Circular LISOL 1-1093 RUNOR 1-1890: Reciprocal Guarantee Societies (Art. 80 of Law 24.467), Public Guarantee Funds, Credit Graduation, and Adjustments

"Año de la Reconstrucción de la Nación Argentina" COMUNICACIÓN “A” 8211 06/03/2025 TO FINANCIAL ENTITIES, TO RECIPROCAL GUARANTEE SOCIETIES, TO PUBLIC GUARANTEE FUNDS:
Ref.: Circular
LISOL 1-1093,
RUNOR 1-1890:
Reciprocal Guarantee Societies (Art. 80 of Law 24.467). Public Guarantee Funds. Credit Graduation. Adjustments.
___________________________________________________________________________ We address you to inform you that this Institution has adopted the resolution which, in its pertinent part, provides:

“1- Establish that Reciprocal Guarantee Societies (SGR) must observe the solvency limit at all times and the individual limit at the moment of granting the guarantee –points 2.1. and 2.2. of the consolidated text on Reciprocal Guarantee Societies (Art. 80 of Law 24.467), respectively–. For the purpose of determining the individual limit, groups of counterparties connected by control relationship –as provided in point 1.2.1.1. of the consolidated text on Large Credit Risk Exposures– shall be considered as a single client.

2- Provide that, for the purpose of complying with the limits established in points 2.1. and 2.2. of the consolidated text on Reciprocal Guarantee Societies (Art. 80 of Law 24.467), the balance of guarantees granted to clients and of the Available Risk Fund (FRD) –net of minimum provisions for uncollectible risk and devaluation, as applicable– shall be counted as of the date of determination of the requirement and the individual limit. Both amounts will arise from the last quarterly balance sheet, with subsequent updates that may need to be made until that date. To this effect, relevant justifications must be provided upon request of the Superintendence of Financial and Currency Entities. Likewise, from the FRD, the amount of investments that do not meet any of the requirements and/or exceed the maximum quotas established by the regulatory authority of Law 24.467 (and its amendments) must be deducted.

3- Establish that the exceptions to the removal from the registry of the Superintendence of Financial and Currency Entities provided for in point 3.1. of the consolidated text on Reciprocal Guarantee Societies (Art. 80 of Law 24.467) shall be limited to guarantees granted up to the effective date of this measure, so that the granting of guarantees after that date will be subject to compliance with the corresponding limits.

4- Provide that the reference amount referred to in point 2.6. of the consolidated text on Reciprocal Guarantee Societies (Art. 80 of Law 24.467) and point 2.9. of the consolidated text on Public Guarantee Funds shall be updated by the variation recorded by the Wholesale Internal Price Index (IPIM) prepared by the National Institute of Statistics and Censuses of the Argentine Republic (INDEC), from the month prior to its last update by the regulatory authority of Law 24.467 and the last IPIM published by INDEC.

5- Establish that, for the purpose of observing the consolidated text on Credit Graduation (pt. 5.1.1.2.), the "patrimonial responsibility" that financial entities must consider in the case of Reciprocal Guarantee Societies (SGR) and Public Guarantee Funds registered in the registry enabled at the Superintendence of Financial and Currency Entities shall be the Available Risk Fund (FRD) calculated as established in the consolidated texts on Reciprocal Guarantee Societies (Art. 80 of Law 24.467) and Public Guarantee Funds.

6- Provide that Public Guarantee Funds may allocate the fund's risk investments to national public titles up to 75% (seventy-five percent).”

Regarding this matter, we forward to you the sheets that, in replacement of those previously provided, correspond to be incorporated into the consolidated texts referenced. In this sense, it is recalled that on this Institution’s website www.bcra.gob.ar, by accessing “Financial System - LEGAL AND REGULATORY FRAMEWORK - Consolidations and summaries - Consolidated texts of general regulation”, the modifications made with texts highlighted in special characters (strikethrough and bold) can be found.

