is governed solely by this Law and its regulations, not being
applicable the regulations of the lease determined in civil matters.
Article 128. (ASSETS SUBJECT TO FINANCIAL LEASE).
I.

All things can be goods subject to a financial lease
furniture and real estate, trademarks, patents or industrial models, software and others
Intangible (intangible) valuables, which are owned by the financial lessor or which
the financial lessor has the power to grant a financial lease and
provided they are true and clearly determined in their gender.

II.

The financial lease on generic things should not be agreed. The good or the
goods subject to financial leasing must be detailed in the contract
respective.

Page 36

Article 129. (OPPOSIBILITY BEFORE BANKRUPTCY OR PREVENTIVE CONTEST).
I.

In the event of preventive bankruptcy or bankruptcy of the financial lessor, the
financial lease will continue for the term and under the terms agreed in the
same, observing in the rest the rules established for this purpose by the Code of
Commerce.

II.

In the event of bankruptcy or bankruptcy of the financial lessee, the
norms of the Commercial Code in this regard.
Article 130. (PURCHASE OPTION).

I.

Unless otherwise agreed, the purchase option may be freely assigned by the
financial lessee to any natural or legal person, national or foreign, without
that this alters the legal nature of the financial lease contract; in that
In this case, the financial lessee, as the owner of the right, will have the responsibility of
comply with all the commitments of the contract, including the payment of fees, and leave
expedited the possibility of exercising said purchase option. The parties will be in
freedom to include in the respective contract the conditions for the transfer of the
Purchase option.

II.

The exercise price of the purchase option must be set in the contract and not be
greater than twenty percent (20%) of the value of the asset pledged in lease
financial or be determinable according to agreed procedures or guidelines. The option of
purchase may be exercised at any time by the financial lessee if so
agreed by the parties.

Article 131. (PRICE OF THE PURCHASE OPTION). The lease
financial must set the exercise price of the purchase option or establish elements and / or
sufficient procedures to determine it.
Article 132. (FEES AND ADVANCE PAYMENTS).
I.
II.

III.

The amount, the periodicity of each payment as well as the currency in which it must be
canceled will be conventionally determined by the parties.
The financial lease contract may establish that payments are made in
fixed or variable fees. Where appropriate, the fee will incorporate and differentiate the expenses in which
incurred as a consequence of the financial lease contract.
The financial leasing contract must establish the form and conditions in the
which the financial lessee may make advance payments of the installments and
other commitments acquired in the financial leasing operation.

Article 133. (FORMS OF CHOICE OF ASSETS). The good object of the contract
financial leasing can:
to)

Be purchased by the financial lessor from the person indicated by the
finance lessee and / or according to finance lessee specifications
or according to catalogs, brochures or detailed descriptions, provided by it.

b)

Be purchased by the financial lessor by replacing the
financial lessee in a contract that the latter has entered into.

c)

Be owned by the financial lessor prior to its engagement
contractual with the financial lessee.

d)

Be subject to financial leasing.

Page 37

and)

Be at the legal disposal of the financial lessor by virtue of a title that
allows you to create a financial lease on it.

Article 134. (RESPONSIBILITIES, ACTIONS AND GUARANTEES IN THE
ACQUISITION OF THE PROPERTY).
I.

In the cases of Sections a and b of the preceding Article, the financial lessor complies
with the contract by acquiring the goods indicated by the financial lessee and
making them available to him in the contractually agreed form and conditions
Between the parts. It is the inalienable obligation of the financial lessee to indicate the
specifications of the goods subject to the contract, being its exclusive
responsibility that said goods are adequate for the use you want to give them, which
it must be stated in the contract. In these cases, the financial lessor is not liable for
the vices and damages of the goods and the financial lessee can claim from the seller
or supplier, without the need for an assignment, all the rights that emerge from the
buy and sell.

II.

In the cases of Sections a, b, d and e of the preceding Article, the financial lessee
will continue to be obliged to pay the fees established in the lease
financial, even if a controversy arises about said contract, except
pact to the contrary.

III.

In the cases of Subsection c of the preceding Article, as well as in those in which the
Financial lessor is a manufacturer, importer, seller or builder of the asset given in
finance lease, the finance lessor cannot be released from the security of
eviction and / or sanitation. In this case, the financial lessor is responsible for the defects and
damage to the goods and the financial lessee will not continue to be obliged to pay the
quotas established in the financial lease contract in case of presentation
a controversy about it, unless otherwise agreed.

IV.

In the cases of subsection d of the preceding article, the financial lessor does not respond
for the eviction and / or reorganization or for the vices and damages of the goods. Conversely,
in the process of transferring the asset to the financial lessor, it is the lessee
who will be responsible for the eviction and / or reorganization, unless agreed in
contrary.

Article 135. (OBJECTIVE RESPONSIBILITY). Any damage or injury caused by the
asset leased to third parties will be the sole responsibility of the
financial lessee, provided that it had originated after the moment in which
the financial lessor has made the asset available to the financial lessee, as
established in the preceding article. The same will happen with respect to any liability
administrative that may be incurred by the use of the good.
Article 136. (RESPONSIBILITY IN CASE OF IMPORT). The part
Responsible for the import process of the asset to be granted in financial lease will be
the financial lessor and will therefore be responsible for defects, fines and other consequences
legal procedures derived from or related to said process.

Page 38

Article 137. (INSURANCE). The insurance that must be contracted for the assets
subject to financial leasing, as well as the minimum terms and conditions that must be
comply will be established by regulation.
Article 138. (ASSETS GIVEN IN FINANCIAL LEASE AND EQUITY
OF THE LESSEE).
I.

Assets leased under finance leases, while the option to lease is not exercised.
purchase and the transfer thereof is perfected, they are not part of the patrimony
of the financial lessee and consequently do not form part of the guarantees of the
creditors of the financial lessee, understanding as a crime of Estelionato all
act of the financial lessee that intends to grant them such quality prior to the
exercise of the purchase option.

II.

Consequently, said assets cannot be subject to seizure actions,
affectation or encumbrance by administrative or judicial mandate against the
finance lessee. Any judge who has knowledge of the establishment of a
precautionary measure on these assets in violation of what is established in the present
Article, you must leave it without effect upon the simple presentation of the lease
financial, duly registered. No appeal will be admitted until the
good and it is delivered to the financial lessor.

Article 139. (PAYMENT OF TAXES TO THE PROPERTY OF THE GOOD OBJECT OF THE
CONTRACT). The financial lessor, as the owner of the leased asset
financial, is the subject obliged to pay the taxes on the property of the goods
object of financial lease.
Article 140. (RESOLUTION AND EFFECTS).
I.

The financial lessor may unilaterally terminate the lease contract
full financial statement and without the need for a prior judicial declaration, in the event of
that the financial lessee fails to comply with any of its obligations agreed in said
contract. The resolution must be communicated by the financial lessor to the
financial lessee expressly, by means of a notarized note. TO
As of said notification, the contractual resolution will produce the following effects:
to)

The option to purchase the goods, object of the lease
financial granted by the financial lessor in favor of the lessee
financial, will be without effect from the notarial notification, leaving the
financial lessor empowered to proceed to the immediate sale of said
goods, even if they are still in the tenant's possession
financial.

b)

The financial lessee must return the assets to the financial lessor
granted in financial lease within a period of five (5) business days
computable from the receipt of the notarial notification. Bliss
Restitution will be made before a Notary of Public Faith chosen by the
financial lessor, having to subscribe for this purpose the Act of
Restitution (delivery and receipt) corresponding.

c)

Notwithstanding the foregoing, the financial lessee must cancel the
Debt balance until the time of restitution of the goods
indicated in the previous paragraph, interest, criminal interest and expenses
agreed financial statements, accrued until the effective payment date.

d)

The fees, interests and financial expenses that have been paid by
the financial lessee until the time of termination
contractual breach, will be consolidated in favor of the
financial lessor, since the resolution does not reach these
benefits, as the financial lease contract of execution
successive and periodic.

Page 39

II.

In the event that the financial lessee does not comply with the obligations established in
Sections b and c, compliance with these may be sued in court
executive by the financial lessor, under the provisions of the following articles.

Article 141. (RECOVERY OF REAL ESTATE). In the event that the good
object of the financial lease was a real thing, the breach of the
obligations of the financial lessee enforceable by effect of the resolution stipulated in the
Previous article, will have the following effects:
to)

The default will be established automatically, without the need for a declaration
extrajudicial or judicial prior any and in the event that the goods do not
had been restored in accordance with subsection b of Article
above, the financial lessor may sue in court in the
executive, the restitution of the assets granted in financial lease,
with the single presentation of the financial lease contract
duly registered and the note notarized by which
notified the financial lessee of the termination of the contract due to the
breach of its obligations, in accordance with the provisions of Article
previous. Within forty-eight (48) hours after the
presentation of the demand for restitution, the judge must transfer the
the same to the financial lessee, who will have five (5) days to prove
documentary fulfillment of the missed obligation.

b)

In the event that this period elapses without the financial lessee
present the pertinent documents that, in the judge's opinion, prove that the
payment has been made, the judge must order the real estate restitution without further ado
procedure and its physical delivery to the financial lessor, ordering for the effect
the dispossession of the property that is the object of the lease
financial and establishing in said act the search of the domicile, the
lock picking and all similar acts of force
public and police assistance, with the authorization of the days and hours that
were unskilled, always within the limits of constitutional provisions,
whose execution must be entrusted to the Police and / or any authority
not prevented by Law of the place where the good is found. Any appeal or
Subsequent appeal that may be filed by the financial lessee will be in the
devolutive effect.

c)

The eviction process applicable to civil or simple tenancy cases
tenancy established by the Code of Civil Procedure is not
proceeding in the cases of financial leasing of real estate.

d)

The present process of restitution of real estate granted in
financial leasing is not opposed and is without prejudice to any
other enforcement procedure that the financial lessor initiates for the purpose
to demand the payment of any sum under the lease
financial.

Article 142. (RECOVERY OF MOVABLE PROPERTY).

Page 40

I.

II.

In the event that the object of the financial lease were things
furniture, the breach of the obligations of the financial lessee enforceable by
effect of the resolution stipulated in Article 140 of this Law, will have the
following effects:
to)

The default will be established automatically, without the need for a declaration
extrajudicial or judicial prior any and in case they had not
been restored in accordance with Subsection b of Article 140 of the
this Law, the financial lessor may sue judicially, in the
Executive way the immediate restitution of the assets granted in
financial leasing, and the payment of the credit default, made up of the
Debt balance until the moment of restitution of the goods,
interest, criminal interest and financial expenses agreed, accrued
until the effective payment date, plus costs, with the sole presentation of the
duly registered financial lease contract and the note of
resolution of the contract notarized.

b)

Within forty-eight (48) hours after the presentation of the
demand for restitution, the judge must order the restitution of the property
without further processing and its physical delivery to the financial lessor, ordering for
the effect the kidnapping of the same. Any subsequent appeal or recourse that
may interpose the financial lessee will be in the return effect.

c)

Likewise, in the same judicial resolution, the competent judge will order the
seizure of movable property subject to financial leasing,
contemplating from its emission, the search of homes, the opening
of locks and all similar acts of employment of the public force and the
police assistance, with the authorization of the days and hours that were
unskilled, always within the limits of constitutional provisions, whose
Execution should be entrusted to the police and / or any non-governmental authority
prevented by law of the place where the goods are located.

d)

Issued the order of the competent judge, the financial lessor will address with
the same to the police and / or any authority not impeded by local law,
They must execute the kidnapping order within six (6) hours
received it.

and)

The assets recovered under the procedure detailed in paragraphs
above must be delivered to the financial lessor within the
forty-eight (48) hours after recovery.

The judicial collection of the credit default will continue its course in accordance with the Code of
Civil Procedure.

Article 143. (COLLECTION OF AMOUNTS IN MORA). Produced the disempowerment or
sequestration of the assets given in financial lease, the financial lessor may
claim by executive means the payment of the debit balance until the moment of the
restitution of assets, interest, criminal interest and agreed financial expenses accrued
until the date of actual payment, plus costs, for this purpose, the lease contract
financial title constitutes a sufficient executive title with enforceability, in accordance with the provisions
in Article 487 of the Code of Civil Procedure.
Article 144. (COLLECTION OF DAMAGES AND DAMAGES). The financial lessor may
claim through the relevant means the damages resulting from the abnormal deterioration of the property
as a result of fraud, fault or negligence of the financial lessee, and other losses that
could be presented.

Page 41

Article 145. (PROHIBITIONS).
I.

The assets subject to financial leasing may not be assigned as collateral or
subject to any precautionary measure during the term of the lease
financial.

II.

Financial leasing companies and financial intermediation entities
They will not be able to maintain inventories of goods that can be leased
financial. Assets that, having been given in
finance lease, had been recovered by the finance lessor or
received in recovery or adjudicated and were in his possession.

Article 146. (FORECASTS). The Financial System Supervisory Authority ASFI must establish a lower provision and capital requirements regime that
recognize the risk inherent in the financial leasing operation.
Article 147. (REGULATION).
I.

Aspects not contemplated in this Chapter will be regulated by the
Executive Body by Supreme Decree.

II.

The regulations of the Financial System Supervisory Authority - ASFI may
establish provisions to adapt the requirements and conditions of the operation of the
financial leasing carried out by financial entities and that are not
established in this Law.

Article 148. (FINANCIAL LEASE TAX REGIME). The
financial leasing will have the following tax treatment:
to)

Value Added Tax. The interest generated by operations of
financial leasing of movable property carried out by companies of
financial leasing and financial intermediation entities are not
considered within the object of the Value Added Tax.
For the application of what is indicated in this Article, in the contract or other
financial lease document must specify the
composition of the installments, differentiating the part corresponding to the interest
and any other component contained in them.
The financial leasing operations of used capital goods
for small productive enterprises they will be exempt from the Tax
to the Added Value according to regulations to be issued.
Real estate finance leasing operations are not
object of the Value Added Tax.

b) Tax on Company Profits. The financial lessor
will count as income the part of the finance lease installment
corresponding to the interest generated by the operation, for the purpose
of the Tax on Business Profits, consequently, the
Assets subject to a finance lease are not depreciable for any
of the contracting parties.
The financial lessee may deduct as an expense the total value of the
installments paid during the term of the finance lease,
as well as the expenses that the maintenance, repair, and insurance of

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the assets subject to financial leasing, for purposes of determining
of the Tax on Business Profits.
c)

Tax on Financial Leaseback Transactions. On
all cases in which a leaseback operation is carried out
productive financial, the first transfer will be exempt from the
Transactions.
CHAPTER III
AUTHORIZATION REGIME

Article 149. (SCOPE OF APPLICATION). The provisions contained in this
chapter are of general application to all financial institutions in formation that process
operating license before the Financial System Supervision Authority - ASFI.
Article 150. (OPERATION LICENSE).
I.

The operating license for the provision of financial intermediation services
and complementary financial services will be granted by the Supervisory Authority
of the Financial System - ASFI. The license will establish, among other information, the company name
of the holder, the type of financial institution and the corresponding operating restrictions.

II.

In the processes of granting an operating license to operate as an entity
financial system, the Financial System Supervisory Authority - ASFI shall evaluate the
way in which the entity in formation will fulfill the objectives of Article 4 of this
Law, and will effectively contribute to the economic and social development of the country.
Article 151. (TYPES OF FINANCIAL INSTITUTIONS).

I.

For the purposes of this Law, the types of financial entities are the following:
to)

b)

c)

Financial entities of the State or with majority participation of the State:
1.

Productive Development Bank.

two.

Public Bank.

3.
Public Financial Development Entity.
Private financial intermediation entities:
1.

Private Development Bank.

two.

Multiple Bank.

3.

SME bank.

Four.

Association of savings and credits.

5.

Housing Finance Entity.

6.

Development Financial Institution.

7.

Communal Financial Entity.

Complementary financial services companies:

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1.

Financial leasing companies.

two.

Factoring companies.

3.

General deposit warehouses.

Four.

Clearing and settlement chambers.

5.

Information bureaus.

6.

Transport companies of monetary material and values.

7.

Electronic card management companies.

8.

Exchange Houses.

9.

Mobile payment service companies.

II.

No other company may use these names. They may not be constituted
financial entities other than the aforementioned types, except for other companies of
complementary financial services that the System Supervisory Authority
Financial - ASFI incorporates under the protection of Paragraph III of Article 19 of this Law.

III.

The word "bank" in Spanish as the first word of the name or company name
of a financial institution is allowed only for development banks, the
public bank, multiple banks and SME banks. No other financial institution
You may use this denomination.

IV.

Financial entities may share premises for the provision of their services,
even through window contracts and leasing of spaces. These contracts
will be made known to the Financial System Supervisory Authority ASFI to safeguard the control and security requirements.

Article 152. (SHAREHOLDERS, PARTNERS OR FOUNDING ASSOCIATES). Would be
shareholders, partners or founding associates of a financial institution, natural persons and
laws of proven solvency and suitability, which demonstrate the legitimacy of the resources that
they constitute contributions to the entity's capital stock.
Article 153. (DISABLED TO BE FOUNDERS). They will not be able to perform
as founders of a financial institution:
to)

Those disqualified, by operation of the Law, to exercise commerce.

b)

Those who have an indictment or conviction for the
commission of common crimes.

c)

Debtors in arrears to the financial system who have loans in
execution or written-off credits.

d)

Those that have been declared, in accordance with legal procedures,
guilty of economic crimes in public functions, against public order
financial or in the administration of financial entities.

and)

Those responsible for bankruptcies or settlement processes, by fault or fraud, in
companies in general and entities of the financial system.

F)

Those who have been disqualified from being current account holders.

g)

The national representatives of the four (4) State Bodies
Plurinational, the assembly members of autonomous departmental governments and
of the municipal autonomous governments, and the representatives and authorities
of rural native indigenous autonomies.

h)

Public servants in general, the Supervisory Authority of the
Financial System - ASFI establish exceptions through regulations for
compliance with this Law.

i)

Directors or administrators of financial entities, and any other
civil servant in exercise of these entities.

Page 44

Article 154. (APPLICATION FOR CONSTITUTION PERMIT).
I.

II.

The Financial System Supervision Authority - ASFI will regulate the procedure
and the general requirements to be met by natural persons and
legal, to constitute a financial entity. Said regulation must indicate
expressly all the aspects that must be fulfilled to constitute an entity
financial
To evaluate and qualify the application for permission to establish a financial institution,
The Financial System Supervisory Authority - ASFI shall be based on the
aspects expressly indicated in this Law and in the other provisions
complementary issued for the purpose.
Article 155. (MINIMUM PAID CAPITAL).

I.

The amounts of the minimum paid-in capital are set in national currency for an amount
equivalent to Housing Development Units - UFV, by type of financial institution.

II.

The Executive Branch through Supreme Decree may raise but not reduce the
minimum capital amounts defined in this Law for each type of entity, in
depending on the prevailing conditions in the financial system, the situation
macroeconomic and external situation.

III.

At no time will the paid capital of a financial institution be less than the capital
minimum established by this Law.
Article 156. (SUBSCRIBED CAPITAL, PAID AND CAPITAL CONTRIBUTIONS).

I.

All capital of financial entities that exceeds the minimum established by Law,
It may be subscribed and must be paid within a maximum period of one (1) year.

II.

The subscribed capital of complementary financial services companies
it must be paid at the time of subscription.

III.

Capital contributions in a financial entity incorporated as a public limited company only
they can be done in cash.
Article 157. (INCREASE AND REDUCTION OF CAPITAL).

I.

The capital increase of a financial institution, through the contribution of new or old
shareholders or capitalization of profits and equity reserves, must be reported to
the Financial System Supervision Authority - ASFI.

II.

In the case of capital increases with contributions from new or old shareholders, the
must accompany sworn statements of the contributors, stating that there is no
are within the incompatibilities established in Article 153 and Article
442 of this Law, identifying the origin of the resources and with authorization
individual to be evaluated at any time and before any authority or
public or private institution, national or foreign.

III.

To reduce the capital of a financial institution, authorization from the Authority will be required.
of Supervision of the Financial System - ASFI.

Page 45

Article 158. (TRANSFER OF SHARES).
I.

Any transfer of shares of a financial entity incorporated as a company
anonymously, must be communicated to the Financial System Supervisory Authority ASFI for annotation in the respective registry. If through said transfer, a
shareholder owns, directly or indirectly, five percent (5%) or more of the
capital of the financial institution, the communication must additionally accompany the
documentation required according to the regulations of the Supervisory Authority of the
Financial System - ASFI.

II.

The Financial System Supervisory Authority - ASFI may request the information
that it deems necessary, to analyze the situation of shareholders who have a
participation of less than five percent (5%) of the capital of the financial institution.

III.

The founding shareholders will require authorization from the Supervisory Authority of the
Financial System - ASFI to transfer your shares, directly or through the Stock Exchange
of Securities, up to three (3) years after the operating license was granted to the
financial entity.

IV.

The Financial System Supervisory Authority - ASFI is empowered to reject
proposals for transfer of shares, for reasons of transparency of the structure
owner and the activities of the financial institution, to avoid the formation of
monopolies or oligopolies prohibited by Article 109 of this Law or in the framework
from control to the proportional participation of the entities established in Article 110
of this Law.

V.

Any transfer of shares that implies infringement of what is established in this
The law is ineffective, in accordance with Article 821 of the Commercial Code.

Article 159. (SWORN ASSET STATEMENT). Independently of the
Affidavit of origin of funds, the partner who owns a shareholding
direct or indirect greater than five percent (5%) of the capital of a financial entity, with the
purchase of the shares, you must submit a Sworn Equity Declaration, according to
regulation issued by the Financial System Supervision Authority - ASFI.
Article 160. (FOREIGN INVESTMENT).
I.

Bolivian investment in financial activities will be prioritized over investment
foreign.

II.

All foreign investment in financial activities will be subject to the jurisdiction, to
Bolivian laws and authorities, and no one may invoke a situation of exception, or
appeal to diplomatic claims to obtain more favorable treatment.

III.

The Supervisory Authority of the Financial System - ASFI, when evaluating the
authorization to open a branch of a foreign financial institution in the territory

Page 46

Bolivian, will consider the potential contribution of this entity to the development of
commercial and financial relations with the country of establishment of the financial institution
foreign.
Article 161. (OFFICES OF REPRESENTATION). The representative offices of
foreign financial entities, with prior authorization from the System Supervisory Authority
Financial - ASFI, they will only be able to carry out activities to promote services in the country
financial and business. These offices are prohibited from carrying out intermediation activities
financial
Article 162. (LEGAL REPRESENTATIVE). Any branch, agency or office of
representation of foreign financial entities operating in Bolivia, will have a representative
legal with sufficient power.
TITLE III
OF THE STATE FINANCIAL INSTITUTIONS AND FINANCIAL INSTITUTIONS WITH
MAJORITY PARTICIPATION OF THE STATE
CHAPTER I
GENERAL DISPOSITION
Article 163. (CREATION). The creation of financial entities of the State and entities
financial institutions with majority participation of the State, will be carried out by State Law
Plurinational Bolivian or through agreements or documents as appropriate. The same
They will have management, budgetary and administrative autonomy and will be governed by the provisions of
its internal statutes, its organic laws and this Law. They will coordinate their action in accordance with
with what establishes its constitutive legal provisions.
Article 164. (STATE CAPITAL CONTRIBUTIONS). The Executive Body will be
authorized to make capital contributions and purchases of shareholdings by Decree
Supreme.
Article 165. (CAPITAL). The financial entities of the State and with participation
majority of the State, must maintain at all times, a minimum paid capital in currency
national for an amount equivalent to Housing Development Units, according to the
following detail:
to)

For the SAM Productive Development Bank, the capital will be maintained
minimum payment corresponding to the Public Bank.

b)

For the Public Bank, UFV30,000,000.- (Thirty Million Units of
Promotion of Housing).

c)

For Public Financial Development Entities, UFV18,000,000.(Eighteen Million Housing Development Units).

Article 166. (DISTRIBUTION OF DIVIDENDS). The shareholders' meeting of the
public financial entities or those with majority participation of the State may determine the
distribution of dividends from the liquid profits generated in an annual management, with the
Undistributed profits to be integrated into the entity's equity.
Article 167. (ADMINISTRATION).
I.

Public financial entities or those with a majority participation of the State, will be
administered by a designated directory in accordance with the provisions of its Organic Law.

II.

The requirements and impediments to be directors will be subject to the provisions

Page 47

contained in Title VI, Chapter I of this Law.
III.

Compliance with the functions of the board of directors will be governed by the provisions of the
present Law, its Organic Law and the Code of Commerce in the pertinent.

Article 168. (STRATEGIC PLANNING). The strategic plans that they develop
public financial entities or those with a majority State participation, within the framework of the
provided by Article 114 of this Law, will be sent by the president of the
directory of the entity to the Minister or Minister of Economy and Public Finance and to the
governors or departmental governors and / or mayors or municipal mayors according to
corresponds in the following ten (10) days of its approval.
Article 169. (OPENING OF OFFICES).
I.

Public financial entities or those with a majority participation of the State, may
establish and maintain branches, agencies and other financial service points in
anywhere in the national territory. Additionally, the Public Bank may do so in
abroad.

II.

The opening and closing of offices must be carried out within the framework of the provisions
provided for in this Law and its regulations for entities of
financial intermediation. In the case of opening offices abroad, the Bank
The public must also comply with the legal provisions and regulatory standards of the
country in which you install these offices.
Article 170. (MERGERS AND ABSORPTIONS).

I.

Public financial entities or those with a majority State participation may
acquire full ownership of another private financial intermediation entity or of
property of the State or with majority participation of the State for its merger or
absorption.

II.

The determination will be assumed by the Executive Branch through Supreme Decree, by
the autonomous departmental, municipal or indigenous rural government, according to
corresponds, in accordance with the provisions established in this Law and the Code
of Commerce in what is conducive.

III.

The Financial System Supervision Authority - ASFI will authorize the operation of
in accordance with the regulations issued for this purpose.

Article 171. (CORRESPONDENCE REGIME). The Public Bank and the Bank of
Public Development will have a regime of correspondents for the delegation of certain
services under its jurisdiction to authorized financial intermediation entities, in order to
to expand the geographic coverage and access of the rural population to its financial services.
They may also maintain correspondent offices outside the country, for the purposes of compliance with
its objective.
Article 172. (REPRESENTATION OF THE STATE IN THE GENERAL MEETING OF
SHAREHOLDERS).
I.

The representation of the Plurinational State in the shareholders' meeting of an entity
financial public or with majority participation of the State will be in charge of the Minister
o Minister of Economy and Public Finance in his capacity as legal representative of the
General Treasury of the State or of the Vice Minister or Vice Minister dependent on his
I dispatch that this authority delegates in the manner provided by its Organic Law.

II.

In the case of public development finance entities, the representation of the
Plurinational State in the shareholders' meeting may also correspond to the
departmental governors for the actions of the autonomous governments
to the municipal mayors for the actions of the governments
autonomous municipalities and the highest authorities for the actions of the governments
of the rural native indigenous autonomies, or the representatives that each
delegate from these authorities in the manner provided by its Organic Law.

Page 48

Article 173. (PRESENTATION OF INFORMATION TO MINISTERIAL PORTFOLIOS).
I.

The board of directors of the Public Development Bank will present every six months to the Ministry of
Economy and Public Finance, the Ministry of Development Planning and its
shareholders, periodic information on the results and impact of financing
direct and indirect from the Public Development Bank to the different sectors of the economy
national. At the close of each year, the chairman of the board will present to these
ministerial portfolios activity report, audited financial statements, annual report
annual report and social responsibility balance, within the following ten (10) business days
upon presentation to the Financial System Supervisory Authority - ASFI.

II.

In the case of public financial development entities, the information indicated in
the previous paragraph referring to the departmental, municipal and native indigenous scope
farmers, will be presented to the autonomous departmental and municipal governments
and / or native indigenous peasants, as appropriate.

Article 174. (OTHER PUBLIC FINANCIAL ENTITIES). By law
may create other public financial entities or with majority State participation, in the
framework of this Law.
CHAPTER II
PUBLIC BANK
Article 175. (PUBLIC BANK). The Public Bank is governed by its own Law as regards
relative to its creation, activities, operation and organization. Will be subject to this Law
in relation to the application of solvency and financial prudence standards and the control and
supervision of the Financial System Supervision Authority - ASFI within the legal framework
that regulates this institution in all that is applicable according to its legal nature.
CHAPTER III
PRODUCTIVE DEVELOPMENT BANK
SECTION I
GENERAL DISPOSITION
Article 176. (LEGAL NATURE AND SHAREHOLDING).
I.

The Banco de Desarrollo Productivo - Joint Stock Company, whose acronym BDP - SAM,
is a legal person of private law with public purposes constituted under the typology
of a mixed economy company and that will carry out first and second floor activities
to promote and promote the development of the productive sector.

II.

The Banco de Desarrollo Productivo - Sociedad Anónima Mixta (BDP - SAM) must
have a majority shareholding of the State at all times
Plurinational of Bolivia in its paid capital.

Article 177. (REGULATORY FRAMEWORK). The Productive Development Bank - Society
Anonymous Mixed (BDP - SAM) will subject its functions, activities and operations in a manner

Page 49

special to the provisions of this Law and its bylaws and to what is established for
mixed economy companies and public limited companies in the Commercial Code. They will not be
application of the general or special provisions relating to the public sector, except those that
establish express provisions for the Banco de Desarrollo Productivo - Sociedad Anónima
Mixed (BDP - SAM)
Article 178. (PURPOSE AND STRATEGIC ROLE).
I.

The Banco de Desarrollo Productivo - Sociedad Anónima Mixta (BDP - SAM) has as
main purpose is to promote the development of the agricultural, livestock,
manufacturing, fish farming and timber and non-timber forest, being able to extend to others
productive sectors and sectors of commerce and services complementary to the
productive activity of Bolivia, providing financial and non-financial services of
directly or through third parties.

II.

The Banco de Desarrollo Productivo - Sociedad Anónima Mixta (BDP - SAM) has as
strategic role:

to)

Strengthen the presence of the Plurinational State of Bolivia in the
financing and promoting the development of the country's productive sector.

b)

Finance the execution of productive and strategic priorities
established in state programs and policies aimed at promoting
development of the productive sector.

c)

Actively participate in the National Financial System, influencing the
improvement of financial conditions for actors in the productive sector.

d)

Promote access to financial and non-financial services by
productive sector actors.
SECTION II
FUNCTIONS, OPERATIONS AND ANCHOR

Article 179. (FUNCTIONS). The Productive Development Bank - Stock Company
Mixed (BDP - SAM) has the following functions within the framework of its first and foremost activities
second floor:
to)

Provide financial and non-financial services to the different actors of the
plural economy by itself or through third parties.

b)

Finance directly or through other regulated financial entities or
in the process of regulation, under principles of equity, inclusion and
social, economic and environmental sustainability, to those who have not had
access to financing under promotional conditions, especially to
forms of community economic organization, social cooperative and
native indigenous and peasant, be they micro, small and medium units
productive both in rural, urban and peri-urban areas of the country.

c)

To be an instrument of the Plurinational State of Bolivia in the granting of
financing of productive ventures in their initial stages,
growth and consolidation, channeling its own resources, the resources
provided by the General State Treasury - TGE and those obtained
directly by the State of financial cooperation entities
international or public, private or mixed entities, whether national
or foreign, ensuring that the financial terms and conditions

Page 50

are the most convenient.
d)

Design, develop, introduce and implement by itself, or through third parties,
financial and credit risk hedging products aimed at
promote and facilitate the financing of the productive sector.

and)

Channel resources to the Bolivian Financial System, offering
financing alternatives for micro, small and medium units
individual or associative production and commerce and services sectors
complementary to the productive activity of the country.

F)

Improve the performance of production units from the
strengthening of producers' skills, accompanying the
financing with direct granting or through third parties of services
non-financial, technical assistance and others that are necessary and
complementary to strengthen the initiation or consolidation of
productive ventures.
Expand the intermediation and channeling of resources to entities,
associations or foundations of a financial nature, private law or
public, which must be legally established and authorized to
operate in the country.

g)

h)

Participate in companies or autonomous patrimonies or generate lines of
financing for venture capital.

Article 180. (OPERATIONS). The Productive Development Bank - Stock Company
Mixed (BDP - SAM), as a bank that develops first and second-tier activities,
may carry out in addition to the active operations established for financial entities
banking, financial and non-financial operations indicated below:
to)

Obtain financial resources through loans, lines of credit,
bonds, promissory notes, subordinated obligations, trust certificates, guarantees or
bonds, subsidies or donations under any modality or form of
contract, whether they come from the Plurinational State of Bolivia, from the
General State Treasury - TGE, of international financial organizations
and of international cooperation organizations, whether they are public,
private or mixed, of other States, of national natural persons or
foreign and / or any other type of public, private or legal entity
mixed national or foreign.

b)

Intermediate and channel their own financial resources or those of third parties,
directly or through other regulated financial entities or in
regulation process by the System Supervisory Authority
Financial - ASFI.

c)

Conduct business and trust operations either as a
settlor, trustee or beneficiary.

d)

Channel and invest financial resources directly or indirectly for the
implementation of general insurance, micro insurance, credit insurance and
others for the coverage of contingencies related to the granting of
credits oriented to the productive sector.

and)

Channel and invest financial resources directly or indirectly for the
implementation of guarantee systems, guarantee mechanisms, funds
guarantee, guarantee and payment assurance mechanisms and other

Page 51

related to the securing of credits.
F)

Channel and invest financial resources directly or indirectly for the
implementation of programs and funds that allow granting resources
non-reimbursable monetary payments to the productive sector and
trade and complementary services to productive activity as
"Venture capital", "start-up capital", "seed capital" and / or "initial capital".

g)

Buy portfolio of financial intermediation and service entities
supplementary financials with or without additional guarantee from the seller,
being able to grant it in administration, assign it, sell it or title it, of
according to current regulations.

h)

Carry out syndicated credit operations without this entailing
joint and several joint responsibility between the syndicated parties.

i)

Carry out trust commissions with any natural person or
public, private or mixed legal, national or foreign.

j)

Carry out securitization operations acting as originator, in accordance with
the Securities Market Law and its regulations.

k)

As long as they do not participate in the capital stock of the Development Bank
Productivo - Sociedad Anónima Mixta (BDP - SAM), it may invest and
withdraw your investments in the equity capital of the following types of people
legal, subject to prior authorization from the Shareholders' Meeting of the
Productive Development Bank - Joint Stock Company (BDP - SAM):

l)

1.

Regulated financial intermediation entities or in the process of
regulation and complementary financial services companies.

two.

Commercial companies whose corporate purpose is the provision of
non-financial services.

Directly or indirectly finance foreign trade operations.

m) Grant bank guarantees and bonds.
n)

Carry out discount, rediscount and repurchase transactions by account
own or third parties in accordance with current regulations.

or)

Maintain accounts in national banks and financial institutions and
foreign.

p)

Issue, buy, sell, assign, pledge, transfer on own account to
any title, all kinds of securities or securities observing the
current legal regulations.

q)

Provide, directly or indirectly, non-financial services such as the
implementation of financial education modules, technical assistance,
technology transfer, business development and any other type of
non-financial services aimed at the productive sector and the sectors of
trade and services complementary to production.

Article 181. (ANCHORING). In order to fulfill the purpose, strategic role
and functions of the Banco de Desarrollo Productivo - Sociedad Anónima Mixta (BDP - SAM), this

Page 52

You may resort, by way of example and not limitation, to the following funding sources:
to)

Resources contributed or reinvested in the capital stock of the Development Bank
Productive - Mixed Stock Company (BDP - SAM) by its shareholders and
those obtained by the Banco de Desarrollo Productivo - Sociedad Anónima
Mixed (BDP - SAM) under any title, either from the State
Plurinational State of Bolivia through the General State Treasury - TGE and
other sources incorporated in the budget of the Plurinational State of
Bolivia corresponding to each management.

b)

Resources granted as an investment and / or loan from the
internal savings collected by the Pension Fund Administrators
- AFP, Long Term Social Security Managers - GSS or its
equivalents, temporarily and not definitively.

c)

Resources granted as a donation or any other title by
international financial organizations and international cooperation, for
part of other States, national or foreign natural persons and / or
of any other type of national public, private or mixed legal entity or
foreign.

d)

Resources from the issuance and placement by the Banco de
Productive Development - Joint Stock Company (BDP - SAM) of any
security of credit content or equity participation, recognized
and authorized by the legislation in force.

and)

Dividends from the annual profits of the Banco de
Productive Development - Joint Stock Company (BDP - SAM) will be
reinvested by their shareholders on a mandatory basis at eighty percent
one hundred (80%) and will not be subject to distribution beyond said
percentage.

F)

Money deposits received in savings accounts, in checking accounts, to the
sight and term.

