CENTRAL BANK OF THE ARGENTINE REPUBLIC

COMMUNICATION "A" 90
11/01/82

TO FINANCIAL INSTITUTIONS, EXCHANGE HOUSES, AGENCIES AND OFFICES, AND EXCHANGE BROKERS:
ERS:

Ref.: Circular ITEMS NOT INCLUDED IN
OTHER REGULATIONS. RUNOR - 1

We address you to accompany the text ordered to date of the provisions issued by this Institution, which are applicable on the subject of reference.

We greet you very attentively.

CENTRAL BANK OF THE ARGENTINE REPUBLIC

Evaristo H. Evangelista
Deputy General Manager
Carlos Fagioli
Deputy General Manager

ANNEX: 71 sheets

CONTENT

Circular ITEMS NOT INCLUDED IN OTHER REGULATIONS	RUNOR -1
I - Current accounts of financial institutions in the Central Bank of the Argentine Republic
1. Characteristics of the accounts.
2. Opening and numbers of current accounts.
3. Provision and use of funds.
4. Maintenance of the credit balance of the current account.
5. Reconciliation of accounts.
II - Presentation of information to the Central Bank, within the established deadlines. Application of sanctions in case of non-compliance.
1 General rule.
2. Formulas in force.
2.1 List
2.2. Form of remission or delivery to the Central Bank.
3. Request for formulas and publications from the Central Bank.
3.1 Service hours.
3.2. Provision without and with charge.
4 Instructions for the use of formulas 6,1569 and 3829.
III - Accreditation of Central Bank personnel
IV - Inspection conclusions. Their insertion in the minute books of the financial institution.
V - Personnel responsible for the financial institution during the hours in which the activity is carried out and place where the books are located.
1. Responsible personnel.
2. Place where the books are located
VI - Correspondence of foreign banks. Ordering and decoding.
VII - Regime of authorized signatures of the Central Bank.
VIII - Presentations before the Central Bank. Requirements to be met.
IX - Communications from the Central Bank of a reserved nature. Treatment by financial institutions.
X - Schedule of Financial institutions.
1. Of Personnel and customer service.

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Circular ITEMS NOT INCLUDED IN OTHER REGULATIONS RUNOR -1

2. Special

3. Text of Decree No. 2.289/76.

4. Text of Decree No. 2.703/76.

XI - Relations between financial institutions and their clientele.

XII - Coding stamp for sending information to the Central Bank, which includes the "self-verifying" digit.

XIII - Identification documents in force.

1. For Argentines.

2. For foreigners.

3 For foreigners with less than three months of stay in the country.

4. For foreigners who are international officials.

5. For persons born in the Malvinas Islands.

XIV - Financial secrecy.

XV - Sale and reservation of passages. Its prohibition.

XVI - Exchange Houses, Agencies, Offices and Brokers. Authorizations and conditions to operate.

1 Exchange Houses, Agencies and Offices.

1.1. Application requirements.

1.2. Conditions of the authorizations.

1.3. Minimum capital.

1.4. Reserves and operating limits.

1.5. Guarantees.

1.6. Attorneys-in-fact.

1.7. Establishment of branches and offices.

1.8. Location.

1.9. Advertising.

1.10. Other conditions.

1.11. Closure of exchange houses.

1.12. Applicable legal provisions (incorporation, shareholder regime, etc.)

1.13. Operations they may carry out.

1.14. Certification of the Balance Sheet and the Income Statement. Minimum requirements.

1.15. Text of the certification.

2 Exchange brokers.

2.1 Definition.

2.2 Conditions and requirements to obtain the relevant authorization.

2.3. Domicile

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CONTENTS

Circular ITEMS NOT INCLUDED IN OTHER REGULATIONS	RUNOR -1
2.4. Authorization.
2.5. Withdrawal
2.6. Guarantees.
2.7. Extinction of the authorizations.
2.8. Appointment of attorneys-in-fact.
2.9. Disqualifications.
2.10. Incompatibilities.
2.11. Obligations.
2.12. Prohibited operations.
2.13. Registries.
2.14. Oversight.
2.15. Stationery and advertising.
2.16. Sanctions.
2.17. Sworn statement - Law 18.924 (Form 898 A).
XVII - Sanctions and appeals.
1. General rule. D
1.1 In criminal exchange matters.
1.1.1. Sanctions.
1.1.2. Procedure for the processing of the summary proceedings.
1.2. In the financial sphere.
1.2.1 Sanctions.
1.2.2. Procedure for the processing of the summary proceedings.
XVIII- National Industrial Registry. Enforceability of the registration certificate to carry out certain operations.
1. General rule.
2 Model certificate of completion of registration.
3 Officials authorized to sign the registration or re-registration certificates.
XIX - Registry of documented import credits.
1. General rule.
2. Registry model.
XX - Liquidations and interventions of financial institutions.
1. Text of Law No. 22.267.
2. Text of the regulations of Law No. 22.267.
XXI - Security measures in financial institutions

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CENTRAL BANK OF THE ARGENTINE REPUBLIC

TEXT ORDERED

Circular ITEMS NOT INCLUDED IN OTHER ORDERINGS	RUNOR -1
I - Current accounts of financial institutions in the Banco Central de la República Argentina.

1. Characteristics of the accounts.

1.1 Financial institutions are obliged to maintain a current account in the Banco Central.

1.2 The aforementioned current accounts are used to process all movements of funds derived from their relations with the Banco Central and with the other financial institutions, excluding all payment or collection - direct or indirect - from third parties that is not expressly authorized.

Official national, provincial or municipal organizations, which by the nature of their management need to credit funds in some financial institution, may use the account that it has open in the Banco Central.

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B.C.R.A.

I - Current accounts of financial institutions in the Banco Central de la República Argentina. RUNOR -1

2. Opening and numbers of current accounts.

2.1. Opening.

For its opening, the institutions must submit the request by note signed by the superior authority, with which the list of up to five authorized officials to order the movement of the account must be accompanied, indicating position, identity document and signature. In justified cases, additional authorized signatures to said number will be admitted. The designation of these officials must be made with the intervention of the governing body of each institution (board of directors, board of administration, etc.) and must be recorded in minutes - when legally such record corresponds - such authorization, as well as the mentioned data. Any subsequent modification of the authorized signatures will be communicated immediately to the Banco Central.

2.2. Numbers of current accounts.

On each occasion that financial institutions sign any type of documentation referring to their current accounts in the Banco Central, they must correctly record the numbers and denominations that correspond to them.

The erroneous recording of the number of their current account will make the financial institution in question responsible for the eventual damages derived from the incorrect imputation of the funds.

By Communication "B" the number of the current accounts of the financial institutions opened in the Banco Central will be informed.

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B.C.R.A.

I - Current accounts of financial institutions in the Banco Central de la República Argentina. RUNOR -1

3. Provision and use of funds.

3.1 Institutions may provide funds to their current accounts through the following procedures:

3.1.1 Deposits of bills and coins.

3.1.2. Credits for favorable balances in the Clearing House of the Capital Federal and in the interconnection of clearing houses.

3.1.3. Deposits of checks from other financial institutions against the current account that they in turn have open in the Banco Central.

3.1.4. Deposits of checks drawn by the holders against their accounts in other financial institutions provided that they are exchangeable in the Clearing House of the Capital Federal or interconnected with it.

3.1.5. Deposits of checks issued by other financial institutions in favor of the holders of the accounts, provided that they are compensable in the Clearing House of the Capital Federal or interconnected with it.

3.1.6. Transfers and transfers in favor of the holder, issued by other financial institutions, payable through the Clearing House of the Capital Federal or interconnected with it.

3.1.7. Other credits made by the Banco Central, originated in operations related to it.

3.2. Institutions from the interior may send their remittances by mail or deposit them through their correspondents in the Capital Federal.

3.3. The debit to current accounts is effective by:

3.3.1. Drawing of checks that can be made effective directly in the Banco Central or negotiated in another financial institution. The drawing of checks is reserved exclusively for transactions between financial institutions.

3.3.2. Unfavorable balances in the Clearing House of the Capital Federal and in the interconnection of clearing houses and

3.3.3. Other debits made by the Banco Central for operations related to it.

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B.C.R.A.

I - Current accounts of financial institutions in the Banco Central de la República Argentina. RUNOR -1

4. Maintenance of the credit balance of the current account.

4.1 Institutions must have at all times in the current account in the Banco Central sufficient funds to attend the normal development of operations, since it is not admitted that it presents a debit balance. In this sense, the rejection of checks without coverage will be appropriate.

4.2 When by interbank exchange of securities in the Clearing House of the Capital Federal and interconnection of clearing houses, by other operations with the holders, or by application of charges, the Banco Central makes debits that give rise to a debit balance, the institution must cancel it within 24 hours of being notified. Once that term has expired without the situation having been regularized, the holder of the current account must immediately back the debit balances with guarantees satisfactory to the Banco Central. If the cancellation of the overdraft or the constitution of guarantees is unjustifiably delayed, the Banco Central may exercise the powers provided in article 34 of Law 21.526 and likewise, the sanctions referred to in article 41 of said Law will be applicable.

4.3 The debit balances recorded by the institutions will pay a punitive interest of 1.4 times the maximum rediscount rate in force for the respective period.

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B.C.R.A.

I - Current accounts of financial institutions in the Banco Central de la República Argentina. RUNOR -1

5. Reconciliation of accounts.

As the entities receive from the Central Bank the statements of their accounts, they must immediately proceed to reconcile them with their accounting records.

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CENTRAL BANK OF THE ARGENTINE REPUBLIC

CONSOLIDATED TEXT

Circular ITEMS NOT INCLUDED IN OTHER ORDERINGS	RUNOR -1
II- Presentation of information to the Central Bank, within the established deadlines. Application of sanctions in case of non-compliance.

1. General rule

The means that ensure compliance with the current deadlines for the submission of the information requested by the Central Bank must be arranged.

Financial entities that do not observe the terms established in each case for the presentation of the information in question will be subject to the initiation of the pertinent summary proceeding within the provisions of the Law on Financial Entities and its regulatory provisions.

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B.C.R.A.

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2. Formulas in force.

2.1. List.

Number	Denomination
6	Statement of main items as of the 7th, 15th, 23rd and end of month.
111	Exchange Market. General Exchange Position and bills held by entities authorized to operate in exchanges.
112	Exchange Market. Arbitrage operations and settlement of bills.
116 "A"	Exchange Market. Operations arranged with the B.C.R.A. or authorized entities.
116 "B"	Exchange Market. Operations of Reciprocal Credit Agreements and others.
171	Existence of public securities in the own portfolio of financial entities.
337	Provision of formulas. No charge.
405 "A"	Deposit slip.
652	Daily balances (Clearing Houses).
898	Sworn declaration for authorities of financial entities.
898 "A"	Sworn declaration for authorities of exchange houses, agencies, offices and brokers.
1113	Background of promoters, founders, directors, administrators, members of surveillance councils, trustees, liquidators or managers.
1421	Request for provision of coins.
1441	Request for background information.
1519	Exchange Market. Export. Report on foreign currency not negotiated to be processed by the endorsing authorized entity.
1519 "B"	Exchange Market. Export. Partial negotiation of foreign currency.
1569	Statistics by localities. Breakdown of the Balance of Balances (Form 3826) at the end of each quarter.
1590	Summary of operations carried out with clients through authorized exchange brokers
1755	Reserve requirements and operational limits of exchange houses.

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Number	Denomination
1794	Provision of forms and publications. On charge.
1798	Reciprocal Credit Agreements. Notice on documentary credits opened by Argentine imports.
1812	Half-yearly information on the operation of exchange brokers.
1863	On substitute (Clearing House)
1864	Form 99 (Clearing House)
1865	Form 98 (Clearing House)
1931 "A"	Accounting revaluation of real estate (exchange houses and agencies)
1931 "B"	Accounting revaluation of depreciable movable assets (exchange houses and agencies)
1949	Correspondents abroad and credit lines.
1961	Status of minimum cash in foreign currency.
1988	Reciprocal Credit Agreements. Payments abroad
1988 "A"	Reciprocal Credit Agreements. Cancellation of exchange purchases.
1989 "A"	Reciprocal Credit Agreements. Cancellation of exchange sales
1989 "B"	Reciprocal Credit Agreements. Reimbursement for documentary credits
1989 "C"	Reciprocal Credit Agreements. Reimbursement for payment orders
2096	Promoted exports. Information on financial support operations
2097	Promoted exports. Consultation on financial support
2100	Promoted exports. Request for modification of eligibility conditions of bills.
2222 "A"	Transfers for cancellation of export bills discounted with the B.C.R.A.
2222 "B"	Request for reimbursement for cancellation of export bills (Letters of Credit)
2222 "C"	Request for reimbursement for cancellation of export bills (Payment Orders)
2339 "A"	Regulation of the bank current account. Communication of closure of current account or suspension of the check payment service. Natural persons
2339 "B"	Regulation of the bank current account. Communication of closure of current account or suspension of the check payment service. Companies, associations and foundations.

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B.C.R.A.

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Number	Denomination
2340	Communication to the B.C.R.A. of receipt of the Closing and Reopening of Current Accounts Bulletin
2366 "A"	List of Authorities included in article 10 of Law 21.526 and its regulations. Directors and statutory auditors.
2366 "B"	List of Authorities included in article 10 of Law 21.526 and its regulations. Senior staff.
2366 "C"	List of senior staff of the head office. Managers, deputy managers, heads of the accounting area and treasurers.
2378	Promoted exports. Letters available to the B.C.R.A.
2378 "A"	Promoted exports. collections or cancellations of letters.
2402 "A"	Credit in pesos account of foreign banking correspondents.
2402 "B"	Debit in pesos account of foreign banking correspondents.
2408	Promoted exports. Prefinancing operations. Request for funds.
2408 "A"	Promoted exports. Prefinancing operations. Debit authorization.
2417	Request for reimbursement for exports financed with B.C.R.A. credit lines.
2522	Financial institutions. Initiation of subsidiary activities - Transfer (head office or parent company or subsidiary).
2538	Reciprocal Credit Agreements. Reimbursement authorization on guarantee of letters for Argentine imports.
2538 "A"	Reciprocal Credit Agreements. Settlement of letters with bank guarantee, linked to Argentine imports.
2560	Agreement with Romania. Reimbursement authorization for Argentine imports.
2561	Agreement with Romania. Payments abroad.
2570	Registry of authorized signatures.
2572 "B"	Consultation on financing of public sector operations, excluding financial loans.
2600	Foreign exchange market. Settlement of exchange operations (telegraphic means).
2600 "A"	Foreign exchange market. Settlement of exchange operations (airmail).
2617	Arrangement of exchange insurance.
2637	List of principal holders of shares with voting rights.
2638	Information related to the share capital structure of financial institutions.

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Number	Denomination
2644 "A"	Information on the documentation for the closing of the fiscal year (exchange houses and agencies)
2647 "A"	Housing commercialization.
2656	Foreign Exchange Market. Letters available to the B.C.R.A. position and summary of operations.
2677	Transfer of funds.
2715	Provision of funds.
2747 "A"	Tentative external indebtedness program. Foreign currency obligations for authorized operations (Public Sector).
2747 "B"	Tentative external indebtedness program. Foreign currency obligations for operations to be carried out (Public Sector).
2766 "A"	Foreign currency income originating from operations carried out in previous fiscal years (Public Sector).
2766 "B"	Foreign currency income originating from transactions to be completed (Public Sector).
2813	Latin American Bankers Acceptance (ABLA). Sale of foreign currency.
2842	Daily survey on passive interest rates. (1)
2852	Loans from abroad. Article 21, Paragraph 1, Foreign Investment Law (consolidated text in 1980). Sworn statement.
2853	Promoted exports. Debit notice.
2867	Credit note.
2894	Promoted exports. List of documents offered as collateral.
2897	Promoted exports. Rediscount of bills.
2898	Promoted exports. Cancellation of rediscount of bills.
2899	Promoted exports. Transfer of interest for rediscount of bills.
2900	Promoted exports. Position of bills rediscounted at the B.C.R.A.
2906	Notice to install a branch (Art. 16 of Law 21.526).
2906 *"A"	Notice to install a branch of exchange houses and agencies.
2906 "B"	Application to install a branch in the country's territory by foreign financial institutions.

Exclusive use of financial institutions designated by the B.C.R.A.

