Circular A 5891: Update of Interest Rates, Time Deposits, Financial User Protection, Foreign Currency Net Position, Deposit Guarantee System, and Related Regulations

“2016 - Year of the Bicentennial of the Declaration of National Independence” COMMUNICATION “A” 5891 21/01/2016 TO FINANCIAL ENTITIES, TO NON-FINANCIAL COMPANIES ISSUING CREDIT CARDS, TO TRUSTEES OF FINANCIAL TRUSTS INCLUDED IN THE FINANCIAL ENTITIES LAW, TO NON-FINANCIAL COMPANIES ISSUING CHARGE CARDS:
Ref.: Circular
LISOL 1 - 659
OPRAC 1 - 802
OPASI 2 - 487
RUNOR 1 - 1177
Interest rates in credit operations. Time deposits and investments. Protection of financial services users. Complementary services of the financial activity and permitted activities. Net global foreign currency position. Application of the deposit guarantee insurance system. Savings deposits, salary accounts, universal free accounts and special accounts. Regulation of bank current accounts. Demand accounts opened in cooperative credit unions. Update. ______ We address you to deliver to you attached the sheets that, in replacement of those provided in due course, must be incorporated into the ordered text of the referenced regulations, for the purpose of their update in accordance with the provisions set forth in the resolutions made known through Communications “A” 5834, 5847, 5851, 5853 and 5887. In this regard, it is clarified that point 3 of the resolution made known through Communication “A” 5851 replaces the first paragraph of point 2.1 of the regulations on “Net global foreign currency position”. In the same sense, it is noted that both limits on the net global foreign currency position and the net term position, provided for in Section 2 of the regulations on “Net global foreign currency position”, must be calculated as a monthly average of daily balances. Furthermore, it is clarified that for the limit of point 2.2.1., the computable equity or the liquid own resources of the month prior to the one in question must be considered, in accordance with what is provided in the Monthly Accounting Information Regime - Net global foreign currency position (R.I. - P.G.), and that for the purposes of determining the limit provided for in point 8 of Communication “A” 5851, the computable equity and liquid resources of November 2015 will be computed.

-2-
Likewise, it is clarified that point 10 of the resolution made known by Communication “A” 5853 replaces the first paragraph of point 2.4.2. of the regulations on “Protection of financial services users”. In another order, it is necessary to adapt the legend accompanying the documents representing passive operations according to the regulations on “Application of the deposit guarantee insurance system”, “Time deposits and investments”, “Savings deposits, salary accounts, universal free accounts and special accounts”, “Regulation of bank current accounts” and “Demand accounts opened in cooperative credit unions” due to the elimination of the minimum passive rate established by point 6 of Communication “A” 5853. Finally, it is recalled that on this Institution’s website www.bcra.gob.ar, by accessing “Legal and Regulatory Framework - Ordered Texts - Regulatory Orders”, the modifications made with texts highlighted in special characters (strikethrough and bold) can be found. We salute you respectfully. CENTRAL BANK OF THE ARGENTINE REPUBLIC Matías A. Gutiérrez Girault Agustín Torcassi Manager of Issuance of Regulations General Manager of Regulations
ANNEX

-Index
Section 1. General aspects.
1.1. Basic criterion.
1.2. Forms of agreement.
1.3. Calculation base.
1.4. Application modalities.
1.5. Fixed divisor.
1.6. Punitive interest.
1.7. Commissions or other charges in addition to interest.
Section 2. Financing linked to credit cards.
2.1. Compensatory interest.
2.2. Punitive interest.
2.3. Financing granted to refinance outstanding balances of credit cards.
2.4. Advertising.
2.5. Refund of interest charged in excess.
2.6. Other provisions.
Section 3. Expression of rates.
3.1. Objective.
3.2. Disclosure in documents.
3.3. Calculation of the effective annual interest rate.
3.4. Total financial cost - nominal annual.
Section 4. Advertising.
4.1. In public service premises.
4.2. In print media or in other media other than those provided for in point 4.3.
B.C.R.A.
ORDERED TEXT OF THE REGULATIONS ON
“INTEREST RATES IN CREDIT OPERATIONS”
Version: 6th COMMUNICATION “A” 5891
Validity:
16/01/2016

B.C.R.A.
ORDERED TEXT OF THE REGULATIONS ON
“INTEREST RATES IN CREDIT OPERATIONS”
-Index4.3. Advertising by radio, television or telephone means.
4.4. Advertising of installments.
4.5. Use of acronyms.
4.6. Responsibility of entities.
Section 5. Statistical series linked to the interest rate.
5.1. General criteria.
5.2. Savings account interest rate series.
5.3. Interest rate series for credits included in Law 23.370.
5.4. Interest rate series for credits whose cost is linked to that established by the use of the Consolidated Loan (General Clientele Sublimit) and for
Other Operations.
5.5. Savings and fixed-term account interest rate series and for use by the judiciary.
5.6. Use of series and capitalization of interest.
Section 6. Transitional provisions.
Correlation table.
Version: 4th COMMUNICATION “A” 5891
Validity:
17/12/2015

1.1. Basic criterion.
Compensatory interest rates shall be freely agreed upon between financial entities and clients, taking into account, where applicable, the provisions established in cases of specific regimes. In financing linked to credit card operations, the provisions established in Section 2 shall be observed.
1.2. Forms of agreement.
1.2.1. Fixed rate.
Loan contracts at a fixed interest rate shall not contain clauses that provide for their modification under certain circumstances, except if they stem from decisions adopted by a competent authority.
1.2.2. Variable rate.
Loan contracts at a variable interest rate must clearly specify the parameters that will be used for their determination and the frequency of change.
1.3. Calculation base.
Interest can only be calculated on the balances of capital actually lent and for the periods during which they have been at the disposal of clients.
1.4. Application modalities.
Rates shall be applied in arrears, except in single-payment operations at maturity, in which the advance method may also be used, as agreed with clients.
1.5. Fixed divisor.
1.5.1. General.
365 days.
1.5.2. Mortgage loans on housing and pledge loans on motor vehicles.
360 days, in operations included in the manuals for the origination and administration of those loans.
INTEREST RATES IN CREDIT OPERATIONS B.C.R.A.
Section 1. General aspects.
Version: 4th COMMUNICATION “A” 5891
Validity:
17/12/2015

4.1. In public service premises.
Entities must display on boards placed in public service premises information on the interest rates of the credit lines (mortgage, pledge, personal, commercial, credit cards, etc.) that they offer to their clients, for operations in pesos, in foreign currency or in securities, with the following detail:
4.1.1. Nominal annual interest rate.
4.1.2. Effective annual interest rate.
4.1.3. Total financial cost in specific operations (such as mortgage loans for housing or pledge loans for motor vehicles).
4.1.4. The highest and lowest interest rates, when more than one rate exists for the exposed line, with their expression in the terms of the preceding points.
4.1.5. Weighted average active interest rate by operations agreed upon in the month prior to the one in question.
In all cases, rates must be expressed as a percentage with two decimal places.
The advertising of the total financial cost must be done in a highlighted color font, of identical font and size at least five times larger -preserving all proportions of stroke thickness, height and width- than that used to inform the level of the nominal annual rate.
4.2. In print media or in other media other than those provided for in point 4.3.
The advertising offer, through any mass or individual medium (newspapers, magazines, billboards on the street or in construction sites, Internet, brochures, correspondence, etc.), or in other places other than public service premises, in which specific credits are promoted -such as mortgage loans for housing, pledge loans for motor vehicles, personal loans or through credit cards-, mentioning the number of installments and/or their amount and/or the interest rate, will determine that entities must display in a legible and prominent manner the following information:
4.2.1. Nominal annual interest rate.
4.2.2. Effective annual interest rate.
4.2.3. Total financial cost.
4.2.4. Fixed or variable nature of the interest rate.
Rates must be displayed as a percentage with two decimal places, discriminating those corresponding to operations in pesos from those in foreign currency. The advertising of the total financial cost must be done in a highlighted color font, of identical font and size at least five times larger -preserving all proportions of stroke thickness, height and width- than that used to inform the level of the nominal annual rate and/or the number of installments and/or their amount. INTEREST RATES IN CREDIT OPERATIONS B.C.R.A.
Section 4. Advertising.
Version: 4th COMMUNICATION “A” 5891
Validity:
16/01/2016

4.3. Advertising by radio, television or telephone means.
In radio or television advertising of the operations mentioned in point 4.2. and only when reference is made to installment amounts and/or the level and/or class of interest rate, it is necessary to additionally inform the total financial cost. Television advertising of the total financial cost must be done in a highlighted color font, of identical font and size at least five times larger -preserving all proportions of stroke thickness, height and width- than that used to inform the level of the nominal annual rate and/or the number of installments and/or their amount.
4.4. Advertising of installments.
In advertising -regardless of the medium- of installment values regarding specific cases (such as financing of a specific housing unit or vehicle or personal loan), the amount displayed must result from the calculation that includes all concepts that will be borne by borrowers (capital amortization, interest, premiums for insurance required by the contract, maintenance expenses of accounts associated with the loan, value added tax (VAT) and other concepts included in the first installment -whether or not they integrate the total financial cost, except for taxes other than VAT, and fees and contributions that may tax the operations according to the jurisdiction in question, which shall not be considered-), in addition to observing the requirements established in points 4.2. and 4.3., as appropriate. It will be clarified whether the amounts are fixed or variable depending on modifications in the interest rate.
4.5. Use of acronyms.
Acronyms or abbreviations may only be used to identify nominal and effective annual interest rates, total financial cost or other concepts after having cited them with the respective clarification in full.
4.6. Responsibility of entities.
Financial entities and non-financial companies issuing credit and/or charge cards shall be responsible for ensuring compliance with the requirements established in matters of interest rate and total financial cost advertising in cases where construction companies, industrial, commercial, real estate agents, etc., advertise the sale of real estate or other goods or provision of services in notices in which their possible financing through any entity included in the Financial Entities Law or the Credit Cards Law is mentioned, to the extent that the number of installments or their amount or interest rates are mentioned, and the name of each of the entities involved in the advertised operation must be identified in a legible manner. INTEREST RATES IN CREDIT OPERATIONS B.C.R.A.
Section 4. Advertising.
Version: 4th COMMUNICATION “A” 5891
Validity:
16/01/2016

6.1. The provisions in point 2.5. shall apply to defaults detected from
1.1.16 and until they are prescribed in accordance with the legislation applicable in each case.
INTEREST RATES IN CREDIT OPERATIONS B.C.R.A.
Section 6. Transitional provisions.
Version: 2nd COMMUNICATION “A” 5891
Validity:
17/12/2015

