CAMCO 1-140: Regulations for the Creation and Operation of Fund Clearing Houses

"1999 - Year of Export"
CENTRAL BANK OF THE ARGENTINE REPUBLIC
COMMUNICATION "A" 3029 03/12/99
TO FINANCIAL ENTITIES:
Ref.: Circular
CAMCO 1 - 140
Regulations for the creation and operation of fund clearing houses - Comm. "A" 2557

We address you to bring to your knowledge that this Institution adopted the following resolution:

1. Modify the first paragraph of Section 2 of the provisions of Communication "A" 2557, which shall read as follows:
   "Clearing Houses must be legally constituted in the form of a Joint Stock Company, whose shareholders will be predominantly financial entities, in a number not less than 10, with a minimum participation of 67% of Social Capital. In the event that there are legal or statutory restrictions that prevent such shareholding, it will be admitted that the participation is made indirectly through the companies or persons who possess control of the entity."

2. Modify point 4.1.4. of Section 4, which shall read as follows:
   "Social Capital, with identification of the shareholders who will integrate it and their respective participations. The direct or indirect participation of each entity may not exceed 33% of Social Capital, and the direct or indirect participation of any two partners may not exceed 49% of Social Capital, thereby avoiding the concentration of social will in one or two participants."

We salute you attentively.
CENTRAL BANK OF THE ARGENTINE REPUBLIC
Julio César Pando Víctor Hugo Ruiz
Manager of Current Accounts Manager of Current Accounts and Securities Clearing and Securities Clearing