Administrators of Prior Savings Groups - Definition - Article 1 of the RNRCSF

Montevideo, June 9, 2025 Ref: ADMINISTRATORS OF PRIOR SAVINGS GROUPS - Definition - Article 1 of the RNRCSF

The market is informed that the Superintendency of Financial Services adopted Resolution SSF No. 2025-262 on June 6, 2025.

JUAN PEDRO CANTERA Superintendent of Financial Services

2025-50-1-00828 Diagonal Fabini 777 - C.P. 11100 - Tel.: (598 2) 1967 - Montevideo, Uruguay - www.bcu.gub.uy CIRCULAR No. 2478

SUPERINTENDENCY OF FINANCIAL SERVICES – RESOLUTION SUPERINTENDENCY OF FINANCIAL SERVICES

VIEWING: The definition of administrators of prior savings groups established in letter h. of Article 1 of the Compilation of Norms of Regulation and Control of the Financial System.

RESULTING: That, as a result of the changes introduced by Article 748 of Law No. 19.924 promulgated on December 18, 2020, and published in the Official Gazette on December 30 of the same year, the object of said administrators of prior savings groups is expanded, including the possibility for adherents to contribute funds for the acquisition of a capital.

CONSIDERING: That it is necessary to adjust the definition of administrators of prior savings groups in order to align it with what is established in the legal framework.

ATTENTIVE: To what is established in letter A) of Article 38 of Law No. 16.696 of March 30, 1995, in the wording given by Article 2 of Law No. 20.345 of September 19, 2024, and in Article 748 of Law No. 19.924.

IT IS RESOLVED:

1. SUBSTITUTE in Section I – Definition and applicable regime, of Chapter I – Definition, applicable regime and operations, of Title I – Financial Intermediation Institutions, of Book I – Authorizations and Registers of the Compilation of Norms of Regulation and Control of the Financial System, Article 1 with the following:

ARTICLE 1 (DEFINITION AND CLASSIFICATION). For the purposes of the provisions contained in this Compilation, financial intermediation institutions shall be classified into the following categories:

a. Banks: are those institutions authorized to carry out the operations established in Article 17 bis of Decree-Law No. 15.322 of September 17, 1982, in the wording given by Articles 2 of Law No. 16.327 of November 11, 1992, and 14 of Law No. 17.523 of August 4, 2002.

b. Retail banks: are banks authorized to operate with the restrictions established in Article 266.

c. Investment banks: are those institutions authorized to carry out the operations referred to in Law No. 16.131 of September 12, 1990.

d. Financial houses: are those institutions authorized to carry out any type of financial intermediation operation, except those reserved for banks and investment banks.

e. External financial institutions: are those institutions that exclusively carry out the operations referred to in Article 4 of Decree-Law No. 15.322 of September 17, 1982.

f. Financial intermediation cooperatives: are financial intermediation institutions organized as cooperative societies that operate exclusively with their members, authorized to carry out the operations established in Article 17 bis of Decree-Law No. 15.322 of September 17, 1982, in the wording given by Articles 2 of Law No. 16.327 of November 11, 1992, and 14 of Law No. 17.523 of August 4, 2002.

g. Retail financial intermediation cooperatives: are financial intermediation cooperatives authorized to operate with the restrictions established in Article 266.

h. Administrators of prior savings groups: are companies, natural or legal persons, that organize or administer groupings, closed circles, or consortia, regardless of their legal form or the operations they carry out, whose adherents contribute funds to be applied reciprocally or jointly in the acquisition of specific goods or services, or for the acquisition of a capital, and that carry out this activity exclusively.

2. COMMUNICATE what is established in item 1 via Circular.

JUAN PEDRO CANTERA Superintendent of Financial Services

RR-SSF-2025-262 Date: 06/06/2025 17:48:35 CIRCULAR No. 2478

Exp. 2025-50-1-00828 Publishable: Yes - Signatory: JUAN PEDRO CANTERA SENCIÓN CIRCULAR No. 2478