Circular CAMEX 1-1065: Foreign Exchange and Currency Regulations. Update of the Consolidated Text

2.1. Proceeds from goods exports.
Sections 7., 8. and 9. detail the regulations associated with goods export operations, the provisions related to the monitoring of foreign currency negotiations for goods exports (SECOEXPO) and the monitoring of advances and other financing of goods exports, respectively.
2.2. Proceeds from services exports.
2.2.1. Proceeds from services provided by residents to non-residents must be deposited and settled in the foreign exchange market within a period not exceeding 20 (twenty) business days from the date of receipt abroad or in the country or from their crediting in accounts abroad.
In the case where the client is a Single Purpose Vehicle (SPV) adhering to the Incentive Regime for Large Investments (RIGI) that has declared before the Application Authority its intention to use the benefits established in article 198 of Law 27.742, the exception provided in point 14.1.3. shall apply. In the case of funds received or credited abroad, the deposit and settlement may be considered fulfilled for the amount equivalent to the usual expenses debited by foreign financial entities for the transfer of funds to the country.
2.2.2. Proceeds from services exports that are deposited within the regulatory deadlines and fall under the following situations shall be exempt from the obligation to settle:
2.2.2.1. These are proceeds from services exports provided by natural persons and all of the following conditions are met:
i) The funds are credited in foreign currency accounts owned by the client at local financial entities. ii) The use of this mechanism must be neutral in fiscal matters.
For the purpose of registering these operations, two tickets without peso movement must be prepared; the purchase ticket will be issued for the corresponding service concept, and the sale ticket must be registered under the concept code “A22. Crediting of proceeds from goods and services exports”. Entities may not charge commissions for these operations. This is without prejudice to passing on to their client the costs that may correspond for services provided by the foreign entities intervening in the transfer, when duly documented. B.C.R.A. FOREIGN EXCHANGE AND CURRENCY
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2.2.2.2. These are proceeds from services exports provided by legal entities that are beneficiaries of the Promotion Regime for exports of the knowledge economy (Chapter II of Decree 679/22) and all of the following conditions are met:
i) The operations correspond to the following concept codes:
S01 Maintenance and repairs.
S07 Construction services.
S12 Telecommunications services.
S13 Computer services.
S14 Information services.
S15 Charges for the use of intellectual property.
S16 Research and development services.
S17 Legal, accounting and management services.
S18 Advertising, market research and public opinion survey services.
S19 Architectural, engineering and other technical services.
S21 Services related to commerce.
S22 Other business services.
S23 Audiovisual and related services.
S24 Other personal, cultural and recreational services.
S27 Other health services.
S28 Educational teaching.
The intervening entity must additionally have a sworn declaration from the client stating that the proceeds that are not settled correspond to services exports related to activities linked to the knowledge economy. ii) the client has, for the equivalent of the amount intended not to be settled, a “Certification of increase in exports associated with the knowledge economy (Decree 679/22)” issued in the terms provided in point 2.6.2. iii) the foreign currency funds must be credited in a “Special account for the knowledge economy promotion regime. Decree 679/22” owned by the client until they are destined for payment in foreign currency of the remuneration of employees in dependent employment, duly registered, affected to the activities of the knowledge economy, in accordance with the criteria established in Decree 679/22 and Resolution 234/22 of the Ministry of Economy. For the purpose of registering these operations, two tickets without peso movement must be prepared; the purchase ticket will be issued for the corresponding service concept, and the sale ticket must be registered under the concept code “A22. Crediting of proceeds from goods and services exports”. B.C.R.A. FOREIGN EXCHANGE AND CURRENCY
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2.2.2.3. These are proceeds from services exports corresponding to the following operations associated with international tourism in the country:
i) proceeds from consumption in the country made by non-residents using debit, credit, purchase or prepaid cards issued abroad. ii) proceeds from consumption in the country made by non-residents using electronic wallets or any other payment method that implies an immediate debit in an account at a financial entity abroad or in a virtual account at a company abroad. In the case where the modality through which the consumption is channeled contemplates the possibility of using virtual accounts, the party depositing the funds must demonstrate that the payment mechanism used provides that such accounts are opened at institutions whose operations are authorized by the monetary authority or equivalent of their country of residence and that the holding of a tax key from that country is a condition for opening the account. iii) proceeds from any type of tourist service in the country contracted by non-residents, including those services contracted through wholesale and/or retail travel and tourism agencies in the country. iv) proceeds from passenger transport services for non-residents destined to the country by land, air or water. For the purpose of registering these operations, two tickets without peso movement must be prepared; the purchase ticket will be issued for the service concept to which the deposit corresponds, and the sale ticket under the concept “A10. Debit/credit of foreign currency in local accounts for transfers with the exterior”.
2.2.3. In the case where proceeds are deposited through the local currency system, the settlement shall be considered fulfilled for the amount credited in national currency in the exporter's account. In the case of services provided to Paraguayan or Uruguayan residents invoiced in the currency of the export destination country, the equivalent in that currency of the credited amount shall be computed.
2.2.4. The application of proceeds from services exports to the cancellation of principal and interest of financial indebtedness with the exterior or debt instruments included in point 3.5. or of securities with access to the foreign exchange market as provided in points 3.6.1.3. to 3.6.1.5. or to the repatriation of direct investment contributions is admitted, provided that the requirements provided in point 7.9. are met.
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2.2.5. Likewise, provided that the requirements provided in points 3.11.3. and 7.9.5. are met, it is admitted that proceeds from services exports are accumulated in accounts opened at local financial entities or abroad, for the amounts due under loan contracts, with the objective of guaranteeing the cancellation of principal and interest services of financial indebtedness with the exterior or debt instruments included in point 3.5. and/or securities with access to the foreign exchange market as provided in points 3.6.1.3. to 3.6.1.5.
2.3. Alienation of non-produced non-financial assets.
The countervalue received by residents from the alienation to non-residents of non-produced non-financial assets must be deposited in foreign currency and settled in the foreign exchange market within 20 (twenty) business days of the date of receipt abroad or in the country or from their crediting in accounts abroad. In the case of funds received or credited abroad, the deposit and settlement may be considered fulfilled for the amount equivalent to the usual expenses debited by foreign financial entities for the transfer of funds to the country.
2.4. Debt instruments subscribed abroad and financial indebtedness with the exterior.
Debt instruments with public registration abroad, other financial indebtedness with the exterior, and debt instruments with public registration in the country denominated in foreign currency and entirely subscribed abroad, disbursed from 01/09/19, must be deposited and settled in the foreign exchange market as a requirement for subsequent access to it for the purpose of attending their principal and interest services within the framework of what is provided in point 3.5.
2.5. Debt instruments or other debt-representative securities denominated and payable in foreign currency in the country.
Issuances by residents of debt instruments with public registration in the country not included in point 3.5. and/or promissory notes with public offer issued within the framework of General Resolution 1.003/24 of the National Securities Commission (CNV) and concordant ones and/or fiduciary debt securities of fiduciaries of public offer trusts concreted with the CNV dispositions in this matter, denominated and subscribed in foreign currency, must be settled in the foreign exchange market as a requirement for subsequent access to it for the purpose of attending their principal and/or interest services with foreign currency in the country within the framework of what is provided in point 3.6. B.C.R.A. FOREIGN EXCHANGE AND CURRENCY
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2.6. Exception of settlement of proceeds from goods and services exports for beneficiaries of the “Promotion Regime for exports of the knowledge economy”.
2.6.1. Legal entities registered in the National Registry of Beneficiaries of the Promotion Regime for the Knowledge Economy and that are beneficiaries of what is provided in Chapter II of Decree 679/22 shall be exempt from the obligation to settle proceeds from goods and services exports corresponding to knowledge economy activities, provided that all of the following conditions are met:
2.6.1.1. they have deposited through the foreign exchange market within the deadlines established in each case;
2.6.1.2. they have a “Certification of increase in exports associated with the knowledge economy (Decree 679/22)” in the terms provided in point 2.6.2.;
2.6.1.3. compliance with the remaining requirements established in points 2.2.2.2. or 7.8.4., as applicable.
The amounts of foreign currency to be affected within the framework of what is provided in Chapter II of Decree 679/22 cannot be subject to any other differential foreign exchange treatment other than that provided in said chapter.
2.6.2. The beneficiary must nominate a single local financial entity that will be responsible for issuing the “Certifications of increase in exports associated with the knowledge economy (Decree 679/22)” and sending them to the entities through which the client wishes to carry out the deposit of their proceeds from goods or services exports.
The nominated entity may issue these certifications for each subsequent quarterly reference period after the client's registration in the registry, when all of the following requirements are verified:
2.6.2.1. the amount of certifications obtained for the quarterly reference period, including the one requested to be issued, does not exceed the equivalent in US dollars to 30% (thirty percent) of the increase in proceeds from goods and services exports deposited through the foreign exchange market in the reference quarter compared to those in the same quarter of 2021.
The entity must, before issuing each certification, verify the value of the amount indicated in the information supplied by the BCRA.
In the case where the reference quarter is the fourth of 2022, from the available amount must be deducted the sum of the certifications that had been duly issued for operations subsequent to 30/09/22 within the framework of what is provided in point 3.18. and/or in point 3. of Communication A 7518. B.C.R.A. FOREIGN EXCHANGE AND CURRENCY
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For the purpose of computing proceeds from services exports, operations corresponding to the concepts detailed in point 2.2.2.2.i) will be taken into consideration.
2.6.2.2. the entity has a sworn declaration from the exporter in which it is recorded that:
i) the amount of certifications requested for the quarterly reference period, including the one requested to be issued, corresponds to the increase in proceeds from exports related to activities linked to the knowledge economy. ii) it commits to using the funds not settled by virtue of this mechanism for the payment in foreign currency of the remuneration of employees in dependent employment, duly registered and affected to the activities of the knowledge economy, in accordance with the criteria established in Decree 679/22 and Resolution 234/22 of the Ministry of Economy. iii) as of the date of issuance, it does not record non-compliance in matters of deposit and settlement of proceeds from goods or services exports. iv) complies with what is provided in point 3.16.3.1., taking as reference the day on which the certification is requested in replacement of the day of access to the foreign exchange market. v) commits to complying with what is provided in point 3.16.3.2., taking as reference the day on which the certification is requested in replacement of the day of access to the foreign exchange market.
2.6.2.3. The export proceeds that intend to be framed in this mechanism were not subject to any other differential foreign exchange treatment.
2.6.3. The BCRA will initially consider as the entity nominated by the exporter that entity that has accumulated the largest amount of settlements for the service concepts included between 02/01/22 and 31/05/22.
If the exporter made their first deposit of computable export proceeds from that last date onwards, the entity through which that deposit was made will be selected.
When the exporter wishes to modify the nominated entity for the issuance of certifications, the entity in charge of monitoring must notify the exporter's will to the new entity. In case of acceptance, the new entity will be enabled to issue new certifications once the change of entity has been registered in the BCRA and the previous entity has sent the detail of the certifications issued in the name of the exporter up to that moment. B.C.R.A. FOREIGN EXCHANGE AND CURRENCY
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2.7. Other exceptions to the obligation to settle.
In addition to the exceptions stated above, the settlement in the foreign exchange market of foreign currency funds received by residents from the operations provided in points 2.1. to 2.5. shall not be required, provided that all of the following conditions are met:
2.7.1. The exercise of the exception is carried out within the deadline for the settlement of funds in the foreign exchange market applicable to the operation.
2.7.2. The funds have remained until the exercise of the exception credited in foreign currency accounts owned by the client at local financial entities or, in the case of funds received abroad, deposited in the name of the client in correspondent accounts of a local entity.
2.7.3. The foreign currency funds are applied simultaneously with the exercise of the exception to operations for which the current foreign exchange regulation allows access to the foreign exchange market against local currency, considering the limits provided for each concept involved.
2.7.4. The use of this mechanism must be neutral in fiscal matters.
For the purpose of registering these operations, two tickets without peso movement must be prepared, for the purchase and sale concepts corresponding, computing the amount by which this mechanism is used for the purposes of the limits that might be applicable according to the case. In all cases, a sworn declaration from the client must be available in which they acknowledge having knowledge that the funds applied under this modality will be computed for the calculation of the limits that normatively correspond to the foreign exchange sale concept that applies and that they do not exceed them.
2.8. Swaps and arbitrage with clients associated with deposits of foreign currency from the exterior.
Entities may process these operations with clients provided that they do not correspond to operations subject to the obligation to settle in the foreign exchange market whose regulatory deadline for settlement has expired.
For these operations, financial entities must allow the crediting of deposits of foreign currency from the exterior to accounts opened by the client in foreign currency.
In the case where the transfer corresponds to the same currency in which the account is denominated, the entity must credit the same amount received from the exterior.
Entities may not charge commissions in those operations carried out by resident natural persons that imply the crediting of deposits of foreign currency from the exterior in accounts opened by the client in foreign currency. This is without prejudice to passing on to their client those charges that may correspond for services provided by the foreign entities intervening in the transfer when duly documented. B.C.R.A. FOREIGN EXCHANGE AND CURRENCY
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When the entity decides to charge an admitted commission and/or charge for these operations, this must be instrumented through a specifically individualized concept.
2.9. Operations included in article 3° of Decree 616/05.
The result of the foreign exchange settlement must be credited in a local account. In the case where the operation is contracted at an entity that is not the one where the client has their account open, the fund movements to the client's local account may be instrumented through a direct transfer from an operational account of the entity or a non-order check, issued by the entity itself. With respect to the remaining requirements provided in article 4° of the mentioned decree, what is provided by Resolution 3/15 of the former Ministry of Treasury and Public Finances and Resolution 1/17 of the Ministry of Treasury is applicable. B.C.R.A. FOREIGN EXCHANGE AND CURRENCY
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3.3.3.3. the client holds a “Certification for the regimes of access to foreign exchange for the incremental production of oil and/or natural gas (Decree 277/22)”, issued within the framework of what is provided in point 3.17., for the equivalent to the value being paid.

3.3.3.4. the payment is made simultaneously with the settlement for an amount not less than the interest amount for which access to the foreign exchange market is sought:

i) new financial borrowings with non-residents or debt instruments included in point 3.5. with an average life not less than 2 (two) years and which contemplate a minimum of 1 (one) year of grace for capital repayment, in both cases counted from the date on which access to the market is effected.

ii) new direct investment contributions from non-residents.

Financial borrowings with non-residents, debt instruments and/or foreign direct investment contributions, which cannot be counted for the purposes of other mechanisms considered in the foreign exchange regulations, may be deposited and settled by the debtor who cancels the interest or by another resident company belonging to its economic group.

The entity must verify compliance with all remaining regulatory requirements applicable to the operation prior to making the request to the BCRA.

For up to the amount of compensatory interest subject to prior approval, clients may subscribe to Bonds for the Reconstruction of a Free Argentina (BOPREAL) provided that the requirements set forth in point 4.7 are met.

3.4. Payment of profits and dividends.

Entities may grant access to the foreign exchange market to remit foreign currency abroad in the concept of profits and dividends to non-resident shareholders, provided that all of the following conditions are met:

3.4.1. The profits and dividends correspond to closed and audited balance sheets.

3.4.2. The total amount paid for this concept to non-resident shareholders, including the payment whose course is being requested, does not exceed the amount in local currency corresponding to them according to the distribution determined by the shareholders' meeting.

The entity must have a sworn statement signed by the legal representative of the resident company or an attorney-in-fact with sufficient powers to assume this commitment on behalf of the company.

3.4.3. The entity must verify that the client has complied, if applicable, with the declaration of the last due presentation of the “Survey of external assets and liabilities” for the operations involved.

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Clients may subscribe to Bonds for the Reconstruction of a Free Argentina (BOPREAL) for up to the equivalent in local currency of the profits and dividends pending payment to non-resident shareholders according to the distribution determined by the shareholders' meeting, provided that they are subject to prior approval by the BCRA and the requirements set forth in point 4.6.1 are met.

3.5. Payments of debt instruments subscribed abroad and financial borrowings with non-residents.

Entities may grant access to the foreign exchange market to make payments of principal or interest on debt instruments with public registration abroad, other financial borrowings with non-residents, and debt instruments with public registration in the country denominated in foreign currency entirely subscribed abroad, provided that the following conditions are verified:

3.5.1. The debtor demonstrates the deposit and settlement of foreign currency in the foreign exchange market for an amount equivalent to the nominal value of the financial borrowing.

In the case of debt instrument issuances above par, the aforementioned will apply to the effective value resulting from multiplying the nominal value of the instrument by the issue price of the primary placement.

This requirement will be considered fulfilled in the following cases:

3.5.1.1. borrowings disbursed prior to 01/09/19.

3.5.1.2. borrowings originated from 01/09/19 that do not generate disbursements because they are refinancings of capital and/or interest on financial debts with non-residents that had accessed the market under the applicable regulations, provided that the refinancings do not anticipate the maturity of the original debt.

3.5.1.3. for the amount of origination and/or issuance expenses that apply and other expenses debited abroad for the banking operations involved.

3.5.1.4. for the difference between the effective value and the nominal value in issuances of debt instruments with public registration placed below par.

3.5.1.5. for the portion corresponding to a capitalization of interest provided for in the borrowing contract.

3.5.1.6. for the portion of new debt instruments delivered by a resident to its creditors as a participation premium, repurchase, early redemption or similar in the framework of a swap, repurchase and/or early redemption operation of financial borrowings with non-residents or debt instruments included in this point 3.5., provided that:

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i) the nominal value of the new instruments delivered, as a participation premium, repurchase or early redemption or similar, does not exceed the equivalent to 5% (five percent) of the capital value of the debt effectively swapped or repurchased; and

ii) the new debt instruments contemplate a minimum of 1 (one) year of grace for capital repayment and imply a minimum extension of 2 (two) years with respect to the average life of the remaining capital of the swapped or repurchased debt.

3.5.1.7. for the portion of issuances of debt instruments with public registration carried out from 07/01/21 that were delivered to creditors to refinance pre-existing financial debts with an extension of the average life, when it corresponds to the amount of capital refinanced, the interest accrued up to the date of refinancing and, provided that the new debt instruments do not register capital maturities during the first 2 (two) years, the amount equivalent to the interest that would accrue in the first 2 (two) years for the borrowing that is refinanced in advance and/or for the postponement of the refinanced capital and/or for the interest that would accrue on the amounts thus refinanced.

3.5.1.8. for the portion subscribed with foreign currency in the country in issuances of debt instruments with public registration abroad carried out from 05/02/21, provided that all of the following conditions are met:

i) the debtor demonstrates having registered exports prior to the issuance of the debt instruments or that the funds from the placement were destined to meet commitments with non-residents. If at least one of the two conditions indicated is not met, the issuance must have prior approval from the BCRA;

ii) the average life of the debt instruments is not less than 5 (five) years;

iii) the first capital payment does not occur before 3 (three) years from the date of issuance;

iv) the local subscription does not exceed 25% (twenty-five percent) of the total subscription; and

v) all funds subscribed in the country have been settled in the foreign exchange market.

3.5.1.9. for borrowings with non-residents originated from 01/09/19 in a refinancing of the capital and/or interest of commercial debts with the non-resident creditor, provided that the new financial debt does not anticipate maturities with respect to the commercial debt refinanced nor imply the making of payments before the date on which the client could have accessed the commercial debt under the applicable regulations.

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These conditions may be considered fulfilled for borrowings with an average life not less than 2 (two) years originated between 27/08/21 and 12/12/23 in a refinancing framed in point 20. of Communication A 7626 and concordant (provisions received in due course in point 3.20. of the Annex of Communication A 7914); provided that the entity holds a certification for access to the foreign exchange market issued, within the 5 (five) business days prior, by the entity that effected the registration with the BCRA with the concept code “P17. Registration of commercial debt refinancing in the framework of point 20. of Communication A 7626”.

3.5.1.10. financial borrowings with non-residents or debt instruments included in this point 3.5. that fall under points 7.11.1.3. and 7.11.1.5. provided that the registration of import entry of goods for a value equivalent to the financing received is demonstrated.

The value of freight that appears in the transport documentation associated with the registration of import entry of goods may also be counted, provided that the funds from the operations contemplated in points 7.11.1.3. and 7.11.1.5. have been destined for direct payment to the provider of freight services for imports not included in their condition of purchased goods.

3.5.1.11. financial borrowings with non-residents or debt instruments included in this point 3.5. that have been framed in point 7.10.2.2.ii) provided that the registration of import entry of goods for a value equivalent to the financing received is demonstrated.

3.5.1.12. for the portion of issuances of debt instruments with public registration carried out between 09/10/20 and 31/12/23 with an average life not less than 2 (two) years that were delivered to creditors of financial borrowings with non-residents and/or debt instruments with public registration denominated in foreign currency with maturities between 15/10/20 and 31/12/23, as part of the refinancing plan duly required in point 7. of Communication A 7106 and concordant (provisions received in point 3.17. of the Annex of Communication A 7914), based on the following parameters:

i) the amount of capital for which access to the foreign exchange market was obtained until 31/12/23 did not exceed 40% (forty percent) of the amount of capital that matured, except when for an amount equal to or greater than the excess the debtor:

a) registered settlements in the foreign exchange market from 09/10/20 for issuances of debt instruments with public registration abroad or other financial borrowings with non-residents; or

b) registered settlements in the foreign exchange market from 09/10/20 for issuances of debt instruments with public registration in the country denominated and subscribed in foreign currency and whose services are payable in foreign currency in the country; or

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c) held a “Certification of increase in goods exports” for the years 2021 to 2023 issued within the framework of point 3.18.; or

d) held a “Certification for the regimes of access to foreign exchange for the incremental production of oil and/or natural gas (Decree 277/22)” issued within the framework of what is provided in point 3.17.

ii) the rest of the capital that matured was, at a minimum, refinanced with a new borrowing with non-residents with an average life of 2 (two) years greater than the remaining average life of the refinanced capital.

3.5.2. The operation is declared, if applicable, in the last due presentation of the “Survey of external assets and liabilities”.

3.5.3. Access to the foreign exchange market occurs no more than 3 (three) business days prior to the maturity date of the capital or interest service to be paid.

In the case that it concerns a capital payment of debt instruments issued from 16/05/25 that is effected with a transfer abroad, access to the foreign exchange market must additionally occur once at least 18 (eighteen) months have elapsed from the date of issuance.

Access to the foreign exchange market before the aforementioned requires prior approval from the BCRA unless the debtor falls under any of the following situations and all conditions stipulated in each case are met:

3.5.3.1. Prepayment of capital and interest with the settlement of funds deposited from abroad by the issuance of a new debt instrument included in this point 3.5.

i) the prepayment of capital is effected simultaneously with the settlement of funds deposited from abroad by the issuance of a new debt instrument included in this point 3.5. issued within the framework of a refinancing, repurchase and/or early redemption operation of debt.

a) the new debt instrument contemplates 1 (one) year of grace for capital repayment and its average life is at least 2 (two) years greater than the remaining average life of the debt being prepaid; and

b) the accumulated amount of capital maturities of the new borrowing shall in no case exceed, until the maturity date of the debt being cancelled, the amount that the capital maturities of the debt being cancelled would have accumulated.

ii) the prepayment of interest corresponds to the interest accrued on the refinanced debt up to the closing date of the repurchase and/or redemption operation, without the need for a settlement of funds for the equivalent amount;

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Additionally, the entity may grant access to the foreign exchange market to the client to:

iii) pay in the concept of repurchase premium, early redemption or similar up to the equivalent of 5% (five percent) of the capital amount of the repurchased and/or redeemed debt, provided that the payment is made simultaneously with a settlement of funds deposited from abroad by the new debt instrument that exceeds the amount of capital being prepaid, by at least an amount equivalent to the amount of the premium paid.

iv) pay on the closing date of the repurchase and/or redemption operation, without the need for a settlement of funds for the equivalent amount, the issuance expenses or other services provided by non-residents in the framework of the issuance of the new debt instruments issued and/or the repurchase and/or redemption operation.

3.5.3.2. Prepayment of capital and interest with the simultaneous settlement of financial borrowings with non-residents or debt instruments included in this point 3.5.

i) the prepayment of capital and interest is effected simultaneously with the funds settled from a new financial borrowing with non-residents or debt instrument included in this point 3.5.;

ii) the average life of the new borrowing is greater than the remaining average life of the debt being prepaid; and

iii) the accumulated amount of capital maturities of the new borrowing shall in no case exceed, until the maturity date of the debt being cancelled, the amount that the capital maturities of the debt being cancelled would have accumulated.

3.5.3.3. Prepayment of interest within the framework of a debt instrument swap process included in point 3.5.

i) the prepayment of interest is effected within the framework of a debt instrument swap process issued by the client;

ii) the amount paid before maturity corresponds to the interest accrued up to the closing date of the swap;

iii) the average life of the new debt instruments is greater than the remaining average life of the swapped instrument; and

iv) the accumulated amount of capital maturities of the new instruments shall in no case, until the final maturity date of the swapped instrument, exceed the amount that the capital maturities of the swapped instrument would have accumulated.

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3.5.3.4. Prepayment of capital and interest simultaneously with the settlement of a new financial borrowing granted by a local financial entity from a credit line of a non-resident financial entity.

i) the prepayment of capital and interest is effected simultaneously with the funds settled from a new financial borrowing granted by a local financial entity from a credit line of a non-resident financial entity;

ii) the average life of the new borrowing is greater than the remaining average life of the debt being prepaid; and

iii) the accumulated amount of capital maturities of the new borrowing shall in no case, until the maturity date of the debt being cancelled, exceed the amount that the capital maturities of the debt being cancelled would have accumulated.

3.5.3.5. Prepayment of capital and interest by a VPU adhering to RIGI.

The client is a Single Project Vehicle (VPU) adhering to the Regime for Incentives for Large Investments (RIGI) that prepay capital or interest accrued on financial borrowings with non-residents or debt instruments included in this point 3.5. within the framework of what is provided in point 14.2.1.

3.5.4. Provided that the requirement of prior approval by the BCRA for access to the foreign exchange market for the cancellation at maturity of capital and interest of financial borrowings with non-residents or debt instruments included in this point 3.5. is in force, this requirement will not apply when all of the following conditions are met:

3.5.4.1. the destination of the funds was the financing of projects framed in the “Plan for the promotion of Argentine natural gas production – Supply and Demand Scheme 2020-2024” established in article 2° of Decree 892/20 (“PLAN GAS”);

3.5.4.2. the funds were deposited and settled through the foreign exchange market from 16/11/20; and

3.5.4.3. the borrowing has an average life not less than 2 (two) years.

3.5.5. Financial borrowings with non-residents or debt instruments included in this point 3.5. will be enabled to cancel their capital and interest services from their maturity by applying collections of exports of goods and services, provided that the requirements set forth in point 7.9 are met.

Likewise, under the terms provided in point 7.9.5., it is admitted that said collections be accumulated, for the amounts required in the borrowing contracts, in accounts abroad and/or in the country in order to guarantee the cancellation of the services of financial borrowings with non-residents.

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3.5.6. Prior approval from the BCRA will be required for access to the foreign exchange market for the cancellation of capital and interest of financial borrowings included in this point 3.5. when the creditor is a party related to the debtor.

This requirement will not apply when the operation falls under any of the following situations:

3.5.6.1. it concerns operations typical of local financial entities.

3.5.6.2. it concerns a financial borrowing included in this point 3.5. that has an average life not less than 6 (six) months and the funds were deposited and settled through the foreign exchange market from 21/04/25.

3.5.6.3. it concerns a financial borrowing included in this point 3.5. that has an average life not less than 2 (two) years and the funds were deposited and settled through the foreign exchange market between 02/10/20 and 20/04/25.

3.5.6.4. it concerns a payment of compensatory interest that accrues from 01/01/25 on the original remaining value of financial debts with related non-resident parties.

Penalties or other equivalents that accrue from 01/01/25 will continue to be subject to the requirement of prior approval.

3.5.6.5. The client carries out a swap and/or arbitrage operation with funds deposited in a local account and originated in foreign currency collections of capital or interest from the Bonds for the Reconstruction of a Free Argentina (BOPREAL).

3.5.6.6. the client is a Single Project Vehicle (VPU) adhering to the Regime for Incentives for Large Investments (RIGI) that cancels capital or interest of financial borrowings included in this point 3.5. within the framework of what is provided in point 14.2.1.

3.5.6.7. it concerns a payment of interest not included in point 3.5.6.4. that is effected simultaneously with the settlement for an amount at least equivalent to:

i) new financial borrowings with non-residents or debt instruments included in this point 3.5. with an average life not less than 2 (two) years and which contemplate a minimum of 1 (one) year of grace for capital repayment, in both cases counted from the date on which access to the market is effected.

ii) new direct investment contributions from non-residents.

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Foreign financial indebtedness, debt securities and/or foreign direct investment contributions, which cannot be counted for the purposes of other mechanisms considered in the foreign exchange regulations, may be imported and liquidated by the debtor who pays the interest or by another resident company belonging to its economic group.

3.5.6.8. if it is a capital payment that is made simultaneously with funds liquidated by a new foreign financial indebtedness included in this point 3.5. granted by the same creditor or other foreign creditors linked to the debtor, which has a remaining average life not less than 4 (four) years and contemplates at least 3 (three) years of grace for capital payment.

3.5.6.9. if it is a capital payment of a foreign financial indebtedness included in this point 3.5. with a remaining average life not less than 4 (four) years and which contemplates at least 3 (three) years of grace for capital payment, originated from 10/04/26 as a result of the refinancing with the same creditor of overdue capital payments covered by the prior approval provided for in this point.

In these cases, the refinancing granted by the linked creditor must be registered complying with the deadlines provided for in the previous paragraph, issuing exchange slips without movement of foreign currency on the date of refinancing under the concept “P17. Registration of refinancing of financial debt with linked counterparty within the framework of point 8.2. of Communication “A” 8417”.

3.5.6.10. if it is a foreign financial indebtedness or debt security included in this point 3.5. that falls under the mechanism of point 7.11. and the access date is consistent with the conditions required to fall under such mechanism.

3.5.6.11. the client has a “Certification for the regimes of access to foreign currency for the incremental production of oil and/or natural gas (Decree 277/22)”, issued within the framework of what is provided for in point 3.17., for the equivalent of the amount of capital being paid.

3.5.6.12. the client has a “Certification of increase in exports of goods” for the years 2021 to 2023 issued within the framework of what is provided for in point 3.18. for the equivalent of the amount of capital being paid.

3.5.6.13. if it is a foreign financial indebtedness or debt security included in this point 3.5. with an average life not less than 2 (two) years liquidated between 27/08/21 and 12/12/23 and that was used to pay commercial debts for the importation of goods and services from the issuance of a “Certification of entry of new foreign financial indebtedness” within the framework of point 1. of Communication A 7348 and concordant (provisions received in due time in point 3.19. of the Annex of Communication A 7914).

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3.5.6.14. if it is a foreign financial indebtedness included in this point 3.5. with an average life not less than 2 (two) years originated between 27/08/21 and 12/12/23, from a refinancing of commercial debts for the importation of goods and services with the same creditor included in point 20. of Communication A 7626 and concordant (provisions received in due time in point 3.20. of the Annex of Communication A 7914).

The entity must have a certification for access to the foreign exchange market issued, within the 5 (five) previous business days, by the entity that carried out the registration before the BCRA with the concept code “P17. Registration of refinancing of commercial debt within the framework of point 20. of Communication A 7626”.

The debts included in this point will continue to be subject to prior approval even if there is a modification of the creditor or the debtor that leads to the loss of a link between the creditor and the resident debtor.

