Circular LISOL 1-380. OPRAC 1-526. Update of Consolidated Texts

---

BANCO CENTRAL DE LA REPÚBLICA ARGENTINA ______ COMUNICACIÓN " A " 3558 I 10/04/02 ______ TO FINANCIAL ENTITIES:
Ref.: Circular
LISOL 1 - 380
OPRAC 1 - 526
Update of Consolidated Texts

We address you to inform you that, due to the repeal of the regulations on "Minimum Liquidity Requirements" and "Issuance and Mandatory Placement of Debt" established by the resolution published through Communication "A" 3498, it is necessary to update the consolidated texts of the following regulations:

• Encumbrance of Assets as Collateral
• Minimum Capital of Financial Entities
• Assignment of Credit Portfolios
• Placement of Debt Securities and Obtaining Lines of Credit from Abroad
• Operations with Common Investment Funds
• Liquidity Position
• Ratio for Immobilized Assets and Other Concepts
• Consolidated Supervision

For this purpose, we send you enclosed the sheets that must replace those in the aforementioned regulations.

We remain at your service.

BANCO CENTRAL DE THE REPUBLIC OF ARGENTINA Alfredo A. Besio José Rutman Manager of Emission Principal Manager of of Norms Norms and Authorizations

ANNEX

B.C.R.A. UPDATED CONSOLIDATED TEXT OF THE REGULATIONS ON ENCUMBRANCE OF ASSETS AS COLLATERAL -IndexSection 1. Prohibitions.
1.1. Legal limitation.
1.2. Operations with collateral of credit portfolios.
1.3. Uncovered operations.
Section 2. General authorizations.
2.1. For lines of credit from abroad.
2.2. For futures, options, and other derivative products.
2.3. For reverse repos (pases pasivos).
2.4. For obligations related to electronic clearing chambers.
2.5. For operations with canceling checks.
Section 3. Maximum limits.
3.1. For encumbrances arising from lines of credit and derivative operations.
3.2. For encumbrances arising from reverse repos.
Version: 3rd. Communication “A” 3558 Validity:
10.04.02

ENCUMBRANCE OF ASSETS AS COLLATERAL B.C.R.A. Section 2. General authorizations.
2.1. For lines of credit from abroad.
2.1.1. Guaranteeable operations.
Lines of credit from abroad received for the settlement of operations conducted through the Euroclear and Cedel value compensation systems.
2.1.2. Authorized entities.
Financial entities with an evaluation rating of “A” or higher.
2.1.3. Encumberable assets.
Cash and securities, except those counted to integrate the minimum cash reserve.
2.2. For futures, options, and other derivative products.
2.2.1. Guaranteeable operations.
Futures, options, and other derivative products traded:
2.2.1.1. In institutionalized markets operating in stock exchanges and markets in the country or in countries members of the Organization for Economic Cooperation and Development (O.E.C.D.) formally authorized for such purposes, in accordance with the margin guarantees established therein.
2.2.1.2. Outside institutionalized foreign markets (“over-the-counter”), under the following conditions:
i) The counterparties must be foreign banks that have an international risk rating of “A” or higher granted by any of the rating agencies admitted by the regulations on “Evaluation of Financial Entities.” Version: 4th. Communication “A” 3558 Validity:
10.04.02

ENCUMBRANCE OF ASSETS AS COLLATERAL B.C.R.A. Section 2. General authorizations. ii) The margin guarantees, considered per operation, shall not exceed 20% of the transacted value.
2.2.2. Authorized entities.
2.2.2.1. Financial entities with an evaluation rating of “AA” or higher.
2.2.2.2. Branches or subsidiaries of foreign banks that have opted for the alternative regime to meet the evaluation requirement, subject to the following conditions:
i) The parent house or controlling entity must have an international risk rating equivalent to a local evaluation of “AA” or higher and be subject to a consolidated supervision regime. ii) The controlling entity must explicitly guarantee the obligations assumed by the local subsidiary.
2.2.3. Encumberable assets.
Cash and securities, except those counted to integrate the minimum cash reserve.
2.3. For reverse repos (pases pasivos).
2.3.1. Guaranteeable operations.
Reverse repo operations of the following assets:
2.3.1.1. Securities with public offering and normal and habitual quotation, except participation certificates and debt titles of financial trusts.
2.3.1.2. Credit portfolios.
2.3.1.3. Participation certificates and debt titles of financial trusts.
Version: 4th. Communication “A” 3558 Validity:
10.04.02

ENCUMBRANCE OF ASSETS AS COLLATERAL B.C.R.A. Section 2. General authorizations.
2.3.6.3. Transacted species and, where applicable, classifications assigned to debtors and average term of the portfolio.
2.3.6.4. Maturity date of the operation.
2.3.6.5. Counterparty and, when dealing with foreign banks, rating and rating agency.
2.4. For obligations related to electronic clearing chambers.
2.4.1. Guaranteeable obligations.
Net debtor balance in the electronic clearing chambers.
2.4.2. Authorized entities.
All financial entities.
2.4.3. Encumberable assets.
The assets must have sufficient liquidity conditions to allow their immediate use at the time of settlement of the electronic clearing chambers, if necessary. The assets admitted for integration into the minimum cash reserve must be deposited in the name of the respective electronic clearing chamber, on behalf of each entity, in special accounts at the Central Bank of the Republic of Argentina, in which case they may be counted for this purpose. The settlement of assets not admitted for such integration must be secured through an agreement with a bank that has an evaluation rating of “A” or higher.
2.4.4. Guarantee amounts.
They will be agreed upon between the chambers and the financial entities. In the case of the low-value chamber, it shall be equivalent, at a minimum, to the simple average of the five highest net debtor balances recorded in the last quarter, taking into account that the change of month for establishing the quarter to be considered can be made up to the fifteenth of each month. Version: 2nd. Communication “A” 3558 Validity:
10.04.02

ENCUMBRANCE OF ASSETS AS COLLATERAL B.C.R.A. Section 2. General authorizations. When performing the monthly calculation of the guarantee base, the procedure shall be as follows, depending on the case:
a) If the new base is higher than the previous one, the amount equivalent to the difference must be deposited to update the magnitude of the guarantee within the established deadline. b) If during three consecutive months the new bases are lower than the amount of the already constituted guarantee, the difference between said guarantee and the highest of the three considered bases will be immediately refunded to the entity. In the case of the high-value chamber, the guarantee amount shall not be lower than the day's net debtor balance.
2.5. For operations with canceling checks.
2.5.1. Guaranteeable operations.
Net balance of guarantee accounts computable as integration of the minimum cash reserve.
2.5.2. Authorized entities.
Those with a rating of 3, 4, and 5 assigned by the Superintendence of Financial and Exchange Entities and whose liabilities are not guaranteed by the National Government, provincial governments, or the Government of the Autonomous City of Buenos Aires. Version: 3rd. Communication “A” 3558 Validity:
10.04.02