B.C.R.A.
ORIGIN OF THE PROVISIONS CONTAINED IN THE REGULATIONS ON “INTEREST RATES IN CREDIT OPERATIONS” ORDERED TEXT ORIGINATING REGULATION Sec. Point Para. Com. Annex Ch. Sec. Point Para. OBSERVATIONS 1st “A” 49 Only II 1.1. 1st S/Com. “A” 2390 (pt. 1.) and 5482. 1.1. 2nd “A” 3052 S/Com. “A” 5590 (pt. 1.) and 5853.
1.2.1. “A” 49 Only II 1.1. 2nd S/Com. “A” 2390 (pt. 1.).
1.2.2. “A” 49 Only II 1.1. 3rd S/Com. “A” 2390 (pt. 1.).
1.3. “A” 49 Only II 1.2.
1.4. “A” 49 Only II 1.3. S/Com. “A” 2689 (pt. 1.).
1.5.1. “A” 49 Only II 1.4.
1.5.2. “A” 2385
“A” 2586
2.
2.
1st
1st
1.6.1. 1st “A” 3044
2nd “A” 476 1. 2nd
1.6.2. “A” 476 3. S/Com. “A” 476 (pt. 3.).
1.6.3. “A” 476 4.
1.6. Last. “A” 3052
1.
1.7. “A” 49 Only II 1.5. S/Com. “A” 476, 3052 and
5482.
1st Law 25.065 (art. 16 para.
1st). S/Com. “A” 3123,
3266, 4003 and 5323.
2nd “A” 5323 6. S/Com. “A” 5477.
2.1.1.
3rd “A” 5323 6.
2.1.2. Law 25.065 (art. 16 para.
2nd). S/Com. “A” 3123,
4003, 5150 and 5323.
2.1.3. Law 25.065 (art. 20).
2.2.1. Law 25.065 (art. 18).
2.2.2. 1st Law 25.065 (art. 21).
2nd Law 25.065 (art. 18 para.
2nd).
2.3. “A” 5500
2.4. Law 25.065 (art. 16 Last
para.).
2.5. “A” 5849 1.
2.
2.6. “A” 3052
3.1. “A” 49 Only II 2. S/Com. “A” 2689 (pt. 2.).
3.2. 1st “A” 49 Only II 2.1. 1st S/Com. “A” 2689 (pt. 2.)
and 5482.
3.2.1. “A” 49 Only II 2.1. 1st S/Com. “A” 2689 (pt. 2.).
3.2.2. “A” 3052
3.2.3. “A” 49 Only II 2.1. 2nd S/Com. “A” 2689 (pt. 2.).
3.2.4. “A” 49 Only II 2.1. 1st S/Com. “A” 2689 (pt. 2.)
and 5482.
3.3.1. “A” 49 Only II 2.1.1. S/Com. “A” 2689 (pt. 2.)
and “B” 8858.
3.
3.3.2. “A” 49 Only II 2.1.2. S/Com. “A” 2689 (pt. 2.)
and “B” 8858.

INTEREST RATES IN CREDIT OPERATIONS
ORDERED TEXT ORIGINATING REGULATION
Sec. Point Para. Com. Annex Ch. Sec. Point Para.
OBSERVATIONS
3.4. “A” 49 Only II S/Com. “A” 5592 (pt. 1.).
3.4.1. “A” 49 Only II 2.1. 1st S/Com. “A” 2689 (pt. 2.),
3052, 5482 and 5592 (pt.
1.).
3.4.2.1. “A” 49 Only II 2.3. S/Com. “A” 2689 (pt. 2.).
3.4.2.2. “A” 49 Only II 2.3. S/Com. “A” 2689 (pt. 2.).
3.4.2.3. “A” 49 Only II 2.3. S/Com. “A” 2689 (pt. 2.)
and 5592 (pt. 1.).
3.4.2.4. “A” 49 Only II 2.3. S/Com. “A” 2689 (pt. 2.).
3.4.2.5. “A” 49 Only II 2.3. S/Com. “A” 2689 (pt. 2.)
and 5592 (pt. 1.).
3.4.2.6. “A” 49 Only II 2.3. S/Com. “A” 2689 (pt. 2.)
and 5592 (pt 1.).
3.4.2.7. “A” 49 Only II 2.3. S/Com. “A” 2689 (pt. 2.).
3.4.3.1. to
3.4.3.5.
“A” 49 Only II 2.3. S/Com. “A” 2689 (pt. 2.).
3.
3.4. Last. “A” 5592 2.
4.1. 1st and
Last.
“A” 49 Only II 2.2.1. S/Com. “A” 2689 (pt. 2.), 4621, 5853 and 5887.
4.1.1. “A” 49 Only II 2.2.1. 2nd S/Com. “A” 2689 (pt. 2.).
4.1.2. “A” 49 Only II 2.2.1. 3rd S/Com. “A” 3052.
4.1.3. “A” 3052 Only
4.1.4. to
4.1.5.
“A” 49 Only II 2.2.1. 1st S/Com. “A” 2689 (pt. 2.).
“A” 49 Only II 2.2. S/Com. “A” 2689, 3052,
4621 and 5684.
4.2.
Last. “A” 4621 Only S/Com. “A” 5853 and 5887.
4.2.1. to
4.2.3.
“A” 49 Only II 2.2.2. 1st S/Com. “A” 2689 (pt. 2.), 4621 and 5853.
4.2.4. “A” 49 Only II 2.2.3. S/Com. “A” 2689 (pt. 2.)
and 4621.
4.3. “A” 49 Only II 2.2. 4th S/Com. “A” 2689 (pt. 2.),
4621, 5684, 5853 and 5887.
1st “A” 49 Only II 2.2.2. 2nd S/Com. “A” 2689 (pt. 2.), 3052 and 4621.
2nd “A” 49 Only II 2.2.2. 3rd S/Com. “A” 2689 (pt. 2.), 3052 and 4621.
4.4.
Last. “A” 49 Only II 2.2.3. S/Com. “A” 2689 (pt. 2.), 3052 and 4621.
4.5. “A” 49 Only II 2.2.2. 5th S/Com. “A” 2689 (pt. 2.)
and 4621.
4.
4.6. “A” 49 Only II 2.2.4. S/Com. “A” 4621 and 5887.
1st “A” 1827 4. 1st S/Com. “A” 3052.
2nd “A” 2667
5. 5.1.1.
3rd “A” 1828 Penultimate.

INTEREST RATES IN CREDIT OPERATIONS
ORDERED TEXT ORIGINATING REGULATION
Sec. Point Para. Com. Annex Ch. Sec. Point Para.
OBSERVATIONS
5.1.2. “A” 1828 Last.
5.1.3. “A” 1864 Only 1. S/Com. “A” 2134.
5.2. “A” 1828 1.
5.3. “A” 1828 3.
5.4. “A” 1828 4. S/Com. “A” 3052.
5.5. Communication No. 14290.
5.
5.6. “A” 1864 Last. S/Com. “A” 3052.
6. 6.1. “A” 5849 7. S/Com. “A” 5891.

• Index -
  2.3. With option for early cancellation.
  2.4. With option for renewal for a fixed term.
  2.5. Fixed-term with variable remuneration.
  Section 3. General provisions.
  3.1. Identification.
  3.2. Fiscal status.
  3.3. Qualified investors.
  3.4. Recommendations for the use of ATMs.
  3.5. Deposit guarantee.
  3.6. Interest rates.
  3.7. Return of deposits.
  3.8. Immobilized balances.
  3.9. Discriminatory acts.
  3.10. Special identification procedures for clients in matters of international tax cooperation.
  Section 4. Special provisions related to the entry of funds from abroad - Decree 616/05.
  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.
  Correlation table.
  B.C.R.A.
  ORDERED TEXT OF THE REGULATIONS ON
  “TIME DEPOSITS AND INVESTMENTS”
  Version: 7th COMMUNICATION “A” 5891
  Validity:
  17/12/2015

1.10. Deposits with incentives or remuneration -total or partial- in goods or services.
Holders must be advised regarding the nature of the remuneration for tax purposes.
In the body of the document instrumenting the deposit, it must be recorded that this requirement has been complied with. These deposits may only be made in pesos.
1.11. Remuneration.
1.11.1. Fixed-rate deposits.
According to the rate freely agreed upon.
1.11.2. Deposits with variable interest clauses.
1.11.2.1. Basic remuneration.
It shall be equivalent to:
i) The interest rate resulting from any of the following surveys that the Central Bank of the Argentine Republic prepares and publishes daily through the respective Communication “C”:
a) Fixed-term deposits. b) Fixed-term deposits of 30 to 35 days term and of more than one million pesos or dollars (“BADLAR”). c) Accepted between private banks (“BAIBAR”). ii) LIBOR for segments of 30 days or more. iii) Any of the rates mentioned in items i) and ii), plus the additional remuneration that may be agreed -point 1.11.2.2.-, or the fixed rate freely agreed upon, whichever is higher. For these purposes, each entity may consider the average of the daily measurements specified for the period comprising 2 to 5 business days immediately prior to the start date of each computation sub-period, which shall not be less than 30 days. This option shall remain fixed for the entire validity period of the deposit. Once determined, the rate must remain unchanged for a term of no less than 30 days. TIME DEPOSITS AND INVESTMENTS B.C.R.A.
Section 1. Fixed-term.
Version: 11th COMMUNICATION “A” 5891
Validity:
17/12/2015

1.11.2.2. Additional remuneration.
The number of points (positive and negative) that depositary entities freely agree with depositors, which must remain unchanged during the total agreed term.
1.11.2.3. Record.
In the body of the document instrumenting the deposit, it must be clearly determined the basic parameter used (indicating, where applicable, if it is a general average or corresponds to a specific type of financial entity -private banks, public banks or non-bank financial entities-, currency -pesos or US dollars- as well as the term of the chosen survey), the days prior to each computation sub-period for which the average of rates in each operation was calculated, the additional points that will govern it, as well as the duration of the agreed sub-periods.
1.11.3. Deposits with “CER” clause.
According to the rate freely agreed upon.
1.11.4. Deposits with incentives or remuneration -total or partial- in goods or services.
When the incentives or remuneration in goods or services is partial, an additional incentive or remuneration may be freely agreed upon, which must remain unchanged during the total agreed term.
1.11.5. Calculation.
It must be made from the date of receipt of the deposit (or from the maturity of the previous agreed payment sub-period) until the day of maturity of the deposit (or of each sub-period).
1.11.5.1. Regarding title deposits, interest shall be calculated on nominal values, paid in the currency agreed upon when making the deposit, at the maturity of the operation, converted according to the last closing quote in pesos (spot) in the securities market that quotes.
1.11.5.2. In the case of “Deposits with CER clause”, interest shall be calculated on the updated capital, as provided in point 1.9.
1.11.6. Payment.
1.11.6.1. At final maturity for deposits with terms less than 180 days.
TIME DEPOSITS AND INVESTMENTS
B.C.R.A.
Section 1. Fixed-term.
Version: 13th COMMUNICATION “A” 5891
Validity:
17/12/2015

1.11.6.2. Periodic payment of accrued interest will be admitted prior to the maturity of the deposit, provided it is made in arrears, with a frequency not less than every 30 days, and refers to time deposits of 180 days or more.