3.5.7. Entities may also grant access to the foreign exchange market to clients to make prepayments of capital and interest within the framework of point 3.5.3. provided that the applicable requirements are verified and the following conditions are met:

3.5.7.1. the prepayment is made with funds transferred to the client's local bank account by a natural or legal person who exercises a direct control relationship over the client or by other legal persons with which the client forms part of the same economic group.

For the purpose of determining the existence of a direct control relationship, the types of relationships described in point 1.2.2.1. of the ordered text on Large exposures to credit risk must be considered.

Companies that share a control relationship of the type defined in points 1.2.1.1. and 1.2.2.1. of the ordered text on Large exposures to credit risk must be considered as part of the same economic group.

3.5.7.2. the funds transferred to the client's local bank account must have originated in the liquidation in the foreign exchange market by the person included in point 3.5.7.1. of new foreign financial indebtedness and/or debt securities included in point 3.5.

At the time of liquidation, the intervening entity must be notified that the funds entered will fall within the framework of the mechanism established in this point and specify who will be the user of the funds. The intervening entity must record both elements in the corresponding purchase exchange slip.

3.5.7.3. the client's access to the foreign exchange market for prepayment must take place within 72 (seventy-two) business hours of the liquidation of the new indebtedness by the person included in point 3.5.7.1.

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The portion of the new indebtedness that is used pursuant to the provisions of this point cannot be counted for the purposes of other specific mechanisms that enable access to the foreign exchange market from the entry and/or liquidation of this type of operations.

The transfers of pesos made to the client for the purpose of carrying out an operation within the framework of this point must not be considered for the preparation of the sworn statements associated with point 3.16.3.4.

3.6. Payments of debt securities or other debt-representative values denominated and payable in foreign currency in the country and foreign currency obligations between residents.

3.6.1. Access to the foreign exchange market for the payment of debts and other foreign currency obligations between residents contracted from 01/09/19 is prohibited, except for the cancellation in the country of capital and interest of:

3.6.1.1. foreign currency financings granted by local financial entities, including payments for foreign currency consumption made by credit or purchase cards, except for the cancellation of overdraft drafts in US dollar current accounts which can only be made with freely available funds in that currency of the client.

3.6.1.2. debt securities issued from 01/09/19 with the objective of refinancing debts included in point 3.6.2. and which involve an increase in the average life of the obligations.

3.6.1.3. issuances from 29/11/19 of debt securities with public registration in the country not included in point 3.5., which are denominated and subscribed in foreign currency and whose capital and interest services are payable in foreign currency, to the extent that all funds obtained have been liquidated in the foreign exchange market.

In the case of debt securities issued by local financial entities contracted from 26/05/25, the capital payment must take place once at least 12 (twelve) months have passed from their date of issuance.

3.6.1.4. promissory notes with public offering issued within the framework of General Resolution 1.003/24 of the National Securities Commission (CNV) and concordant, denominated and subscribed in foreign currency and whose capital and interest services are payable in foreign currency in the country, to the extent that all funds obtained have been liquidated in the foreign exchange market.

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3.6.1.5. fiduciary debt values issued by trustees of financial trusts with public offering carried out in accordance with the CNV provisions on the matter, denominated and subscribed in foreign currency and whose capital and interest services are payable in foreign currency in the country, to the extent that all funds obtained have been liquidated in the foreign exchange market.

3.6.1.6. issuances of values included in points 3.6.1.3. to 3.6.1.5. that did not generate disbursements because they are restructurings of debts included in those same points, to the extent that the refinancing does not anticipate capital maturities with respect to the original debt.

3.6.2. Entities may grant access to the foreign exchange market for the cancellation of foreign currency obligations between residents instrumented through public records or deeds up to 30/08/19.

3.6.3. Entities may also grant access to the foreign exchange market for the cancellation of foreign currency financings granted by local financial entities pending as of 30/08/19.

3.6.4. Access to the foreign exchange market is carried out no more than 3 (three) business days prior to maturity for the payment of capital and interest of securities included in points 3.6.1.3. to 3.6.1.5. or from maturity for the remaining operations.

Access to the foreign exchange market before the indicated time requires prior approval from the BCRA unless the operation falls under any of the following situations and all conditions stipulated in each case are met:

3.6.4.1. Financings by local entities for foreign currency consumption by credit or purchase cards.

The debt originates in foreign currency financings granted by local financial entities for foreign currency consumption made by credit or purchase cards.

3.6.4.2. Other foreign currency financings by local financial entities, except for the cancellation of overdraft drafts in US dollar current accounts, cancelled simultaneously with the liquidation of funds from abroad by new indebtedness.

i) the prepayment is made simultaneously with funds liquidated from a new foreign financial indebtedness or debt security included in point 3.5. and/or a new pre-financing of exports from abroad; ii) the average life of the new indebtedness is greater than the remaining average life of the debt being prepaid;

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iii) the accumulated amount of capital maturities of the new indebtedness at no time, until the maturity date of the debt being cancelled, may exceed the amount that the capital maturities of the financing to be prepaid would have accumulated; and iv) in the event that the new indebtedness is a pre-financing of exports from abroad, the entity must have a sworn statement from the client stating that prior approval from the BCRA will be necessary for the application of foreign currency from export collections to the cancellation of capital prior to the maturities computed for the purpose of meeting the indicated conditions.

If the financing prepaid by the client had been granted from a credit line of a foreign financial entity, the financial entity may in turn prepay the capital and accrued interest of the credit line for the proportionate part of the debt collected in advance.

3.6.4.3. Prepayment of interest within the framework of a debt securities swap process.

i) the prepayment of interest is made within the framework of a debt securities swap process issued by the client, in which a new title with public registration in the country not included in point 3.5. is delivered to the creditor; ii) the amount paid before maturity corresponds to the interest accrued up to the closing date of the swap; iii) the average life of the new debt securities is greater than the remaining average life of the swapped title; and iv) the accumulated amount of capital maturities of the new titles at no time, until the maturity date of the debt being cancelled, may exceed the amount that the capital maturities of the swapped title would have accumulated.

3.6.4.4. Prepayment of capital and interest of a debt security included in this point 3.6. with the liquidation of funds entered from abroad by the issuance of a new debt security included in point 3.5.

i) the prepayment of capital is made simultaneously with the liquidation of funds entered from abroad by the issuance of a new debt security included in point 3.5. issued within the framework of a refinancing, repurchase and/or early redemption operation of the debt security.

a) the new debt security contemplates 1 (one) year of grace for capital payment and its average life is at least 2 (two) years greater than the remaining average life of the debt security being prepaid; and b) the accumulated amount of capital maturities of the new indebtedness at no time may exceed, until the maturity date of the debt being cancelled, the amount that the capital maturities of the debt being cancelled would have accumulated.

ii) the prepayment of interest corresponds to the interest accrued by the refinanced debt up to the closing date of the repurchase and/or redemption operation, without the need for a liquidation of funds for the equivalent amount;

Additionally, the entity may grant access to the foreign exchange market to the client to:

iii) pay as a repurchase premium, early redemption or similar up to the equivalent of 5% (five percent) of the amount of the capital of the repurchased and/or redeemed debt security, to the extent that the payment is made simultaneously with a liquidation of funds entered from abroad by the new debt security that exceeds the amount of capital being prepaid, by at least an amount equivalent to the amount of the premium paid. iv) pay on the closing date of the repurchase and/or redemption operation, without the need for a liquidation of funds for the equivalent amount, the issuance expenses or other services provided by non-residents within the framework of the issuance of the new debt securities issued and/or the repurchase and/or redemption operation.

3.6.4.5. Prepayment of capital and interest of a debt security included in this point 3.6. simultaneously with the liquidation of other foreign financial indebtedness or debt securities included in point 3.5.

i) the prepayment of capital and interest is made simultaneously with the funds liquidated from a new foreign financial indebtedness or debt security included in point 3.5.; and ii) the average life of the new indebtedness is greater than the remaining average life of the debt security being prepaid; and iii) the accumulated amount of capital maturities of the new indebtedness at no time, until the maturity date of the debt being cancelled, may exceed the amount that the capital maturities of the debt security being cancelled would have accumulated.

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3.6.4.6. Prepayment of capital and interest of a security included in this point 3.6. or a foreign currency financing of a local financial entity that had not been granted from a credit line of a foreign financial entity simultaneously with the liquidation of a new security also included in point 3.6.

i) the prepayment of capital and accrued interest of a security included in this point 3.6. or a foreign currency financing of a local financial entity that had not been granted from a credit line of a foreign financial entity is made simultaneously with the funds liquidated by the issuance of a new security included in point 3.6. ii) the average life of the new security is greater than the remaining average life of the debt being prepaid. iii) the accumulated amount of capital maturities of the new security at no time, until the maturity date of the debt being cancelled, may exceed the amount that the capital maturities of the debt being cancelled would have accumulated.

3.6.4.7. Prepayment of capital and accrued interest of a security included in this point 3.6. or a foreign currency financing of a local financial entity that had not been granted from a credit line of a foreign financial entity simultaneously with the liquidation of a new foreign currency financing of a local financial entity.

i) the prepayment of capital and interest of a security included in this point 3.6. or a foreign currency financing of a local financial entity that had not been granted from a credit line of a foreign financial entity is made simultaneously with the funds liquidated by a new foreign currency financing granted by a local financial entity.

In the event that a foreign currency financing of a local entity is cancelled, the provisions of the preceding paragraph will be considered met when a certification is obtained from the entity that granted the new financing regarding the liquidation of the required amount in the previous 48 (forty-eight) business hours.

ii) the average life of the new debt is greater than the remaining average life of the debt being prepaid. iii) the accumulated amount of capital maturities of the new debt at no time, until the maturity date of the debt being cancelled, may exceed the amount that the capital maturities of the debt being cancelled would have accumulated.

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3.6.4.8. Prepayment of capital and interest by a VPU adhering to RIGI.

The client is a Single Purpose Vehicle (VPU) adhering to the Regime for Incentives for Large Investments (RIGI) that prepay capital or accrued interest on debts included in this point 3.6. within the framework of what is provided for in point 14.2.1.

3.6.5. The issuances of securities that meet the conditions provided for in points 3.6.1.3. to 3.6.1.5. for access to the foreign exchange market will be enabled to cancel their capital and interest services from their maturity through the application in the country of collections from exports of goods and services, to the extent that the requirements provided for in point 7.9. are met.

3.6.6. Entities may also grant access to the foreign exchange market to clients to make prepayments of capital and interest within the framework of points 3.6.4. provided that the applicable requirements are verified and the conditions set out in points 3.5.7.1. to 3.5.7.3. are met.

The portion of the new indebtedness that is used pursuant to the provisions of this point cannot be counted for the purposes of other specific mechanisms that enable access to the foreign exchange market from the entry and/or liquidation of this type of operations.

The transfers of pesos made to the client for the purpose of carrying out an operation within the framework of this point must not be considered for the preparation of the sworn statements associated with point 3.16.3.4.

3.7. Payments of foreign currency indebtedness of residents by trusts constituted in the country to guarantee the attention of services.

Entities may grant access to the foreign exchange market to make capital and/or interest payments to trusts constituted in the country by a resident to guarantee the attention of capital and interest services of their obligation, to the extent that they verify that the debtor had access to make the payment in their name by complying with the applicable regulatory provisions.

3.8. Purchase of foreign currency by resident natural persons for the formation of external assets in the form of banknotes and/or deposits.

Entities may grant access to the foreign exchange market to resident natural persons for the purchase of foreign currency banknotes for their holding or for the constitution of deposits (concept codes A07 and A09) to the extent that all of the following requirements are met:

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3.8.1. The transaction must be charged to the client's account at local financial institutions.
If the client uses cash, the amount purchased by the client must not exceed the equivalent of USD 100 (one hundred US dollars) in the calendar month across all institutions and for all concepts mentioned. In this case, the institution must have a sworn statement from the client confirming compliance with the aforementioned requirement.

3.8.2. The selling institution must deliver foreign currency banknotes or credit the funds to a foreign currency account owned by the client at local financial institutions or to a bank account owned by the client abroad, as applicable.

3.8.3. The institution must have registered the transaction in the online system implemented for this purpose by the BCRA.

3.8.4. In all cases, the institution must obtain evidence that the client has income and/or assets consistent with the foreign currency savings.

3.8.5. In all cases, the institution must have a sworn statement from the client confirming that they commit not to arrange, directly or indirectly, or on behalf of third parties, purchases of securities with settlement in foreign currency from the moment they require access and for the subsequent 90 (ninety) calendar days.
The stated commitment will not include purchases of securities with settlement in foreign currency that are carried out:

3.8.5.1. within the framework of primary subscriptions of debt securities issued by residents, provided that the buyer maintains them in their portfolio for a minimum of 15 (fifteen) business days.
This minimum period will not apply when the sale of the subscribed securities is settled in foreign currency.

3.8.5.2. from the reinvestment of foreign currency collections of capital services and/or interest on securities issued by the National Treasury or the BCRA within 15 (fifteen) business days following the collection date.

3.9. Purchase of foreign currency by resident natural persons for the formation of external assets under other modalities, the remittance of family aid, or operations with derivatives.
Institutions may grant access to the foreign exchange market to resident natural persons for the formation of external assets (concept codes A01, A02, A03, A04, A06, A08, A14, and A24), the remittance of family aid, and for derivative operations (concept code A05), provided they do not fall under point 3.12.1, without prior BCRA approval, provided that all of the following requirements are met:

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3.9.1. The client must not exceed, in the calendar month across all institutions and for all concepts mentioned, the equivalent of USD 200 (two hundred US dollars).

3.9.2. The transaction must be charged to the client's account at local financial institutions.
If the client uses cash, the amount purchased by the client must not exceed the equivalent of USD 100 (one hundred US dollars) in the calendar month across all institutions and for all concepts mentioned.

3.9.3. The institution must have a sworn statement from the client confirming that the client complies with the aforementioned requirements.

3.9.4. The institution must have verified in the online system implemented for this purpose that the client's declaration is compatible with the data existing in the BCRA.

3.9.5. In the case where the transaction corresponds to concepts included in the formation of the client's external assets, the selling institution must deliver banknotes or traveler's checks in foreign currency or credit the funds to a foreign currency account owned by the client at local financial institutions or to a bank account owned by the client abroad, as applicable.
In all cases, the institution must obtain evidence that the client has income and/or assets consistent with the foreign currency savings.

3.10. Purchase of foreign currency by other residents – excluding institutions – for the formation of external assets and for derivative operations.
Access to the foreign exchange market by legal persons that are not institutions authorized to operate in foreign exchange, local governments, Common Investment Funds, Trusts, and other universals constituted in the country, will require prior BCRA approval for the formation of external assets (concept codes A01, A02, A03, A04, A06, A07, A08, A09, A14, and A24) and for derivative operations (concept code A05), provided they do not fall under point 3.12.1.

3.11. Other purchases of foreign currency by residents with specific application.

3.11.1. Institutions may grant access to the foreign exchange market to residents with indebtedness or trusts constituted in the country to guarantee the coverage of capital services and interest on such indebtedness, for the purchase of foreign currency to establish guarantees for the amounts due in indebtedness contracts under the following conditions:

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3.11.1.1. it concerns commercial debts for imports of goods and/or services with a foreign financial institution or official export credit agency, or financial indebtedness abroad, or debt securities included in point 3.5. with unaffiliated creditors, who normatively have access to the foreign exchange market for repayment, in whose contracts the crediting of funds into guarantee accounts for future services of debts with abroad is provided;

3.11.1.2. the acquired funds are deposited in accounts opened at local financial institutions under the conditions established in the contracts. The establishment of guarantees in accounts opened at foreign financial institutions is only admitted when it is the sole and exclusive option provided in indebtedness contracts entered into prior to 31/08/19;

3.11.1.3. the accumulated foreign currency guarantees, which may be used for service payments, do not exceed the amount due at the next service maturity;

3.11.1.4. the daily access amount does not exceed 20% (twenty percent) of the amount specified in the previous point; and

3.11.1.5. the intervening institution has verified the indebtedness documentation and has the elements to validate that the access is carried out under the conditions established in these provisions.

3.11.2. Institutions may grant access to the foreign exchange market to residents who must make payments for capital services of financial indebtedness abroad, debt securities included in point 3.5., or securities with access to the foreign exchange market as provided in points 3.6.1.3. to 3.6.1.5., for the purchase of foreign currency prior to the period admitted by the regulations for each case, under the following conditions:

3.11.2.1. the acquired funds are deposited in foreign currency accounts owned by them opened at local financial institutions;

3.11.2.2. the intervening institution has verified that the indebtedness, the service of which will be cancelled with these funds, complies with the current foreign exchange regulations admitting such access; and

3.11.2.3. the client's access falls under one of the following situations:
i) it is carried out within 60 (sixty) calendar days prior to the maturity date and by a daily amount that does not exceed 10% (ten percent) of the amount to be cancelled; or ii) it is carried out within 5 (five) business days prior to the regulatory period admitted for access for payment and by a daily amount that does not exceed 20% (twenty percent) of the amount to be cancelled.

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3.11.3. Institutions may grant access to the foreign exchange market to residents with indebtedness included in point 7.9. originating from 07/01/21 (only originating from 08/08/25 in the case of those included in point 7.9.1.4.) or export pre-financing included in point 7.8.5., for the purchase of foreign currency to establish guarantees in foreign currency accounts opened at local financial institutions or abroad – when it concerns a financial indebtedness included in point 3.5. or admitted pre-financing – for the amounts due in indebtedness contracts, under the following conditions:

3.11.3.1. the purchases are made simultaneously with the settlement of foreign exchange and/or from funds credited to the name of the exporter in a correspondent account abroad of a local institution; and

3.11.3.2. the accumulated foreign currency guarantees do not exceed the equivalent of 125% (one hundred twenty-five percent) of the services for capital and interest to be paid in the current month and the following six calendar months, according to the maturity schedule of services agreed with creditors.
Access may also be granted to trusts constituted in the country to guarantee the coverage of capital services and interest on such indebtedness.

3.11.4. In all cases, foreign currency funds not used in the cancellation of debt service and/or maintaining the required guarantee amount must be settled in the foreign exchange market within 5 (five) business days following the maturity date.

3.11.5. For the purpose of registering transactions admitted in points 3.11.1., 3.11.2. and 3.11.3., the intervening institution must prepare a foreign exchange slip under the concept “A19. Establishment of foreign currency deposits to apply to debt service payments”, and upon application of the acquired funds, a purchase slip under the same concept and a sale slip under the concept corresponding to the cancellation of the debt service must be issued.
For transactions under point 3.11.3., upon establishment of guarantees, the institution must prepare the slip under the concept of collection of exports of goods or services or the crediting or settlement of indebtedness, as applicable.

3.12. Purchase of foreign currency for financial derivative operations.

3.12.1. Institutions may grant access to the foreign exchange market for the payment of premiums, establishment of guarantees, and cancellations corresponding to:

3.12.1.1. interest rate hedging contract operations by residents' obligations with abroad declared and validated, if applicable, in the “Survey of external assets and liabilities”, provided that risks covered do not exceed the external liabilities effectively registered by the debtor at the interest rate whose risk is being covered by these contracts.

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3.12.1.2. foreign currency hedging contract operations by residents' obligations with abroad declared and validated, if applicable, in the “Survey of external assets and liabilities”, provided that risks covered do not exceed the external liabilities effectively registered by the debtor in the currency whose risk is being covered by these contracts.
The client accessing the foreign exchange market using this mechanism must nominate an institution to monitor the transaction and sign a sworn statement committing to credit and settle funds due to the local client resulting from said operation, or from the release of funds from established guarantees, within 5 (five) business days following.

3.12.2. Remaining financial derivative operations that residents, other than institutions authorized to operate in foreign exchange, wish to conduct with access to the foreign exchange market will be governed by points 3.9. and 3.10., as applicable.

3.12.3. All settlements of futures operations in regulated markets, “forwards”, options, and any other type of derivatives contracted in the country by institutions from 11/09/19 onwards must be settled in local currency.

3.13. Repatriation of direct investments and other purchases of foreign currency by non-residents

3.13.1. Access to the foreign exchange market for the repatriation of non-resident investments and other purchases of foreign currency by non-resident clients will require prior BCRA approval, except for operations by:

3.13.1.1. International organizations and institutions performing functions of official credit agencies.

3.13.1.2. Diplomatic and consular representations and accredited diplomatic personnel in the country for transfers made in the exercise of their functions.

3.13.1.3. Representations in the country of Courts, Authorities or Offices, Special Missions, Commissions or Bilateral Organs established by Treaties or International Conventions, of which the Argentine Republic is a party, provided that transfers are made in the exercise of their functions.

3.13.1.4. Transfers abroad on behalf of natural persons who are beneficiaries of pensions and/or annuities paid by the National Social Security Administration (ANSES) or other pension and/or life annuity bodies provided for in art. 101 of Law 24.241, up to the amount received by such concepts in the last 30 (thirty) calendar days, provided that the transfer is made to a bank account owned by the beneficiary in their registered country of residence.

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3.13.1.5. Purchase of foreign currency banknotes by non-resident natural persons for tourism and travel purposes, up to a maximum amount equivalent to USD 100 (one hundred US dollars) across all institutions, provided that the institution has verified in the online system implemented by the BCRA that the client has settled an amount greater than or equal to that desired to be acquired within the previous 90 (ninety) calendar days.
This operation will be enabled from the moment the sale of foreign currency settled by the client has been registered with the BCRA by the intervening institution according to standard guidelines.
Settlements falling under derivative operations on behalf of non-resident tourists will not be taken into account for the purposes of this point.

3.13.1.6. Transfers to bank accounts abroad by natural persons for funds received in the country associated with benefits granted by the National State under Laws 24.043, 24.411, and 25.914 and concordant laws.

3.13.1.7. Repatriation of direct investments by non-residents in companies that are not controlling entities of local financial institutions, from a capital contribution that has been credited and settled through the foreign exchange market from 02/10/20 onwards, provided that:
i) the repatriation takes place at least 180 (one hundred eighty) calendar days after the settlement of the contribution funds if the contribution was credited and settled from 21/04/25 onwards; or ii) the repatriation takes place at least 2 (two) years after its settlement if the contribution was credited and settled between 02/10/20 and 20/04/25.

3.13.1.8. Repatriation of direct investments by non-residents up to the amount of investment contributions credited and settled through the foreign exchange market from 16/11/20 onwards, provided that all of the following conditions are met:
i) the destination of the funds was the financing of projects framed within the “Plan for the promotion of Argentine natural gas production – Supply and Demand Scheme 2020-2024” established in article 2° of Decree 892/20; ii) the institution has documentation proving the effective crediting of the direct investment in the resident company; and iii) the access occurs no earlier than 2 (two) calendar years from the date of settlement in the foreign exchange market of the transaction allowing inclusion under this point.

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3.13.1.9. Repatriation of direct investments by non-residents in companies that are not controlling entities of local financial institutions, provided they hold a “Certification for the regimes of access to foreign exchange for the production of incremental oil and/or natural gas (Decree 277/22)”, issued under point 3.17., for the equivalent of the amount to be repatriated.

3.13.1.10. Repatriation of direct investments by non-residents in companies through the access of the resident who acquired their participation in a resident company or 100% (one hundred percent) of the capital of a non-resident company whose only asset is the participation in the resident company subject to the operation, provided that:
i) the access is carried out simultaneously with the settlement of funds credited from financial indebtedness abroad or debt securities included in point 3.5. or funds from a foreign currency financial loan granted by a local financial institution from a credit line of a foreign financial institution, which have an average life of no less than 4 (four) years and contemplate at least 3 (three) years of grace for capital payment; ii) the resident company acquired is not a financial institution or its controller; and iii) the operation involves the transfer of at least 10% (ten percent) of the capital of the resident company. If the transaction consists of the acquisition of a non-resident company that owns the resident company, the client must commit via a sworn statement signed by the legal representative of the company or an attorney with sufficient powers to assume this commitment on behalf of the company, to:
a) effectuate, within a maximum period of 12 (twelve) months from the date of access to the foreign exchange market for this operation, the change of residence of the acquired company, establishing it as a resident company in Argentina. b) that the local company, whose participation is acquired indirectly, will not distribute profits and dividends to the acquired foreign company until the matter in point 3.13.1.10.a) is fulfilled. c) that in case of selling the holding of the acquired foreign company as controller of the local company to a non-resident, the payment received must be credited and settled in the local foreign exchange market within 15 (fifteen) business days.

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In case that at the time of completing the access the client does not have the documentation demonstrating that they have taken possession of the capital participation being paid, they must make a sworn statement committing to present it within 60 (sixty) calendar days of completing the access to the foreign exchange market.

3.13.1.11. Institutions may grant access to the foreign exchange market to resident clients to effectuate the repatriation of investments by a non-resident associated with the acquisition by the resident of the non-resident's participation in a concession for the exploitation of natural resources granted in the country, provided that:
i) the access is carried out simultaneously with the settlement of funds credited from financial indebtedness abroad or debt securities included in point 3.5. or funds from a foreign currency financial loan granted by a local financial institution from a credit line of a foreign financial institution, which have an average life of no less than 4 (four) years and contemplate at least 3 (three) years of grace for capital payment; ii) the operation involves the transfer of at least 10% (ten percent) of the participation in the concession contract. In case that at the time of completing the access the client does not have the documentation demonstrating that they have taken possession of the participation being paid, they must make a sworn statement committing to present it within 60 (sixty) calendar days of completing the access to the foreign exchange market.

3.13.1.12. Repatriation of direct investment contributions by non-residents in a Single Project Vehicle (SPV) adhering to the Incentive Regime for Large Investments (RIGI) framed within point 14.2.3.

3.13.1.13. Repatriation by non-residents of capital services, rents, and proceeds from the sales of portfolio investments in instruments quoted on local markets authorized by the National Securities Commission, common investment funds without direct quotation formed by those instruments, and/or demand or time deposits at local financial institutions, provided that:
i) certification from a local financial institution is available proving that the investment was constituted with funds credited and settled in the local foreign exchange market from 21/04/25 onwards.
The settlement requirement will be considered fulfilled when the non-resident client has applied foreign currency directly from 23/05/25 onwards to the primary subscription of debt securities issued by the National Treasury.

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ii) documentation is available demonstrating that the amount for which access to the market is sought does not exceed the fees charged and/or the amount effectively received from the sale of the investment made.
In the event that the charging of fees or sale of the investment is received in foreign currency, repatriation may be carried out for up to the equivalent of that amount.

3.13.1.14. Repatriation of portfolio investments by non-residents originating from profits and dividends received in the country since 01/09/19, from the distribution determined by the shareholders' meeting for closed and audited balances, to the extent that the operation is carried out through a swap and/or arbitrage with funds deposited in a local account and originating from foreign currency collections of capital or interest from BOPREAL bonds.

If a repatriation of a direct investment by non-residents consists of a capital reduction and/or return of irrevocable contributions made by the local company, in addition to the requirements provided for in each case, the entity must have documentation demonstrating that the legal mechanisms provided for have been complied with and have verified that it has been declared, in the last due presentation of the "Survey of External Assets and Liabilities," the liability in pesos with the exterior generated from the date of non-acceptance of the irrevocable contribution or capital reduction, as applicable.

3.13.2. The repatriation of direct investment contributions through the application of foreign exchange from collections of exports of goods and services will be admitted to the extent that the requirements provided for in point 7.9 are verified.

3.13.3. Non-resident clients may subscribe to Bonds for the Reconstruction of a Free Argentina (BOPREAL) for up to the equivalent in local currency of the profits and dividends received since 01/09/19 according to the distribution determined by the shareholders' meeting, adjusted by the last Consumer Price Index (CPI) available at the date of subscription, to the extent that the requirements provided for in point 4.6.2 are met.

3.14. Swaps and arbitrage with non-associated clients to foreign currency income.
Entities may carry out with their clients swap and arbitrage operations not associated with an inflow of foreign exchange from abroad in the following cases:

3.14.1. Transfer of foreign exchange abroad by natural persons from their local foreign currency accounts to their own bank accounts abroad.
Entities must, in all cases, prior to processing the transfer of foreign exchange:

3.14.1.1. register the operation in the online system implemented by the BCRA for this purpose.

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3.14.1.2. Have a sworn declaration from the client stating that they commit, from the moment they transfer foreign exchange abroad and for the following 90 (ninety) calendar days, not to enter into, directly or indirectly or on behalf of third parties, purchases of securities with settlement in foreign currency.

The commitment indicated will not include purchases of securities with settlement in foreign currency that are carried out:
i) within the framework of primary subscriptions of debt securities issued by residents and to the extent that the buyer maintains them in their portfolio for a minimum of 15 (fifteen) business days; or ii) from the reinvestment of foreign currency collections of capital services or interest from securities issued by the National Treasury or by the BCRA within 15 (fifteen) business days following the date of collection.

3.14.2. Transfer of foreign exchange abroad by local central collective securities depositories for funds received in foreign currency from capital and rent services of securities issued by the National Treasury or by the BCRA, whose operation is part of the payment process at the request of external collective depository centers.

3.14.3. Transfer of foreign exchange abroad to make payments for imports of goods and services within the framework of what is provided for in points 10.10.2.13., 10.10.2.14. and 13.3.9. from foreign currency funds deposited in local financial entities.

3.14.4. Arbitrage operations that do not imply transfers abroad may be carried out without restrictions to the extent that funds are debited from a client's foreign currency account at a local financial entity.

To the extent that funds are not debited from a client's foreign currency account, these operations may only be carried out, without prior BCRA approval, by natural persons up to the amount admitted for the use of cash in points 3.8., 3.9. and 3.13.

3.14.5. Swap and arbitrage operations with funds deposited in a local account and originating from foreign currency collections of capital and interest from BOPREAL bonds, to the extent that applicable requirements are met, destined to:

3.14.5.1. the payment of commercial debts for imports of goods with customs entry registration until 12/12/23, eligible according to what is provided in point 4.4.

3.14.5.2. the payment of commercial debts for imports of services provided or accrued until 12/12/23, eligible according to what is provided in point 4.5.

3.14.5.3. the payment of debts to non-resident shareholders for profits and dividends eligible according to what is provided in point 4.6.1.

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3.14.5.4. the repatriation of portfolio investments by non-residents originating from profits and dividends received in the country since 01/09/19, from the distribution determined by the shareholders' meeting for closed and audited balances, eligible according to what is provided in point 4.6.2.

3.14.5.5. the payment of capital and compensatory interest on debts with related counterparties that were eligible according to what is provided in point 4.7.

3.14.6. The remaining swap and arbitrage operations may be carried out with clients without prior BCRA approval to the extent that, if implemented as individual operations passing through pesos, they could be carried out without such approval in accordance with the current foreign exchange regulations.

This also applies to local central collective securities depositories for funds received in foreign currency from capital and rent services on foreign currency securities paid in the country.

In the event that the transfer corresponds to the same currency in which the account is denominated, the entity must debit the amount sent abroad.

When the entity decides to charge a commission and/or fee for these operations, it must be instrumented through a specifically individualized concept.

3.15. Cancellation by financial entities of external credit lines applied to the financing of foreign trade operations and financial guarantees granted.

3.15.1. Cancellation of external credit lines applied by entities to the financing of foreign trade operations.
Financial entities will have access to the foreign exchange market from the due date for the cancellation of credit lines granted by external financial entities and applied to the financing of export or import operations by residents.

