2017 – YEAR OF RENEWABLE ENERGIES

COMMUNICATION “A” 6331 27/09/2017

TO FINANCIAL ENTITIES,
TO EXCHANGE HOUSES, AGENCIES AND OFFICES:

Reference: Circular

• LISOL 1 – 760
• OPRAC 1 – 916
• RUNOR 1 – 1322
• REMON 1 – 933

Advances of the Central Bank to financial entities for financing the productive sector. Transient liquidity assistance. Exchange houses, agencies and offices. Central Registry and Settlement of Public Debt Instruments “CRYL”. Adjustments.

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We address you to inform that, in accordance with General Resolution No. 703‑E/2017 of the National Securities Commission (CNV), the referenced rules must be adjusted.

Furthermore, we take the opportunity to clarify that the “Cash 72 hours” term cited in the communications referring to the “Credit Programme for the Development of Production and Employment in the Province of San Juan (BID Loan No. 1798/OC‑AR). Communication “A” 4769 – Communication “B” 9268 – ‘Credit Programme for the Development of Production in the Province of San Juan (BID Loan No. 2763/OC‑AR). Communication “A” 5481 – Communication “B” 10691 – ‘Regional Economies Competitiveness Programme (BID Loan ARL1154, Contract 3174/OC‑AR). Communication “A” 5754 – Communication “B” 11058 – and ‘Sectoral Credit Programme of the Province of San Juan. Communication “A” 5906 – Communication “B” 11234 – must be understood as “Cash 48 hours”.

We enclose the pages that, in replacement of those previously provided, must be incorporated into the respective regulations. Also, we remind you that on the Institution’s website www.bcra.gob.ar, under “Financial System – LEGAL AND REGULATORY FRAMEWORK – Regulations and Summaries – Ordered Texts of General Regulations”, the modifications with highlighted characters (strikethrough and bold) can be found.

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We greet you attentively.

CENTRAL BANK OF THE ARGENTINE REPUBLIC

Darío C. Stefanelli Agustín Torcassi

Chief Manager of Issuance and Regulatory Applications Deputy General Manager of Standards

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ANNEX

2.6.2. Valuation.

2.6.2.1. National public securities and Guaranteed Loans issued by the National Government.

When volatility is published by the Central Bank of the Argentine Republic (BCRA), the quotation will be the “Cash 48‑hour” modality of the MAE, corresponding to the last business day prior to the submission of the request for fund accreditation to the operational current account. When there is no volatility published by the BCRA, the value reported in the “VELI” Wheel of the MAE, corresponding to the business day prior to the submission of that request, will be applied.

2.6.2.2. BCRA monetary regulation instruments.

The reference price – without appraisal – reported by the MAE for REPO Wheel operations, corresponding to the last business day prior to the submission of the request for fund accreditation to the operational current account, will be taken.

2.6.2.3. Provincial public securities or those of the Autonomous City of Buenos Aires, with volatility published by the BCRA.

The quotation of the “Cash 48‑hour” modality of the MAE, corresponding to the last business day prior to the submission of the request for fund accreditation to the operational current account, will be taken.

2.6.3. Perfection.

2.6.3.1. Instruments covered in point 2.6.1., except Guaranteed Loans.

In addition to the corresponding pledge contract, the representative receipt of its transfer to Account No. 400, Client No. 125, of the BCRA Credit Management in Caja de Valores S.A. must be attached.

2.6.3.2. Guaranteed Loans.

The pledge contract, a copy of the account opening certificate at Caja de Valores S.A. or a balance report and registration forms signed by the officials registered in that Caja must be attached. Pledge contracts and Caja de Valores S.A. forms must be submitted in two copies, with notarial certification.

Version: 3a. COMMUNICATION “A” 6331

Effective: 28/9/2017 Page 8

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ADVANCES OF THE CENTRAL BANK TO FINANCIAL ENTITIES FOR FINANCING THE PRODUCTIVE SECTOR

Section 2. Terms and Conditions of the Advances.

