2017 - YEAR OF RENEWABLE ENERGIES

COMMUNICATION “A” 6305 25/08/2017

TO FINANCIAL INSTITUTIONS,

TO EXCHANGE HOUSES AND AGENCIES,

TO TRUSTEES OF FINANCIAL TRUSTS INCLUDED IN THE LAW OF FINANCIAL INSTITUTIONS:

Ref.: Circular

OPASI 2 - 529
OPRAC 1 - 908
RUNOR 1 - 1310
LISOL 1 - 755

Savings deposits, payroll accounts and special accounts. Term deposits and investments. Guarantees for intermediation in third‑party operations. Credit policy. Minimum operational technology and information systems requirements for exchange houses and agencies. Disciplinary regime under the Central Bank of the Argentine Republic, Laws 21.526 and 25.065 and their amendments. Consolidated supervision. Adjustments.

We address you to inform that this Institution has adopted the resolution that, in its pertinent part, provides:

Replace point 2.2 of Communication “A” 2275 with the following:

2.2. Purchases and sales of foreign‑currency forward contracts and securities. When those operations are directly or indirectly linked with spot operations, with the same counterparties, that produce a similar economic‑financial effect as a “swap” operation, they will receive the treatment applicable to the latter.
Leave without effect point 5.4.1 of the “Consolidated Supervision” rules and point 1.19 of the “Term Deposits and Investments” rules.
Incorporate as point 5.5 in the “Savings Deposits, Payroll Accounts and Special Accounts” rules the following:

5.5. Within 90 calendar days from the date of dissemination of this communication, financial entities must transfer the balances of the “Caja de ahorros Comunicación “A” 5526” (point 5.4.) to “Caja de ahorros” (Section 1.) in the same currency of the same holder.

In case the holder does not have a savings account in the same currency at the entity, the entity must inform him – within 30 calendar days from the date of dissemination of this communication – that after the 90‑day period the entity will, if the client expresses consent, open a “Caja de ahorros” (Section 1.) in that currency (informing the maintenance cost) and transfer the funds; and that, if the consent is not given or the client has not withdrawn the funds before, the balance will be transferred to immobilised balances.

Replace points 4.4 and 4.5 of the “Term Deposits and Investments” rules with the following:
- 4.4. Term. The term provided in Decree 616/05, its amendments and regulations.
- 4.5. Amount. The amount equivalent to the percentage of the deposit provided in article 4, paragraph c) of Decree 616/05, its amendments and regulations, expressed in United States dollars of the total foreign‑exchange settlement operation for the concepts detailed in article 3 of the aforementioned decree.
Replace the second paragraph of point 1.1 of the “Guarantees for Intermediation in Third‑Party Operations” rules with the following:

Operations in United States dollars will only be admitted with respect to credit instruments issued by foreign importers of domestic merchandise, in favor of local exporters, or by the latter to pre‑finance exports under duly formalised contracts, according to documentation that the entity must retain.
Replace point 2.1.8 of the “Credit Policy” rules with the following:

2.1.8. Foreign‑currency debt securities or participation certificates in financial trusts – including other collection rights specifically recognised in the trust contracts constituted or to be constituted within the framework of loans granted by multilateral credit organisations of which the Argentine Republic is a party – whose trust‑assigned assets are loans originated by financial entities in any of the destinations foreseen in points 2.1.1 to 2.1.4 and the first paragraph of point 2.1.6, or documents in which the trustee has been assigned the cash‑flow of funds in pesos or foreign currency of foreign‑currency credit contracts, under the terms and conditions referred to in the cited points.
Replace the fifth paragraph of point 2 of Section C of the “Minimum Operational Technology and Information Systems Requirements for Exchange Houses and Agencies” rules with the following:

The application system used for processing foreign‑currency purchase and sale operations must include validation processes to consult information of natural and legal persons with “precautionary measures” required by the BCRA.
Replace point 9.1.3 of the “Disciplinary Regime under the Central Bank of the Argentine Republic, Laws 21.526 and 25.065 and their amendments” rules with the following:

9.1.3. Failure to register foreign‑exchange operations by entities authorised by the BCRA. Very high 800 400
Leave without effect point 9.21.3 of the “Disciplinary Regime under the Central Bank of the Argentine Republic, Laws 21.526 and 25.065 and their amendments” rules.

In addition, we enclose the sheets that, in replacement of those previously provided, must be incorporated into the referenced rules.

Likewise, the sheets that, in replacement of those previously provided, must be incorporated into the rules on “Financial Trusts included in the Law of Financial Institutions” and “Assignment of Credit Portfolios” pursuant to the provisions contained in Communication “A” 6303 are attached.

Finally, we remind you that on this Institution’s website www.bcra.gob.ar, accessing “Financial System – LEGAL AND REGULATORY FRAMEWORK – Ordinances and Summaries – Ordered Texts of General Regulations”, you will find the modifications made with texts highlighted in special characters (strikethrough and bold).