The cancellation of lines destined to the financing of imports of goods and services will additionally be subject to the specific conditions provided for in points 10.7. and 13.6., respectively.

They may also access to pre-cancel these credit lines to the extent that the financing granted by the local entity has been pre-cancelled by the debtor. Access to the foreign exchange market by clients for the pre-cancellation of these financings will require prior BCRA approval except when carried out within the framework of the situations provided for in point 3.6.4.

The entity must have validation of the declaration of the "Survey of External Assets and Liabilities" of the entity, to the extent that it is applicable.

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3.15.2. Cancellation of financial guarantees granted by local financial entities.
Local financial entities may access the foreign exchange market to meet their obligations with non-residents for financial guarantees granted since 01/10/21, to the extent that all of the following conditions are met:

3.15.2.1. The granting of the guarantee was a requirement for the completion of a works contract or provision of goods and/or services that implied, directly or indirectly, the realization of exports of goods and/or services by Argentine residents.

3.15.2.2. The guarantee is issued at the request of the resident who will provide the goods or services and is associated with the fulfillment of the works contracts or provision of goods and/or services by them or by a non-resident company under their control that will be in charge of executing the contract.

3.15.2.3. The counterparty to the aforementioned contract is a non-resident not related to the resident who will export the goods and/or services.

3.15.2.4. The beneficiary of the payment is the non-resident counterparty or an external financial entity that has granted guarantees for the faithful fulfillment of works contracts or provision of goods and/or services by the exporter or a non-resident company that controls it.

3.15.2.5. The amount of the guarantee granted by the local financial entity does not exceed the value of the exports of goods and/or services that the resident will carry out from the execution of the works contract or provision of goods and/or services.

3.15.2.6. The validity period of the guarantee does not exceed 180 (one hundred eighty) calendar days from the date of shipment of local goods or completion of the provision of services, related to the contract subject to the guarantee.

3.16. Complementary requirements for outflows through the foreign exchange market.

3.16.1. Clients included in the database of fake invoices or documents by ARCA.
The entity must have prior BCRA approval in the event that the client is a natural or legal person included by the Revenue and Customs Control Agency (ARCA) in the database of invoices or equivalent documents classified as fake.

The list of natural or legal persons included in said database by ARCA is available at the following Internet address:
https://servicioscf.afip.gob.ar/Facturacion/facturasApocrifas/default.aspx.

This requirement will not be applicable for access to the market for the cancellation of foreign currency financings granted by local financial entities, including payments for foreign currency consumption made by credit or purchase cards.

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3.16.2. Sworn declaration by the client regarding their holdings of external liquid assets and/or Argentine deposit certificates representing foreign shares.
The entity must have prior BCRA approval except that it has at the moment of access to the foreign exchange market a sworn declaration from the client stating that:

3.16.2.1. All their holdings of foreign currency in the country are deposited in accounts at financial entities and that they did not possess, at the start of the day on which they request access to the market, Argentine deposit certificates representing foreign shares (CEDEARs) and/or available external liquid assets that together have a value greater than the equivalent of USD 100,000 (one hundred thousand US dollars).

External liquid assets will be considered, among others: holdings of banknotes and coins in foreign currency, availability in coined gold or good delivery bars, demand deposits at external financial entities and other investments that allow immediate availability of foreign currency (for example, investments in external public securities with custody in the country or abroad, funds in investment accounts at investment administrators located abroad, cryptoassets, funds in accounts of payment service providers, etc.).

Funds deposited abroad that could not be used by the client because they are reserve or guarantee funds constituted under the requirements provided for in contracts for borrowing with the exterior, export pre-financing included in point 7.8.5. or funds constituted as guarantee for operations with derivatives contracted abroad must not be considered as available external liquid assets.

In the event that the client had available external liquid assets and/or CEDEARs for an amount greater than that established in the first paragraph, the entity may also accept a sworn declaration from the client stating that such amount is not exceeded when considering that, partially or totally, the external liquid assets:
i) were used during that day to make payments that would have had access to the local foreign exchange market; ii) were transferred to the client to a correspondent account of a local entity authorized to operate in foreign exchange; iii) are funds deposited in bank accounts abroad in their name that originate from collections of exports of goods and/or services or advances, pre-financing or post-financing of exports of goods granted by non-residents, or from the alienation of non-produced non-financial assets for which 20 (twenty) business days have not elapsed since their receipt.

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iv) are funds deposited in bank accounts abroad in their name originating from financial borrowings with the exterior or debt securities included in point 3.5. and their amount does not exceed the equivalent to be paid for capital and interest in the next 365 (three hundred sixty-five) calendar days. v) are funds deposited in bank accounts abroad in their name originating in the last 180 (one hundred eighty) calendar days from disbursements abroad received since 29/11/24 from financial borrowings with the exterior or debt securities included in point 3.5. vi) are funds deposited in bank accounts abroad in their name originating from the sale of securities with settlement in foreign currency contemplated in point 3.16.3.6.iii). vii) are funds deposited in bank accounts abroad in their name originating from debt securities issuances carried out in the 120 (one hundred twenty) calendar days prior and susceptible to being framed in what is provided in points 7.11.1.5. and 7.11.1.6.

In this last sworn declaration by the client, the value of their available external liquid assets at the start of the day and the amounts assigned to each of the situations described in items i) to vii) that are applicable must be expressly stated.

3.16.2.2. They commit to settle in the foreign exchange market, within 5 (five) business days of their availability, those funds they receive abroad originating from the collection of loans granted to third parties, the collection of a time deposit or from the sale of any type of asset, when the asset had been acquired, the deposit constituted or the loan granted after 28/05/20, using assets that would have been included in point 3.16.2.1.

This requirement will not be applicable to those outflow operations that correspond to:
i) client operations carried out within the framework of points 3.8., 3.9., 3.13., 3.14.1. and 3.14.2.; ii) operations inherent to an entity in its capacity as a client; iii) cancellations of foreign currency financings granted by local financial entities for foreign currency consumption made by credit or purchase cards; or iv) payments abroad by non-financial companies issuing cards for the use of credit, purchase, debit or prepaid cards issued in the country.

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v) client operations that are carried out simultaneously with the settlement for an amount at least equivalent to funds transferred from bank accounts abroad in the client's name.

3.16.3. Sworn declaration by clients who are not resident natural persons regarding operations with securities and other assets.
In the event that the client is not a resident natural person, the entity must have prior BCRA approval except that it has a sworn declaration from the client stating that:

3.16.3.1. on the day they request access to the market and in the previous 90 (ninety) calendar days, directly or indirectly or on behalf of third parties:
i) they have not carried out sales in the country of securities with settlement in foreign currency; ii) they have not carried out swaps of securities issued by residents for external assets; iii) they have not carried out transfers of securities to external depository entities; iv) they have not acquired in the country securities issued by non-residents with settlement in pesos; v) they have not acquired Argentine deposit certificates representing foreign shares; vi) they have not acquired securities representing private debt issued in a foreign jurisdiction; vii) they have not delivered local currency funds or other local assets (except foreign currency funds deposited at local financial entities) to any natural or legal person, resident or non-resident, related or not, receiving as prior or subsequent consideration, directly or indirectly, by themselves or through a related, controlled or controlling entity, external assets, cryptoassets or securities deposited abroad.

3.16.3.2. they commit that from the moment they require access to the foreign exchange market and for the following 90 (ninety) calendar days, directly or indirectly or on behalf of third parties:
i) they will not carry out sales in the country of securities with settlement in foreign currency; ii) they will not carry out swaps of securities issued by residents for external assets;

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iii) they will not carry out transfers of securities to external depository entities; iv) they will not acquire in the country securities issued by non-residents with settlement in pesos; v) they will not acquire Argentine deposit certificates representing foreign shares; vi) they will not acquire securities representing private debt issued in a foreign jurisdiction; vii) they will not deliver local currency funds or other local assets (except foreign currency funds deposited at local financial entities) to any natural or legal person, resident or non-resident, related or not, to receive as prior or subsequent consideration, directly or indirectly, by themselves or through a related, controlled or controlling entity, external assets, cryptoassets or securities deposited abroad.

In the event that the client is a legal person, for the operation not to be subject to the prior approval requirement, the entity must additionally have a sworn declaration stating:

3.16.3.3. the details of the natural or legal persons who exercise a direct control relationship over the client and of other legal persons with which they form part of the same economic group.

For the purpose of determining the existence of a direct control relationship, the types of relationships described in point 1.2.2.1. of the "Large Exposures to Credit Risk" rules must be considered.

Companies that share a control relationship of the type defined in points 1.2.1.1. and 1.2.2.1. of the "Large Exposures to Credit Risk" rules must be considered as part of the same economic group.

3.16.3.4. that on the day they request access to the market and in the previous 90 (ninety) calendar days they have not delivered in the country local currency funds or other local liquid assets -except foreign currency funds deposited at local financial entities- to any natural or legal person exercising a direct control relationship over them, or to other companies with which they form part of the same economic group, except those directly associated with habitual operations between residents for the acquisition of goods and/or services.

For the purpose of preparing the sworn declaration provided for in point 3.16.3.4., transfers of pesos that have been carried out under the mechanism contemplated in points 3.5.7. and 3.6.6. must not be taken into account.

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3.16.3.5. The provisions in points 3.16.3.1. to 3.16.3.4. shall not apply to those expenditure operations corresponding to:

i) client operations carried out within the framework of point 3.14.2. ii) cancellations of foreign currency financings granted by local financial entities, including payments for foreign currency consumption made via credit or purchase cards; iii) operations included in point 3.13.1.4. to the extent that they are processed automatically by the entity in its capacity as authorized representative of the non-resident beneficiary. iv) repatriations of portfolio investments by non-residents processed within the framework of the provisions in point 3.13.1.12.

Entities, for their own operations in the capacity of client, shall comply only with the provisions in points 3.16.3.3. and 3.16.3.4.

3.16.3.6. In the sworn statements prepared to comply with points 3.16.3.1. and 3.16.3.2., the following shall not be taken into account:

i) transfers of securities to external depositaries carried out or to be carried out by the client with the objective of participating in a swap or a repurchase operation of debt securities issued by the National Government, local governments, or other resident issuers in the private sector. The client must commit to presenting the corresponding certification for the swapped debt securities. ii) the delivery of local assets with the objective of canceling a debt with an official credit agency or a financial entity abroad, to the extent that it occurs upon maturity as a consequence of a guarantee clause provided in the indebtedness contract. iii) sales of securities with settlement in foreign currency in the country or abroad when all funds obtained from such settlements have been used or will be used within 10 (ten) calendar days for the following operations:

a) Payments from the maturity of principal or interest of new financial indebtedness with abroad or debt securities included in point 3.5., disbursed from 10/02/23 and contemplating a minimum of 1 (one) year grace period for principal payment.

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b) Repatriations of capital and rents associated with direct investments by non-residents received from 10/02/23, to the extent that the repatriation occurs at least 1 (one) year after the realization of the capital contribution and compliance with the legal mechanisms provided for in such cases has been given. c) Payments from the maturity of principal or interest of debt securities issued from 10/02/23 with public registration in the country not included in point 3.5., denominated and subscribed in foreign currency, with services payable in foreign currency and contemplating a minimum of 2 (two) years grace period for principal payment. d) Payments from the maturity of principal or interest of financial indebtedness with abroad or debt securities included in point 3.5. that do not generate disbursements because they are refinancings of principal and/or interest of operations contemplated in the preceding items a) and c), to the extent that the refinancings do not anticipate the maturity of the original debt. e) Payments from the maturity of principal or interest of securities issued with public registration in the country not included in point 3.5., denominated in foreign currency, with services payable in foreign currency and that do not generate disbursements because they are refinancings of principal and/or interest of operations contemplated in the preceding item c), to the extent that the refinancings do not anticipate the maturity of the original debt.

In all cases, the client must present a sworn statement noting that the funds received in due course for the operations detailed in the preceding items a) to c) were used in their entirety to make payments in the country related to the realization of investments in the Argentine Republic. iv) sales with settlement in foreign currency in the country or abroad of the Bonds for the Reconstruction of a Free Argentina (BOPREAL) or the transfers of these bonds to depositaries abroad, when carried out up to the amount acquired in the primary subscription by those who participated in that instance. v) sales with settlement in foreign currency abroad or transfers to external depositaries that complete the importers of goods and services who have acquired in a primary subscription Bonds for the Reconstruction of a Free Argentina (BOPREAL) for debts of imports of goods and services eligible in points 4.4. and 4.5., when the market value of these operations does not exceed the difference between the value obtained by the sale with settlement in foreign currency abroad of BOPREAL bonds acquired in the cited primary subscriptions and their nominal value, if the former is lower.

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3.16.3.7. The entity may also consider the indications in points 3.16.3.3. and 3.16.3.4. fulfilled when:

i) the client has presented a sworn statement noting that within the period provided in point 3.16.3.4., except for those directly associated with usual operations within the framework of the development of their activity, they have not delivered in the country local currency funds nor other local liquid assets -except foreign currency funds deposited in local financial entities- to any natural or legal person. ii) the client has presented a sworn statement countersigned by each natural or legal person detailed in point 3.16.3.3. to which the client has delivered funds in the terms provided in point 3.16.3.4., noting what is required in points 3.16.3.1., 3.16.3.2. and 3.16.3.4. The sworn statement for point 3.16.3.2. of the recipients of funds shall cover only up to the 90th (ninety) day following their receipt. iii) the client has presented a sworn statement countersigned by each natural or legal person detailed in point 3.16.3.3., in which they note that:

a) they comply with what is required in points 3.16.3.1. and 3.16.3.2.; or b) within the period provided in point 3.16.3.4., except for those directly associated with usual operations between residents for the acquisition of goods and/or services, they have not received in the country local currency funds nor other local liquid assets -except foreign currency funds deposited in local financial entities- that have come from the client or from any person detailed in point 3.16.3.3. to which the client has delivered funds in the terms provided in point 3.16.3.4.

In the event that any of the persons detailed in point 3.16.3.3. is an entity belonging to the national public sector, it will not be necessary for that entity to present the sworn statement required in the preceding items ii) or iii) to consider the requirement fulfilled. For the purposes of preparing the statements provided for in points 3.16.3.7.i) and 3.16.3.7.iii).b), transfers of pesos that had been made under the mechanism contemplated in points 3.5.7. and 3.6.6. shall not be taken into account.

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3.16.4. List of CUITs with inconsistent operations.
The entity must verify prior to processing expenditure operations of funds abroad if the client is included in the list of CUITs with inconsistent operations in the online system implemented by the BCRA for this purpose and, if affirmative, must reinforce control measures to determine the reasonableness and genuineness of the operations. Entities will retain a copy of the tasks performed in the client's file.

Upon detection of inconsistencies in the documentation presented by a client intending to process an operation, entities must refrain from processing the operation and incorporate the client's identification data into the online system.

In all cases where indications of foreign exchange fraud are detected, entities must file the corresponding complaints with the BCRA under the terms of the Foreign Exchange Criminal Regime Law.

3.16.5. VPU that has requested registration in the RIGI planning to use the benefits regarding collections from exports of goods and services.

If the client is a Single Project Vehicle (VPU) that has requested registration in the Regime of Incentive for Large Investments (RIGI) indicating to the Application Authority that it planned to use the benefits established in article 198 of Law 27.742 regarding collections from exports of goods and services, compliance with the complementary requirement provided in point 14.4. must be given.

This requirement will also apply for access to the foreign exchange market for the return of capital of indebtedness and/or repatriation of a contribution that had been registered partially or totally as an income in favor of the VPU under the terms provided in points 14.4.3. and 14.4.4.

3.17. Access with “Certification for the regimes of access to foreign exchange for the incremental production of oil and/or natural gas (Decree 277/22)”.

3.17.1. The client who has a “Certification for the regimes of access to foreign exchange for the incremental production of oil and/or natural gas (Decree 277/22)” may access the foreign exchange market up to the amount of the certification to carry out:

3.17.1.1. Principal payments of debts originated in the importation of goods with registration of customs entry up to 12/12/23.

3.17.1.2. Principal payments of debts originated in the importation of services provided or accrued from 13/12/23 before the period provided in point 13.2. and/or provided or accrued up to 12/12/23.

3.17.1.3. Interest payments of commercial debts for the importation of goods and services whose creditor is a counterparty linked to the debtor without the prior consent required in point 3.3.3.

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3.17.1.4. Payments of profits and dividends to non-resident shareholders to the extent that the requirements provided in points 3.4.1. to 3.4.3. are verified.

3.17.1.5. Principal and interest payments of financial indebtedness with abroad whose creditor is a counterparty linked to the debtor without the prior consent required in point 3.5.6.

3.17.1.6. Repatriations of direct investments by non-residents in companies that are not controlling entities of local financial entities within the framework of the provisions in point 3.13.

In all cases, compliance with the remaining general and specific requirements applicable to the operation under the current foreign exchange regulations must be accredited.

In the event that the client has obtained the benefit by virtue of a cession from the original beneficiary within the framework of Decree 277/22, the entity must have a certification from the entity in charge of monitoring the benefits of Decree 277/22 for the original beneficiary noting that it has taken knowledge of the cession and that it is consistent with what is provided in point 3.17.3.

3.17.2. The beneficiaries of the Regime of access to foreign exchange for incremental oil production (RADPIP) and/or Regime of access to foreign exchange for incremental natural gas production (RADPIGN) must nominate a single local financial entity that will be responsible for issuing the “certifications for the regimes of access to foreign exchange for the incremental production of oil and/or natural gas (Decree 277/22)” and sending them to the entities through which the client wishes to access the foreign exchange market.

In the event that the client is a direct beneficiary of Decree 277/22, to be enabled to issue the certifications, the entity must also be nominated by the client as responsible for:

3.17.2.1. the issuance of the “Certifications of increase in goods exports” within the framework of point 3.18.

3.17.2.2. the monitoring of all operations that fall under points 7.9. and 7.10.

If it is necessary to modify the nominated entity responsible for what is indicated in points 3.17.2.1. and/or 3.17.2.2., the new entity will be considered responsible once the change of entity has been registered in the BCRA and the previous entity has sent it the detail of the certifications issued in the name of the client up to that moment.

3.17.3. The nominated entity must record the amounts of benefits recognized by the Secretariat of Energy within the framework of Decree 277/22 in favor of the client, noting the period to which the benefit corresponds and the total amount of the benefit in US dollars obtained for the period.

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In the event that the client is a direct beneficiary of Decree 277/22, the entity may issue “certifications for the regimes of access to foreign exchange for the incremental production of oil and/or natural gas (Decree 277/22)” up to the amount arising from considering the accumulated amount of the total benefits recognized to the client by the Secretariat of Energy net of the accumulated amounts for the concepts detailed below:

3.17.3.1. the benefits obtained by the client within the framework of Decree 277/22 that have been ceded to direct suppliers with the validation of the Secretariat of Energy.

3.17.3.2. the amount of the application of foreign exchange from collections of goods exports to the cancellation of principal of financial indebtedness with abroad or debt securities included in point 3.5. and/or the repatriation of direct investments, contemplated within the framework of the provisions in points 7.9. and/or 7.10., registered from 07/01/22.

3.17.3.3. the amount of principal maturities that, within the following 365 (three hundred sixty-five) calendar days, will be registered for those financial indebtedness with abroad or debt securities included in point 3.5. that must be attended with the application of collections of goods exports within the framework of the provisions in points 7.9. and/or 7.10.

3.17.3.4. the amount of the “Certifications of increase in goods exports”, issued in the name of the beneficiary within the framework of point 3.18. from 07/01/22.

3.17.3.5. the equivalent amount of payments made from 07/01/22 by the beneficiary within the framework of the provisions in points 3.4.4.4. and/or 3.4.4.5., for profits and dividends generated by direct investment contributions settled from 01/17/20 and/or for projects framed in the “GAS PLAN”, respectively.

3.17.4. The financial entity designated by the beneficiary for the issuance of the “Certifications for the regimes of access to foreign exchange for the incremental production of oil and/or natural gas (Decree 277/22)” must:

3.17.4.1. notify its appointment to the Main Management of Foreign Exchange and Currency of the BCRA within 10 (ten) calendar days of occurrence.

3.17.4.2. keep available to the SEFyC a record of the benefits obtained by the client, the certifications issued, and the amounts corresponding to what is provided in points 3.17.3.1. to 3.17.3.5.

3.17.4.3. comply with the information requirements established by the BCRA regarding this mechanism.

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3.17.5. When the beneficiary wishes to modify the nominated entity for the issuance of the certifications, the entity in charge of monitoring must notify the beneficiary's will to the new entity.

In the case of acceptance, the new entity will be enabled to issue new certifications once the change of entity has been notified to the BCRA and the previous entity has sent it the detail of the certifications issued in the name of the beneficiary up to that moment.

3.18. Access with “Certification of increase in goods exports”.

3.18.1. Clients who have a “Certification of increase in goods exports in the year 2021” or “Certification of increase in goods exports in the year 2022” or “Certification of increase in goods exports in the year 2023” may access the foreign exchange market up to the amount of the certification to carry out:

3.18.1.1. Interest payments of commercial debts for the importation of goods and services whose creditor is a counterparty linked to the debtor without the prior consent required in point 3.3.3.

3.18.1.2. Payments of profits and dividends to non-resident shareholders to the extent that the requirements provided in points 3.4.1. to 3.4.3. are verified.

3.18.1.3. Principal and interest payments of financial indebtedness with abroad included in point 3.5. whose creditor is a counterparty linked to the debtor without the prior consent required in point 3.5.6.

In all cases, compliance with the remaining general and specific requirements applicable to the operation under the current foreign exchange regulations must be accredited.

This mechanism cannot be used by the increases in goods exports of the year 2023 by legal persons that are beneficiaries of the promotion regime for exports of the knowledge economy (Chapter II of Decree 679/22).

3.18.2. To process a “Certification of increase in goods exports”, the exporter must nominate a single local financial entity that will be responsible for issuing the corresponding certifications and sending them to the entities through which the client wishes to access the market.

The nominated entity may issue a “Certification of increase in goods exports in year t” when all of the following requirements are verified:

3.18.2.1. The FOB value of goods exported in year t whose period to enter and settle foreign exchange was not less than 30 (thirty) calendar days at the time of shipment and that have a certification of compliance within the framework of SECOEXPO, is higher than the FOB value of its exports for that same set of goods exported in all of year t-1.

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For the purposes of this calculation, goods exported through operations exempt from monitoring by virtue of the provisions in point 8.5.17., exports for consumption with temporary import dispatch (DIT), or those that have the customs advantages “EXPONOTITONEROSO” or “PROMOEXPO” shall not be considered.

3.18.2.2. The exporter does not record permits with expired period for the entry and settlement of foreign exchange in a state of non-compliance at the date of issuance.

Permits that have the condition of “non-compliant in collection management” will not be considered for these purposes.

3.18.2.3. The exporter recorded goods exports in year t-1.

3.18.2.4. The amount of the certifications issued, including the one requested to be issued, does not exceed the equivalent in foreign currency to the maximum amount established for the exporter by the provisions in point 3.18.3.

3.18.2.5. The entity has a sworn statement from the exporter noting that the increase in exports corresponds to new commercial operations of a genuine nature and not to exports of goods previously carried out by third parties that are registered in their name by virtue of agreements with the third party or others.

3.18.2.6. The entity has a sworn statement from the exporter noting that, in the event that they and their economic group have been summoned to a price agreement by the National Government, they have not refused to participate in such agreements nor have they failed to comply with what was agreed in case of possessing a current program.

3.18.3. The maximum amount of the certifications for each year will be calculated by considering the lesser of the total increase arising from the calculation provided in point 3.18.2.1. and the equivalent to 30% (thirty percent) of the FOB value of the computable exports for year t-1.

The maximum amount of the certifications for the exporter, which will be informed to the entities by the BCRA, will be determined by assigning, considering the period to enter and settle foreign exchange that corresponded to the exporter at the time of shipment, the following coefficients to the type of good in which the increase was registered:

3.18.3.1. 5% (five percent) when it corresponds to goods that had assigned a period of 30 (thirty) calendar days.

3.18.3.2. 10% (ten percent) when it corresponds to goods that had assigned a period of 60 (sixty) calendar days.

3.18.3.3. 15% (fifteen percent) when it corresponds to goods that had assigned a period of 180 (one hundred eighty) or more calendar days.

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In the event that the exporter combines increases and decreases in different types of goods and/or the total increase exceeds the equivalent of 30% (thirty percent) of the computable amount for year t-1 based on increases registered in different types of goods, the calculation will be based on a distribution among the different categories in which there was an increase.

When the client is a direct beneficiary of Decree 277/22, the amounts of the “certifications for access to foreign exchange regimes for the incremental production of oil and/or natural gas (Decree 277/22)” issued within the framework of what is provided in point 3.17., must be deducted from the amount of “Certification of increase in goods exports” that can be issued.

3.18.4. The entity nominated by the exporter to monitor this mechanism, before issuing each certification, must verify in the information supplied by the BCRA for this purpose: the maximum total amount that certifications issued in favor of an exporter can accumulate and that the exporter does not have permits in a situation of non-compliance.

The BCRA will initially consider as the entity nominated by the exporter for the issuance of the “Certification of increase in goods exports” that entity which on 04/06/21 was recorded as the nominated entity in the largest number of shipped permits by the exporter in 2021. In the event that the exporter made their first computable export after that date, the nominated entity for the same will be selected.

When the exporter wishes to modify the nominated entity for the issuance of certifications, the entity in charge of monitoring must notify the new entity of the exporter's intent. In the event that the new entity accepts, it will be authorized to issue new certifications once the change of entity has been registered with the BCRA and the previous entity has sent the details of the certifications issued on behalf of the exporter up to that moment.

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4.1. Operations with debit in an account at a local financial entity and/or with credit, purchase, and prepaid cards issued in the country.
4.1.1. Cash withdrawals from abroad.
Cash withdrawals abroad with debit cards or any modality that implies an immediate debit in an account at a local financial entity can be made with debits from the client's local accounts in pesos or foreign currency.
Financial entities must offer their clients the possibility to select and modify, remotely, the account associated with their debit card on which debits will be made, taking as the primary account in these cases, by default, the client's foreign currency account, if they were the holder of a foreign currency account. A withdrawal with a debit card or any modality that implies an immediate debit in a peso account at a local financial entity or with a prepaid card issued in the country with a balance in pesos will be considered the formation of external assets in banknotes covered by point 3.8., and the applicable requirements must be met. In the case of a withdrawal with a prepaid card, the limit established for cash operations will apply. The entity must previously carry out the corresponding registration or verification, as applicable, in the online system and report the operation as a purchase of foreign currency banknotes (concept code A09).

4.1.2. Consumption abroad with debit cards or any modality that implies an immediate debit in a peso account at a local financial entity or with prepaid cards.
Consumption abroad with a debit card or any modality that implies an immediate debit in an account at a local financial entity can be made with debits from the client's accounts in pesos or foreign currency.
Financial entities must offer their clients the possibility to select and modify the account on which debits will be made, taking as the primary account in these cases, by default, the client's foreign currency account if they had one.
For consumption abroad paid for with a debit card or any modality that implies an immediate debit in a local peso account or with a prepaid card issued in the country with a balance in pesos, in addition to the registration of payments abroad by the entity itself, a sales voucher must be prepared in the client's name for the concept code “P15. Purchase by residents for delivery to the entity in payment of the balance in foreign currency for use of cards or debit in account”.

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5.8.2.3. All companies in the economic group of the payment processor, including the local subsidiary if any, apply programs based on international standards for the prevention of money laundering and terrorist financing, and likewise, have policies and practices of use aimed at guaranteeing that their clients do not use the payment processing system for illegal or inappropriate operations.
5.8.2.4. The payment processing company receives funds exclusively through the financial infrastructure of accounts at financial entities, regardless of the payment method used by the local paying client from abroad.
For income corresponding to the collection of exports of goods and services, the receiving entity of the transfer will issue, at the exporter's request, a certification of income and settlement of foreign exchange for the funds received in local currency.

5.9. General foreign exchange position and foreign currency holdings of entities.
5.9.1. Financial entities may freely determine the level of their general foreign exchange position (GFP).
5.9.2. Exchange houses and agencies may not increase, without prior approval of the BCRA, their foreign currency holdings compared to the average of their holdings from August 2019 or the “stock” at the close of the day prior to 02/09/19, whichever is higher.
Exchange houses and agencies registered before 01/09/19 and that had not operated until that date must consider the foreign currency holdings registered at the start of the day they began their operations.
5.9.3. Entities may not purchase securities in the secondary market with settlement in foreign currency.
5.9.4. Entities may not use funds from their GFP to make payments to local suppliers.
5.9.5. When entities acquire securities in primary subscription with settlement against cable in accounts abroad, they may only sell them in the secondary market with settlement in foreign currency in the country once 90 (ninety) calendar days have passed from the date of their acquisition. This period does not apply to sales made with settlement against cable in accounts abroad.

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5.10. Operations inherent to entities.
5.10.1. Entities must prepare exchange vouchers in their own name when they correspond to:
5.10.1.1. Collections or payments in foreign currency for own exchange operations as a client.
5.10.1.2. Exchange, swap, or arbitrage operations with the BCRA and other financial or exchange entities in the country.
5.10.2. The entity's own operations must be registered on the date the effect on their GFP occurs.
5.10.3. It will not be necessary to carry out exchange registration in the entity's own name for movements in foreign currency in the country associated with their credit and deposit operations.
5.10.4. When an entity's own operation is subject to the obligation to deposit and settle foreign exchange in the foreign exchange market, the requirement will be considered fulfilled with the deposit of funds into the entity's GFP. The same criterion will apply to the settlement of funds obtained from the issuance of securities denominated and subscribed in foreign currency in the country.

5.11. Exchange operations between entities.
These operations must be carried out through SIOPEL.
Peso movements resulting from the settlement of buy-sell exchange operations carried out between entities must be made obligatorily through accounts opened at the BCRA or at local financial entities.

5.12. Arbitrage and swap operations abroad by entities.
Such entities may carry out arbitrage and swap operations abroad provided that the counterparty is:
5.12.1. a branch or agency abroad of local official banks; or
5.12.2. a foreign financial entity wholly or majority-owned by foreign states; or
5.12.3. a foreign financial or exchange entity that is not constituted in countries or territories where the Recommendations of the Financial Action Task Force are not applied, or are not applied sufficiently; or
5.12.4. a foreign company dedicated to the buying and selling of banknotes from different countries and/or precious metals minted or in bars of good delivery, whose head office is located in a member country of the Basel Committee on Banking Supervision.

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5.13. Operations implying the import and/or export of national currency.
Entities may carry out exchange operations implying the import and/or export of Argentine peso coins and banknotes provided that the counterparty is one of those provided for in point 5.12. Operations implying the import of Argentine peso banknotes will also be subject to the provisions established for the purchase of foreign currency by non-residents. The settlement of foreign exchange remitted to the local entity by the counterparty for the acquisition of local currency banknotes is exempt from the provisions of the first paragraph of point 2.9. to the extent that there is a commitment by the counterparty regarding that such funds will be commercialized with the object of meeting the demand for tourism and travel, and the export is carried out within a period not exceeding 30 (thirty) calendar days from the date of the exchange agreement.

5.14. Settlement of foreign currency financings granted by local financial entities.
Funds received by clients by virtue of foreign currency financings granted by local financial entities must be settled in the foreign exchange market at the time of their disbursement, except when they are pre-financing and/or post-financing of exports of goods and services granted to natural persons. The above will not apply in the case of financings granted through the primary subscription of debt securities or other debt-representative securities contemplated in point 3.6., with the settlement of funds by the issuer subject to the rules applicable to the instrument.