B.C.R.A.
ORIGIN OF THE PROVISIONS INCLUDED IN THE CONSOLIDATED TEXT OF THE REGULATIONS ON ENCUMBRANCE OF ASSETS AS COLLATERAL CONSOLIDATED TEXT ORIGINATING NORM
Section Point Paragraph Com. Annex Point Paragraph Observations
1. 1.1. According to art. 28, item b), of
Law 21.526.
1. 1.2. “A” 2774 I 6. Includes interpretative clarification.
1 1.3. Incorporates criteria not previously disclosed in general terms.
2. 2.1. “A” 2281 Modified by Comms. “A”
2753 and 2832. In point
2.1.3. includes interpretative clarification (modified
by Comm. “A” 3274 and “A”
3558).
2. 2.2. “A” 2774 II In points 2.2.2.2. and
2.2.3. includes interpretative clarifications (modified
by Comm. “A” 3274 and “A”
3558).
2. 2.3. “A” 2774 I 1., 2.,
3. and 5.
According to Comm. “A” 3258.
2. 2.4. “A” 2610 I I.1. According to Comms. “A” 2683, “A”
3274 and “A” 3558.
“A” 2610 I II.1.
2. 2.65. “A” 3216 Modified by Comm. “A”
3274 and “A” 3558.
3. 3.1. “A” 2774 II 2. last Modified by Comm. “A”
2832.
3. 3.2. “A” 2774 I 2.a) 1st

B.C.R.A. CONSOLIDATED TEXT OF THE REGULATIONS ON MINIMUM CAPITAL OF FINANCIAL ENTITIES -IndexSection 1. Minimum capital.
1.1. Requirement.
1.2. Increase in requirement for custody and/or registry agent functions.
1.3. Integration.
1.4. Non-compliance.
Section 2. Basic minimum capital.
2.1. Requirements.
2.2. Entities in operation as of 10.31.95.
2.3. Commercial banks acting as custodians and/or registry agents.
Section 3. Minimum capital for credit risk.
3.1. Requirement.
3.2. Included contingent liabilities.
3.3. Exclusions.
3.4. Asset computation.
3.5. Risk weightings.
3.6. Risk indicators.
Section 4. Risk weighting table.
Section 5. Risk indicator tables.
5.1. For the calculation of the value of “Cer1” (point 3.1.1. of Section 3.).
5.2. For the calculation of the value of “Cer2” (point 3.1.2. of Section 3.).
Section 6. Minimum capital for interest rate risk.
6.1. Requirement.
6.2. Present values.
6.3. Time bands.
6.4. Included assets and liabilities.
Version: 7th. Communication “A” 3558 Validity:
10.04.02

MINIMUM CAPITAL OF FINANCIAL ENTITIES B.C.R.A. Section 4. Risk weighting table. Concept Weighter

• in % -

1. Cash.
   1.1. Current and special accounts at the Central Bank of the
   Republic of Argentina and payment orders issued by the B.C.R.A. 0
   1.2. Current, correspondent, or demand accounts at the head office or controlling foreign bank of the local
   financial entity or in its branches in other countries and in its subsidiaries, provided they are subject to a consolidated supervision regime and that the head office or controlling entity is located in countries members of the Organization for Economic Cooperation and Development (O.E.C.D.) that have an international risk rating of “A” or higher or in other countries whose central banks or equivalent supervisory authority have signed agreements with the B.C.R.A. on cooperation in banking supervision matters. 0
   1.3. Cash in vault (in pesos, US dollars, euros,
   Swiss francs, British pounds, and yen) and in ATMs. 0
   1.4. Gold and other precious metals meeting the following
   conditions: 0
   1.4.1. They must have a market value derived from daily quotes of relevant transactions
   that cannot be significantly distorted in the event of liquidation of holdings. Version: 3rd. Communication “A” 3558 Validity:
   10.04.02

MINIMUM CAPITAL OF FINANCIAL ENTITIES CONSOLIDATED TEXT ORIGINATING NORM
Section Point Paragraph Com. Cap./
Annex
Point Paragraph Observations
3. 3.6.2.8. “A” 2474 3.1.4. 2nd Procedural norms on
requirement and integration of minimum capital (point 3.1.4., 2nd paragraph).
3. 3.6.2.9. According to Comm. “A” 3307.
Includes interpretative clarification.
4. 1.1. a
1.4.
“A” 2136 I According to Comm. “A” 2541,
annex. Point 1.1. modified
by Comms. “A” 3274 and “A”
3558.
4. 1.4.1. “A” 2192 penultimate
4. 1.4.2. “A” 2290 1st and 2nd
4. 1.5. “A” 2136 I According to Comm. “A” 2541,
annex.
4. 2. “A” 2136 I According to Comm. “A” 2541,
annex. Modified by Comms. “A”
2793, 2872,
3039 and 3274. Point
2.2.1. includes interpretative clarification.
4. 3.1.1.1. a
3.1.1.6.
“A” 2136 I According to Comm. “A” 2541,
annex.
4. 3.1.1.7. i) and ii) “A” 2136 I According to Comms. “A” 2632, “A”
2939 and “A” 3314.
4. 3.1.1.7. iii) “A” 2136 I According to Comm. “A” 2541,
annex, and “A” 3314.
4. 3.1.1.7. iv) “A” 2939 1. According to Comm. “A” 3314.
4. 3.1.1.7. v) “A” 3314
4. 3.1.1.8. “A” 2136 I According to Comm. “A” 3314.
4. 3.1.1.9. a
3.1.1.11.
“A” 2136 I
4. 3.1.1.12. “A” 2136 I According to Comm. “A” 2541,
annex, “A” 3141 and “A”
3314.
4. 3.1.1.13. “A” 3314
4. 3.1.2. “A” 2136 I According to Comm. “A” 2541,
annex.
4. 3.2. “A” 2136 I According to Comm. “A” 2541,
annex and "A" 3133. Points
3.2.2. to 3.2.5.
include interpretative clarifications.

ASSIGNMENT OF CREDIT PORTFOLIOS B.C.R.A. Section 2. Requirements.
2.1. General conditions.
2.1.1. Maturity of credits.
In assignments made to subjects other than financial entities, it must operate at least from 30 days after the date on which the transfers become effective.
2.1.2. Delivery of documents.
The effective delivery of the titles or documents representing the assigned credits may be replaced by their deposit in custody at the assigning entity, associated or not with a collection management agreement.
2.1.3. Receipt of funds.
2.1.3.1. Cash payment.
Transactions may only be carried out against the total receipt of funds in cash, not subject -directly or indirectly- to any consideration other than the delivery of the assigned portfolio or deposit in custody and collection management agreement. The receipt of cash funds is exempted, in cases of transfers to financial trusts, for the portion for which the assigning entities receive participation certificates or debt titles issued by the trusts.
2.1.3.2. Enabled accounts.
Funds must be deposited in the current account opened at the Central Bank of the Republic of Argentina, via transfer. The requirement of deposit in these accounts is excluded for operations observing the following conditions:
a) Measured individually:
Do not exceed $ 1,000,000. b) Measured jointly:
In each month, do not exceed $ 5,000,000.
Version: 2nd. Communication “A” 3558 Validity:
10.04.02