We salute you respectfully.
CENTRAL BANK OF THE ARGENTINE REPUBLIC
Ana M. Dentone Mariano E. Leguiza
Deputy General Manager of Technical-Prudential Regulations Manager of Regulatory Applications

ANNEX

• Index -
  Section 1. Registration at the Central Bank.
  Section 2. Requirements.
  2.1. Available risk fund.
  2.2. Individual limit.
  2.3. Determination of the requirement and the individual limit.
  2.4. Prohibition.
  2.5. Information to the Central Bank.
  2.6. Non-compliance.
  2.7. Reference amount.
  Section 3. Transitional provisions.
  Correlation table.

B.C.R.A. CONSOLIDATED TEXT OF THE NORMS ON
RECIPROCAL GUARANTEE SOCIETIES (ART. 80 OF LAW 24.467) Version: 5th COMMUNICATION “A” 8211 Validity:
07/03/2025 Page 1

The societies registered in the aforementioned registry must observe the following conditions:

2.1. Available risk fund.
2.1.1. Requirement.
The amount equivalent –at all times– to 25% of the balance of guarantees granted, according to what is provided in point 2.3.

2.1.2. Investment.
It must be invested according to the provisions made known by the Authority applying Law 24.467 (and its amendments).

2.2. Individual limit.
The balance of guarantees granted to each client may not exceed –at the moment of granting the guarantee– 5% of the available risk fund of the granting society –computed according to what is provided in point 2.3– or the amount equivalent to 3.3 times the reference amount established in point 2.7., whichever is lower. This latter amount shall not apply when guarantees operate on:
i) debt instrument issuances by companies that are offered to the market through the legal regime of public offering; and ii) financing destined for infrastructure and housing development projects. For the purpose of determining the individual limit, groups of counterparties connected by control relationship –in accordance with what is provided in point 1.2.1.1. of the CO on Large Credit Risk Exposures– shall be considered as a single client.

2.3. Determination of the requirement and the individual limit.
The balance of guarantees granted to clients and of the available risk fund (FRD) –net of minimum provisions for uncollectible risk and devaluation, as applicable– shall be counted as of the date of determination of the requirement and the individual limit. Both amounts will arise from the last quarterly balance sheet, with subsequent updates that may need to be made until the cited date. To this effect, relevant justifications must be performed upon request of the SEFYC. Likewise, from the available risk fund, the amount of investments that do not meet any of the requirements and/or exceed the maximum quotas established by the Authority applying Law 24.467 (and its amendments) must be deducted.

B.C.R.A. RECIPROCAL GUARANTEE SOCIETIES (ART. 80 OF LAW 24.467)
Section 2. Requirements.
Version: 7th COMMUNICATION “A” 8211 Validity:
07/03/2025 Page 1

2.4. Prohibition.
Guarantees may not be agreed upon with clients linked to the SGR, for which effect the provision in point 1.2.2. of the CO on Large Credit Risk Exposures shall be taken into account, except in cases of personal linkage that may arise from the participation of partner members in the corporate bodies of the SGR (article 61 of Law 24.467 and complementary laws).

2.5. Information to the Central Bank.
Regularly comply with the information regime established for this purpose, subject to the supervision of the BCRA. This includes information for the Debtors Registry regarding the classification of clients whose debts have been cancelled in fulfillment of the guarantees that backed the respective obligations, in accordance with the CO on Classification of Debtors for financial entities. Additionally, they must present to the SEFYC, with quarterly frequency, a special external audit report on the compliance with the requirements provided in these norms, according to the model to be made known for this purpose. In cases where, at the close of the economic year, the available risk fund exceeds the equivalent to 65 times the reference amount established in point 2.7., from the following year onwards, the special external audit reports required by this provision must be prepared by one of the auditors registered in the Registry of Auditors of the SEFYC.

2.6. Non-compliance.
Non-compliance with the obligation to remit information for the Debtors Registry referred to in point 2.5. will have the following effects:

• From the notification of non-compliance detected by the BCRA –which will be sent to the direction of the person responsible for the generation and compliance of the informational regimes of the SGR–, they will have a period of 30 calendar days to remedy it.
• Once this period has elapsed, if the non-compliance persists, their guarantees will cease to be considered preferred. To this end, this situation will be reflected in the respective registry while such restriction remains in force.
• To lift this restriction, the sending of information pending presentation as of the date of the regularization request or of the 6 months prior to this last date, whichever period is shorter, will be required.
  When the non-compliance with the obligation to remit information for the Debtors Registry recurs within a calendar year, the established period will be reduced to 15 calendar days. If a new non-compliance is verified within the calendar year, deregistration from the Registry will occur. Departure from any of the remaining conditions provided in these provisions will imply the immediate deregistration of the society from the Registry.