5.15. Suspension of operations for non-compliance with registration with the BCRA.
Financial entities must suspend their foreign exchange operations if they record a delay of more than 4 (four) business days in the validation in any section of the foreign exchange operation information regime.
Exchange entities must suspend their operations if they are in the situation indicated above.
The suspension will proceed without any communication from the BCRA and will remain until their informational situation is regularized.

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7.1. Obligation to deposit and settle within established deadlines.
7.1.1. Officialized exports from 02/09/19.
The foreign currency equivalent of the export up to the invoiced value according to the agreed sales condition must be deposited into the country and settled in the foreign exchange market within the deadlines stated in point 7.1.2.
Regardless of the maximum deadlines fixed, export collections must be deposited and settled in the foreign exchange market within 20 (twenty) business days from the date of collection. The possibility of using this deadline will be subject in all cases to compliance with the deadline applicable to the operation in point 7.1.2. Foreign currency amounts originating from insurance claim collections for contracted coverages, to the extent that they cover the value of the exported goods, are covered by this obligation. The exporter must select an entity to carry out the “Monitoring of foreign exchange negotiations for goods exports”. The obligation to deposit and settle foreign exchange for a shipping permit will be considered fulfilled when the entity has certified such situation through the mechanisms established for this purpose. Export collections of goods deposited by natural persons will be exempt from the settlement obligation to the extent that the conditions stated in point 7.1.5 are met. In the event that the client is a Single Project Vehicle (SPV) adhering to the Incentive Regime for Large Investments (RIGI) that declared to the Application Authority that it intended to use the benefits established in article 198 of Law 27.742 regarding the collection of exports of goods and services, the provisions of points 14.1.1. and 14.1.2. will apply, as applicable.

7.1.2. Deadlines for the deposit and settlement of officialized exports from 02/09/19.
The deposit and settlement of foreign exchange through the foreign exchange market must be carried out, considering the tariff position of the goods in the Common Nomenclature of MERCOSUR (NCM), within the following deadlines calculated from the date of the shipping permit granted by the Customs:
7.1.2.1. 30 (thirty) calendar days for exports of goods to any counterparty corresponding to tariff positions 1001.19.00, 1001.99.00, 1003.90.10, 1003.90.80, 1005.90.10 (except pisingallo corn), 1007.90.00, 1201.90.00, 1208.10.00, 1507.10.00, 1507.90.19, 1517.90.90 (except those that do not contain soy), 2304.00.10, 2304.00.90 and to chapter 27 (except tariff positions 2710.19.31, 2710.19.32, 2710.19.99 and 2716.00.00).

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7.1.2.2. 60 (sixty) calendar days for exports to any counterparty corresponding to chapters 26 (except positions 2601.11.00, 2603.00.90, 2607.00.00, 2608.00.10, 2613.90.90, 2616.10.00, 2616.90.00 and 2621.10.00) and 71 (except positions 7106.91.00, 7108.12.10 and 7112.99.00).
7.1.2.3. 60 (sixty) calendar days for operations with related parties that do not correspond to the goods indicated in points 7.1.2.1. and 7.1.2.2.
Exporters who carried out operations included in this point in which the importer is a company controlled by the Argentine exporter may request that the entity in charge of monitoring the destination extend the deadline to:
i) the deadline that would correspond to the operation if the counterparty were not related to the exporter, when:
a) it is an officialized export from 01/01/26 and the exporter has not registered exports for a total value exceeding the equivalent of USD 200,000,000 (two hundred million US dollars) in the calendar year immediately preceding the officialization of the destination. b) it is an officialized export prior to 01/01/26 and the exporter has not registered exports for a total value exceeding the equivalent of USD 50,000,000 (fifty million US dollars) in the calendar year immediately preceding the officialization of the destination. ii) a period of 120 (one hundred twenty) calendar days when the exporter has exceeded the amount indicated in the preceding point and the exported goods correspond to the positions detailed below:
0202.30.00.111D, 0202.30.00.115M, 0202.30.00.117R; 0202.30.00.118U, 0202.30.00.121G, 0202.30.00.124N, 0202.30.00.126T, 0202.30.00.131K, 0202.30.00.133P, 0202.30.00.136W, 0202.30.00.137Y, 0202.30.00.141N, 0202.30.00.142Q, 0202.30.00.146Z, 0202.30.00.147B, 0202.30.00.151R, 0202.30.00.943L, 0202.30.00.991Y, 0202.30.00.992A, 0202.30.00.995G, 0203.21.00.000J, 0206.29.90.300P, 0207.14.00.100K, 1901.90.20 (in immediate containers of net content less than or equal to 1 kg) and 2204.21.00.

7.1.2.4. 365 (three hundred sixty-five) calendar days for exports to unrelated parties corresponding to goods from chapters 42, 61, 62, 64 and 65 and tariff position 8401.40.00 (Nuclear reactor parts).

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7.1.2.5. 180 (one hundred eighty) calendar days for exports to unrelated parties corresponding to the rest of the goods.
7.1.2.6. 365 (three hundred sixty-five) calendar days for operations carried out within the framework of the “EXPORTA SIMPLE” regime, regardless of the type of good exported.

7.1.3. Advances, pre-financing, and post-financing from abroad.
Advances, pre-financing, and post-financing from abroad must be deposited and settled in the foreign exchange market within 20 (twenty) business days from the date of collection or disbursement abroad.
Operations deposited by natural persons will be exempt from the settlement obligation to the extent that the conditions stated in point 7.1.5 are met.
In the event that the client is a Single Project Vehicle (SPV) adhering to the Incentive Regime for Large Investments (RIGI) that declared to the Application Authority that it intended to use the benefits established in article 198 of Law 27.742 regarding the collection of exports of goods and services, the provisions of point 14.1.4. will apply.

7.1.4. Pre-financing, post-financing, and financings to importers abroad granted by local financial entities.
They must be settled in the foreign exchange market at the time of their disbursement, except when they correspond to natural persons and the conditions stated in point 7.1.5 are met.
In the event that the client is a Single Project Vehicle (SPV) adhering to the Incentive Regime for Large Investments (RIGI) that declared to the Application Authority that it intended to use the benefits established in article 198 of Law 27.742 regarding the collection of exports of goods and services, the provisions of point 14.1.4. will apply.

7.1.5. Exception to the settlement of collections for exports of goods carried out by natural persons.
Collections for exports of goods carried out by natural persons will be exempt from the settlement obligation to the extent that the deposit of funds through the foreign exchange market has been carried out within the deadlines provided and the following conditions are met:
i) it is not officialized exports by natural persons on behalf and order of legal entities, estates, or other universals.

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ii) The funds are credited to foreign currency accounts owned by the client at local financial entities. iii) the use of this mechanism must be neutral in fiscal matters.
For the registration of these operations, two vouchers without peso movement must be prepared; the purchase voucher will be made for the corresponding export collection concept, and the sales voucher must be registered under the concept code “A22. Credit of export collections of goods and services”. Entities may not charge commissions for these operations. This is without prejudice to the ability to pass on to their client the charges that may correspond for services provided by foreign entities intervening in the transfer, when duly documented.

7.1.6. Officialized exports prior to 02/09/19.
Export collections officialized prior to 02/09/19 that were pending collection on that date must be deposited and settled in the foreign exchange market within 20 (twenty) business days from the date of collection or disbursement abroad or in the country.

7.2. Settlements and other income attributable to the fulfillment of a shipping permit.
7.2.1. Collection of exports.
Deposit of foreign currency attributed to exports of goods that is settled by the exporter in the foreign exchange market after the shipping permit granted by Customs for the export.
7.2.2. Deposit of own funds by exporters to fulfill the obligation.
When exporters advance funds from their accounts abroad in order to fulfill the obligation to settle exports carried out and pending collection.
7.2.3. Deposits through payment processing companies.
Settlement of foreign exchange carried out by payment processors in the foreign exchange market and whose proceeds were credited to local accounts in national currency in the name of the exporter.
7.2.4. Deposits through the Local Currency System.
For the amount credited in national currency in the exporter's account by virtue of export collections channeled through the SML.
In the event that the deposit corresponds to exports to Paraguay or Uruguay invoiced in the currency of the destination country of the export, the equivalent in that currency of the credited amount will be computed.

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7.2.5. Income from collections of exports of goods completed by natural persons
within the framework of what is provided in point 7.1.5.
7.2.6. Income from collections of exports of goods exempt from settlement pursuant
to what is provided in points 2.6. and 2.7.
Income from collections of exports of goods that fall under the exceptions provided for in points 2.6. and 2.7. to comply with the conditions applicable in each case.
The intervening entity must require a sworn declaration from the exporter regarding the classification of the operation as indicated above and the details of the respective shipping permits.
When two or more export destinations for consumption are involved in the same settlement, the shipping permit number and the amount in foreign currency attributed to the permit in the currency being settled must be recorded individually.
7.3. Application of foreign currency from collections of exports.
There is an application of foreign currency from collections of goods exports when it has been certified that the exported goods themselves or the foreign currency collected for them were used to cancel the principal, interest and/or expenses of granting operations of financing, to pay profits and dividends and/or to complete the repatriation of a direct investment by a non-resident shareholder in the cases admitted in points 7.3.1. to 7.3.12. For the collections of exports applied to be attributed to the fulfillment of the officialized shipping permits from 02/09/19 onwards, it will be necessary in all cases to have an application certificate issued by the entity in charge of the "Follow-up of advances and other financing of goods exports". Exporters who carry out foreign currency settlements associated with the operations included in points 7.3.1. to 7.3.9. must request that the intervening entity assign them an identification number (APX number) and incorporate it into the aforementioned follow-up. In the case of operations included in point 7.3.6. that do not register settlements in the foreign exchange market because they are refinancings of pre-existing debts, the entity nominated by the exporter pursuant to what is established in point 7.9.3. must incorporate it into the aforementioned follow-up, using for its identification the sequential number assigned to the client's operation (ECO number: Entity-CUIT-Operation No.). The above will apply both to the settlements associated with the operations detailed in this point and to the income from these operations completed within the framework of what is provided in point 7.1.5. by exporters who are natural persons.

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7.3.1. Export advances of goods settled.
Advance in foreign currency made on behalf of the foreign importer as payment partial or total of the purchase order or supply made to the exporter, settled in the foreign exchange market prior to the granting of the shipping clearance of the merchandise by Customs.
7.3.2. Pre-financing of goods exports settled.
Financing granted to the exporter by a local financial entity or by a non- resident other than the foreign importer with the object of being destined to finance the processes of purchase of inputs, production and export of goods, settled in the foreign exchange market prior to the shipping clearance of the merchandise by Customs.
7.3.3. Post-financing of goods exports settled.
Financing granted to the exporter by a local or foreign financial entity or by international companies dedicated to the discounting of export credits, from their rights to collect from a foreign buyer for goods already delivered.
7.3.4. Settlements associated with exports that have financing for
foreign importers granted by local financial entities.
Settlements of funds in foreign currency delivered to the exporter by a local financial entity within the framework of financing for foreign importers, either directly or through credit lines or foreign banks, for the acquisition of goods produced in the country provided for in point 2.1.16. of the rules on "Credit Policy".
7.3.5. Promissory notes denominated and payable in foreign currency issued within the framework of
General Resolution 1.003/24 of the National Securities Commission (CNV) Settlements of foreign currency funds obtained by the exporter from the issuance of promissory notes denominated and payable in foreign currency issued within the framework of General Resolution 1.003/24 of the National Securities Commission (CNV) to the extent that:
7.3.5.1. The entire amount of funds received by the exporter has been settled
in the foreign exchange market within 72 (seventy-two) business hours of receipt.
7.3.5.2. The cancellation of the principal or interest of the promissory notes is carried out in the country
through a transfer from a foreign currency account in the name of the exporter in a local entity and the funds originated from the swap and/or arbitrage of a transfer from abroad for collections of goods exports.

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7.3.5.3. There is an application certificate issued by the entity
in charge of the "Follow-up of advances and other financing of goods exports" of the settlement of the funds obtained by the issuance of the promissory note.
Collections of exports of goods entered into the country in foreign currency that are applied to the cancellation of the principal or interest of these instruments will be exempt from the settlement obligation to the extent that:
i) The funds are credited to foreign currency accounts owned by the exporter in local financial entities. ii) The credited funds are destined within 72 (seventy-two) business hours to the cancellation of the principal or interest of the promissory notes.
7.3.6. Other financial operations authorized to apply collections of exports of
goods and services.
The financial operations listed in point 7.9. to the extent that the requirements and procedures stipulated to be authorized for the application of collections of exports of goods and services are met.
7.3.7. Operations authorized for the application of collections of exports of goods in
the framework of the investment promotion regime for exports (Decree 234/21).
The operations listed in point 7.10. to the extent that the requirements and procedures stipulated to be authorized for the application of collections of exports of goods are met.
7.3.8. Financing associated with goods imports authorized for the application of collections of exports of goods
Commercial or financial financing associated with the making of payments deferred or at sight for imports of goods that meet the conditions and requirements provided for in point 7.11.
7.3.9. Advances, pre-financing and post-financing from abroad with partial settlement pursuant to what is provided by Decrees 492/23, 549/23, 597/23 and 28/23.
The application of foreign currency to the cancellation of principal and interest corresponding to the unsettled portion of advances, pre-financing and post-financing from abroad will be admitted from what is provided in Decrees 492/23, 549/23, 597/23 and 28/23, to the extent that the client demonstrates that, during their respective validities and under the conditions stipulated in the aforementioned decrees, they entered and settled foreign currency in the foreign exchange market for an amount not less than the minimum percentage required of the operation and for the unsettled portion of the collection carried out securities trading operations, in which the securities are acquired with settlement in foreign currency and sold with settlement in local currency in the country.

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The application of the unsettled portion must be certified by the entity in charge of the "Follow-up of advances and other financing of goods exports" of the settled portion of the operation, and the remaining usual requirements must be verified. In the event that the operation has been settled by more than one entity, each may certify the application of the unsettled portion in proportion to its participation in the settled portion. In the event that the acquisition of securities has been carried out with settlement in the country of the foreign currency, the certification of the entity that processed the swap and/or arbitrage operation for the entry of foreign currency through the foreign exchange market must be obtained.
7.3.10. Pre-financing and financing of exports granted or guaranteed by
local financial entities pending as of 08/31/19 that were not settled in the foreign exchange market.
7.3.11. Advances and pre-financing of exports from abroad pending as of 08/31/19
that were not settled in the foreign exchange market, to the extent that prior consent is obtained or the mechanism described in point 9.3.3.2. is applied.
Exporters who intend to apply these operations to shipments officialized from 02/09/19 must nominate a single entity to carry out the follow-up of the entire set of their operations.
The requests for consent must be submitted to the BCRA exclusively by the entity nominated by the exporter.
7.3.12. Financial loans with contracts in force as of 08/31/19 whose conditions provide for
the servicing through the application abroad of the cash flow of goods exports.
In the case of operations settled in the foreign exchange market between 09/16/05 and 10/11/17, the application of the foreign currency to the principal, interest and other allowed concepts will only be admissible when the settlement had fallen under provisions that authorized the application of foreign currency from goods exports to their cancellation.
7.4. Other attributions admitted in the fulfillment of the obligation to enter and settle.
The exporter may request that the entity in charge be deemed to have partially or fully fulfilled the follow-up of a shipping permit when the operation is included in any of the situations detailed in point 8.5. and the conditions provided for in each case are verified.

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7.5. Extensions of the deadline for the entry and settlement of foreign currency.
The entity in charge of the follow-up of the permit may grant extensions in the deadline for entry and settlement under the following circumstances:
7.5.1. Minimum deadline for financing the import in the country of destination.
When in the country of destination there is a minimum financing deadline for the import that is greater than the maximum deadline for settlement for the collection of the exports, the deadline in force in the country of destination will apply.
7.5.2. Exports financed by the exporter to the buyer totally pre-financed
and/or post-financed locally or from abroad.
When the pending amount to be entered from the operations has been pre-financed in its entirety and the funds settled in the foreign exchange market as concept of local and/or foreign pre-financing of exports, the deadline may be extended for the settlement of foreign currency of the shipment until the maturity date of the corresponding financing given by the exporter to the buyer. As long as the exporter demonstrates having settled in the foreign exchange market, before the expiration of the deadline, post-financing of exports that cover the entire pending amount to be entered from the permit, without verifying the conditions provided for in points 9.3.4. and 9.3.5. for the issuance of the corresponding application certificate, the deadline may be extended for the settlement of foreign currency of the shipment until the date on which the longest discounted and/or ceded credit by the exporter expires. This last provision will also apply when the exporter has pre-financed partially the operation and demonstrates having settled in the foreign exchange market, before the expiration, post-financing of exports that cover the rest of the pending amount to be entered. This extension of the deadline may also be granted to exports of goods included in what is provided by Decrees 492/23, 549/23, 597/23 and 28/23, to the extent that the client demonstrates that, during their respective validities and in the conditions stipulated in the aforementioned decrees, they entered and settled foreign currency in the foreign exchange market for an amount not less than the minimum percentage required of the advance, pre-financing or post-financing and the unsettled portion carried out securities trading operations, in which the securities are acquired with settlement in foreign currency and sold with settlement in local currency in the country. In the event that the acquisition of securities has been carried out with settlement in the country of the foreign currency, the certification of the entity that processed the swap and/or arbitrage operation for the entry of foreign currency through the foreign exchange market must be obtained.

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7.5.3. Permits whose funds are retained in accounts associated with
financial indebtedness referred to in points 7.3.6., 7.9. and 7.11. and the pre-financing of exports included in point 7.8.5.
In the event that the date until which the collections from a permit must remain deposited pursuant to what is required in the financing contract is later than the expiration of the deadline for the settlement of foreign currency of the permit, the exporter may request that this deadline be extended until the fifth business day following that date. This option will be available until reaching 125% (one hundred twenty-five percent) of the services for principal and interest to be paid in the current month and the following 6 (six) calendar months.
7.5.4. Operations with eligible related parties for an extension.
7.5.4.1. When the entity has verified that the export destination
corresponds to an operation in which the conditions provided for in the second paragraph of point 7.1.2.3. are met, it may extend the deadline until that which is applicable to the operation under that point.
7.5.4.2. When the entity has verified that the export destination was
incorrectly declared to Customs as an operation with a related party, the deadline may be extended until that which is applicable to exports with unrelated parties according to point 7.1.2.
7.5.5. Indeterminacy of the final price in exports under the regimes of
revisable prices or concentrated minerals.
When at the expiration of the deadline it has not been possible, for reasons beyond the control of the exporter, to determine the final price of the goods included in the operation, the entity may extend the deadline until 120 (one hundred twenty) calendar days from the date of shipping clearance shown on the provisional shipping permit. For this, the entity in charge of the follow-up must verify compliance with the following conditions:
7.5.5.1. The exporter has registered attributions for the modalities admitted
for at least 85% (eighty-five percent) of the value of the provisional shipping permit, and
7.5.5.2. the exporter has delivered a sworn declaration in which it records
the reasons beyond their control by which it has not been possible to determine the final price of the goods included in the operation.

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7.5.6. Collections eligible for the mechanism provided for in point 7.10. that are
deposited until their application to the allowed uses.
If the pending amount of a permit is fully covered by collections of exports that are eligible for the mechanism provided for in point 7.10. and that are waiting for their application to the allowed uses, deposited in correspondent accounts abroad of local financial entities and/or in local accounts in foreign currency of local financial entities; the exporter may request the entity in charge of the follow-up of the permit that the deadline be extended until the date on which the application is estimated to be made.
7.5.7. Collections falling under the settlement exception for beneficiaries of the
promotion regime for the exports of the knowledge economy.
The entity in charge of the follow-up may extend the deadline for the settlement of a shipping permit to the extent that:
7.5.7.1. the client has used the mechanism provided for in point 7.8.4. for the
entire amount that is pending settlement; and
7.5.7.2. the funds remain deposited in a "Special Account for the promotion regime
of the knowledge economy. Decree No. 679/22" owned by the client.
7.6. Defaults in collection management.
A shipping permit will be registered by the follow-up entity in the condition of "Default in collection management" when it has been verified that the default is due to the importer's failure to pay, by having demonstrated the situations provided for pursuant to points 7.6.1. to 7.6.3. In all cases, the entity must obtain the sworn declaration on the genuineness of what is declared, signed by the exporter or whoever exercises their legal representation or a proxy with sufficient powers to assume this commitment on behalf of the exporter. Except in cases where the importer's failure to pay originates in a foreign exchange control in the importer's country, the figure of "Default in collection management" cannot be applied by the follow-up entity when it comes to operations with related parties. If, once the existing problems are overcome, the importer makes the payment, the Argentine exporter or, in its case, the export credit insurance company must enter the foreign currency within 20 (twenty) business days from the date of making the funds available. Version: 7th COMMUNICATION "A" 8481 Validity:
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7.6.1. Foreign exchange control in the importer's country.
When the foreign importer's failure to pay is due to the existence of at least one of the following situations:
7.6.1.1. The country of destination of the export has implemented restrictions on
foreign currency remittances abroad for the payment of imports after the shipment of the merchandise, and while these restrictions last, which will be accredited by a copy with consular legalization of the regulation that establishes said foreign exchange control.
7.6.1.2. In the country of destination, access to the foreign exchange market for the payment of
imports of goods is subject to the requirement of prior authorization, existing documentation that allows the intervening entity to consider that there is a delay in the granting of these authorizations, which is not attributable to the parties involved in the commercial operation nor to the participating financial entities.
7.6.2. Subsequent insolvency of the foreign importer.
When the foreign importer has fallen into a state of insolvency after the shipment of the merchandise and the exporter provides the following documentation:
7.6.2.1. Record of the publications that make known the start of the
bankruptcy proceedings as required by the legislation in force in the country where it is processed.
7.6.2.2. Record of the presentation made by the exporter to obtain the
recognition and payment of their claim, certified by the authority involved in the process, according to the procedure applicable in the country where it had to be made.
The documentation must be legalized by a consular authority or pursuant to what is provided by the Hague Convention of October 5, 1961, when applicable.
7.6.3. Delinquent debtor.
When the exporter maintains judicial actions against the importer or another obligated to make the payment, accrediting it with a copy of the complaint of initiation of the lawsuit certified by the intervening court as to its start date and filing.
The documentation must be legalized by a consular authority or pursuant to what is provided by the Hague Convention of October 5, 1961, when applicable.

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Cases may also be included in this category, without the need for the exporter to have initiated and maintained legal actions, when any of the following situations are verified:

7.6.3.1. The exporter demonstrates that the operation was covered by an export credit insurance policy and has settled the amounts covered by the insurance company for the unpaid credit, with the latter subrogating the rights to carry out collection efforts, both judicial and extrajudicial, directly against the debtor.

7.6.3.2. When the importer is a public sector entity in the destination country, and the exporter demonstrates their collection efforts through claims made within the framework of the legislation applicable to the operation.

7.6.3.3. The exporter demonstrates in a reliable manner their collection efforts through claims made to the payment obligor by export credit insurance companies without the operation having been covered by them, or by entities constituted as national or foreign recovery agencies contracted by the exporter for this purpose. This alternative will only be valid to the extent that the accumulated value pending settlement owed to the exporter by the non-resident does not exceed the equivalent of USD 200,000 (two hundred thousand US dollars).

7.6.3.4. The exporter demonstrates in a reliable manner their collection efforts through claims made to the payment obligor without reaching the initiation of judicial proceedings. This alternative will only be valid to the extent that in the calendar year considering the dates of officialization of the shipping permits, the accumulated value pending settlement of these permits does not exceed the equivalent of USD 100,000 (one hundred thousand US dollars).

In cases falling under points 7.6.3.2. and 7.6.3.4., to the extent that the amount exceeds the equivalent of USD 25,000 (twenty-five thousand US dollars), the entity must additionally request the presentation of an external audit report, which certifies: amount pending collection, accounting registration of the credit, its provisions or write-offs, actions initiated for collection, attaching a copy of the supporting documentation of said management (notes, emails, telegrams, letters, contracts, record of management carried out, etc.).

7.7. Cancellation of advances or other export financings without application of foreign exchange from goods export collections.

Given the characteristics that define advances, export pre-financings - local or external - and other export financings, these operations must be canceled with funds originating from the collection of goods exports, unless the client can demonstrate that they cannot do so in this way due to causes beyond their control (for example: withdrawal of the operation by the external buyer, non-payment by the external buyer, etc.).

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Access to the local exchange market to cancel advances or other external export financings without application of foreign exchange from goods export collections will be governed by the rules for the cancellation of capital services of financial loans.

Access to the exchange market by clients for the pre-cancellation of export financings granted by local financial entities will be subject to the prior conformity of the BCRA. This requirement will be considered fulfilled to the extent that the client registers, on the date of access to the market, settlements from goods export collections for an amount equal to or greater than that being pre-cancelled to the local financial entity.

In the case of operations included in the “Follow-up of advances and other goods export financings” (Section 9.), the entity to grant access to the exchange market must have the corresponding certification from the entity responsible for the follow-up of the financing.

Exporters who register advances or other export financings included in the “Follow-up of advances and other goods export financings”, for direct debts not guaranteed by local financial entities, must notify the entity responsible for their follow-up of any decrease in the amount of debt owed that does not originate from the application of export collections.

7.8. Other provisions.

7.8.1. Exports on behalf and order of third parties.

In the case of exports carried out on behalf and order of third parties within the framework of General Resolution 616/99 of the Federal Administration of Public Revenues, in which mandataries, consignees, or other intermediaries carry out the sale of goods abroad on behalf and order of the owner of the merchandise, the following shall apply:

7.8.1.1. To the extent that they are named in the shipping permit, both parties (the documenter and the owner of the merchandise) are responsible for compliance with the obligation to deposit and settle foreign exchange for the operation.

7.8.1.2. The entity responsible for following up the permit may compute the settlements and/or applications of foreign exchange that are carried out according to current regulations by both the exporter and the documenter, to the extent that they appear as such in the shipping permit.

7.8.2. Exports under the regimes of revised prices or mineral concentrates.

In the case of exports of products that are commercialized based on FOB prices subject to a determination after the moment of registration of the operation (Export of merchandise with revised prices – General Resolution 4.073-E/17 of the Federal Administration of Public Revenues) or under the Framework of Mineral Concentrates Regime (General Resolution 2.108/06 of the Federal Administration of Public Revenues), the following shall apply:

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7.8.2.1. The deadline for depositing and settling foreign exchange will be counted from the date of completed shipment appearing in the provisional shipping permit: “Suspensive Destination of Export of Merchandise with Revised Prices” (ES02) or “Destination of export of mineral concentrates with provisional FOB value” (ES03).

7.8.2.2. The amount subject to the obligation to deposit and settle foreign exchange will be computed from the FOB value appearing in the definitive shipping permits: “Definitive destination of export of merchandise previously exported under revised prices” (EC08) or “Destination of export for consumption of mineral concentrates” (EC09).

7.8.2.3. The settlements and/or applications imputed to the provisional shipping permit may also be computed as imputations to the definitive shipping permit and vice versa.

7.8.2.4. When at the deadline the definitive shipping permit has not yet been officialized, entities may grant compliance of the provisional shipping permit taking into account the imputations registered up to that moment against the data arising from the provisional shipping permit and any other documentation justifying the amount settled by the exporter (such is the case of the invoice for the amount corresponding to the final price).

In the event that on that date it has not been possible to determine, due to causes beyond the exporter's will, the definitive price of the goods included in the operation, the exporter may request an extension of the deadline to the entity responsible for follow-up to the extent that the conditions provided for in point 7.5.5. are verified.

7.8.2.5. In the event that a definitive shipping permit is associated with a provisional shipment officialized prior to 02/09/19, entities may grant the shipment compliance of the definitive permit.

7.8.3. Application of foreign exchange from advances, pre-financing or post-financings of external exports to the cancellation of export pre-financings.

The exporter may apply foreign exchange from advance collections and new pre-financings or post-financings from abroad to the cancellation of local and/or external pre-financings.

The entity responsible for following up the cancelled pre-financing will register on behalf of the client simultaneously a settlement and an outflow of foreign exchange for the amount of the cancellation, incorporating the settlement into the “Follow-up of advances and other goods export financings” from the date of its registration.

In the case of external export pre-financings pending as of 31/08/19 and that were not settled in the exchange market, prior conformity of the BCRA will be required.

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7.8.4. Exemption from settlement for collections of goods exports of beneficiaries of the promotion regime for exports of the knowledge economy.

Collections of goods exports of legal entities that are beneficiaries of the promotion regime for exports of the knowledge economy (Chapter II of Decree 679/22) will be exempt from the obligation to settle, to the extent that they fall within the regulatory deadlines established, provided that all of the following conditions are met:

7.8.4.1. the intervening entity must have a sworn statement from the client stating that the collections that are not settled correspond to exports of goods that are related to activities linked to the knowledge economy.

7.8.4.2. the foreign currency funds are credited in a “Special Account for the promotion regime of the knowledge economy. Decree 679/22” owned by the client until they are destined for payment in foreign currency of the remuneration of employed personnel, duly registered, affected to the activities of the knowledge economy, according to the criteria established in Decree 679/22 and Resolution 234/22 of the Ministry of Economy.

7.8.4.3. the client has for the equivalent of the amount intended not to be settled a “Certification of increase in exports associated with the knowledge economy (Decree 679/22)” issued under the terms provided for in point 2.6.2.

The amounts of foreign exchange to be affected under the provisions of Chapter II of Decree 679/22 cannot be subject to any other differential exchange treatment other than that provided for in said chapter.

For the purpose of registering these operations, two tickets without weight movement must be prepared, the purchase ticket will be made for the concept of export collections that correspond and the sale ticket must be registered under the concept code “A22. Accreditation of collections of exports of goods and services”.

The imputation of the deposited amount to the fulfillment of the shipping permit will require that the exporter present, before the entity responsible for its follow-up, documentation demonstrating that transfers in foreign currency were registered for said amount from the “Special Account for the promotion regime of the knowledge economy. Decree 679/22” for the payment of remuneration of employed personnel.

On the other hand, the entity responsible for following up the shipping permit may extend the settlement deadline of the permit when, for the amount pending settlement, the client has used this mechanism and the funds remain deposited in the “Special Account for the promotion regime of the knowledge economy. Decree 679/22” owned by the client.

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7.8.5. Foreign currency guarantees for export pre-financings with external funding.

Export pre-financings granted by external financial entities or by local financial entities with funding from external credit lines, deposited and settled in the exchange market from 01/08/25, with an average life not less than 3 (three) years that contemplate at least 1 (one) year of grace for capital payment or alternatively with an average life not less than 2 (two) years with 18 (eighteen) months of grace for capital payment, will allow the client:

7.8.5.1. accumulate the funds originating from the collection of goods and services exports from the debtor in foreign currency accounts opened in local financial entities or abroad destined to guarantee the cancellation of the installments of said pre-financing as provided for in the financing contract.

This option will be available until reaching 125% (one hundred twenty-five percent) of the services for capital and interest to be paid in the current month and the following 6 (six) calendar months, according to the schedule of service installments agreed with creditors, the excess funds being deposited and settled in the exchange market within the deadlines provided for in the general rules in this matter.

In the event that the date until which collections must remain deposited by virtue of what is required in the financing contract is later than the deadline for settling foreign exchange, the exporter may request that this deadline be extended until the fifth business day following said date.