Article 182. (COORDINATION AND ARTICULATION). In order to guide and
channel optimally and timely resources and efforts for the granting in a manner
direct or indirect financial and non-financial services to the different actors in the sector
productive sector and the sector of commerce and complementary services to production in the country, the
Banco de Desarrollo Productivo - Sociedad Anónima Mixta (BDP - SAM) will coordinate and articulate the
management, promotion, coordination and placement of financing for productive development in
throughout the national territory, being able to interact with other entities, institutions, departments and
instances of both the public and private sectors in the country, in order to achieve greater impacts
social and better economic results.
SECTION III
SUPERVISORY AND INFORMATION REGIME FOR
GOVERNMENT CONTROL
Article 183. (REGULATION AND SUPERVISION). Supervision of activities and
operations carried out by the Banco de Desarrollo Productivo - Joint Stock Company (BDP SAM) will be carried out only by the Financial System Supervisory Authority - ASFI.
Article 184. (INFORMATION FOR GOVERNMENT CONTROL). The Bank of
Productive Development - Joint Stock Company (BDP - SAM), for control purposes
Government must send information to the Ministry of Economy and Public Finance and to the
Ministry of Development Planning on the destination, form and results of the management of the

Page 53

resources provided by the Plurinational State of Bolivia to society, presenting the report
annual activity report, financial statements and income statement duly
audited by a firm of external auditors authorized and registered in the registry of the
Supervision of the Financial System - ASFI.
Article 185. (PROHIBITIONS) . The Productive Development Bank - Society
Anónima Mixta (BDP - SAM) will not be able to carry out the following financial operations:
to)

Grant credits, through the regulated and unregulated financial system, to
directors, trustees, managers, officers, employees or advisers and
permanent consultants of the Productive Development Bank - Society
Anonymous Mixed (BDP - SAM), with its own resources or with the
from programs, mandates and trusts administered by the
Banco de Desarrollo Productivo - Joint Stock Company (BDP - SAM).

b)

Acquire fixed assets that are not used in activities of the business.
SECTION IV
FINANCIAL REGIME AND RISK MANAGEMENT

Article 186. (EQUITY ADEQUACY COEFFICIENT). The level of
Equity Adequacy Coefficient to be maintained by the Productive Development Bank Joint Stock Company (BDP - SAM) will be the one determined by this Law and provisions
regulatory.
Article 187. (EXPOSURE CRITERIA). The Productive Development Bank Joint Stock Company (BDP - SAM) within the framework of its second-tier activities may
grant and maintain credits and investments in a financial institution up to two (2) times the
net worth of the debtor entity or up to once (1) the net worth of the Bank of
Productive Development - Joint Stock Company (BDP - SAM), whichever is less,
whatever the type of risk asset.
The Productive Development Bank - Joint Stock Company (BDP - SAM) acting
As a first-tier bank, you may grant and maintain direct credits up to one (1) time on
net worth of the debtor, or up to twenty percent (20%) of the net worth of the Bank of
Productive Development - Mixed Stock Company (BDP - SAM), whichever amount is less,
whatever the type of risk asset.
Article 188. (INVESTMENT IN FIXED ASSETS). The total amount of investments that
perform the SAM BDP on fixed assets, in branches, subsidiaries and investments that are
specified in this Law shall not exceed fifty percent (50%) of the equity
entity's net.
Article 189. (INTEGRAL RISK MANAGEMENT POLICY). The Bank of
Productive Development - Joint Stock Company (BDP - SAM) must implement a system of
comprehensive risk management that includes strategies, policies, procedures, structure
organizational, control instances and responsibilities inherent to the risk management of
credit, liquidity, operating, market and other risks of its line of business.
Article 190. (ORGANIZATIONAL STRUCTURE). The Productive Development Bank Joint Stock Company (BDP - SAM) must establish an organizational structure that
define the obligations, functions, principles and good practices of corporate governance and the
responsibilities of all its governing bodies, administration and other areas involved
in comprehensive risk management.
Article 191. (QUALIFICATION OF PORTFOLIO AND INVESTMENTS AND ALLOWANCES). The
Banco de Desarrollo Productivo - Sociedad Anónima Mixta (BDP - SAM) must have a

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methodology of evaluation and qualification of portfolio and investments and of constitution of provisions,
which should be framed in principles and healthy banking practices and observe the guidelines
established by the Financial System Supervision Authority - ASFI.
Article 192. (RESPONSIBILITIES). It is the responsibility of the Board of Directors and the
General Management of the Productive Development Bank - Joint Stock Company (BDP - SAM) the
implementation and execution of a comprehensive risk management system.
SECTION V
REGIME AND CORPORATE GOVERNANCE OF THE BANK OF
PRODUCTIVE DEVELOPMENT - SOCIEDAD ANÓNIMA MIXTA (BDP - SAM)
Article 193. (REPRESENTATION IN THE GENERAL MEETINGS OF
SHAREHOLDERS). The representation of the Plurinational State of Bolivia in the general meetings
ordinary and extraordinary shareholders of Banco de Desarrollo Productivo - Sociedad Anónima
Mixed (BDP - SAM) will correspond to the Minister of Economy and Public Finance or to whom
delegate, in his capacity as legal representative of the General State Treasury - TGE.
Article 194. (STATE PARTICIPATION IN THE COMPANY). The Executive Branch of the
central level of the Plurinational State of Bolivia, representing the actions of the sector
public, is empowered to authorize the issuance of new shares and the capital increase
authorized and the State's participation in said capital.
Article 195. (CORPORATE GOVERNANCE). Relations between shareholders,
Directors, executives, officers and stakeholders related to the purpose, role
strategy, functions and operations of the Banco de Desarrollo Productivo - Sociedad Anónima Mixta
(BDP - SAM) will be regulated according to the corporate guidelines established by the
Financial System Supervisory Authority - ASFI.
SECTION VI
INTERNAL ADMINISTRATIVE REGIME OF THE BANK
DEVELOPMENT PRODUCTION - SOCIEDAD ANÓNIMA MIXTA (BDP - SAM)
Article 196. (GENERAL SHAREHOLDERS MEETINGS). The conformation, functions,
Powers and duties of the general shareholders' meetings of Banco de Desarrollo Productivo Joint Stock Company (BDP - SAM) will be governed by the provisions of the Commercial Code,
this Law, the Bylaws of the Banco de Desarrollo Productivo - Sociedad Anónima
Mixed (BDP - SAM) and other internal administrative regulations of the company.
Article 197. (ADMINISTRATION OF THE PRODUCTIVE DEVELOPMENT BANK MIXED LIMITED COMPANY (BDP - SAM) AND APPOINTMENT OF DIRECTORS).
I.

The administration of the Banco de Desarrollo Productivo - Joint Stock Company (BDP SAM) will be subject to the provisions of the Commercial Code and this Law, the
bylaws and other internal administrative regulations of the company.

II.

The administration of the Banco de Desarrollo Productivo - Joint Stock Company (BDP SAM) will be in charge of a board of directors composed of up to five (5) regular directors
and up to three (3) alternate directors appointed by an Ordinary General Meeting of
Shareholders.

Article 198. (APPOINTMENT OF THE PRESIDENT OF THE BOARD OF DIRECTORS). The
appointment of the Chairman of the Board of Directors of Banco de Desarrollo Productivo - Sociedad
Joint Stock Company (BDP - SAM) will be carried out in compliance with the provisions of Article 159,
Numeral 12 of the Political Constitution of the Plurinational State of Bolivia.

Page 55

Article 199. (ADMINISTRATIVE AND INTERNAL FUNCTIONING REGIME). The
administration and internal functioning of the Banco de Desarrollo Productivo - Sociedad Anónima
Mixed (BDP - SAM) will be governed by the provisions of the Commercial Code, the provisions of the
this Law, the bylaws and other internal administrative regulations of the company
regulations of its administration and operation systems.
Article 200. (PERSONAL REGIME). The staff of the Productive Development Bank Joint Stock Company (BDP - SAM) is subject to the General Labor Law, its Decree
Regulations and other complementary and related regulations.
Article 201. (INSPECTION AND INTERNAL CONTROL).
I.

The internal and permanent control of the Productive Development Bank - Society
Joint Stock Company (BDP - SAM) will be in charge of one or more regular and alternate trustees,
appointed by an Ordinary General Shareholders' Meeting called for this purpose. The
Regular and alternate trustees may be re-elected and their designation revoked by a
Ordinary General Shareholders' Meeting.

II.

The internal control of the Banco de Desarrollo Productivo - Sociedad Anónima Mixta (BDP SAM) will be carried out by an internal audit unit whose activities will be
regulated by the Commercial Code, this Law, the Bank's Bylaws
of Productive Development - Joint Stock Company (BDP - SAM) and other regulations
regulatory authority issued by the Financial System Supervisory Authority ASFI.
CHAPTER IV
PUBLIC FINANCIAL DEVELOPMENT ENTITIES

Article 202. (CREATION). Public financial development entities will be created
through legal provisions or through agreements or documents, as appropriate
according to the participation in its patrimonial structure of the central government, autonomous governments
departmental governments, municipal autonomous governments and / or rural native indigenous peoples,
with autonomy of budgetary and administrative management. They will be governed by the provisions of their
internal statutes, their Organic laws and this Law. They will coordinate their actions with the
national policies for productive development established by the Executive Branch of the State
Plurinational.
Article 203. (CAPITAL). The Public Financial Development Entities are
will be constituted with a fully public capital or with a majority participation thereof, whether
comes from the government of the central level of the State, departmental autonomous governments,
autonomous municipal governments and / or native indigenous peasants owing their deeds of
social constitution and statutes, abide by its organic laws, the provisions of this
Law and the Commercial Code in what is conducive to the provisions for public limited companies and / or
mixed economy companies.
Article 204. (OBJECTIVE). Public development finance entities will have
as its main objective, to promote through financial and technical support, the development of
productive sectors of the economy of the country's departments, regions and municipalities.
Article 205. (SHAREHOLDING COMPOSITION).
I.

The shareholding composition of the capital of a public financial development entity
It will be made up of at least three (3) shareholder entities, these may be from
government of the central level of the State, the autonomous departmental governments,
autonomous municipal governments and / or native indigenous peasants, with a
participation that is defined in its Organic Law.

II.

They may participate in the share capital of a public financial development entity,
other public or private, national or foreign legal entities with objectives
consistent with that of the public financial development entity.

Page 56

Article 206. (TRANSFER OF SHARES).
I.

The Executive Branch of the Plurinational State and the autonomous governments
departmental, municipal, as appropriate, may transfer their shares from a
public financial development entity and authorize the issuance of new shares or the
increase or reduction of the authorized capital, maintaining the minimum percentage of
State participation through the central government and autonomous governments
departmental and / or municipal and / or native indigenous peasants, arranged by their
Organic Law, within the framework of the provisions established by the Code of Commerce and
this Law.

II.

The Plurinational State, through the central government and the autonomous governments
departmental, municipal and / or native indigenous peasants, as appropriate,
will have a preferential right in the purchase of the shares of a public financial institution
development that are owned by private owners, based on the objectives of
development policies and the budgetary availability consigned in their
fiscal budgets.
Article 207. (ELIGIBLE INSTITUTIONS).

I.

The public financial development entities will carry out financial operations at
through eligible institutions, which may be intermediary entities
financial

II.

All eligible institutions must comply with the policies and procedures that
the public financial development entities determine for the provision of
financial services, as well as its policies for rating and administration of
risks.
Article 208. (OPERATIONS).

I.

Public development financial entities may carry out passive operations,
active, contingent and services that are included in Title I,
Chapter II of this Law, except those indicated in the limitations and
prohibitions of Article 209 below. The regulations issued by the
Financial System Supervision Authority - ASFI, will define the scope of the
second-floor activities and other aspects that entities must take advantage of
public development finance companies.

II.

Notwithstanding this, these entities may in particular:
to)

Grant financing and carry out financial operations with institutions
eligible, to channel resources to their departments, regions and / or
municipalities.

b)

Grant credits and carry out financial operations with eligible institutions
whose final destination is to finance the importation of inputs, raw materials,
machinery and other elements necessary for productive activity, as well
how to cover financing needs for the stages of
commercialization and export of goods and services of Bolivian origin.

c)

Endorse obligations contracted by eligible institutions with other
financial entities, provided that the financing resources received
they are destined to analogous objectives to the one of the Communal Financial Entity.

d)

Create and implement financial products to support consolidation,
growth and development of the activities of micro, small and
medium-sized urban and rural enterprises, crafts, commerce, services,
community organizations and cooperatives for the production of their
departments, regions and / or municipalities.

and)

Develop and implement financial products to support development
economic and social of their departments, regions and / or municipalities.

F)

Develop training, advisory and technical assistance programs and
technology for production, business management, administrative and
accounting, aimed at increasing and improving competitiveness and productivity
and access to financing for small-scale economic units
scale.

g)

Finance, carry out or contract technical, financial and legal studies for
the sectoral analysis of the productive activity, for pre-investment studies
or for the structuring of investment projects.

h)

Manage the resources of state or mixed funds for the purposes of
promote productive development activities from a second floor, according to
the provisions established in its Organic Law and this Law,
being able to carry out, charged to them, the necessary acts and contracts
for the achievement of its purposes.

i)

Invest in securities subject to the Securities Market Law issued by
financial entities, provided that the resources invested are used to
financing activities consistent with the entity's objective
development public finance.

j)

Maintain deposits in the Public Bank and / or Central Bank of Bolivia - BCB,
for optimal management of your temporary liquidity.

k)

Establish, manage and / or participate in financial structures, such as the
securitization, guarantee funds, risk capital, subordinated debt,
syndicated loans, trusts and others that meet the objective of the
public financial development entity, for which it may contribute resources
own property or third parties.

l)

Channel and invest funds for the purpose of establishing insurance mechanisms
general, credit insurance, microinsurance, guarantee systems,
guarantee mechanisms and payment assurance, warehouses for deposit
of products for warranty purposes, and other hedging instruments
contingencies and risks related to the productive activity and
credits granted to these activities.

Page 57

m) Channel and invest resources for the implementation of
financing for productive innovations or new ventures in
quality of venture capital, start-up capital, seed capital or capital
initial production units of their departments, regions and / or
municipalities.

Page 58

III.

n)

Buy portfolio of financial intermediation entities and assign it in
administration, or arrange its sale or securitization in accordance with what
determine its statutes and internal regulations.

or)

Sign cooperation agreements with national institutions or entities
and international that meet the objective of financial institutions
development publics.

This statement is not limiting or exclusive of other operations that the entities
development public finance companies can carry out for the fulfillment of their objective,
among them financial operations not explicitly mentioned, which may be
exercised with prior authorization from the Financial System Supervisory Authority ASFI, as long as they are related to its objective and are framed in the
provisions of its Organic Law and this Law.

Article 209. (LIMITATIONS AND PROHIBITIONS). Public financial entities
development will not be able to perform the following operations:
to)

Grant financing directly or indirectly for purposes that are not
adjust to their objective, in modalities that are not framed to the
provisions of this Law or are executed without complying with the requirements
established in its internal regulations or regulatory regulations.

b)

Grant financing with its own resources or from the funds it manages,
to government institutions whose budget is financed with
resources of the General State Treasury - TGE, nor grant endorsements, bonds or
guarantees for obligations contracted by these institutions.

c)

Grant financing with its own resources or from the funds it manages
to autonomous departmental governments or autonomous governments
municipalities, nor to the institutions or companies under their dependence.

d)

Capture demand deposits, savings accounts or public time deposits.

and)

Invest in shares of financial and non-financial companies whose
objectives are not consistent with that of the public financial institution of
growth.

F)

Grant financing for non-purpose consumer loans
productive nor be related to productive chains.

g)

Others determined by its Organic Law.

Article 210. (ANCHORING). To fulfill its objective, the public financial entities of
Development will be able to obtain additional resources with the following funding operations:
to)

Loans, lines of credit and other financing managed before the
General State Treasury - TGE, of autonomous governments
departmental, municipal and / or native indigenous peasants and others
government entities, national funding agencies and the
foreign, international multilateral banks, cooperation agencies
international and other second-tier sources.

b)

Autonomous heritage resources constituted with state funds,
private or mixed, of national or external origin, for the purpose of promoting and
productive development.

c)

Other financing contracted from private or public, national entities
or foreigners, who have objectives consistent with those of the entities
public development finance companies.

Page 59

Article 211. (LIMITS OF INDEBTEDNESS AND CONCENTRATION). Are not
applicable to Public Financial Development Entities the provisions contained in the
Article 456 and Article 460 of this Law. The System Supervisory Authority
Financial - ASFI will establish the limits of indebtedness and credit concentration and its
operational application for the case of public financial development entities.
Article 212. (RELATIONSHIP WITH THE EXECUTIVE BODY). In the development
of operations to promote the productive development of the departments, municipalities and
native indigenous peasants of the country, the relations of the public financial entities of
development with the Executive Branch of the Plurinational State and the autonomous governments
departmental, municipal and / or native indigenous peasants as appropriate,
will be maintained only through the Ministry of Economy and Public Finance or the
competent body in the autonomous departmental and / or municipal governments, except for aspects
operations in which you can interact directly with the public agencies that
correspond.
Article 213. (GOVERNMENT CONTROL). Government control to which
are subject to public financial development entities will be the one that is
established in its Organic Law and statutes, which must be complementary and not concurrent
with the supervision exercised by the Financial System Supervision Authority - ASFI.
Article 214. (REGULARIZATION AND INTERVENTION).
I.

In the event that the Financial System Supervisory Authority - ASFI, with an opinion
motivated, determine that a public financial development entity is
incurs in the causes of regularization provided for in Article 511 of this Law,
the Executive Branch of the Plurinational State or of the autonomous governments
departmental and / or municipal as appropriate, will establish a plan of
strengthening aimed at correcting the deficiencies detected.

II.

If this plan does not succeed, the Financial System Supervision Authority - ASFI
the development public financial entity will intervene, to apply the procedure
solution or forced judicial liquidation provided for in Title IX of this Law.
regulations of the Financial System Supervision Authority - ASFI will establish the
operating procedures, in accordance with its nature as a public financial institution of
growth.
TITLE IV
OF PRIVATE FINANCIAL INSTITUTIONS
CHAPTER I
GENERAL DISPOSITION
Article 215. (FOUNDERS).

I.

The founders of a private financial intermediation entity may not be less
of five (5) natural and / or legal persons, individual or collective, who do not
must be among the disabled mentioned in Article 153 of the
present Law.

II.

In the case of corporate savings and credit cooperatives, the founders indicated in
the previous paragraph, may not be less than ten (10) natural and legal persons without
profit; and no less than twenty (20) non-profit natural and legal persons
in the case of open credit and savings cooperatives.

Page 60

Article 216. (CONSTITUTION PERMIT AND OPERATING LICENSE).
The founders of a private financial intermediation entity must process the permission of
constitution and operating license before the System Supervisory Authority
Financial - ASFI, subject to the authorization regime provided by Title II, Chapter III
of the present Law, in what is conducive.
Article 217. (CAPITAL).
I.

Private financial intermediation entities, except for cooperatives of
savings and credit, according to their nature must maintain at all times, a
minimum paid capital in national currency equivalent to Development Units at the
Housing, according to the following detail:
to)

For the Private Development Bank, the equivalent of UFV30,000,000.00.(Thirty Million Housing Development Units).

b)

For a Multiple Bank, the equivalent of UFV30,000,000.00.- (Thirty
Millions of Housing Development Units).
For a SME Bank, the equivalent of UFV18,000,000.- (Eighteen Million
Housing Development Units).

c)

II.

d)

For a Housing Finance Entity, the equivalent of
UFV2,000,000.00.- (Two Million Housing Development Units).

and)

For a Development Finance Institution, the equivalent of
UFV1,500,000.00.- (One Million Five Hundred Thousand Units of Promotion to the
Living place).

F)

For a Communal Financial Entity, the equivalent of UFV500,000.00.(Five Hundred Thousand Housing Development Units).

Treatment of capital increases and reductions of intermediation entities
financial statements indicated in this article, will be governed by the provisions of Article
157 of this Law and the regulations issued by the Supervisory Authority of the System
Financial - ASFI for the purpose.
Article 218. (PRIMARY CAPITAL OF SAVINGS AND CREDIT COOPERATIVES).

I.

The minimum primary capital of a credit union is set in currency
national, for UFV600,000.00.- (Six hundred thousand Housing Development Units) for
open savings and credit cooperatives and UFV300,000.00.- (Three hundred thousand units
Housing Development) for corporate savings and credit cooperatives. Will be
Constituted by:
to)

Contributions from cooperative members, represented by certificates of
input.

b)

Reserve fund constituted by the surpluses of perception that show
Financial statements.

c)

Free donations received.

Page 61

II.

Members of a credit union must demonstrate commitment to the
growth and capitalization of the entity through the continuous contribution of capital, which
must be backed by a certain number of defined contribution certificates
by the general assembly of partners, an aspect that must be inserted in the statutes of the
entity.

III.

The Financial System Supervisory Authority - ASFI will issue regulations for the
treatment of capital increases and reductions of credit unions,
in accordance with the provisions established in Article 157 of this Law.

Article 219. (MODIFICATION OF MINIMUM CAPITAL). The amount of capital or capital
minimum primary, in duly justified cases may be modified by the Executive Branch,
by type of entity above the minimum levels established in this Law.
Article 220. (OPENING OF OFFICES).
I.

Multiple banks will be able to establish and maintain branches, agencies and other points
of financial assistance anywhere in the national territory, including maintaining
branches or correspondent offices outside the country.

II.

The Financial System Supervision Authority - ASFI, will regulate the opening of
branches, agencies or other points of attention for intermediation entities
financial, considering the type of entity and its characteristics.

Article 221. (MERGERS AND ABSORPTIONS).
I.

A multiple bank or SME bank may acquire full ownership of another entity of
financial intermediation for its merger or absorption, with prior authorization from the Authority
Supervision of the Financial System - ASFI, in accordance with express regulations, this Law
and the Commercial Code.

II.

The other private financial intermediation entities may acquire the property
total of another financial intermediation entity with a similar legal nature and object
social for the purposes indicated above.

III.

In the case of entities constituted as communal financial entities, these
Operations must be framed within the limits of shareholding defined in the
Article 299 of this Law.

Article 222. (FOREIGN CAPITAL). The Executive Branch of the central level of the
The State may regulate, by means of a Supreme Decree, the participation of foreign capital in the
financial entities.
CHAPTER II
OF PRIVATE FINANCIAL INTERMEDIATION ENTITIES
SECTION I
PRIVATE DEVELOPMENT BANK
Article 223. (CONSTITUTION).
I.

The Private Development Banks will be constituted under the legal form of a company
anonymous, and its articles of incorporation and bylaws must adhere to the
Provisions of this Law and the Code of Commerce as appropriate. The
Shares of private development banks will be registered and ordinary.

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II.

The name or company name of these entities must necessarily contain as
first words in Spanish "Development Bank".
Article 224. (OBJECTIVE). The Private Development Bank will aim to
promote, through financial and technical support, the development of the productive sectors of the
national economy and the commerce and services sectors, complementary to the activity
productive.
Article 225. (INSTITUTIONS AND ELIGIBLE SUBJECTS).
I.

II.

To achieve its objective, the Private Development Bank will carry out operations
financial institutions through eligible institutions or directly with eligible subjects.
to)

Eligible institutions are financial intermediation entities
supervised by the Financial System Supervision Authority - ASFI
in accordance with this Law.

b)

They are eligible subjects to carry out financial operations directly
with the Private Development Bank, the natural or legal persons that
meet the requirements of internal regulations and regulations of the
Financial System Supervisory Authority - ASFI.

All eligible institutions and eligible subjects must comply with the policies and
procedures that the Private Development Bank determines for the provision of
financing services, as well as its policies for qualification and administration of
risks to maintain financial solvency at all times and ensure the
sustainability of the entity.
Article 226. (OPERATIONS).

I.

The Private Development Bank is empowered to carry out passive operations,
active, contingent and services that are included in Title II,
Chapter I of this Law, except those indicated in the limitations and
prohibitions of Article 227 of this Law.

II.

Notwithstanding this, you may in particular:
to)

Grant financing and carry out financial operations with institutions
eligible, in order to achieve adequate coordination with entities of
financial intermediation that grant financing to the various
sectors of the economy within the framework of the Development Bank objective
Private.

b)

Grant credits and carry out financial operations directly with subjects
eligible who demonstrate ability to pay, who carry out activities
productive and other commercial and service activities that are
complementary to production, to promote their economic development and
Social.

c)

Grant credits and carry out financial operations with eligible institutions
or eligible subjects, whose final destination is to finance the importation of
inputs, raw materials, machinery and other elements necessary for the
national productive activity, as well as meeting financing needs
for the marketing and export stages of goods and services of
Bolivian origin.

d)

Endorse obligations contracted by eligible institutions or subjects
eligible with other financial entities, provided that the resources are
destined to the objectives of the Private Development Bank.

and)

Create and implement financial products to support consolidation,
growth and development of the activities of micro, small and
medium-sized, urban and rural enterprises, crafts, commerce, services,
community organizations and production cooperatives.

F)

Develop and implement financial products to support the reduction of
inequalities in the level of economic and social development between
departments, regions and municipalities of the country and between urban areas and
rural.

g)

Develop training, advisory and technical assistance programs and
technology for production and marketing, business management,
administrative and accounting, aimed at increasing and improving competitiveness
and productivity and access to financing for economic units of
small scale, especially of forms of economic organization
community and associations and organizations of small producers
urban and rural.

h)

Finance, carry out or contract technical, financial and legal studies for
the sectoral analysis of the productive activity, for pre-investment studies
or for the structuring of investment projects.

i)

Invest in securities subject to the Securities Market Law issued by
financial entities supervised by the Supervisory Authority of the
Financial System - ASFI, provided that the invested resources are destined to
financing activities consistent with the objective of the Bank of
Private Development.

j)

Establish, manage and / or participate in financial structures, such as the
securitization, guarantee funds, risk capital, subordinated debt,
syndicated loans, trusts and others that meet the objective of the
Private Development Bank, for which it may contribute its own resources from
your assets or third parties.

k)

Channel and invest funds for the purpose of establishing insurance mechanisms
general, credit insurance, microinsurance, guarantee systems,
guarantee mechanisms and payment assurance, warehouses for deposit
of products for warranty purposes, and other hedging instruments
contingencies and risks related to the productive activity and
credits granted to these activities.
Channel and invest resources for the implementation of
financing for productive innovations or new ventures in
quality of venture capital, start-up capital, seed capital or capital
initial.

Page 63

l)

m) Buy portfolio of financial intermediation entities and assign it in
administration, or arrange its sale or securitization in accordance with what
determine its statutes and internal regulations.
n)

Invest in the equity capital of financial services companies
complementary, companies in the securities, insurance and pensions sectors
In order to meet the objective of the Private Development Bank, in the capital of

Page 64

communal financial entities, development financial entities and in
commercial companies whose corporate purpose is the provision of
non-financial support services for productive activities.
or)

III.

Sign cooperation agreements with national institutions or entities
and international companies that meet the objective of the Development Bank
Private.

This statement is not limiting or exclusive of other operations that the Bank of
Private Development can carry out for the fulfillment of its objective, among them
financial operations not explicitly mentioned, which may be exercised
prior authorization from the Financial System Supervisory Authority - ASFI, always
that are related to its objective and are framed in the provisions of the
present Law.

Article 227. (LIMITATIONS AND PROHIBITIONS). The Private Development Bank does not
you can perform the following operations:
to)

Grant financing directly or indirectly that does not fit your
objective, in modalities that do not fall within the provisions of the
this Law or are executed without complying with the requirements established in its
internal regulations or regulatory regulations.

b)

Invest in shares of financial or non-financial companies whose
objectives are not consistent with those of the Private Development Bank.

c)

Grant credits or finance by any means to natural persons or
legal entities that maintain credits in execution or written off, according to the
Registry of the Credit Information Center of the Authority of
Supervision of the Financial System - ASFI or the information bureaus
authorized.

d)

Grant credits with exclusive destination to the payment of obligations in arrears of
other financial intermediation entities for reasons of insolvency of the
borrower.

and)

Refinance credits from other entities. You can only grant
refinancing of loans granted by the Development Bank itself
Private.

F)

Grant credits directly or indirectly for non-purpose consumption
productive nor be related to productive chains.

g)

Capture demand deposits and savings accounts from the public.

h)

Others determined by the Financial System Supervisory Authority ASFI.

Article 228. (ANCHORING). To meet its objective, the Private Development Bank
will complement its own resources with the following funding operations:
to)

Other financing from private or public entities, national or
foreigners, who have objectives consistent with those of the Bank of
Public Development.

b)

Fundraising through long-term fixed-term deposits,

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according to regulations of the System Supervision Authority
Financial - ASFI.
Article 229. (CORRESPONDENCE REGIME). The Private Development Bank
may have a correspondent regime for the delegation of certain services under
its competence to authorized financial intermediation entities, in order to facilitate the
that allows expanding the geographic coverage and access of the rural population to their
financial services. It may also maintain correspondent offices outside the country, for purposes
of the fulfillment of its objective.
SECTION II
MULTIPLE BANK
Article 230. (CONSTITUTION).
I.

Multiple banks will be established under the legal form of a public limited company,
owing its deed of incorporation and statutes, abide by the provisions of the
present Law and the Code of Commerce in the pertinent. Bank shares
multiple will be nominative and ordinary.

II.

The name or company name of the multiple banks must necessarily contain the
word "bank" in Spanish as the first word.

Article 231. (OBJECTIVE). Multiple banks will aim to provide
financial services to the general public, favoring the development of economic activity
national, the expansion of productive activity and the development of the country's industrial capacity.
Article 232. (OPERATIONS). Multiple banks are empowered to carry out with
the general public the passive, active, contingent and service operations that are
They are included in Title II, Chapter I of this Law.
Article 233. (OPERATING LICENSE FOR BANK BRANCH
FOREIGN).
I.

Banks incorporated abroad that request authorization for the installation of
a branch in the country, with functions similar to national multiple banks,
must comply with the rules and regulations that the Supervisory Authority of the
Financial System - ASFI issued for this purpose.

II.

Foreign banks that operate in the Plurinational State of Bolivia through
of branches, prior compliance with the provisions of Book I, Title III, Chapter XII of the
Code of Commerce where appropriate, they will enjoy the same rights and privileges and will
will be governed by the same laws, rules and regulations applied to multiple banks
nationals.

III.

No foreign bank operating in the Plurinational State of Bolivia may, in the event of
any, invoke rights of foreign nationality in relation to their business and
operations in the country. Any controversy that arises, will be resolved, in law,
by the Bolivian courts.

IV.

Requests from foreign banks to operate in the country will be conditioned on
that the Financial System Supervisory Authority - ASFI verify if in the country of
origin, the conditions for granting a banking license meet at least the
required in this Law.

V.

Branches of foreign banks that operate in the country will not be able to advertise
in any way on the amount of capital and reserves of its head office, but they may
do so with respect to the amount of capital and reserves assigned to the branch that operates
in the Plurinational State of Bolivia.

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SECTION III
SME BANK
Article 234. (CONSTITUTION).
I.

SME banks will be established under the legal form of a public limited company, and must
its deed of incorporation and statutes, abide by the provisions of this
Law and the Code of Commerce where relevant. The shares of SME banks will be
registered and ordinary.

II.

The name or company name of the SME banks must necessarily contain the
word "Banco PYME" in Spanish as the first word.
Article 235. (OBJECTIVE).

I.

SME banks will aim to provide financial services
specialized in the sector of small and medium-sized enterprises, without restriction for the
provision of the same also to the microenterprise.

II.

With the limitation established in the following article, you may also grant credits
to large companies.

Article 236. (LEVEL OF CONCENTRATION OF OPERATIONS). SME bank
may grant loans to large companies up to a maximum limit of thirty percent (30%) of
your loan portfolio.
Article 237. (OPERATIONS). SME banks are empowered to carry out with the
general public passive, active, contingent and service operations that are found
included in Title II, Chapter I of this Law.
SECTION IV
COOPERATIVES OF SAVING AND CREDIT
Article 238. (CONSTITUTION).
I.

Savings and credit cooperatives will be established under the legal form of a company
cooperative adopting the limited liability regime, owing its deed of
social constitution and statutes abide by the provisions of the General Law of
Cooperatives, to this Law and to the Commercial Code in the pertinent.

II.

They are obliged to use the acronym "RL" in their name.

III.

To obtain their legal status, savings and credit cooperatives must
previously have the approval of the draft constitution by the
Financial System Supervisory Authority - ASFI.

IV.

A credit union can be established through one of the following
two ways:
to)

Cooperativa de Ahorro y Crédito Abierta, authorized to carry out
financial intermediation operations with its partners and the public,

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Except for active operations that can only be carried out with
Your partners.
b)

V.

Cooperativa de Ahorro y Crédito Societaria, authorized to carry out
financial intermediation operations exclusively with its partners.

The corporate savings and credit cooperatives may become cooperatives of
savings and credit open, complying with the conditions and requirements established through
regulations issued by the Financial System Supervision Authority - ASFI.

Article 239. (OBJECTIVE). Savings and credit cooperatives will be constituted as
specialized single-purpose entities for the provision of intermediation services
financial, aimed at its partners and the general public when appropriate.
Article 240. (OPERATIONS).
I.

Savings and credit cooperatives are empowered to carry out at the national level the
passive, active, contingent and service operations that are found
included in Title II, Chapter I of this Law, except those indicated in
the limitations and prohibitions of Article 241 of this Law and the following:
to)

Issue traveler's checks.

b)

Carry out financial leasing and factoring operations.

c)

Carry out future operations in different modalities, including contracts
future purchase and sale of foreign currencies.

d)

Open, notify, confirm and negotiate letters of credit, at sight or term.

and)

Make money transfers and issue payment orders enforceable abroad.

F)

Invest in the capital of complementary financial services companies.

g)

Invest in the capital of financial companies in the securities sector.

h)

Invest in the capital of companies in the insurance and pension sectors.

i)

Carry out repurchase operations in a reported condition.

j)

Manage investment funds to make investments on behalf of
third parties.

II.

Open credit unions may carry out active credit operations.
financial intermediation only with its partners; passive operations will be carried out
with its partners, the public and with national or foreign financial entities.

III.

The corporate savings and credit cooperatives will carry out active and passive operations
only with its partners. They may also carry out passive operations with
entities that provide technical and financial assistance to the cooperative sector of
savings and credit subject to regulation by the System Supervisory Authority
Financial - ASFI.

IV.

The provision of deposit services in checking accounts, the issuance of credit cards
credit and the opening and management of accounts abroad requires, for each case,
express authorization of the Financial System Supervisory Authority - ASFI.

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Article 241. (LIMITATIONS AND PROHIBITIONS). Savings cooperatives and
credit will not be able to carry out the following operations:
to)

Require membership fees other than contribution certificates for
grant the quality of partner.

b)

Carrying out high-risk operations in speculative markets does not
concordant with its objective and social purpose.

c)

Grant financing to real estate businesses or corporations
business whose final destination is the sale or marketing of goods and
services with strictly commercial purposes, for segments of the
population other than the target population of the activities of the
Cooperatives of saving and credit.

Article 242. (COMPULSORY CAPITALIZATION).
I.

The statutes of the savings and credit cooperatives must establish the obligation
of the partners to make annual capitalization contributions, in addition to the legal reserve
referred to in Article 421 of this Law, through the purchase of certificates of
contribution, under the form and conditions determined by the general assembly of partners,
in order to permanently ensure compliance with the minimum primary capital
provided in the same Article 218 and the coefficient of equity adequacy contained
in Article 415 of this Law.

II.

To comply with this determination, the board of directors must prepare annually,
by itself or through independent specialists, studies on the needs of
equity strengthening and the capitalization mechanisms proposed for
approval of the general assembly of partners.

Article 243. (DISTRIBUTION OF SURPLUSES). Credit unions
they will only be able to distribute the annual surplus of perception to those partners with a seniority
greater than three (3) months, once the deductions for the constitution of reserves and funds have been made
established on a mandatory basis, pro rata, according to the amount and time of permanence of the
contribution certificates of each partner in the annual management.
Article 244. (RESTRICTIONS FOR THE REDEMPTION OF CERTIFICATES OF
INPUT).
I.

Savings and credit cooperatives will not be able to redeem contribution certificates if
there are accumulated losses, deficiencies in the constitution of provisions or reserves, or
if with said redemption the technical and legal limits established in the
present Law.

II.

The members of the boards of directors and supervisors and the executives who
authorize the redemption of contribution certificates contrary to the provisions of the
this Article, will be personally and severally liable, having to restore to the
Cooperativa de Ahorro y Crédito with its own assets, the amount of the reduction of the
capital for the illegal redemption of contribution certificates.

Article 245. (COOPERATIVES OF SAVINGS AND LABOR LINK CREDIT).
Labor bond savings and credit cooperatives are excluded from the application of the
present Law.
Article 246. (CENTRAL BOXES).

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I.

The central banks are authorized instances of integration of the cooperatives of
savings and credit with an operating license granted by the Supervisory Authority
of the Financial System - ASFI. The minimum number of Cooperatives that must be constituted
a central box will be determined by the Financial System Supervisory Authority
- ASFI.