1.11.6.3. Incentives or advance remuneration in goods or services will be admitted - point 1.11.4 -.

1.12. Term.

1.12.1. Fixed interest rate deposits.

1.12.1.1. In pesos or foreign currency.
Minimum: 30 days.

1.12.1.2. Of public and private securities.
As freely agreed upon.

1.12.2. Deposits with variable interest clauses.
Minimum: i) For deposits whose basic remuneration is contemplated in items i) and ii) of point 1.11.2.1.: 120 days. ii) For deposits whose basic remuneration is contemplated in item iii) of point 1.11.2.1.: 180 days. Longer terms must be multiples of the computation sub-period chosen to determine the applicable rate, in accordance with point 1.11.2.1.

1.12.3. Deposits with “CER” clause.
Minimum: 365 days.

1.12.4. Deposits with incentives or remuneration - total or partial - in goods or services.
Minimum: 180 days.

1.13. Cancellation of the operation.

1.13.1. The documents used to finalize the cancellation of an operation must meet the characteristics of a receipt, which, in the case of certificates, may be inserted in the same form. At the request of the interested party, a duplicate of the document will be delivered.
When deposits are formalized by crediting an account or in a non-personal manner, the credit in the account indicated by the client will constitute satisfactory proof.

TIME DEPOSITS AND INVESTMENTS
B.C.R.A.
Section 1. Fixed term.
Version: 14th. COMMUNICATION “A” 5891
Validity:
17/12/2015

1.13.2. Non-transferable deposits cannot be withdrawn, in whole or in part, before their maturity.

1.14. Automatic renewal.

1.14.1. Holders of non-transferable fixed-term deposits may authorize the reinvestment of the principal imposed for successive predetermined periods, equal or not, adjusted to the regulations in force at the time of renewal.

1.14.2. Reinvestment may include accrued interest that will be capitalized. If not included, the interest must be credited, at the end of each period, to the account indicated by the client.

1.14.3. The authorization for automatic renewal must be issued in writing at the time the deposit is constituted.
When the certificate is kept in custody by the entity, renewal may be ordered by other means (telephone, “Internet”, electronic, etc.). Entities must have implemented computer security mechanisms that guarantee the genuineness of the operations.

1.14.4. The authorization will remain valid until further notice, in writing or by other agreed means, or until the holder presents themselves for payment at the corresponding maturity.

1.14.5. The entity will adequately preserve the records related to the orders issued by the client.

1.14.6. Deposit certificates will not be issued, nor will new fund entries be registered for renewals.

1.15. Transmission.
Transferable named certificates issued in accordance with what is provided in Law 20.663 and these regulations, will be transferable by endorsement that precisely indicates the beneficiary and the date on which the transmission takes place. Endorsements to bearer or in blank will not be valid.

1.16. Secondary negotiation.

1.16.1. Financial entities may intermediate or purchase transferable certificates, provided that from the date of issuance or last negotiation or transfer, regardless of the reason for them, a period - as derived from the document itself - of no less than 30 days has elapsed, except when it concerns operations between entities.

TIME DEPOSITS AND INVESTMENTS
B.C.R.A.
Section 1. Fixed term.
Version: 9th. COMMUNICATION “A” 5891
Validity:
17/12/2015

1.16.2. Certificates acquired by the issuing entities themselves will be charged against the respective deposit, which must be cancelled.

1.16.3. Financial entities that make use of rediscounts or advances from the Central Bank of the Argentine Republic for temporary illiquidity situations cannot acquire fixed-term deposit certificates or time investments - in pesos, in foreign currency, or securities - issued by them, even if the minimum period of 30 days has elapsed from the date of issuance or last negotiation or transfer, while those facilities remain in force.

1.17. Prohibitions.

1.17.1. The following deposits will not be admitted:

1.17.1.1. Constituted in the name of other financial entities included in the Financial Entities Law.

1.17.1.2. With automatic renewal (except that provided in point 1.14.) with indefinite term or with the obligation to return them before their maturity.

1.17.1.3. With maturities that fall on non-working days. When the maturity day is declared non-working after the date of the deposit, it may be renewed with value on that day, or extend its maturity and corresponding interest settlement at the agreed rate, until the next working day.

1.17.1.4. Of residents or non-residents in the country, under any modality of agreement and through associated agreements - formalized or not -, implying that the return of the deposited funds is guaranteed by another financial entity, except in cases specifically admitted by the Central Bank of the Argentine Republic.

1.17.2. Participations.
Financial entities cannot extend participations - whatever their concept - on one or more deposit certificates.

1.18. Publication of the regulations.
Financial entities will display, for public knowledge and in places visible to them, the current regulations on fixed-term deposits.

1.19. Deposits in fixed-term deposit certificates arising from “purchases for holding foreign currency notes in the country”.
“Purchases for holding foreign currency notes in the country” may be captured through fixed-term deposits, in the foreign currency in question and owned by the purchaser, either exclusively or as co-owner.

TIME DEPOSITS AND INVESTMENTS
B.C.R.A.
Section 1. Fixed term.
Version: 9th. COMMUNICATION “A” 5891
Validity:
17/12/2015

These fixed-term deposits cannot be subject to any commission and must be constituted in the financial entity selling the foreign currency. For the purpose of verifying compliance with the minimum deposit term, provided for in Resolution No. 3583/14 of the Federal Administration of Public Revenues (AFIP), financial entities must maintain control of the permanence of the deposits from the dates and by the amounts originally deposited at the time of making each “purchase for holding foreign currency notes in the country”, without interrupting the calculation of the terms in cases of constituting fixed terms with funds credited in “Savings Accounts Communication “A” 5526”, renewals of these fixed terms at their maturity, or deposits in those accounts arising from the collection of said fixed terms carried out in accordance with the regime of the aforementioned AFIP resolution.

TIME DEPOSITS AND INVESTMENTS
B.C.R.A.
Section 1. Fixed term.
Version: 4th. COMMUNICATION “A” 5891
Validity:
17/12/2015

3.4.2.7. When making a deposit operation, ensure that you insert the envelope containing the cash or checks together with the first receipt issued by the teller during the transaction process, into the specific slot for that function, and retrieve the receipt that the machine delivers at the end of the operation, which will serve for any subsequent claim.

3.4.2.8. Do not forget to retrieve the magnetic card at the end of the operations.

3.4.2.9. If the teller retains the card or does not issue the corresponding receipt, immediately communicate this situation to the bank with which you are operating and to the bank administering the ATM.

3.4.2.10. In case of loss or theft of your card, immediately report this situation to the bank that issued it.

3.4.2.11. In case of withdrawals where there are differences between the receipt issued by the teller and the amount actually withdrawn, communicate this circumstance to the bank where the operation was made and to the system administrator, in order to solve the problem.

3.5. Deposit Guarantee.

3.5.1. Legend.
In all documents representing passive operations (certificates, deposit slips, receipts issued by ATMs, account statements, etc.), the following legend must appear, visibly printed on the front or back:

“The deposits in pesos and in foreign currency are guaranteed up to $ 350,000. In operations in the name of two or more persons, the guarantee will be prorated among their holders. In no case, the total guarantee per person and per deposit may exceed $ 350,000, regardless of the number of accounts and/or deposits. Law 24.485, Decree 540/95 and Comm. “A” 2337 and its modifications and complements. Excluded are those captured at rates higher than the reference rate, those that have had incentives or special remuneration different from the interest rate, those acquired by endorsement, and those made by persons linked to the financial entity.”

In the event that any of the situations cited last occur or it is a deposit of securities, the following legend must be placed visibly on the front of the documents:

“Deposit without guarantee”

This last requirement will not apply when operations are carried out through ATMs belonging to networks that enable the operational interconnection of financial entities.

TIME DEPOSITS AND INVESTMENTS B.C.R.A.
Section 3. General provisions.
Version: 3rd. COMMUNICATION “A” 5891
Validity:
17/12/2015

TIME DEPOSITS AND INVESTMENTS
ORDERED TEXT ORIGIN STANDARD
Sec. Point Para. Comm. Annex Ch. Sec. Point Para.
OBSERVATIONS
1.7. “A” 1653 I 3.4.1.
1.7.1. “A” 1653
“A” 1913
I 3.4.2.
2. 2nd
1.7.2. “A” 3043
1.8.1. “A” 1199 I 3.
1.8.2. “A” 1820 I 3.2. 2nd S/Comm. “A” 3293, 3527,
3682 (pt. 10.), 3827 (pt.
9.) and 4140.
1.8.3. “A” 1820 I 3.2. 1st
“A” 1465 I 2. S/Comm. “A” 4716 and “B”
9186. i) “A” 2275 2. 1st ii) “A” 2275 2.1. iii) “A” 2275 2.1.
1.8.4. iv) “A” 4716 8.
1.9. “A” 3660 S/Comm. “A” 3827 (pt. 9.).
1.10. “A” 4874 2.
1.11.1. “A” 1465
“A” 1653
“A” 1820
I
2.1.2.
3.1.1.2.
3.3.1.2.
3.4.
S/Comm. “A” 3660, 5640,
5651, 5654, 5659, 5781,
5786, 5849 and 5853. Includes interpretative clarification.
1.11.2.1. “A” 2188 2.1. 1st S/Comm. “A” 2962 (pt.
2.1.), 3660, 4543, 4654 and
5257.
1.11.2.2. “A” 2188 2.1. 2nd S/Comm. “A” 2962 (pt.
2.2.), 3660 and 4543.
1.11.2.3. “A” 2188 2.3. S/Comm. “A” 2962 (pt.
2.2.), 3660, 4543 and 4654.
1.11.3. “A” 3660
1.11.4. “A” 4874 3.
1.11.5. 1st “A” 1199 I 5.3.2. S/Comm. “A” 3660.
1.11.5.1. “A” 1465 I 2.1.2. 2nd S/Comm. “A” 3660.
1.11.5.2. “A” 3660
1.11.6.1. “A” 1199 I 5.3.2. S/Comm. “A” 3660.
1.11.6.2. “A” 2482 2. S/Comm. “A” 3660.
1.11.6.3. “A” 4874 4.
1.12.1.1. “A” 1653
“A” 1820
“A” 2061
I 3.1.1.1.
3.3.
1.1.1.
S/Comm. “A” 3485, 3527,
3660, 3682 (pt. 11.),
3827 (pt. 9.) and 4032.
1.12.1.2. “A” 1465
“A” 1603
“A” 2275
I 2.1.1.
5.
2.
S/Comm. “A” 3660.
1.12.2. “A” 2188 1. S/Comm. “A” 3660 and 4543.
1.12.3. “A” 3660 S/Comm. “A” 4298 and 4331.
1.
1.12.4. “A” 4874 5.