Sincerely,

CENTRAL BANK OF THE ARGENTINE REPUBLIC

Darío C. Stefanelli – Agustín Torcassi

Senior Manager of Issuance and Normative Applications
Deputy General Manager of Rules

ANNEX

CONSOLIDATED SUPERVISION

B.C.R.A.

Section 5. Observance of Rules.

The determination of the computable patrimonial responsibility shall be made by applying the rules established in the matter, both with respect to the requirement and the integration, on a consolidated basis.

5.3.2. Quarterly Consolidation.

Data of the local financial entity, including its branches in the country and abroad, and all its subsidiaries subject to the quarterly consolidation obligation shall be taken.

The maximum limits foreseen in the rules on “Risk‑Credit Segmentation” must be observed at all times on a consolidated basis, i.e., considering the operations of the respective clients in the entities and companies subject to quarterly consolidation.

The determination of the computable patrimonial responsibility shall be made considering, both for the requirement and the integration, the balances at the end of the quarter, and applying in other aspects the rules established in the matter.

That responsibility will be the comparison basis during the following quarter to determine compliance with the rules to be observed on a consolidated quarterly basis.

5.4. Other Aspects.

5.4.1. Restrictions regarding mutual funds.
Limitations on the holding of mutual‑fund units and on transactions that provide liquidity to those funds must be observed on both individual and consolidated bases.

5.5. Responsibilities.

It shall be the obligation of the local financial entity to ensure full compliance on a consolidated basis with the regulations subject to that observance.

When this requirement is not observed, the entity will be subject to charges and other provisions that each rule foresees for cases of non‑compliance.

Additionally, the Superintendent of Financial and Exchange Entities may:

5.5.1. Order that the financial entity(ies) subject to consolidation be subject to the treatment established for related persons.
5.5.2. Revoke the authorization previously granted to acquire participation in the subsidiary.

Version: 8a. COMMUNICATION “A” 6305

Effective: 26/8/2017

ORDERED TEXT – SOURCE RULE

Section	Point	Paragraph	Comm.
5.2.1.6	“A” 4891	8	According to Comm. “A” 5557.
5.2.1.7	“A” 2227	unique	5.1.8. According to Comm. “A” 2736.
5.2.1.8	“A” 5180	8
5.2.1.9	“A” 5693	—	According to Comm. “A” 5724 (interpretative clarification).
5.2.2	“A” 2227	unique	5.1. According to Comm. “A” 2649, 2461, 2736, 2839, 5180, 5272, 5369 and “B” 5902.
5.2.3	“A” 4835	4	According to Comm. “A” 5223.
5.2.4	“A” 5093	—
5.3.1	“A” 2227	unique	5.2.1. According to Comm. “A” 2649 and 5520.
5.3.2	“A” 2227	unique	5.2.2. According to Comm. “A” 5520.
5.4.1	“B” 6566	1
5.5	“A” 2227	unique	5.3. According to Comm. “A” 2649.

5.4. Within 90 calendar days from 25 / 8 / 17, financial entities must transfer the balances of the “Caja de ahorros Comunicación “A” 5526” to “Caja de ahorros” (Section 1.) in the same currency of the same holder.

If the holder does not have a savings account in the same currency at the entity, the entity must inform him – within 30 calendar days from 25 / 8 / 17 – that after the 90‑day period, if the client expresses consent, a “Caja de ahorros” (Section 1.) in that currency will be opened (informing the maintenance cost) and the funds transferred; and that, if consent is not given or the client has not withdrawn the funds before, the balance will be transferred to immobilised balances.

5.5. Special accounts – Law 27.260 – Fiscal Sincerity Regime – BOOK II – Title I – Article 38, paragraph c), Art. 41 and Art. 42, paragraph a). Financial entities will receive these impositions at the request of the subjects covered by article 36 of Law 27.260 who externalise their holdings of national or foreign currency in cash in the country, in accordance with the provisions of article 38, paragraph c) of Law 27.260, for the original acquisition of bonds to be issued by the National State, pursuant to the provisions of paragraph a) of article 42 of the cited law.

The account will be opened in the name and exclusively on the order of the declarant and will be maintained in the currency (national or foreign) in which the declarant externalises his cash holdings in the country, and the obligations imposed by the legislation and regulations in force on anti‑money‑laundering and terrorist‑financing prevention must be applied.

Financial entities may offer declarants who are clients of the entity and are enabled to operate with the Internet banking service (“home banking”) the possibility of initiating the account‑opening process through that channel, assigning the corresponding uniform bank key (CBU) so that such clients can inform it to the Federal Administration of Public Revenues (AFIP) for the pertinent procedure. Once the procedure before that body is completed, so that the account is operational to receive the detailed impositions, the declarant must complete the opening process at the financial entity presenting the corresponding documentation.

For the deposit of funds in this account, a prerequisite is to have the certificate issued by the application that will be available on the AFIP institutional site, in accordance with the regulation that the body establishes for the purpose of adhesion and incorporation into the mentioned regime, when the declarant reports through that tool the application of the funds he externalises to the specific destination to which this account corresponds.