II.

The minimum capital required for the constitution of a central bank will be determined
technically by the Financial System Supervision Authority - ASFI.

III.

Credit unions can invest in the capital of a central bank.

IV.

A central bank will be administered by a board of directors under the control of
a supervisory council, whose members will be appointed by the cooperatives
participants.

V.

Decisions will be made by weighted vote, which will attend to the number of partners
owned by each cooperative, in a range of one (1) to five (5) votes, guaranteeing the
rights of minorities, in accordance with the provisions contained in the
regulations on governance issued by the System Supervisory Authority
Financial - ASFI.

SAW.

The central banks may carry out with the savings and credit cooperatives
participants, the following operations:
to)

b)

VII.

Develop financial services networks among cooperatives
participants, such as shared windows, fund transfers,
remittances, service payments, among others.
Function as a clearinghouse between cooperatives
participants.

c)

Manage financing and resources for cooperatives of
authorized savings and credit, with each cooperative having to subscribe
corresponding contracts.

d)

The others established in the regulations issued by the Authority of
Supervision of the Financial System - ASFI that are framed in the
nature of its object and do not contradict the provisions of this
Law.

The central savings banks will be regulated by the System Supervision Authority
Financial - ASFI; the express regulations issued by the Supervisory Authority of the
Financial System - ASFI for central savings banks will establish provisions regarding the
constitution, minimum capital, authorization, internal structure, administration and
governance, operations, limitations and prohibitions, risk management, distribution
of surpluses, opening of offices, incorporation and withdrawal of participants, intervention,
dissolution and liquidation, and other aspects related to the operation of the savings banks
central.
SECTION V
HOUSING FINANCIAL INSTITUTIONS

Article 247. (CHARACTERISTICS). The Housing Finance Entity is a company
which aims to provide financial intermediation services with specialization in
home purchase loans; single-family home construction projects or
multifamily; purchase of land; home renovation, remodeling, expansion and improvement
individual or horizontal property and granting of microcredit for family housing and for

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productive housing infrastructure, as well as financial leasing operations
housing.
Article 248. (CONSTITUTION AND PERSONALITY CONTRACT). The entity
housing finance will be constituted through the execution of a public deed. The
Legal personality will be acquired with the respective registration in the Commercial Registry, which,
after verification of compliance with all legal and tax requirements in accordance with
regulations established for this purpose, will proceed accordingly.
Article 249. (NAME). The housing finance company must keep a
denomination to which the words "Housing Finance Entity" must be added, or its
abbreviation "EFV".
Article 250. (SHARE CAPITAL AND CAPITAL CERTIFICATES).
I.

The capital stock will be represented by capital certificates. The face value of each
capital certificate must be established in the articles of incorporation and the
society statutes.

II.

The capital certificate will give the quality of partner to its holder and will grant him the right to
voice and right to one vote regardless of the number of capital certificates that
could concentrate the partner up to the limit of zero point two percent (0.2%). The
The exercise of the vote cannot be delegated.

III.

Only natural persons may be holders of capital certificates.

IV.

Holders of capital certificates may obtain loans from the entity
financial housing.

V.

The issuance of new capital certificates will be regulated by the Authority of
Supervision of the Financial System - ASFI.

Article 251. (TREATMENT OF PROFITS) . Annual net profits
certified by external auditors, deducting the legal reserve and others that may be
established in the statutes, and provided that with their distribution they do not fail to fulfill the relations
established in this Law and regulatory standards of the Supervisory Authority of the
Financial System - ASFI, may be distributed to holders of certificates of capital stock
in proportion to their social participation.
Article 252. (LIABILITY). The liability of the partners is limited to the amount
of the certificates of social capital that they possess.
Article 253. (OPERATIONS).
I.

Housing finance entities are empowered to carry out nationally the
passive, active, contingent and service operations that are found
included in Title II, Chapter I of this Law, including financing
of housing construction projects, except those indicated in the limitations and
prohibitions of Article 254 of this Law and the following:
to)

Issue traveler's checks.

b)

Carry out factoring operations.

c)

Carry out future operations in different modalities, including contracts
future purchase and sale of foreign currencies.

d)

Open, notify, confirm and negotiate letters of credit, at sight or term.

and)

Make money transfers and issue payment orders enforceable abroad.

F)

Invest in the capital of development banks and service companies
complementary financial, except investments in the capital of chambers of
clearing and settlement, mobile payment service companies, bureaus of
Information, electronic card administrators and companies
transporters of money and values.

g)

Invest in the capital of financial companies in the securities sector.

h)

Invest in the capital of companies in the insurance and pension sectors.

i)

Manage investment funds to make investments on behalf of
third parties.

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II.

The provision of deposit services in checking accounts, the issuance of credit cards
credit, the opening of accounts abroad, as well as investments in the capital of
Complementary financial services companies allowed requires for each case,
express authorization of the Financial System Supervisory Authority - ASFI.

Article 254. (LIMITATIONS AND PROHIBITIONS). Financial entities for the
housing will not be able to carry out the following operations:
to)

Grant credits with a destination other than housing or related to the
housing, for more than twenty-five percent (25%) of the total portfolio of
credits.

b)

Carrying out high-risk operations in speculative markets does not
concordant with your objective.
Other than the Financial System Supervisory Authority - ASFI
through regulatory norm establish considering the legal nature
of housing finance entities, their general purpose and
other aspects inherent to its scope of operation.

c)

Article 255. (ADMINISTRATION).
I.

The administration and representation of the housing finance entity will be in charge of
a board of directors made up of a minimum of five members appointed by the assembly
of partners. The statutes may designate a greater number of directors that will not exceed
of ten (10).

II.

The borrower status of a partner of the housing finance institution does not constitute
a prohibition for him to be elected and form part of the governing bodies
administration, control and supervision of the housing finance entity, unless the
bylaws of the entity establish otherwise.

III.

The management of the members of the board of directors will be established in the statutes, not
being able to exceed two years. After half the time set as
management, half of the board must be renewed, the remaining directors must be
renewed in the next half of the term established as management.

IV.

In the case of the first board of directors, the directors who will be
renewed after this first half of management.

V.

Directors may be re-elected after the expiration of a period of duration of the
director functions.

SAW.

The partner who is in the role of director, internal auditor or executive, may
take credit from the housing finance company, provided that the terms and conditions
of the operation are not more favorable than those applied to other borrowers.

VII.

The statutes will establish the functions, powers, duties and obligations of the
board of directors, in addition to what is established by the Commercial Code regarding the
and obligations of the board of directors of corporations.

Page 72

Article 256. (COMMITTEES).
I.

For the management of operations, exercise of surveillance and control of the operation of
the housing finance entity, as well as for the fulfillment of its powers
legal and statutory, the board of directors must organize committees of risks, credits,
audit, electoral and others that the statutes establish, having to foresee the participation
minimum of a member chosen randomly by committee, according to the regulations that
establish the Financial System Supervision Authority - ASFI for this purpose.

II.

The members of the electoral committee must be chosen by lot according to the
regulations established for this purpose by the Supervisory Authority of the System
Financial - ASFI.
Article 257. (INTERNAL CONTROL). The internal control of the entity
financial housing must be carried out permanently by an internal inspector, with
the attributions of the trustees of the public limited companies established in the Code of
Commerce. The internal auditor, member or not, must be appointed by the shareholders' meeting. The
Internal auditors will answer to the assembly of holders of certificates of quota of
capital. The designation may be revoked by the general assembly.
Article 258. (ASSEMBLY OF PARTNERS). The general assembly of partners legally
summoned, is the highest instance through which the social will of the partners is expressed
from the housing finance company. The general assemblies will be ordinary and extraordinary.
Article 259. (ORDINARY ASSEMBLIES AND THEIR JURISDICTION).
I.

II.

The ordinary general assembly must be called and meet on a mandatory basis,
at least once a year, to consider and resolve the following issues:
to)

The annual report and report of the internal auditor, the balance sheet and the
income statement, and all other matters related to the management of the company.

b)

The distribution of profits or, where appropriate, the treatment of losses.

c)

Establishment of the remuneration of the electoral committee, directors and auditors
internal

d)

The responsibilities of the directors and the internal auditor, if
there is.

In the cases of points a and b, the assembly will necessarily be called within
three months after the close of the fiscal year.

Article 260. (ELECTION OF DIRECTORS AND INTERNAL AUDITOR). The chose
and removal of the directors and the internal auditor will be carried out through a process of
election that will be in charge of the electoral committee whose duties and obligations will be regulated by

Page 73

through regulatory regulations issued by the Financial System Supervisory Authority ASFI.
Article 261. (EXTRAORDINARY ASSEMBLIES AND THEIR JURISDICTION). The
Extraordinary general assemblies will consider all matters that are not of competence
of the ordinary assemblies and, exclusively, the following:
to)

The modification of the statutes.

b)

The issuance of new capital certificates.

c)

The issuance of bonds.

d)

The capital increase and capital reduction or reimbursement.

and)

The early dissolution of the company, its extension, its merger;
appointment, removal and remuneration of liquidators.

F)

Others that the Law, the articles of incorporation or the statutes indicate.

Article 262. (QUORUM IN THE ORDINARY AND EXTRAORDINARY ASSEMBLIES).
The ordinary and extraordinary assemblies will be held if more than
ten percent (10%) of the partners, unless the statutes establish a higher number for
form a quorum.
Article 263. (VOTES NECESSARY).
I.

The resolutions in the ordinary assemblies will be taken by the absolute majority of the
votes present that are not prevented from being cast in relation to the matter submitted to
decision, unless the statutes require a greater number.

II.

In extraordinary assemblies, resolutions will be taken by an absolute majority of
the votes present not prevented from being cast in relation to the matter submitted for decision,

Unless the statutes require a greater number.
Article 264. (SECOND CALL).
I.

The ordinary and extraordinary assemblies will function validly in second
call, if more than one percent of the certificates of
capital or a minimum of five hundred members with voting rights. This call will be made
observing the provisions of the Commercial Code regarding its content, noting
that it is a second call.

II.

Decisions will be taken by absolute majority of votes unless the statutes require
a higher quorum or a greater number of votes.
Article 265. (THIRD CALL).

I.

The ordinary and extraordinary assemblies will function validly in third
call, regardless of the number of holders of capital certificates with
right to vote present. To this call, must attend the
members of the electoral committee in office and carried out in the presence of officials of the
Financial System Supervisory Authority - ASFI.

II.

Decisions will be taken by absolute majority of votes unless the statutes require
a higher quorum or a greater number of votes.

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Article 266. (FORM OF CONSTITUTION) . The housing finance company
will constitute with a minimum of five hundred (500) partners whose capital contributions, individually
reach a maximum of zero point two percent (0.2%) of the capital stock.
Article 267. (TRANSFER OF CAPITAL CERTIFICATES). The transmission of
capital certificates will be free; however, no partner may concentrate more than zero point
two percent (0.2%) of social participation.
Article 268. (IMPEDIMENT OF TRANSFORMATION). The financial entity of
housing cannot be transformed.
Article 269. (INTERVENTION, SOLUTION PROCEDURE AND LIQUIDATION
FORCED JUDICIAL).
I.

When a housing finance entity incurs the causes of intervention
indicated in Article 511 of this Law, the Supervisory Authority of the System
Financial - ASFI, with a reasoned opinion, will carry out the intervention of the entity to
effects of applying the settlement procedure, the settlement process with insurance
deposits or compulsory judicial liquidation in accordance with the provisions of Title IX of the
present Law and the Civil Code in the pertinent.

II.

If there is a residual balance of the assets, the partners will receive their share of the
equity, in proportion to the value of the capital certificates they possess.

Article 270. (LIQUIDATION AND DESTINATION OF THE ASSETS). In case of liquidation of
the housing finance entity, the partners will receive their share of the equity, in proportion
to the value of the capital certificates they possess.
Article 271. (TAX OBLIGATIONS). The housing finance company
is subject to compliance with the tax obligations established by the provisions
current laws applicable to financial entities.
Article 272. (APPLICABLE LEGISLATION). Financial entities for housing
Regarding its constitution and operation, they are governed by the provisions of this Law, the regulations
regulations of the Financial System Supervisory Authority - ASFI and, additionally in
everything that does not contravene, by the provisions of the Commercial Code regarding companies
anonymous.
SECTION VI
FINANCIAL DEVELOPMENT INSTITUTIONS
Article 273 . (FEATURES).
I.

The Development Financial Institution is a non-profit organization, with
own legal personality, created in order to provide financial services with a
comprehensive approach that includes social management, seeking to positively influence the
economic and social progress of people and organizations, as well as contributing to the
sustainable development of small agricultural, fish and timber producer
and non-timber, and micro and small enterprises, mainly in rural areas and
peri-urban.

II.

The Development Financial Institution is constituted with an indefinite duration; without
However, its dissolution and liquidation will proceed in case of facing situations
supervening events that determine the impossibility of achieving its ends.
Article 274 . (CONSTITUTION AND LEGAL PERSONNEL).

I.

The Development Financial Institution for its constitution and obtaining legal status
Legal will be governed by the provisions of this Law and regulatory provisions. The
authorization of operation, inspection, control and supervision of their activities,
Administration and operations are the exclusive competence of the Supervisory Authority
of the Financial System - ASFI.

II.

Obtaining and registering the legal personality of Financial Institutions of
Development whose activities are carried out in more than one department will be granted by the
Ministry of Economy and Public Finance, and when they are filed only
in the geographical area of ​a department it will correspond to the departmental government
autonomous of that jurisdiction carry out the granting and registration of the personality
legal entity of the Development Financial Institution.

Page 75

Article 275. (NAME). The Development Finance Institution must keep a
denomination to which the words "Development Financial Institution" must be added, or its
abbreviation "IFD".
Article 276. (FOUNDERS). The founders of the Development Finance Institution
There may not be less than five (5) natural and / or legal persons with objectives similar to those
purposes of the Development Financial Institution.
Article 277. (SHARE CAPITAL). The Social Capital is made up of capital
foundation and ordinary capital. The constitution of the founding capital is a requirement of
mandatory compliance for the creation and operation of the development financial institution.
Ordinary capital is complementary in nature without constituting a requirement for the creation and
operation of the Development Financial Institution.
Article 278. (FOUNDATION CAPITAL).
I.

The Founding Capital will be constituted with donation contributions in cash for the purposes of the
creation and operation of the Development Financial Institution, whose amount, when
less and at all times, it must reach the minimum capital required in Subsection e of
Article 217 of this Law. These contributions are final, irrevocable and may not
be subject to withdrawal, separation or refund.

II.

The foundation capital will be represented by certificates of foundation capital, the
which must be issued in the name of the contributor at the time of payment in cash
of the corresponding funds. They give their holder the right to one vote,
regardless of the amount contributed. This right will be exercised with respect to all
matters, except for the case of consideration and decision of the distribution of profits
or treatment of losses.

III.

The founding capital certificates are not subject to transfer under any
concept.

IV.

The founding capital may be strengthened with donation resources from other sources.
that aim to strengthen financial sustainability and support the development of the
object of the Development Financial Institution.
Article 279. (ORDINARY CAPITAL).

I.

Ordinary Capital is that part of the capital stock contributed by natural persons or
legal entities for the purpose of strengthening the assets and expansion of the Financial Institution
developmental. In no case may the sum of these capital contributions be equal to or
greater than ninety-five percent (95%) of the founding capital.

II.

The ordinary capital will be represented by certificates of ordinary capital. Emission
of these certificates will be made in the name of the contributor only when the payment of
ordinary capital has been made.

III.

Ordinary capital certificates grant the right to vote limited and to participate in the
allocation of profits, in proportion to the ordinary capital contributed. The
Ordinary capital certificate holders will have the right to vote only in the
matters relating to the allocation of profits or the treatment of losses, merger,
change of the company's object, reform of the bylaws, early dissolution,
its extension, merger and liquidation.

IV.

The income of associates as ordinary capital contributors must be
approved by the general assembly of associates, as well as any transmission of the
ordinary capital contribution certificates.

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Article 280. (TREATMENT OF MANAGEMENT RESULTS). The utilities
annual liquidity, certified by external auditors, deducting the legal reserve and others that could
be established in the statutes, they must be fully consolidated to the founding capital, except
that there were contributions of ordinary capital, in which case it may be assigned to the associates of
ordinary capital profits in proportion to its participation in the capital stock, provided that
with said distribution, the legal relationships established in this Law and
Regulatory standards of the Financial System Supervisory Authority - ASFI.
Article 281. (LIABILITY). The responsibility of the holders of
Foundational and ordinary contribution certificates are limited to the amount of their contributions.
Article 282. (OPERATIONS). The Development Finance Institution will initiate its
operation with a level of basic operations that must be established by the
Supervision of the Financial System - ASFI through regulatory norm; level you won't understand
the capture of deposits. When the Development Financial Institution reaches parameters of
patrimonial, technological, institutional and other levels established by the Supervisory Authority
of the Financial System - ASFI, this entity will authorize the collection of deposits and realization of
other passive, active and contingent operations.
Article 283. (SOCIAL MANAGEMENT). The Development Finance Institution in the form
complementary to the provision of financial services should develop within the framework of
integral credit technologies a social management that contemplates social objectives, strategies and
social performance indicators, which will be subject to control and measurement of compliance
by the Financial System Supervision Authority - ASFI.
Article 284. (LIMITATIONS AND PROHIBITIONS). The Financial Institution of
Development may not:
to)

Grant loans to associates of founding capital or ordinary capital,
members of the assembly, directors, members of the committees and executives
of the Development Financial Institution.

b)

Grant loans with the guarantee of certificates of foundation capital or
Ordinary.

c)

Carry out operations not consistent with its objective and social purpose.

d)

Other than the Financial System Supervisory Authority - ASFI
through regulatory norm establish considering the legal nature
development finance institutions, the overall purpose of the
themselves and other aspects inherent to its scope of operation.

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Article 285. (ADMINISTRATION).
I.

The administration and representation of the Development Financial Institution will be at
position of a board of directors composed of a minimum of three members, associates or not,
appointed by the assembly of associates. The statutes may indicate a number
more than eight (8) directors.

II.

The period of duration of the directors' functions must be established in the
statutes.

III.

The statutes will establish the functions, powers, duties and obligations of the
board of directors and its members, in accordance with what is established in the Commercial Code
Regarding the powers and obligations of the board of directors established for companies
anonymous.

Article 286. (COMMITTEES). For the management of operations, monitoring exercise and
control of the operation of the Development Financial Institution, as well as for compliance
of its legal and statutory powers, the board of directors must organize risk committees,
credits, auditing and others in accordance with what the statutes establish.
Article 287. (INTERNAL CONTROL).
I.

The Development Financial Institution must have a control body
composed of two members, one representing the holders of certificates of
founding capital and the other to ordinary capital certificate holders,
called internal auditors, with the attributions of the trustees of the
public limited companies established in the Commercial Code. Internal auditors
They must be appointed by the general assembly of associates. Equal number of
alternates must also be elected. The designation may be revoked by the
general Assembly.

II.

They may be re-elected after the expiration of a period of duration of the functions of
internal auditor.

III.

The internal auditors will respond to the assembly of associates.

Article 288. (GENERAL ASSEMBLY OF ASSOCIATES). The General Assembly of
Associates legally summoned is the highest instance through which the
social will of the associates of the Development Financial Institution, with competencies
exclusive to consider and resolve the matters provided for in the Commercial Code for the meeting
ordinary and extraordinary general shareholders of corporations. Assemblies
general will be ordinary and extraordinary.
Article 289. (MERGERS AND ABSORPTIONS). A Development Finance Institution
may acquire full ownership of another financial intermediation entity of a similar nature
legal and corporate purpose for its merger or absorption, with prior authorization from the
Supervision of the Financial System - ASFI, in accordance with the express regulations of this Law and the
Commercial Code.
Article 290. (TRANSFORMATION). The Development Finance Institution may
become a SME bank, complying with the conditions and requirements established in the
this Law and in express regulations issued for this purpose by the System Supervision Authority
Financial - ASFI.
Article 291. (VOLUNTARY DISSOLUTION AND LIQUIDATION). When an Institution

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Financiera de Desarrollo resolves its voluntary dissolution and it is authorized by the Authority of
Supervision of the Financial System - ASFI will execute the corresponding liquidation. Yes like
As a result of the liquidation, a residual balance of assets will remain, the holders of certificates of
Ordinary capital will receive their share of it in proportion to the value of their contributions. The
Part quota that corresponds to the holders of certificates of foundation capital will be awarded to
the public university of the departmental jurisdiction in which the Institution is located
Development Finance.
Article 292. (INTERVENTION, SOLUTION PROCEDURE AND LIQUIDATION
FORCED JUDICIAL).
I.

When a Development Financial Institution incurs the causes of intervention
indicated in Article 511 of this Law, the Supervisory Authority of the System
Financial - ASFI with a reasoned opinion, will carry out the intervention of the entity for the
applying the settlement procedure, the settlement process with insurance
deposits or compulsory judicial liquidation in accordance with the provisions of Title IX of the
present Law and the Civil Code in the pertinent.

II.

If there is a residual balance of assets, equity certificate holders
They will receive their share of the same in proportion to the value of their contributions.
The part quota that corresponds to the holders of certificates of foundation capital is
awarded to the public university of the departmental jurisdiction in which the
Find the Development Finance Institution.

Article 293. (TAX OBLIGATIONS). The Development Finance Institution
is subject to compliance with the tax obligations established by the provisions
current legal regulations.
Article 294. (APPLICABLE LEGISLATION). The Development Finance Institution
Regarding constitution, operation and liquidation, it is governed by the provisions of this Law, the
regulatory standards of the Financial System Supervisory Authority - ASFI and,
additionally in everything that does not contravene, as provided by the Civil Code and the Code of
Trade with respect to corporations.
SECTION VII
COMMUNITY FINANCIAL INSTITUTIONS
Article 295. (CHARACTERISTICS).
I.

The Communal Financial Entity is an organization, with its own legal personality,
created by one or more producer organizations or other sectors legally
constituted, constituents of the communal capital as a donation, as part of the
essential of the social capital, in order to finance the activity of its members
under conditions of promotion, and third-party producers when authorized
corresponding authority of the Financial System Supervision Authority - ASFI.

II.

The Communal Financial Entity is constituted with an indefinite duration; However,
its dissolution and liquidation will proceed in case of unforeseen situations that
determine the impossibility of achieving their ends.
Article 296. (CONSTITUTION AND LEGAL PERSONNEL).

I.

The Communal Financial Entity for its constitution and obtaining legal status is
It will be governed by the provisions of this Law and regulatory provisions. The
authorization of operation, supervision, control and inspection of their activities,
Administration and operations are the exclusive competence of the Supervisory Authority

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of the Financial System - ASFI.
II.

Obtaining and registering the legal personality of Communal Financial Entities
whose activities are carried out in more than one Department will be granted by the Ministry of
Economy and Public Finance, and when they reside only in the area
geographical area of ​a Department will correspond to the autonomous departmental government of
that jurisdiction carry out the granting and registration of the legal personality of the
communal financial institution.

Article 297. (NAME). The Communal Financial Entity must carry a
denomination to which the words "Communal Financial Entity" must be added, or its
abbreviation "EFC".
Article 298. (SHARE CAPITAL). The social capital is made up of communal capital
and by ordinary capital. The constitution of the communal capital is a mandatory requirement
for the creation and operation of the Communal Financial Entity. Ordinary capital has
Complementary nature without constituting a requirement for the creation and operation of the Entity
Communal Financial.
Article 299. (COMMUNAL CAPITAL).
I.

The communal capital will be constituted with donation funds in cash and / or in kind,
whose amount at least, and at all times, must reach the minimum capital
required for a Community Financial Entity, established in Subsection f of Article
217 of this Law.

II.

The constitution of the communal capital is reserved only to one or more
producer organizations or other legally constituted sectors.

III.

The communal capital may be strengthened with donation resources from other sources that
aim to strengthen financial sustainability and support the development of the object
of the Communal Financial Entity, provided that donors do not acquire the right
any or assume attributions related to the direction of the Financial Entity
Communal.
Article 300. (CERTIFICATES OF CAPITAL CONTRIBUTION).

I.

Ordinary capital is that part of the capital stock contributed by third parties
natural or legal purposes for the purpose of patrimonial strengthening and expansion of the activity
financial institution of the Communal Financial Entity. These contributions will be represented by
ordinary capital contribution certificates. In no case will the sum of these contributions
of capital may be equal to or greater than ninety-five percent (95%) of capital
communal.

II.

The certificates of ordinary capital contribution will be nominative and must be
paid in full at the time of issue. Acceptance of their headlines as
associates of the Communal Financial Entity must be approved by the board of directors,
as well as any transmission of these contribution certificates.

III.

They confer on their holder the right to share in the profits in proportion to the
contributed capital. In the event of losses, they must be absorbed in proportion
to the capital contributed.

IV.

The ordinary capital contributions, whatever the degree of participation within the
established limit, give their holders the right to appoint a member to the board
directive and grant the right to vote only on the matter referred to the allocation of

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profits corresponding to ordinary capital.
Article 301. (TREATMENT OF PROFITS) . Annual net profits
certified by external auditors, deducting the legal reserve and others that may be
established in the statutes, must be fully consolidated to the communal capital, except that
there are contributions of ordinary capital, in which case profits may be assigned to the associates of
ordinary capital, in proportion to its participation in the capital stock, provided that with
said assignment will not fail to comply with the legal relationships established in this Law and
Regulatory standards of the Financial System Supervisory Authority - ASFI.
Article 302. (LIABILITY). The responsibility of the holders of
Ordinary capital contribution certificates are limited to the amount of their contributions.
Article 303. (OPERATIONS). The Communal Financial Entities will start their
operation with a basic level of operations to be established by the
Supervision of the Financial System - ASFI. In this initial stage, the Communal Financial Entity
It may only operate with members of the producer organization constituting the capital.
communal. When the Community Financial Entity reaches equity level parameters,
technological, institutional and other established by regulatory norm of the Authority of
Supervision of the Financial System - ASFI, this entity will authorize the operation with third parties.
Article 304. (LIMITATIONS AND PROHIBITIONS). Financial Institutions
Communals may not:
to)

Grant loans to holders of ordinary contribution certificates of
capital without the authorization of the board of directors, subject to
regulation of the Financial System Supervisory Authority ASFI.

b)

Accept as collateral for certified loans of ordinary contribution of
capital.

c)

Carry out operations not consistent with its objective and social purpose.

d)

Grant financing to real estate businesses or corporations
business, whose final destination is the sale or marketing of goods and
services with strictly commercial purposes, for segments of the
population other than the target population of its activities.

and)

Other than the Financial System Supervisory Authority - ASFI
through regulatory norm establish considering the legal nature
of the communal financial entities, their general purpose and
other aspects inherent to its scope of operation.

Article 305. (BOARD OF DIRECTORS).
I.

II.

The government, administration and representation of the Communal Financial Entity will be
in charge of the board of directors composed of a minimum of three (3) members, designated
by the assembly of the producer organization, to whose interests the
purpose of the Communal Financial Entity. When the communal capital has been
made up of more than one producer organization, the statutes of the Entity
Financiera Comunal will establish the degree of participation of each of them in the
appointment of the members of the board of directors. The statutes may designate a
greater number of members that will not exceed eight (8).
For the representation of ordinary capital, the board of directors will provide for the participation of a
representative for all its contributors with the right to vote only in matters of

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distribution and payment of the corresponding profits.
III.

The members of the board of directors will respond jointly and severally to the Entity
Financiera Comunal for damages caused by acts contrary to the Law or
to the statutes, or by those made without the diligence with which they must carry out the
position.

IV.

The borrower status of a member of the producer organization does not prohibit
to be part of the government, administration, representation and control of the
Communal Financial Entity, unless the bylaws of the company prohibit it.

V.

The associate who is in the role of manager, executive or internal auditor,
may take credit from the Communal Financial Entity, provided that the terms and
conditions of the operation are not more favorable than those applied to all
credits.
The period of duration of the functions of the directors must be established in the
statutes not to exceed three (3) years.

SAW.

VII.

The members of the board of directors may be re-elected once, after the expiration of
a period of duration of the managerial functions.
Article 306. (POWERS).

I.

The powers of the board of directors extend to everything that concerns the government and
administration of the Communal Financial Entity, without any exception.

II.

With an enunciative and non-limiting character, they are attributions and powers of the board
directive, the following:
to)

Exercise senior management and control of the activity of the Financial Institution
Communal.

b)

Interpret and agree on the modification of the statutes, whenever it is
convenient to the interests of the Communal Financial Entity and to the best
achievement of its ends.

c)

Establish the general or special lines of operation of the
entity.

d)

Appoint and empower the executive authorities of the Financial Institution
Communal and set their remuneration.

and)

Approve the strategic plan, the budget, the corresponding report, as well
like financial statements.

F)

Adopt agreements on the merger or extinction of the Financial Institution
Communal; the latter in case of impossibility of compliance with its
objectives.

g)

Agree on the acquisition, disposal and encumbrance of movable property or
properties for or by the Communal Financial Entity, observing the
corresponding regulatory standards.

h)

Approve codes of good governance and internal operating regulations.

i)

Approve the donation of capital or other types of goods.

j)

Approve the participation in the communal capital of third natural persons
or legal in the form of ordinary capital contributions and the payment of
profits in the proportion of the capital contributed.

k)

To exercise, in general, all the functions of disposition, administration,
conservation, custody and defense of the assets of the Financial Institution
Communally, judicially or extrajudicially.

l)

In general, how many other functions should I develop for the administration?
or government of the Communal Financial Entity, with submission in all
case to the corresponding legal provisions.

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Article 307. (COMMITTEES). For the management of operations, monitoring exercise and
control of the proper functioning of the Communal Financial Entity, as well as for compliance
of its legal and statutory powers, the board of directors must organize risk committees,
credits, auditing and others in accordance with those established by the statutes, having to foresee the
minimum participation of a member of the producer organization chosen randomly by
each committee, following the regulations established by the System Supervisory Authority
Financial - ASFI for the purpose.
Article 308. (INTERNAL AUDITORS).
I.

The Communal Financial Entity must have a control body made up of
two (2) members, one designated by the producer organization and the other designated
by the holders of ordinary capital contribution certificates, called
internal auditors, with the attributions of the trustees of the public limited companies
established in the Commercial Code. Equal number of substitutes must also be
chosen. When the communal capital has been integrated by more than one organization of
producers, the statutes of the Communal Financial Entity will establish the degree of
participation of each one of them in the appointment of the internal inspector that
corresponds.

II.

They may be re-elected after the expiration of a period of duration of the functions of
internal auditor. The designation may be revoked by the assembly of the
producer organization.

III.

The internal auditors will be accountable to the assembly of the organization of
producers.
Article 309. (TRANSFORMATION) . The Communal Financial Entity may not
become a multiple bank or a SME bank.
Article 310. (VOLUNTARY DISSOLUTION AND LIQUIDATION) . When an Entity
Financiera Comunal resolves its voluntary dissolution and it is authorized by the Authority of
Supervision of the Financial System - ASFI will execute the corresponding liquidation. Yes like
As a result of the liquidation, a residual balance of assets will remain, the holders of certificates of
ordinary capital contribution will receive their share in proportion to the value of their contributions.
The share that corresponds to the capital integrated as a donation will be awarded to the
public university of the departmental jurisdiction in which the Financial Institution is located
Communal or other entity with similar characteristics.
Article 311. (INTERVENTION, SOLUTION PROCEDURE AND LIQUIDATION
FORCED JUDICIAL).
I.

When a Communal Financial Entity incurs the causes of intervention
indicated in Article 511 of this Law, the Supervisory Authority of the System

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Financial - ASFI with a reasoned opinion, will carry out the intervention of the entity for the
to apply the settlement procedure, the settlement process with deposit insurance
or the compulsory judicial liquidation in accordance with the provisions of Title IX of this Law and
the Civil Code in what is conducive.
II.

If there is a residual balance of assets, the holders of contribution certificates
ordinary capital will receive their share of it in proportion to the value of their
contributions. The share that corresponds to the capital integrated as a donation
will be awarded to the public university of the departmental jurisdiction in which the
find the Communal Financial Entity.

Article 312. (TAX OBLIGATIONS) . The Communal Financial Entity is
subject to compliance with the tax obligations established by the legal provisions
current.
Article 313. (APPLICABLE LEGISLATION) . The Communal Financial Entities
Regarding their constitution, operation and liquidation, they are governed by the provisions of this Law,
the regulatory standards of the Financial System Supervisory Authority - ASFI and,
additionally in everything that does not contravene, as provided by the Civil Code and the Code of
Commerce.
CHAPTER III
OF COMPANIES OF COMPLEMENTARY FINANCIAL SERVICES
SECTION I
SCOPE
Article 314. (TYPES OF FINANCIAL SERVICES COMPANIES
COMPLEMENTARY).
I.

II.

Are subject to the scope of the provisions of this Chapter, the
specialized companies of exclusive business that provide financial services
complementary, being these of the following types:
to)
Financial leasing companies.
b)

Factoring companies.

c)

General deposit warehouses.

d)

Clearing and settlement chambers.

and)

Information bureaus.

F)

Transport companies of monetary material and values.

g)

Electronic card management companies.

h)

Exchange Houses.

i)

Mobile payment service companies.

In all matters that are not provided for in this chapter, it will be applied as
conducive, the provisions contained in this Law for entities of
financial intermediation.
Article 315. (CONSTITUTION). Complementary financial services companies

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will be constituted in the form of sole proprietorships, limited liability companies or
joint-stock companies, single purpose, owing their articles of incorporation and statutes
abide by the provisions of this Law and the Code of Commerce where appropriate. The
Shares of Complementary Financial Services Companies will be registered and
ordinary shares and capital quotas will only be nominative.
The constitution of the Exchange Houses will be subject to the provisions of Article 362 of
this Law.
Article 316. (FOUNDERS). The founders of a financial services company
complementary may not be less than five (5) natural persons and / or legal persons,
individual or collective, who should not be among those disqualified to be
founders mentioned as indicated in Article 153 of this Law.
Article 317. (CONSTITUTION PERMIT AND OPERATING LICENSE).
The founders of a complementary financial services company must process the
constitution permit and operating license before the Supervisory Authority of the
Financial System - ASFI, subject to the authorization regime provided by Title II,
Chapter III of this Law, as applicable.
Article 318. (OPENING OF OFFICES).
I.

Complementary financial services companies may open offices within the
national territory to carry out the same activities that are the object of its business, authorized to its
central office, within the framework of this Law.

II.

The opening and closing of offices requires authorization from the Supervisory Authority of the
Financial System - ASFI, complying with the requirements established in the regulations issued
to the effect.

Article 319. (MERGERS AND ABSORPTIONS). A financial services company
complementary services may acquire full ownership of another company with a similar corporate purpose for its
merger or absorption, with prior authorization from the Financial System Supervisory Authority ASFI, in accordance with the express regulations of this Law and the Commercial Code.
Article 320. (REVOCATION OF OPERATING LICENSE). The Authority of
Supervision of the Financial System - ASFI will proceed to issue a resolution that provides
the revocation of the operating license of a financial services company
supplementary authorized, on the basis of a reasoned opinion establishing the
infractions committed by the entity, whose seriousness of the facts warrants the decision to impose
this sanction. In this case, the revocation must be published and at the beginning of the
dissolution and subsequent liquidation process as provided in Title IX, Chapter VII of the
present Law.
Article 321. (DISSOLUTION AND LIQUIDATION PROCESSES). The processes of
dissolution and liquidation of complementary financial services companies, linked
patrimonially or not to financial intermediation entities or members of a group
financial, will be governed by the provisions of the Commercial Code and this Law as regards
conducive. The specific regulations issued by the System Supervisory Authority
Financial - ASFI will determine the procedures for each case.
Article 322. (INCORPORATION OF OTHER SERVICE COMPANIES
COMPLEMENTARY FINANCIAL).
I.

The Financial System Supervisory Authority - ASFI may incorporate, within the scope of
application of this Law, to other existing companies or to be created that provide in

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complementary financial services, in accordance with Paragraph III of the
Article 19 of this Law.
II.

It will be the responsibility of the Financial System Supervisory Authority - ASFI to grant
of the constitution permit and the operating license to these companies,
subject to the provisions contained in Title II, Chapter III of this Law,
in what is conducive.
SECTION II
FINANCIAL LEASING COMPANIES

Article 323. (CAPITAL). The minimum paid-in capital amount of a business of
finance lease is set in national currency, for an amount equivalent to
UFV500,000.00.- (Five Hundred Thousand Housing Development Units).
Article 324. (OPERATIONS AND SERVICES). Leasing companies
financial activities are single purpose and may not carry out any other financial or investment activity.
financial intermediation. In a complementary manner, they may carry out the following operations
and services:
to)

Maintain and conserve the transferred assets.

b)

Assign to another financial leasing company, to companies of
securitization or financial intermediation entities, the contracts that
have celebrated.

c)

Sell ​or lease goods that have been the subject of operations of
financial leasing.

d)

Acquire, rent and sell real and personal property used in
activities of the business.

and)

Constitute as collateral the cash flows from the contracts of
financial leases that are entered into with financing resources
to be guaranteed.