TIME DEPOSITS AND INVESTMENTS
ORDERED TEXT ORIGIN STANDARD
Sec Point Para. Comm. Annex Ch. Sec. Point Para.
OBSERVATIONS
1.13.1. 1st “A” 1653 I 3.4.13.2.
2nd “A” 3043
S/Comm. “A” 3660.
1.13.2. “A” 1653 I 3.4.13.1. S/Comm. “A” 3660.
1.14.1. “A” 1653 I 3.4.13.3. 1st S/Comm. “A” 3660.
1.14.2. “A” 3043 S/Comm. “A” 3660.
1.14.3. 1st “A” 1653 I 3.4.13.3.1. S/Comm. “A” 3660.
1.14.3. 2nd “A” 3043 S/Comm. “A” 3660.
1.14.4. “A” 1653 I 3.4.13.3. 1st S/Comm. “A” 3660.
1.14.5. “A” 3043 S/Comm. “A” 3660.
1.14.6. “A” 1653 I 3.4.13.3.4. S/Comm. “A” 3660.
1.15. “A” 1653 I 3.3.3.1. S/Comm. “A” 3660.
1.16.1. “A” 1653
“A” 1820
“A” 2064
I
I 3.3.3.2.
3.8.
1st
1st last.
S/Comm. “A” 3660.
1.16.2. “A” 1653
“A” 1820 I
I 3.3.3.2.
3.8.
2nd
3rd
S/Comm. “A” 3660.
1.16.3. “A” 2308 S/Comm. “A” 3660.
1.17.1.1. “A” 1653 I 3.4.3.1. S/Comm. “A” 3660.
1.17.1.2. “A” 1653 I 3.4.3.2. S/Comm. “A” 3660.
1.17.1.3. “A” 1653 I 3.4.3.3. S/Comm. “A” 3660.
1.17.1.4. “A” 2383 S/Comm. “A” 3660.
1.17.2. “A” 1653 I 3.4.9. S/Comm. “A” 3660.
1.18. “A” 1653 I 3.4.11. S/Comm. “A” 3660.
1.
1.19. “A” 5531 S/Comm. “A” 5547.
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.
3.4.2.
2.1.6. “A” 1820
“A” 2482
I 3.2.
1.A)4.,1.B)
4., 1.C)4. and 1.D)2.
2nd S/Comm. “A” 3293.
2.1.7. “A” 2482 1.A)6.,1.B)
6. and 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. 3rd
2.1.10. “A” 2482 1. 2nd S/ Comm. “A” 4874.
2.2.1. “A” 2482 1.A)1.
2.2.2. “A” 2482 1.A)2. 4th
2.2.3. “A” 2482 1.A)5.
2.3.1. “A” 2482 1.B)1. 1st S/Comm. “A” 4754.
2.
2.3.2. “A” 2482 1.B)1. 2nd S/Comm. “A” 4754 and
5149.

TIME DEPOSITS AND INVESTMENTS
ORDERED TEXT ORIGIN STANDARD
Sec. Point Para. Comm. Annex Ch. Sec. Point Para.
OBSERVATIONS
2.3.3.1. “A” 2482
“A” 2482
1.B)2. 1st
4th
2.3.3.2. “A” 2482 1.B)2. 2nd S/Comm. “A” 4754.
2.3.4. “A” 2482 1.B)5.
2.3.5.1. “A” 2482 1.B)7. a)
2.3.5.2. “A” 2482 1.B)7. b)
2.4.1. “A” 2482 1.C)1.
2.4.2.1. “A” 2482
“A” 2482
1.C)2. 1st
4th
2.4.2.2. “A” 2482 1.C)2. 2nd S/Comm. “A” 4754.
2.4.3. “A” 2482 1.C)5.
2.4.4. “A” 2482 1.C)7.
2.5.1. “A” 2482 1.D)1. S/Comm. “A” 3043, 4234,
4612 and “C” 40024.
2.5.2.1. “A” 2482 1.D)4.2. S/Comm. “A” 2617 and
4612.
2.5.2.2. “A” 2482 1.D)4.1.
2.5.3. “A” 2482 1.D)5. S/Comm. “A” 2617, 4234,
4612, 4742, 5671 and
5740.
2.5.4. “A” 2617 2. S/Comm. “A” 4612.
2.5.5.1. “A” 2617 unique 1. S/Comm. “A” 3043, 3185,
4234 and 4612.
2.5.5.2. “A” 2617 unique 2. S/Comm. “A” 4234.
2.5.5.3. “A” 2617 unique 3. S/Comm. “A” 3090, 3185
and 4234.
2.5.5.4. “A” 2617 unique 4.
2.5.5.5. “A” 2617 unique 6. S/Comm. “A” 2961 -
Annex, 4234, 4612 and
5257.
2.5.5.6. “A” 4612
2.
2.5.5.7. “A” 4612
3.1. “A” 3043
3.1.1. “A” 2885 1.
3.1.2. “A” 2885 2. 2.2.
3.1.3. “A” 2885 2. 2.3.
3.1.4. “A” 2885 2. 2.4.
3.1.5. “A” 2885 2. 2.5. and
2.6.
3.1.6. “A” 3043
3.2. “A” 1891 S/Comm. “A” 1922, 3323
and 4875.
3.3.1. “A” 2252 1.1. S/Comm. “A” 4754, 5117
and 5183.
3.3.2. “A” 2252 1.2. S/Comm. “A” 5117.
3.3.3. “A” 2252 1.3. S/Comm. “A” 5117.
3.
3.3.4. “A” 2252 1.4. S/Comm. “A” 2482 (pt.
3.), 3043, 5034, 5117 and
5841.

TIME DEPOSITS AND INVESTMENTS
ORDERED TEXT ORIGIN STANDARD
Sec. Point Para. Comm. Annex Ch. Sec. Point Para.
OBSERVATIONS
3.3.5. “A” 2252 1.5. S/Comm. “A” 2482 (pt.
3.), 3043, 5034 and 5841.
3.3.6. “A” 2252 1.6.
1st “A” 2530 1st
2nd “A” 2530 3rd and
4th
3.4.1.
3rd “A” 2530 5th
3.4.2. “A” 2530 2nd
3.5.1. “A” 1199
“A” 1820 I
I 6.3.
2.6.
S/Comm. “A” 2807 (pt.
6. - 1st and 2nd para.),
3270, 4874, 5170,
5641, 5659 and 5891.
Includes interpretative clarification.
3.5.2. “A” 2807 6. 3rd
3.5.3.1. “A” 2807 6. 5th
3.5.3.2. “A” 2807 6. 4th
3.6.1. “A” 1199 I 5.3.1.
3.6.2. “A” 1199 I 5.3.2.
3.6.3. “A” 1199 I 5.3.3.
3.6.4. “A” 3043
3.6.5. “A” 1199 I 5.3.4.
3.6.6. “A” 1199 I 5.3.4.1.
3.6.7. “A” 627 1.
3.7. “A” 1199 I 5.1.
3.7.1. “A” 1199 I 5.1.1.
3.7.2. “A” 1199 I 5.1.2.
3.7.3. “A” 1199 I 5.1.3.
3.8.1. “A” 1199 I 5.2.1. S/Comm. “A” 3043.
3.8.2. “A” 1199 I 5.2.2. S/Comm. “A” 3043, 4809
and 5482.
3.9. “B” 6572 S/Comm. “A” 5388.
3.10. “A” 5588
3.10.1. “A” 5588
3.
3.10.2. “A” 5588
4.1. “A” 4360 1.
4.2. “A” 4360 1.
4.3. “A” 4360 1.
4.4. “A” 4360 1.
4.5. “A” 4360 1.
4.6. “A” 4360 1.
4.7. “A” 4360 1.
4.8. “A” 4360 1.
4.
4.9. “A” 4360 1. S/Comm. “A” 4874.

In the body of these notifications, a legend must be included to indicate that in the event that the financial services user does not accept the modification promoted by the obligated subject, they may opt to rescind the contract at any time before the change takes effect and free of charge, without prejudice to the fact that they must fulfill pending obligations on their part.

2.3.5. Reimbursement of amounts.

2.3.5.1. Any amount charged in any form to the financial services user for the following concepts:
i) interest rates, commissions and/or charges without compliance with what is provided in points 2.3.2. to 2.3.4.; and/or ii) charges in excess of the costs of services that third parties charged the obligated subjects in relation to services provided to users and/or of the prices that the third-party provider receives from the general public; and/or iii) commissions in excess of the maximums fixed by this Institution that are applicable; and/or iv) in breach of the maximum interest rate level applicable to financings linked to credit cards provided for in the regulations on “Interest Rates in Credit Operations”; and/or v) in excess of what was duly agreed upon between the user and the obligated subject; and/or vi) others generated improperly by their nature, such as compensatory interest on debtor balances generated in deposit accounts other than the bank current account. shall be reimbursed within:

• twenty (20) business days following the submission of the claim to the obligated subject, in accordance with the provisions of point 3.1.4.; or
• five (5) business days following the moment such circumstance is established by the obligated subject or by the Superintendence of Financial and Exchange Entities.
  This is without prejudice to any sanctions that may correspond.

PROTECTION OF FINANCIAL SERVICES USERS
B.C.R.A.
Section 2. Basic rights of financial services users.
Version: 4th. COMMUNICATION “A” 5891
Validity:
01/01/2016

In such situations, the amount of reasonable expenses incurred to obtain the reimbursement must be recognized, and in all cases, the relevant compensatory interest, calculated from the date of the undue charge until its effective return. To this effect, the obligated subject must apply 1.5 times the average rate corresponding to the period between the moment the aforementioned difference became due - the date on which the amounts subject to the claim were charged - and its effective cancellation, calculated from the daily survey of interest rates for 30 to 59-day fixed-term deposits - in pesos or US dollars, depending on the currency of the operation - reported by the Central Bank based on information provided by all public and private banks. When the rate corresponding to such survey is not available, the last reported one must be taken. When the user has a demand account open in their name at the obligated financial entity, this amount must be credited to that account automatically without the need for an express request. If this is not possible or if it is not a financial entity, the reimbursement amount must be credited to a credit card in their name or deducted from the current balance of the financing that generated it. The crediting of the reimbursement or, in its case, its availability must be notified by means of electronic means - ATMs, Internet banking (“home banking”, etc.) - and/or telephone services - such as text messages and/or voice - and:
a) written document sent to their home address - separately from any other information sent to them (account statements, informational bulletins, etc.), even if it is part of the same shipment -; or b) to their email address - in those cases where they have expressly accepted this form of notification -. These provisions will apply for the purpose of complying with homologated extrajudicial agreements, agreements homologated by collective actions (article 54 Law 24.240) or judicial sentences, insofar as they do not oppose what is provided for in those agreements or what is established by the public powers of the different jurisdictions. Additionally, the obligated subject must verify if this type of situation generating the obligation to reimburse has occurred with respect to users who are in the same situation and, if applicable, proceed with their reimbursement according to the procedure provided for in this point, notifying their Financial Services User Attention Manager of such circumstance and results.