B.C.R.A.
ORIGIN OF THE PROVISIONS INCLUDED IN THE CONSOLIDATED TEXT OF THE REGULATIONS ON ASSIGNMENT OF CREDIT PORTFOLIOS CONSOLIDATED TEXT ORIGINATING NORM
Section Point Paragraph Com. Annex Point Paragraph Observations
1. 1.1. “A” 3337
1. 1.2. “A” 3337
1. 1.3. 1° “B” 6234 3rd According to Comm. “A” 3337
2° “A” 3337
1. 1.4. “A” 3337
2. 2.1.1. “A” 2156 1st According to Comm. “A” 3337
2. 2.1.2. “A” 2634 a) According to Comm. “A” 3337
2. 2.1.3.1. 1° “A” 2634 d) According to Comm. “A” 3337
2° “A” 3337 i) and ii) “A” 2634 d) According to Comms. “A” 3274, 3337 and “A” 3558
2. 2.1.3.2.
2° “A” 3337
2. 2.1.4. “A” 3337
2. 2.1.5.1. “A” 2156 4. According to Comm. “A” 3337
2. 2.1.5.2. “A” 2703
“B” 6330
3.
1. a)
According to Comms.“A” 3145 and “A”
3337
2. 2.1.6. “A” 3337
2. 2.2. “A” 3337
2. 2.2.1. “A” 3337
2. 2.2.2. 1º “A” 3337
2º “A” 2634
”A” 3145 a) and b) last
According to Comm. “A” 3337
2. 2.2.2.1. “A” 2634 c.1) According to Comm. “A” 3337
2. 2.2.2.2. “A” 3337
2. 2.2.2.3. “A” 3337
2. 2.2.2.4. “B” 6330 2.2. According to Comm. “A” 3337
2. 2.2.2.5. “A” 3337
2. 2.2.2. 3° “A” 2634 c.5) According to Comm. “B” 6330 and “A”
3337
2. 2.2.2. 4° “A” 3337
2. 2.2.2. 5° “B” 6330 2°
1° “A” 3337
2° “A” 2634
“A” 3145 a) and b) last
According to Comm. “A” 3337
3° “B” 6330 2°
2. 2.2.3.
4° and 5° “A” 3337
2. 2.2. Antepenultimate and
last
“A” 3337
2. 2.3. “A” 2634 f) According to Comm. “A” 3337

PLACEMENT OF DEBT SECURITIES AND
OBTAINING LINES OF CREDIT FROM ABROAD B.C.R.A. Section 1. Debt securities.
1.3.7. Instrumentation.
The titles must contain, at a minimum, the following statements:
1.3.7.1. Name and legal domicile of the issuing entity, date and place of
constitution, duration, and data of its registration in the General Inspectorate of Justice or other corresponding bodies. When dealing with book-entry titles, this data will be transcribed in the opening vouchers and balance statements.
1.3.7.2. Series and order numbers of each title and nominal value it represents.
1.3.7.3. Amount of the loan and currency of issuance.
1.3.7.4. Amortization conditions.
1.3.7.5. Rate, method of determination if variable, capitalization clause (if applicable), and dates of interest payments.
1.3.7.6. Nature and scope of the guarantee (if applicable).
1.3.7.7. The following legend: "This title is excluded from the deposit guarantee system - Law 24.485. It also does not participate in the special, exclusive, and excluding privilege, nor in the general and absolute privilege, granted to depositors by items d) and e) of Article 49 of the Financial Entities Law."
If it does not have any admitted guarantee, the following must be added: "Furthermore, it does not have floating or special guarantee nor is it backed or guaranteed by any other means or by any other financial entity." If the titles are subordinated, a legend explaining the meaning of that clause and the order in which they rank for payment, relative to other creditors, in the event of bankruptcy, must be included. These legends must be incorporated visibly in the participation certificates issued as well as in the relevant documentation delivered to the investor when the titles are book-entry.
1.3.8. Specific issuances.
Issuances of titles carried out for the determination of computable net worth liability, in accordance with the regulations on "Minimum Capital of Financial Entities," will observe the particular conditions required in those provisions, in addition to those provided in this regime that are applicable. Version 2nd. Communication “A” 3558 Validity:
10.04.02

PLACEMENT OF DEBT SECURITIES AND
OBTAINING LINES OF CREDIT FROM ABROAD B.C.R.A. Section 1. Debt securities.
1.4. Placement.
1.4.1. Through public offering.
Subject to the regulations governing the matter (Law 17.811 and complementary provisions), in the case of private financial entities. Entities -regardless of their public or private character- that use this placement procedure must publish a prospectus prepared in accordance with what is established in the "Norms of the National Securities Commission" and its possible modifications, with the adaptations that result pertinent according to the nature of the operations they perform. Additionally, it is a necessary requirement that the titles to be placed have previously to their issuance two risk ratings granted by distinct and independent rating companies, registered as such in the Registry enabled for these purposes by the National Securities Commission. Prior to the initiation of the public offering of the titles, entities must send to the Superintendence of Financial and Exchange Entities -for informational purposes only- copies of the prospectuses and the data corresponding to the ratings assigned. When modifications occur regarding these latter, they will send the corresponding reports within 15 calendar days counted from the date of their issuance.
1.4.2. Through private offering.
1.4.3. Subscription and integration.
In cash.
1.4.4. Through other entities.
Financial entities may intervene in the placement of titles issued by other financial entities. Version 2nd. Communication “A” 3558 Validity:
10.04.02