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Number	Denomination
2910	Inquiry regarding notices to install branches submitted to the B.C.R.A.
2929	List of documents submitted to the B.C.R.A. for rediscount.
2946	Treasury Bills auction.
2965	Statement of immobilized assets.
2966	Statement of the ratio for deposits and other obligations in pesos.
3000	Statement of minimum cash in pesos.
3030	Debit - credit note.
3030 "A"	Debit note. Deposit guarantee regime.
3046	Subscription External Bonds - 1981.
3055	List of mortgage deeds on which a pledge as collateral in favor of the B.C.R.A. is constituted.
3098	Promoted exports. Calculation of the penalty charge for non-compliance.
3100	Monetary Regulation Account. Settlement of the charge and compensation.
3124	Import. Inquiry on financing of capital goods. Private sector.
3125	Import. Report on financing of capital goods. Private sector.
3128	Bidding for National Variable Interest Bonds.
3143	Submission of formulas and other presentations.
3147 "A"	Authorization for bidding of credits.
3147 "B"	Authorization for bidding of credits.
3148	Information on bidding results.
3149 "A"	Information on contracts signed without intervention of B.C.R.A.
3149 "B"	Information on bidding results.
3189	Statistical information on external debt. Public Sector.
3189 "A"	Statistical information on external debt - Public sector - (continuation sheet).
3191	Statistical information on external debt. Private Sector.
3212	Balances of financial entities by activities.

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Number	Denomination
3269	Credit risk fractioning.
3286	Bidding of National Adjustable Securities
3302	Reciprocal Credit Agreements. Purchase and Sale of Foreign Currency.
3305	Reciprocal Credit Agreements. Authorization of Reimbursements of Documentary Credits for Argentine Imports.
3471	Advances. Circular R.F. 1051.
3486	Information on movement and daily balances of surplus banknotes.
3513	Average operating volume.
3517	Detail of real estate.
3518	Distribution by clients of guarantees granted.
3519	Distribution of credit by client.
3519 "A"	Supplementary information to the distribution of credit by client.
3525	Loan regime. Circular R.F. 1251.
3531	Bidding of External Bonds.
3563	Loan regime.
3564	Application for accreditation of funds.
3591	Promoted exports. Prefinancing operations. Debit authorization.
3592	Promoted exports. Prefinancing operations. Request for funds.
3593	Promoted exports. Prefinancing operations. Registration as a user of the aforementioned regime.
3603	Statistical information on document exchange (clearing houses).
3643	National Economic-Financial Consolidation Bond. Transfer between entities.
3645	Information regime linked to the constitution of the Special Provision for credit risks.
3639	Exchange insurance. Interest rate for period after 180 days.
3648	Credit note and bond subscription (National Economic-Financial Consolidation Bond.

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Number	Denomination
3649	Debit note. (National Economic-Financial Consolidation Bond).
3826	Balance of Balances
3827	Statement of debtors' situation (Annex to the "Balance of Balances" - Form 3826).
3828	Movement of property, plant and equipment and other revaluable assets (Annex to the "Balance of Balances" - Form 3826).
3829	Analysis of certain asset and liability items.
3830	Background of external auditors.
3831	Sworn statement of external auditors.
3872	Envelope for submission of periodic forms to the B.C.R.A.
4001 "A"	Exchange Market. Purchase. Sworn statement.
4001 "A"	Exchange Market. Purchase. Sworn statement. Public Sector
4001 "B"	Exchange Market. Purchase. Sworn statement. Reciprocal Credit Agreements and others.
4001 "B"	Exchange Market. Purchase. Sworn statement. Reciprocal Credit Agreements and others. Public Sector.
4002 "A"	Exchange Market. Sale. Sworn statement.
4002 "A"	Exchange Market. Sale. Sworn statement. Public Sector
4002 "B"	Exchange Market. Sale. Sworn statement. Reciprocal Credit Agreements and others
4002 "B"	Exchange Market. Sale. Sworn statement. Reciprocal Credit Agreements and others. Public Sector
4004 "A"	Exchange Market. Settlement of forward purchases
4004 "B"	Exchange Market. Settlement of forward sales
4008 "A"	Exchange Market. Consultation.
4008 "A"	Exchange Market. Consultation. Public sector
4008 "B"	Exchange Market. Inquiry. Imports. Public sector.
4008 "D"	Exchange Market - Sale. Application.
4008 "D"	Exchange Market. Sale. Application. Public Sector.
4008 "F"	Exchange Market. Inquiry. External credits.

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Number	Name
4009	Exchange Market. Summary of operations.
4031 "A"	Exchange Market. Summary of spot purchases from clients. Private sector.
4031 "B"	Exchange Market. Reciprocal Credit Agreements and others. Summary of spot purchases from clients. Private Sector.
4032 "A"	Exchange Market. Summary of spot sales to clients. Private sector.
4032 "B"	Exchange Market. Summary of spot sales to clients. Reciprocal Credit Agreements and others. Private Sector.
4033	Exchange Market. Position and summary of operations (Exchange Houses, Agencies and Offices).

2.2. Form of submission or delivery to the Central Bank.

The aforementioned forms must be sent or delivered accompanied by Form 3143 "Remittance of forms and other submissions".

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3. Request for forms and publications from the Central Bank.

3.1. The provision of the forms intended to comply with the information required by the Central Bank must be requested during the hours of 10 to 14.

3.2. For the indicated purpose, the following forms must be used:

• Provision of forms free of charge: form 337.

• Provision of forms and publications for a fee: form 1794.

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4. Instructions for the use of forms 6, 1569 and 3829.

4.1. Form 6.

4.1.1. Houses that must complete it.

Each of the banking houses (head office, central, agency, branch or delegation), installed in:

4.1.1. 1. Federal Capital.

4.1.1. 2. Province of Buenos Aires:

4.1.1.2.1. Partidos of: Almirante Brown Merlo Avellaneda Moreno Berazategui Morón Echeverría Quilmes Florencio Varela San Fernando Gral. San Martín San Isidro Gral. Sarmiento Tigre Lanús Tres de Febrero Lomas De Zamora Vicente López La Matanza

4.1.1.2.2. Cities of: Azul Marcos Paz Bahía Blanca Mercedes Chivilcoy Necochea Junin Ovalaría La Plata Pergamino Luján Tandil Mar Del Plata Tres Arroyos

4.1.1. 3. Province of Córdoba - Cities of: Córdoba Río Cuarto San Francisco Villa María

4.1.1.4. Province of Corrientes: - City of Corrientes

4.1.1.5. Province of Chaco: - Cities of: Presidencia Roque Sáenz Pena Resistencia

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4.1.1. 6. Province of Chubut: - Cities of: Comodoro Rivadavia Trelew

4.1.1. 7. Province of entre Ríos: - Cities of: Concepción del Uruguay Concordia Gualeguay Paraná Villaguay

4.1.1. 8. Province of Mendoza: - Cities of: Mendoza San Rafael

4.1.1. 9. Province of Misiones: - City of Posadas

4.1.1.10. Province of Neuquén: - City of Neuquén:

4.1.1.11. Province of Río Negro: - Cities of: San Carlos de Bariloche Viedma

4.1.1.12. Province of Salta: - City of Salta

4.1.1.13. Province of San Juan: - City of San Juan

4.1.1.14. Province of Santa Cruz: - City of Río Gallegos

4.1.1.15. Province of Santa Fe: - Cities of: Cañada de Gómez Casilda Rafaela

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Rosario
Santa Fe
Venado tuerto

4.1.1.16. Province of Tucumán: - City of San Miguel de Tucumán Notwithstanding and with the purpose of eliminating impediments that may reduce the agility of the development of this informative regime, interested entities are authorized to consolidate in one form the data corresponding to several of their branches only in the case that they belong to the same locality, for which they must communicate to this Bank as from what date and through which of their offices they put the aforementioned approach into practice.

4.1.2. Form of submission to the Central Bank. The houses included in the previous point must send the information directly to the Central Bank (Department of Monetary Statistics) by the fastest available means (by hand, air or land, as the case may be).

4.1.3. Deadline for submission. The forms corresponding to the banking houses installed in the Federal Capital and parties of the province of Buenos Aires mentioned in the point must arrive at the Central Bank within the two business days following the dates of each information.

Those prepared by the houses operating in the other cities must arrive at this institution within the three business days following the aforementioned dates.

4.1.4. Information dates and amounts. Balances must be reported in millions of pesos and correspond to the close of operations on the 7th, 15th, 23rd and last day of each month. When any of those dates coincides with a national or local holiday, the reporting house must record the balances of the immediately preceding business day.

4.1.5. Provision of forms. Agencies, branches and delegations shall request them in due time from their respective central or parent houses. These shall request them from the Department of General Secretariat - Distribution Division of the Central Bank, which supplies them free of charge.

4.1.6 Application of sanctions in case of presentation of information to the Central Bank outside the established deadlines. This weekly information is included within the regime referred to in point 1. Of this chapter.

However, the Central Bank takes into account delays attributable to the mail, for which reason those branches that, having to use that means, have prepared and dispatched form 6 by the fastest means on the first business day following the reported date shall not be subject to sanctions.

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4.1.7. Indications on some concepts to be taken into account for the integration of the form.

A. For the classification of operations linked to the non-financial public sector (Capital), from the point of view of the institutional level, financial entities must take into account the following considerations and, in addition, the list of companies made known by Communication "A" 18.

4.1.7.A.1. Within National, provincial and municipal Government, ministries, entities, offices and other organizations dependent on each level of Government must be included. Workshops, printing presses and other companies that provide services totally or mainly to the same Government or that do not mainly sell their services to the market must also be included. The pertinent non-profit institutions and the regional representations of the national Government must also be incorporated. Administrative units included in the following point are excluded from these levels.

4.1.7.A.2. As other companies and other public entities, for the three levels of government, those that belong to or are controlled by them and that sell industrial or commercial goods and services to the public on a large scale must be included:

a) public companies constituted under various regimes (state companies, state societies, autonomous entities, etc.

b) large administrative units (decentralized organizations, special accounts) that produce goods and services that they sell mainly to the market and that have financial autonomy.

4.1.7.A.3. As for mixed companies, they are those in which ownership and/or management is shared by the State and the private sector, but with state majority. It must be noted that in this group private companies whose control is in the charge of the State are considered. These are fundamentally companies subject to the regime of Law 18.832, that is, those private companies declared bankrupt or that, being in creditor convocation proceedings, considerably reduced operations, ceased in it, were in arrears in the payment of wages.

4.1.7.A.4. Intergovernmental corporations (including plurinational ones) must be considered those in which national, provincial or municipal governments participate among themselves or in participation with foreign governments.

B. Mortgage loans for housing of the non-financial private sector (capital) shall be understood as those destined to finance housing units granted to natural persons or to companies, societies and institutions for such purpose.

Within said concept, loans granted with mortgage lien with the following destinations must be considered as such:

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• To the construction and subsequent sale of grouped, individual or collective housing, whether urban or rural.

• Acquisition, construction, expansion, reform, refurbishment of housing for own use or rental as housing.

• Acquisition of properties on which the buildings will be constructed, payment of the balance of the price or cancellation of liens originating from their purchase, if they had already been acquired by the applicants.

• The substitution of mortgages encumbering the applicant's own-use dwelling and originating from the acquisition, construction or expansion of said property, provided that the lien is in execution.

• The references that are indispensable for carrying out the projected expansions.

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4.1.8. Equivalence of items with those of form 3826 (Balance of Balances - monthly)

	1	Codes of the Balance of Balances - monthly
AVAILABLE FUNDS	0000	110.000
- In pesos
In the country
Cash	01101	111.001,11.003,111.005,111.007,111.009
BCRA - Cta. Cte. and payment orders	01102	111.011, 111.015
Others	01103	111.017, 111.019, 111021
Abroad	01200	112.000
- In gold and foreign currency	02000	115.000,116.000
PUBLIC SECURITIES	10000	120.000 Increased by the amount of the provisions (9121.006,125.006,126.006)
- In pesos
National Government	11101	See point 4.1.7.A.1
Others	11102	121.003 121.006,121.009 less National Government
- In foreign currency
- From the country	12100	125.003 125.009
. From abroad	12200	126.003 126.009
LOANS (Principal)	20000	131.100 131.400, 131.700, 132.100, 135.100 135.400, 135.700, 136.1000
- In pesos
. Residents in the country
Private sector in the country
Non-financial private sector
Advances	21111	131.709
Discounts	21112	131.712, 131.715, 131.718, 131.721, 131.727, 131.731, 131.733,(131.791)
Mortgages for housing	21113	See point 4.1.7.B
Other loans	21114	131.724 less Mortgage for housing, 131.741
Non-financial Public Sector
National Government	21121	See point 4.1.7.A.1
Other	21122	131.100 less National Government
Financial Sector	21130	131.400
. Residents abroad	21200	132.1000
- In foreign currency
. Residents in the country
Non-financial Private Sector	22110	135.700
Non-financial Public Sector	22120	135.100
Financial Sector	2210	135.400
. Residents abroad	22200	136.100
SHAREHOLDINGS IN OTHER COMPANIES	30000	160.000 Increased by the amount of provisions (161.091, 165.091)
- In pesos
. In financial institutions	31100	161.002, 161.006, 161.009
. Other	31200	161.012, 161.015, 161.018, 161.021
- In foreign currency	32000	165.000 Excluded Provisions
OTHER ASSETS	40000	1000.000 less the preceding items
TOTAL ASSETS	50000	(X) 100.000

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	2	Codes of the Balance of Balances - monthly
DEPOSITS (Capital) (excluding orders payable)	1000	310.000 less: 311.145, 311.201, 311.445, 311.501, 311.745, 311.801, 312.201, 315.201, 315.801, 316.201
- In pesos
Residents in the country
Non-Financial private sector
Checking Accounts	11110	311.706, 311.712
Savings	11120	311.718, 311.721, 311.724, 311.727, 311.728
Fixed term	11130	311.731, 311.733, 311.736, 311.739
Various	11140	311.742, 311.748, 311.751,,311.754
Non-financial public sector
Fixed term
National Government	11211	See point 4.1.7.A.1.
Others	11212	311.131, 311.133, 311.136, 311.139 minus National Government
Other deposits
National Government	11221	see point 4.1.7.A.1.
Others	11222	311.106, 311.112, 311.142, 311.148, 311.151, 311.154, minus National Government
(Use of the Unified Funds)	11230	311.191
Financial Sector	11300	311.400 minus 311.445
Residents abroad	11400	312.100
- In foreign currency
Residents in the country
Non-financial Private Sector	12110	315.700
Non-financial Public Sector	12120	315.100
Financial Sector	12130	315.400
Residents abroad	12200	316.100
OTHER LIABILITIES FOR FINANCIAL INT.	20000	320.000
- In pesos (Capital)
Residents in the country
BCRA	21110	321.108, 321.109, 321.111, 321.112
Other financial entities	21120	321.133
Mortgage bonds and other oblig.	21130	321.142
Miscellaneous capital	21140	321.100 less the preceding items
Residents abroad	21200	322.100
- In foreign currency (Capital)
Residents in the country
BCRA	22110	325.106, 325.109
Residents abroad	22200	326.100
- Other	23000	320.000 less the preceding items
NET EQUITY (INCLUDES RESULTS)	30000	400.000 (includes 500.000)
OTHER LIABILITIES	40000	300.000 less the preceding items
TOTAL LIABILITIES AND NET EQUITY:	50000 (X)	300.000, 400.000 (includes 500.000)

[X] Total assets = total liabilities and net equity

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4.1.9. Model of Form 6.