Deposited funds must remain unavailable for a period not less than six months or until 31 / 3 / 17, inclusive, counted from each imposition, whichever is longer. Financial entities may only admit debits of funds before the expiry of the aforementioned period when they are destined to the original acquisition foreseen in article 42, paragraph a) and/or to the payment of the tax of article 41 of Law 27.260.

SAVINGS DEPOSITS, PAYROLL ACCOUNTS AND SPECIAL ACCOUNTS

B.C.R.A.

Section 5. Transitional Provisions.

Version: 7a. COMMUNICATION “A” 6305

Effective: 26/8/2017

Debits of the funds credited to this account that are made for those purposes must be carried out exclusively by transfer to the account in national or foreign currency, as appropriate, that is specifically established in the regulation.

That transfer must be individualised using as reference “Law 27.260 – Art. 42, inc. a)” or “Law 27.260 – Art. 41”, as appropriate.

A copy of the transfer made shall be kept in the account file to evidence compliance with the application of the funds to the indicated destination.

When the special tax payment of article 41 is made with funds deposited in this account, transfers may be made to the account indicated by AFIP for:

i) Purchase and delivery of the securities mentioned in paragraph e) of article 41, through the same financial entity.

ii) Transfer to the bank account from which the special tax may be paid, according to the payment method regulated by AFIP, the circumstance being evidenced by the electronic payment slip (VEP) issued by the system and an express declaration under oath. A copy of the VEP and the respective transfer shall be kept in the account file to evidence compliance with the application of the funds to the indicated destination.

The special accounts regulated by this section will only admit credits made in accordance with the fourth paragraph of this point. Therefore, they cannot receive transfers for any other concept.

Cash debits will not be admitted.

No interest or remuneration may be recognised on the amounts deposited in these accounts. Once the total balances of these accounts have been transferred, the accounts shall be closed ex officio. Moreover, if on 31 / 12 / 17 there are available balances in the mentioned accounts, the funds shall be transferred to another account in the name of the holder at the same entity and the special account shall be closed ex officio.

Financial entities may charge commissions for the maintenance and operation of this account provided that they do not exceed what is applied for such concept on current‑account banking services to their clientele, which is in force at the date of promulgation of Law 27.260. Financial entities that do not offer this service shall observe as a limit for such commission the average amount that results from considering the commissions charged for such concept by the ten most representative financial system entities, according to the latest information published by the Central Bank of the Argentine Republic on that date, according to the Informative Transparency Regime – Chapter II – “Commissions, charges and rates for users of financial services” (Comm. “A” 5993).

Financial entities must inform AFIP of the movements of these accounts under the conditions set by the regulation that the body issues for that purpose.

In the absence of specific provisions and insofar as they do not oppose what is detailed above, the provisions established for deposits in savings boxes shall apply.

SAVINGS DEPOSITS, PAYROLL ACCOUNTS AND SPECIAL ACCOUNTS

B.C.R.A.

Section 5. Transitional Provisions.

Version: 2a. COMMUNICATION “A” 6305

Effective: 26/8/2017

5.6. Special accounts – Law 27.260 – Fiscal Sincerity Regime – BOOK II – Title I – Article 38, paragraph c), Art. 41 and Art. 42, paragraph b). Financial entities will receive these impositions at the request of the subjects covered by article 36 of Law 27.260 who externalise their holdings of national or foreign currency in cash in the country, in accordance with the provisions of article 38, paragraph c) of Law 27.260, for the subscription of mutual‑fund units provided for in paragraph b) of article 42 of the cited law.

Financial entities may offer declarants who are clients of the entity and are enabled to operate with the Internet banking service (“home banking”) the possibility of initiating the account‑opening process through that channel, assigning the corresponding CBU so that such clients can inform it to AFIP for the pertinent procedure. Once the procedure before that body is completed, so that the account is operational to receive the detailed impositions, the declarant must complete the opening process at the financial entity presenting the corresponding documentation.

Deposited funds must remain unavailable for a period not less than six months or until 31 / 3 / 17, inclusive, counted from each imposition, whichever is longer. Financial entities may only admit debits of funds before the expiry of the aforementioned period when they are destined to the subscription of mutual‑fund units provided for in article 42, paragraph b) and/or to the payment of the tax of article 41 of Law 27.260.

Debits of the funds credited to these accounts must be carried out exclusively by transfer to the corresponding account in national or foreign currency, as appropriate, of the custodian agent of the collective‑investment product of the open or closed mutual fund in which the holder opts to invest, in accordance with the regulation that is issued.

That transfer must be individualised using as reference “Law 27.260 – Art. 42, inc. b)” or “Law 27.260 – Art. 41”, as appropriate.

A copy of the transfer made shall be kept in the account file to evidence compliance with the application of the funds to the indicated destination.

When the special tax payment of article 41 is made with funds deposited in this account, transfers may be made to the account indicated by AFIP for:

i) Purchase and delivery of the securities mentioned in paragraph e) of article 41, through the same financial entity.

The special accounts regulated by this section will only admit credits made in accordance with the fourth paragraph of this point. Therefore, they cannot receive transfers for any other concept.

Cash debits will not be admitted.