B.C.R.A.
ORIGIN OF THE PROVISIONS INCLUDED IN THE CONSOLIDATED TEXT OF THE REGULATIONS ON PLACEMENT OF DEBT SECURITIES AND OBTAINING LINES OF CREDIT FROM ABROAD. CONSOLIDATED TEXT ORIGINATING NORM Sec. Point Par. Comm. Annex Chap. Point Par. OBSERVATIONS
1.1. "A" 1907 1. 1°
1.2.1. "A" 2177 2.
1.2.2. "A" 1907 1.1.1.2.
1.2.3. "A" 3046
1.2.4. "A" 1907 1.1.1.3
1.2.5. "A" 1907 1.1.1.4.
1.3.1. "A" 1907 1.1.2. On Comm."A" 2061-point 1.4.
1.3.2. "A" 1907 1.1.3.
1.3.2.1. "A" 1907 1.1.3.1. On Comm. "A" 2061-point 1.4.
1.3.2.2. "A" 1907 1.1.3.2. On Comm. "A" 2061-point 1.4.
1.3.3. "A" 1907 1.1.4.
1.3.4. "A" 1907 1.1.5. On Comm. "A" 3046
1.3.5. "A" 1907 1.1. 6. On Comm. "A" 3046
1.3.6. "A" 1907 1.1.7.
1.3.6.1. "A" 1907 1.1.7.1. On Comm. "A" 2061- poin
to 1.4. and "A" 3046
1.3.6.2. "A" 1907 1.1.7.2. On Comm. "A" 2061- poin
to 1.4. and "A" 3046
1.3.7. "A" 1907 1.1.8.
1.3.7.1. "A" 1907 1.1.8.1. On Comm. "A" 3046
1.3.7.2. "A" 1907 1.1.8.2.
1.3.7.3. "A" 1907 1.1.8.3.
1.3.7.4. "A" 1907 1.1.8.4.
1.3.7.5. "A" 1907 1.1.8.5.
1.3.7.6. "A" 1907 1.1.8.6.
1° "A" 1907 1.1.8.7. 1° On Comm. "A" 2122, 9° paragraph and "A" 3046 2° "A" 1907 1.1.8.7. 2° 3° "A" 3046 1.3.7.7. 4° "A" 3046
1.3.8. "A" 3046 On Comm. “A” 3558
1.4. "A" 1907 1.2. On Comm. "A" 3046
1° "A" 1907 1.2.1. 1° On Comm. "A" 2144-point 1.2.1.1., 1° paragraph 2° "A" 1907 1.2.1. 1° On Comm. "A" 2144- point 1.2.1.1., 2° paragraph 3° "A" 1907 1.2.1. 1° On Comm. "A" 2144- point 1.2.1.1., 3° paragraph 1.4.1. 4° "B" 5473 On Comm. "B" 5556 1.
1.4.2. "A" 1907 1.2.1. 1° On Comm. "A" 2144-point 1.2.1.2. and "A" 3046

OPERATIONS WITH COMMON INVESTMENT FUNDS B.C.R.A. Section 2. Restrictions.
2.1. Holding of shares.
2.1.1. Prohibition.
Financial entities shall not be holders of shares of common investment funds, regardless of the nature of the assets constituting the fund's equity.
2.1.2. Exceptions.
Shares of new common investment funds for 120 calendar days counted from the day the offer to the public is launched, regarding which financial entities act as managers, custodians, placers, or promoters, to the extent that the holdings -calculated on a monthly average- do not exceed the amount equivalent to 2% of the integration of the minimum cash reserve of the entity for the month to which they correspond or $ 2,000,000, whichever is greater.
2.2. Transactions with fund assets.
2.2.1. On own account.
Financial entities shall not carry out any transaction implying granting liquidity to common investment funds -regardless of whether they perform or not the functions of managers, custodians, placers, or promoters- such as the purchase or assignment of the assets comprising their equity, unless it concerns national public securities with normal and habitual quotation, in the country or abroad, widely disseminated and easily accessible to public knowledge, in operations negotiated at market prices.
2.2.2. On behalf of third parties.
Financial entities may act as intermediaries -whether as agent of the Electronic Open Market or through brokerage agents- in transactions with other instruments of the funds. These operations must be perfected on the same day, so that at the daily close the involved values do not remain registered as holdings. Version: 2nd. Communication “A” 3558 Validity:
10.04.02

B.C.R.A. ORIGIN OF THE PROVISIONS INCLUDED IN THE CODIFIED TEXT OF THE RULES ON OPERATIONS WITH COMMON INVESTMENT FUNDS

CODIFIED TEXT ORIGIN
Sec. Point Para. Comm. Annex Sec. Point Para.
OBSERVATIONS
1° "B" 5484 1° and
2°
S/Com."A" 2953 - point
2,.par. 1°
1.1.
2° "B" 5484 2° S/Com."A" 2953 -point 2, par. 2° 1.
1.2. "A" 2953 2. 3°
2.1. "A" 3027
2.1.1. "A" 2953 1. 1° S/Com."A" 2996, Annex opt.1.- par.1°
2.1.2. "A" 2953 1. 1° S/Com."A" 2996, Annex opt.1.- par.2° b) and “A”
3558
2.2. "A" 2996 unique 2.
2.2.1. "A" 2953 1. 2° S/Com."A" 2996, Annex opt.2.- par.1°
2.2.2. "A" 2996 unique 2. 2°
1° "B" 6566 1. S/Com."A" 2996, Annex opt.3.
2.
2.3.
2° "B" 6609
3.1. "A" 3027
3.1.1. "A" 2996 unique 4.1. 1°
3.1.2. "A" 2996 unique 4.1. 2° S/Com. "A" 3027
3.2. "A" 2996 Unique 4.2. S/Com. "A" 3027
1° "A" 2953 1. 3° S/Com. "A" 2996, pt.
4.2., par. 1°
3.2.1.
2° "A" 2996 unique 4.2. 3°
3.
3.2.2. "A" 2953 1. 4° S/Com. "A" 2996, pt.
4.2., par. 2°
4. 4.1. “A” 3323
4.2. “A” 3323

LIQUIDITY POSITION. B.C.R.A. Section 1. Policies and responsibilities. The designated officials and executives will be responsible for the management of the liquidity policy, which, in addition to monitoring the liquidity position, includes adopting safeguards for compliance with the integration of the minimum cash requirement. The list of such officials and executives, as well as subsequent changes, must be reported to the Superintendence of Financial and Exchange Entities within 10 calendar days of their occurrence. Version: 2nd. Communication “A” 3558 Validity:
10.04.02

3.1. Computable concepts.
To prepare the liquidity position, the following concepts will be taken into account:
3.1.1. The following assets, which will be considered at their principal amounts:
3.1.1.1. Liquid assets, which include:
i) Funds in banks abroad with an international risk rating of “A” or higher granted by any of the rating agencies admitted by the rules on “Evaluation of financial entities”. ii) Other funds abroad for unrestricted use. iii) Current accounts of entities at the Central Bank of the Argentine Republic. iv) National and private public securities of the country sold forward or spot for settlement or with a put option taken with respect to them. v) Other national and private public securities of the country, with daily quotation in the country's or abroad's securities markets referred to relevant transactions in whose amount the potential settlement of the holding cannot distort the indicated quotation. All holdings of securities under these conditions will be considered, computing them at market value, according to the closing quotation of the last day of the previous month. Securities that have a quotation but do not meet these conditions will be considered non-quoting and, as such, included in point 3.1.1.2. Version: 3rd. Communication “A” 3558 Validity:
10.04.02

3.1.1.2. Public and private securities, of the country or abroad,
except those that integrate the concept of “liquid assets”, discriminated by national, provincial, municipal and foreign. Provisions for risks of uncollectibility and devaluation will be considered separately and in aggregate form.
3.1.1.3. Loans, other credits for financial intermediation
and goods in financial leasing, discriminated by:
i) To the non-financial public sector. ii) To the remaining sectors, with preferred guarantee “A”. With disaggregation by category according to the rules on classification of debtors:
iii) To the financial sector. iv) Commercial portfolio. v) Portfolio for consumption or housing, including the credits of a commercial nature with respect to which the option to classify them within the consumption portfolio has been exercised. Within each classification category, these financings will be disaggregated into:
a) Pledge loans. b) Mortgage loans (for housing). c) Others. In aggregate form:
vi) Other financings.
Version: 3rd. Communication “A” 3558 Validity:
10.04.02