F)

Issue subordinated obligations.

Article 325. (RELATED OPERATIONS AND CONCENTRATION OF RISKS).
Financial leasing companies will be subject to the rules established herein.
Law for financial intermediation entities, with respect to related-party transactions and
risk concentration.

Article 326. (FINANCING). Leasing companies for your
financing will be able to:
to)

Issue securities, through public offering.

b)

Obtain financing from national financial intermediation entities
and foreign.

c)

Obtain supplier financing as long as you are directly
associated with the purchase of goods that are the subject of a contract of
financial leasing.

Article 327. (LIMITATIONS AND PROHIBITIONS). Leasing companies

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financial may not:
to)

Grant guarantees, sureties, letters-surety, letters of credit or any other
warranty.

b)

Invest in the share capital of another company.

c)

Receive money deposits under any modality.

d)

Carry out real estate finance leasing operations with entities
of financial intermediation.

and)

Give as guarantee to financial intermediation entities the contracts of
financial lease that they have entered into.
SECTION III
FACTORING COMPANIES

Article 328. (CAPITAL). The minimum paid-in capital amount of a business of
Factoring is set in national currency, for an amount equivalent to UFV500,000.00.- (Five hundred
Thousand Housing Development Units).
Article 329. (OPERATIONS AND SERVICES). Factoring companies may
perform the following operations and services in accordance with the regulations of the Commercial Code:
to)

Carry out factoring operations based on exchange bills or other
type of commercial document authorized by regulations of the
Financial System Supervisory Authority - ASFI, including invoices
electronic when the creation and regulation of these are found
current.

b)

Acquire foreign exchange invoices for goods and services, whose expiration date is
short term.

c)

Acquire exchange invoices for goods and services provided on credit to
short, medium or long term, as long as they are not expired or
in arrears.

d)

Buy exchange bills with and without the right to return, refund and / or
compensation for other current exchange bills.

and)

Giving as collateral or negotiating in any way the credit rights
from factoring contracts, with the people from whom
receive financing.

F)

Affect in irrevocable trust the credit rights from
factoring contracts, in order to guarantee the issuance of securities
made by society.

g)

Provide management and collection services for enforceable debts.

h)

Acquire, rent and sell real and personal property used in
activities of the business.

i)

Others that the Financial System Supervisory Authority - ASFI
authorized by express regulations.

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Article 330. (FINANCING). Factoring companies for your financing
will be able:
a) Issue securities through public offering.
b) Obtain financing from national financial intermediation entities and
foreign.
Article 331. (LIMITATIONS AND PROHIBITIONS). Factoring companies do not
will be able:
to)

Invest in the share capital of another company.

b)

Receive money deposits under any modality.
SECTION IV
GENERAL DEPOSIT WAREHOUSES

Article 332. (SCOPE OF APPLICATION). The provisions contained in this
Chapter are applicable to general deposit warehouses linked by property to
financial intermediation entities or that are members of financial groups.
Article 333. (CAPITAL).
I.

The minimum paid-in capital amount for a general depository warehouse is set at
national currency, for an amount equivalent to UFV500,000.00.- (Five Hundred Thousand
Housing Development Units).

II.

The capital of the general deposit warehouses will be constituted mainly
for investments in shares made by financial intermediation entities or
holding companies of financial groups.

Article 334. (OPERATIONS AND SERVICES). General warehouses of deposit
authorized in the framework of this Law and the Commercial Code, they are empowered to carry out
the following operations and services:
to)

Storage, conservation and custody of any merchandise or
product owned by third parties, in own or leased warehouses, from
compliance with the Commercial Code.

b)

Operate customs facilities, prior compliance with the requirements of the Law.

c)

Issue certificates of deposit in accordance with the Commercial Code and
pledge bonds.

d)

Issue bonds or obligations with specific guarantees.

and)

Pack, bag or divide and carry out any other activities
aimed at the preservation of the goods and products deposited, to
request of the depositor and with the consent of the pledgee.

F)

Buy real estate for its corporate purpose.

g)

Obtain financing for the purchase, improvement or expansion of your
facilities.

h)

Others that the Financial System Supervisory Authority - ASFI
authorized by express regulations.

Page 88

Article 335. (FINANCING). General deposit warehouses for your
financing will be able to:
to)

Issue securities, through public offering.

b)

Obtain financing from national financial intermediation entities
and foreign.

Article 336. (LIMITATIONS AND PROHIBITIONS). The general stores of
deposit will not be able to carry out the following operations:
to)

Issue certificates of deposit of goods that have been
previously judicially seized.

b)

Compromise their assets in matters other than their corporate purpose.

c)

Acquire the goods received as a pledge.

d)

Grant credits under any modality.

and)

Dedicate yourself to the marketing of merchandise and products.

F)

Carry out financial intermediation operations.

Article 337. (GENERIC FORECAST). General deposit warehouses are
obliged to maintain a generic monthly provision for contingencies of shortages and
loss of goods received in deposit. The Financial System Supervisory Authority ASFI will determine the corresponding forecast percentages.
Article 338. (AUCTIONS). The auctions will be carried out according to the procedure
established in the Code of Civil Procedure.
Article 339. (REGULATION). The System Supervisory Authority
Financial - ASFI is responsible for complying with the issuance of the regulations it makes
reference Article 1204 of the Commercial Code.

SECTION V
CLEARANCE AND SETTLEMENT CHAMBERS
Article 340. (CREATION, CONSTITUTION AND OPERATION).
I.

The rules for the creation, constitution and operation of clearing houses
and settlement will be issued by the Central Bank of Bolivia - BCB.

II.

The authorization for the constitution and granting of the operating license of the
clearing and settlement houses corresponds to the Supervisory Authority of the
Financial System - ASFI, through regulations issued for this purpose.

Article 341. (CAPITAL). The minimum paid-in capital amount of a chamber of
compensation and settlement is set in national currency, for an amount equivalent to

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UFV2,500,000.00.- (Two Million Five Hundred Thousand Housing Development Units).
Article 342. (OPERATIONS AND SERVICES). The clearing houses and
liquidation are empowered to carry out the following operations and services:
to)

Sign and keep in force contracts for compensation services and
settlement of payment instruments with their participants.

b)

Offset payment instruments.

c)

Settle net multilateral positions.

d)

Maintain a settlement account at the Central Bank of Bolivia - BCB.

and)

Preserve electronic records of operations with your
corresponding digital signature.

Article 343. (FINANCING). The clearing and settlement houses for your
financing will be able to:
to)

Issue securities, through public offering.

b)

Obtain financing from national financial intermediation entities
and foreign.

Article 344. (LIMITATIONS AND PROHIBITIONS). The clearing houses and
liquidation may not:
to)

Invest in the share capital of another company.

b)

Receive money deposits under any modality.
SECTION VI
INFORMATION BUREAU

Article 345. (CAPITAL AND RESERVES). The minimum paid-in capital amount of a bureau
Information is set in national currency, for an amount equivalent to UFV250,000.00.(Two hundred and fifty thousand Housing Development Units).
Article 346. (OPERATIONS AND SERVICES). The information bureaus will be able to carry out
the following operations and services:
to)

Collect, store, consolidate and process information related to
Natural and legal persons debtors of the financial system.

b)

Build databases and distribute processed information
corresponding to obligations of an economic, financial and
commercial, natural and legal persons, records, sources
legitimate and reliable public and private, with unrestricted access or
reserved for the general public.

c)

Celebrate reciprocal agreements with public entities for the exchange of

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information from databases, which allows to properly identify the
headline. They may also enter into agreements to obtain information
specific to private entities.
d)

Develop and implement risk management models in the activity
financial for its distribution and sale.

and)

Create databases of operational risk events and develop
models for estimating expected losses for distribution and sale.

F)

Store statistical information by sector and by branches of activity, and
prepare studies and analysis on potential markets and their risks
inherent or other criteria for its distribution and sale.

g)

Others related to the course of your business, in accordance with issued regulations
for this purpose by the Financial System Supervision Authority - ASFI.

Article 347. (FINANCING). The information bureaus for its financing
will be able:
to)

Issue securities, through public offering.

b)

Obtain financing from national financial intermediation entities
and foreign.

Article 348. (LIMITATIONS AND PROHIBITIONS). The information bureaus may not
perform the following activities:
to)
Provide promotional or marketing services for products or services in
general, nor the financial system.
b)

Provide outsourcing services for credit process activities that
They are the responsibility of financial intermediation entities.

c)

Request, collect and provide information for purposes other than the purpose
of its turn.

d)

Collect information from sources not allowed according to the regulations issued
by the Financial System Supervision Authority - ASFI.

and)

Unduly alter, ex officio modify or eliminate records from the databases
of data from the Financial System Supervisory Authority
- ASFI and other authorized sources.

F)

Assign or transfer to third parties under any modality, free of charge or
onerous, the information you receive from the Supervisory Authority of the
Financial System - ASFI, except for the provision of information
within the framework of your object.

Article 349. (ACCESS AND INFORMATION REQUIREMENTS OF THE AUTHORITY
SUPERVISION OF THE FINANCIAL SYSTEM - ASFI). The System Supervisory Authority
Financial - ASFI is empowered to have unrestricted access at no cost to all information
that manage the information bureaus, through access to their systems or through reports
of periodic information. It may require all documentation and information and statistics that
considered pertinent for the purposes of conducting studies and research on the financial system, the
sectoral behavior of the economy, risk factors in financial activity and others
analysis, within the framework of the exercise of its functions and supervisory powers.

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Article 350. (SECURITY MEASURES). The information bureaus must adopt
at all times effective security and control measures to avoid the use or improper handling of
the information, as well as any action or omission that does not derive from the proper realization of its
corporate purpose, that cause damage or harm to their owners and / or produce benefits of any
nature in favor of the entity or its employees.
SECTION VII
MONETARY MATERIAL AND SECURITIES TRANSPORTATION COMPANIES
Article 351. (CAPITAL).
I.

The minimum paid-in capital amount of a monetary material transport company
and values ​are set in national currency, for an amount equivalent to UFV2,500,000.00.(Two Million Five Hundred Thousand Housing Development Units).

II.

The capital stock may be constituted in cash or in kind, being acceptable in this
last case only investments made in real estate and armored vehicles
related to the object of your turn.

Article 352. (OPERATIONS AND SERVICES). Material transport companies
monetary and securities may perform the following operations and services:
to)

Transport of monetary material and securities at the local and national level.

b)

Supply and recharge of banknotes and coins in ATMs.

c)

Vault custody of monetary material and securities.

d)

Cash processing including sorting, sorting, purging
and banknote and coin counting.

and)

Others related to the area of ​activity, with authorization from the
Financial System Supervisory Authority - ASFI in coordination with
the Central Bank of Bolivia - BCB.

Article 353. (FINANCING). The companies that transport monetary material and
Securities for financing may:
to)

Issue securities, through public offering.

b)

Obtain financing from national financial intermediation entities
and foreign.

Article 354. (PROHIBITIONS AND LIMITATIONS). The transport companies of
monetary material and securities, they will not be able to carry out the following activities:
to)

Carry out financial intermediation operations and other services
unauthorized financials.

b)

Assign or transfer to a third party the authorization to perform the service of
transportation of monetary material and securities, granted by the Authority of
Supervision of the Financial System - ASFI.

c)

Outsource the service provided.

d)

Transport monetary material and securities for an amount greater than the value
insured.

and)

Recharge ATMs on your own, without authorization from the
contractor.

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F)

Maintain monetary material and values ​of the contractor in vault for the purposes and
periods other than the purpose of your business.
Article 355. (MEANS OF TRANSPORTATION). For the provision of the transport service
of monetary material and securities, the transport company of monetary material and securities may
use various forms of physical transport, as long as they conform to the
requirements established in the regulations issued by the System Supervisory Authority
Financial - ASFI.
Article 356. (SECURITY). The companies that transport monetary material and
securities are responsible for the safety of the transportation of monetary material and securities, as well as
of the physical security of the crew and personnel related to this service, having to adopt
the necessary control and security measures and operational procedures, which guarantee the life
of people and the proper functioning of the service.
Article 357. (CONTRACTING OF TRANSPORTATION SERVICES OR
ORGANIZATION OF OWN SERVICES).
I.

Financial entities subject to the scope of this Law must
use the services of a monetary material and securities transport company that
has an operating license granted by the Supervisory Authority of the
Financial System - ASFI for all transportation of monetary material and securities, at the
local or national.

II.

Financial entities may also organize their own transportation service for
monetary material and securities complying with the requirements established by the
regulations issued by the Financial System Supervision Authority - ASFI, same
that should consider the characteristics of the rural area, without neglecting the conditions of
necessary security.
SECTION VIII
ELECTRONIC CARD ADMINISTRATOR COMPANIES

Article 358. (CAPITAL). The minimum paid-in capital amount of a company
electronic card administrator is set in national currency, for an amount equivalent to
UFV2,500,000.00.- (Two Million Five Hundred Thousand Housing Development Units).
Article 359. (OPERATIONS AND SERVICES). The management companies of
electronic cards are for exclusive purposes and may not carry out any other financial activity
or financial intermediation. The operations and services that they may perform are the following:
to)

Authorize the affiliation of commercial establishments that sell goods
or provide services to a network to operate with electronic cards
managed by the entity.

b)

Process cardholder consumption with the use of credit cards
credit, debit, prepaid and other financing or payment cards
electronic, issued by financial intermediation entities.

c)

Operate the electronic payment system derived from the use of cards
electronic at ATMs and affiliated commercial establishments

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to a network.
Article 360. (FINANCING). Card management companies
electronic funds for their financing will be able to:
to)

Issue securities, through public offering.

b)

Obtain financing from national financial intermediation entities
and foreign.

Article 361. (SECURITY SYSTEMS). Card management companies
Electronic companies must have security systems aimed at avoiding the commission of fraud.
Said systems must generate reports of operational failures that will be sent and analyzed by
the Financial System Supervisory Authority - ASFI, in order to motivate measures
to prevent the commission of fraudulent acts that may become repeated practices.
SECTION IX
EXCHANGE HOUSES
Article 362. (CONSTITUTION). An Exchange House may be established through
one of the following ways:
to)

Company with Legal Personality, by means of the constitution of a
corporation or limited liability company.

b)

Sole proprietorship, in the case of natural persons registered in the Registry
trade.

Article 363. (CAPITAL). The minimum amount of paid-in capital of a Casa de Cambio is
fixed in national currency for an amount equivalent to UFV500,000.00.- (Five Hundred Thousand Units
Housing Promotion) for the case of a company with legal personality, and UFV100,000.00.(One Hundred Thousand Housing Development Units) for a sole proprietorship.
Article 364. (OPERATIONS AND SERVICES).
I.

The Exchange Houses constituted as companies with legal personality, are
empowered to carry out the following operations and services:
to)

Buying and selling of coins.

b)

Change of traveler's checks.

c)

Foreign check exchange operations.

d)

Sending and receiving money orders nationwide.

and)

Payment of remittances from abroad as payment agent.

F)

II.

Other payment services previously authorized by the Authority of
Supervision of the Financial System - ASFI within the framework of the regulations
issued for the purpose.
The Casa de Cambio constituted as a sole proprietorship may only carry out
currency buying and selling activities.
Article 365. (FINANCING).

I.

Exchange Houses for their financing may:

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II.

to)

Issue securities, through public offering.

b)

Obtain financing from national financial intermediation entities
or foreign.

Exchange Houses constituted as a sole proprietorship may only be financed at
through national or foreign financial intermediation entities.

Article 366. (LIMITATIONS AND PROHIBITIONS). The Exchange Houses remain
prohibited from performing the following operations:
to)

Carry out financial intermediation operations and other services
unauthorized financials.

b)

Outsource the service provided.

c)

Include in your advertising and issued documents, offers or references
inaccurate or misleading and undue warranties.

d)

Buy real estate that is not intended for own use or for the
object of its turn.

and)

Establish liens on their assets in matters other than their line of business.

Article 367. (OBLIGATION TO PROVIDE INFORMATION OF OTHERS
ENTITIES THAT MAKE CURRENCY EXCHANGES). Hotels, tourism centers and
commercial businesses in general that habitually carry out currency exchange operations,
are obliged to provide the Financial System Supervisory Authority ASFI information on its activities, statistical data, financial statements and other information
periodically or occasionally that it requests, as well as allowing free access to its officials or
inspectors for the review of registration and accounting books, documents and equipment
technological, as long as they refer to currency exchange operations.
SECTION X
MOBILE PAYMENT SERVICES COMPANIES
Article 368. (CAPITAL).
I.

II.

The minimum paid-in capital amount of a mobile payment service company is set at
national currency, for an amount equivalent to UFV3,000,000.00.- (Three Millions of
Housing Development Units).
The capital of mobile payment service companies may be constituted in cash or in
kind, being acceptable in the latter case only investments made in goods
real estate and technology platform related to the purpose of its business.

Article 369. (OPERATIONS AND SERVICES). Mobile payment service companies
They are empowered to carry out the following operations and services:
to)

Operate mobile payment services.

b)

Issue mobile wallets and operate payment accounts.

c)

Electronically execute payment orders and device inquiries
mobiles through mobile phone operators.

d)

Others related to payment services authorized by the Authority of
Supervision of the Financial System - ASFI.

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Article 370. (FINANCING). Mobile payment service companies for your
financing will be able to:
to)

Issue securities, through public offering.

b)

Obtain financing from national financial intermediation entities
and foreign.

Article 371. (LIMITATIONS AND PROHIBITIONS). Payment service companies
mobile phones are prohibited from doing the following:
to)

Carry out financial intermediation operations and other services
unauthorized financials.

b)

Outsource the service provided.

c)

Perform other payment services other than those authorized through
regulations issued by the Financial System Supervisory Authority ASFI in coordination with the Central Bank of Bolivia - BCB.

Article 372. (MOBILE PAYMENT SERVICES OF THE ENTITIES OF
FINANCIAL INTERMEDIATION). Financial intermediation entities may organize
mobile payment services, through the use of services and mobile devices provided by
authorized mobile phone operators, complying with the requirements established for this purpose
the regulations issued by the Financial System Supervision Authority - ASFI.
Article 373. (TRUST).
I.

The mobile payment services company must constitute additional capital destined to
the formation of a trust administered by an intermediary entity
financial support, as a backup of the electronic money that it estimates to keep in circulation for
the distribution channel of the mobile payment service, in accordance with the regulations issued by the
Financial System Supervisory Authority - ASFI.

II.

Mobile payment service companies must maintain the trust in force
during its existence and operation.

Article 374. (BUSINESS GROUP RISKS). The service company
mobile payment that establishes a contractual relationship with a mobile phone operator
belonging to the same business group, you must have strategies, policies and
procedures, for the effective management of the risks to which it is exposed by these
circumstances.
Article 375. (SECURITY MEASURES).
I.

Mobile payment service companies must adopt mechanisms at all times
effective security of the technological platform for the provision of services
mobile payment, guaranteeing confidentiality and safeguarding of operations.

II.

This responsibility also corresponds to financial intermediation entities.
that directly provide mobile payment services, having to adopt the measures and
operating procedures that guarantee the operations and proper functioning of the
service.

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Article 376. (CONTINUITY OF THE SERVICE). Payment service companies
mobile must adopt plans for the continuity of the service in order to avoid damage and
damages to financial consumers.
CHAPTER IV
OF THE FINANCIAL GROUPS
SECTION I
FINANCIAL GROUPS
Article 377. (REGULATION AND SUPERVISION OF FINANCIAL GROUPS).
I.

Financial groups will be subject to regulation and supervision on a consolidated basis by
part of the Financial System Supervisory Authority - ASFI, when among the
financial companies that are members of the financial group include at least one entity of
financial intermediation, whether its activities are carried out entirely in the territory
Bolivian or outside its borders.

II.

Financial companies regulated by the Securities Market Law and the Securities Law
Insurance that are part of a financial group, will operate with the limitations and
prohibitions established in each of the aforementioned legal provisions.

Article 378. (CONFORMATION OF THE FINANCIAL GROUP). A Financial Group will be
made up of companies, national or foreign, that only carry out activities of
financial nature and exercise direct and indirect control among themselves, being able to count among their
members with different types of financial intermediation entities, service companies
complementary financial entities, entities included in the Securities Market laws, of
Insurance and Pensions.
Article 379. (COMMON CONTROL OF THE FINANCIAL GROUPS).
I.

Financial groups should be organized under the common direction and control of a
holding company authorized by the Financial System Supervisory Authority
- ASFI.

II.

Common control is the influence exercised by the holding company of a
financial group, in the decision-making of the governing bodies of the companies
financial entities that make up the financial group, which may be direct or indirect.

III.

Control is direct when the holding company exercises more than half of the power of
vote at the general meeting of shareholders of the financial companies that are members of the group
financial, through direct or indirect ownership of capital, usufruct contracts,
garments, trusts, syndications or other types of means.

IV.

Control is indirect when the holding company, even when it does not exercise more than
half of the voting power in the general meeting of shareholders of financial companies
members of the financial group, has the power to designate, remove or veto the
majority of the members of the board of directors, exercise the majority of the votes in the sessions
of the board of directors or govern their operational and financial policies of said companies;
Indirect control is also generated when one or more common shareholders of the
financial companies that are members of the financial group, individually or jointly,
represent at least five percent (5%) of the group's consolidated capital stock
financial.
Article 380. (REGISTRATION OF THE SHAREHOLDER COMPOSITION OF THE GROUPS

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FINANCIAL). The holding company of a financial group has the obligation to register
before the Financial System Supervision Authority - ASFI, as appropriate, the
name and shareholding composition of the financial group and financial companies
members of the same, as well as the relationships of common control, maintaining it
permanently updated.
Article 381. (FINANCIAL GROUP IN FACT).
I.

The Financial System Supervisory Authority - ASFI may presume the existence
of a financial group when, without having formalized its constitution as such, a
set of financial companies, including a financial intermediation entity,
have affinity relationships and common interests with other financial companies
that allow deducing the existence of a financial group, such as:
to)

The common presence of shareholders, members of boards of directors and
senior or executive officers.

b)

The granting of credits for significant amounts in relation to the
borrower equity or without adequate guarantees, to persons
owners or administrators of such financial companies.

c)

The possibility of exercising the right of veto in any instance of
governance of financial companies.

d)

The frequent assumption of shared risks.

and)

Others that reveal the performance of activities typical of a group
financial under the terms described in this Title.

II.

The companies that consider that they are not incurred as established in the
Paragraph I must prove this fact before the System Supervision Authority
Financial - ASFI, providing all the documentation that they consider pertinent for this purpose
and whatever is required by the supervisory body.

III.

Once due process has been exhausted, if applicable, the Supervisory Authority of the
Financial System - ASFI must declare by means of a founded resolution the existence of
a de facto financial group, which will be obliged to conform as such in accordance with
with this title, within a period of six (6) months from the date on which
that the financial intermediation entity be notified with the corresponding
resolution.

IV.

The Financial System Supervisory Authority - ASFI, at the justified request of the
interested parties, may decide to extend the term up to the same period, for a single
Once and in case of non-compliance, it may restrict operations to financial entities
that are within the competence of the sectoral authorities, without
prejudice to other corresponding sanctions.

Article 382. (FOREIGN COMPANIES PARTICIPATING IN A GROUP
FINANCIAL). Foreign financial companies that operate in Bolivian territory such as
members of a financial group, prior compliance with the constitution provisions

established in the sectoral regulation, will enjoy the same rights and privileges and will be governed
by the same legal and regulatory standards referred to consolidated supervision applicable to the
national financial companies. No foreign financial company operating in Bolivia
may, in any case, invoke rights of foreign nationality with regard to their
business and operations in the country. Any controversy that arises, will be resolved, in
law, in the courts of the Plurinational State of Bolivia.

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Article 383. (INCORPORATION OR SEPARATION OF COMPANIES OF A GROUP
FINANCIAL). The incorporation of financial companies into a financial group or the separation of
the same, will be authorized or denied by the Financial System Supervision Authority ASFI, in accordance with the regulatory standards issued for this purpose.
Article 384. (PERFORMANCE AS A FINANCIAL GROUP). Financial companies
that are part of a financial group may:
to)

Act together in front of the public, offer financial services
combined or aggregated and declare themselves as members of a group
financial.

b)

Make use of the same or similar names to identify them
in front of the public as members of the same financial group, or
keep the name they had before joining that group
adding the expression "Financial Group".

c)

Carry out operations that are allowed through offices and
customer service branches of member financial companies
of the financial group.

Article 385. (FINANCIAL GROUP OF FINANCIAL INSTITUTIONS OF THE STATE OR
WITH MAJORITY PARTICIPATION OF THE STATE). The financial entities of the State or
with majority participation of the State, constituted under the provisions of Title III
of this Law, may form financial groups. The Law shall provide for its creation in accordance with
the provisions of this title, and its operational characteristics must be defined by means of
express regulation issued by the Financial System Supervision Authority - ASFI.
Article 386. (LIMITATIONS AND PROHIBITIONS).
I.

The companies that make up a financial group may not exercise and implement
commercial practices that directly or indirectly oblige the
financial consumers to the use of services of the companies of the financial group to which
belong to, or restrict the freedom of financial consumers to choose alternatives
and resort to the complementary use of the services of other financial entities
authorized.

II.

The companies that make up a financial group will not be able to carry out operations between
they that undervalue or overvalue monetary, accounting or stock market values ​for the
favoring profits or fictitious profits that will increase the equity of a
of the companies of the financial group.
SECTION II
CONSOLIDATED SUPERVISION OF FINANCIAL GROUPS

Article 387. (ON CONSOLIDATED SUPERVISION). The control of the activities of
financial groups and their member financial companies, will be carried out through the
consolidated supervision in accordance with this Law.
Article 388. (SANCTIONS).
I.

The Financial System Supervisory Authority - ASFI in the use of its powers,
will issue the Sanctions Regulation applicable to financial groups.

II.

The regulatory regulation to be issued will include the determination of sanctions for the
cases in which the action or omission in the opinions expressed by the internal auditors,
external auditors, risk rating agencies, appraisers and entity evaluators
financial, lead to wrong decisions on the part of the holding company.

III.

These sanctions are not incompatible with those imposed for different offenses,
that have been established by this Law and / or sectorial laws, or those that are
generated in the ordinary way for civil or criminal liability as appropriate.

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Article 389. (CONSOLIDATION OF FINANCIAL STATEMENTS). The society
controller of a financial group will prepare and publish consolidated financial statements of the
financial group in accordance with the accounting standards, means, formats and deadlines that the
Financial System Supervision Authority - ASFI establish.
Article 390. (ADDITIONAL PRUDENTIAL MEASURES). The sector regulator may
order the holding companies of financial groups, that financial entities
members of the financial group adopt additional prudential measures to those provided for in the
sectoral regulation, in order to mitigate exposure to the risks they face due to
belong to a group.
Article 391. (RESTRICTION OR SUSPENSION OF OPERATIONS). In case the
Financial System Supervisory Authority - ASFI cannot effectively practice the
consolidated supervision of a financial group for reasons attributable to the holding company or
any of the financial companies that are members of the financial group, may suspend or restrict
some of the operations of the financial companies that are members of the financial group.
Article 392. (REVOCATION OF AUTHORIZATION). The Supervisory Authority of the
Financial System - ASFI may revoke the operating license for the constitution of the
holding company of a financial group, if it is evidenced that said company
holding company adopted inappropriate financial group management practices or transgressed the
provisions of this Law.
Article 393. (INFORMATION REQUIREMENTS). For the exercise of
consolidated supervision of financial groups, the Financial System Supervision Authority
- ASFI may require the holding companies of financial groups to present the
information you require.
Article 394. (PUBLICATION OF FINANCIAL STATEMENTS).
I.

Annually, each financial group holding company must publish in a
newspaper of national circulation the financial statements of the financial group, having to
send this information, within ten (10) business days after the date of your
publication to the Financial System Supervisory Authority - ASFI.

II.

The financial statements must correspond to the closing of each year and
be duly audited.
SECTION III
OF THE CONTROLLING COMPANY OF FINANCIAL GROUPS
Article 395. (CONSTITUTION OF THE CONTROLLING COMPANY).

I.

The holding company of a financial group will be constituted in the form of a company
anonymous with registered shares and will be domiciled in Bolivian territory. Its object
exclusive company will be the direction, administration, control and representation of the group
financial, and its constitution and functions must be regulated by the Authority of
Supervision of the Financial System - ASFI within the scope of the present

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Law, in accordance with the provisions of the Securities Market Law, Law of
Pensions, Insurance Law, Commercial Code and other related regulations.
II.

The holding company of a financial group may only invest in shares of the
financial companies of the types indicated in Article 378 of this Law,
having to exercise at all times the domain and control of each and every one of the
financial companies that are members of the financial group, maintaining ownership of the
minus fifty-one percent (51%) of their shares.

III.

The holding company of a financial group may not carry out operations that are
owned by the financial companies that are members of the financial group.

IV.

The holding company of a financial group may incur debt, but in no case
In this case, it will be able to give as collateral the shares of the financial companies that are members of the
Financial group.
Article 396. (MANAGEMENT OF THE CONTROLLING COMPANY).

I.

The holding company of a financial group will be managed by a board of directors, which
will be the highest authority responsible for ensuring that the holding company and the
controlled financial companies that are members of the financial group fully comply
the provisions of this Law, as well as the regulatory norms that on this
matter issued by the Financial System Supervision Authority - ASFI, without prejudice to
the responsibility that the board of directors of each supervised financial institution has to
comply with the regulations corresponding to your sector.

II.

The administration of the holding company of a financial group will be subject to the
Provisions of this Law, Securities Market Law, Pension Law, Law of
Insurance, Commercial Code and other legal provisions relating to the matter, and
its internal statutes.

III.

The reports and reports that the holding company issues within the framework of its
obligations and responsibilities to control the activities of the financial group,
they must inevitably bear the signature of the highest authority on their board of directors.
Article 397. (CAPITAL OF THE CONTROLLING COMPANY).

I.

The minimum paid-in capital amount of the holding company of a financial group
must be at least the equivalent of the sum of the minimum capital required by the
sector regulation to each of the supervised financial companies that are members of the
Financial group. The sectoral regulations applicable at the individual level are
mandatory compliance by the financial companies that are members of the group
financial, not being able to admit exceptional situations due to the fact of being part of
of a financial group.

II.

No natural or legal person, except in the case of succession due to death, may
acquire directly or through third parties the control of more than five percent (5%)
of the subscribed and paid capital of the holding company of a financial group without
authorization from the Financial System Supervisory Authority - ASFI, which
evaluate and qualify the record of the transfer, subscription, adjudication or partition
of shares of the financial group for their corresponding authorization or rejection.

III.

In no case will financial companies that make up a financial group participate in
the capital of the holding company of the financial group or of the other companies
financial members. The financial companies that make up the financial group

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They may not be shareholders or participate in the capital of the legal persons that
are shareholders of the holding company of the financial group.
Article 398. (AUTHORIZATION OF CONSTITUTION OF A COMPANY
CONTROLLER).
I.

The constitution of the holding company of a financial group will be authorized by the
Financial System Supervisory Authority - ASFI, applying for this the
provisions of this Law, as well as the regulatory norms that for the purpose
emit.

II.

The authorization process in everything related to the social deed, impediments,
board of directors, share titles and their transfers, and other inherent aspects, you may
be governed by the provisions that regulate financial intermediation entities, in
conducive.

Article 399. (DENIAL OF AUTHORIZATION FOR THE CONSTITUTION OF A
CONTROLLING COMPANY). The Financial System Supervisory Authority - ASFI does not
authorize the constitution of the holding company of a financial group, in the event of
any of the following situations arise:
to)

When the legal, administrative or management structure of the financial group
hinders the exercise of consolidated supervision by the Authority
of Supervision of the Financial System - ASFI.

b)

When the formation of the financial group does not present a separation
clear information on the activities of each of the member financial companies
of the group.

c)

When the holding company of the financial group is domiciled outside
of the Bolivian territory.

d)

When among the financial companies that are members of the financial group
one or more foreign financial intermediation entities are listed, without
effective consolidated supervision is practiced in the country of origin or not
international standards on consolidated supervision are applied.

Article 400. (INTRA-GROUP COMMERCIAL OPERATIONS).
I.

It is the responsibility of the holding company of a financial group to ensure that the
financial companies that are members of the financial group cannot carry out operations
commercial, financial or service provision between them, under term conditions,
rates, amounts, guarantees and commissions, different from those that apply in operations
similar with third parties.

II.

The regulatory norm issued by the System Supervision Authority
Financial - ASFI to grant constitution permission and operating license to companies
holding companies of financial groups, will establish the type of operations that
the financial companies of the group may undertake each other.

Article 401. (MERGER AND SPLIT OF CONTROLLING COMPANIES). The fusion
and spin-off of holding companies of financial groups will be authorized or rejected by the
Financial System Supervisory Authority - ASFI.
Article 402. (DISSOLUTION AND LIQUIDATION OF CONTROLLING COMPANIES).

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I.

The holding company of a financial group may only be dissolved when the
holding company of the financial group has ceased to be the owner of the shares of
all financial companies that are members of the financial group, with the prior opinion of the
sectoral supervisory authorities.

II.

The dissolution of the holding company of a financial group will proceed once
all the obligations contracted by each of the financial companies have been fulfilled
members of the financial group.

III.

The dissolution and liquidation of holding companies of financial groups will be
governed by the stipulations contained in the regulations of the
Supervision of the Financial System - ASFI, its bylaws and the provisions
of the Commercial Code in the pertinent.

Article 403. (PARTICIPATION OF DIRECTORS AND ADMINISTRATORS IN THE
GROUP FINANCIAL COMPANIES). The directors and administrators of the company
controller of a financial group may be elected directors or trustees of the companies
financial companies that make up a financial group.

SECTION IV
EQUITY REQUIREMENT AND GROUP LIMITS
Article 404. (EQUITY REQUIREMENT).
I.

A financial group must have sufficient consolidated regulatory capital to
cover all the risks you face in your operations and activities globally. On
at all times the consolidated regulatory capital of the financial group must be equivalent
to at least ten percent (10%) of the total consolidated assets and contingents
of the financial group, weighted according to their risks.

II.

The consolidated regulatory capital of the financial group is calculated according to the
provisions of Article 405 of this Law. At no time will the capital
consolidated regulatory framework of the financial group must be less than the sum of the
individual equity requirements of each financial company that is part of the
financial group, according to current sector regulations.

III.

Assets and contingents corresponding to transactions between financial companies
controlled members of the financial group will be subject to prior compensation, and only
the net result will be considered for the purposes of determining the requirement
consolidated equity.

IV.

The holding company of the financial group is responsible for ensuring that in no case
If the computation of the consolidated equity requirement of the financial group admits
fictitious patrimonial strengthening mechanisms.

V.

The regulations issued by the Financial System Supervision Authority - ASFI,
establish the provisions for the computation of the patrimonial sufficiency and the
asset weighting of financial groups.

Article 405. (CALCULATION OF THE CONSOLIDATED REGULATORY CAPITAL). Capital
consolidated regulatory capital of the financial group is the sum of primary capital and capital
secondary, deducting from the primary capital the adjustments determined by the
Supervision of the Financial System - ASFI and the external auditors, according to the following:
to)

The consolidated primary capital of a financial group is made up of:

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b)

1.

Consolidated paid capital of the financial group.

two.

Consolidated non-distributable legal reserves.

3.

Irrevocable contributions pending prior consolidated capitalization
authorization from the Financial System Supervisory Authority ASFI.

Four.

Other non-distributable reserves.

5.

Consolidated results of previous years for which
there is a capitalization agreement.

The consolidated secondary capital of a financial group is constituted
for:
1.

Subordinated obligations of the member financial companies
of the financial group, in accordance with the sectoral regulations applicable to
each case.

two.

Voluntary generic allowances to cover future losses not yet
identified of the financial companies that are members of the group
financial.
For purposes of liquidating the Tax on the profits of the
companies voluntary generic provisions are not subject to
deduction. The reversal of these forecasts that are computed as
secondary capital, will proceed only for its conversion into
capital, in which case its transitory accounting record for
income accounts will not be counted as taxable income to
the purposes of the liquidation of the Tax on the profits of the
Business.

c)

The consolidated primary capital of the financial group is deducted
following:
1.

Investments in shares, participations or subordinated debt of the
financial companies that are members of the financial group that are not
would have been eliminated through the consolidation process.

two.

Consolidated amount of the deficit of asset provisions and deficit of
provisions for liabilities of each financial company that is part of the
Financial group.

3.

Consolidated amount of expenses not recorded as such and of the
improperly recorded income of each financial company
member of the financial group.

Four.

Unpaid accrued financial products receivable from
credits past due for more than ninety (90) days and credits
classified as uncollectible or of doubtful quality, in the case of entities
of financial intermediation.