CENTRAL BANK OF THE ARGENTINE REPUBLIC	Reporting office code
Department of Banking Statistics
STATEMENT OF MAIN ITEMS
As of the 7th, 15th, 23rd and end of month
Bank:
Office:
Locality
ASSETS	(1)	Balance in millions	LIABILITIES		Balance in millions
AVAILABLE FUNDS	00000		DEPOSITS (Capital) (Excluding orders payable)	10000
- In pesos			- In pesos
- In the country			-Residents in the country
Cash	01101		Private sector
B.C.R.A. - Cta. Cte. and orders	01102		Current accounts	11110
Other	01103		Savings	11120
- Abroad	01200		Fixed term	11130
- In gold and foreign currency	02000		Miscellaneous	11140
PUBLIC SECURITIES	10000		Public sectors
- In pesos
National Government	11101		Fixed term
Other	11102		National Government	11211
- In foreign currency			Other	11212
- Domestic	12100		Other deposits
. Abroad	12200		National Government	11221
LOANS (Capital)	20000		Other	11222
- In pesos			(Use of Unified Funds)
- Residents in the country				11230
Private sector			Financial sector	11300
			- Residents abroad	11400
Advances	21111		-In foreign currency
Discounts	21112		- Residents in the country
Mortgage loans for housing	21113		Private sector	12110
Other loans	21114		Public sector	12120

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WITHDRAWAL	(1)	1	Balance in millions	LIABILITIES	(1)	2	Balance in millions
Public sector				Financial sector
National Government		21121		. Residents abroad		12200
Others		21122		OTHER OBLIGATIONS FOR FINANCIAL INTERMEDIATION		20000
Financial sector		21130		- In pesos (Capital)
Residents abroad		21200		- Residents in the country
- In foreign currency				B.C.R.A.		21110
- Residents in the country				Other financial entities		21120
Private sector		22110		Mortgage bonds and other obligations		21130

Observations

Place and date

Accounting Area (2)
Signature and clarification

[1] Reserved for the Central Bank of the Argentine Republic

[2] To be signed by the highest-ranking responsible person

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4.2. Formula 1569

4.2.1. Entities that must complete it.

Banks and savings banks, financial companies, credit unions and savings and loan associations for housing or other real estate.

4.2.2. Deadline for submission.

The entities included in the previous point must send the information directly to the Central Bank (Department of Monetary Statistics) within five business days following the end of the period established for receiving the monthly Balance of Balances (formula 3926).

4.2.3. Information date and amounts.

The reported balances must correspond to the close of operations on the last day of each calendar quarter and must be expressed in millions of pesos.

4.2.4. Provision of formulas.

The head offices or parent companies of each entity must request them, with sufficient advance notice, from the Department of Monetary Statistics of this Bank, which provides them free of charge.

4.2.5. Instructions for its completion.

The entities - through their head offices or parent companies - must report (in original only) the pertinent data broken down by locality. In the event that more than one office (head office, central, agency, branch or delegation) of the same entity operates in any of them, the figures must be provided aggregated, clarifying in this regard that the Federal Capital is considered as a single locality.

4.2.6. Application of sanctions in the event of presentation of information to the Central Bank outside the established deadlines.

Formula 1569 is included within the regime established in point 1. of this Chapter.

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II - Presentation of information to the Central Bank, within the established deadlines. Application of sanctions in the event of non-compliance.
(Continued)
RUNOR - 1

4.2.7 Equivalence of items with those of Formula 3826 (Balance of Balances - monthly - )

LOCALITIES CODES	Advances in current account	Discount and purchase of documents	Mortgage-	Pledge	Other	PUBLIC SECTOR	In foreign currency	TOTAL	(1) Cash	In other institutions in current account	Other	In gold and foreign currency	TOTAL
STATISTICS BY LOCALITIES	Discrimination of the Balance of Balances (Form 3826) at the end of each month	CENTRAL BANK OF THE ARGENTINE REPUBLIC	Department of Monetary Statistics	Entity:	Balances as of:	(in millions of pesos)	CODE	LOANS (Capital)	AVAILABLE FUNDS	Residents in the country	In pesos	In pesos	Private Sector
131.709 131.712	131.724	131.727	131.741 131.100	135.100	131.100 111.001 111.015 111.01	1	115.000 110.000
131.715	135.700	131.700 111.003 111.017 112.00	0	116.000
131.718	132.100 111.005 111.019
131.721	133.100 111.007 111.021
131.731	135.700 111.009
131.733	136.100
(a)	(a)	(a)	(a)
(a) - Less documented interest

[1] the difference between the sum of the partials and the total is due to Loans granted in pesos and in foreign currency to residents abroad

[NOTA:] NOTE: In each column of the front and back of this form, the sum of the reported amounts must be recorded, a total that must coincide with the corresponding concepts of the Monthly Balance of Balances (Form No. 3826) at the same date, taking into account the equivalences clarified in point VII of the Annex to Circular A.F. 1305.

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RUNOR - 1

		DEPOSITS (Capital)						PRIVATE SECTOR
		Residents in the country
		In pesos
PRIVATE SECTOR LOCALITIES CO-	DES	Accounts	Savings	Fixed	Other	SECTOR	In foreign	TOTAL	Unused bal-	Debits	Orde-	Clearing hou-
		Current	Savings	term	(3)	PUBLIC	currency	(2)	ances of	on account	rs of	pension funds and/or
								(3)	advances in	current	payment	Exchange of Securities
									account co-			Active Balance(*)
									rrent (in			Passive balance(*)
									pesos)
		311.706	311.718	311.731	311.742	311.100	315.100	311.100			311.745	141.127
		311.712	311.721	311.733	311.745		315.700	311.700				141.131
			311.724	311.736	311.748			312.100				- 321.136
			311.727	311.739	311.751			315.100				- 321.139
			311.728		311.754			315.700
								316.100		(b)	(c)

[b] - Only the balances corresponding to the private Sector shall be taken from code 721.003

[c] (c)- The total of the debits made in the month under report in the Cta. must be recorded. Cte. that show the debit or credit balance, whether due to customer checks, debit note, etc.

[1] the difference between the sum of the partials and the Total is due to deposits of residents abroad, in pesos and foreign currency.

[2] Start in Head office the balance of orders payable

[3] To be subscribed by the highest-ranking responsible person.

Accounting Area (4)
General manager
Place and date
Signature and clarification
Signature and Clarification

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4.3. Form 3829.

4.3.1. Entities that must complete it.

Banks and savings banks, finance companies, credit unions and savings and loan associations for housing or other real estate.

4.3.2. Deadline for submission.

The entities included in the previous point must send the information directly to the Central Bank (Department of Monetary Statistics) within the same deadline established for the receipt of the monthly Balance of Balances (form 3826).

4.3.3. Reporting date and amounts.

This form must be completed with figures - expressed in millions of pesos - referring to the close of operations on the last day of each month.

The amount of the concepts to be reported must match their respective equivalent declared in the monthly Balance of Balances at the same date, in accordance with the groupings detailed in point 4.3.7.

4.3.4. Provision of forms.

The head offices or parent companies of each entity must request them in advance from the Central Bank, Department of General Secretariat - Distribution Division, which provides them free of charge.

4.3.5. Application of sanctions in case of presentation of information to the Central Bank outside the established deadlines.

Form 3829 is included within the regime provided for in point 1. of this chapter.

4.3.6 Indications on some concepts to be taken into account for the completion of the form.

The instructions in point 4.1.7 must be observed.

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4.3.7. Equivalence of items with those of form 3826 (monthly Balance of Balances)

4.3.7.1. Table I

		Operations in	Operations in
Concept	Form 3829	pesos Form 3826	foreign currency Form 3826
AVAILABLE FUNDS, in the country, in current account	0000	111.017,111.019, 111.021.	115.019
Banks and Savings Banks	0100
Finance companies	0200
Credit unions	0300
Savings and loan associations for housing or other real estate	0400
PUBLIC SECURITIES, domestic	1000	121.003,121.006, 121.009	125.003, 125.009
Of the National Government	1100
Of Provincial and Municipal Governments	1200
Of public enterprises and other public entities	1300
LOANS, to residents in the country	2000	131.100,131.400 Mortg. for housing of the Private Sector 131.100	135.100,135.400 Mortg. for housing of the Private Sector 135.100
- Non-financial Public Sector
Government		)	)
National	2110	)	)
Central Administration	2111	)	)
Decentralized Entities	2112	)	)
Provincial	2120	)	)
Municipal.	2130	)See point 4.1.7. )A.1	)See point 4.1.7 )A.1
Enterprises and other public entities
National	2140	)	)
Provincial	2150	)	)
Municipal	2160	)	)
Joint ventures	2170	)	)
Intergovernmental corporations	2180	)	)
- Financial Sector		131.400	135.400
a Banks and Savings Banks	2210
a Finance companies	2220
a Credit unions	2230
a Savings and loan associations for housing or other real estate	2240
- Non-financial Private Sector
Mortgages for housing	2300	See point 4.1.7.B	See point 4.1.7.B
ASSETS UNDER FINANCIAL LEASE, to residents in the country	3000
- Non-financial Public Sector		Declared within 151.003	Declared within 151.003
Government		)	)
National	3110	)	)
Central Administration	3111	)	)
Decentralized Entities	2112	)	)
Provincial	3120	)	)
Municipal.	3130	)See point 4.1.7 .)A.1	)See point 4.1.7 )A.1.
Companies and other public entities
National	3140
Provincial	3150	)	)
Municipal	3160	)	)
Mixed companies	3170	)	)
Intergovernmental corporations	3180	)	)

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	Operations in pesos Form. 3826	Operations in foreign currency Form. 3826
Concept	Formula 3829
- Financial Sector		Declared within 151.003	Declared within 155.003
to Banks and Savings Banks	3210
to Finance Companies	3220
to credit unions	3230
to Savings and loan associations for housing or other real estate	3240
THIRD-PARTY LIABILITY FOR ACCEPTANCES, to residents in the country	4000	141.103	145.103
- Non-financial Public Sector	4100
- Non-financial Private Sector	4200
DEPOSITS, residents in the country
- Non-financial Public Sector (Total)	5000	311.100 increased by the amount of:311.191	315.100
- Non-financial Public Sector (Current Account)	5000	311.106, 311.112
- Non-financial Public Sector (Time deposits)	5000	311.131, 311.133,311.136,311.139
- Non-financial Public Sector (Others)	5000	311.142.311.145,311.148,311.151,311.154
Columns 1 to 5 broken down into:		See point 4.1.7 A.1.	See point 4.1.7. A.1.
.Government
National	5100
Central Administration	5110
Decentralized Entities	5120
Provincial	5200
Municipal	5300
.Companies and other public entities
National	5400
Provincial	5500
Municipal	5600
.Joint ventures	5700
.Intergovernmental corporations	5800
- Financial Sector	6000	311.400	315.400
Banks and Savings Banks	6100
Finance companies	6200
Credit unions	6300
Savings and loan associations for housing or other real estate	6400
OTHER LIABILITIES FOR FINANCIAL INTERMEDIATION, residents in the country
- Acceptances	7000	321.102,321.103,321.104	325.103
.Non-financial Public Sector	7100
.Non-financial Private Sector	7200
- With financial entities Law 21.526	8000	321.128,321.131,321.133	325.128,325.131,325.133
.Financial Sector
Banks and Savings Banks	8100
Finance companies	8200
Credit unions	8300
Savings and loan associations for housing or other real estate	8400

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4.3.7.2. Table II

4.3.7.2.1. Debits in current accounts - Residents in the country - Non-financial Public and Private Sectors: The total amount of debits made during the month in current accounts that show a debit or credit balance, whether due to customer checks, debit notes, etc., must be recorded.

4.3.7.2.2. Debits in savings accounts - Residents in the country Non-financial Private Sector: The total amount of debits made during the month to those accounts, whether due to withdrawals, tax charges, etc., must be declared.

4.3.7.2.3. Unused balances of advances in current accounts: Only the balances corresponding to the Non-financial Public and Private Sectors must be taken from code 721.003.

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II - Submission of information to the Central Bank, within the established deadlines. Application of sanctions in case of non-compliance. (Continued)

RUNOR - 1

4.3.8. Model of form 3829.

ENTITY:
CENTRAL BANK OF THE ARGENTINE REPUBLIC
Department of Monetary Statistics
ANALYSIS OF SOME ITEMS OF THE
ASSETS AND LIABILITIES
(Capital, balances in millions)
Figures as of / /
CODE
TABLE I
Concept (1) Code In pesos In foreign currency Concept (1) Code .
In pesos In foreign currency
AVAILABLE FUNDS, IN the country, in current account 0000 ASSETS UNDER FINANCIAL LEASE, to residents in the country 3000 Banks and savings banks 0100 Finance companies 0200 Non-financial Public Sector:
Credit unions 0300 Government
Savings and loan associations for housing or other real estate 0400 National 3110 GOVERNMENT SECURITIES, of the country: 1000 Central administration 3111 Of the National Government 1100 Decentralized entities 3112 Of provincial and municipal governments 1200 Provincial 3120 Of public companies and other public entities 1300 Municipal 3130 LOANS, residents in the country 2000 Public companies and other public entities Non-financial public sector: National 3140 Government Provincial 3150 national 2110 Municipal 3160 Central administration 2111 Mixed companies 3170 Decentralized entities 2112 Intergovernmental corporations 3180 Provincial 2120 Financial sector:
Municipal 2130 To banks and savings banks 3210 Public companies and other public entities To finance companies 3220 National 2140 To credit unions 3230 Provincial 2150 To savings and loan associations for housing or other Real estate 3240 Municipal 2160 LIABILITY OF THIRD PARTIES FOR ACCEPTANCES, to residents in the country: 4000 Mixed companies 2170 Non-financial public sector: 4100 Intergovernmental corporations 2180 Non-financial private sector: 4200 Financial sector:
To banks and savings banks 2210
To finance companies 2220
To credit union 2230
To savings and loan associations for housing to other Real estate 2240 Non-financial private sector: Mortgage for housing 2300

The provision of this form must be requested through Form 337

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RUNOR - 1

TABLE I (Continued)						Observations:
Concept	(1) Code	In pesos			In foreign currency
		TOTAL	Current account	Time	Other
Deposits, of residents in the country Non-financial Public Sector:	5000
National Government	5100
Central administration	5110
Decentralized entities	5120
Provincial	5200
Municipal	5300
Companies and other public entities
National	5400
Provincial	5500
Municipal	5600
Mixed companies	5700
Intergovernmental Corporations	5800
Financial sector:	6000
Banks and savings banks	6100
Financial companies	6200
Credit unions	6300
Savings and loan societies for housing or other real estate	6400
OTHER OBLIGATIONS FOR FINANCIAL INTERMEDIATION - Residents in the country. Acceptances:
	7000
Non-financial public sector	7100
Non-financial private sector:	7200
With financial entities:	8000
Financial sector:
Banks and savings banks	8100
Financial companies	8200
Credit unions	8300
Savings and loan societies for housing or other real estate	8400
(1) reserved for the Central Bank of the Argentine Republic.
(2) Include those whose capital is adjusted by the variation of a price index
(3) To be subscribed by the highest-ranking officer.

TABLE II
ANALYSIS OF LOANS AND DEPOSITS (transactions in pesos - figures in millions)
Holders	(1) Code	Adjustable loans (2)		Adjustable deposits (2)	Debits in	Unused balances of overdrafts on current accounts
		Principal	Adjustments to accrued interest payable	Adjustments and accrued interest payable	Savings account	Current accounts
Residents in the country:	1000
Non-financial public sector:	1100
Non-financial private sector:	1200
Financial sector	1300
Residents abroad	2000

Place and date:

Accounting Area (3)
General Manager
Signature and clarification
Signature and clarification

11.1.82 22

CONSOLIDATED TEXT

Circular ITEMS NOT INCLUDED IN OTHER REGULATIONS	RUNOR -1
III - Accreditation of Central Bank personnel.

The Central Bank declines all responsibility for the actions carried out before financial institutions by persons who do not accredit their status as officials thereof by means of a credential issued by the Institution.

11.1.82

CENTRAL BANK OF THE ARGENTINE REPUBLIC

CONSOLIDATED TEXT

Circular ITEMS NOT INCLUDED IN OTHER REGULATIONS	RUNOR -1
IV - Inspection conclusions. Their insertion in the minute books of the financial institution.

The text of the memorandums containing inspection conclusions must be transcribed in the minutes corresponding to the meeting of the board of directors or board of administration at which knowledge of said conclusions was taken, also recording the resolutions adopted thereon.

11.1.82

CENTRAL BANK OF THE ARGENTINE REPUBLIC

CONSOLIDATED TEXT

Circular ITEMS NOT INCLUDED IN OTHER REGULATIONS	RUNOR -1
V- Personnel responsible for the financial institution during the hours in which the activity is carried out and place where the books are kept.

1. Responsible personnel: At the addresses of the premises of the financial institutions, and during the hours in which the activity is carried out, there must remain personnel duly authorized to act on their behalf.