Among the concepts included in the item “other credits for financial intermediation”, those corresponding to spot purchases and sales for settlement and forward linked or not to repos, but not the settlement delays. Provisions for uncollectibility risk attributable to the principal of these financings will be considered separately and in aggregate form, discriminated by those constituted on the portfolio corresponding to debtors classified in normal situation and compliance and the rest.
3.1.2. The following liquidity margins:
3.1.2.1. Credit lines available upon simple
request, granted by local financial entities, reliably documented.
3.1.2.2. Credit lines available upon simple
request, granted by financial entities abroad that have an international risk rating of “A” or higher granted by any of the rating agencies admitted by the rules on “Evaluation of financial entities”, reliably documented.
3.1.3. The minimum cash requirement, with a negative sign.
To determine it, the projected effect of increases or decreases in the included liabilities must be taken into account, according to the assumed scenarios. To this end, the coefficient resulting from relating the requirement corresponding to the month to which the position refers to the respective concepts reached will be applied on the balances of the obligations subject to such requirements, at the end of each period.
3.1.4. The following liabilities, which will be considered at their principal amounts:
3.1.4.1. Deposits and investments discriminated by type:
i) Current account.
Version: 2nd. Communication “A” 3558 Validity:
10.04.02

ii) Savings accounts and special accounts. iii) Other demand deposits. iv) Time deposit of securities. v) Time deposit in pesos and foreign currency. vi) Term investments with variable remuneration. vii) Other term investments. viii) Other term deposits. Within each type of deposit or investment, the amounts will be discriminated in:
a) Balances or deposits in accounts of holders residing in the country. Except in the cases of paragraphs iii) and viii), they will have the following breakdown:

1. Balances or deposits up to the equivalent
   of $ 30,000, to the extent that they are covered by the deposit guarantee.
2. Balances or deposits on account of up to the
   equivalent of $ 100,000, excluding those included in the previous paragraph.
3. Balances or deposits on account of amounts
   greater than the equivalent of $ 100,000.
   The breakdown according to paragraph a) 1. will be optional. b) Balances or deposits in accounts of holders not residing in the country, regardless of the balance or amount of the deposit. Version: 2nd. Communication “A” 3558 Validity:
   10.04.02

3.1.4.2. Other obligations for financial intermediation,
except for spot purchases and sales for settlement and forward linked or not to repos, but including settlement delays, with discrimination of:
i) Negotiable obligations, disaggregated according to whether their holders are residents in the country or not. ii) Credits from local financial entities, disaggregated according to whether they are reliably documented or not or correspond to lines reliably documented or not. iii) Credits from banks abroad, disaggregated according to whether they are reliably documented or not or correspond to lines reliably documented or not. iv) Balances owed to the Central Bank of the Argentine Republic for the use of advances and rediscounts for temporary illiquidity. v) Other commitments in the item.
3.1.5. The following contingent commitments:
3.1.5.1. Credit lines granted to local entities,
reliably documented (counterpart of point 3.1.2.1.).
3.1.5.2. Unused balances of current account advances
formalized that do not contain clauses that enable the entity to dispose discretionarily and unilaterally of the cancellation of the possibility of use of such margins.
3.1.5.3. Guarantees, sureties and other eventual responsibilities
assumed by the entity on behalf of third parties on behalf of its clients, registered in off-balance sheet accounts, net of operations that have preferred counter-guarantees “A”. Version: 2nd. Communication “A” 3558 Validity:
10.04.02

They will be computed at 25%, 30% and 35% of their value, when they refer to debtors classified in the categories 1, 2 and rest, respectively.
3.2. Applicable criteria.
In the preparation of the cash flow positions for the liquidity positions for the contractual situation and each of the defined scenarios, the criteria indicated below will be taken into account. The difference between the initial balance of the computable concepts and the sum of the amounts of the maturities and flows corresponding to each period must be equal to zero, except in the case of the minimum cash requirement.
3.2.1. Contractual situation.
3.2.1.1. All computable assets, liabilities and
contingent commitments will be considered, with the exception of lines granted by local financial entities and banks abroad not reliably documented.
3.2.1.2. To each maturity period, the
amounts whose recovery or payment must be made - according to contractual clauses (taking into account the cancellation or automatic renewal options in the case of investments, when appropriate) or of issuance - within the established periods, counted from the last day of the base month, excluding what was imputed in the preceding period or periods. With respect to term deposits, it must be verified that the initial balance (at the end of the base month) is equal to the result of the following algebraic sum:
i) Initial balance of the previous month. ii) Maturities of the first month, projected in the position of the previous month (-). Version: 3rd. Communication “A” 3558 Validity:
10.04.02

iii) Renovations carried out of such maturities (+). iv) New operations carried out in that first month (+). v) Unforeseen movements occurred in that first month (+/-).
3.2.1.3. Liquid assets will be assigned to the first maturity period.
3.2.1.4. The available margins of local financial entities
and abroad will be applied in the first week and their maturity will be adjusted to what is provided in the contracts. Those that are not reliably documented must not be included.
3.2.1.5. Demand deposits and other obligations will be
considered in the first maturity period, while the remaining liabilities will be imputed to the respective period according to their maturity -taking into account, in the case of term investments with option of early cancellation or automatic renewal, the one that arises according to the date on which the investor can exercise their right-.
3.2.1.6. The imputation to the different periods of guarantees, sureties and other eventual responsibilities assumed
will be carried out based on the entity's experience.
3.2.2. Current situation.
3.2.2.1. The recovery of assets, the renewal of liabilities
and/or the eventual increases or decreases in the computable assets and liabilities will be equal to those observed -on average- in the last three months immediately preceding the one corresponding to the position. Version: 2nd. Communication “A” 3558 Validity:
10.04.02

3.2.2.2. The total of collections or renewals and/or
increases or decreases in the observed quarter will be calculated, based on the comparison between the balances at the last day of each of the months and of the respective month immediately preceding, starting from the situation corresponding to the last month included in that observation. The result will be compared with the pertinent maturities of the contractual situation of that same period. In symbols:
1 S(n)i - S(n-1)i S(n-1)i - S(n-2)i
Tvi = + + m V(n-1)i V(n-2)i
S(n-2)i - S(n-3)i

• • 1
    V(n-3)i where
    Tvi: variation rate for concept i.
    S(n)i: initial balance of concept i in the position of month n. V(n)i: maturities of concept i imputed to the first month in the position of month n (if equal to 0, the respective term will not be considered). In the cases of demand deposits they will be equal to S(n)i. m: 3 or the smallest number of months with respect to which information is available or V(n)i is not equal to 0. Version: 2nd. Communication “A” 3558 Validity:
    10.04.02