TEXT ORDERED	SOURCE REGULATION	OBSERVATIONS	Section	Point	Paragraph	Comm.	Annex	Point	Paragraph
1. 1° “A” 5089	According to Comm. “A” 5489.
1.1. “A” 5089	1. According to Comm. “A” 5303.
1.2.1. “B” 9911	1.1. According to Comm. “B” 10333 and “A” 5303.
1.2.2. “A” 5089	3. According to Comm. “A” 5232, 5278 and 5303.
1.2.2.1. “A” 5089	According to Comm. “A” 5232, 5278 and 5303.
1.2.2.2. “A” 5278	According to Comm. “A” 5303.
1.2.3. “B” 9911	1.2. According to Comm. “A” 5303.
2. 2.1. “B” 9911	2.1. According to Comm. “A” 5303.
2.2. “B” 9911	2.2. According to Comm. “A” 5303.
2.3. “B” 9911	2.3. According to Comm. “A” 5303.
2.4. “A” 5089 “B” 9911	4.2.	According to Comm. “B” 10333 and “A” 5303.
2.5.1. “B” 9911	2.5.1. According to Comm. “B” 10209 and 10333, “C” 57026 and “A” 5303.
2.5.2. “B” 9911	2.5.2. According to Comm. “A” 5303 and 5489.
2.6. “A” 5089 “B” 9911	4.6.	According to Comm. “A” 5303 and 5489.
2.6.1. “A” 5489	3.
2.6.2. “B” 9911	2.6.1. According to Comm. “A” 5303, 5489 and 6331.
2.6.3. “B” 9911	2.6.2. According to Comm. “A” 5303, 5489 and 6331.
2.6.4. “B” 9911	2.6.3. According to Comm. “A” 5303 and 5489.
2.7.1. “A” 5089	4.5. According to Comm. “A” 5278 and 5303.
2.7.2. “B” 9911	2.7.1. According to Comm. “A” 5303.
2.7.3. “B” 9911	2.7.2. According to Comm. “A” 5303.
2.8.1. “A” 5089 “B” 9911	4.1.	According to Comm. “A” 5303.
2.8.2. “B” 9911	2.8.2. According to Comm. “A” 5303.
2.9. “A” 5089	4.4. According to Comm. “A” 5303.
3. 3.1. “A” 5089 “B” 9911	5.1.	According to Comm. “A” 5303.
3.2. “B” 9911	3.1. According to Comm. “A” 5303.
3.3. “A” 5089 “B” 9911	5.2.	According to Comm. “A” 5278 and 5303.
3.4. “B” 9911	3.5. According to Comm. “A” 5303.
3.5. “B” 9911	3.7. According to Comm. “A” 5303.
3.6. “B” 9911	3.6. According to Comm. “B” 10209 and 10333, “A” 5303.
4. 4.1. “A” 5089	6. According to Comm. “A” 5303.
4.2. “B” 9911	4.4. According to Comm. “B” 10209 and 10333, “A” 5303.
4.3. “A” 5089	7. According to Comm. “A” 5209 and 5303.
4.4. “B” 9911	5. According to Comm. “A” 5303 and 5489.

B.C.R.A.

ORIGIN OF THE PROVISIONS CONTAINED IN THE REGULATIONS ON “ADVANCES OF THE CENTRAL BANK TO FINANCIAL ENTITIES FOR FINANCING THE PRODUCTIVE SECTOR”

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TEXT ORDERED	SOURCE REGULATION	OBSERVATIONS	Section	Point	Paragraph	Comm.	Annex	Point	Paragraph
5. 5.1. “B” 9911	6.1. According to Comm. “A” 5303.
5.2. “B” 9911	6.2. According to Comm. “A” 5303.
5.3. “B” 9911	6.3. According to Comm. “A” 5303.
6. 6.1. “B” 9911 I	According to Comm. “A” 5303.
6.2. “B” 9911 II	According to Comm. “B” 10333 and “A” 5303.
6.3. “B” 9911 III	According to Comm. “A” 5303.
6.4. “B” 9911 IV	According to Comm. “B” 10333 and “A” 5303.
6.5. “B” 9911 V	According to Comm. “A” 5303.
6.6. “B” 9911 VI	According to Comm. “A” 5303.
6.7. “B” 9911 VII	According to Comm. “A” 5303.
6.8. “B” 9911 VIII	According to Comm. “A” 5303.
6.9. “B” 10209 IX 5.	According to Comm. “B” 10333 and “A” 5303.
6.10. “B” 10333	According to Comm. “A” 5303.

v) That prior to granting the transient liquidity assistance, the requesting financial entity has exhausted its holdings of eligible assets available for repo operations with this Institution, as well as for the “Liquidity Window” and other existing assistance policy options at the time of request.