11.1.82 1

V- Personnel responsible for the financial institution during the hours in which the activity is carried out and place where the books are kept.	RUNOR -1

2. Place where the books are kept.

The records that the entities prepare for accounting reasons or by virtue of legal or regulatory provisions - whether principal or subsidiary - as well as the documentation on which they are based, internal vouchers, debtor files and references susceptible of being consulted by the personnel of the Central Bank in the performance of their duties, must:

2.1. Be kept up to date and use Spanish in them;

2.2. Be located at the authorized addresses or at the one specifically authorized for such purpose by the Central Bank, and

2.3. When for justified reasons it is indispensable to move them to another place, such circumstance must be communicated to the Central Bank with a minimum advance notice of five days, indicating the causes, time and place of the move and the person who will be in charge of them with the obligation to exhibit them in case of request.

The entities are excepted from complying with the provisions of points 2.2. and 2.3. when the elements must be moved on the occasion of the holding of general meetings of shareholders or partners that take place outside the authorized addresses and exclusively for the day on which they meet. They are likewise exempted with respect to documents that must be delivered to public notaries for protest or presented in court to manage their collection.

11.1.82 2

CENTRAL BANK OF THE ARGENTINE REPUBLIC

CONSOLIDATED TEXT

Circular ITEMS NOT INCLUDED IN OTHER REGULATIONS	RUNOR -1
VI - Correspondence of foreign banks. Ordering and decoding

Foreign financial institutions must keep a record, in a initialed book, of all correspondence exchanged with the Head Office and other branches abroad, with the corresponding translation in the event that it is coded (decoding).

They must also keep the correspondence received, with its respective decoding when applicable.

The codes used must be kept for the same period as the correspondence.

11.1.82 1

ORDERED TEXT

Circular ITEMS NOT INCLUDED IN OTHER REGULATIONS	RUNOR -1
VII - Regime of signatures authorized by the Central Bank.

The ordered text of the current regulations corresponding to this Chapter will be included in due course.

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CENTRAL BANK OF THE ARGENTINE REPUBLIC

ORDERED TEXT

Circular ITEMS NOT INCLUDED IN OTHER REGULATIONS	RUNOR -1
VIII - Presentations before the Central Bank. Requirements to be met.

In presentations made before the Central Bank, whether on one's own behalf or on behalf of third parties, that require an administrative decision, the registration number of the interested party and the acronym of the corresponding National Pension Fund must be stated.

In matters whose processing is carried out through forms, such data must be recorded in the designated place or, failing that, after the name of the applicant.

In the case of natural persons or legal entities that do not carry out activities covered by any of the National Pension Funds or that are exempt from the obligation to affiliate, the sworn statement provided for in Article 5 of Law 17.250 shall be required.

The duplicate shall be given to the interested party with proof of presentation; the original and the triplicate shall be added to the elements sent to the Central Bank.

The processing of presentations that do not comply with the established requirements shall be suspended until they are complied with.

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ORDERED TEXT

Circular ITEMS NOT INCLUDED IN OTHER REGULATIONS	RUNOR -1
IX - Communications from the Central Bank of a reserved nature. Treatment by financial institutions.

To avoid the inconveniences that may arise from the dissemination of the content of confidential and reserved communications sent by the Central Bank, necessary measures must be adopted to prevent them from coming to the knowledge of persons outside the system.

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CENTRAL BANK OF THE ARGENTINE REPUBLIC

ORDERED TEXT

Circular ITEMS NOT INCLUDED IN OTHER REGULATIONS	RUNOR -1
X - Hours of financial institutions.

1. Of personnel and public service.

1.1. In accordance with the provisions of Decree 2.289 of 29.9.1976, the personnel of financial institutions must work their shift from Monday to Friday from 9:45 a.m. to 5:15 p.m. With regard to national holidays and non-working days, the provisions in force for that purpose must be observed. Financial institutions located in provinces must also observe the holidays that have been declared as such by provincial laws or decrees.

1.2. The hours for public service are from 10 a.m. to 4 p.m.

1.3. Personnel enjoy a period of 45 minutes within the workday for lunch. Institutions must take the necessary measures so that compliance with this benefit does not mean the interruption of the public service.

1.4. In the provinces and in the National Territory of Tierra del Fuego, Antarctica and South Atlantic Islands, their respective governments may provide, when local needs make it essential, the implementation of working hours for personnel and public service different from those set in points 1.1. and 1.2., provided that the 7.30-hour workday for personnel and the 6-hour period for public service are maintained.

1.5. The Central Bank may grant authorization for certain financial institutions operating in the Federal Capital or at international points of entry or exit of the country to carry out their operations or part of them on days and with hours for personnel and public service different from those established by points 1.1. and 1.2., provided that the workday does not exceed 7.30 hours for personnel; the corresponding compensatory rest days for Saturdays and Sundays are granted, and the other applicable regulatory conditions and modalities are observed. In the provinces and National Territory of Tierra del Fuego, Antarctica and South Atlantic Islands, these authorizations may be granted by the respective governments.

1.6. Without prejudice to what is determined by the legal and regulatory provisions in force on labor matters, the Central Bank oversees compliance by the institutions included in point 1.1. with the provisions on public service hours. Any transgressions incurred by such institutions make them liable to the sanctions provided for in the Law on Financial Institutions, which are applied by the Central Bank in accordance with the procedure established in said law.

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2. Special.

2.1. Prior authorization from the Central Bank.

2.1.1. The Central Bank favorably considers the authorization of special public service hours that seek to provide better services.

2.1.2. For institutions established in the Federal Capital, the authorizations granted prior to the date of issuance of Decree 2.289/76 are maintained so that, when circumstances make it advisable to complement the service they provide during the general public service period, they may also establish hours different from the common ones to attend special services.

2.1.3. The authorizations that have been granted so that certain houses operating in the Federal Capital may carry out their operations or part of them at hours other than the common hours shall continue in force, adapting to a minimum of 6 hours.

2.1.4. All entities that make use of any of the franchises referred to in points 2.1.2. and 2.1.3. must inform the Central Bank of the special hours set, their frequency and purpose.

2.2. Service to the public on Saturdays.

2.2.1. Banks and savings banks may establish, in the houses operating in the Federal Capital, special hours of service to the public to carry out the following services:

2.2.1.1. Receipt and withdrawal of deposits;

2.2.1.2. Payment of drafts and transfers;

2.2.1.3. Special services of public interest;

2.2.1.4. Purchase - sale of foreign currency, and

2.2.1.5. Collection of installments of personal, mortgage and pledge loans.

2.2.2. For the handling of other operations, prior authorization from the Central Bank must be required.

2.2.3. Entities that decide to establish in any of their houses the additional working day referred to in point 2.2.1. must inform the Central Bank of such circumstance with at least 10 consecutive days' notice prior to the date of its implementation, stating the respective hours of service to the public and the services they will provide.

2.3. Service to the public on public holidays and Sundays.

Prior authorization from the Central Bank must be required.

2.4. Purchase and sale operations of foreign currency related to travel and tourism expenses to and from abroad.

Financial entities authorized to operate in foreign currency may handle purchase and sale operations of foreign currency related to travel and tourism expenses to and from abroad, within the hours that the needs advise in each place, including on non-working days and national public holidays.

2.5. Observance of legal and regulatory provisions.

To make use of the authorizations, the legal and regulatory provisions that are applicable must be observed.

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3. Text of Decree No. 2.289/76.

Buenos Aires, 29 September 1976

Whereas the convenience of unifying the working day of the personnel of the financial entities included in Law 18.061 and its amendment 20.574 (t.o. by dec. 1.695/74) in order to organize the provision of the services for which they are authorized, adapting it to the needs of the present stage of national reorganization and its consequent economic reactivation, and

Considering: that in this regard it is indispensable to update the existing rules on the working day in force for banks, extending them to the remaining financial entities included in the aforementioned Law, taking into account that all of them make up the country's financial system;

That the proposed measure tends to rationalize the service they provide to the community, correcting the significant dissimilarity that currently exists with regard to the working day and service to the public;

That by establishing continuous hours of six hours per day, from Monday to Friday, for service to the public, the aim is to facilitate for the community a functioning suited to the characteristics of financial activity and the regular fulfillment of tax, pension and public utility payment obligations;

That the six-hour schedule to be implemented for service to users recognizes similar precedents in most countries;

That likewise, in the new regime, following a traditional practice and respecting the institutional order, provision is made for the possibility of exceptions at the federal and provincial level that will provide, as the case may be, the Central Bank of the Argentine Republic and the respective governments, regarding the implementation of special hours of personnel occupation and service to the public other than those, provided that the working day established in this decree is respected;

That it is considered appropriate, likewise, to reiterate the powers of the Central Bank to oversee strict compliance by the entities included in this decree with the hours of service to the public and that any eventual transgressions they incur shall make them liable to the sanctions provided for in the law on financial entities;

That, lastly, with the purpose of achieving an orderly adaptation of the provisions to be adopted and activities carried out by the aforementioned entities and facilitating for their personnel an adjustment to the new working day it establishes, it has been considered prudent that the new regime enter into force as of 1 November of the current year;

Therefore, the President of the Argentine Nation decrees:

Art. 1º - The personnel of the financial entities included in Law 18.061 and its amendment 20.574 (t.o. by dec. 1.695/74) shall work their working day from Monday to Friday with hours from 9.45 to 17.15.

With regard to national public holidays and non-working days, financial entities shall observe the provisions in force for those purposes. Likewise, financial entities located in provinces shall observe the holidays that have been declared as such by provincial laws or decrees.

Art. 2º - In the entities included in the previous article, the hours of service to the public shall be from 10 to 16.

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Art. 3º - Personnel shall enjoy a period of 45 minutes within the working day for their lunch. The entities included in art. 1º shall arrange the means so that compliance with this franchise does not mean the interruption of the service of attention to the public.

Art. 4 - In the provinces and the National Territory of Tierra del Fuego, Antarctica and the South Atlantic Islands, their respective governments may order, when local needs make it essential, the implementation of working hours for personnel and public service hours different from those set in Art. 1 and 2, provided that the 7.30-hour workday for personnel and the 6-hour period for public service are maintained.

Art. 5 - The Central Bank of the Argentine Republic may grant authorization for certain financial entities operating in the Federal Capital or at international points of entry or exit of the country - maritime, river, air, rail or motor vehicle - to carry out their operations or part of them on days and with personnel and public service hours different from those established in art. 1 and 2, provided that the workday does not exceed 7:30 hours for personnel, the corresponding compensatory rest days for Saturdays and Sundays are granted, and the other applicable regulatory conditions and modalities are observed. In the provinces and the National Territory of Tierra del Fuego, Antarctica and the South Atlantic Islands, these authorizations may be ordered by the respective governments.

Art. 6 - Without prejudice to what is determined by the legal and regulatory provisions in force on labor matters, the Central Bank of the Argentine Republic shall monitor strict compliance by the entities included in art. 1 with the provisions on public service hours; any transgressions incurred by such entities shall be subject to the sanctions provided for in the Law on Financial Entities, which shall be applied by the Central Bank in accordance with the procedure established in said law.

Art. 7 - The provisions of this decree shall enter into force on 1 November 1976.

Art. 8 - Decrees 618/66, 8.844/67, 3.994/68, 5.632/66 and any other provision that opposes the provisions of this decree are repealed.

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4. Text of Decree No. 2.703/76.

Buenos Aires, 29 October 1976

Having regard to dec. 2.289 of 29 September 1976, which provides that as of 1 November next, the personnel of the financial entities included in Law 18.061 and its amendment 20.574 (t.o. by dec. 1.695 of 31 May 1974) shall work their workday from Monday to Friday from 9.45 to 17.15, and

Whereas: Without prejudice to the purpose stated in the grounds of said decree, regarding the convenience of unifying the workday and public service hours in all entities that make up the country's financial system, it was not the intention to reduce the hours of those financial entities that habitually provided their service to the public more extensively.

That the contrary would imply advocating lesser efficiency of certain entities, to the detriment of the population and of the financial circuit itself.

That, consequently, it is necessary to clarify this aspect to avoid the erroneous application of dec. 2.289/76.

Therefore, the Minister of Planning, in exercise of the Executive Power, decrees:

Art. 1 - The modification of the workday and public service hours ordered by dec. 2.289/76 shall not apply to non-banking financial entities in cases where it represents a reduction of the workday in force prior to it or entails a restriction in public service hours.

Art. 2 - Without prejudice to the provisions of the preceding article, the public service hours set in art. 2 of dec. 2.289/76 shall be the minimum that the entities referred to in this decree must comply with.

Art. 3 - The other provisions of dec. 2.289/76 shall apply to non-banking financial entities insofar as they are not incompatible with the provisions of this

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CONSOLIDATED TEXT

Circular ITEMS NOT INCLUDED IN OTHER COMPILATIONS	RUNOR -1
XI - Relations between financial entities and their clientele.

Issues arising between financial entities and their clientele must be settled between the parties, without intervention of the Central Bank.

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CONSOLIDATED TEXT

Circular ITEMS NOT INCLUDED IN OTHER COMPILATIONS	RUNOR -1
XII - Coding stamp for sending information to the Central Bank, which includes the "self-verifying" digit.

1. For sending all types of information to the Central Bank, financial entities must use a coding stamp for each of their offices (head office, central office, agency, branch, etc.), in which, following the last "self-verifying" digit, which is uniform for all offices of the same entity, in accordance with the model set out below:

ENTRE RÍOS - PARANA
05945.0811.051 - 1

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XII - Coding stamp for sending information to the Central Bank, which includes the "self-verifying" digit.	RUNOR -1

2. By Communication "B" the Table of "Self-verifying" Digits is made known.

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CONSOLIDATED TEXT

Circular ITEMS NOT INCLUDED IN OTHER COMPILATIONS	RUNOR -1
XIII - Identification documents in force.

The following are considered valid documents to prove the identity of persons of Argentine nationality and foreigners who operate with financial entities:

1. For Argentines.

1.1. Over 16 years of age:

    1.1.1. Enlistment Booklet.

    1.1.2. Civic Booklet.

    1.1.3. National Identity Document.

1.2. Under 16 years of age:

    1.2.1. Identity card issued by the Federal Police.

    1.2.2. Identity card issued by the Directorates of Civil Registries and/or of Civil Status and Capacity of Persons.

    1.2.3. Identity card issued by the provincial and/or National Territories police forces.

    1.2.4. National Identity Certificate - Registration issued by the National Registry of Persons.

    1.2.5. National Identity Document - Minors

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2. For foreigners.

2.1. Of any age who entered the country and obtained residency before 1 January 1968:

2.1.1. Identity Card of the Federal Police.

2.1.2. Identity Card of the Civil Registry and/or Civil Status and Capacity of Persons Directorates and Registries.

2.1.3. Identity Card issued by the provincial police and/or National Territories.

2.2. Of any age who enter or have entered the country as of 1 January 1968 as seasonal workers:

Seasonal worker certificate, issued by the National Registry of Persons (only for workers of the Río Turbio Mines).

2.3. Of any age who entered the country and obtained residency as of 1 January 1970 inclusive and those who enter the country from that date onward, whether permanently or temporarily, with a stay longer than three months:

National Identity Document - Foreigners.

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3. For foreigners with less than three months of stay in the country.

In view of the difficulties faced by foreign citizens who do not possess the pertinent documentation because they remain in the country for periods of less than three months, it is considered feasible, in order to facilitate the processing of their transactions with financial institutions, to resort to other means of identification, such as:

3.1. Entry permit to the Republic, granted by the National Directorate of Migration or by an Argentine consular official.

3.2. Passport visaed by an Argentine consular authority, except in cases where agreements signed by the Republic exempt from visa.

3.3. Individual card, issued by the National Directorate of Migration.

3.4. Identity Card or any identification document issued by the competent authority of the respective neighboring countries.

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B.C.R.A.

XIII - Identification documents in force.
RUNOR -1

4. For foreigners who are international officials. International card or similar document issued by the National Directorate of Protocol of the Ministry of Foreign Affairs and Worship.

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1

5. For persons born in the Malvinas Islands. Provisional Certificate established by the Argentine-British Joint Declaration of 1 July 1971 and recognized by Law 19.529.

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CENTRAL BANK OF THE ARGENTINE REPUBLIC

CONSOLIDATED TEXT

Circular ITEMS NOT INCLUDED IN OTHER REGULATIONS	RUNOR -1
XIV - Financial secrecy.

1. The entities covered by Law 21.526 may not reveal the operations they carry out or the information they receive from their clients.