Financial entities may charge commissions for the maintenance and operation of this account provided that they do not exceed what is applied for such concept on current‑account banking services to their clientele that is in force at the date of promulgation of Law 27.260. Financial entities that do not offer this service shall observe as a limit for such commission the average amount that results from considering the commissions charged for such concept by the ten most representative financial system entities, according to the latest information published by the Central Bank of the Argentine Republic on that date, according to the Informative Transparency Regime – Chapter II – “Commissions, charges and rates for users of financial services” (Comm. “A” 5993).

Financial entities must inform AFIP of the movements of these accounts under the conditions set by the regulation that the body issues for that purpose.

In the absence of specific provisions and insofar as they do not oppose what is detailed above, the provisions established for deposits in savings boxes shall apply.

5.7. "Special Accounts – Law 27.260 (Fiscal Sincerity Regime – BOOK II – Title I – Article 38, paragraph c), Article 41 and Article 44"

Financial entities will receive these deposits at the request of the persons covered by Article 36 of Law 27.260, who externalize and keep their holdings of national or foreign currency in cash in the country, in accordance with the provisions of Article 38, paragraph c) of Law 27.260, or who opt for the acquisition of registrable real or movable assets or for the payment of the special tax established in Article 41 of the aforementioned law, as provided in its Article 44.

The account will be opened in the name and exclusively at the order of the declarant and will be maintained in the currency (national or foreign) in which the declarant effectuates the externalization of his cash holdings in the country, and the obligations imposed by the legislation and regulations in force on the prevention of money laundering and terrorist financing must be applied.

Financial entities may offer declarants who are clients of that entity and are enabled to operate with the Internet banking service ("home banking") the possibility of initiating the account‑opening process through that channel, assigning the corresponding CBU for the purposes that such clients may inform AFIP to carry out the pertinent procedure. Once the procedure before that body is completed, so that the account is operational to receive the deposits detailed above, the declarant must complete the opening process at the financial entity by presenting the corresponding documentation.

For the deposit of funds in this account, a prerequisite condition will be to have the certificate issued by the application that will be available on the institutional website of AFIP, in accordance with the regulation that said body establishes for the purpose of adhesion and incorporation to the mentioned regime, when the declarant informs through that tool the application of the funds that he externalizes to the destinations mentioned in the first paragraph of this point.

The deposited funds must remain unavailable for a period not less than 6 months or until 31 March 2017 inclusive, counted from each deposit, whichever is greater. Financial entities may admit debits of funds before the expiry of the aforementioned period only when they are destined to the acquisition of registrable real or movable assets or for the payment of the special tax established in Article 41 of the cited law, as provided in its Article 44.

During the 6‑month period counted from each deposit or until 31 March 2017, whichever is greater, financial entities must inform AFIP and the Financial Information Unit, in accordance with the respective regulations issued for that purpose, of the transfers ordered from this account, indicating:

a) Date.
b) Currency.
c) Amount.
d) Purpose of the funds.
e) CBU and holder of the destination account.

The debits of the funds credited to these accounts must be carried out exclusively by transfer to the corresponding account indicated by the seller.

When the payment of the special tax of Article 41 is made with funds deposited in this account, transfers may be made to the account indicated by AFIP for:

Purchase and payment in kind of the titles mentioned in paragraph e) of Article 41, through the same financial entity.
Transfer to the bank account from which the special tax may be cancelled, in accordance with the payment method regulated by AFIP, having to certify that circumstance with the "Electronic Payment Slip" (VEP) issued by the system and an express declaration in the form of a sworn statement. A copy of the VEP and the respective transfer will be kept in the account file to certify compliance with the application of the funds to the indicated purpose.

Transfers made for the aforementioned concepts must be individualized using as reference "Law 27.260 – Art. 38, inc. c)", "Law 27.260 – Art. 41" or "Law 27.260 – Article 44", as appropriate.

A copy of the transfer made and the corresponding documentation will be kept in the account file to certify compliance with the application of the funds to the corresponding purpose.

The special accounts regulated by this section will only admit credits made in accordance with the fourth paragraph of this point. Therefore, they cannot receive transfers for any concept.

Cash debits will not be admitted.

No interest or remuneration may be recognized on the amounts deposited in these accounts. Once the total balances of these accounts have been transferred, the accounts must be closed ex officio. Likewise, if on 31 December 2017 there are available balances in the mentioned accounts, the funds must be transferred to another account in the name of the holder at the same entity and the special account must be closed ex officio.

Financial entities may charge commissions for the maintenance and operation of this account provided that they do not exceed the charge applied to current accounts to their clientele that is in force as of the date of promulgation of Law 27.260. Financial entities that do not offer this service will observe as a limit for that commission the average amount that results from considering the commissions charged for that concept by the ten most representative entities of the financial system, according to the latest information published by the Central Bank of the Argentine Republic on that date, according to the Informative Transparency Regime – Chapter II – "Commissions, charges and rates for users of financial services" (Com. "A" 5993).

Deposits of Savings, Salary Account and Special Accounts

B.C.R.A.

Section 5. Transitional Provisions.