3.1.5.2. Formulas 2929 and 3055 must be reviewed by the external auditor.

3.1.5.3. The external auditor’s intervention in the various aspects mentioned in these regulations must be framed within the provisions established in the Minimum Standards for External Audits. Auditor reports from the financial entity that contain scope limitations or any observations will not be accepted.

3.1.6. Central Debtors of the Financial System.

The application and operational guide to validate the classification of debtors whose credits are offered for resale are available to financial entities on the BCRA website; their use is mandatory when requesting a resale. The printed formulas generated by the application – corresponding to the version of the Central Debtors of the Financial System in force on the date of submission – will be delivered to the Credit Management together with the rest of the documentation at the time of filing the corresponding fund request. On the same date, the respective computer support must be sent through the enabled IT services. Technical queries related to the use of this application must be addressed to the Information Management Department.

3.1.7. Securities – Valuation and Transfer.

Securities will be valued according to the following detail:

• Provincial public securities or those of the Autonomous City of Buenos Aires, with volatility published by the BCRA. The quotation of the “Cash 48‑hour” modality of the MAE, or of the Buenos Aires Stock Exchange in its absence, corresponding to the last business day prior to the date of entry of the financial assistance request or its renewal, will be taken.
• Private securities with a public offering. The quotation of the “Cash 48‑hour” modality of the Buenos Aires Stock Exchange, corresponding to the last business day prior to the date of entry of the financial assistance request or its renewal, will be considered.
• Other transferable public securities. The estimated valuation made by the competent technical area of the BCRA will be considered.
  Securities with a public offering that guarantee an advance must be transferred to Account No. 400, Client No. 75, which the BCRA holds at Caja de Valores S.A. In addition, a copy of the corresponding transfer with the balance confirmed by the said Caja must be attached.

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B.C.R.A. TRANSIENT LIQUIDITY ASSISTANCE

Section 3. Requirements and Documentation to Submit.

Version: 4a. COMMUNICATION “A” 6331 Effective: 28/9/2017 Page 3

a) Public offering securities that, according to the weighted average closing price “Cash 48 h” recorded on the day ...../....../........ on the Buenos Aires Stock Exchange and on the Electronic Open Market, are equivalent to $ ......................................... (pesos ............................................), as detailed in the attached Annex, which – signed on all its pages – accompanies this document, together with the certificates issued by Caja de Valores S.A. of the transfers of the securities to Central Bank accounts.

b) Real estate owned by the entity to constitute a mortgage for a value of $ ..................... (pesos ......................................................), as detailed in Formula 3055, – signed on all its pages – attached to this document together with the original title(s) of ownership registered in the respective registry(ies), with the appraisal(s) carried out by the Banco de la Nación Argentina or the Banco de la Ciudad de Buenos Aires (specify which applies), the original certificate(s) of domain and encumbrances relating to the property(ies), the original inhibition certificate reported for the entity, both issued by the mentioned registry(ies), and the notary’s note of the entity regarding the non‑use of the certificates.

c) Other assets (detail).

THIRD: ANNEXES

The following annexes, which form an integral part of this document, are also attached:

a) Certified copy by a public notary, with legalization if applicable, of the Articles of Incorporation, of the Board of Directors’ minutes or equivalent governing body, as appropriate, of the assignment of managerial positions, of the Assembly minutes electing authorities, and of the power of attorney granted to the officials who sign all the documentation.

b) Certified copies by a public notary, with legalization if applicable, of the Board of Directors’ minutes of the ………………………… or equivalent body, as the case may be, of the ………………………… or of the representative in the Argentine Republic of the branches of the ………………………… (indicate as appropriate) by virtue of which the request for advances on account under the modalities described herein is approved, with the full transcription of the present text. That minute also contains the granting of the irrevocable special power mentioned in SECOND CLAUSE, point b), of this document.

c) Irrevocable special power in favor of the Central Bank of the Argentine Republic to constitute a real mortgage right over the own properties mentioned in SECOND CLAUSE, in accordance with article 1977 of the Civil Code.

d) Irrevocable special power to effect assignment or constitute real rights over the assets detailed in point c) of SECOND CLAUSE of this document.

e) Pledge contract of securities.