B.C.R.A. RECIPROCAL GUARANTEE SOCIETIES (ART. 80 OF LAW 24.467)
Section 2. Requirements.
Version: 8th COMMUNICATION “A” 8211 Validity:
07/03/2025 Page 2

2.7. Reference amount.
The amount to be considered will be the maximum level of the value of total annual sales for the “Micro” category corresponding to the “Commerce” sector that determines the Authority applying Law 24.467 (and its amendments), updated by the variation recorded by the Wholesale Internal Price Index (IPIM) prepared by the National Institute of Statistics and Censuses of the Argentine Republic (INDEC), from the month prior to its last update by the Authority applying Law 24.467 and the last IPIM published by INDEC.

B.C.R.A. RECIPROCAL GUARANTEE SOCIETIES (ART. 80 OF LAW 24.467)
Section 2. Requirements.
Version: 1st COMMUNICATION “A” 8211 Validity:
07/03/2025 Page 3

SGRs registered in the registry enabled at the SEFYC as of 01/04/2020 that fail to comply with the limits established in points 2.1.1. and/or 2.2. will not be removed from said registry provided they do not exceed the limits established in the provisions issued by the Authority applying Law 24.467 (and its amendments) regarding guarantees granted up to 07/03/2025. The granting of guarantees after that date will be subject to compliance with the aforementioned limits.

B.C.R.A. RECIPROCAL GUARANTEE SOCIETIES (ART. 80 OF LAW 24.467)
Section 3. Transitional provisions.
Version: 2nd COMMUNICATION “A” 8211 Validity:
07/03/2025 Page 1

B.C.R.A. ORIGIN OF THE PROVISIONS CONTAINED IN THE CONSOLIDATED TEXT ON RECIPROCAL GUARANTEE SOCIETIES (ART. 80 OF LAW 24.467) CONSOLIDATED TEXT ORIGIN NORM OBSERVATIONS Section Point Paragraph Com. Point Paragraph

1. unique “A” 2411 1.
   1.1. “A” 2411 1. According to Com. “A” 6383 and 6437. Includes formal adjustments.
   1.2. “A” 2411 1. Includes formal adjustments.
2. “A” 2411 2.
   2.1. “A” 2411 2.1. According to Com. “A” 6987.
   2.1.1. “A” 2411 2.1. 1st and 2nd According to Com. “A” 2806, 6383 and 8211.
   2.1.2. “A” 2411 2.3. 1st According to Com. “A” 3141, 4009, 5183 and 5419.
   2.2. “A” 2411 2.2. 1st According to Com. “A” 4169, 4253, 4531, 5275, 5637, 5998, 6383, 6437, 6665 and 8211.
   2.3. “A” 8211
   2.4. “A” 2411 2.2. 2nd According to Com. “A” 5520, 6383, 6437 and 6639.
   2.5. “A” 2411 2.4. 1st According to Com. “A” 3141, 6383, 6437 and 8211.
   2.6. “A” 2411 2.4. 1st According to Com. “A” 6398.
   2.7. “A” 5998 1. According to Com. “A” 6528 and 8211.
3. “A” 6949 8. According to Com. “A” 6987 and 8211.