In cases where data referring to maturities are not available -for a certain concept- in the last three months, the variation rate will be 1 for all asset accounts or 0 for all liability accounts.
3.2.2.3. The variation rate will be applied to the contractually
maturities, unless it is greater than 1 (increase), in which case the resulting rate will be used under the following conditions:
i) With 100% of the growth, up to the third month of maturities, inclusive. ii) With 50% of the growth, between the fourth and the sixth month of maturities, being:
Tvij = 1 + [(Tvi - 1) * 0.5] iii) With 25% of the growth, between the seventh and the twelfth month of maturities, being:
Tvij = 1 + [(Tvi - 1) * 0.25] iv) Without growth (0%), from the thirteenth month of maturities onwards, being:
Tvij = 1
3.2.2.4. The variation rates will be applied to the
maturities of the computable concepts in the contractual situation, to determine the amounts of the renewals, new operations, decreases and/or recoveries to be imputed to each period. In symbols:
Fij = Vij (1 - Tvij) where
Fij: flow for concept i in period j.
Vij: maturities of concept i in period j.
Version: 2nd. Communication “A” 3558 Validity:
10.04.02

Tvij: variation rate for concept i in period j.
3.2.2.5. The computable concepts will be considered according to
the following guidelines:
i) Liquid assets.
According to the contractual situation, with the following caveat. With respect to the available margins upon simple request, by lines of local financial entities and banks abroad reliably documented, it will be considered that they are used in their entirety in the first week and that they are cancelled after 24 months. In case a part of those margins has been used previously, their cancellation will be computed in the first week and simultaneously integrated as an available margin until reaching the agreed quota. ii) Non-quoting securities. According to the contractual situation. iii) Loans, other credits for financial intermediation and goods in financial leasing. According to the contractual situation and what is provided in points 3.2.2.1. to 3.2.2.4. iv) Deposits and investments. According to the contractual situation and what is provided in points 3.2.2.1. to 3.2.2.4. v) Other obligations for financial intermediation. Version: 2nd. Communication “A” 3558 Validity:
10.04.02

According to the contractual situation, except for the credits received from local financial entities and banks abroad with respect to which what is indicated for each case will be observed:
a) Corresponding to reliably documented lines: what is indicated for liquid assets in paragraph i) of this point will be taken into account. b) Corresponding to lines not reliably documented: the initial balance will be reported and its cancellation according to what results from considering the average renewal of the last three months immediately preceding the one corresponding to the position. vi) Contingent commitments. According to the contractual situation, taking into account in the case of unused balances of current account advances what is provided in points 3.2.2.1. to 3.2.2.4.
3.2.3. Situation with signs of individual illiquidity.
The computable concepts will be considered according to the following guidelines:
3.2.3.1. Liquid assets.
According to the contractual situation, with the following caveat. With respect to the available margins upon simple request, by lines of local financial entities and banks abroad reliably documented, it will be considered that they are used in their totality and that they are cancelled at their maturity without renewal.
3.2.3.2. Non-quoting securities.
According to the contractual situation.
Version: 2nd. Communication “A” 3558 Validity:
10.04.02

3.2.3.3. Loans, other credits for financial intermediation
and goods in financial leasing.
It will be considered that the recoveries of the credits from the commercial and consumption or housing portfolios to borrowers from the non-financial private sector classified in the categories “in normal situation” or of “normal compliance” and “with potential risk” or of “inadequate compliance” are equivalent to 20% and 10%, respectively, of the maturities reported according to the contractual situation for the first week, renewing or granting new financings for the rest, with maturity to the next month. In the cases of maturities in the subsequent periods, the same recovery scheme will be considered, taking into account the effect of the renewals or financings of the preceding periods. Consequently, the flows corresponding to the first four weeks will be equivalent to the maturities according to the contractual situation multiplied by the respective recovery coefficient. From the first month, considered first period (j = 1), the flows will be calculated by applying the following formula:
j
Fij = αA * Σ (1 - αA) j-k
Vik k=1 where
Fij: flow for concept i in period j.
αA: asset recovery coefficient.
Vik: maturities of concept i in period k.
Version: 2nd. Communication “A” 3558 Validity:
10.04.02

The funds that are recovered according to the provisions above cannot be destined to new financings and, in no way, can an increase in the loan balance be recorded. In the cases of loans from both portfolios to clients classified in the remaining categories, it will be considered that, at their maturity according to the contractual situation, they are renewed in their entirety (no recoveries are recorded). Consequently, they will be imputed to the last period. On the other hand, loans to the financial and non-financial public sectors will be recorded as reported in the current situation.
3.2.3.4. Deposits and investments.
i) In current account and other demand.
99% of the variation rate calculated according to what is provided in points 3.2.2.1. to
3.2.2.3 will be applied, without exceeding 100%, that is to say that as
maximum it will be taken into account that they are renewed in their entirety but that they do not record growth. ii) In savings accounts and special accounts:
95% of the variation rate calculated according to what is provided in points 3.2.2.1. to
3.2.2.3 will be applied, without exceeding 100%, that is to say that as
maximum it will be taken into account that they are renewed in their entirety but that they do not record growth. In both cases, the flows will be calculated with the following formula:
Fij = Vij [1 - (Tvij * αP)]
Version: 2nd. Communication “A” 3558 Validity:
10.04.02

where
Fij: flow for concept i in period j.
Vij: maturities of concept i in period j.
Tvij: variation rate for concept i in period j.
αP: liability renewal coefficient.
If Tvij * αP > 1, Tvij * αP = 1 will be taken. iii) Time deposit and other obligations referred to in paragraphs vi) to viii) of point 3.1.4.1. 90% of the renewal rate calculated with the following formula will be applied:
1 R(n-1)i+A(n-1)i R(n-2)i+A(n-2)i
Tri = + + m V(n-2)i V(n-3)i
R(n-3)i+A(n-3)i

• • 1
    V(n-4)i where
    Tri: renewal rate for concept i.
    R(n)i: renewals of concept i in period n.
    A(n)i: new operations of concept i in period n.
    V(n)i: maturities of concept i in period n (if equal to 0, the respective term will not be considered). Version: 2nd. Communication “A” 3558 Validity:
    10.04.02

m: 3 or the smallest number of months with respect to which information is available or V(n)i is not equal to 0. In cases where data referring to new operations or renewals are not available -for a certain line- in the last three months, the renewal rate will be equal to 0. The flows will be calculated with the following formula:
Fij = Vij [1 - (Tri * αP)] where
Fij: flow for concept i in period j.
Vij: maturities of concept i in period j.
Tri: renewal rate for concept i.
αP: 0.9.
If Tri * αP > 1, Tri * αP = 1 will be taken.
3.2.3.5. Other obligations for financial intermediation.
According to the contractual situation.
3.2.3.6. Contingent commitments.
According to the contractual situation.
3.2.4. Generalized illiquidity situation.
The computable concepts will be considered according to the following guidelines:
3.2.4.1. Liquid assets.
According to the contractual situation, with the following caveats:
Version: 2nd. Communication “A” 3558 Validity:
10.04.02

i) Public and private securities:
They will be valued at 60% and 40% of their respective market prices, except for the part of the holding with respect to which the entity has carried out a spot sale for settlement or forward - linked or not to repos- or is the holder of the right to exercise a put option to a bank abroad -or its local branch or subsidiary- with an international risk rating of “A” or higher granted by any of the rating agencies admitted by the rules on evaluation of financial entities. In these cases, the exercise value stipulated in the contract will be considered. ii) Available margins upon simple request by lines of local financial entities reliably documented:
0% utilization will be considered. iii) Available margins upon simple request by lines of banks abroad reliably documented:
It will be considered that they are used in their entirety in the first week and that they are cancelled at their maturity, without renewal. iv) Minimum cash. 50% will be computed.
3.2.4.2. Non-quoting securities.
According to the contractual situation.
3.2.4.3. Loans, other credits for financial intermediation
and goods in financial leasing.
Version: 2nd. Communication “A” 3558 Validity:
10.04.02