7.8.5.2. access the exchange market under the terms provided for in point 3.11.3. for the purchase of foreign currency for the constitution of guarantees in foreign currency accounts opened in local financial entities or abroad destined to guarantee the cancellation of the installments of said pre-financing as provided for in the financing contract.

7.9. Financial operations enabled to apply collections of goods and services exports.

7.9.1. The application of export and service collections will be enabled, to the extent that the conditions stated in each case are met, in the following cases:

7.9.1.1. Payment of capital and interest of financial indebtedness with abroad or debt securities included in point 3.5. whose funds have been deposited and settled in the exchange market from 02/10/20 and destined to the financing of projects that meet the conditions provided for in point 7.9.2., to the extent that their average life is not less than 1 (one) year, considering the payment of capital and service interest.

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7.9.1.2. Repatriation of direct investments of non-residents in companies that are not controlling entities of local financial entities whose funds have been deposited and settled in the exchange market from 02/10/20 and destined to the financing of projects that meet the conditions provided for in point 7.9.2., to the extent that the repatriation occurs after the date of completion and execution of the investment project and, as a minimum, 1 (one) year after the deposit of the capital contribution in the exchange market.

In the event that the client is a direct beneficiary of Decree 277/22, the application can only be validated by the entity responsible for follow-up up to the amount arising from subtracting the value of the benefits of Decree 277/22, used by the client directly or indirectly.

7.9.1.3. Payment of capital and interest of securities issuances with access to the exchange market based on what is provided for in points 3.6.1.3. (only when the funds have been settled in the exchange market from 16/10/20) to 3.6.1.5. and destined to the financing of projects that meet the conditions provided for in point 7.9.2., to the extent that their average life is not less than 1 (one) year considering the capital and interest installments.

7.9.1.4. Payment of capital and interest of financial indebtedness with abroad or debt securities included in point 3.5., whose funds have been settled in the exchange market from 08/08/25, to the extent that their average life is not less than 2 (two) years and the first capital payment is not registered before 18 (eighteen) months have passed from the deposit of the funds.

7.9.1.5. Payment of capital and interest of financial indebtedness with abroad or debt securities included in point 3.5., whose funds have been settled in the exchange market from 19/04/24, to the extent that their average life is not less than 3 (three) years and the first capital payment is not registered before one year has passed from the deposit of the funds.

7.9.1.6. Payment of capital and interest accrued up to the date of application by a client that is a Single Project Vehicle (SPV) adhered to the Incentive Regime for Large Investments (RIGI) to the extent that they are operations falling under point 14.2.1.

7.9.1.7. Repatriations of direct investment contributions of non-residents in a Single Project Vehicle (SPV) adhered to the Incentive Regime for Large Investments (RIGI) falling under point 14.2.3.

7.9.1.8. Payment of capital and interest of debt securities issuances with public registration in the country denominated in foreign currency and whose services are payable in foreign currency in the country or issuances of debt securities with public registration abroad, to the extent that:

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i) their issuance took place between 07/01/21 and 31/12/23; ii) they were delivered to creditors within the framework of debt securities swap operations or refinancing of capital and/or interest installments of the following 2 (two) years for indebtedness with abroad whose final maturity was later than the period considered at the date of their issuance in point 7. of Communication A 7106 and concordant (provisions received in point 3.17. of the Annex of Communication A 7914); iii) considering the set of the operation, the average life of the new debt implies an increase not less than 18 (eighteen) months with respect to the refinanced installments.

7.9.1.9. Payment of capital and interest of debt securities issuances with public registration in the country, denominated in foreign currency and whose services are payable abroad or in foreign currency in the country or issuances of debt securities with public registration abroad, contracted between 09/10/20 and 31/12/23, with an average life not less than 2 (two) years and whose delivery to creditors took place as part of the refinancing plan duly requested in point 7. of Communication A 7106 and concordant (provisions received in point 3.17. of the Annex of Communication A 7914), based on the following parameters:

i) the capital amount for which access to the exchange market was obtained until 31/12/23 did not exceed 40% (forty percent) of the amount of capital that matured, except when for an amount equal to or greater than the excess the debtor:

a) registered settlements in the exchange market from 09/10/20 for issuances of debt securities with public registration abroad or other financial indebtedness with abroad; or

b) registered settlements in the exchange market from 09/10/20 for issuances of debt securities with public registration in the country denominated and subscribed in foreign currency and whose services were payable in foreign currency in the country; or

c) had a “Certification of increase in goods exports” for the years 2021 to 2023 issued under the framework of point 3.18.; or

d) had a “Certification for the regimes of access to foreign exchange for the incremental production of petroleum and/or natural gas (Decree 277/22)” issued under the provisions of point 3.17.

ii) the rest of the capital that matured was, as a minimum, refinanced with a new indebtedness with abroad with an average life of 2 (two) years greater than the remaining average life of the refinanced capital.

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7.9.1.10. Payment of principal and interest on debt securities with public registration abroad and other financial indebtedness with foreign entities, where funds have been deposited and settled in the foreign exchange market between 10/16/20 and 12/31/23, and have allowed reaching the refinancing parameters set forth in point 7.9.1.9.

7.9.1.11. Payment of principal and interest on debt security issuances with public registration in the country, denominated and subscribed in foreign currency, with services payable in foreign currency in the country, where funds have been settled in the foreign exchange market between 10/16/20 and 12/31/23, and have allowed reaching the refinancing parameters set forth in point 7.9.1.9.

7.9.2. The operations in points 7.9.1.1. to 7.9.1.3. will be eligible to the extent that the settled funds are destined to finance investment projects in the country that generate:

7.9.2.1. an increase in the production of goods, the majority of which will be placed in external markets and/or will allow substituting imports of goods.

The preceding condition will be deemed fulfilled when it is reasonably demonstrated that at least two-thirds of the increase in the production of goods as a result of the project will be destined for external markets and/or the substitution of imports within 3 (three) years following the completion of the project, with a positive effect on the foreign exchange balance of goods and services, and/or

7.9.2.2. an increase in the transport capacity for the export of goods and services through the construction of infrastructure works in ports, airports, and international land transport terminals.

7.9.3. Exporters who opt for this mechanism must designate a local financial entity to monitor the operation, which will be responsible for:

7.9.3.1. certifying compliance with the eligibility conditions of the financing operations to which the foreign currency will be applied,

7.9.3.2. monitoring the shipping permits whose collections remain abroad in accordance with the provisions of this regulation,

7.9.3.3. monitoring the guarantees established and the special accounts that are constituted, and

7.9.3.4. fulfilling the information requirements established by the BCRA regarding these operations.

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In the case of operations destined for the projects included in point 7.9.2., the entity responsible for monitoring must additionally:

7.9.3.5. certify compliance with the conditions for the eligibility of the project,

7.9.3.6. monitor the execution of the project and its financing.

7.9.4. For those operations for which exporters exercise the option provided in this point, the designated financial entity must send, by note addressed to the Main Management of Foreign Exchange and Changes within 90 (ninety) calendar days following the first deposit of funds, the corresponding certification that the conditions allowing the operation to be categorized are met.

The certification submitted to the BCRA must contain, at minimum, the detail of the regulatory point in which the operation falls, its identification number within the framework of the “Monitoring of advances and other financing of goods exports”, and, if there are indebtedness that contemplate the maintenance of guarantee accounts or specific accounts not under guarantee, identification of the type of account and local or foreign financial entity.

The identification number to be stated will be the APX number for operations with settlement in the market, or the ECO (Entity-CUIT-Operation Number) number for those operations without settlements as they are refinancing of pre-existing debts.

In the case of operations destined for the financing of projects included in point 7.9.2., the entity must additionally send the certification of compliance with the conditions for the eligibility of the project, which must contain, at minimum, the description of the project, the projected amount to be invested, and the composition of the financing.

The certification issued by the financial entity must be based on projections regarding the expected annual increase in the production of exportable goods or those allowing import substitution, external sales based on the analysis of placement possibilities or, in case, imports to be substituted, proportion of future external sales or import substitution to be covered by the production of the new project, expected foreign currency flows, and foreign currency flows affected by the servicing of the financing.

The entity will request professional opinions it deems necessary to ensure the reasonableness and genuineness of the operation in economic and financial aspects, which must be complemented by opinions on the technical aspects of the project, when the project does not have approval in terms of Law 26.360.

The documentation used by the financial entity and worksheets supporting the issuance of the certification must be archived at the entity, available to the BCRA.

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7.9.5. For financial indebtedness with foreign entities or debt securities included in point 3.5. that have been deposited and settled through the foreign exchange market from 01/07/21 (only from 08/08/25 in the case of those included in point 7.9.1.4.), it is admitted that the funds originating from the collection of exports of goods and services of the debtor may be accumulated in accounts abroad and/or in the country destined to guarantee the cancellation of the maturities of the issued debt.

This option will be available up to 125% (one hundred twenty-five percent) of the services for principal and interest to be paid in the current month and the following 6 (six) calendar months, according to the schedule of maturities of the services agreed with creditors, with the excess funds being deposited and settled in the foreign exchange market within the timeframes provided in the general regulations on the matter.

In the event that the date until which collections must remain deposited under the financing contract is later than the maturity of the timeframe for foreign currency settlement, the exporter may request that this timeframe be extended until the fifth business day following said date.

7.9.6. Residents with indebtedness included in point 7.9.1. and originating from 01/07/21 (only from 08/08/25 in the case of those included in point 7.9.1.4.) or trusts constituted in the country to guarantee the servicing of principal and interest of such indebtedness, may access the market, provided that the conditions set forth in point 3.11.3. are met, to purchase foreign currency for the constitution of guarantees in foreign currency accounts opened at local financial entities or abroad (when it concerns a financial indebtedness included in point 3.5.), for the amounts due in the indebtedness contracts.

7.10. Operations enabled for the application of collections of exports of goods within the framework of the investment promotion regime for exports (Decree 234/21).

7.10.1. The application of foreign currency collections for goods exports corresponding to projects included in the investment promotion regime for exports (Decree 234/21) and in the terms established by the implementing authority for the following operations will be admitted:

7.10.1.1. Payment from maturity of principal and interest of debts for the importation of goods and services.

7.10.1.2. Payment from maturity of principal and interest of financial indebtedness with foreign entities or debt securities included in point 3.5.

7.10.1.3. Payment of profits and dividends corresponding to closed and audited balances.

7.10.1.4. Repatriation of direct investments by non-residents in companies that are not controlling entities of local financial entities.

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7.10.2. The application of foreign currency to the operations indicated will be admitted provided that all of the following conditions are verified:

7.10.2.1. The applied amount does not exceed 20% (twenty percent) of the foreign currency amount corresponding to the export permit whose collections are applied.

7.10.2.2. The amount applied in the calendar year does not exceed the equivalent of 25% (twenty-five percent) of the gross amount of investments deposited to finance the development of the project generating the applied exports.

The gross amount of investments to be calculated will arise from the sum of the amounts accumulated by:

i) settlements made in the foreign exchange market from 04/07/21 regarding financial indebtedness with foreign entities or debt securities included in point 3.5. and foreign direct investment contributions.

ii) the FOB value of capital goods imported into the investment project whose customs entry registration occurred from 04/07/21 and which had financing from a foreign creditor with an average life of no less than 1 (one) year that was not calculated in the previous point or constituted a direct investment in kind to the resident company.

Investments can be calculated once one calendar year has passed since their settlement in the foreign exchange market and/or the customs entry registration of the capital goods, as applicable.

In the case of direct investment contributions, the client must present the documentation supporting the definitive capitalization of the contribution. If not available, they must present proof of the start of the registration procedure before the Public Commerce Registry of the decision to definitively capitalize the contributions calculated according to the corresponding legal requirements and commit to presenting the documentation of the definitive capitalization of the contribution within 365 (three hundred sixty-five) calendar days from the start of the procedure.

7.10.2.3. In the event that the client is a direct beneficiary of Decree 277/22, the application of foreign currency can only be validated by the entity responsible for monitoring up to the amount resulting from subtracting the value of the benefits of Decree 277/22, used by the client directly or indirectly.

7.10.2.4. Exporters who opt for this mechanism must designate a local financial entity to monitor the project included in the mentioned regime, which will be responsible for:

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i) Verifying that the exporter possesses an “Investment Certificate for Export” issued by the Implementing Authority.

ii) Certifying that the goods exports whose collections are intended to be applied are linked to the project approved by the Implementing Authority.

iii) Monitoring the shipping permits whose collections are intended to be applied in accordance with the provisions of this point.

iv) Registering the importation of capital goods that comply with the provisions of point 7.10.2.2.ii) and monitoring the corresponding import shipments.

v) Monitoring the funds pending application.

vi) Fulfilling the information requirements established by the BCRA regarding these operations.

The entity nominated by an exporter must notify such situation to the BCRA by note addressed to the Main Management of Foreign Exchange and Changes within 30 (thirty) calendar days of the nomination occurring.

The note to be submitted to the BCRA must contain, at minimum, a copy of the “Investment Certificate for Export”, the description of the project, the projected amount to be invested, and the composition of the financing.

Likewise, the BCRA must be notified of each investment deposited to finance the project, informing its amount, characteristics, and, if it is indebtedness, the payment conditions established. The note must state the operation identification number (APX number) within the framework of the “Monitoring of advances and other financing of goods exports” and indicate if the operation falls within the provisions of point 7.9.

In the event that the investment corresponds to an operation included in point 7.10.2.2.ii), the corresponding officialization number must also be stated in the note.

7.10.2.5. For the registration of the operations in point 7.10.2.2.ii) in the foreign exchange operations information regime (RIOC), the entity responsible for monitoring must prepare two tickets without fund movement with the following characteristics:

i) The purchase ticket will be prepared by a concept code identifying that it is an operation included in the mentioned point, noting the identification of the creditor or the contributor, as applicable, and assigning an identification number (APX number) that will allow the incorporation of the operation into the “Monitoring of advances and other financing of goods exports”.

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ii) The sales ticket will be prepared with the concept code reflecting the deferred payment of imports of goods made, noting that the payment falls within this mechanism.

iii) The tickets must be registered on the date when the customs entry registration of the capital goods occurred, regardless of when the client requests their registration with the financial entity.

7.10.3. Collections of goods exports received by an exporter that are eligible for the mechanism provided in this point and are not simultaneously applied to the admitted uses may remain deposited until their application in correspondent accounts abroad of local financial entities and/or local accounts in foreign currency of local financial entities.

In the event that the application has not taken place by the time of the maturity of the timeframe for the settlement of foreign currency of the corresponding permit, the exporter may request that the entity responsible for monitoring the permit extend the timeframe until the date when the application is estimated to be made.

7.10.4. The cases provided in point 1) of article 8° bis incorporated by Decree 836/21 into Decree 234/21, may apply for 2 (two) consecutive calendar years for each calendar year in which the benefit was not used, up to 40% (forty percent) of the value of the permits shipped during the years in which the extended benefit is used, provided that the annual applied amount does not exceed the equivalent of 40% (forty percent) of the gross amount of foreign currency deposited to finance the development of the project generating the applied exports.

Access to the option indicated in the preceding paragraph can be obtained once two calendar years have passed since the first deposit of foreign currency that initiates the project. This timeframe can be calculated as part of the non-use period that gives rise to the use of the extended benefit.

Additionally to the provisions in the first paragraph of point 7.10.3., funds may also remain in bank accounts of foreign financial entities that are not constituted in countries or territories where the recommendations of the Financial Action Task Force are not applied or not sufficiently applied.

7.10.5. The cases provided in point 2) of article 8° bis incorporated by Decree 836/21 into Decree 234/21, may apply for 2 (two) consecutive calendar years for each calendar year in which the benefit was not used, up to 60% (sixty percent) of the value of the permits shipped during the years in which the extended benefit is used, provided that the annual applied amount does not exceed the equivalent of 60% (sixty percent) of the gross amount of foreign currency deposited to finance the development of the project generating the applied exports.

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Access to the option indicated in the preceding paragraph can be obtained once two calendar years have passed since the first deposit of foreign currency that initiates the project. This timeframe can be calculated as part of the non-use period that gives rise to the use of the extended benefit.

Additionally to the provisions in the first paragraph of point 7.10.3., funds may also remain in bank accounts of foreign financial entities that are not constituted in countries or territories where the recommendations of the Financial Action Task Force are not applied or not sufficiently applied.

7.10.6. In the event that the operations are included in the investment promotion regime for exports (Decree 234/21) and also fall within the provisions of point 7.9., exporters may use the mechanisms provided in said point in addition to the provisions in points 7.10.1. and 7.10.3.

When the use of the mechanisms in point 7.9. results in an amount exceeding what is provided in this point, the entity responsible for monitoring must take the excess amounts into account, and timely deduct them, from the benefits corresponding to the client for this point in future periods until reaching an amount equivalent to the recorded excess.

7.11. Financing associated with imports of goods enabled for the application of collections of exports of goods.

7.11.1. The application of foreign currency collections for goods exports to the cancellation of maturities of principal and interest of the following operations will be admitted:

7.11.1.1. Commercial financing for the importation of goods granted by the foreign supplier.

These financings may, if the parties so agree, have guarantees from local or foreign financial entities, foreign official export credit agency, or others.

7.11.1.2. Commercial financing for the importation of goods where foreign currency disbursements were applied, net of expenses, directly and entirely to advance, sight, or deferred payments of commercial debts with pending customs entry registration and/or deferred to the foreign supplier and/or to payments directly to the service provider of freight for imports of goods not included in their purchased condition, which have been granted by:

i) a foreign financial entity or foreign official export credit agency.

ii) a local financial entity from a credit line of a foreign financial entity.

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7.11.1.3. Financial loans granted by related counterparties to the client in which foreign currency disbursements were applied directly and entirely to advance, sight, and/or deferred payments of commercial debts with pending customs entry registration and/or deferred imports of goods to the foreign supplier and/or to payments directly to the service provider of freight for imports of goods not included in their purchased condition.

7.11.1.4. Financial loans granted by the creditors referred to in points 7.11.1.2. and 7.11.1.3. that are settled in the foreign exchange market and simultaneously used to make advance, sight, and/or deferred payments of commercial debts with pending customs entry registration and/or deferred imports of goods to the foreign supplier and/or to payments directly to the service provider of freight for imports of goods not included in their purchased condition.

7.11.1.5. Debt security issuances with public registration abroad or with public registration in the country denominated in foreign currency that contemplate that their services will be payable in the country or abroad, provided that:

i) the issuance was finalized from 09/21/23 and the funds were fully subscribed abroad.

ii) the security does not have principal maturities for at least 2 (two) years.

iii) all funds obtained were applied within 120 (one hundred twenty) calendar days of receipt to make advance and/or sight payments and/or deferred payments of commercial debts with pending customs entry registration and/or deferred imports of goods to the foreign supplier and/or payments directly to the service provider of freight for imports of goods not included in their purchased condition.

7.11.1.6. Debt security issuances with the characteristics provided in point 7.11.1.5. and meeting the conditions stated in clauses i) and ii), that have been settled in the foreign exchange market and simultaneously used to make advance and/or sight payments and/or deferred payments of commercial debts with pending customs entry registration and/or deferred imports of goods to the foreign supplier and/or payments directly to the service provider of freight for imports of goods not included in their purchased condition.

7.11.2. The application of foreign currency to the operations indicated will be admitted provided that all of the following conditions are verified:

7.11.2.1. The origin date of the financing occurred from 05/19/23 for operations in points 7.11.1.1. to 7.11.1.4. and from 09/21/23 for operations in points 7.11.1.5. and 7.11.1.6.

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When the financing is provided by the supplier itself outside the country of the goods, the origin date shall be the date on which the agreed purchase condition was met. Meanwhile, the date on which the foreign supplier received the funds shall be taken when payments are made directly from abroad by the financier.

7.11.2.2. In the event that the origin date of the financing occurred on or before 12/12/23, it must be verified that:

i) the importer has demonstrated that on the origin date of the financing they held a SIRA declaration in "SALIDA" (EXIT) or "CANCELADA" (CANCELLED) status for the goods included in the operation and that the goods do not correspond to the tariff positions included in point 12.2. of the Annex of Communication A 7914.

ii) if there were funds destined for the payment of freight for imports of goods not included in the purchase condition, it must be demonstrated that on the origin date of the financing they held a SIRASE declaration in "APROBADA" (APPROVED) status.

For operations included in points 7.11.1.2 to 7.11.1.6, the requirement regarding SIRA or SIRASE declarations applies at the moment when the payment to the supplier of goods or freight services is concretized, as applicable.

7.11.2.3. The importer has demonstrated the registration of customs entry of the goods for a value equivalent to the total amount of the financing intended to be cancelled with this mechanism. For the purposes of the value of the goods, any concept that forms part of the agreed purchase condition registered in the invoice issued by the foreign supplier may be taken into account.

If there were funds destined for the payment of freight for imports of goods not included in the purchase condition and the importer demonstrated the registration of customs entry of the goods whose freight was paid, the value of the freight appearing in the transport documentation associated with the customs entry registration of the goods may also be computed.

In the case of operations included in point 7.11.1.6, the cancellation of interest is also admitted from the date on which the financing entry is completed, without the need to have the customs entry registration of the goods at that moment.

7.11.2.4. The financings of points 7.11.1.1 to 7.11.1.4. shall not have capital and/or interest maturities until 240 (two hundred forty) calendar days have elapsed since the registration of customs entry of the goods, and the financings of points 7.11.1.5 to 7.11.1.6. shall not record capital maturities during the first 2 (two) years from their issuance.

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7.11.2.5. The final maturity shall take place, at minimum, once 365 (three hundred sixty-five) calendar days have elapsed since the registration of customs entry of the goods for the financings of points 7.11.1.1 to 7.11.1.4 and 2 (two) years from issuance for the financings of points 7.11.1.5 to 7.11.1.6.

7.11.2.6. The accumulated amount of capital maturities shall in no instance exceed the amount resulting from computing the equivalent of one-fifth of the total value of the financed capital for each calendar month from the eighth month of the registration of customs entry.

7.11.2.7. The collections to be applied correspond to exports of goods concretized after the registration of entry of the goods.

In the case of operations included in point 7.11.1.6, the cancellation of interest is also admitted through the application of collections from exports of goods concretized from the date on which the financing entry was completed.

7.11.2.8. The importer has nominated a local financial entity to carry out the monitoring of the operation within the framework of the "Monitoring of advances and other financings of exports of goods", which must register with the BCRA that the importer exercised the option to frame the financing within the scheme of this mechanism.

The entity must verify the usual requirements for the purposes of certifying the application of foreign currency to the cancellation of the financing.

7.11.3. The financial entity in charge of the "Monitoring of advances and other financings of exports of goods" of the operations that fall under point 7.11.1 must concretize its registration with the BCRA through the information regime of exchange operations (RIOC).

In the case of payments concretized from financings of local financial entities or foreign creditors liquidated in the exchange market, the use of this mechanism must be recorded both in the purchase slip that reflects the client's liquidation and in the sales slip for the corresponding payment of imports of goods.

In the case of financings belonging to the supplier or those that imply direct payments to the supplier by the foreign creditor, for the purposes of registration with the BCRA, two slips without fund movement must be prepared with the following characteristics:

7.11.3.1. The purchase slip shall be prepared with a concept code that identifies that it is a financing included in the mechanism of point 7.11.1., leaving a record of the identification of the creditor and assigning an identification number (APX number) that will allow incorporation into the aforementioned monitoring.

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7.11.3.2. The sales slip shall be prepared with the concept code that reflects the type of payment of imports of goods that is made, leaving a record that the payment is concretized by this mechanism.

In the case of payments with customs entry registration, the corresponding certification from the entity in charge of monitoring the payment of imports of goods (SEPAIMPO) must be available. In the case of payments with pending customs entry registration, the operation will be incorporated into the corresponding monitoring provided for in point 10.5., and the general regulatory time limits for demonstrating the registration of customs entry of the goods will apply.

7.11.3.3. The slips must be registered on the date on which the financing originated, regardless of when the client requests its registration with the financial entity.

If there were funds from the operations contemplated in points 7.11.1.2 to 7.11.1.6 destined for direct payment to the supplier of freight services for imports of goods not included in their agreed purchase condition, for the purposes of registering the operation with the BCRA under the terms provided for in this point, the entities must prepare the corresponding sales slip leaving a record of the payment of such freight.

7.11.4. The requirement for the entry and liquidation of foreign currency of the financings contemplated in points 7.11.1.1, 7.11.1.2, 7.11.1.3 and 7.11.1.5, when applicable, shall be considered fulfilled to the extent that the registration of customs entry of goods for a value equivalent to the financing received is demonstrated.

7.11.5. For the issuance of debt instruments included in points 7.11.1.5 and 7.11.1.6, it is admitted that the funds originating from the collection of exports of goods and services of the debtor be accumulated in accounts abroad and/or in the country destined to guarantee the cancellation of the maturities of the issued debt.

This option will be available until reaching 125% (one hundred twenty-five percent) of the capital and interest to be paid in the current month and the following 6 (six) calendar months, according to the schedule of maturities of the services agreed with the creditors, with the excess funds being entered and liquidated in the exchange market within the time limits provided for in the general rules in this matter.

In the event that the date until which the collections must remain deposited by virtue of what is required in the financing contract is subsequent to the expiration of the time limit for the liquidation of foreign currency, the exporter may request that this time limit be extended until the fifth business day following said date.

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If the exporter considers that there are errors in the way a shipping permit has been reported in the SECOEXPO system, they must process the corresponding rectification directly with the ARCA.

The entity may consider the information rectified when it is reflected in the SECOEXPO or when the entity has documentation issued by the ARCA indicating expressly that said body considers the data indicated by the exporter in their rectification request to be valid.

8.4. Responsibilities of the entity nominated for permit monitoring.

8.4.1. Determination of the amount to be entered and liquidated.

The entity will calculate the amount subject to the obligation based on the information available in the SECOEXPO system and the commercial documentation provided by the exporter. Additionally, it must verify that this latter documentation is consistent with the customs records, considering the applicable customs declaration rules.

The amount of foreign currency to be entered and liquidated for an export will be determined by the FOB value of the merchandise registered with Customs plus the value of the other concepts included in the price according to the sales condition agreed with the buyer of the goods.

Since commercial documentation is essential to firmly establish the value reached by the obligation to enter and liquidate, its presentation by the exporter and the verification of its consistency with the data in the customs records are exclusive requirements for the entity to grant a certificate of compliance for the permit.

8.4.2. Determination of the time limit for the entry and liquidation of foreign currency.

The entity must determine the applicable time limit for each export based on what is provided in point 7.1.2.

In the event that an export is composed of different products, the applicable time limit will be that which represents a greater proportion of the total FOB value of the export.

The maturity date corresponding to an export will be that resulting from adding the applicable time limit to the date of completed shipment granted by Customs. If the resulting date is a non-business day, the maturity will be moved to the next business day.

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B.C.R.A.
EXTERIOR AND EXCHANGE
Section 8. Monitoring of foreign currency negotiations for exports of goods
(SECOEXPO).

9.1. Operations included.

9.1.1. All foreign currency liquidations in the exchange market from 02/09/19 that correspond to collections of advances, pre-financing or other financings for which the application of foreign currency from export collections is admitted.

9.1.2. Pre-financing and export financings pending on 31/08/19 that were granted or guaranteed by local financial entities.

9.1.3. Advances and pre-financing of exports from abroad pending on 31/08/19 that were liquidated in the exchange market and for which the exporter requests their application to officialized shipping permits from 02/09/19.

9.1.4. Advances and pre-financing of exports from abroad pending on 31/08/19 that were not liquidated in the exchange market for which the exporter requests their application to officialized shipping permits from 02/09/19.

9.1.5. Financial loans with contracts in force on 31/08/19 whose conditions provide for the attention of services through the application abroad of the export cash flow and for which the exporter requests their application to officialized shipping permits from 02/09/19.

9.1.6. Financial indebtedness with abroad and debt instruments denominated in foreign currency with public registration in the country, admitted in points 7.9 or 7.10.

9.1.7. Foreign direct investment contributions admitted in points 7.9 or 7.10.

9.1.8. Financings associated with imports of goods enabled for the application of collections from exports of goods contemplated in point 7.11.

9.1.9. Liquidations of funds obtained by the issuance of promissory notes denominated and payable in foreign currency issued within the framework of General Resolution 1.003/24 of the National Securities Commission (CNV) that will use the mechanism provided for in point 7.3.5.

The above will apply both to the liquidations associated with the operations detailed and to the income from these operations concretized within the framework of what is provided in point 7.1.5 by exporters who are natural persons.

9.2. Entity nominated by the exporter.

For each operation included, the exporter must select an entity as responsible for its monitoring.

This entity will be the only one responsible for issuing the application certificates that enable export collections to be imputed to the corresponding permits.

In the case of financings granted by local financial entities, the monitoring will be in charge of the entity that granted the financing until its total cancellation.

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For operations included in points 9.1.6 and 9.1.7, the monitoring will be in charge of the entity nominated in compliance with what is established in points 7.9 or 7.10.

In the case of operations included in point 9.1.8, the monitoring will be in charge of the entity that, at the request of the exporter and after verifying compliance with the requirements provided for in point 7.11., registered the operation with the BCRA.

In the remaining cases, the monitoring will initially be in charge of the entity that processes the liquidation through the exchange market, with the exporter being able to modify it subsequently to the extent that no applications of foreign currency to the cancellation of this have been registered.

In the event that the exporter requests the change, the entity in charge of the monitoring must notify the exporter's will to the new entity. The record of acceptance by the latter will release the previous entity from its obligations going forward.

9.3. Certifications of application of export collections.

At the request of the exporter, the entity in charge of the monitoring will issue the application certifications to the extent that the conditions provided for in points 9.3.1 to 9.3.14 are verified.

The entity must keep registered the application certifications issued for each of the operations under its monitoring.

9.3.1. Advances and pre-financing from abroad liquidated in the exchange market from 02/09/19 and local pre-financing.

The entity may issue the application certifications of the foreign currency to the cancellation of capital and interest to the extent that the following conditions are verified:

9.3.1.1. The entity has documentation that allows it to verify:

i) the genuine nature of the financing operation and its concordance with the type of operation declared;

ii) that the exporter has cancelled the creditor after 02/09/19 an amount equivalent to which the application certification is requested, as a consequence of the use of the foreign currency corresponding to the indicated permit;

iii) that, if applicable, for the cancelled operation, compliance with the "Survey of external assets and liabilities" has been given.

9.3.1.2. That the amount to be certified for an application to the cancellation of capital be less than or equal to the settled balance pending application that the entity registers for the operation in question.

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In the event that it is an operation from abroad partially liquidated during the respective validity of Decrees 492/23, 549/23, 597/23 and 28/23, certifications may also be issued for the unliquidated portion to the extent that what is provided for in point 7.3.9 is verified.

9.3.1.3. That the amount of the certification for an application of interest or other admitted concepts be consistent with those agreed for the operation and that they reflect market conditions.

The entity may also issue application certifications with imputation to an operation under its monitoring, to the extent that the exporter demonstrates unequivocally that the foreign currency of the permit was used to cancel the original debt that was ceded to another external creditor by the originally declared creditor, or a renewal of the original operation with the same creditor.

9.3.2. Advances and pre-financing from abroad pending on 31/08/19 that were liquidated by the exchange market.

The entity may issue the application certifications of the foreign currency to the cancellation of capital and interest to the extent that in addition to verifying the conditions indicated in point 9.3.1, the entity has a sworn declaration from the exporter detailing the pending amount of the debt on 31/08/19 and the cancellations made.