5.1. Patrimonial responsibility.
5.1.1. Clients who keep accounting in accordance with legal requirements.
Capital, reserves, and accumulated results will be taken into consideration, according to financial or accounting statements –as applicable– that meet the following minimum requirements:
5.1.1.1. Professional intervention.
i) Anonymous societies.
Statements with external auditor opinion, in accordance with generally accepted auditing standards, and legalization of the corresponding Professional Council.
The intervention of the Professional Councils required does not exclude other safeguards that must be observed according to the laws and regulations in force in the respective jurisdictions. ii) Legal entities of another class and natural persons. Financial or accounting statements certified by a public accountant.
5.1.1.2. Date of the financial or accounting statements.
The statements will correspond to the close of the last accounting year, and statements referring to dates closer to the date of the credit application may be considered, provided they meet the requirements previously stated. In all cases, data allowing the cleansing of information corresponding to the last year-end close must be requested. In the case of Reciprocal Guarantee Societies and Public Guarantee Funds registered in the registry enabled at the SEFYC, the available risk fund calculated as established in the Consolidated Texts on Reciprocal Guarantee Societies (Art. 80 of Law 24.467) and Public Guarantee Funds, respectively, must be considered.

B.C.R.A. CREDIT GRADUATION
Section 5. Computable patrimonial responsibility of the client.
Version: 3rd COMMUNICATION “A” 8211 Validity:
07/03/2025 Page 1

CREDIT GRADUATION
CONSOLIDATED TEXT ORIGIN NORM
Section Point Paragraph OBSERVATIONS
Com. Annex Point Paragraph
3. 3.2.2.3. “A” 2384 1. 1st and 2nd According to Com. “A” 3086 and 4093.
3.3. “A” 2156 5.
4. 4.1. “A” 467 unique 5. According to Com. “A” 5520 and 6639.
5.
5.1.1. except “A” 467 unique 6.1. 1st According to Com. “A” 6327.
5.1.1.1.i) 2nd “B” 1460 2nd
5.1.1.2. “A” 490 unique 9. According to Com. “A” 6327 and 8211.
5.1.2. “A” 467 unique 6.1. 1st
5.2.1.1. “A” 467 unique 6.1. last “A” 2373 2.
5.2.1.2. “A” 490 unique 8.
5.2.2. “A” 467 unique 6.1. last According to Com. “A” 6639.
5.2.3. “A” 3002 Incorporates interpretative criterion.
5.2.4. “B” 5902 7.
5.2.5. “A” 4725 5.
6.
6.1. “A” 3002 6.1.1. 2nd
6.2. 1st “A” 3161 1. and 2. According to Com. “A” 3171, 4093 (penultimate paragraph).
2nd “A” 2019 6. According to Com. “A” 3161, 3171, 5520 and 6639.
6.3.1. “A” 3161 1. According to Com. “A” 4093 (penultimate paragraph).
6.3.2. “A” 3161 1. According to Com. “A” 3171 (pt. 2.) and 4093 (penultimate paragraph).
6.3.3. “A” 3161 1. According to Com. “A” 4093 (penultimate paragraph).
6.4. “A” 3161 1. According to Com. “A” 4093 (penultimate paragraph).
6.4.1. “A” 3161 1. According to Com. “A” 4093 (penultimate paragraph).
6.4.2. “A” 3161 1. According to Com. “A” 4093 (penultimate paragraph).
6.4.3. “A” 3161 1. According to Com. “A” 3171 (pt. 3.) and 4093.
6.5. “A” 2019 5. last
6.5.1. “A” 2019 5. last According to Com. “A” 5983.
6.5.2. “A” 3161 1. According to Com. “A” 3171 (pt. 4.) and 4093 (penultimate paragraph).
6.6. “A” 3161 1. According to Com. “A” 6327.
6.7. “A” 3183 1. According to Com. “A” 4093 (pt. 5.). Includes interpretative criterion.
7.
7.1. “A” 2227 unique 5.1. According to Com. “A” 2649.
and 5.2.1. last
7.2.1. “A” 2227 unique 5.1.4. According to Com. “A” 2649.
“A” 2227 unique 5.2.2.
7.2.2. “B” 5902 5. According to Com. “A” 6023 and 6505. Includes clarification interpretative.
8.
8.1. “A” 467 unique 1. last According to Com. “A” 2373.
8.2. “A” 467 3rd
8.3. “A” 490 unique 17.

2.1.4. Determination of the limit.
For the purpose of determining the limits referred to in points 2.1.1. and 2.1.2., the guarantees granted to clients, net of minimum provisions for uncollectible risk, will be counted. Likewise, from the available risk fund, the minimum provisions for uncollectible risk constituted and the investments that do not meet any of the requirements or maximum quotas provided in point 2.2. must be deducted. The guarantees granted must have the character of irrevocable and be, in all cases, honorable in money and for a fixed and determined sum.