Article 406. (DEFICIT OF EQUITY REQUIREMENT).

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I.

When a financial group presents equity deficit with respect to the level of risk
the consolidated company that it faces, the holding company of the financial group will communicate
immediately such situation to the Financial System Supervision Authority - ASFI,
having to present within the following fifteen (15) calendar days a plan of
adequacy to fit within the coverage levels required for approval
by said supervisory authority. The aforementioned plan will contemplate the submission
to the prior authorization of the Financial System Supervisory Authority - ASFI,
on the distribution of profits of the financial companies that are members of the group
financial, as well as the minimum percentage of the profits that will be allocated to the
constitution of reserves or capitalization.

II.

Notwithstanding the foregoing, through the holding company of the financial group, the
Financial System Supervisory Authority - ASFI, may restrict operations or
suspend the authorization for the financial companies that are members of the group
carry out certain activities, as long as the situation of
equity deficit of the financial group.

III.

The regulations issued on this matter by the System Supervisory Authority
Financial - ASFI, will establish operational provisions for the treatment of these
cases.
Article 407. (LIABILITY FOR EQUITY LOSSES).

I.

The holding company of a financial group will be liable for losses
assets of the financial companies that are members of the financial group up to the
value of its own assets, for which it will sign a liability agreement with
each one of them, according to which it is obliged to:

II.

to)

Carry out the capital increases that are necessary in the companies
financial members of the financial group and / or, provide all the
facilities for third investors to subscribe and pay for said
capital increases.

b)

Dispose of, with authorization from the System Supervisory Authority
Financial - ASFI, shares of the other financial companies that are members
of the financial group or agree to the sale or disposal of its assets, with the
object of making capital contributions in financial companies
members of the financial group that require it.

The aforementioned responsibilities and others that correspond will be provided
expressly in the bylaws of the holding company of the financial group.
Article 408. (LIMITS TO FINANCING).

I.

Regardless of the credit concentration limits established by the
sector regulation, the financial group as a whole may not grant a borrower or
borrowing group directly or indirectly credits, financial leases,
investments or contingents that exceed twenty percent (20%) of the regulatory capital
consolidated financial group. Said limit may be extended up to twenty-five per
one hundred (25%), as long as the financing is duly guaranteed
according to regulations issued by the Financial System Supervision Authority - ASFI.
For purposes of the limit indicated in the previous paragraph, the investments of the
life insurance companies.

II.

III.

In the case of contingent operations against guaranteed at first demand by
foreign banks with investment grade according to registration of the Supervisory Authority

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of the Financial System - ASFI, the limit may reach up to thirty percent (30%) of the
consolidated regulatory capital of the financial group.
IV.

These limits will be calculated taking into account the provisions of Article 458 of the
this Law, regarding the relationships between borrowers that determine that the
loans granted represent the same credit risk, as well as the indications
reasonable and sufficient that lead to presume the existence of binding relationships.
Article 409. (EXCESS IN LIMITS).

I.

In the event that the financial group presents an excess in the limits indicated, the company
controller shall notify the situation in writing to the Supervisory Authority of the
Financial System - ASFI, within a period of no more than ten (10) business days, attaching
an adaptation plan for approval of the aforementioned Supervisory Body, which
should include at least the identification of the causes that caused the excess, the
measures to be taken to be framed within the limits and restrictions or limitations
for the development of operations, indicating deadlines for their execution.

II.

Notwithstanding the foregoing, failure to comply with the aforementioned limits will lead to the
application of the sanctions provided for in Article 388 of this Law by the
Financial System Supervisory Authority - ASFI, which may include the restriction or
the suspension of authorization for the financial companies that are members of the group
financial company carry out certain operations.
SECTION V
COMPREHENSIVE GROUP RISK MANAGEMENT
Article 410. (COMPREHENSIVE GROUP RISK MANAGEMENT SYSTEM).

I.

It is the responsibility of the holding company of a financial group to implement a
comprehensive risk management system at a consolidated level, which allows an effective
identification and management of the risks inherent to the development of activities such as
group.

II.

The financial companies that are members of the financial group must adapt their
organization and function manuals, their policies, practices and procedures
risk control and other internal regulations of a similar nature, incorporating criteria
related to their participation at the group level.
Article 411. (REPORTS AND REPORTS).

I.

Each financial group holding company must submit annually to the
Financial System Supervisory Authority - ASFI, a report on the management
comprehensive group risk statement, which must contain at least the following:
to)
Description of the activities carried out by financial companies that
make up the financial group.

II.

b)

Description of the risks faced by the financial group, identifying
types and characteristics, as well as mechanisms for their administration or
management.

c)

Qualitative and quantitative analysis of the consolidated financial situation of the
financial group with a risk approach.

At the end of June of each year, each financial group holding company
will present to the Financial System Supervisory Authority - ASFI, a report of the

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status of the integral group risk management, contemplating,
among others, an account of the qualitative and quantitative assessment of the risks that
faces at a consolidated level and the application of mechanisms of identification and
management of such risks in the last twelve (12) months.
Article 412. (INTERNAL AUDIT). The company's internal audit unit
controller of the financial group must include in its annual work plan, the review of practices
and accounting principles applied in the consolidation of financial statements of the financial group, the
computation of the consolidated equity requirement, compliance with consolidated limits, the
comprehensive group risk management system and, in general, compliance with the provisions
contained in this Law.
Article 413. (EXTERNAL AUDIT).
I.

The financial statements of the financial group must be audited by audit firms
that are duly registered with the Supervisory Authority of the
Financial System - ASFI. The examination carried out by the external auditor shall include,
among others, the evaluation of accounting principles, practices and procedures
used and the reasonableness of the financial group's financial statements regarding the
fidelity of the patrimonial and financial situation.

II.

The external auditor must evaluate and issue an opinion on the work carried out by the
internal audit of the financial group's holding company.

Article 414. (RISK RATING). Risk rating entities, when
when assigning ratings to financial companies that are members of a financial group,
should incorporate into their evaluation criteria the risks they face for integrating
a financial group. The ratings assigned to financial groups must consider the
quality of comprehensive group risk management.
TITLE V
SOLVENCY AND LIQUIDITY REGIME
CHAPTER I
SOLVENCY REGIME
Article 415. (EQUITY ADEQUACY COEFFICIENT).
I.

The capital adequacy coefficient of a financial intermediation entity is
the percentage relationship between regulatory capital and weighted assets and contingents
based on risk factors, including credit, market and
operating, using the procedures established in the regulations issued by the
Financial System Supervisory Authority - ASFI.

II.

At all times, financial intermediation entities must maintain a
equity adequacy coefficient of at least ten percent (10%). The
Executive Branch, by means of a supreme decree, may increase this percentage up to
twelve percent (12%), depending on the prevailing conditions of the system
financial situation, the macroeconomic situation and the external situation.
Article 416. (REGULATORY CAPITAL).

I.

For the purposes of this Law, regulatory capital of an entity of
financial intermediation the sum of primary and secondary capital, deducted from capital
primary the adjustments determined by the Financial System Supervisory Authority
- ASFI and the external auditors.

II.

Primary capital is made up of:

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III.

to)

Paid-in capital.

b)

Legal reserves.

c)

Irrevocable contributions pending capitalization.

d)

Issuance premiums.

and)

Other non-distributable reserves.

The secondary capital is made up of:
to)

Subordinated bonds with a maturity term greater than five (5)
years and only up to fifty percent (50%) of the primary capital.

b)

Voluntary generic allowances to cover future losses not yet
identified. For purposes of liquidating the Income Tax of
the Companies, voluntary generic provisions are not subject to
deduction. The reversal of these provisions that are computed as capital
secondary, it will not be considered as taxable income for the purposes of the
liquidation of the Tax on the Profits of the Companies when the
It is carried out for its conversion into capital.

IV.

In no case, the total secondary capital may exceed one hundred percent (100%) of the
primary capital.
Article 417. (PRIMARY CAPITAL REQUIREMENT). The primary capital of a
financial intermediation entity calculated in accordance with the preceding Article 416, after
the deductions and adjustments made by the Financial System Supervisory Authority - ASFI
and external auditors, at no time may it be less than seven percent (7%) of the assets and
contingents weighted by risk factors. The Executive Branch by supreme decree
may increase this percentage based on official recommendations of the Basel Committee.
Article 418. (WEIGHTING OF ASSETS AND RISK CONTINGENTS
CREDIT).
I.

The following asset and contingent weighting coefficients are established by
credit risk:
to)

Of the zero percent (0%), for the cash in vault, the deposits in the
Central Bank of Bolivia, credits guaranteed with securities issued by the
Central Bank of Bolivia or the General State Treasury and investments in
securities issued by the Central Bank of Bolivia and the General Treasury of the
State and other countries with an acceptable risk rating according to
regulations of the Financial System Supervision Authority - ASFI; the
contingent prepaid credits and deposit-guaranteed credits
of money constituted in the financial intermediation entity itself, with
self-liquidating guarantees.

b)

Ten percent (10%), for financial leasing operations
of real estate.

c)

Twenty percent (20%), for credits guaranteed by entities of
domestic financial intermediation, foreign banks or for hedging of

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national insurance companies, with reinsurance company coverage
foreign for the amount effectively insured, with qualification of degree
of investment assigned by a recognized risk rating company
by the Financial System Supervision Authority - ASFI, as well as the
credits granted to said financial entities and cash items
in the process of collection and credits guaranteed by guarantee funds, funds
investment funds closed for collateral, other collateral instruments with
acceptable risk rating according to regulations of the
Supervision of the Financial System - ASFI and operations of
leasing of movable property.
d)

Fifty percent (50%), for mortgage loans for purposes of
housing, granted by financial intermediation entities to individuals
individual and exclusively intended for the acquisition, construction,
remodeling or improvement of the dwelling occupied or given for rent by
the debtor owner, limiting the latter case to a first or second
home owned by the debtor; microcredits for housing or for
productive housing structures that meet the established requirements
through regulations issued by the System Supervisory Authority
Financial - ASFI. This weighting will not be applicable to loans
granted to collective persons or for the acquisition, construction,
remodeling or improvement of buildings for commercial activity purposes.
Credits to small and medium-sized companies, granted with methodologies
specialized to borrowers who demonstrate high repayment capacity,
certified through acceptable risk rating for this category,
assigned by a risk rating company recognized by the
Financial System Supervision Authority - ASFI; microcredits to
borrowers with high repayment capacity, backed by real guarantees,
with an acceptable rating for this category assigned by systems
specialized internal rating agencies developed by the
financial intermediation, approved and authorized by the Authority of
Supervision of the Financial System - ASFI, according to express regulations issued
to the effect.

and)

Seventy-five percent (75%), for loans granted to borrowers
that demonstrate solid ability to pay, certified by a company
risk rating agency recognized by the Supervisory Authority of the
Financial System - ASFI; credits to small and medium enterprises,
granted with specialized methodologies to borrowers who demonstrate
solid payment capacity, certified through risk rating
acceptable for this category assigned by a rating rating company
risks recognized by the Financial System Supervisory Authority ASFI; microcredits to borrowers with strong repayment capacity,
backed by collateral or acceptable unconventional guarantees,
with an acceptable rating for this category assigned by systems
specialized internal rating agencies developed by the
financial intermediation, approved and authorized by the Authority of
Supervision of the Financial System - ASFI, according to express regulations issued
to the effect.

F)

One hundred percent (100%), for all other assets, operations and
services that, regardless of their legal form of implementation,
involve a risk or any kind of financial commitment for the
financial entity.

Page 109

II.

The operations that generate assets not contemplated in this Article, will have
weighting coefficients determined by the regulations issued by the Authority of
Supervision of the Financial System - ASFI.
Article 419. (EXPOSURE DUE TO MARKET RISKS).

I.

Exposures to market risks due to interest rates, exchange rates
and prices in operations on and off the balance sheet of brokerage entities
financial, will be calculated based on the standard methodology issued for the purpose
by the Financial System Supervision Authority - ASFI, through regulations
express.

II.

The regulations will contemplate the alternative of the use of internal methodologies for the
determination of the value at risk for market risks, as long as the entity
of financial intermediation has authorization from the Supervisory Authority of the
Financial System - ASFI to apply this alternative and its methodologies are
individually approved by it.
Article 420. (EXPOSURE FOR OPERATIONAL RISK).

I.

The capital requirements of financial intermediation entities for
exposures to operational risks will be calculated based on the standard methodology
issued for this purpose by the Financial System Supervision Authority - ASFI
through express regulations.

II.

The regulatory norm will contemplate the alternative of the use of internal methodologies
for the determination of the value at risk for operational risk, as long as the
financial intermediation entity has authorization from the Authority of
Supervision of the Financial System - ASFI to apply this alternative and its
methodologies are individually approved by it.

Article 421. (LEGAL RESERVATIONS). Any financial institution to cover eventual
losses, must constitute a fund called Legal Reserve until it reaches the
fifty percent (50%) of its paid-in capital. To form said reserve, the financial institution
shall allocate, at least, ten percent (10%) of its annual net profits. Entities
financial institutions may form other reserve funds on a voluntary basis and in addition to the
determined by this Law.
Article 422. (REQUIREMENT OF ADDITIONAL CAPITAL). The Authority of
Supervision of the Financial System - ASFI is empowered to require a higher coefficient of
patrimonial adequacy than the minimum defined by Article 415 of this Law, through the
constitution of additional capital, to the financial intermediation entity that presents
of exposure to risks higher than the maximum tolerable level according to the evaluation system
and comprehensive risk rating from the Financial System Supervisory Authority - ASFI. The
increase in the capital adequacy coefficient that the entity must meet will be estimated at
depending on the additional risk incurred by it, not being able to exceed two percentage points of the
level maintained by the entity at the time the measure was applied.
Article 423. (REQUIREMENT OF ANTI-CYCLIC PRIMARY CAPITAL). The authority
Supervision of the Financial System - ASFI may require all entities of
financial intermediation the constitution of countercyclical primary capital in order to strengthen
the solvency of financial institutions so that they can find themselves with greater capacity to
absorb losses and face stressful situations in periods of low or negative performance of
the economy. The regulations of the Financial System Supervisory Authority - ASFI
will establish the operation for the constitution and its corresponding use of the primary capital
countercyclical, being able to reach a limit of two percent (2%) of assets and

Page 110

contingents weighted by risk factors.
Article 424. (DISTRIBUTION OF DIVIDENDS OR SURPLUSES).
I.

The profits or surpluses obtained by financial entities may be applied
preferably to the capitalization of the entity. The ordinary shareholders meeting,
assembly of partners or associates of a financial institution, as appropriate, to
proposal from its board of directors or equivalent body, at the end of each year, it may
agree on the distribution of dividends or surpluses, or the reinvestment of profits
certified by external auditors, after deduction of the corresponding
legal reserve, to the capital stock. Financial entities may not distribute dividends or
anticipated or provisional surpluses. Neither will they be able to distribute dividends or surpluses,
if with their distribution they cease to comply with the legal relationships established in this
Law.

II.

Shareholders, partners or associates, directors, board members, managers or
administrators of a financial institution who knowingly authorize the payment of
dividends or surpluses in contravention of the provisions of this Law,
will be individually and jointly liable for said payment and will return to the entity
financial out of their own pocket the amount of such dividends or illegal surpluses
distributed.

III.

For the purposes of verifying compliance with the provisions of this article, the
Financial System Supervisory Authority - ASFI is authorized to require
financial entities, the submission of information corresponding to the distribution of
dividends or surpluses.
Article 425. (PROHIBITION OF DISTRIBUTION OF DIVIDENDS OR SURPLUSES).

I.

The Financial System Supervisory Authority - ASFI, in the exercise of its
functions, may prohibit the direct or indirect distribution of dividends or surpluses of
a financial institution, when it presents accumulated losses, deficiencies in the
constitution of provisions or reserves, you have not recorded all your expenses, keep
deferred expenses, keep pending records of provisions for your credits or
investments, there are other items not adequately recognized in their statements
financial

II.

The Financial System Supervisory Authority - ASFI may restrict the distribution
dividends and order the reinvestment of profits for reasons of strengthening
patrimonial and accompany the growth of the economy.

III.

It may also restrict the distribution of dividends and order the reinvestment of
profits for reasons of preserving the solvency of the financial institution, when
the evaluation reports of the Financial System Supervisory Authority - ASFI
identify risk of insolvency due to deterioration in the quality of their assets, increase
loss, reduction of the capital adequacy coefficient, substantial increase
of assets without the due capital increase and others determined by the
Supervision of the Financial System - ASFI exceptionally.
CHAPTER II
LIQUIDITY AND LEGAL LACE
Article 426. (LIQUIDITY ADMINISTRATION).

I.

Financial intermediation entities must ensure that at all times and
under different alternative scenarios, they have adequate levels of liquidity and
sufficient resources to ensure continuity of operations and care

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timely of its obligations, considering the complexity and volume of its
operations and the risk profile you are assuming.
II.

The financial intermediation entity will plan a prudent management of its assets and
liabilities, providing that cash inflows are related to outflows
expected. The level of liquidity defined by the entity will depend on the needs
estimates, cash flow projections, concentration levels of
deposits and the quality and convertibility of cash assets.
Article 427. (CONTINGENCY PLAN).

I.

Financial intermediation entities are obliged to structure a plan of
contingency to face illiquidity situations arising from abnormal situations
market or events in the environment, based on realistic criteria that enable
an effective implementation of it.

II.

The contingency plan will include strategies to manage crisis situations of
liquidity of the particular entity and systemic risk scenarios.
Article 428. (CONTROL OF THE LEGAL LACE).

I.

If a financial intermediation entity ceases to constitute the required legal reserve, the
Executive Director or Executive Director of the System Supervisory Authority
Financial - ASFI will impose a fine of two percent (2%) of the average deficiency
incurred in the two week period. If the deficiency continues, double will be imposed
of the fine established above, for each successive period of two weeks.

II.

The Financial System Supervisory Authority - ASFI may suspend the application
of fines for mismatch due to force majeure verified by this Body of
Supervision.
Article 429. (UNEMBARGOABILITY OF THE LEGAL LACE).

I.

The legal reserve established and the non-equity deposits made in the Bank
Central de Bolivia - BCB, will not be subject to any type of embargoes or withholdings
judicial, arising from litigation between natural or legal persons.

II.

The Central Bank of Bolivia - BCB may debit from the legal reserve established the
liquidity loans not paid when due.
The additional reserve requirements established by the issuing entity may be constituted in
Fixed income stock market financial instruments, rated and accepted by the Bank
Central de Bolivia - BCB.

III.

Article 430. (LIQUIDITY LOANS). The Central Bank of Bolivia - BCB may
grant liquidity credits to financial intermediation entities with guaranteed reserve requirements
constituted legal entity, as well as with other guarantees determined by the issuing entity, in accordance with
regulation approved by its board of directors.
TITLE VI
GOVERNANCE AND RISK MANAGEMENT
CHAPTER I
GOVERNANCE
Article 431. (ADMINISTRATION).

Page 112

I.

The administration of financial entities will be subject to the provisions of the
this Law and its regulations, the Commercial Code, the legal provisions
related to the matter, to the regulations on corporate governance issued by the
Supervision of the Financial System - ASFI and the internal statutes of each entity.

II.

The savings and credit cooperatives will be administered under the direction of a
board of directors and the control of a supervisory board. Both bodies
Collegiate members will be made up of active members of the entity appointed in assembly
of partners, who must meet at least the following requirements:

III.

to)

Have an antiquity of no less than two (2) years as an active member within
from the credit union.

b)

Not having internal processes in progress or sanctioning measures in
compliance stage, nor have debts overdue, in execution or
punished within the entity.

c)

Not having sanctioning proceedings executed for suspension or
disqualification by the System Supervisory Authority
Financial - ASFI. Those who encounter sanctioning processes in
course, they will not be able to apply for the position of director of the council
board of directors or the supervisory board, as long as said
processes.

d)

Demonstrate previous experience of at least two (2) years in functions of
direction or administration of activities related to the position.

and)

Have a degree of instruction of at least medium technical, with
Proven work experience of no less than two (2) years.

The shareholders, members of the board of directors, managers and employees of the companies of
Complementary financial services will be subject to the same requirements and
obligations established for financial intermediation entities as regards
conducive.

Article 432. (INTERNAL BYLAWS). The internal statutes of the entities
financial institutions, regardless of their legal form of incorporation, must be absolutely
framed in the provisions of this Law, for review and non-objection by the
Financial System Supervisory Authority - ASFI and subsequent registration in the registries
corresponding audiences. Any statutory modification must have the review and no objection
by the Financial System Supervisory Authority - ASFI, prior to its registration in
public records.
Article 433. (SHAREHOLDERS 'MEETING, PARTNERS' MEETING OR
ASSOCIATES).
I.

In financial entities, the shareholders' meeting or assembly of partners or
Associates, as appropriate, is the highest governance body that represents the
social will of the entity's shareholders, partners or associates, and has competence
exclusively to deal with matters of major institutional importance for the entity, in the
framework of this Law, the Commercial Code and its internal statutes.

II.

In order to strengthen the governance of the entity, the internal statutes must
include incentive mechanisms that guarantee a quorum of participants in meetings
of shareholders, assemblies of partners or associates.

Page 113

Article 434. (RIGHT OF SHAREHOLDERS OR PARTNERS).
I.

In financial entities incorporated under the legal form of a public limited company,
Each share will confer the right to one vote at the shareholders' meeting.

II.

In communal financial entities, each communal contribution certificate
confer the right to one vote except for matters relating to the distribution of the
profit or loss treatment. Ordinary contribution certificates
grant voting rights only with respect to the distribution of profits or the
treatment of losses.

III.

In housing finance entities, each holder of one or more certificates of
contribution will have the right to one vote, regardless of the number of certificates of
contribution that it has and social participation that they represent.

IV.

In development finance institutions, each holder of one or more certificates
of foundational contribution will have the right to only one vote, except for the
matters relating to the distribution of profits or the treatment of losses. The
ordinary contribution certificates grant their holder the right to vote for each one
that it owns, solely with respect to the distribution of profits or the treatment of
losses.

V.

In financial intermediation entities constituted as a cooperative society,
foundation, association or civil society, each partner or associate with the right to vote in
the assembly of partners or associates, must exercise their right personally.

SAW.

It is the right of every shareholder or partner of a financial institution, to intervene in the
deliberations and decisions at shareholders 'meetings, shareholders' meetings or
assemblies of associates. The internal statutes of the entities may establish a
incentives and / or sanctions regime for shareholders, partners to participate in them.
Article 435. (REPRESENTATION).

I.

The internal statutes of financial institutions must establish clear rules of
delegation of representation, when this Law and its sectorial Law do not prevent it,
in the cases of shareholders, partners or associates with the right to vote who cannot
participate in shareholders 'meetings or shareholders' or associate's assemblies for reasons
force majeure.

II.

The representation must be exercised by means of a special notarized power of attorney or power of attorney.
expressly issued for such representation and will be valid only for a
shareholders' meeting, shareholders' meeting, or associates' meeting, and must
appear before the board of directors or equivalent body of the entity at least three (3)
days before.
Article 436. (SOUND GOVERNMENT PRACTICES).

I.

The shareholders' meeting or the assembly of partners or associates of an entity
The financial institution must ensure the establishment of sound governance practices in the entity. The
Financial System Supervisory Authority - ASFI will establish the guidelines
minimum standards that sound governance practices should contain.

II.

The union bodies of financial institutions may create committees of
governance within its organizational structure, in order to share
with its affiliated entities experiences and recommendations of healthy practices of
government. The internal regulations of the union bodies that regulate the

Page 114

functioning of these committees, will establish the form of participation of the members
of the boards of directors or equivalent bodies of the affiliated financial entities.
Article 437. (BOARD OF DIRECTORS OR EQUIVALENT BODY).
I.

The shareholders' meeting or assembly of partners or associates, as appropriate, of the
financial entities will entrust the direction and administration of the entity to a
board of directors or equivalent body.

II.

The number of members of the board of directors or equivalent body of a public limited company,
community society, non-profit civil association, financial institution for housing or
board of directors in a cooperative society, it may not be less than five (5)
nor more than ten (10) members, unless this Law provides a number
different from members. At least one of the members of the board of directors or body
equivalent, must not have or have had direct intervention in the management of the entity
in the last two (2) years; must have recognized professional prestige and
extensive experience in the financial field; will participate in equal conditions as the
other members of the board of directors or equivalent body.

III.

In public limited companies, communal companies, financial housing entities,
at least one of the members of the board of directors or board of directors must be
independent, not having to be a shareholder, partner or able associate of the entity or have
been in the last two (2) years.

IV.

The election of the directors or directors of administration, as well as the duration of their
mandates, their cyclical and partial renewal and the responsibilities that correspond to them,
will be established in express regulations issued by the Supervisory Authority of the
Financial System - ASFI based on the provisions of this Law for
financial entities that are not incorporated as public limited companies. The
internal statutes of financial institutions must be subject to these provisions
regarding the election and appointment of directors and directors of administration.

Article 438. (INTERNAL AUDIT UNIT AND CONTROL BODIES
INTERNAL).
I.

Any financial entity, whatever its legal nature or form of incorporation and
organization, it must have an internal audit unit and internal bodies
of control.

II.

The internal audit units must develop an independent activity and
objective of efficient control, conceived to add value and improve the operations of
financial entities, advising the board of directors or equivalent body of the entity
on the character of governance, risk management processes and the
compliance with internal policies and the legal and regulatory framework in the entity. The
head of the internal audit unit will be appointed by the board of directors or council
of administration, at the proposal of the supervisory council or internal audit committee.

III.

The internal control bodies of financial institutions will be elected by the board
of shareholders or assembly of partners or associates, as appropriate, and will respond
before said board or assembly as the highest body of will of the entity.

IV.

The internal control bodies of financial institutions and their names will be
the following:
to)

In joint-stock companies and communal joint-stock companies,
denominate trustee, with the attributions established by the Code of

Page 115

Commerce and the obligations determined by this Law.
b)

In savings and credit cooperative societies, the control body is the
Supervisory Board, which will delegate to no more than two (2) of its members,
so-called surveillance inspectors, powers for surveillance
permanent entity, with the attributions of the trustees of the
public limited companies, as appropriate and the obligations determined by
this Law. Surveillance inspectors, as delegates of the council
surveillance, they will respond to this instance and the same to the assembly
general membership.

c)

In non-profit civil associations they will be called auditors
internal, not being able to appoint more than two (2) associates for this purpose,
with powers for the permanent surveillance of the entity, with the
attributions of the trustees of the public limited companies, in what is conducive and
the obligations determined by this Law. The auditors
Inmates will answer to the board of directors and to the general assembly of
associates.

Article 439. (RESPONSIBILITY OF THE FUNCTIONS OF CONTROL AND
INTERNAL AUDIT).
I.

The responsibility of those who exercise internal control and oversight functions is
absolute in legal terms. It is the duty of the trustees, surveillance inspectors and
internal auditors, warn shareholders, partners or associates, in writing, about the
non-compliance with the rules and legal provisions, by the directors,
directors of administration and surveillance, and administrators of the financial institution,
with communication to the Financial System Supervision Authority - ASFI.

II.

Those who exercise internal control and oversight functions must not only carry out
functions related to the control of accounting aspects, but must also
monitor compliance, application and dissemination of this Law, its regulations and the
regulatory provisions issued by the Financial System Supervisory Authority
- ASFI, at all levels of decision and governance of the entity.

III.

The members of the internal control and oversight bodies will exercise their functions
and powers, without intervening or hindering the administrative management of the entity.

Article 440. (QUALIFIED CAUTION). The exercise of the functions of director,
director of administration and surveillance, liquidator, internal inspector, surveillance inspector,
managers, administrators and general proxies of a financial institution, requires a surety
rated by the Financial System Supervision Authority - ASFI. Directors, directors
administration and surveillance, trustees, internal auditors and surveillance inspectors
will guarantee the equivalent of twenty-four (24) months of the highest total salary paid, and the
managers, administrators and general attorneys-in-fact, the equivalent of twenty-four (24) months of their
total salaries.
Article 441. (REPORT OF APPOINTMENTS TO THE SUPERVISORY AUTHORITY
OF THE FINANCIAL SYSTEM - ASFI). In financial institutions, any director election,
director of administration and surveillance, liquidator, internal inspector and surveillance inspector,
carried out by the shareholders' meeting, the members' meeting or the associates' meeting, and the
appointment of manager, administrator or general attorney made in accordance with the
procedures established in the internal statutes and the regulations issued by the
Supervision of the Financial System - ASFI, must be made known to the Authority of
Supervision of the Financial System - ASFI within ten (10) days of its occurrence.

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Article 442. (IMPEDIMENTS FOR THE EXERCISE OF MANAGERIAL FUNCTIONS,
OF CONTROL AND ADMINISTRATION). They may not be directors, directors of administration or
surveillance, trustees, internal auditors, surveillance inspectors, managers, administrators
or general proxies of financial entities, the persons who incur in the prohibitions
of Article 153 of this Law, Article 310 of the Commercial Code, except Number 3, and
in addition:
to)

The ministers or ministers and vice ministers or vice ministers of the Body
Executive; the directors or directors and general managers of the entities
financial institutions of the State or with majority participation of the State; the
directors or directors, the President and the managers of the Bank
Central de Bolivia - BCB; the Executive Director or Executive Director and
directors or area directors of the System Supervisory Authority
Finance and the Authority for the Supervision and Control of Pensions and
Insurance, up to one year (1) after leaving office.

b)

Directors, directors of administration and oversight, trustees,
internal auditors, surveillance inspectors or managers of other
entities of the national financial system, unless authorized by the Authority
of Supervision of the Financial System - ASFI.

c)

Spouses and persons related up to the second degree of
consanguinity or affinity, according to the civil count. The Authority of
Supervision of the Financial System - ASFI may grant a waiver to not
more than two (2) related persons on the board of directors or council of
administration or surveillance, in accordance with regulations issued by the
Financial System Supervisory Authority - ASFI.

Article 443. (IMPEDIMENTS FOR EXECUTIVES AND ATTORNEYS).
I.

The managers, assistant managers or general representatives of a financial institution, to be counted
with privileged information and be obliged to keep confidentiality and confidentiality of the
same, they will not be able to hold the position of director, board of directors or
surveillance, trustee, internal auditor, surveillance inspector or manager of another entity
financial, except in the case of an equity-linked company.

II.

In financial groups, the directors and administrators of the holding company
Board members, trustees or managers of the companies may be elected
financial institutions that make up the financial group.
Article 444. (DISABILITIES FOR EMPLOYEES).

I.

People with a relationship will not be able to work in the same financial institution until
the second degree of consanguinity or affinity according to the calculation of the Civil Code,
Unless approved by the entity's board of directors or board of directors, and up to a
maximum of two (2) people. In which case the approval must be sent to the Authority
of Supervision of the Financial System - ASFI.

II.

The impediment determined in the previous paragraph will apply to the spouse,
being allowed up to a maximum of five (5) cases per entity, prior approval
of the entity's board of directors or board of directors and communication to the Authority of
Supervision of the Financial System - ASFI.

III.

In the event of a marriage of two employees of the financial institution, and
do not have the approval of the board of directors or board of directors, for their
permanence, the entity must dismiss one of them, under the cause of

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job incompatibility.
IV.

The positions of director, director of administration or supervision are incompatible,
receiver, internal auditor or surveillance inspector with the employee of the same
financial entity.
Article 445. (LIABILITIES FOR DAMAGES OR INJURIES).

I.

Directors, directors of administration and oversight, trustees, auditors
inmates, surveillance inspectors and administrators, are civilly and criminally liable
in accordance with Law, when in the exercise of their functions and attributions emanating from the
Law and its regulatory norms, by fraud or fault, cause damage or harm to the entity
financial, shareholders, partner or associates, or third parties. The Authority of
Supervision of the Financial System - ASFI is empowered to rule through
administrative resolution expresses the actions of the shareholders, partners or associates,
directors, directors of administration and oversight, trustees, internal auditors,
surveillance inspectors and administrators, depending on the financial situation,
administrative and operational entity.

II.

The actions and reports of the Financial System Supervisory Authority - ASFI
may be presented as evidence for compensation for civil damages caused
to the entity, to savers or depositors, investors and consumers or
financial consumers.

III.

In the event of evidence of the commission of a crime, the Supervisory Authority of the
Financial System - ASFI must submit documents to the Public Ministry for the
investigation of the crime and criminal action is promoted in accordance with the provisions of the
Numeral 8 of Article 108 of the Political Constitution of the State. A copy of the
Background and reports of the Financial System Supervisory Authority - ASFI
It will be part of the investigations by the Public Ministry.

Article 446. (IMPEDIMENT FOR RESPONSIBLE FOR BANKRUPTCY OR DOLO). The
who have been found liable for bankruptcies or for having committed fraud in companies in
general and entities of the financial system in particular, may not have direct or
indirectly in the management or ownership of financial entities, nor may they outsource any type of
financial services in financial entities.
Article 447. (POWERS OF THE SYSTEM SUPERVISORY AUTHORITY
FINANCIAL IN THE GOVERNMENT INSTITUTIONS OF THE FINANCIAL INSTITUTIONS). The
Executive Director or Executive Director of the Financial System Supervisory Authority ASFI, is empowered to assist, by itself or through the delegate that it formally designates, to
sessions of the shareholders 'meeting, shareholders' meeting and meetings of the board of directors or body
equivalent of the financial institution, as an observer.
Article 448. (CORRECTIVE MEASURES). In case of irregularities and / or
financial difficulties in a financial institution, concentrations in decision-making power,
deviations from the corporate purpose or other types of deficiencies, the System Supervisory Authority
Financial - ASFI may, in addition to the preventive actions it establishes to correct such
deficiencies, apply corrective or sanctioning measures, which may include among these the
imposition of fines and penalties, suspension of directors, directors of administration and
surveillance, internal auditors and members of the internal control bodies, instruction to the
entity for the removal of directors, directors of administration and supervision, auditors
interns or members of the internal control bodies, instruction to summon new
Board of Directors or Board of Directors and Supervisory Elections, among others.
CHAPTER II

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RISK MANAGEMENT
Article 449. (INTEGRAL RISK MANAGEMENT).
I.

Financial entities must implement systems, methodologies and tools
comprehensive risk management, which include objectives, strategies, structure
organizational, policies and procedures for the prudent administration of all
risks inherent to its activities and operations; based on the regulations issued
for this purpose, the Financial System Supervision Authority - ASFI.

II.

It is the responsibility of the board of directors or equivalent body of the entity, to establish
formally a comprehensive risk management process, considering as
minimum stages of identification, measurement, monitoring, control, mitigation and
disclosure of the different types of risk faced by the entity.
Article 450. (MANAGEMENT OF CREDIT RISK).

I.

Financial entities are obliged to establish processes for risk management
credit, with the aim of minimizing the levels of exposure to this risk and limiting the
Potential losses that could arise from bad debts on financing
granted.

II.

The board of directors or equivalent body of the entity is responsible for approving
policies and procedures for the healthy administration of the loan portfolio,
defining limits of indebtedness and credit concentration aligned to the profile of
risk of the entity, as well as the provisions of this Law and the regulations
issued by the Financial System Supervision Authority - ASFI.
Article 451. (MARKET RISK MANAGEMENT).

I.

Financial institutions are obliged to structure management systems for their
market risks, in order to avoid losses derived from adverse movements in
market factors such as the interest rate, the exchange rate and the prices of
instruments in which the entity has taken an on or off balance sheet position.

II.

The board of directors or equivalent body of the entity is responsible for approving
policies and procedures for the optimal management of market risks,
establishing maximum exposure limits appropriate to the entity's risk profile,
as well as the provisions of this Law and the regulations issued by the Authority of
Supervision of the Financial System - ASFI.
Article 452. (LIQUIDITY RISK MANAGEMENT).

I.

Financial intermediation entities are obliged to establish systems of
liquidity risk management, in order to efficiently manage resources
available.

II.

The board of directors or equivalent body of the entity is responsible for approving
policies and procedures to structure a liquidity program that minimizes the
risk of loss due to not having available funds to ensure continuity
of its operations, or that allows it to operate in adverse scenarios motivated by
exogenous factors that could delay or accelerate the inflow or outflow of funds in
active, passive and contingent operations.
Article 453. (MANAGEMENT OF OPERATIONAL RISK).

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I.

Financial intermediation entities have the obligation to implement
effective operational control mechanisms to avoid situations of internal fraud and
external. Within the framework of prudent management of operational risk, the board of directors and
equivalent body of the entity will approve policies and procedures to identify and
control the factors that could cause failures in operational processes, whose
impacts would negatively affect institutional objectives causing the entity
economic damages and losses.

II.

Special attention will deserve operational risk factors associated with sophistication
of financial services, the continuous modernization of technology and
telecommunications, the foray into new markets and financial innovations, which
they lead to the creation of new financial products and services.