In the event that the amount owed was greater than USD 25,000 (twenty-five thousand US dollars), the entity must additionally have a certification from an external auditor in which it is recorded that what is declared by the exporter is consistent with the information arising from the review of accounting records, off-accounting records and any other additional documentation provided.

9.3.3. Advances and pre-financing of exports from abroad pending on 31/08/19 not liquidated in the exchange market.

The entity nominated by the exporter for the monitoring of the set of its operations that fall under this point must, for each operation presented by the exporter in addition to verifying the conditions indicated in point 9.3.1, require a sworn declaration from the exporter detailing the pending amount of the debt on 31/08/19 and the cancellations made.

In the event that the amount owed was greater than USD 25,000 (twenty-five thousand US dollars), the entity must additionally have a certification from an external auditor in which it is recorded that what is declared by the exporter is consistent with the information arising from the review of accounting records, off-accounting records and any other additional documentation provided.

The entity may issue a certification of application of the foreign currency to the cancellation of capital and interest of any of these operations only to the extent that any of the following situations is verified:

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9.3.3.1. prior conformity of the BCRA is available; or

9.3.3.2. the accumulated amount of capital and interest applications issued for the exporter's operations included in this section does not exceed 75% (seventy-five percent) of the value of new liquidations of advances and pre-financing from abroad liquidated by the exporter in the exchange market from 02/09/19.

9.3.4. Post-financing from abroad by discounts and/or cessions of credits to export.

Application certifications of the foreign currency to the cancellation of capital and interest corresponding proportionally to the liquidated amount may be issued, as arising from the copy of the liquidation carried out.

In the event that it is an operation partially liquidated during the respective validity of Decrees 492/23, 549/23, 597/23 and 28/23, certifications may also be issued for the unliquidated portion to the extent that what is provided for in point 7.3.9 is verified.

Certifications may only be issued to the extent that the entity has notice that the exporter has been released from their contingent obligations with abroad.

9.3.5. Post-financing of local financial entities by discounts and/or cessions.

Application certifications of the foreign currency to the cancellation of capital and/or interest corresponding proportionally to the liquidated amount may be issued, to the extent that income of foreign currency corresponding to:

9.3.5.1. The effective collection of the foreign currency of the shipment that originated the credit.

9.3.5.2. The non-recourse cession of the operation in an entity abroad.

9.3.5.3. The discount of the operation in an entity abroad, having left the local entity and the exporter released from their contingent obligations with abroad.

In the last two cases, for the purposes of issuing the certification, the amount of the discounted or ceded document will be computed, as applicable, with the entity making the corresponding registration in its name for the interest paid for the discount or cession abroad of the operation.

9.3.6. Financings of local financial entities to importers abroad.

Application certifications may be issued for the amounts liquidated by the exporter that are proportional to the amounts received by the entity for the cancellation of the financing capital.

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9.3.7. Promissory notes denominated and payable in foreign currency issued under General Resolution 1.003/24 of the National Securities Commission (CNV) within the framework of the provisions of point 7.3.5.
The entity may issue certifications of the application of foreign currency to cancellation from the maturity of the admitted principal and interest, provided that it verifies the conditions indicated in point 9.3.1. and has the documentation that allows verifying compliance with the requirements established in point 7.3.5.
9.3.8. Financial loans with contracts in force as of 08/31/19 whose conditions foresee the servicing of payments through the application abroad of export fund flows for which the exporter has requested their application to officialized shipping permits from 09/02/19.
The entity may issue certifications of the application of foreign currency to cancellation from the maturity of the principal, interest, and other admitted concepts, provided that, in addition to verifying the conditions indicated in point 9.3.1., the entity has a sworn declaration from the exporter detailing the outstanding amount of the debt as of 08/31/19 and the cancellations made. In the event that the amount owed is greater than USD 25,000 (twenty-five thousand US dollars), the entity must additionally have an external auditor's certification stating that what was declared by the exporter is consistent with the information arising from the review of accounting records, extra-accounting records, and any other additional documentation provided.
9.3.9. Financial debts with foreign entities admitted in points 7.9. or 7.10.
The entity may issue certifications of the application of foreign currency to the cancellation of principal, interest, and other admitted concepts, provided that it verifies the conditions indicated in point 9.3.1., confirms that the cancellation took place from the maturity date, and has the documentation that allows it to verify compliance with the requirements established in points 7.9. or 7.10., as applicable.
9.3.10. Publicly registered debt securities in the country denominated in foreign currency admitted in point 7.9.
The entity may issue certifications of the application of foreign currency to cancellation from the maturity of the principal, interest, and other admitted concepts, provided that it verifies the conditions indicated in point 9.3.1., confirms that the cancellation took place from the maturity date, and has the documentation that verifies compliance with the requirements established in point 7.9. B.C.R.A. FOREIGN EXCHANGE AND CHANGES
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9.3.11. Repatriations of direct investment contributions from non-residents in companies that are not controlling entities of local financial entities admitted in points 7.9. or 7.10.
The entity may issue the application certification provided that the entity has the documentation that allows it to verify:
9.3.11.1. compliance with the requirements established in points 7.9. or 7.10.;
9.3.11.2. that the non-resident shareholder who carried out the repatriation received an amount equivalent to that for which the application certification is requested, as a consequence of the use of the foreign currency corresponding to the indicated permit;
9.3.11.3. that the legal mechanisms provided for in the case of a capital reduction and/or return of irrevocable contributions made by the local company have been complied with;
9.3.11.4. the peso liability with foreign entities generated from the date of non-acceptance of the irrevocable contribution or capital reduction, as applicable. It is declared in the last expired submission of the “Survey of external assets and liabilities,” if applicable;
9.3.11.5. in the case of an application under an operation admitted in point 7.9., the accumulated amount of the applied certifications does not exceed the amount of the contribution timely entered and settled in the foreign exchange market.
9.3.12. Commercial debts for the import of goods and services within the framework of the provisions of point 7.10.
The entity may issue certifications of the application of foreign currency to cancellation from the maturity of the admitted principal and interest, provided that it verifies the conditions indicated in point 9.3.1. and has the documentation that allows verifying compliance with the requirements established in point 7.10. In the case of cancellations of the principal of commercial debts for goods imports, the entity must have the corresponding allocation certification issued by the entity responsible for monitoring in SEPAIMPO (Section 11.) of the dispatch through which the customs entry record of the goods originating the debt. B.C.R.A. FOREIGN EXCHANGE AND CHANGES
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9.3.13. Profits and dividends within the framework of the provisions of point 7.10.
The entity may issue certifications of the application of foreign currency for the payment of profits and dividends to non-resident shareholders, provided that all of the following conditions are met:
9.3.13.1. The profits and dividends correspond to closed and audited financial statements.
9.3.13.2. The total amount paid for this concept to non-resident shareholders, including the payment for which the application is being requested, does not exceed the amount in local currency corresponding to them according to the distribution determined by the shareholders' meeting.
The entity must have a sworn declaration signed by the legal representative of the resident company or an attorney-in-fact with sufficient powers to assume this commitment on behalf of the company.
9.3.13.3. The entity must verify that the client has complied, if applicable, with the declaration of the last expired submission of the “Survey of external assets and liabilities” for the operations involved.
9.3.14. Financing associated with goods imports enabled for the application of goods export collections contemplated in point 7.11.
The entity may issue certifications of the application of foreign currency to the cancellation of principal and interest, provided that, in addition to verifying the conditions indicated in point 9.3.1., it has the documentation that allows verifying compliance with the requirements established in point 7.11.
9.4. Date of foreign currency application.
It will be given by the date of effective cancellation of the concept to which the foreign currency from export collections was applied.
9.5. Minimum data for the certification.
The application certification must contain, at a minimum, the following information: CUIT and name of the exporter, date of issuance of the certification, shipping permit to which the applied collections correspond, date of application, type of operation canceled, concept canceled (principal and/or interest), currency, and amount of the application attributed to it. The amounts must be expressed in the currency that was timely settled by the foreign exchange market. B.C.R.A. FOREIGN EXCHANGE AND CHANGES
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9.6. Other circumstances that reduce the outstanding amount for application.
The entity must also record in its databases any other circumstance of which it becomes aware that implies a reduction in the amount of outstanding principal and available for application, not derived from the application of goods export collections, such as: cancellation of pre-financings with application of advances, cancellations made with the application of services, return of foreign financing through the foreign exchange market, creditor's waiver, etc.
9.7. Operations processed through the Local Currency System (SML).
In the case of advances processed through the SML from 09/02/19, the entity in which the funds were credited to the exporter must assume the “Monitoring of advances and other financing for goods exports,” taking as the entered amount the amount in national currency credited to the exporter's account. In the case of export advances to Paraguay or Uruguay invoiced in the currency of the export destination country, the equivalent in that currency of the credited amount will be computed. From their incorporation into monitoring, the general rules on the matter will apply.
9.8. Compliance with the BCRA's reporting regime.
The entity must comply with the provisions disclosed by the reporting regime associated with this monitoring.
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Compliance with said registration is also met when goods are entered into the country with customs clearance through a Private Request or Courier, or when the customs procedure for the entry of foreign goods into national free zones has been completed and said entry corresponds to a sale of goods from a non-resident to a resident. Customs records for suspensive imports from storage warehouses or entries of temporary imports without foreign currency transfers are not included.
10.2.3. Agreed purchase condition.
Condition agreed between the parties that establishes the moment at which the exporter's obligation to deliver the goods to the importer is considered fulfilled, with the costs borne by each party being fixed.
10.2.4. Commercial debt for goods imports.
For the purposes of access to the foreign exchange market, the following debts are considered commercial debts for goods import financing:
10.2.4.1. Financing for any term granted by the foreign supplier.
10.2.4.2. Financing for any term granted by a foreign export credit agency to finance the purchase of Argentine goods imports or other debts originating from import operations where the creditor is an official export credit agency.
10.2.4.3. Financing for any term granted by a foreign financial entity, where foreign currency disbursements are applied, net of expenses, directly and entirely to advance payment and/or sight payment and/or commercial debts with pending and/or deferred customs entry registration to the foreign supplier.
10.2.4.4. Financing for any term granted by a local financial entity where foreign currency disbursements are applied, net of expenses, directly and entirely to advance payment and/or sight payment and/or commercial debts with pending customs entry registration to the foreign supplier.
10.2.4.5. Financing for terms not exceeding 365 (three hundred sixty-five) calendar days from the shipping date granted by a local financial entity as a complement to foreign financing.
10.2.4.6. Financing for any term granted by a local financial entity as a complement to foreign financing contemplated in the preceding points, provided that it is granted with the opening of a letter of credit or guaranteed bills, or with a firmly approved credit by the entity, prior to the shipping date.
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For those issued or granted from 04/14/25, provided that the remaining conditions are met and the payment corresponds to the portion of an operation for which the client could have made sight payments or payments of commercial debts with pending customs entry registration under the provisions of points 10.10.2.1. or 10.10.2.2., it will also be admitted that the guaranteed payment had to be made from the estimated shipping date of the goods at origin plus an additional period of 15 (fifteen) calendar days. This additional period will not apply when the guaranteed payment is conditioned on the delivery of the merchandise by the supplier. The conditions applicable to letters of credit or guaranteed bills issued or granted until 12/12/23 were timely received in point 10.3.6. of Annex to Communication A 7914. The sales ticket must be issued in the name of the entity itself as a client for the concept “B14. Cancellation of commercial guarantees of financial entities for goods imports with customs entry registration.”
10.3.7. Foreign exchange registration of import payments with customs entry registration.
The foreign exchange sales ticket will be made for the concepts “B06. Deferred payments for goods imports (except capital goods),” “B14. Cancellation of commercial guarantees of financial entities for goods imports with customs entry registration,” “B15. Payments of commercial debts for goods imports with official credit agencies or a foreign financial entity or that has a guarantee granted by them,” or “B22. Deferred payments for capital goods imports,” as applicable, and the number of the officialization of the import dispatch or the document by which the customs entry registration occurred must be identified. The mentioned concepts will be applicable to any amount paid that forms part of the agreed purchase condition registered in the invoice associated with the officialization of the import dispatch. If the total amount of the transfer includes other concepts that are not part of the agreed purchase condition, differentiated tickets must be prepared with the usual formalities for each concept involved. When the foreign exchange transaction for the sale of foreign currency for import payments to the same foreign beneficiary involves the payment of two or more official import dispatches, a single foreign exchange ticket may be prepared for the total amount of the transfer, which must contain an annex with the client's signature listing the official import dispatches and the amount in foreign currency paid corresponding to each one. Version: 9a. COMMUNICATION “A” 8481 Effective:
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Section 10. Payments for imports and other purchases of goods abroad.

10.4. Payments for goods imports with pending customs entry registration.
10.4.1. Operations included.
Payments abroad for goods imports that do not have customs registration as of the date of access to the foreign exchange market include:
10.4.1.1. Advance payments abroad as of the goods delivery date by the foreign supplier.
10.4.1.2. Sight payments against presentation of shipping documentation.
10.4.1.3. Payments of commercial debts abroad (operations in which the agreed purchase condition between exporter and importer was met).
10.4.1.4. Cancellation of commercial guarantees for goods imports granted by local entities.
In all these cases, the payments made will be subject to the monitoring of import payments with pending customs entry registration.
The entity through which the payment was processed will be the entity responsible for said monitoring and for making the corresponding registrations in SEPAIMPO.
10.4.2. Access requirements for advance payment of imports.
The entity may grant access to the foreign exchange market for payment abroad provided that it previously verifies that all of the following requirements are met:
10.4.2.1. Documentation that allows determining the existence of a purchase of goods from abroad, where part or all of the funds are required in advance of the goods delivery date under the agreed purchase condition. This documentation must allow determining the details of the goods to be imported, the agreed purchase condition, delivery times, and payment conditions.
10.4.2.2. The beneficiary of the payment is the foreign supplier.
10.4.2.3. The sale of foreign currency will be processed with a debit to the client's accounts in local financial entities through any of the current payment methods.
10.4.2.4. It has the client's sworn declaration that they undertake to demonstrate the customs entry registration of the goods within the period corresponding to the type of goods to be imported, or failing that, to proceed within that period to the settlement in the foreign exchange market of the foreign currency funds associated with the refund of the payment made.
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In the case of advance payments for capital goods, the period to demonstrate customs entry registration will be 270 (two hundred seventy) calendar days from the date of access to the foreign exchange market. For this purpose, tariff positions classified as BK (Capital Good) in the MERCOSUR Common Nomenclature (Decree 690/02 and complementary regulations) must be considered. For other goods, the period will be 90 (ninety) calendar days from the date of access to the foreign exchange market. If the same advance payment includes capital goods and non-capital goods, the operation will be governed by the period for the type of good that represents a larger proportion of the total value paid. If the nationalization of the goods requires a longer period and the advance payment is fully completed within the framework of the provisions of points 10.10.2.3. to 10.10.2.6. or 10.10.2.14.ii), the entity may consider that the said period is extended until the date resulting from adding 15 (fifteen) calendar days to the estimated arrival date of the goods. The entity must report the granted extension in SEPAIMPO. If the foreign supplier is a related party to the importer or longer periods are needed for the officialization of the import dispatch, prior approval from the BCRA will be required before accessing the foreign exchange market. Requests to the BCRA must be channeled through an entity authorized to make this type of payment.
10.4.2.5. It has elements that allow it to endorse the reasonableness of the amounts to be paid considering the client's import activity in recent years and/or the business plans presented by the importer.
Additionally, if the client is not a natural person and was constituted up to 365 (three hundred sixty-five) calendar days before the date of access to the foreign exchange market, prior approval from the BCRA will be required to process new payments when the outstanding amount for regularization of advance import payments exceeds the equivalent of USD 5 million (five million US dollars), including the amount for which access to the foreign exchange market is requested. If the client is a temporary union, the incorporation date of the oldest company forming it will be taken into account. For importers included in the preceding paragraph, entities must consult the “SEPAIMPO Reporting Regime” section of the www3.bcra.gob.ar website to determine if the client's outstanding balance for regularization of advance import payments falls within the established limit. B.C.R.A. FOREIGN EXCHANGE AND CHANGES
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10.4.2.6. The client does not record situations of delay in the regularization of payments with pending customs entry registration made from 09/02/19.
Payments for goods imports with pending customs entry registration made between 09/02/19 and 10/31/19, for operations included in points 10.4.1.2. to 10.4.1.4., which are not regularized as provided in point 10.5., are considered in delay from 11/02/20. Entities must consult the “SEPAIMPO Reporting Regime” section of the www3.bcra.gob.ar website to determine if the client records delays in the system across all entities. This requirement will not apply to:
i) the public sector; ii) all business organizations, regardless of their corporate form, where the National State has a majority participation in the capital or in the formation of corporate decisions; iii) trusts constituted with contributions from the national public sector; and iv) legal entities responsible for the provision of critical medicines to patients when making advance payments for such goods to be entered via Private Request by the beneficiary of said medical coverage.
10.4.2.7. Prior approval from the BCRA will be required when the client records, for operations prior to 09/02/19, a conviction or an ongoing summary proceeding in foreign exchange criminal matters, in both cases, for infringements of Article 1, subsection c) of Law 19.359 related to payment regimes for goods imports. Convictions issued up to 5 (

10.4.2.8. Prior approval from the BCRA will be required, except when the entity determines that the payment falls under any of the situations provided for in point 10.10.2. or in point 10.6.6.

10.4.2.9. The entity must, at the time of granting access to the foreign exchange market, have the validation of the operation's status in the online system implemented by the BCRA for such purposes.

10.4.3. Access requirements for the payment of commercial or sight debts against the presentation of shipping documentation.

The intervening entity may grant access to the foreign exchange market for payment abroad to the extent that it previously verifies that all of the following requirements are met:

10.4.3.1. It holds a copy of the commercial invoice issued abroad in the name of the natural or legal person resident in the country, who makes the purchase abroad, where the name and address of the issuer, the name of the Argentine importer, the quantity and description of the goods, sale terms, and invoice value are stated.

10.4.3.2. It holds a copy of the Transport Document (Bill of Lading – Waybill – Air Waybill).

10.4.3.3. It holds documentation that allows it to establish that the partial or total payment for the goods must be made against the presentation of shipping documentation.

10.4.3.4. The beneficiary of the payment is the foreign supplier, the foreign financial entity, or the official credit agency that financed the advance payment to the foreign supplier.

10.4.3.5. The sale of the foreign currency is processed with a debit in the client's accounts at local financial entities under any of the currently valid payment instrument modalities.

10.4.3.6. It holds the client's sworn declaration committing to demonstrate the customs entry registration of the goods within 90 (ninety) calendar days from the date of access to the foreign exchange market, or failing that, to proceed within that period with the repatriation of the foreign currency from abroad.

10.4.3.7. Prior approval from the BCRA will be required, except when the entity determines that the payment falls under any of the situations provided for in point 10.10.2. or in point 10.6.6.

10.4.3.8. The entity must, at the time of granting access to the foreign exchange market, have the validation of the operation's status in the online system implemented by the BCRA for such purposes.

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10.4.4. Cancellation of commercial guarantees for goods imports granted by local financial entities.

The entity will have access to the foreign exchange market to cancel letters of credit or guaranteed letters issued or granted to guarantee goods import operations that have pending customs registration, even when the requirements established for client access are not met, provided that it is verified that the conditions applicable according to the date on which the letter of credit or guaranteed letter was issued or granted and the type of operation guaranteed by the entity were met.

In the case of letters of credit or guaranteed letters issued or granted from 13/12/23, the entity must hold documentation demonstrating that, at the time of opening or issuance, the guaranteed operation corresponded to a goods import with customs entry registration from that date and, unless the operation was included in the situation provided for in point 10.10.2.11., that the guaranteed payment was to be made by the client from the date resulting from adding the period in calendar days corresponding to the good under point 10.10.1. plus another 15 (fifteen) calendar days to the estimated date of arrival of the goods in the country.

For those issued or granted from 14/04/25, provided that the remaining conditions are met and the payment corresponds to the portion of an operation for which the client could have made sight payments or commercial debt payments with pending customs entry registration pursuant to points 10.10.2.1. or 10.10.2.2., it will also be admitted that the guaranteed payment had to be made from the estimated date of shipment of the goods at origin plus an additional period of 15 (fifteen) calendar days. This additional period will not apply when the guaranteed payment is conditioned on the delivery of the goods by the supplier.

The conditions applicable to letters of credit or guaranteed letters issued or granted until 12/12/23 were previously recorded in point 10.3.6. of the Annex of Communication A 7914.

The sale slip must be issued in the name of the entity itself as a client under the concept “B11. Cancellation of commercial guarantees of financial entities for goods imports without customs entry registration”.

For payments made, the entity must report in the SEPAIMPO within 5 (five) business days, the CUIT of the importer for whom the payment was made.

To the extent that the entity does not have the record of the officialization of the import dispatch within 90 (ninety) calendar days from the date of access to the foreign exchange market, the entity must make the corresponding report.

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10.4.5. Foreign exchange registration of import payments with pending customs entry registration.

The foreign exchange sale slip will be issued for the concept corresponding to the operation processed.

For all access to the foreign exchange market for payments of Argentine goods imports with pending customs entry registration, including the cancellation of guarantees, the entity will generate a unique key number for its identification in the monitoring of import payments with pending customs registration.

In cases of refunds of advance payments for goods imports, the payment abroad to which the returned foreign currency corresponds must be identified. To this end, the intervening entity must require the importer to provide a sworn declaration identifying the entity through which the payment with pending customs registration was made, the date on which it was made, and the identification number previously granted to it by the entity.

10.5. Monitoring of import payments with pending customs entry registration.

Any import payment with pending customs entry registration made from 02/09/19 will be subject to monitoring from the date of access to the foreign exchange market until the date on which its regularization occurs.

The status of these payments will be considered regularized for foreign exchange purposes when it is demonstrated to the entity responsible for monitoring that payment, and up to the amount drawn, the existence of:

i) the customs entry registration in its name or in the name of a third party to the extent that the conditions established in this regulation are met; and/or

ii) the settlement in the foreign exchange market of the foreign currency associated with the return of the payment made; and/or

iii) other forms of regularization provided for in this regulation according to the conditions and limits established in each case; and/or

iv) the approval granted by the BCRA to consider part or all of the operation regularized. The request can only be processed by the entity responsible for monitoring the payment and must be duly justified by it.

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10.5.1. Requirements for the allocation of imports included in the SEPAIMPO.

The entity responsible for monitoring the payment may allocate the customs entry registration of an import officialization to the regularization of an operation under its charge, provided that it certifies that the requirements set out in point 10.3.2.1. are met as the entity responsible for monitoring the officialization or holds a certification for allocation issued by the entity that has such responsibility.

Allocations with imputation to a payment must be incorporated into the SEPAIMPO by the entity in charge of monitoring the payment.

10.5.2. Requirements for the allocation of goods imports entered via Particular Request or Courier not included in the SEPAIMPO or entered from free zones with customs transfer of ownership from the exporter to the importer.

The entity responsible for monitoring the payment may allocate goods imports entered via Particular Request or Courier not included in the SEPAIMPO or those entered from free zones with customs transfer of ownership from the exporter to the importer, provided that the conditions stipulated for each type of operation in point 10.3. are verified.

The entity must intervene the customs documentation, leaving a record of the date, the identification of the payment with pending customs entry, and the amount allocated.

10.5.3. Requirements applicable to other forms of regularization of a payment with pending customs registration.

In the case of a refund of funds from abroad associated with a payment with pending customs registration, the entity must hold the certification issued by the entity that processed the settlement in the foreign exchange market.

For the mechanisms provided for in points 10.5.4., 10.5.5.1. and 10.5.5.2., the entity must verify compliance with the conditions provided for in each case.

10.5.4. Exceptions to the demonstration of entry of funds from abroad.

The importer may opt, in cases of pending balances for delivery, differences due to the application of exchange rates, or non-delivery by the external supplier, to request that the entity in charge of monitoring consider its obligation to demonstrate the officialization of the entry of goods and/or the entry of foreign currency from abroad fulfilled, provided that it has not used this alternative for an amount greater than the equivalent of USD 10,000 (ten thousand US dollars) in the calendar year by payment date.

Regarding this, the entity must require a sworn declaration regarding the genuineness of the declared reasons, signed by the importer or whoever exercises their legal representation or an attorney with sufficient powers to assume this commitment on behalf of the importer.

The entity in charge of monitoring must incorporate the corresponding records into the SEPAIMPO.

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10.5.5. Extensions of deadlines for demonstrating the registration of customs entry.

Extensions of the deadline for demonstrating the registration of customs entry for imports will be granted by the entity in charge of monitoring the payment made without customs entry registration, under the conditions established in this regulation or with the prior approval of the BCRA.

These extensions must be registered by the entity responsible for monitoring the payment in the SEPAIMPO system.

10.5.5.1. Damaged goods subsequent to the delivery of the good in the agreed purchase condition:

The entity in charge of monitoring may grant up to five successive extensions of 180 (one hundred eighty) calendar days of deadline until the date of insurance settlement, provided that the following requirements are met:

i) the total or partial lack of officialization of the customs documentation is justified by an accident;

ii) the shipment has insurance for the coverage of the accident of the goods; and

iii) the invoice issued by the exporter; insurance policy covering the damaged shipment; transport documentation; accident report to the insurance entity and police authority or other documentation proving the accident are held.

Once the insurance settlement is processed, the respective documentation will be completed with:

iv) the insurance settlement, where the date, place, and currency of payment are stated;

v) if the payment was made in foreign currency, documentation by which the foreign currency was settled in the foreign exchange market. The amount received in foreign currency from the insurance claim must be deposited and settled in the foreign exchange market within 20 (twenty) business days following the date of effective receipt; and

vi) if the accident was settled in local currency, a copy of the bank statement showing the deposit of the check with which the accident was collected.

In all cases, the entity must require, in addition to the documentation mentioned, a sworn declaration regarding the genuineness of what is declared, signed by the importer or whoever exercises their legal representation or an attorney with sufficient powers to assume this commitment on behalf of the importer.

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Once the maximum deadlines with their successive renewals have been used, the entity will register the condition of total or partial non-recovery of funds in the SEPAIMPO, ending its monitoring of the payment. This is independent of the importer's obligation to deposit through the foreign exchange market within 20 (twenty) business days of the collection date, any recovery in foreign currency that it registers in relation to said payment.

10.5.5.2. Operations in collection management due to supplier non-compliance.

The entity in charge of monitoring the payment made may impute it in the SEPAIMPO as “collection management” when any of the following conditions occur:

i) Exchange controls in the exporter's country.

The importer can demonstrate its collection management and that the lack of entry is due to delays caused by restrictions on foreign currency transfers in the country of the foreign supplier. This will be accredited by a copy with consular legalization of the regulation establishing such exchange control.

ii) Subsequent insolvency of the foreign supplier, with no guarantees for the return of funds.

To the extent that the Argentine importer provides the following documentation:

a) record of the publications that announce the start of the bankruptcy proceedings as required by the legislation in force in the country where it is processed; and

b) record of the presentation made to obtain the recognition and payment of its claim, certified by the intervening authority in the process, according to the procedure applicable in the country where it should have been made.

The documentation must be legalized by a consular authority or in accordance with what is provided by the Hague Convention of October 5, 1961, when applicable.

iii) Delinquent debtor.

To the extent that any of the following situations are verified:

a) The importer demonstrates in a reliable manner its collection management through claims made to the payment obligor by export credit insurance companies or entities constituted as national or foreign recovery agencies contracted by the importer for this purpose. This alternative will only be valid to the extent that the value owed to the importer by the non-resident does not exceed the equivalent of USD 100,000 (one hundred thousand US dollars); and/or

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b) The Argentine importer has initiated and maintained judicial actions against the foreign supplier or whoever corresponds, accrediting it with a copy of the complaint initiation document certified by the intervening court as to its start date and filing. The documentation must be legalized by a consular authority or in accordance with what is provided by the Hague Convention of October 5, 1961, when applicable.

In all cases, the entity must require, in addition to the documentation mentioned, a sworn declaration regarding the genuineness of what is declared, signed by the importer or whoever exercises their legal representation or an attorney with sufficient powers to assume this commitment on behalf of the importer.

If the importer receives an amount in foreign currency, it must be deposited and settled in the foreign exchange market within 20 (twenty) business days following the date of effective receipt.

In all these cases, the operation may remain in “collection management” while the validity of the claim and the conditions explaining the delay in the execution of the transfer are demonstrated. To this end, the entity will grant up to five successive extensions of up to 180 (one hundred eighty) calendar days.

Once the maximum deadlines with their successive renewals have been used, the entity will register the condition of total or partial non-recovery of funds in the SEPAIMPO, ending its monitoring of the payment. This is independent of the importer's obligation to deposit through the foreign exchange market within 20 (twenty) business days of the collection date, any recovery in foreign currency that it registers in relation to said payment.

10.5.5.3. Other causes unrelated to the importer's decision-making will.

In cases of delays in the registration of customs entry of the import officialization, due to causes unrelated to the importer's decision-making will that affect most of the pending amount to be regularized of the operation, the intervening entity may grant an extension of the previously established deadlines, which may not exceed 545 (five hundred forty-five) calendar days for advance payments of capital goods or 365 (three hundred sixty-five) calendar days for the remaining payments, counting the indicated deadlines from the date of access to the foreign exchange market.

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Examples of causes unrelated to the importer's decision-making will are delays motivated by production and/or shipment by the foreign supplier not resulting in importer non-compliance, transportation problems, obtaining necessary certifications for the officialization of the import of the goods, or customs administrative actions that imply the impossibility of officialization until their resolution. Conversely, the delay in effecting officialization due to importer decisions motivated by financial or market issues is not included among the admitted causes.

The documentation supporting the cause of the delay that backs the extension of the deadline granted by the entity must be archived at the entity at the disposal of the BCRA.

Once the deadlines that the entity in charge of monitoring can grant are exhausted, the latter may request the approval of the BCRA for a greater extension to the extent that causes of delay unrelated to the importer persist.

10.5.6. Report for non-compliance in the timely regularization of a payment with pending customs registration.

The entity in charge of monitoring payments with pending customs entry registration must, within 5 (five) business days following the date of expiration of the deadlines established in this regulation, report in the SEPAIMPO the operations of importers who have not regularized their status.

10.5.7. Payments made in currencies other than the currency of the purchase invoice.

For the purpose of determining pending amounts in cases of invoicing in currencies different from the transfer currencies, the entity responsible for monitoring the payment must consider the exchange rates corresponding to the date of transfer to the beneficiary of the funds.

10.6. Other provisions.

10.6.1. Goods imported under lease contracts with options for replacement, purchase, and/or return.

Payments abroad for goods imported under lease contracts with options for replacement, purchase, and/or return are governed by the foreign exchange regulation that regulates the payment of goods imports.

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In cases where the planned payments under the contract exceed the value of the imported good according to the purchase condition recorded in the invoice issued by the foreign supplier, the entity must verify that each installment is separated into the commercial principal payment component and commercial interest income, in accordance with the implicit effective interest rate in the financing, relating the schedule and amounts of payments to be made and the value of the good on the invoice.

10.6.2. Legal persons responsible for providing medicines to patients. To the extent that the general requirements provided are met, legal persons responsible for providing medicines to patients will have access to the foreign exchange market to make external payments for medicines entered by Particular Request by the beneficiary of such medical coverage. They will likewise have access to make payments with pending customs entry registration for medicines that will be entered by the beneficiary of the coverage.