PROTECTION OF FINANCIAL SERVICES USERS
B.C.R.A.
Section 2. Basic rights of financial services users.
Version: 5th. COMMUNICATION “A” 5891
Validity:
01/01/2016

2.3.5.2. Advertising.
Financial entities must display in the headquarters of all their branches, in the access areas to the premises and in the user service points, informational signs - which must not be less than 29.8 cm in base by 42 cm in height - regarding the procedure for the reimbursement of these amounts, the model of which will be made known by the Central Bank in due course. To have the signs in the established dimensions, they must enter the exclusive site https://www3.bcra.gob.ar.

2.3.6. New copies of documentation.
The financial services user may request - at their own expense and at any time during the consumer relationship - from the obligated subject new copies of the active contract/s linking them.

2.3.7. Interpretation.
The interpretation of the contract will be made in the sense most favorable to the financial services user. When there are doubts about the scope of their obligation, the less burdensome one will prevail.

2.3.8. Abusive clauses.
In contracts entered into between the financial services user and the obligated subjects, the following clauses will be considered unwritten:

2.3.8.1. Those that distort the obligations of the obligated subject.

2.3.8.2. Those that imply a waiver or restriction to the rights of the financial services user, or expand the rights of the obligated subject.

2.3.8.3. Those whose content, wording, or presentation do not reasonably warrant their inclusion due to lack of connection with the nature of the contract.

2.3.8.4. Those that impose onerous obstacles to the effective exercise of the rights of the financial services user.

2.3.8.5. Those that place the financial services user in a disadvantaged or unequal situation with the obligated subject.

2.3.8.6. Those that transfer the responsibility of the obligated subject to third parties.

2.3.8.7. Those that establish the inversion of the burden of proof to the detriment of the financial services user.

PROTECTION OF FINANCIAL SERVICES USERS
B.C.R.A.
Section 2. Basic rights of financial services users.
Version: 7th. COMMUNICATION “A” 5891
Validity:
01/01/2016

2.3.8.8. Allow the obligated party, directly or indirectly, to unilaterally alter the amount of fees, commissions, and/or charges, deviating from the mechanism provided for in all applicable regulations for the modification of contractual clauses.

2.3.9. Inalienability.
The rights and/or powers recognized to the user by these rules cannot in any case be waived or renounced.

2.3.10. Designations.
The designation of products or services in applications, contracts, internet banking systems (“home banking”), and account statements must comply with that provided for in the Central Bank’s rules (“savings account in pesos”, “savings account in dollars”, “bank current account”, “payroll/social security account”, etc.), without prejudice to the possibility of additionally referring to the commercial package that they may eventually constitute.

2.3.11. Insurance as ancillary contracting to a financial service.
When the nature of the financial services offered provides for the ancillary contracting of insurance, the obligated parties must offer financial services users at least three insurance companies not affiliated with each other among which they may choose, and keep a record of the exercise of that right by said users.

The charge applied by the obligated party to the user may not exceed that which the chosen insurance company receives for operations with individuals and without the intervention of the obligated party, arranged at the place of contracting or at the user’s domicile.

In no case may obligated parties register remuneration or profits from the insurance that their users contract as ancillary to a financial service—regardless of whether it is a request by the user or a condition established by the obligated party to access the financial service—for which these concepts cannot be included in the charges transferred to them nor received directly or indirectly from the insurance company.

2.4. Advertising of information.
Financial entities and non-financial entities issuing credit cards must comply with the following conditions regarding access to information by financial services users who have the status of final consumers or micro, small, and medium-sized enterprises (MSMEs), in the latter case in accordance with the rules on “Determination of the status of micro, small, and medium-sized enterprise”:

PROTECTION OF FINANCIAL SERVICES USERS
B.C.R.A.
Section 2. Basic rights of financial services users
Version: 6th COMMUNICATION “A” 5891
Validity:
01/01/2016

2.4.1. In person.
All operational offices of these obligated parties must deliver to the aforementioned financial services users who request it a detail with the characteristics of the products and services they offer, specifying especially all commissions and charges associated with them.

In all cases, a complete copy of the instruments signed by financial services users at the time of requesting financial products or services must be delivered to them.

2.4.2. By Internet.
These obligated parties must publish on the home page of their institutional Internet site all commissions, charges, interest rates, and total financial cost of all products and/or services, own or third-party, offered to the aforementioned financial services users and which the latter must pay.

In the case of products and/or services whose conditions vary based on certain parameters set by the obligated party (age, term, amount, employee or retiree status, with or without payment of benefits through the obligated party, etc.), the aforementioned information must be published in a disaggregated manner for each of the variants of the product and/or service in question.

They must also inform about promotions and bonuses offered, with precise indication of the start and end dates, as well as their modalities, conditions, and limitations.

Access to all this information must be easy and direct from the home page of the institutional Internet site of these obligated parties and occupy a prominent place—in terms of visibility and size—on said page.

The information must be complete, clear, and disaggregated by concept. A single hyperlink may be used to comply with this requirement, provided that the information provided is part of the obligated party’s official page.

Other references to documents, files, and/or Internet sites will not be accepted.

These publications bind these obligated parties for the entire time they are available on their institutional Internet site and until they are replaced.

Those concepts that are not published on the Internet site of these obligated parties may not be charged to the aforementioned financial services users.

PROTECTION OF FINANCIAL SERVICES USERS
B.C.R.A.
Section 2. Basic rights of financial services users.
Version: 2nd COMMUNICATION “A” 5891
Validity:
17/12/2015

ORDERED TEXT ORIGIN STANDARD
Section Point Paragraph Com. Point Paragraph
OBSERVATIONS
1.1. “A” 5388
1.1.1. “A” 5388
1.1.2. “A” 5388
1.1.2.1. “A” 2467 2nd Sub-Com. “A” 4378 and 5388.
1.1.2.2. “A” 5388
1.1.2.3. “A” 4378 Sub-Com. “A” 5388.
1.1.2.4. “A” 5388
1st “A” 90 unique Sub-Com. “A” 4378 and 5388.
1.
1.2.
2nd “A” 2900 1. 2nd Sub-Com. “A” 5388.
2.1. “A” 5388 Sub-Com. “A” 5460.
2.2. “A” 5388 Sub-Com. “A” 5460.
2.2.1. “A” 5388 Sub-Com. “A” 5460.
2.2.2. “A” 5388 Sub-Com. “A” 5460.
2.2.3. last “A” 5388 Sub-Com. “A” 5460.
2.2.3.1. “A” 5388 Sub-Com. “A” 5460.
2.2.3.2. “A” 5388 Sub-Com. “A” 5460.
2.2.3.3. 1st “A” 5388 Sub-Com. “A” 5460.
2nd “A” 5388 Sub-Com. “A” 5460.
2.2.3.4. “A” 5388 Sub-Com. “A” 5460.
2.3. “A” 5388 Sub-Com. “A” 5460.
2.3.1. “A” 5460
2.3.2. “A” 5460 Sub-Com. “A” 5795 and 5823.
2.3.3. “A” 5460
2.3.4. “A” 5460
2.3.5. “A” 5460 Sub-Com. “A” 5849 and 5853.
2.3.6. “A” 5460
2.3.7. “A” 5460
2.3.8. “A” 5460
2.3.9. “A” 5460
2.3.10. “A” 5460
2.3.11. “A” 5460 Sub-Com. “A” 5795 and 5828.
2.4. 1st “A” 5388 Sub-Com. “A” 5460.
2.4.1. “A” 5388 Sub-Com. “A” 5460.
2.4.2. “A” 5388 Sub-Com. “A” 5460, 5684, 5853 and 5891. Includes interpretative clarification.
2.5. “A” 5388 Sub-Com. “A” 5460, 5498, 5591 and 5685.
2.
2.6. “A” 5460
1st “A” 5388 Sub-Com. “A” 5460.
3.1. “A” 5388 Sub-Com. “A” 5460.
1st “A” 2467 Sub-Com. “A” 4378, 5388 and 5460.
2nd “A” 2467 Sub-Com. “A” 4378, 5388 and 5460.
3.1.1.
3rd “A” 4378 2nd Sub-Com. “A” 5388 and 5460.
1st “A” 4378 2nd Sub-Com. “A” 4429, 5388 and 5460.
3.
3.1.1.1.
2nd “A” 4378 2nd Sub-Com. “A” 5388 and 5460.
B.C.R.A.
ORIGIN OF THE PROVISIONS CONTAINED IN THE RULES ON “PROTECTION OF FINANCIAL SERVICES USERS”

2.1. Scope.
Commercial banks and financial companies may maintain participations in the capital of domestic or foreign companies whose exclusive object is one or two of the activities mentioned in point 2.2., exceeding 12.5% of the share capital or total votes, or lower percentages if that is sufficient to form the social will in shareholders’ meetings or board meetings of said companies, subject to compliance with the provisions contained in points 2.3. or 2.4., as applicable.

In the case of other banks, savings and loan associations for housing or other real estate, and credit unions, such participations may be maintained to the extent that the nature of the activity is compatible with the type of entity, according to the operations authorized in the Financial Entities Law.

Participation in the capital of companies whose object is the development of two of the activities included will be admitted provided that, in the judgment of the Superintendence of Financial and Exchange Entities, those activities are economically related by their nature and there are no legal incompatibilities for their joint exercise.

2.2. Included activities.
2.2.1. Negotiation agent, settlement and clearing agent (integral or own), producer agent and/or securities brokerage agent.
2.2.2. Operation and administration of automated teller machine networks.
2.2.3. Electronic transmission systems of transactions with entities and/or their clients.
2.2.4. Administration of pension and retirement funds, including the activity of administrators with converted social object as provided in article 6° of Law 26.425.
2.2.5. The following agent functions relative to collective investment products:
2.2.5.1. Common investment funds: administration, custody, placement and distribution and/or integral placement and distribution.
2.2.5.2. Financial trusts: administration (Trustees).
2.2.6. Issuance of credit, debit, and similar cards.
Without exceeding 25% of the total amount of their financing at the end of each month, they may maintain financing not subject to the Credit Cards Law, for financial services users.