Article 454. (EVALUATION OF THE DEBTOR). In relation to the operations of
financing, it should be borne in mind that financial intermediation entities will evaluate
to the debtors taking into account their cash flows, their income and service capacity of the
debt, its financial situation, equity, future projects and other relevant factors for
determine the debtor's ability to pay, this being the basic evaluation criterion. The
guarantees are of a subsidiary nature.
Article 455. (DUE GUARANTEED CREDITS). For the different types
credit, the Financial System Supervision Authority - ASFI will determine through
regulations express the criteria and requirements to consider appropriately guaranteed credits,
taking into account the incorporation of unconventional guarantees acceptable for the
financing of rural activities as provided in Article 99 of this Law.
Article 456. (LIMITS OF INDEBTEDNESS).
I.

A financial intermediation entity may grant credits that are not found
duly guaranteed to a borrower or borrowing group up to five percent
(5%) of the regulatory capital of the financial intermediation entity.

II.

The regulations of the Financial System Supervisory Authority - ASFI will establish
those cases in which the total amount of credits that are not found
duly guaranteed may exceed the equity of the intermediary entity
financial

III.

A financial intermediation entity may not grant or maintain credits with a
single borrower or group borrowers that collectively exceed twenty percent
(20%) of the regulatory capital of the financial intermediation entity.

IV.

Contingent operations, against guaranteed on first demand by banks
Investment grade foreigners may reach the maximum limit of thirty percent
(30%) of the regulatory capital of the financial intermediation entity.

V.

For the purposes of the previous paragraphs, the entities and companies of the public sector or
Those where the State has a shareholding will not be considered as a group.
borrower.

SAW.

In microcredit operations, home loans and consumer loans, the
regulations issued by the Financial System Supervisory Authority - ASFI
determine the limits of indebtedness per borrower or borrowing group and of
global credit concentration, depending on the type of collateral, depending on the size of the
regulatory capital of the financial intermediation entity.
Article 457. (CREDITS TO A BORROWING GROUP).

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I.

Loans granted to a borrowing group will be considered those granted to individuals
natural and / or legal persons, who maintain a property relationship with each other,
administration, guarantees, activity or destination of the credit, when said relationship determines
that such credits represent the same credit risk.

II.

A borrowing group, linked or unrelated, is also one that is classified as
such by the Financial System Supervision Authority - ASFI through regulations
expresses, based on reasonable and sufficient evidence that leads him to presume "juris
tantum " the existence of binding relationships between natural and legal persons of
similar in nature to those indicated in the preceding paragraph.
Article 458. (PROHIBITION OF RELATED OPERATIONS).

I.

Financial entities may not grant credits or other risk assets to people
natural or legal or groups linked to them.

II.

For the purposes of this Law, it will be considered linked to an entity of
financial intermediation any borrower, natural or legal person, or borrowing group
that meets one or more of the following characteristics:
to)

Has a stake of more than ten percent (10%) in the capital of the
financial entity, directly or indirectly through third parties
natural or legal persons. The Executive Branch may decrease said
percentage by supreme decree, based on specialized study
elaborated for this purpose.

b)

Carry out directive, executive, and management functions in the financial institution
internal control, or to provide permanent advice to the authorities
superiors of his administration. It will also be considered a borrower
linked any legal entity for profit in which said borrower
have participation.

c)

Being a legal entity incorporated in Bolivia or abroad, the entity
does not have updated information and identification of its
owners. Companies whose shares or those of their
owners are regularly traded on the stock exchange.

d)

Does not demonstrate a sufficient commercial or productive object to justify the
financing received, or that its equity or net flow of resources is not
enough to back it up.

and)

That the operations have been granted under preferential conditions,
not supported by specific formally approved preference policies
by the entity prior to the date of the operation.

III.

Derivative financing operations will not be considered linked credits
of the complementarity between financial entities indicated in Article 107 of the
this Law, whose purpose is the expansion of credit coverage. The regulations of the
Financial System Supervision Authority - ASFI will establish the requirements and
conditions for these cases.

IV.

Credits linked to public financial entities or with
majority participation of the State, those granted to companies and entities
financial institutions of the State or with a majority participation of the State in its share capital,
and to other public institutions at different levels of government that are subject to

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eligible in accordance with the internal regulations of the entities indicated appropriate to
the provisions of this Law.
V.

Credits linked to financial entities of the State or with
majority participation of the State credits to employees, workers or
public servants of companies and public entities.

SAW.

Credits linked to a Communal Financial Entity will not be considered, credits
that this entity grants to the producers or sectors that are members of the organization
constituent.
Article 459. (CREDIT POLICIES TO AVOID OVERNEDING).

I.

Financial intermediation entities must establish within their regime
credit, prudential policies to avoid causing over-indebtedness of the
borrowers.

II.

The Financial System Supervision Authority - ASFI will permanently evaluate the
degree of indebtedness of the borrowers of the Bolivian financial system, identifying
timely credit practices of financial entities that merit
prudential or operational restrictions, being able to instruct their correction.
Article 460. (LIMIT OF FINANCING WITH ANOTHER FINANCIAL ENTITY).

I.

A financial intermediation entity may grant financing to another entity of
national or foreign financial intermediation up to twenty percent (20%) of its
regulatory capital, subject to regulation.

II.

A financial intermediation entity may receive credits from other entities of
financial intermediation, up to one (1) time its regulatory capital. This limit may be
increased up to two (2) times the regulatory capital of the entity, under authorization
of the Financial System Supervisory Authority - ASFI subject to
regulation.

III.

The regulations issued for this purpose by the System Supervisory Authority
Financial - ASFI will determine the limits for financing between entities of
financial intermediation, within the framework of complementarity between entities
financial statements indicated in Article 107 of this Law, whose purpose is the expansion of the
credit coverage.
Article 461. (ASSETS AWARDED).

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I.

The movable or immovable property that becomes the property of a financial entity,
as a consequence of the judicial or extrajudicial actions that it exercises to obtain the
recovery of your financing must be sold within a maximum term of one (1)
year, from the award date. On the date of the award of an asset, the entity
The financial institution must provision at least twenty-five percent (25%) of the book value
of said good.

II.

If the respective sale is not made within the aforementioned period, the financial institution
must make the following provisions:
to)

At least fifty percent (50%) of the book value of the asset, a
Once the term of one (1) year from the award date has ended.

b)

One hundred percent (100%) of the book value of the asset before the end of the

second year from the award date.
III.

Financial entities may not incorporate the adjudicated assets as assets of
use, without authorization from the Financial System Supervisory Authority - ASFI.

Article 462. (TRANSFER OF REAL ESTATE OF USE AND PORTFOLIO OF
CREDITS).
I.

The transfer of real estate for use and that of the loan portfolio will be subject to
regulations issued by the Financial System Supervision Authority - ASFI.

II.

The transfer of loan portfolio with non-regulated entities must be
regulated by the Executive Branch.
Article 463. (INVESTMENTS IN FIXED ASSETS).

I.

The total amount of investments made by a financial intermediation entity in
fixed assets, in their agencies and branches, in shares of service companies
complementary financial companies, companies in the securities, insurance and pensions sectors,
and development banks, it will not exceed the amount of its regulatory capital.

II.

In financial groups, the regulations issued by the Supervisory Authority of the
Financial System - ASFI will determine the limits of such investments.

Article 464. (PROHIBITIONS AND OPERATING RESTRICTIONS). The entities of
financial intermediation may not:
to)

Receive as a guarantee of credits, in whole or in part, shares, certificates of
contribution or similar titles of the entity itself.

b)

Grant credits in order for your product to be used, using
any means, to the acquisition of shares, contribution certificates or
analogous titles of the entity itself.

c)

Grant credits to directors, members of the boards of
administration and surveillance, trustees, internal auditors, inspectors
surveillance, members of the credit committee and other special committees,
for the duration of their mandate, permanent advisers, auditor
intern, proxies and other officials whose decisions may
compromise the solvency of the entity, and with borrowers or groups
borrowers linked to these people. The credits that maintain such
people must be fully paid before assuming their duties.
The restriction does not apply to corporate credit cards destined for the
coverage of representation expenses, subject to regulations of the
Financial System Supervisory Authority - ASFI.
The total amount of credit operations granted by an entity of
financial intermediation to its non-executive employees may not exceed the
one and a half percent (1.5%) of its regulatory capital, nor individually the
ten percent (10%) of said limit.

d)

Giving surety or guarantees or in any other way supporting obligations of
money or mutual between third parties. The regulations issued by the Authority of
Supervision of the Financial System - ASFI will establish the conditions and
requirements for the granting of bonds and guarantees for this purpose.

and)

Pledge their assets, directly or indirectly, under any
modality provided by Law. This limitation does not cover the guarantees that are
granted for the liquidity credits of the Central Bank of Bolivia - BCB, of
according to the regulations of the issuing entity, nor to the guarantees granted in
contracts made with the State in accordance with the legislation issued
for that matter.

F)

Be partners or shareholders of non-financial companies.

g)

Carry out any type of raffle, raffle or other similar modalities that
are intended to award prizes or other mechanisms
based on chance to attract or keep customers, without the proper
authorization of the competent body and the Supervisory Authority of the
Financial System - ASFI.

h)

Pay directors or directors of administration and oversight, members
of senior management, advisers and executives, salaries, salaries, fees,
bonuses, bonuses or any other form of remuneration or remuneration, which in
set exceed twenty percent (20%) of the administrative expenses of
the entity.

i)

Capture deposits from the public, whatever the modality, on behalf of
companies that are not authorized by the Supervisory Authority of the
Financial System - ASFI to operate as an intermediary entity
financial in the national territory.

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Article 465. (CONTROL AND MANAGEMENT OF RISKS IN TRUST).
I.

Any trust agreement entered into by a financial entity as trustee,
must expressly indicate that the entity may not affect its own equity in the
administration and final achievement of the trust, however, must establish the
obligation of the latter to implement effective instances of internal control that ensure
the efficient fulfillment of its objective and an adequate administration of the assets that
they are entrusted to him.

II.

The Financial System Supervisory Authority - ASFI shall carry out the control and
supervision of trust activities, verifying the operation of the
operation, compliance with the contract and the trustee's policies. It will also perform
control of the levels of exposure to risks and will instruct the prudential measures and
corrective actions that warrant.

Article 466. (RESTRICTIONS FOR THE HIRING OF AUDITORS
EXTERNAL AND OTHERS).
I.

A financial intermediation entity may not hire external auditors, experts
appraisers, risk assessors who are spouses or relatives of their directors,
directors of administration or surveillance and managers, up to the fourth degree of
consanguinity and second degree of affinity, according to the civil count.

II.

The hiring of external auditors must be subject to the provisions contained in
Article 33 of this Law.

Article 467. (RESTRICTIONS ON THE FUNCTION OF CORRESPONDENCE). In no
In the event a financial intermediation entity acting as a correspondent, may carry out
operations of a branch.

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Article 468. (DIVISION IN PAYMENT OF COMPANY SHARES
RESTRUCTURED).
I.

When the financial intermediation entity receives in payment ordinary shares or
preferred new issues representing capital of a debtor company,
restructured by virtue of the Voluntary Restructuring Law, they may not
represent more than a third of the assets of the restructured company; these actions
may remain the property of the creditor financial intermediation entity
for the maximum term established for the payment of the debt in the transaction agreement.
If after this period the financial intermediation entity continues in
possession of the shares, it will compulsorily make a provision equivalent to one hundred
percent (100%) of the amount recorded in its books.

II.

For financing purposes, the new credit operations emerging from the
transaction agreement will not be considered as linked credits.

III.

The shares received in payment arising from the transaction agreement signed by virtue of
to the Voluntary Restructuring Law, will be considered as risk assets to the
purposes of calculating credit limits.

Article 469. (CONTRIBUTIONS FOR SOCIAL, CULTURAL AND
GUILDHOODS). Financial entities may make contributions or contributions for social purposes,
cultural, union and charitable activities, with the limitations determined by regulations issued
by the Financial System Supervision Authority - ASFI.
Article 470. (COPY OF BACKUP INFORMATION). The financial institution
must keep a copy, on miniature films or by other electronic means or
computerized, in such a way that they can be reproduced for ten (10) years, the entire
information and documentation that supports your active, passive, contingent and
complementary financial services.
Article 471. (LIMITS ON INVESTMENTS ABROAD). The Authority of
Supervision of the Financial System - ASFI will regulate the maximum investment limits in the
foreigners that can be maintained by financial intermediation entities.
TITLE VII
REGISTRATION AND RESERVATION OF INFORMATION
CHAPTER I
CONFIDENTIALITY OF INFORMATION
Article 472. (RIGHT TO RESERVATION AND CONFIDENTIALITY). The operations
made by natural or legal persons, Bolivian or foreign, with entities
financial institutions will enjoy the right of reservation and confidentiality. Any information regarding
These operations will be provided to the owner, who he authorizes or who represents him
legally, in addition to the cases indicated in Article 473 of this Law.
Article 473. (LIFTING OF CONFIDENTIALITY).
I.

The reserve and confidentiality of the information referred to in Article 472
above does not apply when it is required by:
to)

The competent judicial or fiscal authorities, by judicial order or
motivated tax requirement within a formal process.

b)

The public authorities in charge of conducting investigations in the
cases in which it is presumed commission of financial crimes, acts of
corruption, origin of fortunes and crimes that give rise to the legitimation of
illicit profits. The instances called by the Law to investigate these
cases will have the attribution to know said financial operations, without
that judicial authorization is necessary.

c)

The tax administration authorities, within a verification
current tax, on a specific person in charge.

d)

The directors and executives of financial intermediation entities within
of the information that these entities exchange with each other, in accordance
to reciprocity and banking and financial practices.

and)

The financial investigations unit within the scope of its competence.

F)

The Executive Director or Executive Director of the Supervisory Authority of the
Financial System - ASFI, in the exercise of its supervisory functions, and
to provide information to other supervisory institutions and
regulation or analogous international bodies, as well as institutions of the
foreign or international judicial order and authorities, within the framework of
the provisions of Article 491 of this Law.

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II.

In the case of Sections a and c, the request for information will be channeled through
the Financial System Supervision Authority - ASFI. The requirement of
information indicated in subsection b, may be made directly to the entities
financial institutions, which will be obliged to provide the information with a copy to
the Financial System Supervision Authority - ASFI.

III.

People who access reserved and confidential information by virtue of what
provided in this Article, may only use it for the purposes indicated in the
itself and with the judicial or administrative consequences to which they may give rise.

Article 474. (INFORMATION NOT SUBJECT TO CONFIDENTIALITY). Will not be subject
to reserve and confidentiality of information that refers to the following cases:
to)

Current accounts closed for draft of checks without provision of funds.

b)

Debtors in execution and penalized of the financial system.

c)

Statistical information of a non-personalized nature about the entities
financial

Article 475. (OBLIGATION TO KEEP CONFIDENTIALITY). They are obliged
to keep confidentiality and confidentiality of the affairs and operations of the financial system and its
clients, who come to their knowledge in the exercise of their functions:
to)

Directors, directors of administration and oversight, trustees,
internal auditors, surveillance inspectors, executives and officials
from:
1.

Financial intermediation entities.

two.

Complementary financial services companies.

3.

External audit companies.

Four.

Risk rating companies.

5.

Holding companies of financial groups.

6.

Companies financially linked to intermediation entities
financial

Page 126

b)

The authorities, executives and officials of public sector institutions.

Article 476. (CONFIDENTIALITY OF THE OFFICIALS OF THE AUTHORITY OF
SUPERVISION OF THE FINANCIAL SYSTEM - ASFI). The Executive Director or Executive Director and
the employees of the Financial System Supervisory Authority - ASFI, even after
cease in their functions, they are prohibited from disclosing information related to
documents, reports or operations of financial entities or people related to
the financial system. The executive or employee who violates this prohibition, will be removed from his
position, without prejudice to the corresponding civil or criminal responsibilities.
Article 477. (PRIVACY PROTECTION ACTION). Every person
individual or collective that it considers to be unduly or illegally prevented from knowing,
object to or obtain the elimination or rectification of the data registered by the entities
financial, by any physical, electronic, magnetic or computer means, in files or banks
of public or private data, or that affect your fundamental right to intimacy or privacy
personal or family, or his own image, honor and reputation, may file the Action of
Protection of Privacy provided for in Article 131 of the Political Constitution of the State.
CHAPTER II
INFORMATION CENTRALS
Article 478. (CREDIT INFORMATION CENTER). The Authority of
Supervision of the Financial System - ASFI will manage a database called "Central de
Credit Information ”, it must record the historical behavior of the payments of the
borrowers of the financial system and their levels of indebtedness, which allows to provide
information about the credit history of borrowers.
Article 479. (INCENTIVES FOR TIMELY PAYMENT). Financial entities,
They must have practices, benefits and incentives that improve the conditions of
financing to clients that register full and timely compliance in the payment of all their
credit obligations. The Financial System Supervision Authority - ASFI will regulate the
application of this Article.
Article 480. (OPERATIONAL RISK INFORMATION CENTER). The authority
Supervision of the Financial System - ASFI will manage a database called "Central
of Operational Risk Information ”, it must record the events and losses due to failures or
operating deficiencies incurred by financial entities.
Article 481. (CENTRAL INFORMATION ON CLAIMS AND SANCTIONS). The
Financial System Supervision Authority - ASFI will manage a database
called "Claims and Sanctions Information Center", it must be accessible
public and will systematically and clearly record statistics of complaints by topic and
entity, presented by financial consumers to financial entities, as well as
Firm sanctions issued by said authority to financial intermediation entities.
Article 482. (SECTORIAL INFORMATION CENTER). The Authority of
Supervision of the Financial System - ASFI will manage a database called "Central de
Sectorial Information ”, it must record information on economic activities
sectors and levels of credit attention by financial institutions, which allows
identify economic sectors and geographic areas with growth potential or with

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insufficient funding.
Article 483. (INFORMATION OF DISABLED IN THE EXERCISE OF THE
FINANCIAL ACTIVITY). The Financial System Supervisory Authority - ASFI shall
maintain a register of directors, executives and officers, and former directors, former executives and
Former officials suspended or disqualified from the exercise of financial activity. This record
will form a single database shared with the Supervision and Control Authority of
Pensions and Insurance, to which all entities that are part of the system will have access
of financial regulation.
Article 484. (INFORMATION RECORDS). Within the framework of preserving a system
healthy and efficient financial system, the Financial System Supervision Authority - ASFI will
other information records, on the following topics:
to)

List of shareholders, partners or associates of financial entities.

b)

List of directors, directors of administration and supervision,
administrators, members of the internal control bodies and officials
in general, from financial institutions.

c)

List of external audit firms enabled and disabled for
carry out audit work in financial entities authorized by the
Financial System Supervisory Authority - ASFI.

d)

List of current accounts closed by draft of checks without provision of
money.

and)

List of debtors with credits written off by the entities of
authorized financial intermediation, for twenty years, computable from
of the accounting record of said punishment; Once this period has expired, the right to
oblivion for the borrower, not being able to be reported with the written off debt.
The regulations issued by the Financial System Supervisory Authority
- ASFI will establish the requirements and conditions for the application of this
right.

F)

Registry of officials and employees, former officials and former employees
suspended or disabled in the exercise of financial activity.

g)

Non-personalized statistical information on operations and
clients of financial institutions.

Article 485. (REGULATION OF THE INFORMATION CENTRALS AND
RECORDS). The Financial System Supervision Authority - ASFI will regulate the
aspects required for the implementation and operation of the information centers and
records mentioned in the preceding articles.
TITLE VIII
ILLEGAL FINANCIAL ACTIVITIES AND FINANCIAL CRIMES
CHAPTER I
CONTROL OF ILLEGAL FINANCIAL ACTIVITIES
Article 486. (PROHIBITION OF CARRYING OUT INTERMEDIATION ACTIVITIES
FINANCIAL AND SUPPLEMENTARY FINANCIAL SERVICES WITHOUT AUTHORIZATION).
I.

No person, natural or legal, may carry out en masse and on a regular basis in the

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national territory, activities of financial entities regulated by the
this Law, including the commercial acts typified by Sections 4, 5, 8 except
change of currency, 12 and 20 of Article 6 of the Commercial Code, without prior
authorization of constitution and operation granted by the Supervisory Authority
of the Financial System - ASFI, with the formalities established in this Law.
regulations issued by the Financial System Supervisory Authority - ASFI for this purpose
will establish the technical and legal criteria to determine the massive and habitual character
of these activities.
II.

The operations carried out in contravention of the provisions of this article will be
null and void, without prejudice to the civil and criminal responsibilities that
may determine the competent body for those who carry out such operations.

Article 487. (PROHIBITION OF ADVERTISING TO INDIVIDUALS
AUTHORIZED).
I.

Any natural or legal person, national or foreign, domiciled or not in the country, who does not
complies with the requirements and formalities related to the organization and operation of
financial entities provided for in this Law, it is prohibited to make notices,
publications and circulate papers, writings, printed matter, or use media
audiovisuals, mobile devices and virtual sites, or resort to any other means
physical or electronic mass reach, through which it disseminates information that
induces to suppose that it has legal authorization to carry out in the country the
activities reserved by this Law for financial entities.

II.

In the same way, no natural or legal person may use in their business name, in
Spanish language or another language, terms that may lead the public to confuse it with the
legally authorized financial entities.

Article 488. (ORDER OF SUSPENSION OF FINANCIAL ACTIVITIES NO
AUTHORIZED). The Financial System Supervisory Authority - ASFI ex officio or
public complaint filed before her, she is empowered and legitimized to order the
immediate suspension of financial intermediation or financial services activities
complementary activities carried out by unauthorized natural or legal persons that violate the
prohibitions of Article 486 and Article 487 of this Law. If necessary, it may
order the preventive and definitive closure of the offices and premises where such
activities, with the power to directly request the support of the public force, raising
antecedents to the Public Ministry for the prosecution of their representatives or representatives
legal entities and those who promote or incite the commission of illegal financial activities. The
operating process will be governed by the regulations issued by the System Supervisory Authority
Financial - ASFI.
Article 489. (INSPECTION FACULTY).
I.

The Financial System Supervisory Authority - ASFI in the exercise of the
powers indicated in the preceding Article 488, may examine, by the means that
consider relevant, books, accounts, files, documents, correspondence and in
general any other information that is necessary for the fulfillment of its
functions. The owner, legal representative, attorney-in-fact or administrator of the business or
company that carries out financial intermediation or financial services activities
complementary services without due authorization, you are obliged to provide all
information and documentation required by the staff of the Supervisory Authority of the
Financial System - ASFI and to provide the facilities for the fulfillment of its
task. The refusal, resistance or breach of this obligation, will give rise to the
imposition of any of the sanctions established in Article 41 hereof
Law.

II.

The Financial System Supervisory Authority - ASFI may require all the
background information that he deems necessary to inform himself about the financial situation,
resources, administration or management, performance of their representatives, degree of security and
prudence with which their investments are made, and in general of any other matter of the
business or company that carries out financial intermediation activities or services
supplementary financial statements without the proper authorization, which in his opinion should
clarify. You may also receive the testimony of third parties and request the exhibition of
records and documents.

III.

The Financial System Supervisory Authority - ASFI will send information to the
instance of investigation of financial crimes indicated in Article 493 of the
this Law, requiring the adoption of precautionary measures on persons
involved in the commission of financial illicit assumptions as well as their
assets.

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CHAPTER II
OF FINANCIAL CRIMES
Article 490. (DOCUMENTARY REPORT OF ALLEGED CRIMINAL EVENTS).
I.

Financial entities will inform documentary, under responsibility, to the
Financial System Supervisory Authority - ASFI within ten (10) days
calendar subsequent to the knowledge of any alleged criminal act committed in the
financial institution by its officials or by third parties, as well as when sanctioning
directors, directors of administration and oversight, trustees, internal auditors,
surveillance inspectors, administrators, proxies and employees by facts
criminal.

II.

The Financial System Supervisory Authority - ASFI will issue regulations for
establish technical and legal criteria for the identification of these cases and the
administrative sanctions for those who fail to comply with this obligation.

Article 491. (FINANCIAL CRIMES). It is incorporated in Title XII of the Penal Code,
Chapter XII relative to financial crimes, with the following text:
"CHAPTER XII
FINANCIAL CRIMES
Article 363c. (FINANCIAL CRIMES). Commits a financial crime
natural or legal person through their legal representative, who by action or omission
incur in any of the criminal classifications detailed below:
to)

Financial Intermediation without Authorization or License. The one who by account
own or someone else's, directly or indirectly, carry out activities of
financial intermediation without the prior authorization of the
Financial System Supervisory Authority, will incur in deprivation of
freedom from five (5) to ten (10) years and a fine of one hundred (100) to five hundred (500)
days.

b) Misuse of Influences for Granting Credit. The or the
directors, director of administration and oversight, executive or
official of a financial intermediation entity, who with the intention
of favoring oneself or the entity in some way or obtaining for themselves or
a third party economic benefits, knowingly authorize or approve the

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granting of credits to borrowers or borrowing groups linked to the
entity, will incur in deprivation of liberty from three (3) to eight (8) years and a fine
from one hundred (100) to three hundred (300) days.
If as a result of this activity damage is caused to third parties or to one's own
entity, the penalty will be aggravated by one half.
c)

Misappropriation of Financial Funds. The one who without authorization and
through the use of technological means or other maneuvers
fraudulent, seize or procure the transfer of funds, either
for the benefit of yourself or of third parties, you will incur in deprivation of freedom
(5) to ten (10) years and a fine of one hundred (100) to five hundred (500) days.
When the crime is committed by an employee of the financial institution
Taking advantage of his position or the error of others, the penalty will be aggravated in a
half.

d) Forging of Illicit Financial Results. The one who in order
seek improper profit, perform fraudulent maneuvers to alter the
price of negotiable securities or public offering disguising or concealing
true facts or circumstances or stating or suggesting facts
or false or misleading circumstances will incur in deprivation of freedom of
five (5) to ten (10) years and a fine of one hundred (100) to five hundred (500) days.
The penalty will be aggravated in half for those who with the intention of obtaining a
benefit for themselves or for a third party or to harm another participant of the
market, raise, lower or maintain the price, or facilitate the sale or purchase
of values, through the affirmation or simulation of facts or circumstances
false or the deformation or concealment of facts or circumstances
true, so as to mislead the characteristics
investment essentials.
and)

Falsification of Accounting Documentation. The one who knowingly or with him
purpose of hiding situations of illiquidity or insolvency of an entity
financial or ancillary financial services company, falsify
materially or ideologically the financial statements of the entity, the entries
accounting or other financial information will incur in deprivation of freedom of
five (5) to ten (10) years and a fine of one hundred (100) to five hundred (500) days.

F)

Dissemination of False Financial Information. The individual person who by
any medium spreads or orders to spread false information about the
Bolivian financial system or its entities, which induces or causes the
massive withdrawal of deposits from one or more intermediation entities
financially, incites or induces clients not to comply with the commitments
acquired financial assets, damaging or deteriorating the image and stability of
a financial intermediation entity or the national financial system.
Studies, analyzes and opinions of
scientific character that, based on authentic and verifiable information, are
oriented to evaluate or qualify the financial system or its actors, seeking
maximize its efficiency and development, it will incur in deprivation of freedom of
five (5) to ten (10) years and a fine of one hundred (100) to five hundred (500) days. "

Article 492. (SPECIFICATIONS OF THE CRIMINAL PROCESS).
I.

The criminal action for financial crime is of public order and will be exercised ex officio by the
Public Ministry assigned to the Financial System Supervision Authority - ASFI,

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with the participation that this Law recognizes to the Supervisory Authority of the System
Financial - ASFI as victim on behalf of the State, as regulator and
supervisor of financial intermediation and financial services activities
complementary, being entitled to become a plaintiff. The exercise of the
criminal action may not be suspended, interrupted or stopped, except in the cases provided
in the Code of Criminal Procedure.
II.

Financial crime cases must be assigned to Sentencing Courts
made up of technical judges specialized in financial matters.

III.

The Public Ministry ex officio or at the request of the Supervisory Authority of the
Financial System - ASFI will direct the investigation of a financial crime and promote the
criminal action before the jurisdictional bodies, with the help of teams
multidisciplinary staff of the Financial System Supervisory Authority - ASFI
adjunct to the technical investigation body. For this purpose, the Authority of
Supervision of the Financial System - ASFI may request the collaboration of any
organ of the Plurinational State, not being able to excuse itself under its own responsibility.

IV.

The Financial System Supervisory Authority - ASFI upon knowledge by
any means of committing an alleged financial crime, as a preventive measure
may proceed in coordination with the assigned prosecutor, to the search, requisition,
kidnapping and seizure of the means and evidentiary instruments, in the places, offices
and addresses where the event occurred, as well as instructing the freezing of
accounts within the financial system of the people involved. Will accumulate and
will ensure the evidence, execute the proceedings and actions that will be ordered by
The prosecutor. The assigned prosecutor may order the arrest and apprehension of possible
authors or participants in the event.

V.

The documentation, reports and opinions of the regulatory bodies and institutions and
supervision of foreign states or international organizations officially referred to
the Financial System Supervision Authority - ASFI on these cases, constitute
full proof.

Article 493. (FINANCIAL CRIME INVESTIGATION INSTANCE). The
Investigation of financial crimes will be in charge of an operational body made up of
specialized personnel of the Bolivian Police and the Public Ministry. The Supervisory Authority
of the Financial System - ASFI will appoint a multidisciplinary team to carry out technical work
that contribute to the investigation.
Article 494. (ATTENTION TO INFORMATION REQUIREMENTS).
I.

The Financial System Supervisory Authority - ASFI alone or through the
Financial Investigations Unit, without incurring in violation of the right to reserve and
confidentiality of the information referred to in Article 472 of this Law,
Upon request and without the need for reciprocity, you may exchange information related to
the prosecution of illegal financial activity, legitimation of illicit profits and crimes
financial institutions, with analogous international institutions or bodies, as well as with
national, foreign or international law enforcement institutions and judicial authorities,
observing the formalities of international treaties and conventions of which the
Plurinational State of Bolivia is a subscriber.

II.

The information requested by the Financial System Supervisory Authority - ASFI to
national or foreign bodies or institutions, for the purposes of investigation of the
illegal financial activities, legitimation of illicit profits, financial crimes or of
infractions to the rules of supervision, regulation and control, within the territory

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national, will not require any judicial or administrative formality for their
presentation to judicial authorities.
CHAPTER III
FROM THE FINANCIAL INVESTIGATIONS UNIT
Article 495. (FINANCIAL INVESTIGATIONS UNIT).
I.

The Financial Investigations Unit - UIF, is a decentralized entity, with
autonomy of administrative, financial, legal and technical management, under the supervision of the Ministry
of Economy and Public Finance, in charge of regulating the regime to combat
money laundering and terrorist financing in consultation with the Ministry of
Economy and Public Finance and supervisory authorities; investigate cases in
those who are presumed to commit crimes of legitimation of illicit profits,
financing of terrorism and others within its competence; and perform the analysis, treatment and
transmission of information to prevent and detect the crimes indicated in this
Article.

II.

The norms that the FIU establishes for this purpose, will be of mandatory compliance by
part of natural persons, financial entities, securities market entities,
insurance, pensions and others that the FIU includes in the scope of its regulation such as
subjects obliged to report suspicious operations related to the crimes of
legitimation of illicit profits and financing of terrorism.

III.

The Financial System Supervisory Authority, the Supervisory Authority and
Control of Pensions and Insurance, the Authority for the Supervision and Social Control of Gambling
and other supervisory authorities whose supervisors are designated by the FIU
as obliged subjects, they must monitor compliance, by the entities under
its regulation, of the standards issued by the FIU.

IV.

The FIU must monitor compliance with its regulations regarding those subjects
obligations that are not under the supervision of an entity that exercises in a
specify that attribution.

Article 496. (REGULATION). The Executive Branch by Supreme Decree
establish the organization, attributions, the regime of administrative offenses and
procedures for the imposition of administrative sanctions and resources.
Article 497. (BUDGET). The operating budget of the FIU will be
covered by the General Treasury of the Nation. For this purpose, the Supervisory Authority of the
Financial System - ASFI must transfer to the General State Treasury - TGE an amount to be
determined by the Ministry of Economy and Public Finance through ministerial resolution.
Article 498. (MAXIMUM EXECUTIVE AUTHORITY).
I.

The Highest Executive Authority of the FIU is the Director or Executive General Director, who
It will be designated by Supreme Resolution.

II.

Defines matters of competence of the FIU through administrative resolutions.

Article 499. (REQUIREMENTS TO BE A DIRECTOR). To be a Director or Director
Executive General of the FIU must meet the following requirements:
to)

Be a Bolivian and a practicing citizen.

b)

Have an academic degree at the bachelor's level in the economic area and / or
legal.

c)

Have experience in financial, economic, legal or
administrative.

d)

Have knowledge in the prevention and control of the legitimation of
illicit profits and terrorist financing.

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Article 500. (FOREIGNERS). To carry out operations in the financial system, the
foreign citizens must prove compliance with the requirements that for this purpose
establish the FIU.
Article 501. (POLICIES TO KNOW THE CUSTOMER). Financial entities
They must implement for all their activities, operations and services, policies to know
their clients by requiring the relevant information and documentation, the scope of which will be
regulated by the Financial System Supervision Authority - ASFI.
Article 502. (APPLICATION OF PROVISIONS OF THE UNIT OF
FINANCIAL INVESTIGATIONS). Financial entities will apply the procedures for
due diligence and other provisions issued by the FIU regarding the prevention, detection and
control of activities to legitimize illicit profits, financing of terrorism, corruption
and other illegal activities
TITLE IX
TREATMENT OF FINANCIAL INSTITUTIONS WITH PROBLEMS
CHAPTER I
REGULARIZATION PROCESS
Article 503. (GROUNDS FOR REGULARIZATION). An Entity of
Financial Intermediation is in the process of regularization, when it incurs in one or
more of the following situations:
to)
b)

Reduction of its primary capital between thirty percent (30%) and
fifty percent (50%), within a period of one year.
Its equity adequacy coefficient is less than that required by the
Article 415 of this Law and higher than the limit established in subsection c
of Article 511 of this Law.

c)

Legal reserve deficiencies greater than one percent (1%) of reserve requirements
required, for two (2) consecutive periods or four (4) periods
discontinuous within one year.

d)

When the ratio of top quality assets to the total of
deposits received by the entity is less than the figure determined by the
Financial System Supervisory Authority - ASFI, from a range of zero
point eight (0.8) to one point two (1.2). Premium assets are
made up of the direct portfolio rated in the first two categories
according to regulations of the Financial System Supervisory Authority ASFI, availabilities, temporary investments, fixed assets and investments
permanent in investment grade rated securities.

and)

Repeated failure to comply with written instructions and orders
of the Financial System Supervision Authority - ASFI.

F)

Presentation of false financial information or fraudulent documentation.

g)

Existence of management practices that seriously endanger deposits
the public, the liquidity and solvency situation of the entity, among others:

Page 134

1.

That the capital contributions of the shareholders of a company
anonymous or the contributions of partners or associates are financed
directly or indirectly through the entity itself

financial intermediation.
two.

That the external auditors have refrained from issuing an opinion, that
your opinion is negative or that the financial intermediation entity
has failed to publish the external audit report.

3.

That the appropriation or use has occurred in its line of business
public or private funds entrusted by mandate or trust to the
financial intermediation entity.

Four.

That the financial intermediation entity grants or maintains
credits, investments or other contingent operations with a
borrower or group of borrowers, outside the permitted limits
by this Law.

5.

That the financial intermediation entity grants or maintains
credit operations, contingent operations and investments with
borrowers or borrowing groups linked to the entity, or with
guarantee of their own shares.

Article 504. (REGULARIZATION PLAN).
I.

When the financial intermediation entity incurs in any of the causes of the
Previous article, its board of directors or equivalent body and its administrators must
Report it immediately to the Financial System Supervision Authority - ASFI.

II.

In the event that the Financial System Supervisory Authority - ASFI is the one that
detect the incursion of the financial intermediation entity in any of the causes
indicated in the previous Article, it will be imposed on the board of directors or equivalent body and the
administrators the sanctions provided for in this Law. Additionally, the Authority
Supervision of the Financial System - ASFI will convene the board of directors or body
equivalent and the administrators of the financial intermediation entity, to
notify them of the beginning of the mandatory regularization process, indicating the facts that
motivated.

III.

In any of the situations described in the two (2) previous paragraphs, the directory
or equivalent body and the administrators, will compulsorily prepare and present a
regularization plan within a period of no more than ten (10) business days from the date of the report
or notification, as the case may be.

IV.

The Financial System Supervisory Authority - ASFI, within the following
ten (10) business days of receipt of the regularization plan, it will pronounce on the
same. In case of observations, the plan may be amended only once,
within two (2) business days.

V.

The plan will necessarily contemplate the regularization of the events that motivated it. The
regularization period may not be longer than three (3) months, as of the no objection
of the plan by the Financial System Supervisory Authority - ASFI. East
may end before the deadline, when:

Page 135

to)

The financial intermediation entity demonstrates to the satisfaction of the
Financial System Supervisory Authority - ASFI, which amended the
facts that led to the regularization.

b)

The financial intermediation entity incurs in any of the causes
indicated in Sections a, b, c and e of Article 511 of this Law.