10.6.3. Local governments for infrastructure works. To the extent that the general requirements provided are met, local governments will have access to make external payments for imported goods within the framework of infrastructure works contracts, when they have the official customs entry registration by entities, departments, or agencies that form part of the Provincial State and/or companies that, although they may have their own legal personality, are wholly owned by the Provincial State. Likewise, local governments will have access to the foreign exchange market to make payments with pending customs registration for goods that will be imported within the framework of carrying out infrastructure works by any of those mentioned in the preceding paragraph.

10.6.4. Internal sales prior to customs registration. In cases where the buyer abroad sells the goods locally to a third party who carries out the customs entry registration of the goods, in addition to the general requirements established for access to the foreign exchange market for a deferred payment or the allocation of officialization to a prior payment, the commercial invoice issued in the country by the natural or legal person listed as the buyer in the exporter's commercial invoice, in the name of the natural or legal person listed as the importer in the customs entry registration, must be presented.

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10.6.5. Goods donated to the National Ministry of Health to strengthen the country's medical or health care capacity. In cases where the buyer abroad has acquired goods related to the medical and/or health care of the population and donated them to the National Ministry of Health prior to the customs entry registration of the goods, for the purposes of accessing the foreign exchange market for a deferred payment or the allocation of officialization to a payment with pending customs entry registration, the requirements provided for in each case must be verified by replacing the proof of customs entry of the goods with the proof of acceptance of the donation by the National Ministry of Health.

10.6.6. Temporary imports of tariff position 1201.90.00 of the NCM (soybeans excluded for sowing). Entities granting access to the foreign exchange market for the payment of temporary imports of tariff position 1201.90.00 of the NCM (soybeans excluded for sowing) with customs entry registration from 13/12/23, in addition to the remaining applicable regulatory requirements, must verify that the client, for the amount intended to be paid:

10.6.6.1. has settled export collections associated with consumption export with temporary import dispatch (DIT) with transformation carried out from the temporarily imported goods being paid for, and/or

10.6.6.2. simultaneously settles advance collections or pre-financing of exports from abroad or pre-financing of exports granted by local financial entities with funding in external credit lines, which have a maturity date equal to or later than the date on which the export of the goods manufactured from those temporarily imported goods being paid for will occur.

10.7. Credit lines of financial entities applied to the financing of imports of goods.

10.7.1. Cancellation by financial entities. The financial entity will have access to the foreign exchange market, under the conditions provided in point 3.15.1., for the cancellation of external credit lines applied to the financing of Argentine imports of goods and services contained in the purchased condition, to the extent that it qualifies as commercial debt as provided in point 10.2.4. and the entity has the documentation demonstrating that, at the time of granting the financing to the importer, the conditions applicable at that time to the type of operation financed by the entity were met.

In the case of financings granted from 13/12/23, the entity must have documentation demonstrating that:

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i) the financed operation corresponded to an import of goods with customs entry registration from 13/12/23. ii) the maturity date of the financing granted was compatible with the deadlines provided in point 10.10.1. as provided in point 10.10.2.3., unless the operation falls under the situation provided in point 10.10.2.11.

For those granted from 14/04/25, provided the remaining conditions are met, it will also be admitted that the maturity of the financing could be compatible with the estimated shipment date of the goods at origin when it corresponded to a portion of an operation for which the client could have made sight payments or commercial debts with pending customs entry registration pursuant to points 10.10.2.1. or 10.10.2.2.

The conditions applicable to financings granted until 12/12/23 were previously received in point 10.7. of the Annex of Communication A 7914.
Cases that do not meet the required conditions will be subject to the prior approval of the BCRA.

10.7.2. Exchange registration of associated flows. The use of a credit line, materialized by the crediting of funds to the financial entity's account with its correspondent abroad, must be reflected as a purchase of foreign currency under the concept "External Credit Lines" in the name of the entity itself as a client. When the entity cancels the credit line with the foreign financial entity, a sale slip must be issued under the concept "External Credit Lines" in the name of the entity itself as a client.

In cases of commercial financings for Argentine imports using external credit lines, at the moment the intervening entity transfers the foreign currency in payment to the exporter of the good, simultaneous buy and sell slips of foreign currency must be registered in the name of the client receiving the financing:

i) In the case of the purchase, the concept "P12. Other local financings granted by the entity (excluding export financing and credit cards)" will be used. ii) For the sale, the concepts for the payment of the corresponding imports by the amounts included in the purchased condition or services corresponding (freight and import insurance) when they do not form part of the purchased condition and are financed by the entity will be used.

In cases where payments are made with pending customs entry registration, the client must demonstrate this subsequently in accordance with the general rules on the matter.

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When the payment in the name of the client falls under point 10.10.2.3., a record of such circumstance must be left when reporting the sale slip in the name of the client in the Information Regime of Foreign Exchange Operations.

10.8. External cancellation of debts arising from the Argentine importation of goods that do not qualify as commercial debts. The intervening entity may grant access to the foreign exchange market for the external cancellation of debts arising from the Argentine importation of goods that do not qualify as commercial debts, to the extent that the conditions provided in points 10.3.2. or 10.3.3., as applicable, plus the norms applicable to the cancellation of financial debts, are met jointly.

In the certificate issued by the entity responsible for monitoring the officialization of importation, it must state that the payment must be processed in accordance with the norms applicable to the cancellation of financial debts.
These payments will be processed with a sale slip in the name of the client under the concept "P13. Principal payments of financial debts with abroad arising from imports of goods".

10.9. Other purchases of goods abroad.

10.9.1. Payments for inputs, equipment, and spare parts destined for the construction, repair, maintenance, or replacement of parts of offshore hydrocarbon production and treatment facilities. The intervening entity may grant access to the foreign exchange market for the external payment of inputs, equipment, and spare parts destined for the construction, repair, maintenance, or replacement of parts of offshore hydrocarbon production and treatment facilities. To this end, it must previously verify that all established requirements are met, replacing the requirement of customs entry registration with proof of submission of the paid goods to the customs regime corresponding to their employment in the Territorial Sea or Exclusive Economic Zone. The intervening entity must intervene the customs documentation for the payments made.

10.9.2. Payments for goods destined for sale in duty-free shops according to the regime of Law 22.056. The intervening entity may grant access to the foreign exchange market for the external payment of purchases of goods destined for sales in duty-free shops according to the regime of Law 22.056.

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To this end, it must previously verify that all established requirements are met, replacing the requirement of customs entry registration with proof of submission of the paid goods to the customs regime corresponding to their sale in duty-free shops. The intervening entity must intervene the customs documentation for the payments made.

10.9.3. Payments for goods entered into authorized free warehouses according to Resolution 2.676/79 of the National Customs Administration. The intervening entity may grant access to the foreign exchange market for the external payment of purchases of goods entered into free warehouses authorized according to Resolution 2.676/79 of the National Customs Administration. To this end, it must previously verify that all established requirements are met, replacing the requirement of customs entry registration with proof of submission of the paid goods to the customs regime corresponding to their entry into free warehouses. The intervening entity must intervene the customs documentation for the payments made.

10.9.4. Purchases of goods that do not pass through the country and are sold abroad. The intervening entity may grant access to the foreign exchange market for the external payment of purchases of goods that are sold abroad without passing through the country. To this end, it must previously verify that all requirements detailed in point 10.3.2. are met, replacing what is required in items i) and iv) of point 10.3.2.1. with the following:

i) Commercial invoice issued by the buyer to their client abroad showing the quantity and description of the merchandise, the sales condition, and the invoice value. ii) The entity verified that the quantities and descriptions of the merchandise in the sales invoice are consistent with those stated in the commercial invoice backing the purchase for which the payment is to be made. iii) That the intervening entity is aware that the Argentine buyer has settled foreign currency in the foreign exchange market associated with the sale of the merchandise for an amount no less than the value of the payments made for the obligation with abroad, including the payment whose processing is being requested.

Collections and payments associated with this transaction must be processed using the concept "B09. Purchase and sale of goods without passage through the country and sold to third countries".

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10.10. Complementary provisions for imports of goods that had or will have customs entry registration from 13/12/23.

10.10.1. Deadlines for deferred payments of imports of goods with customs entry registration from 13/12/23. Entities may grant access to the foreign exchange market to process deferred payments of imports of goods with customs entry registration from 13/12/23 from the date of customs entry registration, to the extent that they are operations not covered in point 10.6.6. and the remaining applicable regulatory requirements are verified.

10.10.2. Payments for imports of goods with pending customs entry registration. Entities may grant access to the foreign exchange market to process payments with pending customs entry registration for operations not covered in point 10.6.6. when, in addition to the remaining applicable requirements, any of the following situations is verified:

10.10.2.1. Sight payments of imports of goods or payments of commercial debt with pending customs entry registration, processed by natural persons or legal persons classified as SMEs according to the provisions of the norms on "Determination of micro, small, and medium enterprise status", to the extent that they are goods that have been shipped at origin from 14/04/25 and the tariff positions of the goods do not correspond to those covered in point 12.1.

10.10.2.2. Payments for imports of capital goods with pending customs entry registration to the extent that: i) the sum of advance payments processed within the framework of this point does not exceed 30% (thirty percent) of the FOB value of the capital goods to be imported; ii) the sum of advance, sight, and commercial debt payments without customs entry registration processed within the framework of this point does not exceed 80% (eighty percent) of the FOB value of the capital goods to be imported; iii) the tariff positions of the capital goods to be imported do not correspond to those covered in point 12.1.

10.10.2.3. The client accesses the foreign exchange market with funds originating from a financing of imports of goods granted by a local financial entity from a credit line of a foreign financial entity, to the extent that the following conditions are met at the time of granting:

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i) the maturity dates and principal amounts to be paid of the financing granted are compatible with what is provided in point 10.10.1., 10.10.2.1. or 10.10.2.2., as applicable.
If advance, sight, or commercial debt payments with pending customs entry registration corresponding to the portion of an operation for which the client can only access after the customs entry registration of the goods are financed, for the minimum deadlines of maturities, the following shall be considered:
a) if the granting of the financing is prior to the arrival date of the goods in the country, the estimated arrival date of the goods in the country plus 15 (fifteen) calendar days, whichever date corresponds. b) if the granting of the financing is subsequent to the arrival of the goods in the country but prior to their customs entry registration, the date of granting of the financing plus 15 (fifteen) calendar days, whichever date corresponds. If advance payments corresponding to the portion of the operation for which the client could make sight payments or commercial debt payments with pending customs entry registration pursuant to points 10.10.2.1. or 10.10.2.2. are financed, for the minimum deadlines of maturities, the estimated shipment date of the goods at origin plus an additional term of 15 (fifteen) calendar days shall be considered.

ii) the entity must have a sworn declaration from the importer committing, except in force majeure situations beyond their control, to carry out the customs entry registration of the goods within 15 (fifteen) calendar days of their arrival in the country or the date of granting of the financing, as applicable.

10.10.2.4. The client accesses the foreign exchange market simultaneously with the settlement of funds as advances or pre-financing of exports from abroad or pre-financing of exports granted by local financial entities with funding in external credit lines, to the extent that the conditions stipulated in points 10.10.2.3.i) and 10.10.2.3.ii) above are met. The entity additionally must have a sworn declaration from the importer stating that the prior approval of the BCRA will be necessary for the application of foreign currency from export collections prior to the maturity date arising from the deadline conditions stipulated for situations associated with financing.

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10.10.2.5. The client accesses the foreign exchange market simultaneously with the settlement of funds originating from financial indebtedness with abroad or debt instrument covered in point 3.5., to the extent that the conditions stipulated in points 10.10.2.3.i) and 10.10.2.3.ii) above are met. The portion of the financial indebtedness used pursuant to the provisions of this present point cannot be counted for the purposes of other specific mechanisms that enable access to the foreign exchange market from the entry and/or settlement of this type of operations.

10.10.2.6. It is a payment for imports of goods framed within the mechanism provided in point 7.11.

10.10.2.7. It is a payment for imports of capital goods that are carried out simultaneously with the settlement of funds originating from financial indebtedness with abroad or debt instrument covered in point 3.5. or an investment contribution of foreign direct investment, which fall under point 7.10.2.2.

10.10.2.8. The client accesses to make a principal payment of commercial debts for the importation of goods as provided in point 10.2.4. and the client has, equivalent to the value paid, a “Certification for the regimes of access to foreign currency for the incremental production of oil and/or natural gas (Decree 277/22)” issued within the framework of what is provided in point 3.17.

10.10.2.9. The payment corresponds to the cancellation of debts for operations financed or guaranteed prior to 13/12/23 by local or foreign financial entities.

10.10.2.10. The payment corresponds to the cancellation of debts for operations financed or guaranteed prior to 13/12/23 by international organizations and/or official credit agencies. Entities may also consider an operation guaranteed by an official credit agency to be one that is covered by a guarantee issued by a private insurer on behalf and order of a national government of another country. In all cases, the intervening entity must have documentation explicitly stating such situation.

10.10.2.11. It is a payment for imports of goods processed by a natural or legal person for the provision of a critical medicine whose customs entry registration is carried out via Particular Request.

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10.10.2.12. This refers to a payment for imports of officialized goods starting from 06/13/24 as part of the implementation and execution of an action plan established by the Secretariat of Transport of the Ministry of Economy within the framework of the public emergency in the railway matter for passenger and cargo transport services of national jurisdiction established in Decree 525/24.
The entity must have documentation issued by the Secretariat of Transport certifying that the goods to be paid are included in the Action Plan established by that secretariat.

10.10.2.13. This refers to a sight payment for imports of goods or payments of commercial debt with pending customs entry registration, not included in point 10.10.2.1., which is carried out:
i) through the exchange and/or arbitrage with funds deposited in a foreign currency account at a local financial entity; and/or ii) simultaneously with the settlement of foreign currency financings granted to the client by local financial entities that meet the conditions stipulated in points 10.10.2.3.i) and 10.10.2.3.ii).

10.10.2.14. This refers to an advance payment for imports of capital goods which is carried out:
i) through the exchange and/or arbitrage with funds deposited in a foreign currency account at a local financial entity; and/or ii) simultaneously with the settlement of foreign currency financings granted to the client by local financial entities that meet the conditions stipulated in points 10.10.2.3.i) and 10.10.2.3.ii). Capital goods imports may be considered as: i) those corresponding to goods whose tariff positions are classified as BK in the Common Nomenclature of MERCOSUR (Decree 690/02 and complementary); and ii) those that include other goods to the extent that the goods classified as BK represent at least 90% (ninety percent) of the total FOB value of the operation and the entity has a sworn declaration from the client stating that the remaining goods are spare parts, accessories, or materials necessary for the operation, construction, or installation of the capital goods being acquired.

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10.11. Complementary provisions for imports of goods with entry registration until 12/12/23.
Prior BCRA approval will be required to access the exchange market to make payments for imports of goods with entry registration until 12/12/23, except when, in addition to the remaining applicable requirements, the entity verifies that:

10.11.1. the payment corresponds to the cancellation of debts for operations financed or guaranteed before 12/13/23 by local or foreign financial entities; or
10.11.2. the payment corresponds to the cancellation of debts for operations financed or guaranteed before 12/13/23 by international organizations and/or official credit agencies; or
Entities may also consider an operation guaranteed by an official credit agency as one covered by a guarantee issued by a private insurer on behalf and order of a national government of another country. In all cases, the intervening entity must have documentation explicitly stating such situation.

10.11.3. the client has the equivalent amount to be paid with a “Certification for the regimes of access to foreign exchange for the incremental production of oil and/or natural gas (Decree 277/22)” issued within the framework of what is provided in point 3.17.; or
10.11.4. the payment is carried out through the exchange and/or arbitrage with funds deposited in a local account and originated from collections of principal and interest in foreign currency of the Bonds for the Reconstruction of a Free Argentina (BOPREAL); or
10.11.5. the payment is carried out within the framework of what is provided in point 4.8.4. by a client who subscribed to BOPREAL Series 1 for an amount equal to or greater than 50% (fifty percent) of the total outstanding for their eligible debts for points 4.4. and 4.5. before 01/31/24; or
10.11.6. the payment is carried out within the framework of what is provided in point 4.8.5. by a client who subscribed to BOPREAL Series 1 for an amount equal to or greater than 25% (twenty-five percent) of the total outstanding for their eligible debts for points 4.4. and 4.5. before 01/31/24; or
10.11.7. the payment is carried out by a natural person or a legal entity classified as MiPyMe according to the provisions of the rules of “Determination of the condition of micro, small and medium enterprise” and the entirety of the following conditions is met:

10.11.7.1. The total amount of their debts for imports of goods and services prior to 12/13/23 pending payment on 01/24/24 was less than or equal to the equivalent of USD 500,000 (five hundred thousand US dollars).

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10.11.7.2. The client has registered all their debts for imports of goods and services in the “Register of Commercial Debt for Imports with Suppliers Abroad” established by Joint General Resolution 5.466/23 of the Federal Administration of Public Revenues and the Secretariat of Commerce and concordant.
10.11.7.3. Payments for debts of goods or services made within the framework of the mechanisms provided for in this point and/or in point 13.4.8., across all entities and for all concepts, do not exceed the equivalent of the amount declared in said register.
10.11.7.4. The operation is declared, if applicable, in the last due submission of the “Survey of external assets and liabilities”.
10.11.7.5. The entity has a sworn declaration from the client stating that:
i) all their debts for imports of goods and services prior to 12/13/23 have been declared in the “Register of Commercial Debt for Imports with Suppliers Abroad” and the total amount owed at the date of closure of said record did not exceed the equivalent of USD 500,000 (five hundred thousand US dollars). ii) the amounts paid by this mechanism across all entities and for all concepts do not exceed the limits provided in point 10.11.7.3.

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13.2. Payments for services that were or will be provided or accrued starting from 12/13/23.
Entities may grant access to the exchange market to process payments for non-resident services that were or will be provided starting from 12/13/23 when, in addition to the remaining applicable regulatory requirements, the operation falls under some of the situations detailed below:

13.2.1. the payment corresponds to an operation that fits into the following concept codes:
S03. Passenger transport services.
S06. Travel (excluding operations associated with withdrawals and/or consumption with cards by residents with non-resident suppliers or by non-residents with Argentine suppliers).
S23. Audiovisual and related services.
S25. Government services.
S26. Health services by traveler assistance companies.
S27. Other health services.
S34 Operations associated with card or account debit consumption, by residents with non-resident suppliers or by non-residents with Argentine suppliers, for the provision of digital services not associated with travel.
S35 Operations associated with card or account debit consumption, by residents with non-resident suppliers or by non-residents with Argentine suppliers, for the non-presence purchase/sale of goods.
S36 Operations associated with withdrawals and/or card or account debit consumption, by residents with non-resident suppliers or by non-residents with Argentine suppliers, excluding the provision of digital services not associated with travel or the non-presence purchase/sale of goods.

13.2.2. the expenses that entities pay abroad for their usual operations.
13.2.3. the payment corresponds to an operation that fits into the concept “S31. Freight services for export operations of goods” in which freight forms part of the sale condition agreed with the buyer of the goods and is carried out once the export has the shipping certificate granted by Customs.
13.2.4. the payment corresponds to an operation that fits into the concept “S30. Freight services for import operations of goods” and is carried out from the date of service provision.
In case of freight for an import operation framed in what is provided in point 10.10.2.1., the payment may be made from the loading of the goods at origin.
13.2.5. it is a service not included in points 13.2.1. to 13.2.4. that was provided by an unaffiliated counterparty to the resident and the payment is carried out from the date of service provision or accrual.

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This deadline will also apply to operations corresponding to transfers abroad by local agents of their collections in the country of funds corresponding to services provided by non-residents to residents.

13.2.6. it is a service not included in points 13.2.1. to 13.2.4. that was provided by an affiliated counterparty to the resident and the payment is carried out once a period of 90 (ninety) calendar days has elapsed since the date of service provision or accrual.
Operations originating from the provision of services by affiliated counterparties will continue to be subject to this requirement even if there is a modification of the creditor or debtor that leads to no longer existing an affiliation between the creditor and the resident debtor.

13.3. Payments for services that were or will be provided or accrued starting from 12/13/23 with prior notice to that provided in points 13.2.3. to 13.2.7.
Access for the payment of services that were or will be provided or accrued starting from 12/13/23 with prior notice to the deadlines provided in points 13.2.3. to 13.2.7. will also be admissible when, in addition to the remaining regulatory requirements, the framing in any of the following situations is verified:

13.3.1. the client accesses the exchange market with funds originated from a foreign currency financing for service imports granted by a local financial entity to the extent that the maturity dates and the principal amounts to be paid of the granted financing are compatible with those provided in point 13.2.
If the granting of the financing is prior to the date of service provision or accrual, the deadlines provided in point 13.2. will be calculated from the estimated date of service provision or accrual plus 15 (fifteen) calendar days.
In case of an operation of the concept “S30. Freight services for import operations of goods” that fits into what is provided in point 10.10.2.1., it must be financed until the estimated date of loading of the goods at origin plus an additional period of 15 (fifteen) calendar days. If the granting of the financing is subsequent to the date of service provision or accrual, the deadlines provided in point 13.2. will be calculated from this latter date.

13.3.2. The client accesses the exchange market simultaneously with the settlement of funds as advances or pre-financing of exports from abroad or pre-financing of exports granted by local financial entities with funding from lines of credit from abroad, to the extent that what is stipulated in point 13.3.1. regarding maturity dates and the principal amounts to be paid of the financing is met.

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The entity additionally must have a sworn declaration from the importer stating that prior BCRA approval will be necessary for the application of foreign exchange from export collections prior to the maturity date arising from the time conditions stipulated for situations associated with financing.

13.3.3. The client accesses the exchange market simultaneously with the settlement of funds originated from financial indebtedness with abroad or debt instruments included in point 3.5., to the extent that what is stipulated in point 13.3.1. regarding maturity dates and the principal amounts to be paid of the financing is met.
The portion of the financial indebtedness that is used pursuant to the provisions of this point cannot be computed for the purposes of other specific mechanisms that enable access to the exchange market from the entry and/or settlement of this type of operations.

13.3.4. It is a payment for service imports framed in the mechanism provided in point 7.11.
13.3.5. The client has the equivalent of the value they pay with a “Certification for the regimes of access to foreign exchange for the incremental production of oil and/or natural gas (Decree 277/22)” issued within the framework of what is provided in point 3.17.; or
13.3.6. the payment corresponds to the cancellation of debts for operations financed or guaranteed before 12/13/23 by local or foreign financial entities; or
13.3.7. the payment corresponds to the cancellation of debts for operations financed or guaranteed before 12/13/23 by international organizations and/or official credit agencies.
Entities may also consider an operation guaranteed by an official credit agency as one covered by a guarantee issued by a private insurer on behalf and order of a national government of another country. In all cases, the intervening entity must have documentation explicitly stating such situation.

13.3.8. the payment is made at the closing date of a repurchase and/or redemption operation of debts framed in points 3.5.3.1. or 3.6.4.4. and corresponds to the services provided by non-residents derived from the issuance of new debt instruments and/or the repurchase and/or redemption operation.
13.3.9. the payment is to an unaffiliated counterparty to the client and is carried out through the exchange and/or arbitrage with funds deposited in a foreign currency account at a local financial entity.

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13.3.10. the payment corresponds to payments of premiums and auxiliary services associated with the contracting of reinsurance abroad by local insurers who issued a policy to cover risks associated with the construction and operation of a Single Project Vehicle (SPV) within the framework of the Regime for Incentive to Large Investments (RIGI), to the extent that:

13.3.10.1. The access of the local insurer is carried out with funds transferred to the local bank account of the insurer by the SPV.
13.3.10.2. The funds transferred to the local bank account of the local insurer originated from the settlement in the exchange market by the SPV of financial indebtedness with abroad and/or issuances of debt instruments included in point 3.5. to the extent that the maturity dates and the principal amounts to be paid of the financing are compatible with those provided in point 13.2.
It is also admitted that the funds originated from indebtedness that fit into what is provided in point 14.4.3.
The portion of the indebtedness that is used pursuant to the provisions of this point cannot be computed for the purposes of other specific mechanisms that enable access to the exchange market from the entry and/or settlement of this type of operations.
13.3.10.3. The access to the exchange market by the client for the pre-cancellation takes place within 72 (seventy-two) business hours of the settlement of the new indebtedness by the SPV or of the receipt of funds by the SPV in the case of an operation framed in point 14.4.3.
13.3.10.4. In the case that the SPV has requested inscription to RIGI anticipating making use of the benefits established in the regime regarding the collection of exports of goods and services, the entity must:
i) have a sworn declaration from the legal representative of the SPV, or an attorney with sufficient powers to assume this commitment, stating that they take note that the payment to be made by the insurer will be registered in the name of the SPV in the online system provided in point 14.4.2. ii) register the payment to be made by the insurer in the name of the SPV in the online instrumented by the BCRA and have the corresponding validation regarding compliance with what is provided in point 14.4.1.

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13.4. Payments for services of non-residents provided or accrued until 12/12/23.
Prior BCRA approval will be required to access the exchange market to make payments for services of non-residents provided or accrued until 12/12/23, except when, in addition to the remaining applicable requirements, the entity verifies that:

13.4.1 the payment corresponds to services included in points 13.2.1. or 13.2.2.; or
13.4.2. the payment corresponds to the cancellation of debts for operations financed or guaranteed before 12/13/23 by local or foreign financial entities; or
13.4.3. the payment corresponds to the cancellation of debts for operations financed or guaranteed before 12/13/23 by international organizations and/or official credit agencies; or
Entities may also consider an operation guaranteed by an official credit agency as one covered by a guarantee issued by a private insurer on behalf and order of a national government of another country. In all cases, the intervening entity must have documentation explicitly stating such situation.

13.4.4. the client has the equivalent amount to be paid with a “Certification for the regimes of access to foreign exchange for the incremental production of oil and/or natural gas (Decree 277/22)” issued within the framework of what is provided in point 3.17.; or
13.4.5. the payment is carried out through the exchange and/or arbitrage with funds deposited in a local account and originated from collections of principal and interest in foreign currency of the Bonds for the Reconstruction of a Free Argentina (BOPREAL); or
13.4.6. the payment is carried out within the framework of what is provided in point 4.8.4. by a client who subscribed to BOPREAL Series 1 for an amount equal to or greater than 50% (fifty percent) of the total outstanding for their eligible debts for points 4.4. and 4.5. before 01/31/24.; or
13.4.7. the payment is carried out within the framework of what is provided in point 4.8.5. by a client who subscribed to BOPREAL Series 1 for an amount equal to or greater than 25% (twenty-five percent) of the total outstanding for their eligible debts for points 4.4. and 4.5. before 01/31/24; or
13.4.8. the payment is carried out from 02/10/24 by a natural person or a legal entity classified as MiPyMe according to the provisions of the rules of “Determination of the condition of micro, small and medium enterprise” and the entirety of the following conditions is met:
i) The total amount of their debts for imports of goods and services prior to 12/13/23 pending payment is less than or equal to the equivalent of USD 500,000 (five hundred thousand US dollars).

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ii) The client has registered all their debts for imports of goods and services in the "Register of Commercial Debt for Imports from Foreign Suppliers" established by Joint General Resolution 5.466/23 of the Federal Administration of Public Revenues and the Secretariat of Commerce and concordant regulations.

iii) Payments for debts for goods or services made within the framework of the mechanisms provided for in this point and/or in point 10.11.7., across all entities and for all concepts, do not exceed the equivalent of the amount declared in the aforementioned register.

iv) The operation is declared, where applicable, in the last due presentation of the "Survey of External Assets and Liabilities".

v) The entity has a sworn statement from the client stating that:

a) all their debts for imports of goods and services prior to 12/13/23 have been declared in the "Register of Commercial Debt for Imports from Foreign Suppliers" and the total amount owed as of the closing date of said register does not exceed the equivalent of USD 500,000 (five hundred thousand US dollars).

b) the amounts paid through this mechanism across all entities and for all concepts do not exceed the limits provided for in the preceding point iii).

13.5. Cancellation of letters of credit or guaranteed bills issued or granted by financial entities to guarantee imports of services.

Financial entities will have access to the exchange market to process their own payments for letters of credit or guaranteed bills issued or granted to guarantee service import operations, provided that it is verified that they met the conditions that were applicable according to the date on which the letter of credit or guaranteed bill was issued or granted.

In particular, in the case of letters of credit or guaranteed bills issued or granted from 12/13/23 onwards, the entity must have documentation demonstrating that, at the time of opening or issuance, the guaranteed operation corresponded to a service provided or accrued from 12/13/23 onwards and the guaranteed payment was to be made by the client from the date resulting from adding the term in calendar days corresponding to the service under point 13.2. plus another 15 (fifteen) calendar days to the estimated date of service provision or accrual.

In the case of an operation under the concept "S30. Freight services for goods import operations" that falls within the provisions of point 10.10.2.1., it was to be made by the client from the date resulting from adding 15 (fifteen) calendar days to the estimated date of shipment of the goods at origin.

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13.6. Credit lines of financial entities applied to the financing of service imports.

The financial entity will have access to the exchange market, under the conditions provided for in point 3.15.1., for the cancellation of external credit lines applied to the financing of Argentine service imports, provided that the same qualifies as commercial debt as provided for in the second paragraph of point 13.1.2. and the entity has the documentation demonstrating that, at the time of granting the financing to the importer, the conditions that were applicable at that moment to the type of operation financed by the entity were met.

In the case of financings granted from 12/13/23 onwards, the entity must have documentation demonstrating that:

i) the financed operation corresponded to an import of services provided or accrued from 12/13/23 onwards.

ii) the maturity date of the financing granted was compatible with the terms provided for in point 13.2.:

a) if the granting of the financing is prior to the date of service provision or accrual, the terms provided for in point 13.2. will be calculated from the estimated date of service provision or accrual plus 15 (fifteen) calendar days.

In the case of an operation under the concept "S30. Freight services for goods import operations" that falls within the provisions of point 10.10.2.1., it must be financed until the estimated date of shipment of the goods at origin plus an additional term of 15 (fifteen) calendar days.

b) if the granting of the financing is subsequent to the date of service provision or accrual, the terms provided for in point 13.2. will be calculated from the last mentioned date.

Cases that do not meet the required conditions will be subject to the prior approval of the BCRA.

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14.2.2. Within the framework of what is provided for in point 3.4., entities may also grant access to the exchange market to the VPU to pay profits and dividends to their non-resident shareholders, without the need to have prior approval from the BCRA if this requirement were in force, when the payment corresponds to pending amounts with the non-resident shareholder for:

i) the proportion of their direct investment contributions to the VPU that was entered and settled through the exchange market, or

ii) for their direct investment contributions in kind instrumented through the delivery to the VPU of capital goods that meet the conditions provided for in point 14.5.4.

14.2.3. Within the framework of what is provided for in point 3.13., entities may also grant access to a VPU adhering to the RIGI to carry out, without the need to have prior approval from the BCRA nor respect minimum stay periods if any of these requirements were in force, the repatriation of the direct investment contributions of their non-resident shareholders that were destined to finance the project, provided that the accumulated amount of capital repatriations from the non-resident is less than or equal to the sum of the contributions contemplated in items i) and ii) of the preceding point 14.2.2.