2.2. Available risk fund.
It is the amount destined to cover the guarantees that are granted and must be invested contemplating the options and conditions provided in point 2.2.1.

2.2.1. Investment.
The risk fund destined to cover the guarantees that are granted must be invested contemplating the following options and under the conditions detailed below:
i) Monetary regulation instruments of the BCRA, up to one hundred percent (100%). ii) National public titles, up to seventy-five fifty percent (75%). iii) Provincial public titles and of the Autonomous City of Buenos Aires or letters issued for up to 180 days term by those jurisdictions, up to thirty percent (30%). iv) Guaranteed loans issued by the National Government within the framework of Decree No. 1387/01, up to five percent (5%). v) Shares of national anonymous societies whose public offering is authorized by the National Securities Commission and have normal and habitual quotation for significant amounts in markets of the country, up to ten percent (10%). vi) Time deposits and term investments referred to in Sections 1. and 2. of the CO on Term Deposits and Investments, in pesos or foreign currency, up to one hundred percent (100%), without exceeding twenty-five percent (25%) per financial entity.

B.C.R.A. PUBLIC GUARANTEE FUNDS
Section 2. Requirements.
Version: 6th COMMUNICATION “A” 8211 Validity:
07/03/2025 Page 2

• To lift this restriction, the sending of information pending presentation as of the date of the regularization request or of the 6 months prior to this last date, whichever period is shorter, will be required.
  When the non-compliance with the obligation to remit information for the Debtors Registry recurs within a calendar year, the established period will be reduced to 15 calendar days. If a new non-compliance is verified within the calendar year, deregistration from the Registry will occur. Departure from any of the remaining conditions provided in these provisions will imply the immediate deregistration of the guarantee fund from the Registry.

2.9. Reference amount.
The amount to be considered will be the maximum level of the value of total annual sales for the “Micro” category corresponding to the “Commerce” sector that determines the authority applying Law 24.467 (and its amendments) updated by the variation recorded by the Wholesale Internal Price Index (IPIM) prepared by the National Institute of Statistics and Censuses of the Argentine Republic (INDEC), from the month prior to its last update by the Authority applying Law 24.467 and the last IPIM published by INDEC.

B.C.R.A. PUBLIC GUARANTEE FUNDS
Section 2. Requirements.
Version: 3rd COMMUNICATION “A” 8211 Validity:
07/03/2025 Page 6

B.C.R.A. ORIGIN OF THE PROVISIONS CONTAINED IN THE CONSOLIDATED TEXT ON PUBLIC GUARANTEE FUNDS CONSOLIDATED TEXT ORIGIN NORM OBSERVATIONS Section Point Paragraph Com. Chap. Point Paragraph 1.
1.1. “A” 5275 According to Com. “A” 6183 and 6437.
1.2. “A” 5275 According to Com. “A” 6327 and 6437.
1.3. “A” 5275
2.
2.1. “A” 5275
2.1.1. “A” 5275 According to Com. “A” 6383.
2.1.2. “A” 5275 According to Com. “A” 6383.
2.1.3. “A” 5275
2.1.4. “A” 5275 According to Com. “A” 6383 and 6437.
2.2. “A” 5275 According to Com. “A” 8211.
2.2.1. 2nd “A” 5275 According to Com. “A” 6906.
3rd “A” 5275 According to Com. “A” 6327.
2.2.2. “A” 5275 According to Com. “A” 6906.
2.3. “A” 5275 According to Com. “A” 5637, 5998, 6383, 6437, 6639 and 6665 (includes interpretative clarification).
2.4. “A” 5275 According to Com. “A” 5520 and 6639.
2.5. “A” 5275
2.6. “A” 5275
2.7. “A” 5275 According to Com. “A” 5998, 6383 and 6437.
2.8. “A” 5275 According to Com. “A” 6398.
2.9. “A” 5998 1. According to Com. “A” 6528 and 8211.
3. “A” 6964 3. According to Com. “A” 6987.