Only the reports required by the following are excepted from such duty:

1.1. Judges in judicial cases, with the precautions established by the respective laws.

1.2. The Central Bank, in the exercise of its functions.

1.3. National, provincial or municipal tax collection agencies, on the basis of the following conditions:

1.3.1. It must refer to a determined responsible person.

1.3.2. A tax verification must be in progress with respect to that responsible person, and

1.3.3. It must have been formally and previously requested.

1.4. The entities among themselves, in accordance with the rules that are issued.

The personnel of financial entities must maintain absolute confidentiality regarding the information that comes to their knowledge.

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XIV - Financial secrecy. RUNOR -1

2. The exchange of information among financial entities shall comply with the following rules:

2.1. Financial entities may provide the reports requested by other entities covered by the regime of the Law on Financial Entities regarding the background and operations they carry out with their clients, as well as data originating from studies conducted on the documentation provided.

2.2. The provision of such information shall be mandatory when the request responds to the purpose of framing the actions of the requesting entity within provisions issued by the Central Bank.

2.3. The references obtained by financial entities in accordance with these rules must not be revealed, unless they are in turn provided to another financial entity.

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CENTRAL BANK OF THE ARGENTINE REPUBLIC

CONSOLIDATED TEXT

Circular ITEMS NOT INCLUDED IN OTHER REGULATIONS	RUNOR -1
XV - Sale and reservation of tickets. Their prohibition.

Financial entities may not carry out activities related to the sale and reservation of tickets.

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CONSOLIDATED TEXT

Circular ITEMS NOT INCLUDED IN OTHER REGULATIONS RUNOR -1

XVI - Exchange Houses, Agencies, Offices and Brokers. Authorization and conditions to operate.

1. Exchange Houses, Agencies and Offices.

1.1. Requirements of the application.

1.1.1. Applications for authorization to operate as an Exchange House, Agency or Office must be made in writing, indicating the address established for the purposes of proceedings before the Central Bank of the Argentine Republic.

1.1.2. The applications must state:

1.1.2.1. Name of the proposed entity;

1.1.2.2. Class of entity;

1.1.2.3. Name of the city or locality where it is intended to establish the entity, indicating the probable location within that area;

1.1.2.4. Grounds on which the initiative is based and information gathered about the need to establish the entity;

1.1.2.5. Capital to be initially contributed;

1.1.2.6. Draft articles of association or bylaws by which it is to be governed, which must be consistent with the provisions of Law 18.924, according to the class of entity concerned;

1.1.2.7. With respect to each of the promoters, founders, members of the company, directors, administrators, members of the supervisory boards, statutory auditors and managers:

1.1.2.7.1. Personal data and statement of assets reflecting their financial situation (Form 1113);

1.1.2.7.2. Sworn statement that they are not included in the disqualifications established in article 4 of Law 18.924. (Form 898 "A"), and

1.1.2.7.3. Background on suitability and experience in exchange business matters.

1.1.2.8 Description of the premises in which they will be installed, indicating whether they will be owned or rented

1.1.2.9 Probable amount of organization, incorporation and installation expenses, and

1.1.2.10 Exchange Houses: intended correspondents abroad and nature of their links.

1.1.3. Applications for authorization are considered withdrawn when the applicants do not submit the documentation required by the Central Bank within 30 (thirty) calendar days from the date on which they become aware of the respective Communication. Failure to comply with that requirement gives rise to the archiving of the proceedings, and no new application will be processed until one year has elapsed from the date of expiration of the granted period.

1.1.4. Authorizations to operate as an Exchange Office are granted to owners, concession

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aires or lessees of hotels that habitually receive travelers from abroad. In the case of applications whose holders are natural persons, they must be of legal age and be registered as merchants. Exchange Houses and Exchange Agencies may open that type of office under the conditions set forth in point 1.7.

1.2. Conditions of the authorizations.

1.2.1. The authorizations granted become void if they are not used within one year from the date on which they were granted, and are subject to compliance with the following requirements:

1.2.1.1. Full payment of the initial capital determined for each case, within 60 (sixty) days from the date of the authorization resolution;

1.2.1.2. Obtaining approval of the constitutive act and bylaws by the competent government authority, and registration in the Public Registry of Commerce;

1.2.1.3. Submission to the Central Bank of the list of directors and senior personnel (manager, accountant, treasurer and attorneys-in-fact), accompanied by the information referred to in point 1.1.2.7., unless they are persons whose data are already in the possession of that Institution because they were added to the authorization application. Operating personnel - at a minimum the manager and attorneys-in-fact - must have adequate experience in exchange matters, and

1.2.1.4. Complete installation of appropriate premises that meet the necessary security conditions.

1.2.2. All provisions relating to the authorization of entities must be complied with no less than 30 (thirty) calendar days before the expiration of the period established for their opening, notifying the Central Bank of such circumstance so that it may rule on the matter.

1.2.3. An extension of the period set for authorization may be granted only when, for reasons not attributable to the entity, duly documented, the requirement established in point 1.2.1.2. has not been complied with. In such case, the extension request must be filed in writing before the expiration of the period, accompanied by reliable evidence of the causes invoked.

1.3. Minimum capital.

1.3.1. Minimum requirements.

1.3.1.1. Exchange Houses and Agencies must maintain the corresponding minimum net worth (informed by Communication "B").

1.3.1.2. For the purposes of these rules, it is defined that:

1.3.1.2.1. Category I: comprises entities located in the City of Buenos Aires and those established in the partidos of Almirante Brown, Avellaneda, Berazategui, Esteban Echeverría, Florencio Varela, General San Martín, General Sarmiento, La Matanza, Lanús, Lomas De Zamora, Merlo, Moreno, Morón, Quilmes, San Fernando, San Isidro, Tigre, Tres De Febrero and Vicente López of the Province of Buenos Aires, or in those that may hereafter be created by splitting or segregating from said partidos.

1.3.1.2.2. Category II: groups entities located in the Cities of Córdoba, Mendoza and Rosario.

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XVI - Exchange Houses, Agencies, Offices and Brokers. Authorization and conditions to operate. RUNOR -1

1.3.1.2.3. Category III: comprises entities operating in the cities of Bahía Blanca, La Plata, Mar Del Plata, San Carlos De Bariloche, and in the following departments of the province of Mendoza: Godoy Cruz and the part of those of Guaymallen, Las Heras, Maipú and Lujan, which make up the agglomerate known as "Gran Mendoza".

1.3.1.2.4. Category IV: includes entities located outside the geographic areas detailed in the preceding categories.

1.3.1.3. Entities that have subsidiaries in higher-category locations must maintain the net worth required for those subsidiaries, without prejudice to the provisions of point 1.3.2.

1.3.2. Additional requirements.

The net worth referred to in point 1.3.1. must be increased by 10% for each of the branches or offices in operation or that may be opened in the future.

1.3.3. Compliance plans.

Entities that are complying with capital compliance plans in accordance with the rules of circular R.F. 648-R.C. 829, and complementary procedural instructions must continue to comply with the aforementioned provisions related to such programs for the remaining time until their completion.

1.3.4. Periodic updating of minimum capital.

1.3.4.1. Minimum capital is adjusted semiannually on 30 June and 31 December of each year by applying the percentage variation occurring in the last month of each calendar semester with respect to the last semester of the previous month, in the National Non-Agricultural Wholesale Price Index prepared by the National Institute of Statistics and Censuses.

1.3.4.2. Entities must integrate, no later than 31 December of each year, the difference between the computable net worth they hold and the new requirements arising from the actions in force as of 1 July of the same year.

1.3.4.3. Entities that comply with compliance programs adjusted to the provisions of point 1.1.3., must cover the increases from the semiannual updates as follows:

1.3.4.3.1. As of 31 December of each year, the portion corresponding in proportion to the capital they have integrated at the close of the first semester.

1.3.4.3.2. The remainder may be distributed over the years remaining for compliance with the compliance plan, in proportion to the quotas established for each period.

1.3.5. Net worth.

1.3.5.1. For the purposes indicated in these rules, net worth is defined as comprising the following items:

1.3.5.1.1. Integrated capital;

1.3.5.1.2. Advances received irrevocably on account of future capital increase;

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XVI - Exchange Houses, Agencies, Offices and Brokers. Authorization and conditions to operate. RUNOR -1

1.3.5.1.3. Dividends in shares approved by the shareholders' meeting, pending payment;

1.3.5.1.4. Undistributed profits that increase capital and/or reserves, or are carried forward to the new fiscal year;

1.3.5.1.5. General reserves (legal, statutory and discretionary) and special reserves, from the books;

1.3.5.1.6. The accounting or off-book revaluation adjusted according to criteria established by the Central Bank, and

1.3.5.1.7. Less: known losses and any other item that represents a real decrease in equity, including the negative balance of the income accounts for the current fiscal year and that from previous fiscal years.

1.3.5.2. For all purposes of the legal and/or regulatory provisions related to the capital and reserves of entities, their integration and increase, contributions must be made in cash.

By exception, the Central Bank may consider and authorize proposals for increases based on the contribution of assets intended for own use, for which purpose the authorization in question must be submitted to said institution before the initiation of any legal or competent-authority-ordered procedure.

1.4. Reserves and operating limits.

1.4.1. When the commitments assumed by Exchange Houses plus their credits taken abroad exceed their exchange position plus the amount of purchases made, they must maintain a reserve in pesos, in cash or deposited in domestic banks. Such reserve must not exceed twice the entity's capital, so its operating margin is limited to that ratio.

1.4.2. Entities that incur cash reserve deficiencies must immediately notify the Central Bank and, if they reach three consecutive or alternating deficiencies within the last 30 (thirty) days, they must suspend operations until their continuation is authorized.

1.4.3. Remittances to be credited may not exceed, in the aggregate, twice the firm's capital, nor 25% of such capital with each correspondent, unless they are first-tier financial institutions.

1.5. Guarantees.

1.5.1. Exchange Houses and Agencies must constitute a guarantee of no less than 20% of the minimum capital resulting from the application of the provisions referred to in point 1.3. For Exchange Offices the requirement is equal to that provided for Exchange Agencies.

Operating entities must constitute it in such a way that, at the end of each of the annual periods of the respective minimum capital compliance plans, its amount is not less than 20% of the minimum capital required at the respective date.

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The guarantee constituted in favor of the Central Bank and/or National Treasury must be liable for compliance with the provisions regulating the activity of the entities and for the fines that may be imposed on them for violations of the exchange regime.

1.5.2. The aforementioned guarantee may be integrated in any of the following forms:

1.5.2.1. Cash deposit.

1.5.2.2. Surety provided by a financial entity covered by Law 21.526.

1.5.2.3. Deposit in custody of Public Debt Securities listed on the stock exchange.

1.5.3. Entities that carry out their activity in the Federal Capital must deposit the guarantees with the Central Bank. The one that operates outside that scope may make the deposits, in cash or in national public securities, at a branch of the Banco de la Nación Argentina to the order of the Banco Central de la República Argentina and/or National Treasury, sending the respective receipts to the Banco Central; in the case of sureties, they shall be sent to the Banco Central.

1.5.4. The guarantees constituted are extinguished once 180 (one hundred eighty) days have elapsed from the date of cancellation of the authorization, unless there is a contrary judicial order or legitimate opposition from the Banco Central.

1.5.5. In cases where the firms are suspended or under summary proceeding, the sureties must be maintained even when the surety entities request their extinction, unless they are totally replaced by cash deposits or by national public securities.

1.6. Attorneys.

1.6.1. The attorneys designated by the Exchange Houses, Agencies or Offices must satisfy the requirements established in points 1.1.2.7. and 1.2.1.3.

The power is conferred by public deed; a certified copy thereof, with proof of its registration in the Registry of Mandates, if it exists in the corresponding jurisdiction, must be sent to the Banco Central.

1.6.2. Every act of resignation or revocation of power must be communicated to the Banco Central prior to the date on which it is to take effect, under penalty of making them responsible for the operations carried out after that date.

1.7. Installation of branches and offices.

1.7.1. Requirements that the entities must comply with.

The Exchange Houses and Agencies that plan to install branches or offices must send the Banco Central a notice of authorization, for which purposes they must comply with the following requirements:

1.7.1.1. Have fully paid in the minimum equity responsibility or be satisfactorily complying with the capital integration plan to reach the minimum established by the provisions in force.

1.7.1.2. Have fully constituted the minimum guarantee that corresponds in accordance with the provisions of point 1.5.1.;

1.7.1.3. Not have registered deficiencies in the integration of the cash reserve estab-

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XVI - Exchange Houses, Agencies, Offices and Brokers. Authorization and conditions to operate. RUNOR -1

lished in point 1.4.1. during the three months prior to the date on which the pertinent authorization notices are submitted, nor three consecutive or alternating defects of that nature within a period of 30 (thirty) consecutive days, during the six months prior to the three in which no deficiencies must be registered.

1.7.1.4. Not be affected by problems of an economic or financial nature;

1.7.1.5. Not have been applied, in the course of the last twelve months, sanctions for the commission of infractions provided in articles 1 of Law 19.359 or 5 of Law 18.924, with the exception of: calls to attention, warnings or fines whose amounts do not exceed 20% of the maximum amount provided as a sanction in the pertinent norms nor that corresponding to the minimum equity responsibility established for the class and location of the entity in question.

1.7.1.6. Not have been noticed the use of irregular procedures in compliance with norms, instructions or recommendations of the Banco Central, and

1.7.1.7. Have elapsed one year since the authorization of the pertinent entities and mediated an inspection by the Banco Central.

1.7.2. Information to be provided with the authorization notices.

1.7.2.1. Name of the city, locality or zone where the branch is planned to be installed.

1.7.2.2. Category of the branch.

1.7.3. Conditions to which the authorizations are subject.

1.7.3.1. Once the Communication from the Banco Central has been received to the effect that there are no inconveniences for the installation of the pertinent branch or once the term of three months has elapsed from the date of receipt at that Institution of the pertinent authorization notice, without it having formulated opposition with respect to the planned, the entity will be in conditions to proceed to the opening of the dependency in question, prior compliance with the following requirements:

    1.7.3.1.1. On the date of authorization have fully paid in the minimum equity responsibility required for its class and category and comply with the requirements established in points 1.7.1.2. and 1.7.1.4., circumstances that must be recorded with the character of sworn declaration in the pertinent Communication of opening of the branch.

    1.7.3.1.2. The branch must be authorized for attention to the public, in an appropriate premises that keeps the necessary security conditions, within six months counted from the date of expiration of the term established in point 1.7.3.1.

1.7.3.2. All the provisions relative to the authorization of the branches must be complied with no less than 30 (thirty) consecutive days prior to the term established for their opening, notifying the Banco Central of such circumstance with equal anticipation.

1.7.4. Terms for the completion of procedures.

1.7.4.1. The term of three months established in point 1.7.3.1. is computed from the date of receipt at the Banco Central of the pertinent authorization notices.

1.7.4.2. The Banco Central does not give course to the authorization notices that are not presented adjusted entirely to the provisions of point 1.7.2., circumstance that must be

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brought to the knowledge of the respective entities. In such cases, the term referred to in point 1.7.4.1. is computed from the date of receipt of the new authorization notice.

1.7.4.3. If a subsidiary is not opened within the term set in point 1.7.3.1.2. and the respective entity maintains the intention to carry out the initiative, it must submit, before the expiration of said term, a new notice in the manner provided in point 1.7.2., for which purposes it must meet the requirements established in point 1.7.1.

Once that new notice is submitted and there is no opposition on the part of the Central Bank, from the expiration of the term established in point 1,7.3.1. the respective entity has a new term of 90 (ninety) days to open the subsidiary.

1.7.5. Disqualification to repeat opening notices.

In cases where the Central Bank orders the archiving of proceedings for non-compliance with any of the conditions established by these rules to proceed with the opening of the respective branch, the interested entities may not submit a new opening notice for the same location for a term of one year, counted from the expiration of the established terms.

1.7.6. Inquiry on subsidiaries pending opening.

At the request of the interested entities, submitted in writing, the Central Bank informs them of the list of subsidiaries pending opening, in accordance with the opening notices submitted in compliance with these rules.

1.7.7. Transfer of offices.

1.7.7.1. Entities may transfer their offices within the same location in which they operate, after giving notice to the Central Bank at least 15 (fifteen) calendar days in advance of the date of the pertinent opening.

1.7.7.2. Any change of location that means transferring the respective office to another jurisdiction is considered as closure of the branch and opening of a new one, so the provisions of points 1.11. and 1.7.1. to 1.7.5., respectively, apply.