14.2.4. Entities may also grant access within the framework of point 3.13., without prior approval from the BCRA if the requirement were in force, to a non-resident client for the transfer abroad of the funds they have received in the country by virtue of their status as creditor for a debt with the exterior granted to a VPU, provided that:

i) the funds correspond to a collection of capital and/or interest of the debt from payments made by the VPU or from any modality that has allowed collection in the country from a breach of contract by the VPU; such as payment by another resident -including companies linked to the VPU- acting as guarantor.

ii) the entity verifies that the debtor would have had access to make the payment in their name by complying with the applicable regulatory provisions, and the identification of the VPU whose debt has allowed access must be recorded on the foreign exchange sale slip.

In the case of repatriation of a capital collection, the entity must register the operation in the online system in the name of the VPU and obtain the corresponding validation regarding compliance with what is provided for in point 14.4.1.1.

iii) access to the exchange market is carried out within 10 (ten) business days following the availability of funds by the non-resident.

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14.2.5. For access to the exchange market for the payment of capital and interest of a debt and/or repatriation of a contribution, which would have been registered as income in favor of the VPU under the terms provided for in points 14.4.3. and 14.4.4., the provisions that would be applicable to the VPU if they had received them directly will apply.

14.3. Other benefits.

14.3.1. Within the framework of what is provided for in point 7.9., the application by a VPU adhering to the RIGI of collections from exports of goods and services subject to the obligation to enter and settle in the exchange market is admitted for:

i) payment of accrued and unpaid interest up to the date of application and/or pending capital of the operations stated in points 14.2.1.1. to 14.2.1.11. to the extent that they correspond to the portion of the capital equivalent to the proportion of the funds received by the VPU from the financing that can be computed as entered and settled through the exchange market.

ii) repatriation of the direct investment contributions of their non-resident shareholders that were destined to finance the project, provided that the accumulated amount of capital repatriations from the non-resident is less than or equal to the sum of their direct investment contributions to the VPU that can be computed as entered and settled through the exchange market.

In all cases, the operation must be incorporated into the "Follow-up of Export Advances and Other Financing of Goods" and have the corresponding identification number (APX number) assigned.

14.3.2. It is admitted under the terms provided for in point 7.9.5. that the funds originating from the collection of exports of goods and services by an adhering VPU, which are subject to the obligation to enter and settle in the exchange market, may be accumulated in accounts abroad and/or in the country destined to guarantee the cancellation of the maturities of financial debts with the exterior and debt titles included in point 3.5.

14.4. Complementary requirement for expenditures for a VPU that intends to use the benefits regarding collections of exports of goods and services.

14.4.1. To grant access to the exchange market for any expenditure concept to a VPU that has requested registration in the RIGI indicating before the Application Authority that it intended to use the benefits established in the regime regarding collection of exports of goods and services, in addition to the remaining requirements applicable to the operation, entities must:

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14.4.1.1. have a sworn statement from the legal representative of the VPU, or an attorney with sufficient powers to assume this commitment on behalf of the VPU, in which it is recorded that the total amount of foreign currency entered from abroad and settled in the exchange market for any concept by the adhering VPU is, at the time of each access, equal to or greater than the amount resulting from adding the amount of the operation to be processed to the total amount of the VPU's access to the exchange market for expenditures for all concepts except the admitted payments of interest and/or profits and dividends and/or the capital of local financings contemplated in points 14.2.1.3. to 14.2.1.5.

The settlement in the exchange market of financings in foreign currency granted to the VPU by a local financial entity from a credit line of a foreign financial entity must also be computed in favor of the VPU as part of the foreign currency entered from abroad.

14.4.1.2. register the operation in the online system instrumented by the BCRA and have the corresponding validation regarding compliance with what is provided for in point 14.4.1.1. considering the income and expenditures registered in the system.

The online system will take into consideration exclusively the entry of foreign currency from abroad and the applications of export collections to the payment of interest that have been incorporated directly in the system itself. The corresponding registration of an income will be the responsibility of the intervening entity in the operation.

14.4.2. This complementary requirement will not be applicable when the VPU's access to the exchange market is for the purpose of carrying out any of the following operations:

i) payments of interest admitted for the financings contemplated in points 14.2.1.1. to 14.2.1.11.

ii) payments of profits and dividends to non-resident shareholders admitted in point 14.2.2.

iii) payments of capital of the local financings contemplated in points 14.2.1.3. to 14.2.1.5.

14.4.3. Foreign currency entered from abroad and settled in the exchange market by other resident companies may also be registered as income in favor of a VPU provided that:

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14.4.3.1. The funds come from direct investment contributions or financial debts received that could have been computed by the VPU if they had been received directly and have been entered and settled by members, partners or contracting parties of temporary unions – or of any other type of associative contract – that act as VPU adhering to the RIGI, as well as by the shareholder or partner companies of the VPU and the holding company of the Dedicated Branch VPU.

14.4.3.2. The amount registered in favor of the VPU does not exceed the part of the funds settled transferred to a bank account in the country in the name of the VPU within 5 (five) business days of its settlement in the exchange market, and must be registered accounting-wise as affected to the project included in the RIGI.

The part of the funds that were settled up to 04/23/26 may also be computed, provided that they are transferred to a bank account in the country in the name of the VPU within the next 5 (five) business days or it is demonstrated that they were effectively destined to the development of the project included in the RIGI prior to the mentioned date and are registered accounting-wise as affected to the project.

14.4.3.3. The entity has a sworn statement from the legal representative, or an attorney with sufficient powers to assume this commitment, of the resident company that carried out the settlement of the foreign currency, leaving a record that:

a) the operation being registered will be destined to the financing of the project included in the RIGI of the VPU and

b) it is aware that for the access to the exchange market of its represented party for the return of the capital of a financing and/or the repatriation of a contribution, for the proportional part registered as income in favor of the VPU, it will be necessary to have a certification issued by a financial entity that the operation to be processed was registered, at the request of the VPU, in the online system provided for in point 14.4.1.2., and the corresponding validation regarding compliance with what is provided for in point 14.4.1.1. was obtained.

The registration of the income in favor of the VPU in the online system contemplated in point 14.4.1.2. must be carried out by the entity that carried out the settlement in the exchange market.

In any certification issued by the entity regarding the entry and settlement of foreign currency of the direct investment contributions or debts registered partially or totally in favor of a VPU, the corporate name of the VPU and the amount registered in its favor must be recorded.

B.C.R.A.
FOREIGN EXCHANGE AND EXTERNAL CHANGES
Section 14. Complementary provisions associated with the Incentive Regime for Large Investments (RIGI).
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14.4.4. Financings for the importation of capital goods included in points 14.2.1.8. to 14.2.1.11. that were received by the persons mentioned in point 1.1. of this document and destined to the VPU's project may also be computed as income in favor of the VPU, provided that:

14.4.4.1. the entity has a sworn statement equivalent to that provided for in point 14.4.3.3.

14.4.4.2. the operation has been registered in the online system provided for in point 14.4.1.2.

14.4.4.3. a local financial entity selected by the VPU has verified compliance with the conditions provided for in point 14.5.3.

14.4.5. The settlements of financial debts with the exterior and debt titles included in point 3.5. and/or of financial financings granted by local entities funded with a credit line of a foreign financial entity that are registered in favor of the VPU under the terms provided for in point 14.4.3., provided that the remaining applicable requirements are met, may also be considered for access to the exchange market by the VPU within the framework of what is provided for in points 3.5.3., 3.6.4., 10.10.2.3., 10.10.2.5., 13.3.1. and 13.3.3.

14.4.6. In the case of using the mechanism provided for in point 13.3.10., payments of premiums and auxiliary services associated with the contracting of reinsurance abroad made by local insurers that issued a policy to cover risks associated with the construction and operation of the project must be registered in the name of the VPU in the online system instrumented by the BCRA.

14.5. Other provisions.

14.5.1. The foreign exchange benefits of the RIGI cannot be accumulated with other existing foreign exchange incentives or those that may be created in the future.

14.5.2. In the case that the VPU could not compute the total amount of funds obtained from the financings included in points 14.2.1.1. to 14.2.1.11. as entered and settled in the exchange market, any mechanism provided for in the foreign exchange regulations that takes into account the pending value of the debt and/or the value of the next capital or interest installments will only be available to the VPU up to the proportion of the funds received from the financing that can be computed as entered and settled through the exchange market.

Similarly, any mechanism provided for in the foreign exchange regulations that takes into account the value of foreign direct investment contributions will only be available to the adhering VPU up to the value resulting from the sum of the contributions contemplated in items i) and ii) of point 14.2.2.

B.C.R.A.
FOREIGN EXCHANGE AND EXTERNAL CHANGES
Section 14. Complementary provisions associated with the Incentive Regime for Large Investments (RIGI).
Version: 2nd COMMUNICATION "A" 8481 Validity:
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14.5.3. The financings mentioned in points 14.2.1.8. to 14.2.1.11. may be computed as entered and settled in the exchange market by a VPU adhering to the RIGI when a local financial entity selected by the VPU has verified compliance with all of the following conditions:

i) There is documentation demonstrating that it is a financing granted directly by the foreign supplier of the capital goods or granted by a third party authorized whose foreign currency disbursements were applied, net of expenses, directly to advance payments, on sight, of commercial debt with pending customs entry registration and/or deferred to the foreign supplier of the capital good and/or to payments directly to the freight service provider for imports of capital goods not included in the contracted purchase condition.

ii) The VPU has demonstrated the customs entry registration of the goods for a value equal to or greater than the total amount of the financing that will be computed as entered and settled in the exchange market.

For the purposes of the value of the goods, any concept that forms part of the contracted purchase condition registered in the invoice issued by the foreign supplier may be taken.

If there are funds destined for the payment of freight for imports of goods not included in the purchase condition and the importer demonstrated the customs entry registration of the goods whose freight was paid, the value of the freight appearing in the transport documentation associated with the customs entry registration of the goods may also be computed.

The operation may include goods that do not have the status of capital goods provided that those that do represent at least 90% (ninety percent) of the total FOB value paid and the entity has a sworn statement from the client in which it is recorded that the remaining goods are spare parts, accessories or materials necessary for the operation, construction or installation of the capital goods being acquired.

The entity must have the corresponding certification from the entity in charge of the follow-up of payment of goods imports (SEPAIMPO).

iii) The financial entity has carried out the registration of the financing before the BCRA through the informative regime of foreign exchange operations (RIOC), once the customs entry registration of the goods has been verified, by preparing two slips without movement of funds with the following characteristics:

a) The slips must be registered, regardless of when the client requests their registration with the financial entity, on the date on which the customs entry registration of the goods occurred or on the date of application of the foreign currency disbursement of the financing, if the latter were subsequent to the former.

B.C.R.A.
FOREIGN EXCHANGE AND EXTERNAL CHANGES
Section 14. Complementary provisions associated with the Incentive Regime for Large Investments (RIGI).
Version: 2nd COMMUNICATION "A" 8481 Validity:
15/09/2026 Page 9

b) The purchase ticket shall be prepared with a concept code that identifies that it is a financing included in this mechanism, and must record the identification of the creditor. If the financing was granted by the supplier itself, the ticket shall be registered for the amount pending cancellation on the date of registration of the customs entry of the goods.

If the financing was granted by other creditors from abroad authorized in the ticket, on the date of registration of customs entry, the sum of the foreign currency disbursements by the creditor that were applied up to that date, net of expenses, directly to advance payments, sight deposits, commercial debt with pending customs entry registration and/or deferred to the foreign supplier of the capital good or to payments made directly to the supplier of freight services for imports of capital goods not included in the agreed purchase condition, shall be registered. If the application of the foreign currency disbursement is after the date of registration of customs entry, a specific ticket shall be issued on the date the supplier received the payment.

In the event that the VPU contemplates the possibility of applying export collections of goods to the cancellation of the principal or interest of the financing, the entity must assign the corresponding identification number (APX number) for the "Tracking of advances and other export financing of goods", which shall be the responsibility of the entity itself.

c) The sales ticket shall be prepared for the corresponding amount with the concept code for deferred payments of imports of capital goods or for the payment of freight imports of goods, as applicable, leaving a record that the payment is made through this mechanism.

14.5.4. Direct investment contributions in kind instrumented through the delivery to the VPU of capital goods may be computed as received and liquidated in the foreign exchange market to the extent that:

i) The VPU has demonstrated the registration of customs entry of the capital good for a value consistent with the amount of the contribution that will be computed as received and liquidated in the foreign exchange market.

The operation may include goods that do not have the status of capital goods to the extent that those that do represent at least 90% (ninety percent) of the total FOB value paid and the entity has a sworn declaration from the client in which it records that the remaining goods are spare parts, accessories or materials necessary for the operation, construction or installation of the capital goods being acquired.

The entity must have the corresponding certification from the entity in charge of the tracking of payment of imports of goods (SEPAIMPO).

B.C.R.A.
FOREIGN EXCHANGE AND CURRENCY
Section 14. Complementary provisions associated with the Large Investments Incentive Regime (RIGI).
Version: 1st COMMUNICATION “A” 8481 Validity:
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ii) The VPU must present the documentation supporting the definitive capitalization of the contribution. In the event that it does not have it, it must present proof of the initiation of the registration procedure before the Public Registry of Commerce of the decision to definitively capitalize the contributions computed according to the corresponding legal requirements and commit to presenting the documentation of the definitive capitalization of the contribution within 365 (three hundred sixty-five) calendar days from the start of the procedure.

iii) A financial entity has registered the capital contribution in the computerized regime of exchange operations (RIOC) through the preparation of two exchange tickets without fund movement with the following characteristics:

a) The tickets must be registered on the date the customs entry of the goods was registered, regardless of when the client requests their registration with the financial entity.

b) The purchase ticket shall be prepared with a concept code that identifies that it is a contribution included in this mechanism.

In the event that the VPU contemplates the possibility of applying export collections of goods for the repatriation of the contribution, the entity must assign the corresponding identification number (APX number) for the "Tracking of advances and other export financing of goods", which shall be the responsibility of the entity itself.

c) The sales ticket shall be prepared with the concept code for deferred payment of imports of capital goods, leaving a record that the payment falls within the scope of this mechanism.

14.6. Exchange stability applicable to the VPU.
The regulations covered by the exchange stability contemplated in articles 201 and 205 of Law 27.742 shall be applicable to the VPU, as provided in those articles, on the date of adherence to the RIGI that arises from the records issued by the Application Authority.

B.C.R.A.
FOREIGN EXCHANGE AND CURRENCY
Section 14. Complementary provisions associated with the Large Investments Incentive Regime (RIGI).
Version: 1st COMMUNICATION “A” 8481 Validity:
15/09/2026 Page 11

B.C.R.A. ORIGIN OF THE PROVISIONS CONTAINED IN THE NORMS ON “FOREIGN EXCHANGE AND CURRENCY” CONSOLIDATED TEXT ORIGIN NORM OBSERVATIONS Section Point Para. Com. Chap./
Annex Point Para.
1.
1.1. A 6244 I 1.2. According to Com. A 6436 and 6844.
1.2. A 6244 I 1.1. According to Com. A 6770 and 6844.
1.3. A 6244 I 1.3.
1.4. A 6770 18.
1.5. A 6244 I 1.6.
1.6. A 6244 I 1.7.
1.7. A 6244 I 1.8.
1.8. A 6770 21.
1.9. A 6244 I 2.2. According to Com. A 6401.
2.
2.1. A 6770 1. to 3.
2.2. A 6770 4.
Includes normative interpretation.
According to Com. A 7123, 7138, 7196,
7272, 7308, 7518, 7553, 7630,
7607, 7664, 7762, 7766, 7834,
7867, 7953, 8074, 8099, 8116,
8137, 8153, 8191, 8226, 8227,
8307, 8330, 8417 and 8481.
2.3. A 6780 1.7.
Includes normative interpretation
According to Com. A 7272, 7873, 7894 and
8137.
2.4. A 6770 8.
Includes normative interpretation.
According to Com. A 6776, 7953, 8055 and
8191.
2.5. A 6838 1. According to Com. A 7953, 8031, 8055,
8160 and 8191.
2.6. A 7664 1., 2. and
19. According to Com. A 7766 and 8481.
2.7. A 6814 4
According to Com. A 6838, 7953, 8191 and
8481. Includes normative interpretation.
2.8. A 6244 I 2.5.
According to Com. A 6770, 6776, 7272,
8330 and 8481. According to normative interpretation.
2.9. A 6244 I 2.9.
3.
3.1. A 6770 12., 13.
and 19.
3.2. A 6770 12. and
14. According to Com. A 7953.
3.3. A 6770 12 and
19.
According to Com. A 7001, 7042, 7746,
7770, 7798, 7915, 7916, 7935,
8059, 8099, 8161, 8191, 8234 and
8481. Includes normative interpretation.
3.4. A 6770 10.
According to Com. A 6869, 7001, 7042,
7168, 7272, 7301, 7416, 7626,
7664, 7915, 7916, 7999, 8099,
8226 and 8307.

FOREIGN EXCHANGE AND CURRENCY
CONSOLIDATED TEXT ORIGIN NORM
OBSERVATIONS Section Point Para. Com. Chap./
Annex Point Para.
3.
3.5. A 6770 8., 11.
And 19.
Includes normative interpretation.
According to Com. A 6780, 6792, 6814,
7001, 7030, 7042, 7052, 7079,
7094, 7106, 7123, 7133, 7151,
7168, 7193, 7196, 7218, 7230,
7239, 7272, 7301, 7313, 7416,
7422, 7466, 7490, 7621, 7626,
7664, 7746, 7770, 7799, 7845,
7898, 7904, 7915, 7916, 7917,
7935, 7953, 7994, 8055, 8059,
8099, 8112, 8129, 8161, 8191,
8226, 8230, 8244, 8307, 8417, 8442 and 8481. Includes normative interpretation.
3.6. A 6770 9.
Includes normative interpretation.
According to Com. A 6776, 6792, 6838,
7003, 7106, 7133, 7138, 7196,
7230, 7272, 7308, 7416, 7422,
7466, 7532, 7621, 7845, 7915,
7916, 7953, 8031, 8055, 8099,
8112, 8160, 8191, 8226, 8245,
8299, 8307, 8390, 8417, 8442 and
8481.
3.7. A 6780 1.6. According to Com. A 6792, 7915 and 7916.
3.8. A 8226 1. According to Com. A 8307, 8332, 8336 and
8361.
3.9. A 6770 6.
According to Com. A 6780, 6804, 6814,
6815, 6883, 6948, 6993, 7001,
7006, 7082, 7106, 7126, 7272,
7342, 7398, 7401, 7556, 7606,
7609, 7610, 7735, 7746, 7810,
7838, 7840, 7915, 7916, 8108,
8226, 8307 and C 93169. Includes normative interpretation.
3.10. A 6770 5. According to Com. A 6780, 6814, 7556,
7915, 7916, 8307 and C 93169.
3.11. A 6796 1. and 2.
According to Com. A 6814, 6825, 7196,
7272, 7798, 7904, 7915, 7916,
7917, 8055, 8129, 8191, 8226,
8296 and 8307, 8417 and 8481. Includes interpretation.
3.12. A 6770 I 5. and 6. According to Com. A 6780, 6814, 7272,
7915, 7916, 8307 and 8417.
3.13. A 6770 7.
According to Com. A 6776, 6815, 6855,
6883, 6915, 7052, 7123, 7168,
7272, 7528, 7551, 7626, 7664,
7830, 7915, 7916, 7999, 8006,
8099, 8108, 8191, 8230, 8245,
8257, 8307, 8331 and 8481. Includes normative interpretation.

FOREIGN EXCHANGE AND CURRENCY
CONSOLIDATED TEXT ORIGIN NORM
OBSERVATIONS Section Point Para. Com. Chap./
Annex Point Para.
3.
3.14. A 6244 I 2.5.
According to Com. A 6770, 6776, 6780,
6782, 6799, 6948, 7272, 7401,
7622, 7664, 7746, 7898, 7904,
7915, 7916, 7925, 7911, 7999,
8006, 8133, 8191, 8234, 8307, 8417 and 8481. Includes normative interpretation.
3.15. A 6908 I 1.
According to Com. A 7003, 7201, 7272,
7374, 7553, 7915, 7916, 7917 and
7953 and 8481.
3.16. A 6815 7. and 8.
According to Com. A 7001, 7021, 7030,
7042, 7094, 7138, 7193, 7200,
7272, 7273, 7293, 7308, 7327,
7375, 7385, 7401, 7422, 7490,
7552, 7556, 7586, 7746, 7766,
7772, 7833, 7838, 7845, 7852,
7911, 7925, 7935, 7953, 7999,
8006, 8085, 8099, 8108, 8112,
8137, 8191, 8226, 8257, 8261,
8296, 8307, 8426, 8442, 8481, B
12082 and C 91566 and 96983. Includes normative interpretation.
3.17. A 7626 1. to 5. According to Com. A 7803, 7898, 7953,
8191, 8226, 8307 and 8481.
3.18. A 7301 1.
According to Com. A 7416, 7466, 7532,
7553, 7622, 7626, 7746, 7664,
7917, 7953, 8191 and 8481.
4.
4.1. A 6664 2.10.
According to Com. A 6815, 6823, 6948,
7001, 7106, 7272, 7766, 8035,
8226, 8307 and 8417. Includes normative interpretation.
4.2. A 6244 I 2.3. According to Com. A 6770, 6788, 7308,
7834 and 8307.
4.3. A 6799 I 1.
According to Com. A 6993, 7001, 7006,
7082, 7106, 7126, 7142, 7272,
7327, 7340, 7342, 7385, 7398,
7422, 7586, 7606, 7609, 7610,
7735, 7810, 7840, 7940, 7952.
7968, 7999, 8035, 8042, 8073,
8191, 8226, 8227, 8234 and B 11892.
Includes normative interpretation.
4.4. A 7925 1.
Includes normative interpretation.
According to Com. A 8191, 8226, 8261 and
8307.
4.5. A 7925 2.
Includes normative interpretation.
According to Com. A 8191, 8226, 8261 and
8307.

FOREIGN EXCHANGE AND CURRENCY
CONSOLIDATED TEXT ORIGIN NORM
OBSERVATIONS Section Point Para. Com. Chap./
Annex Point Para.
4.
4.6. A 7999 1. and 2. Includes normative interpretation.
According to Com. A 8191, 8261 and 8307.
4.7. A 8234 1. According to Com. A 8261 and 8307.
4.8. A 7925 3. to 5.
Includes normative interpretation.
According to Com. A 7935, 7940, 7941,
7952, 7999, 8035, 8055, 8191,
8234, 8307, C 96983 and 97065.
5.
5.1. A 6244 I 2.1. According to Com. A 6363 and 6436.
5.2. A 6244 I 2.4. According to Com. “A” 6378 and 6419 and B
9791.
5.3. A 6770 18.
5.4. A 6244 I 3.1. According to Com. A 6378 and 7272. Includes
normative interpretation.
5.5. A 6244 I 3.2. According to Com. A 7762.
5.6. A 6244 I 2.7. According to Com. A 6844.
5.7. A 6244 I 3.3.
5.8. A 6244 I 3.4. According to Com. A 6363 and 6844.
5.9. A 6244 I 1.4. According to Com. A 6770, 6780, 7551,
8006, 8178 and 8481.
5.10. A 6244 I 3.5. According to Com. A 6844, 7953 and 8481.
Includes normative interpretation.
5.11. A 6244 I 3.6. According to Com. A 6443, 6815 and 7828.
5.12. A 6244 I 3.7. According to Com. A 6436.
5.13. A 6244 I 3.8. According to Com. A 6363 and 7272. Includes
normative interpretation.
5.14. A 6776 2.
Includes normative interpretation.
According to Com. A 8031, 8160, 8191 and
8417.
5.15. A 6244 I 3.9.
6.
6.1. A 6244 I 4.1.
6.2. A 6244 I 4.2.
6.3. A 6244 I 4.3.
6.4. A 6244 I 4.4.
6.5. A 6244 I 4.5.
6.6. A 6776 1.7. Includes interpretative clarification.
6.7. A 6244 I 4.7. Includes interpretative clarification.
According to Com. A 6312.
6.8. A 6844 6.8.
6.9. A 6844 6.9.
6.10. A 6844 6.10.
6.11. A 6844 6.11.
6.12. A 6844 6.12.

FOREIGN EXCHANGE AND CURRENCY
CONSOLIDATED TEXT ORIGIN NORM
OBSERVATIONS Section Point Para. Com. Chap./
Annex Point Para.
7.
7.1. A 6770 1. to 3.
According to Com. A 6776, 6780, 6788,
6805, 6882, 7374, 7532, 7570,
7571, 7649, 7740, 7826, 7833,
7853, 7867, 7898, 7935, 7953.
8035, 8099, 8137, 8227, 8307,
8330, 8417 and 8481.
7.2. A 6788 I 1.2. According to Com. A 7308, 7664, 7834,
7953 and 8417.
7.3. A 6788 I 1.3.
According to Com. A 7123, 7138, 7196,
7259, 7272, 7770, 7853, 7867,
7953, 8227, 8307, 8417, 8441 and
8481.
7.4. A 6788 I 1.4. According to Com. A 7217.
7.5. A 6788 I 1.5.
According to Com. A 7196, 7229, 7272,
7374, 7664, 7770, 7853, 7867,
7953, 8227, 8296, 8307 and 8481.
Includes normative interpretation.
7.6. A 6788 I 1.6. According to Com. A 6844 and 8137.
7.7. A 6788 I 1.7. According to Com. A 7003 and 7272. Includes
normative interpretation.
7.8. A 6788 I 1.8.
According to Com. A 6805, 7374, 7664,
8191 and 8296. Includes normative interpretation.
7.9. A 7123 1.
According to Com. A 7138, 7196, 7272,
7308, 7416, 7626, 7994, 8099,
8191, 8296, 8307 and 8481. Includes normative interpretation.
7.10. A 7259 1. to 3. According to Com. A 7272, 7626, 7799 and
8191 and 8481.
7.11. A 7770 1. to 3.
According to Com. A 7845, 7852, 7898,
7917 and 8481. Includes normative interpretation.
8.
8.1. A 6788 I 2.1.
8.2. A 6788 I 2.2. According to Com. A 8191.
8.3. A 6788 I 2.3. According to Com. A 6844 and 8191.
8.4. A 6788 I 2.4. According to Com. A 7664, 8191 and 8481.
8.5. A 6788 I 2.5.
According to Com. A 7217, 7272, 7313,
7507, 7664, 7780, 7833, 7853,
7867, 7917, 7953, 8099, 8155,
8191, 8227 and 8261. Includes normative interpretation.
8.6. A 6788 I 2.6.
9.
9.1. A 6788 I 3.1. According to Com. A 7123, 7138, 7259,
7272, 7770, 8417, 8441 and 8481.
9.2. A 6788 I 3.2. According to Com. A 7272 and 7770.
9.3. A 6788 I 3.3.
According to Com. A 7123, 7138, 7272,
7770, 7853, 7867, 7953, 8441 and
8481.

CONSOLIDATED TEXT ORIGIN NORM
OBSERVATIONS Section Point Para. Com. Chap./
Annex Point Para.
9.
9.4. A 6788 I 3.4.
9.5. A 6788 I 3.5.
9.6. A 6788 I 3.6.
9.7. A 6788 I 3.7. According to Com. A 7308 and 7834.
9.8. A 6788 I 3.8.
10.
10.1. A 6818 I 1.
10.2. A 6818 I 2.
According to Com. A 6844, 7562 and
8481. Includes normative interpretation.
10.3. A 6770 12., 13.
and 19.
According to Com. A 6776, 6780, 6818,
7001, 7030, 7042, 7052, 7079,
7094, 7138, 7151, 7193, 7201,
7239, 7272, 7313, 7416, 7433,
7466, 7469, 7471, 7472, 7488,
7490, 7516, 7547, 7622, 7638,
7866, 7915, 7916, 7917, 7953,
8035, 8099, 8137, 8191, 8226,
8307 and 8481. Includes normative interpretation.
10.4. A 6770 19.
According to Com. A 6815, 6818, 6825,
6844, 6903, 7030, 7052, 7079,
7094, 7138, 7151, 7193, 7201,
7239, 7272, 7313, 7416, 7466,
7469, 7471, 7472, 7488, 7490,
7547, 7622, 7638 7866, 7915,
7916, 7917, 7953, 8035, 8133,
8191, 8226, 8307 and 8481. Includes normative interpretation.
10.5. A 6818 I 5.
According to Com. A 6915, 7253 and
8137. Includes normative interpretation.
10.6. A 6818 I 6. According to Com. A 7293, 7763, 7798,
7917 and 8226.
10.7. A 6818 I 7.
According to Com. A 6908, 7201, 7466,
7469, 7471, 7472, 7488, 7490,
7507, 7553, 7622, 7915, 7916,
7917, 7953, 8307 and 8481. Includes normative interpretation.
10.8. A 6818 I 8. According to Com. A 7490.
10.9. A 6818 I 9. According to Com. A 7313. Includes
normative interpretation.
10.10. A 7917 1. and 3.
According to Com. A 7945, 7953, 7980,
7990, 7998, 8035, 8054, 8074,
8094, 8099, 8108, 8118, 8133,
8191, 8226, 8307 and 8481. Includes normative interpretation.
10.11. A 7917 1.5.
According to Com. A 7925, 7935, 7941,
7952, 7953, 8035, 8191 and 8307.
Includes normative interpretation.

CONSOLIDATED TEXT ORIGIN NORM
OBSERVATIONS Section Point Para. Com. Chap./
Annex Point Para.
11.
11.1. A 6818 I 10.1.
According to Com. A 7925, 8035, 8191 and 8304. Includes normative interpretation.
11.2. A 6818 I 10.2.
12. 12.1. A 7201 2.
According to Com. A 7433, 7490, 7532 and 7622, 7917, 7953, 8118, 8191, 8226, 8307 and C 97215.
13.
13.1. A 6770 12. and
14.
According to Com. A 6776, 6780, 6829,
6972, 7001, 7042, 7272, 7301,
7308, 7348, 7416, 7433, 7490,
7516, 7532, 7542, 7547, 7553,
7594, 7606, 7622, 7626, 7664,
7746, 7762, 7771, 7815, 7864,
7866, 7893, 7903, 7915, 7916,
7917, 7925, 7935, 7941, 7945,
7952, 7953, 8035 and C 96844.
Includes normative interpretation.
13.2. A 7917 2.2.
According to Com. A 7953, 7998, 8035,
8118, 8122, 8133, 8137, 8191,
8226, 8254, 8307, 8481 and C
96844. Includes normative interpretation.
13.3. A 7917 2.3. and
4.
According to Com. A 7945, 7953, 8035,
8112, 8133, 8191, 8226, 8307,
8464, 8481 and C 96844. Includes normative interpretation.
13.4. A 7917 2.4.
According to Com. A 7925, 7935, 7941,
7952, 7953, 8035, 8191, 8307 and C
97065. Includes normative interpretation.
13.5. A 6770 12. and
14.
According to Com. A 7917, 8226 and
8307. Includes normative interpretation.
13.6. A” 6770 12. and
14.
According to Com. A 7917, 8226 and
8307. Includes normative interpretation.
14.
14.1. A 8099 1.
14.2. A 8099 3. According to Com. A 8191, 8426 and
8481.
14.3. A 8099 5. and 6. According to Com. A 8191 and 8481.
14.4. A 8099 2. According to Com. A 8191, 8426, 8442,
8464 and 8481.
14.5. A 8099 4., 7.,
8. and 9. According to Com. A 8481.
14.6. A 8099 10.
15. 15.1. A 6844
15.2. A 6844 According to Com. A 6862.