Version: 2a. COMMUNICATION "A" 6305

Effective date: 26 / 8 / 2017

Financial entities must inform AFIP of the movements of these accounts under the conditions set by the regulation that said body issues for that purpose.

Insofar as it is not foreseen and insofar as it does not oppose what is detailed above, the provisions established for savings‑box deposits shall apply.

5.8. Declaration and Change of Ownership of Accounts Established in Financial Entities of the Country (Article 38, paragraph b), Law 27.260)

The holdings of national or foreign currency that are deposited in accounts in financial entities of the country that the persons covered by Article 36 of Law 27.260 declare in the terms of paragraph b) of Article 38 of the cited law must be properly individualized, and the obligations imposed by the legislation and regulations in force on the prevention of money laundering and terrorist financing must be applied.

In the case of natural persons, the holdings that were found deposited in those financial entities up to the day before the promulgation date of the said law will be considered; in the case of the remaining persons, the holdings that were found deposited up to the last closing of the fiscal year operated before 1 January 2016 will be taken into account.

For that purpose, a copy of the pertinent certificate that proves the establishment in the name of the persons referred to in the penultimate paragraph of Article 38 of the mentioned law will be incorporated into the declarant’s externalization file, in accordance with the formalities that AFIP may establish for that purpose.

Changes of ownership of deposits covered by the preceding provision in favor of declarants who are natural persons or undivided estates must be admitted by the depositing financial entity insofar as the current holder(s) and the declarant(s) express in writing before that entity their irrevocable will in that sense.

5.9. The opening of the accounts provided for in points 5.5., 5.6. and 5.7. in foreign currency other than the United States dollar will not require prior BCRA approval referred to in point 1.5.3.

Deposits of Savings, Salary Account and Special Accounts

B.C.R.A.

Section 5. Transitional Provisions.

Version: 2a. COMMUNICATION "A" 6305

Effective date: 26 / 8 / 2017

Reference Table – Origin of Norms (Ordered Text)

Sec	Point	Paragraph	Comment	Annex
4.6	“A” 1199	I	5.1.
4.6.1	“A” 1199	I	5.1.1.
4.6.3	“A” 1199	I	5.1.3.	S/Com. “A” 5990.
4.7.1	“A” 1199	I	5.2.1.	S/Com. “A” 3042.
4.7.2	“A” 1199	I	5.2.2.	S/Com. “A” 3042, 4809, 5482 y 6042.
4.8	“B” 6572		S/Com. “A” 5388.
4.9	“A” 4809	6.	S/Com. “A” 5986 y 6249.
4.10	“A” 4809	7.	S/Com. “A” 5164, 5520 y 5612.
4.11	1° “A” 5212
4.11.1	“A” 5127	3.	S/Com. “B” 9961, “A” 5164, 5212, 5473, 5718, 5778 y 5927.
4.11.2	“A” 5212		S/Com. “A” 5718.
4.11.3	“A” 5137		S/Com. “A” 5164 y 5990.
4.12	“A” 5137		S/Com. “A” 5164, 5927 y 5928.
4.12.1	“A” 5928	14.	S/Com. “A” 5958.
4.12.2	“A” 5137		S/Com. “A” 5164, 5517, 5739, 5809, 5927 y 5990.
4.13	“A” 5482		S/Com. “A” 5928.
4.14	“A” 5482
4.15	“A” 5588
4.15.1	“A” 5588
4.15.2	“A” 5588
4.16	“A” 5928	10.	S/Com. “A” 6236.
4.17	“B” 11269
4.18	“A” 6059		S/Com. “A” 6273.
5.1	“A” 1199	I	4.2.6.	S/Com. “B” 9516 y 10025, “A” 5410 y 5565.
5.2	“B” 10567
5.3	“A” 5928	6.
5.4	“A” 5531		S/Com. “A” 5547 y 6305.
5.5	“A” 6022	1.
5.6	“A” 6022	2.
5.7	“A” 6022	3.
5.8	“A” 6022	4.
5.9	“A” 6022	5.

Index

Section 1. Fixed‑Term Deposit

1.1. Admitted capture modalities.
1.2. Holders.
1.3. Identification and tax situation of the investor.
1.4. Special collections.
1.5. Instrumentation.
1.6. Operational modalities.
1.7. Constitution.
1.8. Admitted currencies and titles.
1.9. Deposits of Purchasing Power Units and Housing Units.
1.10. Deposits with incentives or partial/full remuneration in goods or services.
1.11. Remuneration.
1.12. Term.
1.13. Cancellation of the operation.
1.14. Automatic renewal.
1.15. Transfer.
1.16. Secondary market negotiation.
1.17. Prohibitions.
1.18. Publication of the rules.

Section 2. Fixed‑Term Investments

2.1. General aspects.
2.2. Constant term.

Deposits and Fixed‑Term Investments – B.C.R.A.

Section 1. Fixed‑Term Deposit

Version: 3a. COMMUNICATION "A" 6305

Effective date: 26 / 8 / 2017

4.1. Intervening Entities

Banks and financial companies.

4.2. Holders

Natural and legal persons in whose name the foreign exchange operation covered by the provisions of Article 3 of Decree 616/05 and its regulations is carried out.