1.7.8. Change of category of subsidiary.

Changes in the category of subsidiaries must be communicated to the Central Bank at least 5 (five) calendar days in advance, indicating the date on which they will occur.

11.1.82

1.7.9. Notice to install subsidiary of Exchange Houses and Agencies. Form 2906 A.

CENTRAL BANK OF THE ARGENTINE REPUBLIC Management of Authorization of Financial Entities	NOTICE TO INSTALL SUBSIDIARY OF EXCHANGE HOUSE AND AGENCIES	(1)
Entity:	Class:
SUBSIDIARY TO INSTALL
Category of the subsidiary:	Probable date of opening:
Location (2)
Street:	No.
City - Locality:	Postal Code:	P.C.
Neighborhood - sector:
District - department:	Province
AMOUNT PLANNED FOR THE INSTALLATION AND ORGANIZATION OF THE SUBSIDIARY:
COMPLIANCE WITH THE RULES OF CIRCULAR RUNOR Chap. XVI
This company is framed within the provisions of points 1.7.1.1. to 1.7.1.7. of the cited regulation, which determine the conditions that must be met to open subsidiaries.
The opening of the subsidiary referred to in this notice shall be carried out in accordance with the conditions established in point 1.7. of said Circular
Other information (3)
Place and date	Authorized signatures

[1] - Reserved for the Central Bank of the Argentine Republic.

[2] - A plan indicating the location of the subsidiary shall be attached.

[3] - Shall include: a) Data required by the pertinent regulation that have not been included in the previous sections. b) Any other information deemed of interest for a better consideration of the initiative.

Form 2906 A (VI - 77)

The provision of this form must be requested by Form 337

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1.8. Location.

1.8.1. Exchange Houses and Agencies must carry out their activities in premises on the street or located in commercial galleries, functionally independent of other companies, with an adequate security device.

1.8.2. Exchange Offices are installed in the concierge or reception room of hotels.

1.9. Advertising.

In advertising and documentation, no inaccurate, captious or improper offers or references may be included, nor may support or guarantee of operations by the Central Bank be invoked.

1.10. Other conditions.

1.10.1. The following constitute other conditions for the operation of Exchange Houses, Agencies and Offices:

1.10.1.1. Comply with the resolutions, provisions and instructions of the Central Bank, whatever the means used (circulars, communications, telephone announcements, notes, etc.);

1.10.1.2. Maintain an operational level not lower than the minimum established by the Central Bank;

1.10.1.3. Operate on the days and at the hours determined by the Central Bank;

1.10.1.4. Display clearly and visibly, on boards authorized for that purpose, the quotations of foreign currencies;

1.10.1.5. Prepare a ticket for each of the operations they carry out, and deliver a copy to the client;

1.10.1.6. Keep, in addition to the accounting books required by the Code of Commerce, those detailed below, registered in the Public Registry of the corresponding place;

1.10.1. 6.1. Purchase of foreign coins and banknotes, minted gold and gold bars of "good delivery";

1.10.1. 6.2. Sale of foreign banknotes, minted gold and gold bars of "good delivery";

1.10.1. 6.3. Purchase of foreign currency;

1.10.1. 6.4. Sale of foreign currency.

1.10.1. 7. Keep the indicated records up to date and in accordance with the provisions of the Commercial Code and keep duly organized the documentation related to exchange operations. All these elements must remain in the authorized premises, at the disposal of the Central Bank;

1.10.1. 8. Submit to the Central Bank the financial statements and other established information, in the manner and within the periods determined;

1.10.1. 9. Request prior authorization from the Central Bank to modify corporate contracts and bylaws;

1.10.1.10 Make the following communications to the Central Bank:

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1.10.1.10.1. Within 5 (five) business days thereafter, the changes that occur in the Board of Directors, Statutory Auditors or senior personnel of the entities, accompanying the information referred to in point 1.1.2.7.;

1.10.1.10.2. With 15 (fifteen) business days in advance, changes of address or transformation of premises to the extent that it may affect their security conditions;

1.10.1.10.3. On the day the decision is adopted, the temporary suspension of exchange activities.

1.11. Closure of exchange houses.

The entities may decide their closure or that of their subsidiaries, after notifying the Central Bank at least three months and one month in advance, respectively.

1.12. Applicable legal provisions (incorporation, share regime, etc.).

1.12.1. The basic provisions are Law 18.924 and its Regulatory Decree No. 62/71 (amended by Decree No. 427/79), which are transcribed:

1.12.1. 1. LAW 18.924

Buenos Aires, 22 January 1971.

His Excellency the President of the Nation:

I have the honor to submit to the consideration of His Excellency the President of the Nation the attached bill, by which DECREES numbers 84.651/51 and 3.214/43, regulating the operation of Exchange Houses and Agencies, are replaced.

The purpose of the proposed replacement is:

• To modernize provisions that are noticeably outdated and that require, in many of their aspects, an indispensable updating to adapt them to the new circumstances that arise in the matter;

• To give the system greater flexibility by contemplating the installation of exchange offices that would operate in hotels located in international tourism areas or that receive tourists from abroad, which would contribute to giving greater seriousness to the business of buying and selling currency in those centers and, consequently, better attention to exchange demand;

• To institute a regime of disqualifications and sanctions with the purpose of coordinating it with the one in force for financial entities in general.

Finally, it is clarified that in the preparation of the new legal instrument, Article 6 of DECREE-LAW No. 4.611/58 has served as a precedent insofar as it establishes that "It corresponds to the CENTRAL BANK to grant and cancel registrations or authorizations to operate in exchange".

• oOo -

In use of the powers conferred by Article 5 of the Statute of the Argentine Revolution,

THE PRESIDENT OF THE ARGENTINE NATION
ENACTS AND PROMULGATES WITH FORCE OF LAW:

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ARTICLE 1 - No person may engage in the business of buying and selling foreign coins and banknotes, minted gold and traveler's checks, drafts, transfers or similar operations in foreign currency, without the prior authorization of the CENTRAL BANK OF THE ARGENTINE REPUBLIC to act as an EXCHANGE HOUSE, EXCHANGE AGENCY or EXCHANGE OFFICE.

ARTICLE 2 - The regulations to be issued shall establish:

a) Operations that in each case may be carried out according to the nature of the authorization conferred and its operating limits;

b) Requirements for authorization applications and solvency and responsibility conditions of applicants;

c) Minimum capital, guarantees to be required, regime of incompatibilities with other activities, obligations and necessary requirements;

d) Books, documentation and records that EXCHANGE HOUSES, EXCHANGE AGENCIES or EXCHANGE OFFICES shall keep, information obligations and inspections to which they shall be subject;

e) Causes for revocation of the authorization granted.

ARTICLE 3º - THE CENTRAL BANK OF THE ARGENTINE REPUBLIC shall be the enforcement authority of this law and its regulations. THE NATIONAL EXECUTIVE POWER shall establish the regulatory powers of the CENTRAL BANK OF THE ARGENTINE REPUBLIC in this matter.

ARTICLE 4º - The following may not serve as promoters, founders, proprietors, directors, administrators, auditors, liquidators, managers or attorneys-in-fact of the entities governed by this law:

a) Those who have been sanctioned by the competent authority for violations of the exchange regime, according to the severity of the offense and the time elapsed since the penalty was imposed, a circumstance that the CENTRAL BANK OF THE ARGENTINE REPUBLIC shall weigh in each case;

b) Those convicted of crimes against property or against public administration or against public faith;

c) Those convicted of crimes committed in the establishment, operation and liquidation of financial or exchange entities;

d) Those convicted with the accessory penalty of disqualification from holding public office, until a further period equal to twice the disqualification has elapsed;

e) Those convicted of other common crimes, excluding negligent crimes, with penalties involving deprivation of liberty or disqualification, until a further period equal to twice the sentence has elapsed;

f) Those who are subject to pretrial detention for the crimes enumerated in the preceding items, until their definitive dismissal;

g) Those declared bankrupt for fraudulent or culpable bankruptcy;

h) Other bankrupts and those in insolvency proceedings until five years after their rehabilitation;

i) Debtors in default to financial entities;

j) Those disqualified from the use of bank current accounts and the issuance of checks, until one year after their rehabilitation;

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k) Those disqualified by application of Articles 35 item d) of Law No. 18.061 and 5º of this law, while their sanction lasts;

l) Those who have been declared by the competent authority to be responsible for irregularities in the management and administration of financial entities, exchange houses, exchange agencies or exchange offices.

ARTICLE 5º - Without prejudice to the adjudication of exchange violations by the competent judicial authority, the CENTRAL BANK OF THE ARGENTINE REPUBLIC shall conduct the preliminary proceedings and adopt the precautionary measures corresponding in accordance with the powers granted to it by the regulations in force. It may also request the judicial authorities to impose attachments, injunctions or other asset-related measures.

When violations of administrative rules and regulations are proven, the sanctions provided for in Article 35 of Law No. 18.061 shall be applied. These sanctions shall be imposed by the President of the CENTRAL BANK OF THE ARGENTINE REPUBLIC, following a preliminary proceeding that shall be instituted in all cases, in which the right of defense shall be ensured, and shall be appealable before the National Federal and Administrative Litigation Court of Appeals of the Federal Capital, in accordance with the provisions of the same Article. The form, time limit and other conditions of the appeal shall be governed by the provisions of Article 36 of Law No. 18.061.

ARTICLE 6º - The provisions contained in this law do not apply to financial entities authorized to engage in exchange operations.

ARTICLE 7º - DECREES numbers 84651/41 and 3214/43 are hereby repealed.

1.12.1.2. DECREE No. 62/71.

Buenos Aires, 22 January 1971.

IN VIEW of the provisions of Law No. 18.924, which regulates the operation of Exchange Houses, Exchange Agencies and Exchange Offices, and

CONSIDERING:

The need to issue the corresponding regulatory rules.

Therefore,

THE PRESIDENT OF THE ARGENTINE NATION
DECREES:

ARTICLE 1º - The CENTRAL BANK OF THE ARGENTINE REPUBLIC shall be responsible for authorizing the operation of Exchange Houses, Exchange Agencies and Exchange Offices.

ARTICLE 2º - Within the powers and limits that the CENTRAL BANK OF THE ARGENTINE REPUBLIC sets for them in each case, the entities referred to in Article 1º may carry out the following operations:

a ) Exchange Houses: Purchase and sale of foreign coins and banknotes, good-deliverable minted and bar gold, and purchase, sale or issuance of checks, postal, telegraphic or telephone transfers, postal orders, drafts and traveler's checks, in foreign currency.

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b) Exchange Agencies: Purchase and sale of foreign coins and banknotes, good-deliverable minted and bar gold, and purchase of traveler's checks in foreign currency. The traveler's checks acquired shall be sold to institutions or houses authorized to engage in exchange operations.

c) Exchange Offices: Purchase of foreign coins, banknotes and traveler's checks in foreign currency, which shall be sold only to institutions and houses authorized to engage in exchange operations.

Without prejudice to the foregoing, the CENTRAL BANK OF THE ARGENTINE REPUBLIC may suspend the carrying out of any of the aforementioned operations by the entities covered by this decree.

ARTICLE 3º - Exchange Houses and Exchange Agencies are prohibited from:

a) The carrying out of forward transactions and exchange passes, as well as those related to exports and imports, the opening of simple and documentary credits, mediation between the supply and demand of financial resources, the acceptance of deposits and the granting of loans, sureties and other guarantees in national or foreign currency.

b) To operate commercial, industrial, agricultural or other types of enterprises.

c) To purchase real property that is not for its own use.

d) To create liens over its assets without prior authorization from the CENTRAL BANK OF THE ARGENTINE REPUBLIC.

e) To make investments in shares and bonds of entities supervised by the CENTRAL BANK OF THE ARGENTINE REPUBLIC.

The following are excepted from the prohibitions established above:

i) Activities related to tourism and the sale of tickets;

ii) To intervene in a public offering of securities in accordance with the pertinent legal provisions.

ARTICLE 4º - (See Decree No. 427/79, in point 1.12.1.3.).

ARTICLE 5º - The CENTRAL BANK OF THE ARGENTINE REPUBLIC shall issue rules aimed at ensuring that the entities covered by this decree maintain an adequate degree of solvency and liquidity, and may determine minimum capitals, the ratio between them and their commitments, reserves, guarantees that may be granted and the ways of constituting them, and regimes for their investments.

ARTICLE 6º - The CENTRAL BANK OF THE ARGENTINE REPUBLIC shall establish the obligations to which Exchange Houses, Exchange Agencies and Exchange Offices will be subject in matters of accounting, information supply, powers and requirements to be met by their administrators, managers, advertising, public service hours, change of address, opening and closing of branches and representations, and any other aspect related to their operation.

ARTICLE 7º - The CENTRAL BANK OF THE ARGENTINE REPUBLIC may revoke the authorization of the entities covered by this decree when they cease to fulfill the purpose that was taken into account when granting it. This power may also be exercised with respect to their branches or representations.

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ARTICLE 8º - Exchange Houses, Exchange Agencies and Exchange Offices are subject to inspection by the CENTRAL BANK OF THE ARGENTINE REPUBLIC whenever it deems it appropriate.

To this end, they are obliged to present books, records, documents and any other elements requested of them, and to provide the information requested by the authorized intervening personnel.

ARTICLE 9º - In the event of a refusal to permit inspection, an omission in the supply of information, or when the nature of the irregularities committed makes it advisable, the CENTRAL BANK OF THE ARGENTINE REPUBLIC may order, as a precautionary measure, the temporary suspension from acting as an Exchange House, Exchange Agency or Exchange Office, without prejudice to any other sanctions that may be appropriate to impose.

ARTICLE 10 - Authorized Exchange Houses and Exchange Agencies must adjust their operations to the conditions established by this decree, within the term established by the CENTRAL BANK OF THE ARGENTINE REPUBLIC.

1.12.1.3. DECREE No. 427/79

Buenos Aires, 16 February 1979.

WHEREAS Law No. 18.924 regulates the operation of Exchange Houses, Exchange Agencies and Exchange Offices, and

CONSIDERING:

That it is necessary to issue regulatory norms in order to preserve the identity of the holders of shares with voting rights of the Exchange Houses, as well as to achieve an adequate identification of the assets affected by the latter to their specific activity.

That article 3 of Law No. 18.924 establishes that the CENTRAL BANK OF THE ARGENTINE REPUBLIC is the enforcement authority of said law and its regulations, and the Executive Power must establish the regulatory powers of the aforementioned organism in the matter.

Therefore,

THE PRESIDENT OF THE ARGENTINE NATION
DECREES:

ARTICLE 1 - Article 4 of Decree No. 62 of 22 January 1971 is modified, and shall read as follows:

"ARTICLE 4 - Exchange Houses must be constituted as public limited companies. Exchange Agencies may adopt that type of company or be constituted as limited partnerships by shares or limited liability companies. Shares with voting rights of entities that have the legal form of public limited company or limited partnership by shares shall be registered shares.

The directors, administrators, members of the supervisory councils and statutory auditors of entities constituted as public limited companies or limited partnerships by shares must promptly inform about any negotiation of shares or capital parts, or any other circumstance capable of producing changes in the respective groups of shareholders. The same obligation shall apply to the managers of limited liability companies and to the transferors and acquirers of shares or social quotas.

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THE CENTRAL BANK OF THE ARGENTINE REPUBLIC shall consider the opportunity and convenience of those modifications, being empowered to deny their approval.

The authorization to operate may be revoked when fundamental changes have occurred in the basic conditions that were taken into account to grant it. As for the responsible persons, the sanctions of article 41 of Law No. 21.526 shall apply.

Likewise, the CENTRAL BANK OF THE ARGENTINE REPUBLIC shall determine the remaining requirements to which applications to operate as an Exchange House, Exchange Agency or Exchange Office shall conform."

ARTICLE 2 - Let it be communicated, published, given to the National Directorate of the Official Registry and archived.

1.12.2. Information regime.

Exchange Houses and Agencies must regularly update, within three months of the Ordinary Assembly that considers the general balance sheet with data as of that date, the information related to the share capital structure, without prejudice to that which must be provided on each occasion by virtue of the provisions of the second paragraph of article 4 of Decree No. 62/71 (text modified by Decree No. 427/79.

The first of this information must be based on the identification of the main shareholders through the following data:

a) Name and Surname;

b) Nationality;

c) Identity document and number;

d) Real and legal domicile;

e) Number of subscribed shares and payments made;

f) Number of votes;

g) In the case of legal persons, nature of the entity, legal domicile and date of granting of legal personality.