SAW.

The non-presentation or rejection of the regularization plan will be grounds for intervention by
in accordance with the provisions of subsection d of Article 511 of this Law.

VII.

The presentation of the regularization plan will not exempt the intermediation entity
financial institution and its board of directors or equivalent body and its administrators as established
in Articles 41, 52 and 439 of this Law.

VIII.

During the validity of the regularization plan, the financial intermediation entity will not
may directly or indirectly distribute its profits or surpluses.

Article 505. (MEASURES CONTAINED IN THE REGULARIZATION PLAN). The plan
of regularization prepared and presented by the financial intermediation entity must
contain all the necessary measures to overcome the events that led to the
regularization process, including by way of example the following:
to)

Loss absorption against equity accounts.

b)

Replacement of primary capital.

c)

Replacement of legal reserve funds.

d)

Immediate restitution of State resources, to the satisfaction of the entity
affected public.

and)

Application of a program for the sale of non-performing assets.

F)

Presentation of a plan to reduce administrative expenses.

g)

Removal of directors, members of the boards of directors and of
surveillance, trustees, internal auditors, surveillance inspectors,
administrators, attorneys-in-fact and officials, where appropriate.

h)

A sale, merger or capital increase program.

i)

Deposit in the Central Bank of Bolivia - BCB or investment in securities
issued by the Plurinational State of Bolivia of any increase in
deposits, as well as the resources from the recovery of
credits, both for capital and interest, and the recovery
of other assets.

j)

Suspension of active, contingent, and financial services operations
Complementary.

k)

Commitment not to enter into new service contracts, or renewal of
existing ones.

l)

Carrying out special external audits, under the established terms
by the Financial System Supervision Authority - ASFI.

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m) Suspension of all planned investment in service companies
complementary financial companies, companies in the securities sectors,
pensions and insurance or sale of existing ones.
n)

Commitment not to substitute guarantees or release them to the detriment of the entity.

or)

Suspension of acquisition of real estate.

p)

Suspension of the opening of branches, agencies and other service points
or representative offices.

q)

Application of a liability restructuring program.

r)

Application of a loan portfolio recovery program.

Article 506. (DOCUMENTATION ATTACHED TO THE REGULARIZATION PLAN).
I.

The regularization plan will establish the conditions, procedures, goals and
measurement indicators to verify compliance.

II.

The presentation of the plan must be made with the following documentation:
to)

Joint affidavit of the directors, members of the boards of
administration and surveillance and the main executives of the entity,
on the veracity of the financial statements and the non-existence of other
events that may negatively affect the equity situation of the
entity.

b)

Commitment of the directors, members of the boards of directors
and surveillance, and legal representatives to execute the plan presented.

c)

Report of the internal control bodies to the Supervisory Authority of the
Financial System - ASFI, ruling on the situation of the entity
of financial intermediation.

d)

Minutes of the meeting or extraordinary assembly of shareholders,
partners or associates, who considered and approved, as a minimum, the
regularization and adjustments to financial statements.
CHAPTER II
VOLUNTARY LIQUIDATION, MERGER AND TRANSFORMATION

Article 507. (VOLUNTARY LIQUIDATION).
I.

The voluntary liquidation of a financial intermediation entity will only proceed
after it has returned all of its deposits and prior authorization from
the Financial System Supervision Authority - ASFI.

II.

For this purpose, the specific regulations issued by the Authority of
Supervision of the Financial System - ASFI considering its legal nature, and the
provisions of the Commercial Code and the Civil Code, where applicable.

Article 508. (MERGER). The Financial System Supervisory Authority - ASFI
authorize the merger of financial intermediation entities, in accordance with the provisions of the
Commercial Code or applicable legal provision, depending on the legal nature of each
entity.

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Article 509. (LIQUIDATION OR MERGER OF INTERMEDIATION ENTITIES
FINANCIAL OF THE STATE). The liquidation or merger of financial entities of the State or with
majority participation of the State, will be resolved by the Executive Branch with a reasoned opinion
of the Financial System Supervisory Authority - ASFI before the Ministry of Economy and
Public finances.
Article 510. (TRANSFORMATION). Entity transformation processes
of financial intermediation will be carried out with prior authorization from the Supervisory Authority of the
Financial System - ASFI, according to the provisions of this Law for each type of entity
financial and in accordance with the regulations issued for this purpose.
CHAPTER III
INTERVENTION OF FINANCIAL INTERMEDIATION ENTITIES
Article 511. (GROUNDS FOR INTERVENTION). They are grounds for intervention
any of the following or a combination thereof:
to)

Cessation of payments for failure to pay one or more
liquid and enforceable obligations.

b)

Reduction of your primary capital of fifty percent (50%) or more,
within a period of one (1) year.

c)

Insufficiency greater than fifty percent (50%) of the level of coefficient of
patrimonial adequacy established in Article 415 of this Law.

d)

The non-presentation or rejection of the regularization plan, or its non-compliance
partial or total at the expiration of its term. The regulations of the Authority of
Supervision of the Financial System - ASFI will establish the criteria for
qualify with non-compliance with the regularization plan.

and)

If during the execution of the regularization plan the entity of
financial intermediation carry out operations that evidently
unfeasible to it.

Article 512. (INTERVENTION PROCESS).
I.

The Financial System Supervision Authority - ASFI, for the reasons indicated
in the preceding Article, by express resolution will provide for the intervention of the
financial intermediation entity affected and the appointment of an auditor, with the
object of applying the solution procedure, the liquidation process with insurance
deposits or compulsory judicial liquidation in accordance with the provisions of this Title.

II.

The intervention will last until the Financial System Supervisory Authority ASFI revokes the operating license of the intervened entity.

III.

As a result of the intervention resolution, the Supervisory Authority of the System
Financial - ASFI may totally or partially suspend the operations of the entity
intervened for a period not exceeding thirty (30) calendar days, extendable for one
once.

IV.

Preventive bankruptcy or bankruptcy of intermediation entities will not proceed
financial The legal regime for the forced liquidation of intermediation entities
Financial will be governed by the provisions of Chapter VII of this Title. When the
bankruptcy is requested by circumstances that would make it appropriate according to the legislation

Page 138

common, the judges will reject it ex officio within a period of forty-eight (48) hours
following the submission of the petition, having to report this fact to the
Financial System Supervisory Authority - ASFI.
Article 513. (INTERRUPTION OF DEADLINES, SUSPENSION OF RIGHTS AND
CESSATION OF FUNCTIONS OF PERSONNEL OF THE INTERVENTION ENTITY).
I.

As of the date of publication of the intervention resolution in a written medium of
national circulation, the prescriptions, expiration and expiration periods are interrupted.
others, as well as the procedural terms in the lawsuits filed for the
recovery of the loan portfolio and the ordinary processes that could have
emerge from them. These deadlines will automatically run again, from the day
next skillful that the assignments of the credits to their new holders are perfected,
with the public notification in press to the assigned debtor that will be made by the new
headline.

II.

During the intervention, the rights with
relation to the intervened entity of the shareholders, partners or associates and their
creditors. Likewise, directors, members of the boards of directors
administration and surveillance, trustees, internal auditors, inspectors of
surveillance, administrators, managers and general representatives of the intervened entity,
Also being without effect, the powers and faculties of administration granted, with
the consequent prohibition to carry out acts of disposition or administration of goods or
entity values. If such acts of administration or disposition are carried out, they will be
null and void. As of the date of the intervention resolution, the annotation
or registration in public registers of acts carried out by directors, members of the
boards of directors and supervisors, trustees, internal auditors, inspectors
supervisors, administrators, managers and general representatives of the entity
intervened, will require, under penalty of nullity, prior authorization from the Controller.

Article 514. (POWERS OF THE CONTROLLER). I. The general powers of the
Controller are the following:
to)

Take possession and assume the legal personality and legal representation of
the intervened financial intermediation entity, as well as the
competences that legally and statutorily correspond to the boards
general shareholders, shareholders or associates assemblies, and bodies
directors and administrative staff of the entity.

b)

Record in the financial statements of the intervened entity the penalties,
reserves, forecasts and other adjustments determined by the Authority of
Supervision of the Financial System - ASFI that are pending to
the date of issuance of the intervention resolution.

c)

Execute the functions and attributions that correspond to it within the
settlement procedure, the settlement process with insurance
deposits or compulsory judicial liquidation in accordance with the provisions of the
this Law, the intervention resolution and those assigned by the Authority
of Supervision of the Financial System - ASFI.

d)

Pay the costs of the intervention out of the assets of the entity
intervened. The following will be considered intervention expenses:
1.

Social benefits of the employees of the intervened entity,
calculated according to the official forms submitted to the
Ministry of Labor, Employment and Social Security.

two.

Remuneration of employees of the intervened entity and of the
Controller.

3.

General operating expenses.

Four.

Expenses to carry out the transfer of privileged obligations and
assets in the execution of the solution procedure or process of
settlement with deposit insurance, as well as incorporation expenses
of the trusts referred to in Articles 541 and
543 of this Law.

5.

Other expenses that must be incurred to carry out the
intervention.

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II.

The Controller will be hired under the General Labor Law regime and will have a
monthly remuneration in accordance with the salary levels of general managers of
financial entities of the State or with majority participation of the State, charged to
the resources of the intervened entity.
CHAPTER IV
FROM THE SAVERS PROTECTION FUND
Article 515. (CONSTITUTION AND PURPOSE OF THE FUND FOR THE PROTECTION OF THE

SAVING).
I.
The Savings Protection Fund is a legal entity under public law, of
single object, of indefinite duration, with legal personality and its own assets, with
autonomy of administrative, technical and financial management and regulatory powers of
internal character, governed by this Law and the provisions established in its
statutes.
II.

Within the scope indicated by this Law, the Protection Fund of the
Saver has the purpose of protecting the savings of natural and legal persons
deposited in financial intermediation entities, through support to
settlement procedures and through the return of insured deposits of
entities subject to settlement processes with deposit insurance, deepening the
public confidence in the financial system and favoring the stability and solvency of the
Bolivian financial system.
Article 516. (FUNCTIONS OF THE SAVINGS PROTECTION FUND).

I.

To fulfill its purpose, the Savings Protection Fund will carry out the following
functions:
to)

Support the settlement procedures of intermediation entities
intervened by the Supervisory Authority of the System
Financial - ASFI, within the framework of the provisions of Title IX Chapter V of
this Law, according to the mechanisms stipulated in Article 531 of
this law.

b)

The total support of the Saver Protection Fund may not exceed
thirty percent (30%) of the privileged obligations of the entity of
intervened financial intermediation.

c)

Establish and operate a deposit insurance for the deposits that the
natural and legal persons maintain in the entities of

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intervened financial intermediation subject to forced liquidation
judicial, according to the scope established in this Law.
II.

The Board of Directors of the Savings Protection Fund will regulate the operation for the
calculation and distribution of resources in the development of these functions, taking into account
account for the proportional allocation of expenses derived from the administration of
resources and the application of the same in the fulfillment of the established functions
in this Article.

Article 517. (ASSETS OF THE SAVINGS PROTECTION FUND). The
Assets of the Savings Protection Fund will be made up of the following resources:
to)

The resources accumulated in the Financial Restructuring Fund
created by Law No. 2297 of December 20, 2001 that modifies the Law
N ° 1488, which will be transferred in their entirety to the Protection Fund
of the Saver in the sixty (60) days following the entry into force of the
this Law.

b)

Contributions from financial intermediation entities authorized by the
Financial System Supervisory Authority - ASFI, in accordance with the
provisions established in Article 518 below.

c)

Emerging Recoveries from Support for Settlement Procedures
or by the subrogation of rights in forced liquidation processes
judicial, in accordance with the provisions of Article 539 of this Law.

d)

The net return on investments of the Fund's resources
Protection of the Saver in the terms indicated in Article 520 of the
present Law.

and)

Other resources from donations or definitive transfers
carried out by private or public, national or
foreigners, duly formalized.

Article 518. (CONTRIBUTIONS FROM FINANCIAL INTERMEDIATION ENTITIES).
I.

The financial intermediation entities authorized by the Supervisory Authority
of the Financial System - ASFI are obliged to make contributions to the Protection Fund
of the Saver, in the amounts that correspond to the total amounts of the deposits that
administered, subject to the procedures established by this Law and the
specific regulations issued by the Executive Branch through Decree
Supreme.

II.

The contribution amounts of the financial intermediation entities will be quarterly in
based on the average daily balance of obligations with the public from the previous quarter,
recorded in its financial statements. The quarterly contribution rate will be equal to one
point twenty-five per thousand (1.25 ‰).

III.

The contribution rate may be increased, but not decreased, by the Body
Executive by Supreme Decree.

IV.

The Central Bank of Bolivia - BCB will automatically debit the contributions of the entities
of financial intermediation of the accounts opened by said entities in the entity
transmitter.

V.

Contributions to the Savings Protection Fund are expenses for the entities of
financial intermediation and will be recorded as such in its financial statements.

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Article 519. (TEMPORARY SUSPENSION OF CONTRIBUTIONS).
I.

In the event that the balance of the investments of the Saver Protection Fund to which
referred to in Article 520 of this Law exceeds five percent (5%) of the amount
total public deposits of the financial intermediation system, the Board of Directors of the
Fund may temporarily suspend the obligation of intermediation entities
to make the contributions mentioned in Article 518 above, except that
the resources of the Savings Protection Fund are committed by the
settlement or settlement procedures with deposit insurance. The suspension
will have a temporary duration as long as the circumstances that motivated it prevail, and
apply by express resolution of the board of directors of the Savings Protection Fund,
which will indicate the period of validity computable as of the following quarter of the
date of issue.

II.

Newly created or incorporated financial intermediation entities
supervisory authority of the Financial System Supervisory Authority - ASFI in the form
After the enactment of this Law, they may avail themselves of this benefit only if
they completed at least two years of contributions.

Article 520. (INVESTMENT OF THE RESOURCES OF THE FUND FOR THE PROTECTION OF THE
SAVING). The resources of the Savings Protection Fund, as long as they are not
committed to the fulfillment of the functions established in Article 516 hereof
Law, will be invested by the Central Bank of Bolivia - BCB in securities or financial operations
analogous to those carried out in the management of the Liquid Assets Requirement Fund - Fund
RAL. The Board of Directors of the Savings Protection Fund will annually evaluate the results of
these investments, in order to determine adjustments to investment policies.
Article 521. (UNEMBARGOABILITY OF THE RESOURCES OF THE
SAVERS PROTECTION). The resources of the Savings Protection Fund may not
be seized or subject to precautionary measures, nor be the object of compensation or transaction
some. Its use is restricted only to the fulfillment of its functions according to the
scopes provided for in this Law, and the administrative expenses derived from it.
Article 522. (OPERATIONAL INFRASTRUCTURE).
I.

The Central Bank of Bolivia - BCB will facilitate the operational infrastructure for development
of the activities of the Savings Protection Fund, through the use of its
facilities.

II.

The resources of the Savings Protection Fund may not be used for the
investment in fixed assets or to cover office and facility hiring expenses.

Article 523. (DIRECTORY OF THE SAVINGS PROTECTION FUND). I.
For its operation, the Savings Protection Fund will be directed by a board of directors,
responsible for defining its administrative, operational and financial policies, made up of the
following members:
to)

The Minister or Minister of Economy and Public Finance, who will exercise the
functions of President or President, being able to delegate their representation
in exceptional cases to the Vice Minister or Vice Minister of Pensions and
Financial services.

b)

The President of the Central Bank of Bolivia - BCB.

c)

The Executive Director or Executive Director of the Supervisory Authority of the
Financial System - ASFI.

Page 142

II.

The Board of Directors of the Savings Protection Fund has the following powers:
to)

Approve and modify the internal policies of the Fund for the Protection of
Saver for the development of its activities and the fulfillment of its
functions.

b)

Respond to requests for financial support made by the Authority of
Supervision of the Financial System - ASFI, in accordance with the provisions of the
Article 531 of this Law, without the need for an administrative act
additional information on these requirements.

c)

Respond to disbursement requests to proceed with the return of the
amount insured to the deposits indicated in Article 536 of the
this Law, in accordance with the report received from the Controller.

d)

Determine the temporary suspension of contributions when the
conditions indicated in Article 519 of this Law.

and)

Sign contracts with the General State Treasury - TGE and approve the
terms and conditions to carry out financing reimbursements
obtained for the fulfillment of the functions of the Protection Fund of the
Saver, in accordance with Article 525 of this Law.

F)

Contract trusts in order to realize the assets resulting from the
judicial settlement or forced liquidation procedures.

g)

Approve the financial statements and the annual budget of the Fund
Protection of the Saver, the latter within the provisions of Article
522 of this Law.

h)

Authorize the contracting of financing lines for the fulfillment of
the functions of the Saver Protection Fund, in the terms that
Article 526 of this Law provides.

i)

Approve, modify and interpret the Organic Statute and internal regulations
of the Savings Protection Fund, as well as the internal regulations of the
administration and operation systems according to your needs
for the fulfillment of its functions.

j)

Carry out all those acts and operations that are generally necessary
for the fulfillment of the functions of the Saver Protection Fund.

III.

The board of directors will exercise the legal representation of the Savings Protection Fund.

IV.

The specific powers of the President or Chairman of the Board of the Fund for
Protection of the Saver will be established in the Fund Statutes and the
Internal Regulations issued by the Board of Directors, strictly subject to the scope
established in this Law.

V.

An executive of the Central Bank of Bolivia - BCB will act as Secretary of the
Directory of the Savings Protection Fund, who may participate in the meetings
Board of Directors without the right to vote.

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Article 524. (ADVANCE CONTRIBUTIONS). When the Protection Fund of the
Saver does not have sufficient resources to meet emerging obligations
of the fulfillment of its object, in circumstances of systemic risk and threat to stability
of the financial system, the board of the Savings Protection Fund has the powers to
require financial intermediation entities to make advance contributions to the fund, not
said contributions may exceed fifty percent (50%) of the tax rate in one year.
contribution corresponding to the contributions of each financial intermediation entity.
Article 525. (FINANCING OF THE GENERAL STATE TREASURE).
Only in situations of insufficient resources of the Savings Protection Fund,
after having operated the advanced contributions referred to in Article 524 hereof
Law, the Central Bank of Bolivia - BCB will provide resources on behalf of the General Treasury of the
Condition. The reimbursement of these resources will be made under the conditions agreed by the Board of Directors.
of the Savings Protection Fund with the General State Treasury, charged to the contributions
futures carried out by Financial Intermediation Entities. These conditions will determine the
reimbursement of resources from the General State Treasury to the Central Bank of Bolivia, within a period not
older than five (5) years.
Article 526. (OTHER FINANCING). The Directory of the Protection Fund of the
Saver is empowered to approve and manage other resources through mechanisms of
financing recognized by the current legal system, only in situations of
systemic need, having resorted to additional contributions under the terms of Article 524
of this Law and even so the resources are insufficient to fulfill its purpose.
Article 527. (RESERVATION OF INFORMATION).
I.

The provisions contained in Article 464 of this Law reach the
members of the Board of Directors of the Savings Protection Fund as well as officials
of the Financial System Supervisory Authority, the Central Bank of Bolivia and the
Ministry of Economy and Public Finance, regarding operations and affairs
pertaining to the Savings Protection Fund and intermediation entities
intervened financial institutions, as well as with respect to documents or reports related to
the intervention processes that come to their knowledge in the exercise of their
functions. This obligation will extend even after they have ceased their duties.

II.

The reservation of information established in this Article does not apply to reports
referred to in Article 529 of this Law, nor that of an administrative nature or the
statements that are requested by a competent judge within judicial processes.
Article 528. (NON-APPLICATION OF THE GOVERNMENT CONTROL SYSTEM).

I.

The resources of the Savings Protection Fund, as well as the policies approved by
the board of directors for the operational administration of such resources, will not be subject to
supervision by the State Comptroller General's Office for not being included
within the provisions of Article 3 of Law No. 1178 dated July 20, 1990.

II.

Except for express provision to the contrary established by Law, they will not apply to
Savings Protection Fund the rules that with general scope have been
issued or issued for the institutions of the national public administration, of the
which are limitations to the operational capacity or faculties recognized by the
This Law. Therefore, the Administration Law will not apply.
Budgeting, financial laws and the Basic Rules of the
Government Administration and Control provided for by Law No. 1178 dated 20
July 1990.

III.

The specific administration and operation systems of the Fund for the Protection of the
Saver may be designed and regulated by its board of directors, responding to the
special nature of their functions. The resolutions of the Fund for the Protection of
Saver will be strictly subject to their statutes and the internal regulations that they approve
its directory in accordance with this Law.

Page 144

Article 529. (PRESENTATION OF REPORTS).
I.

On a quarterly basis, the Secretary of the Savings Protection Fund will present a report to the
directory about investment operations carried out with the fund's resources.
Based on said report, the Board of Directors of the Savings Protection Fund will send to
financial intermediation entities the status of the Fund's investments.

II.

At the close of each annual management, the report presented by the Secretary of the Fund
Protection of the Saver to the Board of Directors will include duly audited financial statements
by an external audit firm registered with the System Supervisory Authority
Financial - ASFI. A copy of the audited financial statements will be forwarded by the
Directory of the Savings Protection Fund to the President of the State
Plurinational of Bolivia; It will also send to the President of the Assembly
Legislative Plurinational, to the Comptroller or General Comptroller of the State, Minister or
Minister of Economy and Public Finance, President of the Central Bank of
Bolivia - BCB, Executive Director or Executive Director of the Supervisory Authority of the
Financial System - ASFI and the presidents of the boards of directors or councils of
administration of financial intermediation entities.
CHAPTER V
SOLUTION PROCEDURE
Article 530. (SOLUTION PROCEDURE).

I.

For the purposes of this Law, a solution procedure is understood to be that
intended to protect public deposits and other privileged obligations, with
character after the intervention and prior to the revocation of the license of
operation of the intervened financial intermediation entity.

II.

Once the liquid reserves have been constituted to cover the estimated expenses of the
intervention in accordance with the provisions of subsection d of Article 514 of this Law,
The solution procedure will consist of the acts of the Supervisory Authority of the
Financial System - ASFI aimed at:
to)

Exclude registered first and second order privileged obligations
in the financial statements of the intervened entity, as indicated in the
Article 533 of this Law.

b)

Exclude the assets of the intervened entity for an amount equivalent to the
First and second order privileged obligations. Assets are
will exclude according to their book value, net of allowances, reserves and
any other adjustment made in accordance with Subparagraph b of Article
514 of this Law.

c)

Instruct the Controller to formalize the transfer of obligations
first-rate privileged entities in favor of intermediation entities
financial institutions, which will receive in exchange the assets referred to in the
Subsection b) that precedes and / or participations of the first order in the trust
indicated in subsection d that follows.

d)

Instruct the Controller to formalize the transfer of assets
indicated in subsection b) that precedes in favor of entities of
financial intermediation or a trust with the characteristics
indicated in Article 541 of this Law.

and)

Determine the financial intermediation entities awarded the
assets and obligations referred to in the preceding paragraphs, as well as,
where appropriate, the managing entity of the trust.

Page 145

Article 531. (MECHANISMS TO SUPPORT THE FUND FOR THE PROTECTION OF THE
SAVING).
I.
To carry out the solution procedure and make the transfers possible
mentioned above, the Savings Protection Fund will support with one or a
combination of the following mechanisms, at the discretion of the Supervisory Authority of the
Financial System - ASFI:
to)

In the case of direct transfer of the assets of the intervened entity to
favor of financial intermediation entities pursuant to subsection c of the
Article 530 of this Law, the Savings Protection Fund
will constitute a guarantee of up to twenty percent (20%) of the value of the
assets transferred.

b)

Contributions in cash or in bonds to the trust indicated in Subsection d
of Article 530 of this Law, in exchange for a participation of
second order in it.

c)

Firm purchase of the first order shares to which it is made
Mention in subsection c of Article 530 of this Law.

II.

The total contribution of the Savings Protection Fund may not exceed thirty
percent (30%) of the privileged obligations of the intermediary entity
financial intervened.

III.

Additionally and with the purpose of supporting the solution procedure, to
requirement of the Financial System Supervisory Authority - ASFI, the entities
public holders of second-order privileged obligations will assume
second-order participations in the trust indicated in subsection d of Article
530 of this Law. In this case, the amount of the trust assets will be
will increase by the value of these shares.

Article 532. (SCHEDULES OF ADEQUACY AND INCENTIVE MECHANISMS).
To facilitate acquiring entities, within solution processes, the absorption of the impact
involving the acquisition of assets and the assumption of liabilities, the Supervisory Authority of the
Financial System - ASFI is empowered to establish adequacy schedules and minor
risk weight ratios for trust interests, assets
transferred and the trust for the purpose of calculating the equity adequacy coefficient of
the acquiring entities and the entity administering the trust, as the case may be; in addition
the Central Bank of Bolivia - BCB will be able to make its policy of legal reserve more flexible and will facilitate windows
of liquidity with respect to these entities.
Article 533. (PRIVILEGED OBLIGATIONS). For purposes of the procedure of
solution, without implying an order of priority among those of their rank, the obligations
privileged assets recorded in the financial statements of the intervened entity on the date of issuance
the resolution of intervention, are:
to)

First order:

Page 146

1.

Deposits of the private sector in current account, at sight, cash
savings and fixed term, excluding operations with other
financial intermediaries and deposits constituted in violation of
legal or regulatory standards.

two.

Cash mandates, including foreign trade prepayments,
collections and tax withholdings, drafts, transfers with
legally signed contracts, duly documented and
recorded in the financial statements of the intervened entity before
of their intervention, as long as the holder is from the private sector.

3.
b)

Judicial deposits.

Second order:

1.

Deposits of the public sector in current account, at sight, cash
savings and fixed term.

two.

Obligations with the Central Bank of Bolivia - BCB.

3.

Obligations with foreign financial intermediation entities.

Four.

Obligations with financial entities of the State or entities
financial institutions with majority participation of the State, except
the subordinated obligations contracted with the entity of
intervened financial intermediation, which must be resolved
according to the judicial forced liquidation procedure contained in the
Chapter VII of this Title.

5.

Tax obligations of the financial intermediation entity
intervened, which have been incurred by the entity so far
of your speech. Penalties or emergent fines are not included
of the provision of services, which must be resolved within the
judicial forced liquidation procedure contained in Chapter
VII of this Title.

Article 534. (SELECTION OF FINANCIAL INTERMEDIATION ENTITIES
PARTICIPANTS IN THE SETTLEMENT PROCEDURE). The selection of entities
financial intermediation participants in the settlement procedure, will be carried out
exclusively subject to the following:
to)

The Financial System Supervisory Authority - ASFI will convene a
informational meeting by any means to a minimum of three (3) entities of
financial intermediation.

b)

At the information meeting, the Financial System Supervisory Authority
- ASFI will explain to the attending financial intermediation entities the
content of the intervention resolution and will deliver to the entities that
express interest in the information necessary for them to present their
proposals within a period of forty-eight (48) hours.

c)

The award will be made in the same act of reception and opening of
proposals, by a committee composed of a representative of the Ministry of
Economy and Public Finance, a representative of the Central Bank of
Bolivia - BCB and a representative of the System Supervisory Authority

Page 147

Financial - ASFI, considering competitive methods established in the
information provided above.
CHAPTER VI
SETTLEMENT PROCESS WITH DEPOSIT INSURANCE
Article 535. (LIQUIDATION PROCESS WITH DEPOSIT INSURANCE).
I.

When the Report of the Financial System Supervisory Authority - ASFI
determine that the resources required for the execution of the solution procedure, in
the terms provided in Chapter V of this Title, exceed thirty percent
(30%) of privileged liabilities, the Financial System Supervisory Authority ASFI will order the application to the intervened financial intermediation entity of the
settlement process with deposit insurance.

II.

The liquidation process with deposit insurance will consist of the acts of the Authority
of Supervision of the Financial System - ASFI destined to:

III.

to)

Exclude the insured deposits recorded in the financial statements of the
intervened entity, as indicated in Article 533 of this Law.

b)

Exclude the assets of the intervened entity for an amount equivalent to the
deposits excluded according to the preceding paragraph. Assets are
will exclude according to their book value, net of allowances, reserves and
any other adjustment made in accordance with Subparagraph b of Article
514 of this Law.

c)

Instruct the Controller to formalize the transfer of deposits
policyholders and assets excluded from the financial statements of the entity of
intervened financial intermediation, in favor of a trust with the
characteristics indicated in Article 541 of this Law.
Protection of the Saver will receive in exchange for the funds that he earmarks for the
deposit insurance coverage of first-order stakes in said
escrow.

d)

Instruct the Controller to calculate the insurance coverage of
deposits, according to the scope of Article 536 of this Law, for its
remission together with the detail of the holders of the insured deposits to the
Savings Protection Fund.

Deposit insurance is under the scope of regulation of this Law and
its regulations, so it will not be subject to regulation or supervision by the
Authority for the Supervision and Control of Pensions and Insurance.

Article 536. (INSURED DEPOSITS). Deposit insurance coverage is
will be effective in accordance with the following:
to)

The deposits of the Saver are insured by the Saver's Protection Fund.
public at sight, in savings and fixed term, registered in the states
financial institutions of financial intermediation entities on the date of its
intervention, except those detailed below:
1.

Deposits that are owned by intermediation entities
national or foreign financial institution.

two.

Deposits that are owned by service companies
complementary financial institutions and financial companies in the
securities, under the supervision of the System Supervisory Authority
Financial - ASFI.

3.

Deposits that are owned by financial companies under
supervision of the Authority for the Supervision and Control of Pensions and
Insurance

Four.

Deposits held by financial entities of the
State or with majority participation of the State.

5.

Fixed-term deposits to bearer.

6.

Deposits that guarantee other operations in the same entity
of financial intermediation.

7.

Deposits constituted in violation of legal regulations and
regulatory.

8.

Deposits in branches or subsidiaries abroad of entities of
national financial intermediation.

9.

Deposits in checking accounts with payablethrough checks .

Page 148

b)

Insured deposits include only the principal balance,
recorded in the financial statements of the intermediary entity
financial statement on the date of its intervention by the Authority of
Supervision of the Financial System - ASFI.

c)

In the case of deposits made in the name of two or more people, the
maximum amount guaranteed by each account will be distributed pro rata among the
holders, not being able to exceed the guarantee limit per holder or beneficiary.
In no case may the same person, individual or collective, enjoy
a guarantee greater than the maximum amount indicated in Article 537 of the
present Law.

Article 537. (MAXIMUM COVERAGE OF DEPOSIT INSURANCE). The amount
Maximum deposit insurance coverage for each beneficiary is UFV40,000.(Forty Thousand Housing Development Units), whatever the number of accounts
deposit that has the same, the type of deposits, or the currency in which they were constituted. The
Deposits that exceed the amount of coverage are not covered by the insurance of
deposits.
Article 538. (RETURN OF INSURED DEPOSITS).
I.

To make the return of deposits effective, the Comptroller of the entity of
intervened financial intermediation will calculate the amount of deposits
insured according to the provisions of Article 536 of this Law, sending said
calculation together with the detail of the holders of each deposit account to the Protection Fund
of the Saver, within a maximum period of ten (10) calendar days from the date on which
the decision was made to apply the settlement process with deposit insurance to the
intervened entity.

II.

The return of the deposits insured by the Savings Protection Fund will be
will be done in national currency, respecting the equivalences according to official quotations
as of the return date for deposits made in foreign currencies.

III.

The Savings Protection Fund may contract the services of entities of
financial intermediation in order to proceed with the return of the amounts of the
insured deposits. The start date and return operating procedures
deposits and customer service, will be determined in approved regulations
by the Board of Directors of the Savings Protection Fund.

IV.

The total amount of the refunds of the deposits insured by the Fund of
Protection of the Saver, in accordance with the provisions of this article, will be excluded
of the amount of receivables for judicial forced liquidation sent to the judge who knows the
cause.

Page 149

Article 539. (SUBROGATION OF RIGHTS). The Savings Protection Fund
The rights of the depositors will be subrogated by the amount paid from the entity of
intervened financial intermediation, according to the detail sent by the auditor. Rights
of collection of the credits of the Saver Protection Fund derived from the subrogation of
rights of the depositors to whom the return of their deposits was made, will enjoy
of the same privileges corresponding to said depositors, being sufficient title the
document stating the referred payment.
Article 540. (PRESCRIPTION OF DEPOSIT INSURANCE).
I.

The deposit insurance of the Saver Protection Fund, for deposits whose
holders would not have made the collection of the insured amounts effective, in the fatal term
and peremptory of one hundred and eighty (180) calendar days, computable from the date of
initiation of returns will prescribe in favor of the Savings Protection Fund.

II.

The amounts not covered by the Savings Protection Fund will have the same
treatment of uninsured deposits within the forced liquidation process
judicial.

Article 541. (TRUST FOR SOLUTION PROCEDURE OR
SETTLEMENT WITH DEPOSIT INSURANCE).
I.

For the implementation of the solution procedure provided for in Title IX, Chapter V
or the liquidation process with deposit insurance provided in this Chapter, the
Financial System Supervision Authority - ASFI will establish a trust with
assets and liabilities excluded from the financial statements of the intermediary entity
financial intervened. Transfers of excluded assets and liabilities to the trust
they will be irrevocable.

II.

The trust will issue shares that may be of various categories, conferring
different rights to their holders. The trust will only be challenged by the Authority
Supervision of the Financial System - ASFI, the beneficiaries or the trustee. East
Trust will be constituted by means of a standard contract prepared by the Authority of
Supervision of the Financial System - ASFI and will be governed by the provisions of Title VII,
Chapter IV, Section III of the Commercial Code, with the following characteristics:
to)

The purpose of the trust is the administration, in its broadest terms,
of the autonomous equity constituted by the assets and liabilities excluded from
the financial statements of the financial intermediation entity
intervened, to pay the shares issued by said trust.

b)

The constitution of the trust will be instrumented by deed
issued by a Notary of Public Faith, and transfers to the
trust will be registered in the corresponding public records of
according to current legal regulations, being sufficient for registration
the presentation of the trust constitution contract. If
the trust includes assets and guarantees subject to registration, the
corresponding inscriptions or annotations will not alter the preference
original that corresponded to the settlor. In these inscriptions or
annotations, the rate or tariff provided for contracts with no amount will be applied.

c)

For the constitution of the trust, the appointment of the trustee will be
carried out by the Executive Director or Executive Director of the
Supervision of the Financial System - ASFI.

d)

The beneficiaries of the trust are the holders of the shares that
they receive them in consideration, or for having assumed obligations
privileged first-order or be holders of privileged obligations of
second order, or by the subrogation of rights for the return of
deposits for deposit insurance coverage. The rights and
obligations that the Commercial Code attributes to the settlor
they will correspond exclusively to the beneficiaries. The beneficiaries
may alienate, pledge and carry out any act of dominion over these
participations only with other financial intermediation entities and with
the Savings Protection Fund. The issuance and negotiation of these
participations will not be governed by the Securities Market Law.

and)

For the purposes of Article 1415, Numeral 4 of the Commercial Code, the
competent administrative authority will be the Supervisory Authority of the
Finance system.

F)

The remuneration of the trustee will be determined in the constitutive contract and
will be effective against the autonomous patrimony, with preference to the payment of
the shares.

g)

The trustee at the end of his term will issue a final report to the
beneficiaries.

Page 150

Article 542. (TRANSFER OF ASSETS, LIABILITIES AND CONTINGENTS).
I.

Transfers of assets and liabilities excluded from the entity's financial statements
of intervened financial intermediation, during the settlement procedure or the
settlement process with deposit insurance, are irreclable. Shareholders,
partners or associates and creditors of the intervened financial intermediation entity not
They will have any action or right against the purchasers of the excluded assets.

II.

The acts authorized, entrusted or arranged by the Supervisory Authority of the
Financial System - ASFI and the Controller within the framework of this Law, in relation to
With the transfer of assets and liabilities of the intervened entity, they do not require
any judicial authorization, nor can they be considered ineffective with respect to the
creditors of the intervened entity. No court ruling or resolution
administrative will suspend the acts carried out during the intervention.

III.

Acts of any disposition such as embargoes or measures
precautionary measures of any kind on part or all of the entity's assets
intervened until the revocation of its operating license, with the exception of the

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transfer of assets arranged by the Financial System Supervisory Authority
- ASFI and the operations carried out by the controller.
IV.

The transfers of assets, liabilities and contingents of the intermediation entity
intervened financial institution will not require the consent of the debtors, creditors or
any holders, involving full and irrevocable transmissions to all
legal effects. These transfers produce full effects of transmission of
obligations and rights.

V.

The documents for the transfer of assets, liabilities and contingents, signed with
natural or legal persons, including those of the Plurinational State, will be
notarized before a Notary of Public Faith.

SAW.

The transfers of assets, liabilities or contingents of the intermediation entity
intervened for liquidation purposes, they are exempt from paying the tax to the
transactions.