COMPLEMENTARY SERVICES OF FINANCIAL ACTIVITY AND B.C.R.A. PERMITTED ACTIVITIES
Section 2. Complementary services.
Version: 5th COMMUNICATION “A” 5891
Validity:
17/12/2015

ORDERED TEXT ORIGIN STANDARD
Sec. Point Para. Com. Annex Ch. Sec. Point Para.
OBSERVATIONS
1.1. 1st “A” 2384 2.
2nd “A” 2384 2. Incorporates interpretative clarification.
1st and 2nd “A” 3086
1.
1.2.
3rd “A” 2384 Sub- Com. “A” 3086.
1st “A” 2619 Sub- Com. “A” 2988, 3086 and
5700.
2nd “A” 3086
2.1.
3rd “A” 5700 1.
2.2.1. “A” 2056 2. 1st Sub- Com. “A” 5691.
2.2.2. a
2.2.3.
“A” 3086
2.2.4. “A” 2155 Sub- Com. “A” 5183.
2.2.5. “A” 2197 Sub- Com. “A” 5691.
2.2.6. “A” 3086 Sub- Com. “A” 5700 and 5853.
2.2.7. “A” 3086
2.2.8. “A” 3086 Sub- Com. “A” 5067.
2.2.9. a
2.2.17.
“A” 3086 Sub- Com. “A” 5691.
2.2.18. “A” 2557 Unique 2. 1st
2.2.19. “A” 3086
2.2.20. “A” 4891 3.
2.3.1. “A” 2619 1st Sub- Com. “A” 2988, 3086,
4891 (point 4.), 5691 and
5700.
2.3.1.1. “A” 2619 1st Sub- Com. “A” 3086.
2.3.1.2. “A” 2619 1st Sub- Com. “A” 3086.
2.3.2. “A” 2619 2nd
2.3.2.1. “A” 2619 2nd
2.3.2.2. “A” 2619 2nd Sub- Com. “A” 3086.
2.3.2.2.i) “A” 2619 4th a)
2.3.2.2.ii) “A” 2619 4th b)
2.3.2.3. “A” 2619 2nd
2.3.2.4. “A” 2619 2nd Sub- Com. “A” 3086.
2.3.2.5. a
2.3.2.6.
“A” 2619 2nd
2.3.3. “A” 2619 3rd Sub- Com. “A” 3086.
2.3.4. “A” 2619 5th Sub- Com. “A” 3086.
2.4. “A” 3086
2.
2.5.
“A” 2619 Ult. Sub- Com. “A” 2988, 3086 and
5700.
B.C.R.A.
ORIGIN OF THE PROVISIONS CONTAINED IN THE RULES ON “COMPLEMENTARY SERVICES OF FINANCIAL ACTIVITY AND PERMITTED ACTIVITIES”

1.1. Included concepts.
The net global position in foreign currency will consider all assets and liabilities for foreign currency financial intermediation and foreign currency securities (for spot and forward operations), including derivative contracts linked to those concepts and those that contemplate the evolution of the exchange rate, the items to be computed in the General Exchange Position, deposits in that currency in accounts opened at the Central Bank, as well as the gold position, the Central Bank of the Republic of Argentina Letters in foreign currency, subordinated debt in foreign currency, and debt instruments in foreign currency.

Forward operations carried out within a master agreement within the framework of self-regulated markets in the country with the difference settlement modality, without delivery of the underlying asset traded, will also be computed.

Likewise, participation certificates or debt titles issued by financial trusts and credit rights regarding ordinary trusts will be considered, in the corresponding proportion, when their underlying asset is constituted by foreign currency assets.

The value of the position in currencies other than the US dollar will be expressed in that currency, applying the respective swap rate published by this Institution.

1.2. Exclusions.
1.2.1. Deductible assets to determine the computable net worth liability.
1.2.2. National public securities up to the amount of primary subscriptions made from 1.11.14.
At the close of each day, the exclusion will be determined based on the national public securities held in custody—item “Public and private securities”—plus forward purchases for passive swaps minus forward and spot sales for settlement of those securities, provided they were acquired in primary subscriptions made from 1.11.14, including within the concept of primary subscription the incorporation by swap, payment in kind, or exchange of other public debt instruments carried out from that date.

1.2.3. The included concepts registered by the financial entity in its branches abroad.
1.2.4. Argentine Bonds for Economic Development (BAADE) acquired by primary subscription.

NET GLOBAL POSITION IN FOREIGN CURRENCY B.C.R.A.
Section 1. Determination.
Version: 2nd COMMUNICATION “A” 5891
Validity:
18/12/2015

2.1. Negative net global position in foreign currency.
This position—on a monthly average of daily balances converted to pesos at the reference exchange rate—may not exceed 15% of the computable net worth liability of the month prior to the one corresponding.

This limit may be increased by up to 15 percentage points to the extent that the financial entity registers jointly:

2.1.1. Peso financing, excluding contingent liabilities, in accordance with the rules on “Classification of Debtors” (points 2.1.1. to 2.1.4.), to non-financial private sector clients for medium and long term for an amount equivalent to the expansion of the aforementioned general limit measured in monthly average of daily balances.

For these purposes, balances of financing whose average term is recorded on the last day of the month to which the net global position in foreign currency corresponds, which is greater than 4 years, will be considered included, weighting capital maturities and not considering, if applicable, estimates of the evolution of the Reference Stabilization Coefficient (“CER”), regardless of the destination and modality of instrumenting.

2.1.2. An increase in the minimum capital requirement for credit risk equivalent to the amount corresponding to the expansion of the general limit of the negative net global position in foreign currency, of the month to which it corresponds.

2.2. Positive net global position in foreign currency.
2.2.1. General limit.
This position—on a monthly average of daily balances converted to pesos at the reference exchange rate—may not exceed 20% of the computable net worth liability or liquid own resources, both of the month prior to the one corresponding, whichever is lower.

Liquid own resources are understood as the excess of computable net worth liability with respect to immobilized assets and other concepts, computable in accordance with the rules on the “Relationship for immobilized assets and other concepts”.

2.2.1.1. Expansion.
This limit will be expanded by the amount equivalent to the increase in the monthly balance of financing received from abroad entered through the single and free exchange market, converted to pesos at the reference exchange rate, registered between 31.1.14 and the month prior to the one referred to in the net global position.

NET GLOBAL POSITION IN FOREIGN CURRENCY B.C.R.A.
Section 2. Scope.
Version: 6th COMMUNICATION “A” 5891
Validity:
01/03/2016

2.2.2. Limit for forward position.
The positive net global position in foreign currency forward—on a monthly average of daily balances converted to pesos at the reference exchange rate—may not exceed 10% of the computable net worth liability of the month prior to the one corresponding.

To determine the positive net global position in foreign currency forward, the relevant concepts included in other credits for financial intermediation, other obligations for financial intermediation, and derivatives accounted for in off-balance sheet accounts, denominated in foreign currency, must be considered, excluding concepts linked to swap operations.

Forward sales contracted with counterparties affiliated with the entity, according to the definitions contained in point 2.2. of the rules on “Fragmentation of credit risk”, will not be computable, except when they are forward sales to companies providing complementary services of financial activity subject to consolidated supervision with the financial entity for the coverage of exchange rate variations originated in:

i) the balances of financing that those affiliated persons receive from abroad from 1.12.15 and that are entered through the single and free exchange market; and

ii) the balances of financing denominated in foreign currency obtained by those affiliated persons that were in force on 18.3.14 and until 30.11.15.

Computable forward sales may not exceed the amount of the negative net global position in foreign currency of that affiliated person, for which the entity must require each of these persons, for each period, the presentation of a sworn statement regarding their net global position in foreign currency, certified by a public accountant. These sworn statements must be kept available to the Superintendence of Financial and Exchange Entities.

Their computation will be carried out based on the monthly average of daily balances of the included concepts converted to pesos at the reference exchange rate.

NET GLOBAL POSITION IN FOREIGN CURRENCY B.C.R.A.
Section 2. Scope.
Version: 4th COMMUNICATION “A” 5891
Validity:
01/03/2016

4.1. The net global position in foreign currency of November 2015 will be calculated as a monthly average of daily balances from 1.11.15 to 29.11.15.

4.2. Between 1.12.15 and 31.1.16, compliance with the limits provided for in points 2.2.1. and 2.2.2. -at the percentages established by Communication “A” 5834 (10% for the positive net global position and 5% for the forward position)- will be measured based on the average resulting from dividing the sum of the daily balances of the included concepts registered during that period by the total number of days of the bimonthly period with respect to the computable net worth liability or liquid own resources, if applicable, of November 2015.

4.3. The limit to the positive net global position referred to in point 2.2.1. will be, from 1.2.16 inclusive and until 29.2.16, 15% of the computable net worth liability or liquid own resources—both of the month prior to the one corresponding—whichever is lower.

4.4. The limit to the forward position referred to in point 2.2.2. will be, from 1.2.16 inclusive and until 29.2.16, 7.5% of the computable net worth liability of the month prior to the one corresponding.

NET GLOBAL POSITION IN FOREIGN CURRENCY B.C.R.A.
Section 4. Transitional provisions.
Version: 5th COMMUNICATION “A” 5891
Validity:
18/12/2015

ORDERED TEXT ORIGIN STANDARD OBSERVATIONS
Point Para. Com. Annex Sec. Point Para.
1.1. “A” 3889 1. According to Com. “A” 4135,
4140, 4150 and 4577.
1.2. “A” 4350 2. According to Com. “A” 5834,
5847 and 5851.
1.2.1. “A” 4350 2.
1.2.2. “A” 5834 1. According to Com. 5891. Includes
interpretative clarification.
1.2.3. “A” 5847 1. According to Com. “A” 5851.
1.2.4. “A” 5851 2.
2.1. “A” 3889 1. According to Com. “A” 4577,
4598, 5834 and 5851. Includes interpretative clarification.
2.2.1. “A” 3889 1. According to Com. “A” 4350,
4598, 5536, 5627, 5834 and
5851.
2.2.1.1. “A” 5536 1. According to Com. “A” 5611,
5834, 5851 and 5891. Includes interpretative clarification.
2.2.2. “A” 5536 1. According to Com. “A” 5563,
5611, 5834, 5851 and 5891.
Includes interpretative clarification.
3.1. “A” 3889 1. According to Com. “A” 4350,
5356 and 5550.
3.2. “A” 5550 2.
4.1. “A” 5834 According to Com. “A” 5891. Includes interpretative clarification.
4.2. “A” 5851 8. According to Com. “A” 5891. Includes interpretative clarification.
4.3. “A” 5851 4. According to Com. “A” 5891. Includes interpretative clarification.
4.4. “A” 5851 4.
B.C.R.A.
ORIGIN OF THE PROVISIONS CONTAINED IN THE RULES ON “NET GLOBAL POSITION IN FOREIGN CURRENCY”

5.2.3. Deposits in which interest rates higher than the reference rates are agreed, which are periodically disseminated by the Central Bank of the Republic of Argentina through Communications “B”, determined by adding two percentage points annually to the moving average of the last five business days of the passive rates that, for time deposits and checking account balances (savings and payroll/social security accounts) up to $ 100,000 (or its equivalent in other currencies) arise from the survey carried out by the Central Bank of the Republic of Argentina.