4.3. Currency

United States dollar.

4.4. Term

The term provided in Decree 616/05, its amendments and regulations.

4.5. Amount

The percentage of the deposit provided in Article 4, paragraph c) of Decree 616/05, its amendments and regulations, expressed in United States dollars of the total foreign‑exchange settlement operation for the concepts detailed in Article 3 of the mentioned decree.

4.6. Remuneration

No remuneration may be recognized on these deposits.

4.7. Issuance of Deposit Certificates

The deposits will be instrumented by non‑transferable nominative certificates that will also contain the legend "Special deposit for the entry of foreign funds – Decree 616/05".

4.8. Restrictions

Financial entities may not receive these certificates as collateral for financing operations.

4.9. Other Provisions

Insofar as they are not expressly contemplated in the preceding points, the provisions established in points 1.3, 1.4, 1.5, 1.6 (except 1.6.2), 1.7.1, 1.13, 1.17 (except 1.17.1.1), 3.5 and 3.7 shall apply as far as they correspond.

Fixed‑Term Investments – Special Accounts Linked to the Entry of Foreign Funds – Decree 616/05

Version: 3a. COMMUNICATION "A" 6305

Effective date: 26 / 8 / 2017

Reference Table – Origin of Norms (Ordered Text)

Sec	Point	Paragraph	Comment	Annex	Chapter
1.12.2	“A” 2188	1.	S/Com. “A” 3660 y 4543.
1.12.3	“A” 3660		S/Com. “A” 4298, 4331, 5945 y 6069.
1.12.4	“A” 4874	5.
1.13.1	1° “A” 1653	I	3.4.13.2.
	2° “A” 3043		S/Com. “A” 3660.
1.13.2	“A” 1653	I	3.4.13.1.	S/Com. “A” 3660.
1.13.3	“A” 6170
1.14.1	“A” 1653	I	3.4.13.3.	1° S/Com. “A” 3660.
1.14.2	“A” 3043	S/Com. “A” 3660.
1.14.3	1° “A” 1653	I	3.4.13.3.1.	S/Com. “A” 3660.
	2° “A” 3043	S/Com. “A” 3660.
1.14.4	“A” 1653	I	3.4.13.3.	1° S/Com. “A” 3660.
1.14.5	“A” 3043	S/Com. “A” 3660.
1.14.6	“A” 1653	I	3.4.13.3.4.	S/Com. “A” 3660.
1.15	“A” 1653	I	3.3.3.1.	S/Com. “A” 3660.
1.16.1	“A” 1653	“A” 1820	“A” 2064	I	I 3.3.3.2.
1.16.2	“A” 1653	“A” 1820	I	3.3.3.2.
1.16.3	“A” 2308	S/Com. “A” 3660.
1.17.1.1	“A” 1653	I	3.4.3.1.	S/Com. “A” 3660.
1.17.1.2	“A” 1653	I	3.4.3.2.	S/Com. “A” 3660.
1.17.1.3	“A” 1653	I	3.4.3.3.	S/Com. “A” 3660.
1.17.1.4	“A” 2383	S/Com. “A” 3660.
1.17.2	“A” 1653	I	3.4.9.	S/Com. “A” 3660.
1.18	“A” 1653	I	3.4.11.	S/Com. “A” 3660.
2.1.1	“A” 2482	1.
2.1.2	“A” 3043
2.1.3	“A” 1199	I	5.7.
2.1.4	“A” 2482	1.A)3.
	1.B)3.
	1.C)3.
	1.D)3.
2.1.5	“A” 1653	I	3.4.1.
2.1.6	“A” 1820	“A” 2482	I	3.2.
2.1.7	“A” 2482	1.A)6.,1.B)
	6. y 1.C)6.
2.1.8.1	“A” 1653	I	3.4.13.2.
2.1.8.2	“A” 1653	I	3.4.13.1.
2.1.9	“A” 2482	1. 3°
2.1.10	“A” 2482	1. 2° S/ Com. “A” 4874.
2.2.1	“A” 2482	1.A)1.

Credit Policy – B.C.R.A.

Section 2. Application of Loan Capacity of Deposits in Foreign Currency

Version: 14a. COMMUNICATION "A" 6305

Effective date: 26 / 8 / 2017

The remainder of the document contains additional normative references, tables, and annexes that are reproduced verbatim above.

Credit Policy B.C.R.A.

Section 2. Application of Loan Capacity of Foreign‑Currency Deposits

Version: 8a. COMMUNICATION “A” 6305
Effective Date: 26/8/2017

Fbase and Cbase

Fbase: financing of imports covered, corresponding to the August/October 2008 quarter.
Cbase: loan capacity corresponding to the August/October 2008 quarter.

Financings and loan capacity shall be computed in accordance with the provisions of point 2.5.

2.2. Conditions

For the purpose of granting such financings, regardless of the source of resources applied, financial entities must verify that clients have sufficient repayment capacity. To that end, at least two scenarios must be considered in which significant exchange‑rate variations of different magnitudes occur over a term of up to one year.