VII.

The transfers of assets and liabilities will be registered in the public registers.
according to current legal regulations, being sufficient to
practice the registration or annotation of the presentation of the respective contract. In case of
that the transfer includes goods and guarantees subject to registration, the corresponding
Entries or annotations will not alter the original preference that corresponded to the
transferor. In these inscriptions or annotations, the rate or tariff provided will be applied.
for contracts without value.

VIII.

The guarantees and sureties granted by the intervened financial intermediation entity
will be resolved by right from the resolution of intervention in
application of the provisions of the first paragraph of Article 924 of the Civil Code, with the
return of the commission for the period not used and the assignment of the counter-guarantees to
favor of the beneficiary. Likewise, the guarantees granted in favor of the Central Bank of
Bolivia - BCB, with the exception of repurchase agreements and those established with the FundRAL, will be resolved by right from the resolution of intervention.

Article 543. (TRUST FOR JUDICIAL FORCED LIQUIDATION). With the
residual balance of the intervened financial intermediation entity, made up of the assets
and liabilities not excluded in the settlement procedure or the settlement process with insurance
deposits, deducting intervention expenses, the Controller will create a trust for the
liquidation that will be governed by the same rules for the judicial forced liquidation procedure
established in Chapter VII of this Title. With the formation of the trust for
judicial forced liquidation will be concluded the solution procedure or the process of
settlement with deposit insurance, and the Financial System Supervisory Authority - ASFI
will proceed to revoke the operating license of the intermediation entity
financial intervened.
CHAPTER VII
JUDICIAL FORCED LIQUIDATION
Article 544. (FORCED JUDICIAL LIQUIDATION).
I.

For the purposes of this Law, the compulsory judicial liquidation of entities of
Financial intermediation will be requested from the match judge of the domicile of the entity of
financial intermediation intervened by the System Supervisory Authority
Financial - ASFI with the resolution of intervention and the revocation of the license of
functioning. The compulsory judicial liquidation will be governed by the provisions of the Code
of Commerce related to the bankruptcy procedure with the specialties provided in
this Law.

II.

For the purpose of the compulsory judicial liquidation, the controller will proceed to transfer the
all the assets recorded in the financial statements of the entity of
financial intermediation on the date of your intervention in favor of a trust for
judicial forced liquidation. Asset transfers to the trust will be
irrevocable. The trust will only be challenged by the Supervisory Authority of the
Financial System - ASFI, the beneficiaries or the trustee. The controller will deliver to the
managing entity of the trust the segregated assets recorded in accounts of
order, for its return in accordance with the provisions of Article 546 of this
Law.

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Article 545. (TRUST FOR JUDICIAL FORCED LIQUIDATION).
I.

The trust indicated in the preceding Article will be implemented through a contract
standard prepared by the Financial System Supervisory Authority - ASFI and is
shall be governed by the provisions of Title VII, Chapter IV, Section III of the Commercial Code,
with the details indicated in this Article and the following:
to)

The purpose of the trust will be the administration, collection, realization of
assets and expectation rights, so that with the assets or the product of
this trust will honor the debts that are pending of
payment in accordance with the priority resolution issued by the match judge in
compliance with Article 548 of this Law.

b)

The constitution of the trust will be instrumented by deed
issued by a Notary of Public Faith, and transfers to the
trust will be registered in the corresponding public records of
according to current legal regulations, being sufficient for registration
the presentation of the trust constitution contract. If
the trust includes assets and guarantees subject to registration, the
corresponding inscriptions or annotations will not alter the preference
original that corresponded to the settlor. In these inscriptions or
annotations, the rate or tariff provided for contracts with no amount will be applied.

c)

For the constitution of the trust, the appointment of the trustee will be
carried out by the Executive Director or Executive Director of the
Supervision of the Financial System - ASFI.

d)

The beneficiaries of the trust are the holders of the credits in the
order of the sentence of degrees and preferred dictated by the match judge
who knows the cause. The rights and obligations that the Code of
Commerce attributes to the settlor will correspond exclusively to the
beneficiaries.

and)

For the purposes of Article 1415, Numeral 4 of the Commercial Code, the
competent administrative authority will be the Supervisory Authority of the
Financial System - ASFI.

F)

The remuneration of the trustee will be determined in the constitutive contract and
will be effective against the autonomous patrimony, with preference to the payment of
the receivables. The controller may cancel in advance up to one (1)
year the trustee's remuneration based on the quality of the assets to
manage.

g)

The delivery of the assets to the trustee will be made through inventories
prepared by the Controller with notarial intervention, in which
prove the status and the documentation they have.

h)

The trustee at the end of his term will issue a final report to the
beneficiaries.

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II.

The trustee is responsible for managing the assets and paying the
beneficiaries in the manner provided in Articles 547 and 548 of this Law, by
Consequently, the appointment of a trustee does not correspond.
Article 546. (PUBLIC NOTIFICATIONS OF THE TRUSTEE).

I.

The trustee will publicly notify all those who have assets or securities in their possession
of the intervened financial intermediation entity for its return within a period not
greater than thirty (30) calendar days, computable from the public notification.
In the event that the goods or securities are not returned, the trustee must
report such situation to the match judge who knows the cause so that he can refer
filed with the Public Ministry to promote criminal action in accordance with the provisions of the
Article 225 of the Political Constitution of the State.

II.

The trustee will notify publicly so that all owners of goods or securities left
in custody, safe deposit boxes, trusts, securities in collection or segregated assets
with legally signed contracts, duly documented and registered in the
financial statements of the financial intermediation entity before its intervention,
remove your assets within thirty (30) calendar days, computable from the date of
public notification. In the absence of such assets or securities, the trustee
must inform the match judge who knows the cause so that he / she sends actions to the
Public Ministry to promote criminal action in accordance with Article 225 of the
State Constitution.

Article 547. (REFERRAL OF ACCREDITATIONS PENDING PAYMENT). One time
Once the delivery of the assets to the trustee has concluded, the Comptroller will send the list of receivables
pending payment according to the financial statements on the date of intervention of the entity of
intervened financial intermediation and the trust contract to the party judge who knows the
cause, who will be responsible for enforcing the trust agreement and will not have powers
to modify or alter the terms and scope of said contract. From that moment on, they cease
all the powers and attributions of the Financial System Supervisory Authority - ASFI and
of the Comptroller on those assets, as well as with respect to the trust agreement.
Article 548. (RESOLUTION OF PRELATIONS).
I.

The match judge within five (5) business days of receiving the list of credits
pending payment, will issue the priority resolution, which must be subject to
strictly in the following order:
to)

Cash mandates, including foreign trade prepayments,
collections and tax withholdings, drafts, transfers with contracts
legally subscribed, duly documented and registered in the
financial statements of the intervened financial intermediation entity
before their intervention, as long as the holder is from the private sector.

b)

Deposits from the private sector in checking accounts, demand accounts,
savings and fixed term, excluding operations with other intermediaries
financial

c)

Judicial deposits.

d)

Mortgage bonds.

and)

Deposits of the public sector in current account, at sight, accounts of
savings and fixed term.

F)

Obligations with the Central Bank of Bolivia - BCB.

g)

Obligations with financial entities of the State or with participation
majority of the State, excluding the subordinated obligations contracted.

h)

Tax obligations of the financial intermediation entity
intervened, incurred until the date of the intervention of the entity.

i)

Fines and penalties incurred for breach of signed contracts
with institutions of the Plurinational State of Bolivia.

j)

Credit and mutual capital balances in general in favor of the entity of
intervened financial intermediation, including credits received from
financial entities or other types of institutions or individuals
or private groups.

k)

Capital balances of other contractual credits.

l)

Cashier's checks and others drawn by the intermediary entity
financial intervened.

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m) Other accounts payable.

II.

n)

Unpaid accrued interest.

or)

Judicial, administrative, operational contingencies or obligations that
emerge as a consequence of rulings in judicial actions pending before the
start date of the intervention, as well as the deposits excluded in the
solution procedure according to the terms of the last sentence
in res judicata authority.

p)

Subordinated debentures and bonds mandatorily convertible into
shares, including those subscribed with institutions or entities
financial institutions of the State or with majority participation of the State in the
capital.

q)

Shares or contribution certificates.

The match judge within twenty-four (24) hours after the execution of the
resolution of priorities, will instruct the trustee to pay the beneficiaries of the trust
in the order established in the aforementioned resolution and in accordance with the procedure
indicated in the following Article.
Article 549. (DEADLINES AND EXERCISE OF PRELATIONS).

I.

The trustee, within five (5) calendar days of receiving the instruction from the judge of
party, will publish in three (3) national press media, the resolution of
prelations. On the same occasion, the trustee will summon in writing or through

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publication to the beneficiaries of the first priority level to appear in a
period of ten (10) calendar days in the place and time indicated, so that, with intervention
of a Notary of Public Faith, let them know that they can exercise their rights of
creditor through his attorney-in-fact in the manner provided in this Article and
the value of the assets of the trust for the payment of its debts.
II.

For the purposes of the payment of debts, the value of each asset of the trust will be the
The result of multiplying the nominal value of the asset by the ratio of the total of the
receivables on the nominal value of the total assets of the trust. If the value
nominal value of the total assets of the trust is less than the total of the receivables, the
The value of each asset will correspond to its nominal value, in which case the
application of Article 550 of this Law.

III.

Within five (5) calendar days of the meeting, the beneficiaries
They will accredit a notarial attorney-in-fact before the trustee with full decision-making powers
to exercise their rights in relation to the payment of the capital amount of their
receivables with the assets of the trust to be chosen by the attorney-in-fact.
The attorney-in-fact, within a period of fifteen (15) calendar days of their accreditation,
proceed to select and receive from the trustee the assets of the trust for the amount
total capital of the credits that it represents, which will be transferred in its favor.
From that moment, the attorney-in-fact is responsible for the form and distribution
of those assets to their powers-conferents, ceasing the responsibility of the trustee
regarding those assets.

IV.

V.

In the event that the beneficiaries do not accredit their attorney-in-fact or that he does not
exercise their right to select assets within the indicated deadlines, the beneficiaries
they will lose their grade and automatically go to the last level of the resolution of
prelations.

VI .

If assets remain in the trust, within three (3) business days of the conclusion of the
selection of assets by the attorney-in-fact of the previous priority level, the trustee
will summon the beneficiaries of the next priority level with the procedure and to
the same purposes established in the previous paragraphs, and so on with the
beneficiaries of the following priority levels, until the total of the
receivables or the trust assets are depleted, whichever occurs first.
Article 550. (JUDICIAL ACTIONS AGAINST AUTHORS OF ADMINISTRATION

DOLOSA).
I.

If the assets are insufficient to pay the total debts, the judge of
party will open a trial term of sixty (60) calendar days, to establish if the
administration of the intervened financial intermediation entity was fraudulent;
once the term expires, it will issue a resolution qualifying the administration; this resolution only
will admit the appeal in return effect, and the match judge must send
antecedents to the Public Ministry, in accordance with the provisions of Article 109 of the
Political Constitution of the State, to promote the corresponding criminal action,
against the persons identified in the decision issued by the judge.

II.

Creditors that were not fully satisfied with the assets of the trust at the time of
referred to in Article 549 above, as well as the persons whose rights are not
found recorded in the financial statements of the intermediary entity
intervened at the time of their intervention, they will retain the power to exercise
personal legal actions for the unpaid amount of your debts or for
demand compliance with the aforementioned rights, against those who turn out to be authors
of the aforementioned malicious administration.

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Article 551. (TERMINATION OF THE TRUST AND EXTINCTION OF PERSONALITY
LEGAL OF THE INTERVENTION ENTITY).
I.

Once the procedure indicated in Article 549 of this Law has been concluded, the
fiduciary will present a final report with an external audit opinion of activities to the
match judge who issued the resolution of priorities. If from said report it is established
that the trust is still active, the match judge will order the delivery of
these in favor of the shareholders and partners of the financial intermediation entity
intervened and, in the event that this was a non-profit civil association to a university
public address of the legal address of the intervened financial intermediation entity. With this
act the trust contract will be concluded, on whose merit the match judge
will provide that the institution in charge of the trade registry, or the National Directorate of
Cooperatives dependent on the Ministry of Labor, Employment and Social Welfare, or the
autonomous departmental governments, as appropriate, declare the extinction of the
legal personality of the intervened financial intermediation entity.

II.

The resolution of extinction of the legal personality by the competent body must
be issued within (5) business days following the provisions of the match judge,
Notifying the National Tax Service, autonomous municipal governments and the
social security entities and others, to be removed from their records.

III.

The historical files of the intervened financial intermediation entity will remain
held by the Financial System Supervision Authority - ASFI, which will include in
its budget the necessary items for its administration and custody.
ADDITIONAL PROVISION

ONLY. The provisions that are mandatorily determined in this Law
and its regulations, as well as those whose constitution instructs the Supervisory Authority of the
Financial System - ASFI to a financial entity based on supervisory actions, will be
considered as a deductible expense for the purposes of calculating the Income Tax of the
Companies, the reversal of these provisions will be considered as taxable income for the purposes
of the liquidation of the Tax on the Profits of the Companies.
TRANSITORY DISPOSITIONS
FIRST. Savings and loan mutuals, within a period of up to two years
computable as of the entry into force of this Law, must be transformed into
financial housing entities following the following criteria and procedures.
Seventy-five percent (75%) of the mutual savings and loan equity
It will be individualized in capital certificates of Bs. 100.- (One Hundred Bolivianos) each (1) and
will award ownership equally and without any economic consideration to all
associates who record in savings accounts an average balance in the last two (2)
years of Bs.700.- (Seven hundred Bolivianos).
Holders of time deposits of amounts equal to or greater than the sum of
Bs. 700.- (Seven hundred Bolivianos), who had a continuous stay in the last two (2)
years, they will also be beneficiaries of the equal award of capital certificates of the
new housing finance entity into which the mutual savings and loan will be transformed.
The calculation of the average balance will consider all the savings accounts of the
associate natural person, including fixed-term deposit accounts, are in national currency
or foreign. Legal persons are excluded from the award of capital certificates.

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The determination of the share is part of the net worth of the savings and loan mutual,
as well as the number of beneficiaries among whom the participation certificates will be awarded,
must be made based on the financial statements and other records of the mutual savings and
Credit at the close of the month immediately prior to the month of the enactment of this Law.
In the event that the equal award of capital certificates exceeds the limit of
concentration of zero point two percent (0.2%) per beneficiary, each of these, within the term
maximum of one (1) year must sell the certificates that exceed the concentration limit
settled down. After this period, the housing finance entities must redeem all
the capital certificates of the partners that exceed the concentration limit.
To determine the amount of capital certificates that will correspond to
each associate, the quotient resulting from the division of the amount equivalent to seventy
and five percent (75%) of the net worth and the number of eligible associates. Said result
will be divided in turn between the nominal value of the contribution certificate, and the entire part of this
quotient will be the amount of capital certificates that will correspond to each partner, and the part
decimal will become part of the non-distributable reserve of the housing finance company.
The remaining twenty-five percent (25%) of the mutual savings and
credit, will remain in the entity under the concept of non-distributable reserve of the entity
financial housing.
The transformation is mandatory, the process of which does not require consideration or
approval of any governing body of savings and loan mutuals.
With the transformation provided by this Law, the
rights and obligations of the mutual association. The administrative or judicial acts that
may be filed by a creditor or associate shall not constitute an impediment to the
transformation.
The transformation must meet the following requirements and formalities without the
themselves constitute an exhaustive and exclusive list of others that are necessary to achieve
said legal provision:
1.

Establish the list of partners in accordance with the eligibility criteria required in
this Law to comply with such condition.

two.

Preparation of the transformation balance that reflects the new structure of
capital.

3.

One-time publication of the transformation instrument in a newspaper of
wide local and national circulation.

Four.

Elaboration of the project of adaptation of the statutes based on the established
in this Law.

5.

Accreditation of partners with the extension of nominative certificates and
representative of their equal participation in the capital of the company.

The transformation process may be carried out by the administration in exercise of the
mutual associations without prejudice to the fulfillment of their functions corresponding to their
position. The Financial System Supervision Authority - ASFI, will regulate the process and
will monitor compliance with it. Likewise, the Supervisory Authority of the System
Financial - ASFI, may replace administrators when it warns of non-compliance or
unjustified delays attributable to administrators.

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The first general meeting of partners will have the following powers:
1.

Check the equal distribution of capital among the partners.

two.
3.

Approve or reject the procedures and expenses made by the administrators, as well
such as the financial statements for the period of the transformation process.
Analyze and approve the statutes.

Four.

Appoint the first directors and trustees of the company.

5.

Designate two partners to sign the minutes of the general meeting.

6.

Appoint the partners who will sign the public deed of transformation.

7.

Consider and resolve any other matter of interest to the company.

The participation of the partners in the capital of the company, while the process of
transformation may be accredited with provisional certificates that must be replaced by
definitive capital certificates, once the transformation process is completed.
The acts and documents pertinent to the transformation must be registered in the
Commercial register.

Any other aspect not contemplated on the transformation to financial entities
housing, will be regulated by the Financial System Supervision Authority - ASFI.
SECOND. Private financial funds must become a multiple bank or a
SME bank. The Financial System Supervisory Authority - ASFI, shall regulate the
process and term of adaptation for this purpose.
THIRD. The Financial System Supervisory Authority - ASFI and the entities
financial within a period of one hundred and eighty (180) days, in what corresponds to each of them,
must implement the technological, regulatory and other means that are necessary for the
recognition of borrowers with full and timely credit history
payment compliance, so that in their new loan operations they are granted
lower interest rates or grant other more favorable credit conditions.
QUARTER. The Financial System Supervisory Authority - ASFI, must adapt
operating licenses as provided in this Law; as well as regulating the deadlines
and modalities of incorporation and / or dissolution for financial entities that do not yet have
with operating license.
FIFTH . The intervention, dissolution, liquidation, closure and closure of the cooperatives of
corporate savings and credit that do not have an operating license or that have not
compliance with the process of adaptation to the supervision scope, as well as the mechanisms of
conversion of such entities into open credit unions will be regulated
by the Financial System Supervision Authority - ASFI.
SIXTH. The Productive Development Bank - Joint Stock Company (BDP - SAM)
will continue to exercise and carry out uninterruptedly all activities, functions,
operations and obligations keeping commercial relations unalterable and in force,
financial, contractual, labor, tax, social security and any others that this
Last for public, private and / or mixed third parties, be they nationals or foreigners.

Page 159

SEVENTH. Financial groups, in accordance with the provisions of this Law, must
conform or adapt in a period not exceeding thirty (30) months, according to regulations of
the Financial System Supervision Authority - ASFI.
EIGHTH. This Law shall enter into force ninety (90) days after it is promulgated.
As long as regulatory regulations are not issued, the regulations issued under the
Law No. 1488 of April 14, 1993.
FINAL PROVISIONS
FIRST. The Financial Investigations Unit - UIF, created by Law No. 1768
of March 10, 1997, must be transformed into a decentralized public entity under the supervision of the
Ministry of Economy and Public Finance in accordance with the provisions of Title VIII Chapter III of
this Law.
The term for the transformation shall not exceed one hundred and eighty (180) days
calendar.
SECOND . Within a period of ninety (90) calendar days from the date of
publication of this Law, the bylaws of the Banco de Desarrollo Productivo - Sociedad
Joint Stock Company (BDP - SAM) must comply with the provisions of this Law.
THIRD. The Ministry of Economy and Public Finance will be the instance of the level
central authority of the State that will exercise the exclusive powers of the State to grant and register
the legal personality of non-governmental organizations, foundations and civil entities
non-profit with financial activity, created under the form of "Association or Foundation" that
develop their activities in more than one Department.
QUARTER. The Ministry of Economy and Public Finance will be the instance of the level
Central of the State that will exercise the powers of granting and registration of the personality
of the communal financial entities and development financial institutions that
develop their activities in more than one department. When the activities of these
financial entities are only located in one Department, said attributions will be exercised
by the departmental governments.
REPEAL PROVISIONS
FIRST. It is repealed in everything that contradicts this Law, the Decree
Supreme Court No. 28999 of January 1, 2007.
SECOND. Chapter II "Nacional Financiera Boliviana SAM" of the
Title VI "Transfer of Functions" of Law No. 1670 of the Central Bank of Bolivia, of 31 December
October 1995, which contains Articles 84 and 85.
THIRD. Chapter VI "Institutional Restructuring", Section I, is hereby repealed
“NAFIBO SAM” which contains Articles 47 to 57 of Law No. 2064 on Economic Reactivation,
of April 3, 2000.
QUARTER. All provisions that are contrary to this are repealed.
Law.
ABROGATORY PROVISION
ONLY. Law No. 1488 on Banks and Financial Institutions, of 14 December, is hereby repealed.
April 1993, and all provisions that are contrary to this Law.
Refer to the Executive Branch, for constitutional purposes.

Page 160

It is given in the Chamber of the Plurinational Legislative Assembly, on the fifth day of the month of
August two thousand and thirteen years.
Signed. Lilly Gabriela Montaño Viaña, Betty Asunta Tejada Soruco, Andrés Agustín Villca
Daza, Marcelina Chávez Salazar, Marcelo Elío Chávez, Angel David Cortéz Villegas.
Therefore, I promulgate it so that it is upheld and complied with as a Law of the Plurinational State of
Bolivia.
Government Palace of the city of La Paz, on the twenty-first day of the month of August
year two thousand thirteen.
FDO. EVO MORALES AYMA, David Choquehuanca Céspedes, Juan Ramón
Quintana Taborga, Carlos Gustavo Romero Bonifaz, Elba Viviana Caro Hinojosa, Luis Alberto
Arce Catacora, Ana Teresa Morales Olivera, Arturo Vladimir Sánchez Escobar, Cecilia Luisa
Ayllon Quinteros, Daniel Santalla Torrez, Nemesia Achacollo Tola, Claudia Stacy Peña Claros,
Nardy Suxo Iturry, Amanda Dávila Torres.

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ANNEX TO LAW No. 393
GLOSSARY OF FINANCIAL TERMS
OF THE FINANCIAL SYSTEM
APPLICABLE DEFINITIONS
For the purposes of this Law, the following definitions will be used, being the
They are indicative and non-limiting:
Second Floor Activity. It is the intermediation of resources, in favor of entities
financial and financial associations or foundations.
Saving. For the purposes of this Law, it is the part of the income that is not spent on
the present consumption but is conserved for future use and deposited in entities of
financial intermediation.
Agency. Urban or rural office that functionally depends on a branch or
directly from the central office of a financial intermediation entity.
General Deposit Warehouse. Complementary financial services company with
specialization in the storage, custody and temporary conservation of goods or merchandise
third parties, authorized to issue certificates of deposit or pledge bonds (warrant) the same as
they can be constituted as collateral.
Financial Lessor. Legal person that through a lease
financier undertakes to temporarily transfer the use and enjoyment of a movable or immovable thing to the
lessee.
Financial leasing. Financial activity carried out by an entity of
financial intermediation or by a financial leasing company of exclusive purpose or
other non-specialized commercial companies in their capacity as lessor, consisting of
transfer in favor of a natural or legal person as tenant the right of use and enjoyment of
a movable or immovable property, in exchange for the payment of a fee in periodic installments, granting in
favor of the lessee the option to purchase said asset for the residual value of the total amount
agreed. Financial leasing, due to its financial and credit nature, is of the nature
different from the lease regulated by the Civil Code.
Financial Lessee. Natural or legal person who through a contract of
financial lease receives from the financial lessor for the use and enjoyment of a personal thing or
property.
Financial System Supervisory Authority - ASFI. Institution responsible for
regulation and supervision of financial entities, with the powers conferred by the
Political Constitution of the State and this Law.
Electronic banking. It is the provision of financial services through the internet or other
electronic and digital means without the need for the physical presence of the client in the offices of the
financial entity.
Multiple Bank. Bank financial intermediation entity, which is based on the offer
of the products, services and authorized and available operations destined for customers in
general, companies of any size and type of economic activity.
Small and Medium Business Bank - SME. Financial intermediation entity
banking, which is based on the offer of products, services and authorized operations and

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available with specialization in the small and medium-sized business sector, without restriction
for the provision of the same also to the micro-enterprise.
Banking. Degree of access to the financial intermediation system by the
financial customer.
Development Bank. Mixed or private banking financial intermediation entity
whose objective is to promote, through financial and technical support, the development of the sectors
productive sectors of the national economy and of the sectors of commerce and complementary services to
productive activity.
Public Bank. Majority-owned banking financial intermediation entity
of the State, whose purpose is to provide financial services to the public administration in its
different levels of government and the general public, favoring the development of the activity
national economy and mainly supporting the productive sector within the framework of
development established by the State.
Information Bureau. Complementary financial services company, whose business
exclusive is the collection, administration and provision of credit information, statistics
sectors, events of operational failures in financial entities and other diverse information
related to the potential for credit expansion and the identification of inherent risks
to financial activity.
House of Changes. Legal person that regularly carries out exchange operations
of foreign currency.
Financial Client. Natural or legal person that uses the services of entities
financial, by signing contracts.
Financial Conglomerate or Financial Group. Set or group of companies that
carry out activities of a financial nature, constituted under the common control of a company
controller authorized by the Financial System Supervisory Authority - ASFI, which includes
among its members at least one financial intermediation entity.
Financial Consumer. Client and / or financial user.
Cooperativa de Ahorro y Crédito Abierta. Financial intermediation entity
constituted as a single-purpose cooperative society, authorized to carry out operations of
financial intermediation and to provide financial services to its associates and the general public,
within the framework of this Law, in the national territory.
Cooperativa de Ahorro y Crédito de Vínculo Laboral. Non-profit society of
single object that carries out savings operations only with its partners and grants credits for the
economic and social improvement of the same and is organized within an institution or
company, public or private, or a professional union. Membership is free and voluntary. In no
In this case, mandatory affiliation mechanisms may be established as a condition of work and not
they can keep offices open for customer service.
Cooperativa de Ahorro y Crédito Societaria. Financial intermediation entity
constituted as a cooperative society, with a single purpose, authorized to carry out operations of
savings and credit exclusively with its partners, within the framework of this Law, in the territory
national.
Effective Financial Cost or Effective Cost. It is the total cost of a financial service
which includes, in addition to the interest rate, all charges associated with the service, any
be your concept.

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Credit. It is all risk assets, whatever the modality of its instrumentation,
through which the financial intermediation entity, assuming the risk of its recovery,
provides or undertakes to provide funds or other goods or to guarantee against third parties the
fulfillment of obligations contracted by its clients.
Credit to the Productive Sector. Financing for producers, for the purpose of
production and services complementary to production, such as storage, storage,
marketing, transportation, production technology and others complementary to the production process
required by the producer, according to the definition established by the Authority for this purpose
of Supervision of the Financial System - ASFI. Production will be considered within this heading
intellectual property according to the regulations of the Financial System Supervisory Authority ASFI.
Money Transfer and Remittance Company. Legal entity constituted as a company of
complementary financial services, authorized to carry out regular business operations
and transfer of remittances.
Mobile Financial Service Company. Legal entity constituted as a company of
complementary financial services, authorized to provide services to entities of
financial intermediation to enable the use of mobile devices by
financial clients.
Complementary Financial Services Company. Legal person that performs
activities for the provision of complementary financial services according to the definition of the
this Law, destined for financial institutions and the general public, leaving the same
subject to the authorization and control of the Financial System Supervision Authority - ASFI.
Monetary Material and Securities Transport Company. Incorporated legal entity
as a complementary financial services company, authorized to carry out in the form
habitual operations of transport of monetary material and of values.
Financial Company Member of a Financial Group. It is the legal person,
national or foreign, constituted as a Public Limited Company that carries out activities of a nature
financial group, which is part of a financial group and is subject to the common control of
a holding company.
Financial Intermediation Entity. Legal person based in the country, authorized
by the Financial System Supervisory Authority - ASFI, whose corporate purpose is the
financial intermediation and the provision of Complementary Financial Services.
Communal Financial Entity. Financial intermediation entity constituted as
non-profit society whose patrimony is made up of a communal capital and a capital
with the purpose of financing the activity of a producer organization and third parties in
promotion conditions.
Financial entity. Financial intermediation entity or service company
financial services authorized by the Financial System Supervisory Authority ASFI, with shareholding of natural or legal persons, of national origin or
Foreign.
Housing Finance Entity. Company that aims to provide services of
financial intermediation specializing in home loans.
Factoring. Financial activity carried out by a financial entity of exclusive purpose,
consisting of the receipt of exchange invoices representing debts due by the party

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of its clients, assuming or not the credit risk, in exchange for advance payment of money and
charging an amount for the service.
Exchange Invoice. It is the title-value that in the purchase and sale of merchandise in the future, the
The seller may release and deliver or send the buyer, so that he can return it properly
accepted.
Warranty. Own property or rights or those from third parties delivered by the
debtor of a credit operation to the creditor financial intermediary, in order to
support the cancellation of your credit and cover the risk of a possible breach of the
obligation.
Comprehensive risk management. Process that consists of identifying, measuring, monitoring,
evaluate, control and report the risks inherent to the activities carried out by entities
financial
Comprehensive Group Risk Management. It is the comprehensive risk management practice that
carried out by financial groups at a consolidated level, to manage the risks derived from the
integration of activities and operations.
Turn. Payment instruction issued by a natural or legal person in favor of a third party
in a place and on a certain date, using the services of a financial institution of purpose
exclusive.
Financial group. Group of companies, national or foreign, that carry out
only activities of a financial nature, including among its members entities of
different types of financial intermediation, complementary financial services companies,
entities included in the Securities, Insurance and Pensions Market Law.
Financial Intermediation. It is the usual activity of raising resources, under any
modality, for joint placement with the capital of the financial institution, in the form of credits
and investments of the business.
Development Financial Institution. Financial intermediation entity, constituted
as a non-profit organization, authorized to carry out financial intermediation and provide
comprehensive financial services in the national territory, within the framework of this Law with a
comprehensive approach that includes social management and contributes to the sustainable development of the small
agricultural producer and micro and small business.
Microcredit. It is the credit to people with self-employment activities, micro-businesses and
small economic units, with the application of specialized credit technologies to
this type of clients and whose source of repayment is the income generated by said activities.
Microfinance. It is the financial activity referred to the provision of microcredit, services
small-scale savings and other financial services tailored to the needs of
independent and self-employed low-income individuals and micro-enterprises and
small economic units, in a sustainable way.
Subordinate Obligation. Liability subordinate to all other liabilities of the entity
of financial intermediation, being available to absorb losses, in case the resources
assets are insufficient.
Central office. Office that consolidates all operations of an entity of
financial intermediation.

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Representative Office. Business promotion office authorized by the Authority
Supervision of the Financial System - ASFI, which represents an intermediary entity
financial institution incorporated and based abroad.
Financial operations. They are active, passive or contingent operations
carried out by an authorized financial institution, within the framework of the activities foreseen in the
present Law.
Control Bodies. The Financial Entities are made up of the units of
internal audit and internal bodies, whose names are the following: (i) Trustees, in
public limited companies; (ii) Supervisory Board, which will delegate to no more than two of its
members called surveillance inspectors, in the Savings and Credit Cooperatives; (iii)
Internal Auditors, in Development Financial Institutions, Financial Entities
Communal and Housing Financial Entities.
Loan. Financial operation, in which a financial entity delivers to a person
natural or legal a fixed amount of money at the beginning of the operation with the condition that the
The borrower returns that amount, along with the agreed interest within a specified period.
Credit Process. Set of activities developed by an entity of
financial intermediation to grant credits, divided into stages that include the design of the
credit product, definition of the client's profile, receipt of requests, evaluation of the
potential clients, approval, disbursement, follow-up and recovery.
Financial product. Type, class or category in which a certain
Financial service.
Consolidated Regulation. Set of general rules and provisions
issued by the Financial System Supervision Authority - ASFI to regulate the activities
of financial groups on a consolidated basis.
Financial Regulation. Activity carried out by the State consisting of the issuance of
legal provisions that promote sound practices in the provision of financial services by
part of the financial entities, in order to achieve quality services and good attention to
consumers of the financial system, as well as prudent risk management
inherent in their activities, in order to protect the public's savings and the stability and
solvency of the financial system.
Financial Leasing. Characterized financial leasing operation
because the financial lessor buys a movable or immovable property from the financial lessee, at
who subsequently the financial lessor transfers the right to use and enjoy them,
in exchange for the payment of a canon in periodic installments, granting the lessee the option of
to be able to buy said good again for the residual value of the agreed amount.
I report. Contract by which the ownership of securities is transferred, under the
Irrevocable and reciprocal commitment of the parties, to buy back or resell said securities or other
of the same species, within an agreed time and price.
Exchange Risk. It is the probability that a financial intermediation entity
incurs losses in its active, passive or contingent operations, due to variations in
currency quotes.
Credit risk. It is the probability that a financial intermediation entity
incur in losses in its active or contingent operations, due to the breach of the
counterparty or debtor.

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Market risk. It is the probability that a financial intermediation entity
incur losses due to adverse variations in market factors, such as interest rates,
exchange rates and prices of underlying assets in financial operations.
Interest rate risk. It is the probability that an intermediary entity
financial institution incur losses due to variations in market interest rates.
Operational Risk. It is the possibility and probability that an intermediary entity
financial institution incur losses due to internal and external fraud, failures in people, processes and
systems, internal events of a strategic and operational nature and other external events.
Systemic Risk. Risk created by interdependencies in a system or market, in
that the failure of an entity or group of entities can cause a cascading failure, which can
affect the system or market as a whole.
Financial services. Various services provided by financial institutions
authorized, in order to meet the needs of consumers and consumers
financial
Complementary Financial Services. Financial leasing services,
factoring, storage, storage and temporary preservation of foreign goods or merchandise,
clearing and settlement, administration and provision of credit risk information and
operational, transport of money and values, electronic card management, exchange of
coins, money orders and remittances and financial services through mobile devices, and others that the
Financial System Supervisory Authority - ASFI can identify and incorporate into the scope of
regulation and supervision.
Comprehensive Development Services. Financial intermediation services and others
specialized services in the field of economic and social development, extended with activities
non-financial such as technical assistance, business management, health support services,
education and others inherent to social purposes, within the framework of the entities' own technologies
financial institutions with a social vocation.
Rural Financial Services. Savings, credit and other financial services
provided by financial institutions with a presence in rural areas, using technologies
specialized to meet the needs of productive activities and other
complementary services for families living in rural areas.
Financing System. Set of financial intermediation entities
authorized, state or majority owned by the state and private, which provide services
credit.
Financial Regulation System. Also known as the regulated financial system,
is made up of the Financial System Supervision Authority, the Financial System Authority
Inspection and Control of Pensions and Insurance and State financial entities and companies
or with majority participation of the State and private, subject to the control and supervision of
both institutions.
Finance system. For the purposes of this Law, it is the set of entities
financial institutions authorized under this Law, which provide financial services to the population in
general.
Over-indebtedness. Credit situation that represents a high degree of risk of
Bad debts due to the effect of a level of indebtedness higher than the payment capacity of the
debtor.

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Holding Company. It is the legal person that owns shares or participations in
the capital stock of the financial companies that make up a financial group, whose main
activity is the control of that group.
Branch office. Office belonging to an authorized financial intermediation entity,
submitted to the administrative authority and organizational dependency of its central office.
Foreign Bank Branch. Authorized office, belonging to a constituted bank
and based abroad,
Branch Abroad. Office of a Bolivian financial intermediation entity
bank, located outside the country, subject to administrative authority and dependency
organization of its central office in Bolivia, subject to the supervision of the institutions of
supervision of the host country.
Consolidated Supervision. Consolidated supervision is surveillance and inspection
permanent activity carried out by the Financial System Supervisory Authority - ASFI to the activities
of financial groups, in addition and complementary to specialized supervision
practiced by the sectoral supervisory authorities.
Credit Technology. Operational and financial methodology for the evaluation and
placement of credits, composed of objectives, policies, practices and procedures for each
one of the stages of the credit process.
Financial Technology. Operational and financial methodologies for the provision of
savings, credit and other financial services, composed of objectives, policies,
practices and procedures adopted by financial institutions for the provision of said
services.
Financial User. Natural or legal person that uses the services of entities
financial, without the signing of contracts.
Social interest housing. Social interest housing is understood to be the only one
non-commercial housing for lower-income households, whose commercial value
or the final cost for its construction including the value of the land, does not exceed UFV400,000.(Four hundred thousand Housing Development Units) in the case of department and
UFV460,000.- (Four hundred and sixty thousand Housing Development Units) for houses. These
Values ​may be adjusted by the government of the central level of the State through Decree
Supreme.
Within this definition, land acquired for the purposes of
construction of a unique non-commercial home, the commercial value of which does not exceed the
forty percent (40%) of the value established for houses, defined in the previous paragraph.
Rural zone. Geographical space of the Bolivian territory, which does not include urban areas
and peri-urban areas, in which predominantly agricultural activity takes place, in the form
community life of the families that inhabit it.

