The Bolivian Corporate Authority (AEMP) has issued RA/AEMP No. 77/2017 of July 19, 2017, which approves the new "Regulations of Sanctions for Commercial and Accounting Violations". At the same time it replaces RA/AEMP No. 052/2011, the former regulations which did not contemplate accounting violations.
The new regulations (among other aspects) refer to accounting procedures carried out by unauthorized individuals, the formalities of accounting and corporate books, the authorization of electronic means for compulsory books, the custody of accounting books (5 years according to the Commerce Code), double accounting, lack of publication of documents in the Electronic Gazette of the Trade Register, Legal Reserve, etc. Moreover, Chapter III refers to violations related to compliance with generally accepted accounting principles.
Among the possible administrative sanctions, the new regulations include written reprimands, fines, temporary suspension of the commercial license, cancellation of the commercial license and temporary suspension of the chairman of the board, managers and legal representatives.