The financing agreed and the maturities set must be related to the projected income flow in the currency in which the loans are granted, except in the cases provided for in points 2.1.7, 2.1.15 and 2.1.17.

If the purpose is that indicated in point 2.1.14, tax revenues related to foreign trade – income‑tax and value‑added‑tax withheld by the General Directorate of Customs and import‑export duties – must be considered when determining repayment capacity.

2.3. Allocation of Incorporated Financings

Financings may be allocated to the loan capacity of foreign‑currency deposits for the purposes established in point 2.1, transferred by other financial entities, provided that the assignors have complied with the requirements set out in point 2.2.

2.4. Financings Recorded in Order‑of‑Payment Accounts

Financings to debtors classified as “unrecoverable” and recorded in order‑of‑payment accounts, according to the rules on “Minimum Provisions for Uncollectibility Risk”, may not be allocated to the loan capacity of foreign‑currency deposits.

2.5. Loan Capacity

Loan capacity shall be determined for each foreign currency captured and shall result from the sum of deposits and inter‑financial loans received, which have been reported by the granting financial entity as originating from its loan capacity of foreign‑currency contributions, net of the minimum cash requirement on deposits.

Section C – Controls on Information Systems

1. Compliance with Regulatory Requirements

Exchange houses and agencies must consider, for the development of the application systems used to process their commercial and management information, the implementation of appropriate controls in line with the legal and regulatory requirements currently established by the Central Bank of the Argentine Republic.

2. Integrity and Validity of Information

Application systems must have automated controls that minimize errors in data entry, processing and consolidation, in the execution of file and database update processes, and in the output of information.

Data recorded in application systems must be subjected to programmed controls that ensure the integrity, validity and reliability of the processed information, including:

check digits, code validations, field type and size, value ranges, signs,
cross‑references, date‑value registrations, operation sequencing, deadlines, closures,
period reopenings, and others.

Parameters that limit data entry in the mentioned systems must have appropriate access levels for their update and restrictions on the possibility of being modified through specific functions.

Furthermore, these systems must include programmed controls that limit the modification and deletion of basic and agreed‑upon data of consummated operations, movements and balances.

The application system used for processing foreign‑currency purchase and sale operations must contain validation processes to consult information on natural and legal persons with the “precautionary measures” required by the BCRA.

The client‑application system must possess adequate integrity and validity controls, considering its unique identification and the mandatory data according to current regulations.

All application systems must generate audit logs containing user activities, tasks performed, monetary and non‑monetary functions used, and identify who entered and authorized each transaction. These logs must be reviewed regularly by internal‑control responsible persons. The integrity of the information recorded in these reports must be protected, properly safeguarded and remain recoverable, being kept available for a period not less than 10 years, using non‑re‑usable storage media.

Minimum Operational Technology and Information Systems Requirements for Exchange Houses and Agencies

Version: 2a. COMMUNICATION “A” 6305
Effective Date: 26/8/2017

Table of Infractions, Gravity and Maximum Fines

Infraction	Gravity	Maximum Fine – Group A (Sanction Units)	Maximum Fine – Group B (Sanction Units)
9.1. Marginality
9.1.1. Habitual marginal capture of funds within authorized entities.	Very High	800	N/A
9.1.2. Conducting operations that involve habitual intermediation between supply and demand of financial resources without prior BCRA authorization.	Very High	800	400
9.1.3. Failure to register exchange operations by BCRA‑authorized entities.	Very High	800	400
9.1.4. Significant missing or excess values detected during a BCRA‑conducted inventory.	High	300	150
9.2. Prohibited and Limited Operations
9.2.1. Conducting operations not permitted for each class of entity and exceeding BCRA authorization, not covered elsewhere.	Very High	500	250
9.2.2. Accepting its own shares as collateral by financial entities.	High	300	N/A
9.2.3. Operating in a location prohibited by applicable rules.	High	200	100
9.2.4. Creating liens on assets without BCRA authorization as referred to in the “Asset Affectation in Guarantee” rules.	High	300	N/A
9.19. Security Measures
9.19.1. Relevant non‑compliance with the minimum security measures regulated by the BCRA.	Medium	80	N/A
9.19.2. Non‑compliance that removes and/or reduces the effectiveness of systems, devices or services normatively implemented to prevent criminal acts.	Medium	60	30
9.19.3. Non‑compliance with security measures not classified as medium‑gravity.	Low	20	10
9.20. Inter‑bank Compensation of Banknotes
9.20.1. Non‑compliance with the rules on inter‑bank compensation of banknotes.	Medium	70	N/A
9.21. Others
9.21.1. Failure to preserve documentation of exchange operations.	High	100	50
9.21.2. Use of designations provided in the Financial Entities Law or the Exchange Houses, Agencies and Offices Law by unauthorized natural or legal persons that cause doubt or confusion about their nature.	High	100	50
9.21.3. Not keeping, at the authorized premises and available to the BCRA, the documentation related to exchange operations.	Medium	70	35
9.21.4. Failure to keep books at the entity’s headquarters.	Medium	70	35
9.21.5. Significant delays in registrations in accounting, corporate and exchange books.	Medium	60	30
9.21.6. Inadequate registrations in exchange books.	Low	20	10
9.21.7. Debtor files with formal deficiencies that do not alter the correct credit policy.	Low	5	N/A
9.21.8. Operations with common investment funds.	N/A	–	–
9.21.9. Non‑compliance with the rules on payment of social‑security benefits on behalf of ANSES.	Medium	70	N/A

Disciplinary Regime under the Central Bank of the Argentine Republic, Laws 21.526 and 25.065 and Their Amendments

Section 9. Catalog of Infractions
Version: 2a. COMMUNICATION “A” 6305
Effective Date: 26/8/2017

(The catalog repeats the same infractions listed above; they are reproduced here for completeness.)