5.2.4. Deposits of financial entities in other intermediaries, including time deposit certificates acquired through secondary negotiation.

5.2.5. Deposits made by persons affiliated, directly or indirectly, to the entity according to the guidelines defined in point 2.2. of Section 2. of the rules on “Fragmentation of credit risk”.

5.2.6. Time deposits of securities, acceptances, or guarantees.

5.2.7. Immobilized balances arising from excluded deposits and other operations.

5.3. Coverage. Amount and formalities.

5.3.1. The guarantee will cover the return of the deposited capital, interest, updates—for the Reference Stabilization Coefficient “CER”—and quotation differences, as applicable, accrued until the date of revocation of the authorization to operate or until the date of suspension of the entity by application of article 49 of the Organic Charter of the Central Bank of the Republic of Argentina, if this measure had been adopted prior to the former, not exceeding—for these concepts—$ 350,000.

That date will be considered for the determination of the Reference Stabilization Coefficient for the purposes of point 1.9. of Section 1. of the rules on “Deposits and time investments” for deposits with that clause and of the “Reference exchange rate” for the conversion to pesos of deposits in foreign currency, for the purposes of establishing the amount covered.

5.3.2. In accounts and deposits constituted in the name of two or more persons, the guarantee limit will be $ 350,000, regardless of the number of titular holders, with the amount of the corresponding guarantee distributed proportionally among the holders.

5.3.3. The total guaranteed to a specific person, by accumulation of accounts and deposits covered, as provided previously, may not exceed the limit of $ 350,000.

5.3.4. SEDESA will reject or postpone until judicial recognition the request for coverage by application of this guarantee regime when the deposits do not meet the requirements established in the applicable rules or when depositants do not exhibit titles that are materially and formally valid.

B.C.R.A. APPLICATION OF THE DEPOSIT GUARANTEE INSURANCE SYSTEM Version: 13th COMMUNICATION “A” 5891 Validity:
17/12/2015

5.3.5. SEDESA may require, prior to the settlement of the guarantee, that depositants justify the origin and availability of the deposited funds through records demonstrating their verisimilitude and/or that the effective deposit of the funds into the entity has been confirmed for each operation covered by the regime. Additionally, said company must file the relevant complaint when it detects irregularities or a criminal offense aimed at obtaining undue payment of the guarantee.

6. Instrumentation.
   In all documents representing passive operations (certificates, deposit slips, receipts issued by ATMs, account statements, etc.), the following legend must appear, visibly and printed on the front or back:

“The deposits in pesos and in foreign currency are guaranteed up to $ 350,000. In operations in the name of two or more persons, the guarantee will be prorated among their holders. In no case, the total guarantee per person and per deposit may exceed $ 350,000, regardless of the number of accounts and/or deposits. Law 24.485, Decree 540/95 and Comm. “A” 2337 and their modifications and complements. Excluded are those captured at rates higher than the reference rate, those that have received incentives or special remuneration different from the interest rate, those acquired by endorsement, and those made by persons linked to the financial entity.”

In the event that any of the situations cited above occur, the following legend must be placed visibly on the front of the documents:

“Deposit without guarantee”

This last requirement shall not apply when operations are carried out through ATMs belonging to networks that enable the operational interconnection of financial entities.

Entities must keep the complete texts of Law 24.485, Decree No. 540/95 (updated text), and these regulations available to their clients.

Additionally, in the advertising carried out by financial entities related to the deposits they capture, the existence of a limited guarantee for their return must be stated.

On boards where rates offered to clients are informed, the scope of the guarantee (type of deposits included, percentage and amount guaranteed, exceptions, etc.) must be transcribed visibly.

While documents containing the legends in printed form are not available, the requirement may be met by placing stamps with the following expressions: “Deposits have a limited guarantee for their return. Law 24.485, Decree No. 540/95 and regulations on “Application of the deposit guarantee insurance system” issued by the Central Bank of the Argentine Republic” or “Deposit without guarantee”, as appropriate.

B.C.R.A. APPLICATION OF THE DEPOSIT GUARANTEE INSURANCE SYSTEM Version: 9th COMMUNICATION “A” 5891 Validity:
17/12/2015

B.C.R.A.
ORIGIN OF THE PROVISIONS CONTAINED IN THE REGULATIONS ON “APPLICATION OF THE DEPOSIT GUARANTEE INSURANCE SYSTEM” ORDERED TEXT ORIGIN NORM Point Paragraph Comm. Annex Point Paragraph OBSERVATIONS
1. “A” 2337 I 1. 1° and 2°
1° “A” 2337 I 2. 1° S/Dec. 1292/96, Comm. “A”
2807, 3358, 4206, 4271 and
5641.
2° “A” 5710 1.
2.
3° “A” 2337 I 2. 2° S/Dec. 1292/96.
3. 1° “A” 2337 I 3. 1°
3.1. “A” 2337 I 3.1.
3.2. “A” 2337 I 3.2.
3.3. “A” 2337 I 3.3.
3.3.1. “A” 2337 I 3.3.1.
3.3.2. “A” 2337 I 3.3.2.
3. 2° “A” 2337 I 3. 2°
1° “A” 2337 I 4. 2° and 3° S/Comm. “B” 5806 (8th paragraph), “A” 3068, 5710 and 5720.
4.
2° “A” 2337 I 4. 4°
5. “A” 2337 I 6.
5.1. 1° “A” 2337 I 6.1. 1°
5.1.1. “A” 2337 I 6.1. i)
5.1.2. “A” 5108
5.1.3. “A” 2337 I 6.1. ii)
5.1.4. “A” 2337 I 6.1. iii)
5.1.5. “A” 2337 I 6.1. iv) S/Comm. “A” 5091, 5108, 5164
and 5234.
5.1.6. “A” 2482 1. 2°
5.1.7. “B” 5806 3° S/Comm. “A” 2807.
5.2. “A” 2337 I 6.4. S/Comm. “A” 2399.
5.2.1. “A” 2337 I 6.4.1. S/Comm. “A” 2399.
5.2.2. “A” 2337 I 6.4.2. S/Comm. “A” 2399, 4681 and
4874.
5.2.3. “A” 2337 I 6.3. S/Comm. “A” 2777, 3358, 5108
5234, 5640, 5654 and 5891.
Includes interpretative clarification.
5.2.4. “A” 2337 IV S/Dec. 540/95, art. 12, item
c).
5.2.5. “A” 2337 I 6.2. S/ Comm. “A” 5520.
5.2.6. “A” 2337 IV S/Dec. 540/95, art. 12, item
c).
5.2.7. “A” 2807 5.2.7.
5.3. “A” 2337 I 6. S/Dec. 540/95.
5.3.1. “A” 2337 I 6.5. S/Comm. “A” 4681, 5170 and
5641.
5.3.2. “A” 2337 I 6.7. 1° S/Dec. 540/95 and Comm. “A”
5170 and 5641.
5.3.3. “A” 2337 I 6.7. 2° S/Dec. 540/95 and Comm. “A”
5170 and 5641.
5.3.4. “A” 2337 I 6.8. S/Dec. 540/95.
5.3.5. “A” 2337 I 6.9.

APPLICATION OF THE DEPOSIT GUARANTEE INSURANCE SYSTEM ORDERED TEXT ORIGIN NORM Point Paragraph. Comm. Annex Point Paragraph OBSERVATIONS
6. “A” 2337 I 7. S/Comm. “A” 2399, 3270,
4874, 5170, 5641, 5659 and
5891. Includes clarification
interpre-tative. Dec. N°
1292/96.
7. 1° “A” 2337 II 1. S/Comm. “A” 2561.
7.1. “A” 2337 II 1. S/Comm. “A” 2561, 4040, 5369
and 5417.
7.2. “A” 2337 II 2. S/Comm. “A” 2561.
8. “A” 2807 II and III
8.1. “A” 2807 II S/Law 25.089.
8.2. “A” 2807 III S/Dec. N° 1292/99 and N°
1653/15. S/Comm. “A” 4206 and
5816.
9. “A” 5710 2.

“The deposits in pesos and in foreign currency are guaranteed up to $ 350,000. In operations in the name of two or more persons, the guarantee will be prorated among their holders. In no case, the total guarantee per person and per deposit may exceed $ 350,000, regardless of the number of accounts and/or deposits. Law 24.485, Decree 540/95 and Comm. “A” 2337 and their modifications and complements. Excluded are those captured at rates higher than the reference rate, those that have received incentives or special remuneration different from the interest rate, those acquired by endorsement, and those made by persons linked to the financial entity.” In the event that any of the situations cited above occur or it is a deposit of securities, the following legend must be placed visibly on the front of the documents:
“Deposit without guarantee”
This last requirement shall not apply when operations are carried out through ATMs belonging to networks that enable the operational interconnection of financial entities.
6.4.2. Information to the client.
Entities must keep the complete and updated texts of Law 24.485, Decree No. 540/95 (updated text), and the regulations on “Deposit guarantee insurance system” available to their clients.
6.4.3. Advertising.
6.4.3.1. In financial entity premises.
On boards where rates offered to clients are informed, the scope of the guarantee (type of operation, its condition of being included or not in the regime, percentage and amount guaranteed, exceptions, etc.) must be transcribed visibly.
6.4.3.2. In other media.
In the advertising carried out by financial entities related to the deposits they capture, the existence of a limited guarantee for their return or its absence must be stated, as appropriate.
6.5. Interest rates.
6.5.1. Forms of agreement.
Interest rates will be freely agreed upon between financial entities and clients, in accordance with the regulations governing each type of operation.