It will be considered that the recoveries of credits from the commercial and consumer or housing portfolios to borrowers in the non-financial private sector classified in the categories "normal situation" or "normal compliance" and "potential risk" or "inadequate compliance" are equivalent to 10% and 5%, respectively, of the amount of maturities reported according to the contractual status for the first week, renewing or granting new financing for the remainder, with maturity in the following month. In the case of maturities in subsequent periods, the same recovery scheme will be considered, taking into account additionally the effect of renewals or financings from preceding periods.

The funds recovered as provided above cannot be used for new financing, and under no circumstances can an increase in the loan balance be recorded.

The methodology indicated for the situation with signs of individual illiquidity will be applied.

In the case of loans from both portfolios classified in the remaining categories, it will be taken into account that, upon maturity according to the contractual status, they are renewed in their entirety (no recoveries are recorded). Consequently, they will be attributed to the last period.

For its part, it will be taken into account that loans to the financial sector are renewed in their entirety upon maturity, while credits to the non-financial public sector will be considered as reported in the contractual status.

3.2.4.4. Deposits.
They will be considered according to the situation with signs of individual illiquidity.

3.2.4.5. Other obligations by financial intermediation.
According to the contractual status.
Version: 2nd. Communication “A” 3558 Validity:
10.04.02

3.2.4.6. Contingent commitments.
According to the contractual status.

3.2.5. Signs of cash flows.
3.2.5.1. Assets and liabilities.
i) Net decrease: + ii) Net increase: -

3.2.5.2. Contingent commitments: +

3.2.5.3. Liquidity margins.
i) Utilization: + ii) Cancellation: -

3.3. Mismatches.
3.3.1. Primary.
Defined as:
DPj = Aj - Pj - CCj
Where
DPj: primary mismatch of period j.
Aj: assets (point 3.1.1.) of period j.
Pj: liabilities (point 3.1.4.) of period j.
CCj: contingent commitments (point 3.1.5.) of period j.

3.3.2. Global.
Defined as:
DGj = DPj + MLj
Version: 2nd. Communication “A” 3558 Validity:
10.04.02

where
DGj: global mismatch of period j.
MLj: liquidity margins (point 3.1.2.) of period j.

3.3.3. Accumulated global.
Defined as:
DGAj = DGj for j = 1 (first week)
DGAj = DGAj-1 for j = 5 (first month) DGAj = DGAj-1 + DGj for 1 < j < 5 where DGAj: accumulated global mismatch at period j.

3.3.4. Accumulated global with minimum cash.
Defined as:
DGArj = DGAj - RMLj where
DGArj: accumulated global mismatch at period j with minimum cash. RMLj: minimum cash requirement (point 3.1.3.) of period j. Version: 2nd. Communication “A” 3558 Validity:
10.04.02

B.C.R.A.
ORIGIN OF THE PROVISIONS INCLUDED IN THE CODIFIED TEXT OF THE RULES ON LIQUIDITY POSITION CODIFIED TEXT ORIGIN OF NORM
Section Point Paragraph
Com. Annex Point Paragraph Observations
1. 1.1. “A” 2690 unique 1. 1st to 3rd
1. 1.2. “A” 2690 unique 1. 4th and
last
Includes interpretative clarification.
According to Com. “A”
3558
2. 2.1. “A” 2690 unique 2.
2. 2.2. “A” 2690 unique 3.
“A” 2374 7.
“A” 2696 Procedure rules (point
4.)
3. 3.1. “A” 2690 unique 3. Modified by the
Com. “A” 2696
“A” 2839 Procedure rules (table of correspondence) Points 3.1.1.3. ii) and
3.1.5.3. (according to
Communication. "A"
2932, point 15.)
Point 3.1.1.1.:
iv), according to Com. “A”
3274 i) ii) and vi), according to
Com. “A” 3558
Point 3.1.3., acc. Com. “A” 3558.
3. 3.2. “A” 2690 unique 4. Acc. Com. “A” 3558
“A” 2696 Procedure rules (points
1. to 4.). In point
3.2.2.2. includes
interpretative clarification
3. 3.3. “A” 2696 Procedure rules (points
1.6. to 1.9.). Acc.
“A” 3558
4. “A” 2690 unique 5.
5. “A” 2690 unique 6. last
“A” 2839 Procedure rules (page 10)

RELATION FOR FIXED ASSETS AND OTHER CONCEPTS B.C.R.A. CONCEPTS
Section 1. Fixed assets.
1.1.2.4. Other diverse credits.
1.1.3. Goods for own use.
1.1.4. Diverse goods.
1.1.5. Organization and development expenses not deductible for the determination of computable equity responsibility.
1.1.6. Goodwill (registrations incorporated prior to
30.5.97).
1.2. Exclusions.
1.2.1. Assets affected as collateral.
1.2.1.1. Linked to the fulfillment of obligations related to electronic clearing chambers and with canceling checks when they are computable for the integration of minimum cash.
1.2.1.2. For the following operations, provided that the pertinent provisions are observed:
i) Passive securities repurchase agreements and foreign currency. ii) Passive credit repurchase agreements. iii) Futures, options and other derivative products. iv) Credit lines from abroad for the settlement of operations carried out through Euroclear and Cedel. Version: 5th. Communication “A” 3558 Validity:
10.04.02