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B.C.R.A. TRANSIENT LIQUIDITY ASSISTANCE

Section 4. Models.

Version: 2a. COMMUNICATION “A” 6331 Effective: 28/9/2017 Page 2

"TRANSIENT LIQUIDITY ASSISTANCE"

TEXT ORDERED	SOURCE REGULATION	OBSERVATIONS	Section	Point	Paragraph	Comm.	Annex	Point	Paragraph
2. v 3° “A” 4868 II	2.e. 3°
2. v 4° “A” 4868 II	2.e. 4°	According to Comm. “A” 5304.
2. v 5° “A” 4868 II	2.e. 5°
2. v 6° “A” 4868 II	2.e. 6°	According to Comm. “A” 4876.
2. v 7° “A” 4868 II	2.e. 7°
2. v 8° “A” 4868 II	2.e. 8°
2. vi “A” 4868 II	2.f.
2. vii “A” 4868 II	2.h.
2. viii “A” 4868 II	2.i.	According to Comm. “A” 5304.
2. ix “A” 4868 II	2.j.
2.2.1. “A” 2673 único	1.1.2.3.	According to Comm. “A” 2775, 4876, 5304, 6243 and “B” 9074
2.2.2. “A” 2673 único	2.1.3.	According to Comm. “A” 5304.
3. 3.1.1. “A” 2673 único	2.1.1.	According to Comm. “A” 2925 and 5304.
3.1.2. “A” 2673 único	2.1.2.	According to Comm. “A” 2925, 5304 and 6243.
3.1.3. “A” 2673 único	2.1.4.	According to Comm. “A” 2925 and 5304.
3.1.4. “A” 2673 único	2.1.5.	According to Comm. “A” 2925.
3.1.4.1. “A” 2673 único	2.1.5.1.	According to Comm. “A” 2925, 4868 and 5304.
3.1.4.2. “A” 2673 único	2.1.5.2.	According to Comm. “A” 2925 and 4868.
3.1.4.3. “A” 2673 único	2.1.5.3.	According to Comm. “A” 2925 and 5304.
3.1.4.4. “A” 2673 único	2.1.5.4.	According to Comm. “A” 2925 and 5304.
3.1.5. “A” 2673 único	2.1.6.	According to Comm. “A” 2925.
3.1.5.1. i) “A” 2775 único	2.1.6.1.1.	According to Comm. “A” 2925 and 5304.
3.1.5.1. ii) “A” 2673 único	2.1.6.1.1.	According to Comm. “A” 2775, 2925, 5304 and 6243.
3.1.5.1. iii) “A” 2673 único	2.1.6.1.2.	According to Comm. “A” 2775, 2925 and 5304.
3.1.5.1. iv) “A” 2673 único	2.1.6.1.3.	According to Comm. “A” 2925.
3.1.5.1. v) “A” 5304
3.1.5.2. “A” 2673 único	2.1.6.2.	According to Comm. “A” 2925.
3.1.5.3. “A” 2673 único	2.1.6.3.	According to Comm. “A” 4868.
3.1.6. 1° “A” 2673 único	2.1.7. 1°	According to Comm. “A” 2925 and 6243.
3.1.6. 2° “A” 2673 único	2.1.7. 2°	According to Comm. “A” 2925, 5304 and 6243.
3.1.6. 3° “A” 2673 único	2.1.7. 4°	According to Comm. “A” 5304.
3.1.7. 1° “A” 2673 único	2.2.1. 1°	According to Comm. “A” 2925, 6243 and 6331.
3.1.7. 2° “A” 2673 único	2.2.1. 2°	According to Comm. “A” 2925 and 6331.
3.1.8. “A” 2673 único	2.2.2. 1°	According to Comm. “A” 2775, 2925, 4868, 4876 and 5304.
3.1.9. “A” 2673 único	2.2.3.	According to Comm. “A” 2925, 3901 and 4859.
3.1.10. “A” 2673 único	2.2.4.	According to Comm. “A” 2925.