SAVINGS DEPOSITS, SALARY ACCOUNT,
B.C.R.A. UNIVERSAL FREE ACCOUNT AND SPECIAL ACCOUNTS
Section 6. General Provisions.
Version: 3rd COMMUNICATION “A” 5891
Validity:
17/12/2015

SAVINGS DEPOSITS, SALARY ACCOUNT, UNIVERSAL FREE ACCOUNT AND SPECIAL ACCOUNTS ORDERED TEXT ORIGIN NORM Sec. Point Para Comm. Annex Cap. Sec. Point Para. OBSERVATIONS 1° “A” 2530 1°
6.3.1. 2° “A” 2530 3°4°
3° “A” 2530 5°
6.3.2. “A” 2530 2°
6.4.1.
“A” 1199
“A” 1820 I
I
6.3.
2.6.
S/Comm. “A” 2807 (pt. 6.
-1° and 2°-), 3270, 5170,
5641, 5659 and 5891.
6.4.2. “A” 2807 6. 3°
6.4.3.1. “A” 2807 6. 5°
6.4.3.2. “A” 2807 6. 4°
6.5.1. “A” 1199 I 5.3.1.
6.5.2. “A” 1199 I 5.3.2.
6.5.3. “A” 1199 I 5.3.3.
6.5.4. “A” 3042
6.5.5. “A” 1199 I 5.3.4.
6.5.6. “A” 1199 I
5.3.4.1. and
5.3.4.3.
6.5.7. “A” 627 1.
6.6. “A” 1199 I 5.1.
6.6.1. “A” 1199 I 5.1.1.
6.6.2. “A” 1199 I 5.1.2.
6.6.3. “A” 1199 I 5.1.3.
6.7.1. “A” 1199 I 5.2.1. S/Comm. “A” 3042.
6.7.2. “A” 1199 I 5.2.2.
S/Comm. “A” 3042, 4809 and 5482.
6.8. “B” 6572 S/Comm. “A” 5388.
6.9. “A” 4809 6.
6.10. “A” 4809 7.
S/Comm. “A” 5164, 5520 and 5612.
6.11. 1° “A” 5212
6.11.1. “A” 5127 3.
S/Comm. “B” 9961 and “A”
5164, 5212, 5473, 5718 and 5778.
6.11.2. “A” 5212 S/Comm. “A” 5718.
6.11.3. “A” 5137 S/Comm. “A” 5164.
6.12. “A” 5137 S/Comm. “A” 5164.
6.12.1. “A” 5137
S/Comm. “A” 5164 and
5809.
6.12.2. “A” 5137
S/Comm. “A” 5164, 5517,
5739 and 5809.
6.13. “A” 5482
6.14. “A” 5482
6.15. “A” 5531 S/Comm. “A” 5547.
6.16. “A” 5588
6.16.1. “A” 5588
6.
6.16.2. “A” 5588
7.1. “A” 1199 I 4.2.6.
S/Comm. “B” 9516 and
10025, “A” 5410 and 5565.
7.
7.2. “B” 10567

12.1.2.10. In case of loss or theft of your card, immediately report this situation to the bank that issued it.
12.1.2.11. In case of withdrawals where there are differences between the receipt
issued by the ATM and the amount actually withdrawn, communicate this circumstance to the banks where the operation was carried out and the system administrator, in order to solve the problem.
12.2. Guarantee of deposits.
12.2.1. Legend.
On deposit slips, account statements, receipts issued by ATMs related to operations linked to the current account, the following legend must appear, visibly and printed on the front or back:
“The deposits in pesos and in foreign currency are guaranteed up to $ 350,000. In operations in the name of two or more persons, the guarantee will be prorated among their holders. In no case, the total guarantee per person and per deposit may exceed $ 350,000, regardless of the number of accounts and/or deposits. Law 24.485, Decree 540/95 and Comm. “A” 2337 and their modifications and complements. Excluded are those captured at rates higher than the reference rate, those that have received incentives or special remuneration different from the interest rate, those acquired by endorsement, and those made by persons linked to the financial entity.” In the event that any of the situations cited above occur, the following legend must be placed visibly on the front of the documents:
“Deposit without guarantee”
This last requirement shall not apply when operations are carried out through ATMs belonging to networks that enable the operational interconnection of financial entities.
12.2.2. Information to the client.
Entities must keep the complete and updated texts of Law 24.485, Decree No. 540/95 (updated text), and the regulations on “Application of the deposit guarantee insurance system” available to their clients.
12.2.3. Advertising.
On boards where rates offered to clients on current account credit balances are informed, the scope of the guarantee (its condition of being included or not in the regime, percentage and amount guaranteed, exceptions, etc.) must be transcribed visibly. In the advertising carried out by banks in other media, related to these deposits, the existence of a limited guarantee for their return or its absence must be stated, as appropriate.

REGULATION OF THE BANK CURRENT ACCOUNT
B.C.R.A.
Section 12. General Provisions.
Version: 4th COMMUNICATION “A” 5891
Validity:
17/12/2015

REGULATION OF THE BANK CURRENT ACCOUNT
ORDERED TEXT ORIGIN NORM
Sec. Point Para. Comm. Annex Cap. Sec. Point Para.
OBSERVATIONS
9.3. “A” 2514 unique 1.5.
9.3.1. 1º “A” 2514 unique 1.5.3.3. 1º and 2º S/Comm. “A” 3244.
2º “A” 2514 unique 1.5.2. 2º and 5º S/Comm. “A” 3244.
9.3.2. “A” 2514 unique 1.5.3.3. 3º S/Comm. “A” 3075 and
3244.
9.
9.4. “A” 2514 unique 1.7.
“A” 3075
10.1. 1º “A” 2514 unique 1.6.3. 3º S/Comm. “A” 3075.
2º “A” 2514 unique 1.6.3. 4º S/Comm. “A” 3075, 3244 and 4063 (pt. 1.).
10.2. “A” 3075
10.
10.2.1. a
10.2.4.
“A” 2514 unique 1.9.4. Texts that replace models of formula notices. S/Comm. “A” 3075, 3235, 3244, 3831 and 4063 (pt. 1.).
11.1. “A” 4063 4.
11.2. “A” 4063 4.
11.
11.3. “A” 4063 4.
“A” 3075
12.1. “A” 2530
1º “A” 2530 1º S/Comm. “A” 3075.
2º “A” 2530 3º and 4º
12.1.1.
3º “A” 2530 5º
12.1.2. “A” 2530 2º
12.2. “A” 3075
12.2.1. “A” 1199 I 6.3. S/Comm. “A” 3068 (pt.
7. - 1º and 2nd para.-),
3235, 5170, 5641, 5659 and 5891. Includes interpretative clarification.
12.2.2. “A” 2807 6. 3º
12.2.3. 1º “A” 2807 6. 5º S/Comm. “A” 3075.
2º “A” 2807 6. 4º S/Comm. “A” 3075.
12.3. “A” 1199 I 5.1.
12.3.1. “A” 1199 I 5.1.1.
12.3.2. “A” 1199 I 5.1.2.
12.3.3. “A” 1199 I 5.1.3.
12.4. “A” 2514 unique 1.13.2. S/Comm. “A” 3075.
12.5. “B” 6572 S/Comm. “A” 5388.
12.6. “A” 3235
12.7. 1º “A” 5212
12.7.1. “A” 5127 3. S/Comm. “B” 9961 and “A”
5164, 5212, 5473 and
5718.
12.7.2. “A” 5212 S/Comm. “A” 5718.
12.7.3. “A” 5137 S/Comm. “A” 5164.
12.8. “A” 5588
12.8.1. “A” 5588
12.
12.8.2. “A” 5588

10.1.2.8. Do not forget to remove the magnetic card after finishing operations.
10.1.2.9. If the ATM retains your card or does not issue the corresponding receipt,
communicate this situation immediately to the cooperative credit union with which you are operating and to the entity administering the ATM.
10.1.2.10. In case of loss or theft of your card, immediately report this situation to the cooperative credit union that issued it.
10.1.2.11. In case of withdrawals, when there are differences between the receipt
issued by the ATM and the amount actually withdrawn, immediately communicate this circumstance to the entity where the operation was carried out and to the system administrator, in order to solve the problem.
10.2. Guarantee of deposits.
10.2.1. Legend.
On deposit slips, account statements, receipts issued by ATMs related to operations linked to the demand account, the following legend must appear, visibly and printed on the front or back:
“The deposits in pesos and in foreign currency are guaranteed up to $ 350,000. In operations in the name of two or more persons, the guarantee will be prorated among their holders. In no case, the total guarantee per person and per deposit may exceed $ 350,000, regardless of the number of accounts and/or deposits. Law 24.485, Decree 540/95 and Comm. “A” 2337 and their modifications and complements. Excluded are those captured at rates higher than the reference rate, those that have received incentives or special remuneration different from the interest rate, those acquired by endorsement, and those made by persons linked to the financial entity.” In the event that any of the situations cited above occur, the following legend must be placed visibly on the front of the documents:
“Deposit without guarantee”
This last requirement shall not apply when operations are carried out through ATMs belonging to networks that enable the operational interconnection of cooperative credit unions.
10.2.2. Information to the client.
Cooperative credit unions must keep the complete and updated texts of Law 24.485, Decree No. 540/95 (updated text), and the regulations on “Application of the deposit guarantee insurance system” available to their clients.

DEMAND ACCOUNTS OPENED IN COOPERATIVE CREDIT UNIONS B.C.R.A.
Section 10. General Provisions.
Version: 4th COMMUNICATION “A” 5891
Validity:
17/12/2015

DEMAND ACCOUNTS OPENED IN COOPERATIVE CREDIT UNIONS ORDERED TEXT ORIGIN NORM Sec. Point Para Comm. Annex Sec. Point Para OBSERVATIONS
7. 7.9. “A” 4713 Unique 7. 7.9.
8.1. “A” 4713 Unique 8. 8.1.
8.2. “A” 4713 Unique 8. 8.2.
8.3. “A” 4713 Unique 8. 8.3.
8.
8.4. “A” 4713 Unique 8. 8.4.
9. 9.1. “A” 4713 Unique 9. 9.1.
9.2. “A” 4713 Unique 9. 9.2.
10.1. “A” 4713 Unique 10. 10.1.
10.2. “A” 4713 Unique 10. 10.2. S/Comm. “A” 5170, 5641, 5659 and 5891.
Includes interpretative clarification.
10.3. “A” 4713 Unique 10. 10.3.
10.4. “A” 4713 Unique 10. 10.4.
10.5. “A” 4713 Unique 10. 10.5. S/Comm. “A” 5388.
10.6. “A” 4713 Unique 10. 10.6.
10.7. 1° “A” 5212
10.7.1. “A” 5127 3. S/Comm. “B” 9961 and “A” 5164, 5212,
5473 and 5718.
10.7.2. “A” 5212 S/Comm. “A” 5718.
10.7.3. “A” 5137 S/Comm. “A” 5164.
10.8. “A” 5588
10.8.1. “A” 5588
10.
10.8.2. “A” 5588