B.C.R.A.
ORIGIN OF THE PROVISIONS INCLUDED IN THE CODIFIED TEXT OF THE RULES ON THE RELATION FOR FIXED ASSETS AND OTHER CONCEPTS CODIFIED TEXT ORIGIN OF NORM Observations
Section Point Paragraph Com. Cap./ Point Paragraph
Annex
1. 1.1.1. “A” 2736 unique 1.6.
1. 1.1.2. “A” 2736 unique 1.5. According to Com. “A”
3131
1. 1.1.3.
a
1.1.6.
“A” 2736 unique 1.1. a
1.4.
According to Com. “A”
2753
1. 1.2.1.1. “A” 2736 unique 1.5.3. According to Com. “A”
2753, “A” 3216 and
“A” 3558
1. 1.2.1.2. “A” 2753 1. Includes interpretative clarification and
modification by
Com. “A” 2832 and
“A” 3558
2. 2.1. “A” 2736 1. 1st
3. 3.1.1. “A” 2736 unique 1. last According to Com. “A”
2966
3. 3.1.2.1. “A” 2736 unique 3.
and
3.1.2.2.
“A” 414
LISOL-1
VII 5.2.2.
3. 3.1.2.3. “A” 2736 unique 3.
3. 3.2. “A” 2736 1. 3rd According to Com. “A”
2966. Includes
interpretative clarification
3. 3.3. “A” 2736 1. 2nd
4. 4.1. “A” 2736 1. 1st
5. 5.1.1. “A” 2736 1. last
5. 5.1.2. a
5.1.4.
“A” 414
LISOL-1
V 3.2.2. a
3.2.4.
According to Com. “A”
2019
5. 5.1.5. “B” 5159
5. 5.2.1. “A” 2241
CREFI-2
I 3.2.3.
5. 5.2.2. “A” 2241
CREFI-2
II 1.2.
5. 5.2.3. “A” 2241
CREFI-2
III 1.1.
5. 5.2.4. “A” 2241
CREFI-2
IV 1.3.
5. 5.3. “A” 414
LISOL-1
V 4. Modified by the
Com. “A” 817
6. 6.1. “A” 2227 unique 5.2.1. last According to Com. “A”
2649
6. 6.2. “A” 2227 unique 5.1.8. According to Com. “A”
2736
“A” 2227 unique 5.2.2.

CONSOLIDATED SUPERVISION B.C.R.A. Section 5. Compliance with regulations.
5.1. Individual basis.
Unless otherwise provided, financial entities (including their subsidiaries in the country and abroad) will individually observe the regulations applicable to them. In the case of minimum cash, the individual basis will not include subsidiaries abroad.

5.2. Consolidated basis.
Without prejudice to individual compliance, controlling financial entities subject to consolidated supervision will observe on a consolidated basis the following regulations:
5.2.1. Monthly consolidated basis.
5.2.1.1. Minimum capital.
5.2.1.2. Classification of debtors and minimum provisions for uncollectible risk.
5.2.1.3. Segmentation of credit risk.
5.2.1.4. Credit graduation.
i) Maximum limit for holding shares in companies that do not provide services complementary to the financial activity. ii) Maximum limit of 2.5% of the computable equity responsibility of the entity of the second month prior to the granting of the corresponding financing, which reaches the complementary margin of 200% of the client's computable equity responsibility. Version: 3rd. Communication “A” 3558 Validity:
10.04.02

CONSOLIDATED SUPERVISION B.C.R.A. Section 5. Compliance with regulations.
5.4. Other aspects.
5.4.1. Fund raising with a term of less than 30 days.
Stock exchange companies subject to consolidated supervision may not carry out stock exchange operations with a term of less than 30 days, or cancel them prematurely before 30 days have elapsed, that directly or indirectly imply a fund raising.

5.4.2. Holding of securities in investment accounts.
Controlling financial entities subject to consolidated supervision will observe the regime for holding securities in investment accounts on individual and consolidated bases.

5.4.3. Restrictions regarding common investment funds.
The limitations on the holding of units in common investment funds and on the transactions that grant liquidity to said funds must be observed on individual and consolidated bases.

5.5. Responsibilities.
It shall be the obligation of the local financial entity to ensure full compliance on a consolidated basis of the regulations subject to such observation. When this requirement is not observed, the entity will be subject to charges and other provisions that, for cases of non-compliance, each of the regulations provide. Version: 2nd. Communication “A” 3558 Validity:
10.04.02

B.C.R.A.
ORIGIN OF THE PROVISIONS INCLUDED IN THE CODIFIED TEXT OF THE RULES ON CONSOLIDATED SUPERVISION CODIFIED TEXT ORIGIN OF NORM
Section Point Paragraph Com. Annex Point Paragraph Observations
1. 1.1. “A” 2227 1. 1st
1. 1.2. “A” 2227 1. last
1. 1.3. 1st and 2nd “A” 2227 5.
1. 1.3. 3rd and
last
“A” 2227 6.
2. 2.1. “A” 2227 unique 1. Modified by the
Com. “A” 2649 and
2988
2. 2.2. “A” 2227 unique 1.
2. 2.3. “A” 2619 1st and
last
According to Com. “A”
2988
2. 2.4. “A” 2227 unique 3.
3. 3.1. “A” 2227 unique 2.2.
3. 3.2. “A” 2227 unique 2.3. Modified by the
Com. “A” 2988
3. 3.3. “A” 2227 unique 2.4.
3. 3.4. “A” 2227 10. 1st
“A” 2732 2nd and 4th
4. 4.1. “A” 2227 unique 4.1.
4. 4.2. “A” 2227 unique 4.2.
4. 4.3. 1st “A” 2227 unique 4.3. 1st
4. 4.3. 2nd “A” 2227 11.
4. 4.3. last “A” 2227 unique 4.3. last
4. 4.4. “A” 2227 unique 4.4.
4. 4.5. “A” 2227 unique 5.4.
5. 5.1. “A” 2227 unique 5.2.1. last According to Com. “A”
2649, “A” 3274 and “A”
3558
5. 5.2. “A” 2227 unique 5.1. and
5.2.1. last
According to Com. “A”
2649
5. 5.2.1.1. “A” 2227 unique 5.1.1. and
5.1.7.
According to Com. “A”
2649
5. 5.2.1.2. “A” 2227 unique 5.1.5. According to Com. “A”
2649
5. 5.2.1.3. “A” 2227 unique 5.1.2. and
5.1.3.
According to Com. “A”
2649
5. 5.2.1.4.i) 1st “A” 2227 unique 5.1.4. According to Com. “A”
2649 and “A” 3558
2nd “A” 2227 13.
5. 5.2.1.4.ii) “B” 5902 5. Modified by the
Com. “A” 2649
5. 5.2.1.5. “B” 5902 5. Modified by the
Com. “A” 2649

CONSOLIDATED SUPERVISION
CODIFIED TEXT ORIGIN OF NORM
Section Point Paragraph Com. Annex Point Paragraph Observations
5. 5.2.1.6. “A” 2690 unique 6.
5. 5.2.1.7. “A” 2227 unique 5.1.8. According to Com. “A”
2736
5. 5.2.2. “A” 2227 unique 5.1. According to Com. “A”
2649. Completed by Com. “A”
2461, 2736 and 2839 and
“B” 5902
5. 5.3.1. “A” 2227 unique 5.2.1. According to Com. “A”
2649
5. 5.3.2. “A” 2227 unique 5.2.2.
5. 5.4.1. “B” 6115 3rd
5. 5.4.2. “A” 2793 unique 3.
5. 5.4.3. “B” 6566 1.
5. 5.5. “A” 2227 unique 5.3. Modified by the
Com. “A” 2649