"TRANSIENT LIQUIDITY ASSISTANCE"

TEXT ORDERED	SOURCE REGULATION	OBSERVATIONS	Section	Point	Paragraph	Comm.	Annex	Point	Paragraph
4. 4.1. “A” 2673 único	3.	According to Comm. “A” 2775, 2925, 4868, 4876, 5304 and 6331.
4.2. “A” 2673 único	4.	According to Comm. “A” 2775, 2925, 3901, 4859, 4868, 5304 and “B” 9074.
4.3. “A” 2673 único	5.	According to Comm. “A” 2775, 2925, 4868 and 5304.
4.4. “A” 2673 único	6.	According to Comm. “A” 2775, 2925, 4868 and 5304.
4.5. “A” 2673 único	7.	According to Comm. “A” 2775, 2925, 4868 and 5304.
4.6. “A” 2673 único	8.	According to Comm. “A” 2775 and 2925.
4.7. “A” 2673 único	9.	According to Comm. “A” 2775 and 2925.
4.8. “A” 2673 único	10.	According to Comm. “A” 2775 and 2925.
4.9. “A” 2673 único	11.	According to Comm. “A” 2925 and 5304.
4.10. “A” 2673 único	12.	According to Comm. “A” 2775, 2925 and 5304.

3.2.6.5. Particular case of exchange houses

Balances recorded in assets in correspondent accounts with foreign banks that do not comply with the provisions of point 3.1 of the “Credit Evaluations” regulations or that do not have an international risk rating classified as “investment grade” will be computed. This deduction will be made based on the highest balance in each entity recorded during the semester to which the computable patrimonial responsibility determination corresponds.

3.3. Capital Contributions of Exchange Houses and Agencies.

For all regulations linked to capital, its integration and increase, contributions may be made:

1. By crediting them to accounts opened in local financial entities.
2. In national public securities – listed in the volatility list published by the BCRA – or in its monetary regulation instruments, provided that only one type is chosen.
   For this purpose, the “Cash 48‑hour” quotation of the Electronic Open Market (MAE) will be considered.
   The origin of the funds must be certified for the aforementioned contributions.

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B.C.R.A. EXCHANGE HOUSES, AGENCIES AND OFFICES

Section 3. Minimum Capital.