1.13. Operations they may carry out.

1.13.1. Exchange Houses.

1.13.1. 1. Purchase and sale of foreign currency and banknotes;

1.13.1. 2. Purchase, sale and issuance of checks; postal, telegraphic and telephone transfers; postal money orders, drafts and traveler's checks, in foreign currency;

1.13.1. 3. Purchase and sale of minted gold and gold bars of "good delivery";

1.13.1. 4. Entry and exit from the country of foreign banknotes and minted gold and gold bars of "good delivery";

1.13.1. 5. Intervene in the negotiation of "External Bonds";

1.13.1. 6. Arbitrage with residents;

1.13.2. Exchange Agencies

1.13.2. 1. Purchase and sale of foreign currencies and banknotes;

1.13.2. 2. Purchase of traveler's checks, which must be sold only to financial entities authorized to operate in exchange;

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1.13.2. 3. Purchase and sale of gold in coins and bars of "good delivery" (For the handling of their operations they must use, exclusively, the local holdings resulting from transactions carried out with their clients, with financial institutions authorized to operate in foreign exchange and with Exchange Houses and Agencies).

1.13.3. Exchange Offices.

Purchase of coins, banknotes and traveler's checks in foreign currencies (These securities must be sold only to institutions authorized to operate in foreign exchange and exchange houses).

1.14. Certification of the Balance Sheet and the Income Statement. Minimum requirements.

The certification of the balance sheet and the income statement of the exchange houses and Agencies, by a professional registered in the public accountant registry of the respective jurisdiction, endorsed by the respective professional council, implies conformity as to compliance with the legal provisions, rules and instructions of the Central Bank, among which the aspects mentioned below are especially included:

1.14.1. That the capital covers the minimum amount required by the rules in force.

1.14.2. That from the operations recorded in accounting no infractions arise to the provisions of article 3 of Decree No. 62/71.

1.14.3. That the accounting revaluation has been carried out in accordance with the provisions of Decree - Law No. 19.742/72 and its regulations.

1.14.4. The normal amortizations made on assets subject to depreciation.

1.14.5. That the amortizations corresponding to the revalued assets were made in accordance with the provisions of Decree - Law No. 19.742/72.

1.14.6. The correct allocation of the provisions and/or allowances constituted, released and/or applied, in accordance with the procedure normally in force, for the purposes of their fair impact on the results of the fiscal year.

1.14.7. That no provisions and/or allowances have been released without the causes that motivated their constitution having disappeared.

1.14.8. That no reserves originally created for the financing of assets have been transferred to profits.

1.14.9. That it has been provided to allocate to legal reserve the percentage of profits established by the rules in force and that the project for their distribution complies with the provisions of the bylaws or Organic charter and legal provisions.

1.14.10. That the statements contained in the draft management report reflect the real economic - financial and results situation of the entity, with its numerical part adjusted to the figures set out in the different tables that make up the fiscal year closing documentation.

The certifying accountant may add any other opinion, qualification or note that they consider necessary in order to satisfy requirements made to them by the bodies that regulate the practice of their profession and provided that this does not distort the minimum requirements set by this Central Bank.

1.15. Text of the certification.

"I certify that the foregoing statements match the entries in the principal

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and auxiliary accounting of the entity as of the fiscal year closing date and that the allocation and presentation of the items that make them up has been carried out in accordance with the rules and instructions issued by the Central Bank of the Argentine Republic, as well as that they reasonably reflect the economic-financial and results situation, in accordance with the guidelines arising from said provisions. I also certify (article 10, Decree - Law No. 17.250/67): a) Debts accrued with National Pension Funds not due as of ______ $ _______ ;b) Debts due as of ________ $ ________ ".

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2. Exchange Brokers.

2.1. Definition. Exchange broker is defined as any natural or legal person who carries out, with express authorization from the Central Bank of the Argentine Republic, on behalf of third parties and with the intervention of an authorized entity, habitual intermediation between the supply and demand of foreign currency and the other services derived from their activity.

2.2. Conditions and requirements to obtain the pertinent authorization.

2.2.1. Natural persons:

2.2.1. 1. Be registered as a broker in the respective public commercial registry.

2.2.1. 2. Provide background information that, in the judgment of the Central Bank, proves suitability and experience in the foreign exchange market.

2.2.1. 3. Present a statement of assets as a sworn declaration on form 1113, and attach the additional documentation requested by the Central Bank.

2.2.1. 4. Not be subject to the disqualifications and incompatibilities established in points 2.9 and 2.10 (form 898 "A").

2.2.1. 5. Constitute the guarantee referred to in point 2.6.

2.2.2. Legal persons: (exchange broker company)

2.2.2. 1. Have the legal form of a general partnership.

2.2.2. 2. Present a copy of the partnership agreement with evidence of its registration in the public commercial registry.

2.2.2. 3. Obtain previously or simultaneously, each of the partners, individual authorization as an exchange creditor.

2.3. Domicile.

Indicate where the office will be installed, indicating the existing or to be installed communications system.

2.4. Authorization.

The authorization agreement is conditioned on the analysis and assessment that the Central Bank carries out of the background and responsibility of the applicant. Likewise, their knowledge about the different aspects, rules and regulations related to the activity of the exchange broker is evaluated.

2.5. Withdrawal.

Applications for authorization are considered withdrawn when the applicants do not submit the documentation required by the Central Bank, within 30 (thirty) days from the date on which they become aware of the respective Communication. Failure to comply with this requirement results in the archiving of the proceedings, and no new application will be processed until 180 (one hundred and eighty) days have elapsed from the date of expiration of the granted term.

11.1.82 1

2.6. Guarantees.

2.6.1. Prior to the commencement of activities, the exchange broker must constitute a guarantee in favor of the Central Bank of the Argentine Republic, for the amount informed by Communication "B", which is liable for non-compliance with the provisions regulating its exercise and for the fines that may be applied for infractions of the exchange regime.

Each of the components of the companies referred to in point 2.2.2. must contribute the guarantee individually, without prejudice to the one that, for the same amount, the legal entity must constitute.

Likewise, a guarantee equivalent to 25% of the current amount must be constituted for each of the appointed attorneys.

2.6.2. The amount of the guarantee is subject to automatic annual adjustment - as of December 31 - applying for that purpose the percentage variation occurring that month, with respect to the same month of the previous year, in the Wholesale Non-Agricultural Price Index prepared by the National Institute of Statistics and Censuses.

2.6.3. The guarantee is considered constituted when the Central Bank receives proof that it has been registered to its order or in its favor, as the case may be:

2.6.3. 1. Cash deposit in a financial entity.

2.6.3. 2. Bond granted by a financial entity included in Law No. 21.526.

2.6.3. 3. Deposit in custody, in a banking entity, of Public Debt Securities listed on the stock exchange.

2.6.4. The constituted guarantees are extinguished once 180 (one hundred and eighty) days have elapsed from the date of cancellation of the authorization, unless there is a contrary judicial order or legitimate opposition by the Central Bank.

2.6.5. In cases where exchange brokers are suspended or under summary proceedings, the bonds are maintained even if the guarantors request their extinction, unless they are replaced by Public Debt Securities.

2.7. Extinction of authorizations.

2.7.1. The authorization granted to act as an exchange broker is extinguished in the following cases:

2.7.1. 1. By express decision of the authorized party, whether natural or legal persons.

2.7.1. 2. The operating level does not reach the minimum established by the Central Bank.

2.7.1. 3. The Central Bank so provides in accordance with the provisions of these rules.

2.7.1. 4. By death of the authorized broker.

2. 7.1. 5. When the modification of the circumstances taken into account to grant it makes it appropriate.

2.7.2. In the cases mentioned in points 2.7.1.1. and 2.7.1.4., as long as they are legal persons in which not all partners request extinction or, where applicable, there are surviving associates, the authorization is maintained for a term of 60

11.1.82 2

XVI - Exchange Houses, Agencies, Offices and Brokers. Authorization and conditions to operate. RUNOR -1

(sixty) days, during which the interested parties must decide regarding operational continuity. For such purposes, it is permitted to continue operating as a legal person - with or without the appointment of a new partner - or under the form of individual registration or registrations.

2.7.3. Any modification of the social contract, particularly the incorporation of new partners, must have the prior consent of the Central Bank.

2.7.4. The cessation of activities by decision of the authorized party must be communicated to the Central Bank with no less than 15 (fifteen) days' notice.

2. 8. Appointment of attorneys.

2.8.1. Exchange brokers may appoint attorneys, who must meet the requirements established in points 2.2.1.2., 2.2.1.3., 2.2.1.4. and 2.2.1.5. and pass the examination mentioned in point 2.4.

2.8.2. The power of attorney is granted by public deed and a certified copy thereof, with proof of its registration in the Registry of Mandates - if it exists in the corresponding jurisdiction - must be sent to the Central Bank.

2.8.3. The principal and the agent are jointly and severally liable for non-compliance with the provisions regulating the exercise of the functions of exchange broker.

2.8.4. Any act of resignation or revocation of power must be communicated to the Central Bank prior to the date on which it is to take effect.

2.9. Disqualifications.

Natural or legal persons affected by the disqualifications established in article 4 of Law No. 18.924 cannot serve as exchange brokers.

2.10. Incompatibilities.

It is incompatible with the function of exchange broker:

2.10.1 To be an employee, public or private, in activity.

2.10.2. To exercise elective political functions.

2.10.3. To act as holder, director, manager, syndic or attorney in entities authorized to operate in exchange or in firms dedicated to import or export businesses.

2.10.4. To serve as customs broker.

2.10.5. To be an attorney of another exchange broker.

2.10.6. To act simultaneously as an exchange broker on a personal basis and form part of a company that develops such activities, as well as to be part of different exchange broker companies.

11.1.82

2.11. Obligations.

Exchange brokers are obligated to:

2.11.1. Act with the utmost efficiency in the requests made to them and in the procedures inherent to their functions.

2.11.2. Maintain the secrecy of the operations managed and of the information received for such reason.

2.11.3. Immediately inform the principal of the result of the entrusted procedures, with due and complete identification of the intervening parties.

2.11.4. Perform their duties only in the authorized office. That premises, facilities, telephones and switchboard cannot be shared with persons who do not have the status of partner or employee of the firm.

2.11.5. Comply with the resolutions, provisions and instructions that the Central Bank brings to their attention, whatever the means used.

2.11.6. Remain in the authorized office during exchange hours, unless replaced by their attorney-in-fact. In the case of a partnership of brokers, it is sufficient for one of the partners or attorneys-in-fact to be present.

2.11.7. Inform the Central Bank with no less than 15 (fifteen) days' notice:

2.11.7. 1. Changes of address or telephone number.

2.11.7. 2. Temporary suspension of their duties.

2.11.8. Update the statement of assets established in point 2.2.1.3., whenever the Central Bank requests it.

2.11.9. Report to the Central Bank, in accordance with current provisions and immediately arranged, the operations in which they intervene.

2.11.10. Submit to the Central Bank, within 90 (ninety) days from the closing date of the fiscal year, the general balance sheet and its income statement certified by a professional registered in the public accountant registry.

2.12. Prohibited operations.

Receive funds from third parties on own account or on behalf of others and any other operation that entails mediation between the public supply and demand of financial resources, even if it only involves negotiations in that regard and is not continuous.

2.13. Records.

2.13.1. Exchange brokers must adjust their records to the provisions of the commercial code and to the rules issued on the matter by the Central Bank.

2.13.2 Additionally, they must keep the following books initialed by competent authority, according to the format and characteristics established by the Central Bank

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2.13.2. 1. Registry of client signatures.

2.13.2. 2. Registry of forms received to be submitted to the Central Bank.

2.13.2. 3. Registry of purchases and sales of foreign currency transacted through their intermediation.

2.13.3. The records, entries and other supporting documents related to exchange operations must be kept up to date and with complete accuracy, preserving progressive order, without omissions, amendments or blanks. Likewise, in the documentation that must be signed, the corresponding signature or signatures must be stamped immediately after the operation in question is formalized.

2.14. Oversight.

2.14.1. The Central Bank exercises supervision over the actions of the exchange brokers covered by these rules, who must give access to their accounting, books, correspondence, documentation and papers to the officials designated by it to carry out the inspection or obtain information.

2.14.2. If the result of the audits or inspections so advises, the Central Bank may order as a precautionary measure the authorization granted, until a final decision is made on the observed actions.

2.15. Stationery and advertising.

2.15.1. Business papers and advertising must contain the text "CORREDOR DE CAMBIO AUTORIZADO POR EL BANCO CENTRAL DE LA REPÚBLICA ARGENTINA", following the name or corporate name of the broker and preceded by the mention of the business address.

2.15.2. Any natural or legal person who, not having been authorized, makes use of such mention shall be subject to the sanctions provided in point 2.16. of these rules, independently of those applicable through judicial channels.

2.15.3. Exchange brokers must not use denominations that raise doubts about their nature or character. The advertising or documentation they use cannot contain inaccurate or ambiguous references.

2.16. Sanctions.

Without prejudice to the application of the provisions of Laws No. 19.359 and 22.338 when infractions to the exchange regime are verified, the exchange broker who infringes the provisions of this regulation shall be subject, depending on the seriousness or nature of the facts, to the measures indicated below:

2.16.1. Call to attention.

2.16.2. Warning.

2.16.3. Suspension.

2.16.4. Cancellation of the authorization to act as an exchange broker.

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B.C.R.A.

XVI - Exchange Houses, Agencies, Offices and Brokers. Authorization and conditions to operate. RUNOR -1

2.17. Sworn statement - Law 18.924 (Form 898 A)

BANCO CENTRAL DE LA
REPUBLICA ARGENTINA
Authorization Management of
Entidades Financieras
SWORN STATEMENT
(law No. 18.924

Reserved for the B.C.R.A.

I declare under oath that as

Of the entity, none of the disqualifications for serving as promoter, founder, holder, director, administrator, member of the supervisory board, statutory auditor, manager or attorney-in-fact of Exchange Houses, Exchange Agencies and Exchange Offices established by article 4 of law No. 18.924 are met, as detailed below:

"a) Those who have been sanctioned by competent authority for infringement of the exchange regime, according to the seriousness of the offense and the time elapsed since the application of the penalty, a circumstance that the BANCO CENTRAL DE LA REPUBLICA ARGENTINA will weigh in each case;

b) Those convicted of crimes against property or against public administration or against public trust.

c) Those convicted of crimes committed in the constitution, operation and liquidation of financial or exchange entities;

d) Those convicted with the accessory penalty of disqualification from holding public office, as long as another equal or double period of disqualification has not elapsed;

e) Those convicted of other common crimes, excluding negligent crimes, with penalties depriving of liberty or disqualification, as long as a period equal to twice the sentence has not elapsed;

f) Those who are subject to preventive detention for the crimes listed in the preceding items, until their definitive dismissal;

g) Those declared bankrupt due to fraudulent or culpable bankruptcy;

h) Other bankrupts and those in insolvency proceedings until five years after their rehabilitation;

i) Defaulting debtors of financial entities;

j) Those disqualified from using bank current accounts and issuing checks, until one year after their rehabilitation;

k) Those disqualified by application of articles 41 item 5) of Law No. 21.526 and 5 of this Law, while their sanction lasts and;

l) Those who by their competent authority have been declared responsible for irregularities in the government and administration of financial entities, exchange houses, exchange agencies or, offices.”

Additional declaration for directors and managers, exclusively. I am also not affected by the incompatibilities not provided in the preceding detail that, for service as director and manager, determines article 264 of Law No. 19.550.

Additional declaration for statutory auditors only. I am also not affected by the incompatibilities that, for service as statutory auditor, determines article 286, items 2 and 3, of Law No. 19.550, which refer respectively to:

• the directors, managers and employees of the same company or of another controlled or controlling company, and

• The spouses, relatives by consanguinity in the direct line, collateral relatives up to the fourth degree inclusive and relatives by affinity within the second, of the directors and general managers.

Likewise, I assume the commitment to inform any modification that occurs in this respect, through the entity and within five business days of its occurrence.

Place and date
Clarified signature

[*] The provision of this form must be requested through Form 337

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CENTRAL BANK OF THE ARGENTINE REPUBLIC

CONSOLIDATED TEXT

Circular ITEMS NOT INCLUDED IN OTHER COMPILATIONS RUNOR -1

XVII - Sanctions and appeals.