Financial Trusts Covered by the Financial Entities Law

Section 2. Constitution of Trusts
Version: 2a. COMMUNICATION “A” 6305
Effective Date: 22/08/2017

Origin of the Provisions Contained in the Norms on “Financial Trusts Covered by the Financial Entities Law”

Section	Point	Paragraph	Comm.	Annex	Cap.	Observations
1°	“A”	2664	1. According to Comm. “A” 2703 and 3145.
2°	Art. 1690 of the Civil and Commercial Code of the Nation.
2.1.	“A”	2664	1. According to Comm. “A” 2703 and 3145.
2.2.	“A”	2664		“B”	6331	1.
2.3.	“B”	6331	1.
2.3.1.	“B”	6331	1.
2.3.1.1.	“B”	6331	1.1.
2.3.1.2.	“A”	2664	4. According to Comm. “A” 2703.
2.3.1.3.	“B”	6331	1.3. According to Comm. “B” 6362.
2.3.1.4.	“B”	6331	1.4.
2.3.2.	“B”	6331	1. last
2.4.	“B”	6331	5.
2.5.	“A”	6303	According to Comm. “A” 6305.
3.1.1.	“A”	2664	2. According to Comm. “A” 2703.
…	…	…	…	…	…	…

Index of Section 1. Scope

1.1. Definition.
1.2. Exception.
1.3. Responsibilities.
1.4. Repurchase.
1.5. Assignment to financial trusts.

Section 2. Requirements

2.1. General conditions.
2.2. Assignor entities.
2.3. Non‑compliance.

Correlation Table

(Table omitted as the source provides only a heading.)

Text Ordered of the Norms on “Assignment of Credit Portfolios”

Version: 2a. COMMUNICATION “A” 6305
Effective Date: 22/08/2017

(Content not provided in the excerpt; only the heading is reproduced.)

2017 - YEAR OF RENEWABLE ENERGIES

ANNEX

CONSOLIDATED SUPERVISION

ORDERED TEXT – SOURCE RULE

SAVINGS DEPOSITS, PAYROLL ACCOUNTS AND SPECIAL ACCOUNTS

SAVINGS DEPOSITS, PAYROLL ACCOUNTS AND SPECIAL ACCOUNTS

5.7. "Special Accounts – Law 27.260 (Fiscal Sincerity Regime – BOOK II – Title I – Article 38, paragraph c), Article 41 and Article 44"

5.8. Declaration and Change of Ownership of Accounts Established in Financial Entities of the Country (Article 38, paragraph b), Law 27.260)

5.9. The opening of the accounts provided for in points 5.5., 5.6. and 5.7. in foreign currency other than the United States dollar will not require prior BCRA approval referred to in point 1.5.3.

Reference Table – Origin of Norms (Ordered Text)

Index

Deposits and Fixed‑Term Investments – B.C.R.A.

4.1. Intervening Entities

4.2. Holders

4.3. Currency

4.4. Term

4.5. Amount

4.6. Remuneration

4.7. Issuance of Deposit Certificates

4.8. Restrictions

4.9. Other Provisions

Fixed‑Term Investments – Special Accounts Linked to the Entry of Foreign Funds – Decree 616/05

Reference Table – Origin of Norms (Ordered Text)

Credit Policy – B.C.R.A.

Section 2. Application of Loan Capacity of Deposits in Foreign Currency

Credit Policy B.C.R.A.

Section 2. Application of Loan Capacity of Foreign‑Currency Deposits

Fbase and Cbase

2.2. Conditions

2.3. Allocation of Incorporated Financings

2.4. Financings Recorded in Order‑of‑Payment Accounts

2.5. Loan Capacity

Section C – Controls on Information Systems

1. Compliance with Regulatory Requirements

2. Integrity and Validity of Information

Minimum Operational Technology and Information Systems Requirements for Exchange Houses and Agencies

Table of Infractions, Gravity and Maximum Fines

Disciplinary Regime under the Central Bank of the Argentine Republic, Laws 21.526 and 25.065 and Their Amendments

Financial Trusts Covered by the Financial Entities Law

Origin of the Provisions Contained in the Norms on “Financial Trusts Covered by the Financial Entities Law”

Index of Section 1. Scope

Section 2. Requirements

Correlation Table

Text Ordered of the Norms on “Assignment of Credit Portfolios”

Lineage: In force