Version: 3a. COMMUNICATION “A” 6331 Effective: 28/9/2017 Page 3

TEXT ORDERED	SOURCE REGULATION	OBSERVATIONS	Section	Point	Paragraph	Comm.	Annex	Cap.	Section	Point	Paragraph
2.6. 1° “A” 90 XVI	1.2.1. According to Comm. “A” 422 and 6053.
2.6.1. “A” 90 XVI	1.2.1.1. According to Comm. “A” 422, 1677, 6053 and 6094.
2.6.2. “A” 90 XVI	1.2.1.2. According to Comm. “A” 422, 6053 and 6094.
2.6. last “A” 90 XVI	1.10.1.10.1. According to Comm. “A” 422, 4557, 6053 and 6094.
2.7.1. “A” 90 XVI	1.6.1. According to Comm. “A” 422 and 6094.
2.7.2. “A” 6094	4.
2.8. “A” 6094	4.
2.9.1. “A” 90 XVI	1.10.1.10.3. According to Comm. “A” 422, 4557, 6053 and 6094.
2.9.2. “A” 90 XVI	1.11. According to Comm. “A” 422, 6053 and 6094.
2.10. “A” 5485	15. According to Comm. “A” 5785, 6053, 6094 and “C” 64518.
2.10.1. “A” 6094	4.
2.10.2. “A” 5485	15. According to Comm. “A” 5785, 6053, 6094, 6304 and “C” 64518.
2.10.3. “A” 90 XVI	1.3.3. According to Comm. “A” 422, 1863, XVI 1.5.3. 2744, 3795, 5806 and 6094.
3.
3.1.1. “A” 90 XVI	1.3.1.1.
1.3.1.2.
1.3.1.3.
	According to Comm. “A” 422, 1677, 1790, 1863, 2744, 3795, 5806, 6053, 6094 and 6220.
3.1.2. “A” 6094	4.
3.1.3. “A” 6094	4.
3.2. “A” 90 XVI	1.3.5. According to Comm. “A” 422, 1863, 2744, 3795, 4535, 4622, 5093, 5671, 5806, 5946, 6053 and 6094.
3.3. “A” 2744 XVI	1. According to Comm. “A” 3795, 4631, 5671, 5806, 6094 and 6331.
4.
4.1. “A” 90 XVI	1.7.1. According to Comm. “A” 306, 422, 5351, 5983, 6053 and 6094.
4.2. “A” 90 XVI	1.7.1.5. According to Comm. “A” 422, 6053 and 6094.
4.3. “A” 90 XVI	1.10.1.10.2. According to Comm. “A” 422, 4557, 6053 and 6094.
4.4. “A” 90 XVI	1.11. According to Comm. “A” 422, 6053 and 6094.
5.
5. “A” 422 XVI	1.16.1. According to Comm. “A” 2138, 4510, 5006, 5806, 5946 and 6094.
5.1. “A” 422 XVI	1.16.1. According to Comm. “A” 2138, 4510, 5006, 5806, 5946 and 6094.
5.2. “A” 6094	4.
5.2.1. “A” 422 XVI	1.16.3.1. According to Comm. “A” 676, 2138, 6053 and 6094.
5.2.2. “A” 6094	4.
5.2.3. “A” 422 XVI	1.16.3.4. According to Comm. “A” 2138, 4510, 6053 and 6094.

5.1. Integration and Submission of Forms.

Transfers between agents, whichever the modality – “Delivery against payment” (Model DVP), “Free delivery and payment” (Model FD&P), “Free payment” (Model FOP), “Free conforming delivery” (Model FTC) and “Free” (Model FT) – shall observe as a general rule that all forms be submitted fully integrated, with clear text, without scratches or amendments, and signed according to the specifications in the Signature Registry for fund availability of entities at the Central Bank of the Argentine Republic.

5.2. Settlement Deadlines for Transfers.

5.2.1. Unilateral transfers.

In all cases they will be settled on the date of presentation.

5.2.2. Bilateral transfers.

• 5.2.2.1. Bilateral transactions must be settled, at a minimum, within 24 hours, and must be presented by 16:00 on the day prior to settlement; the result of the “prematching” control will be communicated from 17:30 on the same day.
• 5.2.2.2. Instructions to be settled in 48 hours will be received by the CRYL by 12:00 on the day following the agreement, and from 14:00 on that day participants will be informed about instructions that did not pass the “prematching”.

5.3. Allocation of Bilateral Transfers.

Bilateral instructions must indicate whether the operation is a market transaction or a custody transaction. The designation “Operation type: Custody” shall only be used when the bilateral instruction does not correspond to the settlement of a market operation and at least one of the intervening agents reports a registration account ending in “02” or a registration account for individual use of custodians.

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CENTRAL REGISTRY AND SETTLEMENT OF PUBLIC DEBT INSTRUMENTS “CRYL”

Section 5. Transfers Between Agents.

Version: 2a. COMMUNICATION “A” 6331 Effective: 28/9/2017 Page 1

TEXT ORDERED	SOURCE REGULATION	OBSERVATIONS	Section	Point	Annex	Comm.	Cap./	Annex	Point	Paragraph
1. “A” 3191
2. “A” 3191
3. “A” 3191	According to Comm. “A” 3253.
4. “A” 3191
5. “A” 3191	According to Comm. “A” 6331.
6. “A” 3191
7. “A” 3191
8. “A” 3191
9. “A” 3191
10. “A” 3191	According to Comm. “A” 3254 and 6138.
11. “A” 3191
12. “A” 3191

B.C.R.A.

ORIGIN OF THE PROVISIONS CONTAINED IN THE REGULATIONS ON CENTRAL REGISTRY AND SETTLEMENT OF PUBLIC DEBT INSTRUMENTS “CRYL”