1. General Rule.

1.1 In exchange criminal matters.

1.1.1. Sanctions.

The rules of Law 19.359 apply, with the modifications provided by Law 22.338.

For infractions of the legal and regulatory provisions on exchange, a pecuniary sanction is provided that can reach up to 10 (ten) times the amount of the operation in infraction, with updating of the amount of the illicit acts and regime of punishment for concurrence of infractions.

In the case of recidivism, penalties depriving of liberty are established that can be imposed alternatively or jointly with the pecuniary sanction, depending on whether it is first or second recidivism. For the first case, imprisonment is provided that can reach up to four (4) years or a fine of three (3) to ten (10) times the amount of the operation in infraction and for the second, up to eight (8) years of imprisonment together with the maximum fine. For the purposes of recidivism, final conviction judgments are counted, even when they impose a fine and provided that five (5) years have not elapsed between the previous conviction and the new infraction. In cases of recidivism, once the urgent proceedings are concluded, the actions are sent to the National Economic Criminal Court, for the processing of the case.

In the case of legal persons, the fine sanctions are imposed jointly and severally on the company and its legal representatives, directors, agents, managers, statutory auditors or members of the supervisory board who have intervened in the commission of the punishable act.

In all cases, suspension of up to ten (10) years or cancellation of the authorization to operate or intermediate in exchanges and disqualification of up to ten (10) years to act as importer, exporter, exchange broker or in institutions authorized to operate in exchanges may also be applied jointly. When the exchange infraction has been committed by the directors, legal representatives, agents, managers, statutory auditors or members of the supervisory board of a legal person, with the means or resources provided by it or obtained from it for such purpose, so that the act is carried out in its name, with its help or for its benefit, the legal person is sanctioned with a fine and its corresponding accessory penalties.

The definitive decisions of the president of the Central Bank of the Argentine Republic are appealable with suspensive effect before the National Chamber of Appeals in Economic Criminal Matters, through the filing of the respective appeal that must be presented and founded before the Central Bank for its subsequent elevation to the Appellate Court.

On the other hand, the decisions issued during the substantiation of the summary are non-appealable, unless they imply a manifest irreparable grievance.

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1.1.2. Procedure for the processing of summaries.

The Central Bank is in charge of the summary of non-recidivists and is empowered to summon and make appear, with the assistance of public force if necessary, the persons it considers pertinent to receive their statement, as offenders or witnesses. The imputations are transferred for ten (10) days to the person under summary who, when answering, must offer their defense and evidence, which must be produced within a period of twenty (20) days with the intervention of the person under summary. Once the evidence period is closed, it is optional for the accused to present a memorial within the fifth (5th) day to argue on the merits of the evidence produced.

The Central Bank issues a definitive resolution within thirty (30) days of the expiration of the period for the presentation of the memorial.

The appeal referred to in 1.1.1. must be filed within ten (10) days of notification of the final resolution and be elevated within the tenth (10th) subsequent day to the National Chamber of Appeals in Economic Criminal Matters, with the Chamber Prosecutor being a party in the course of this Instance.

With respect to the inspected or summarily tried, the Central Bank is empowered to apply the following measures:

1.1.2.1. not grant them exchange authorization:

1.1.2.2. not process their requests for dispatch of plaza;

1.1.2.3. not process their merchandise shipping permits, and

1.1.2.4. suspend their authorizations to operate or intermediate in exchanges and their registrations in the registries created or to be created linked to exchange operations.

The Central Bank is empowered to prohibit the departure from the national territory of the accused when their company is essential for the purposes of the investigation or when it is necessary to ensure their eventual responsibility for the imposable fines. In the latter case and if it does not obstruct the other purposes, the affected parties may obtain the lifting of the restriction through real surety. Each violation of the prohibition is punished with a fine of up to three (3) times the amount of the operations in infringement. The decisions adopted in this regard are appealable only with devolutive effect before the National Chamber of Appeals in Economic Criminal Matters.

It may request from the corresponding judge the necessary precautionary measures to ensure the eventual pecuniary responsibility of the investigators or prosecuted or solidarity responsible parties and request from the competent judge, in case of recidivism, the detention order of the accused, placing the proceedings at their disposal within the following forty-eight (48) hours.

1.2. In the financial sphere.

1.2.1. Sanctions.

The matter is regulated in articles 41 and 42 of Law 21.526.

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1.2.2.Procedure for the processing of the summary proceedings.

1.2.2.1. Scope of application.

1.2.2.1.1. This procedural regime applies to the summary proceedings conducted by the Central Bank of the Argentine Republic, for the purposes of article 41 of Law 21.526, to:

1.2.2.1.1.1. The persons and entities included in the regime of the cited law.

1.2.2.1.1.2. The natural persons eventually responsible for the transgressions that are the subject of the summary proceedings.

1.2.2.1.1.3. The infringers of the norms of articles 19 and 38 of the mentioned law.

1.2.2.2. Initiation and substantiation of the summary proceeding.

1.2.2.2.1. The summary proceeding is initiated by resolution of the President of the Central Bank of the Argentine Republic, who may delegate this faculty for certain types of infractions.

1.2.2.2.2. When a presumed infraction susceptible of being sanctioned with the penalties provided in incises 1 and 2 of article 41 is verified, the Central Bank may limit itself to informing the respective entity of it, making it known that within a period no greater than fifteen (15) days it must formulate the explanations and discharges it deems convenient. Upon receipt of the entity's response or after the established period has elapsed, the Central Bank may, without further procedure, adopt a resolution. In the other cases, the Central Bank shall proceed to notify the accused of the opening of the summary proceeding and the period to take view and present the discharges and defenses to which they consider themselves entitled, a term that shall be up to twenty (20) days from the pertinent notification, which, within said limit, shall be fixed according to the nature and particular characteristics of each concrete case. The view conferred must be taken at the Bank's premises.

1.2.2.3. Publicity of sanctions.

1.2.2.3.1. The sanctions applied by virtue of the provisions of article 41 of said law or in previous correlative legal provisions, on the occasion of the infractions incurred by the entities or natural persons subject to its control, are made known by Communication addressed to the entities included in Law 21.526, as long as they translate into the following penalties:

1.2.2.3.1.1. Revocation of the authorization to operate.

1.2.2.3.1.2. Disqualification to serve as promoters, liquidators, directors, administrators, syndics, liquidators or managers of the entities included in said law.

1.2.2.3.1.3. Fines applied on the occasion of the facts that gave rise to the preceding sanctions,

1.2.2.3.2. In the cases of points 1.2.2.3.1.2, and 1.2.2.3.1.3. the Communication is issued when the applied sanctions have become final.

1.2.2.3.3. If for any reason a sanctioning resolution is modified, reaching its effects to persons who did not appeal the applied measure, the corresponding dissemination shall be made by the same means used to communicate the original penalty.

11.1.82 3

1.2.2.4. Attorneys.

1.2.2.4.1. Natural or legal persons may designate attorneys who in such capacity act and represent them in all instances of the summary proceeding. The attorneys must prove their authority from the first step they take in the name of their principals, by means of a testimonial of the power of attorney extended in legal form, or a private instrument with signatures certified by a public notary, which shall be added to the records. Once the power is accepted, the citations and notifications, including those of definitive resolutions, produce the same effects as if they were made to the principal. However, the designation of an attorney does not release the accused from their appearance before the instruction, every time the latter deems it necessary.

1.2.2.5. Domicile.

1.2.2.5.1. As long as the provisions of point 1.2.2.5.2. are not complied with, the notifications shall be made at the real domicile or, as the case may be, at the legal domicile of the accused, adhering for its determination to the one appearing in the records of the Central Bank, to the one supplied by the acting inspection or to the last known one.

1.2.2.5.2. In the first appearance that the accused or their attorney has in the summary, they must establish a special domicile, which remains in effect for all notifications that may be required as long as a new one is not established.

1.2.2.5.3. If the domicile of the accused is unknown, notifications are made by edicts published in the Boletín Oficial de la República Argentina, for three (3) days.

1.2.2.6. Notifications.

1.2.2.6.1. Notifications may be made indistinctly in person in the proceedings, leaving a record of the day and time; by collated telegram, or by certified letter with acknowledgment of receipt, attaching to the proceedings the postal record of the date of delivery at destination.

1.2.2.7. Terms.

1.2.2.7.1. All terms are computed in banking business days in force in Ciudad de Buenos Aires. The periods begin to run from 0:00 hours of the day following the notification and expire at 24:00 hours of the day of their expiration. However, any written submission delivered within the first 2 hours of the banking schedule of the business day following the one on which a period expired is considered validly presented. For the purpose of establishing due compliance with the terms, the date and time of entry of any submission in the records of the Departamento de Secretaria General del Banco Central shall be taken into account.

1.2.2.7.2. All terms shall be peremptory and non-extendable.

1.2.2.8. On evidence.

1.2.2.8.1. At the time of submitting the discharges and alleging the pertinent defenses, all evidence intended to be produced must be offered and accompa-

11.1.82 4

nied by the documentary evidence available. If this is not available to the person under investigation, it must be identified, indicating its content, place and the person in whose possession it is found. The Central Bank is empowered to reject evidence that is inadmissible - without any recourse for the person under investigation - giving reasons for the rejection in the final resolution. The production of the evidence not rejected must be carried out within a period of fifteen (15) days, the timing of which is set by the Central Bank according to the circumstances inherent to the proceedings of the investigation.

1.2.2.8.2. When the evidence offered includes witness testimony, at the time of submitting the defense, the list must be added in accordance with which the witnesses offered are requested to be questioned. The number of witnesses must not exceed five for each fact to be proven nor twenty in total.

1.2.2.9. Exceptions.

1.2.2.9.1. The exceptions raised by the defendants are decided in the final resolution, except when by their nature it is necessary to consider and resolve them beforehand. These resolutions are adopted by the President of the Central Bank.

1.2.2.10. New charges or modification of charges.

1.2.2.10.1. When, from the investigation or inspection activity, the existence of other infringements arises which, by their characteristics, are of sufficient substance to justify the formulation of charges different from those already made or a significant aggravation of these, the procedure provided for in point 1.2.2.2.1. shall be followed to incorporate them into the investigation as an extension of charges or modification of those already brought, or to conduct a new investigation by separate file.

In the case of being incorporated into the investigation in progress, if the defendant or defendants have already examined the previous charges, a new examination must be granted with respect to the added or modified charges, following the procedure regulated by these rules.

1.2.2.11. Report and final resolution.

1.2.2.11.1. Once the defenses have been received, the evidence that is admissible has been produced, and all those diligences and proceedings that are considered necessary or appropriate to gather records and elements of judgment have been carried out, the instruction will produce the draft resolution in which the conclusions resulting from the proceedings are formulated. The resolution that puts an end to the proceedings is notified to the persons under investigation, or to their representatives in such case.

1.2.2.12. Sanctions.

1.2.2.12.1. The sanctions imposed are resolved by the President of the Central Bank. In the case of a fine, the amount must be deposited at the Central Bank, "Cuentas transitorias Pasivas - Multas - Ley de Entidades Financieras - Articulo 41" within five (5) days following the date of notification of the resolution, under warning that its collection will be pursued by the means provided in Book III, Title III of the Civil and Commercial Procedure Code of the Nation (Law 17.454).

11.1.82 5

The execution is initiated on the basis of a copy of the resolution applying the fine, signed by two authorized signatories of the Central Bank.

11.1.82

CENTRAL BANK OF THE ARGENTINE REPUBLIC

CONSOLIDATED TEXT

Circular SUBJECT MATTER NOT COVERED BY OTHER REGULATIONS	RUNOR -1
XVIII - National Industrial Registry. Requirement of the registration certificate to carry out certain operations.

1. General Rule.

In accordance with the provisions of Law 19.971, financial entities must carry out the aforementioned verification in relation to the following operations:

1.1. Opening of deposit accounts.

1.2. Granting of credits and their respective renewals.

1.3. Opening of documentary credits.

1.4. Opening of accounts for securities in custody.

1.5. Granting of finance and loans of securities.

1.6. Rental of safe deposit boxes.

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XVIII - National Industrial Registry. Requirement of the registration certificate to carry out certain operations. RUNOR -1

2. Model of registration compliance certificate

11.1.82 1

XVIII - National Industrial Registry. Requirement of the registration certificate to carry out certain operations. RUNOR -1

3. Officials authorized to sign the registration or re-registration certificates

11.1.82

CENTRAL BANK OF THE ARGENTINE REPUBLIC

CONSOLIDATED TEXT

Circular SUBJECT MATTER NOT COVERED BY OTHER REGULATIONS	RUNOR -1
XIX - Register of documented import credits.

1. General rule.

In order to facilitate the verifications on the subject matter carried out by the Bank's staff, authorized financial entities to operate in foreign currency must keep a "Documented Import Register", according to the model that follows.

In said Register, which requires bound books duly foliated, the applications and openings of documented credits must be ordered chronologically and numerically.

It is also appropriate to keep it updated, without omitting the basic information that the institutions may, in turn, add any reference they deem of interest for the use of the aforementioned Register.

11.1.82 1

APPLICATION CREDIT
Currency Notified by:
No. of
Order
(1)
Recei- ved on:
Type Amount
APPLICANT
Ap- proved or recha- zado el:
Forma- lizado el:
Nro. de orden
(1)
Mer- cado
CORRES-
PONSAL
Venci- miento
Carta el:
Cable el: Fecha de cancela- ción
OBSERVACIONES
(2)

[1] - It is at the option of authorized entities to transfer the original application number to the documented credit or otherwise assign it a numbering independent of it.

[2] - A record shall be kept of the modifications (extensions, reductions, renewals, etc.) indicating the date on which the correspondent is notified.

Xix - Register of documented import credits. (Co n- tinuation)

11182
1

RUNOR - 1

XX - Settlements and interventions of financial entities.
RUNOR -1

2. Regulations of Law No. 22.267.

By resolution of 19.3.81, the Board of Directors of the Central Bank has issued the following regulatory provisions in accordance with the provisions of Article 9º of the aforementioned law.

2.1. Persons who perform functions as members of the Intervention Delegation in a financial entity may or may not belong to the administrative staff of the Central Bank of the Argentine Republic. In the latter case, their remuneration shall be set by the Board of Directors of the Central Bank of the Argentine Republic, charged exclusively to the entity for which they have been designated.

2.2. In the event that the circumstances provided for in Article 4º of the law have occurred, the intervention of the financial entity shall be ordered by resolution of the Board of Directors of the Central Bank of the Argentine Republic. Once the necessary and sufficient elements of judgment for the purposes indicated in such article have been gathered, the Board of Directors of the Central Bank of the Argentine Republic, by means of a new resolution, shall decide on the alternative to be followed regarding the intervened entity. Both resolutions shall be notified in a legally binding manner.

2.3. The replacement of representatives by the appointed intervenor includes those mentioned in paragraphs 6º, 7º and 8º, Section V, Chapter II of Law 19.650.

2.4 The preparation of the inventory and special balance sheet shall be carried out within a period of no more than 180 banking business days, counted from the date on which the Central Bank of the Argentine Republic receives the shares for their sale. This period may be exceptionally extended by a reasoned resolution of the Board of Directors of the Central Bank of the Argentine Republic.

2.5. The inventory and special balance sheet replaces the last general inventory and balance sheet of the intervened entity, if it was prepared as of the closing date of a fiscal year.

2.6. The assets and liabilities identified by the Central Bank of the Argentine Republic and to be settled in accordance with Articles 45 to 48 of Law 21.626 shall be provisionally charged to a special account.

2.7. The agenda to be considered by the Ordinary Assembly prescribed by Article 234 of Law No. 19.560 shall include, exclusively, the following matters:

1º- Special balance sheet.

2º- Appointment of Directors, Auditors and members of the Supervisory Council, as applicable.

Said assembly shall be held, for this one time only, simultaneously on the date on which the sale is perfected, with the unanimous presence of the shareholders who have become purchasers of the shares of the intervened entity.

2.8. Together with the previous act, the shareholders who have acquired the shares of the intervened entity shall hold the Extraordinary Assembly referred to in Article 235 of Law No. 19.550, in which, for this one time only, its agenda shall be limited to dealing exclusively with the reduction of capital (paragraph 2º of the cited article), solely for the purpose of amending the corporate bylaws.

2.9. For the purposes of what is indicated in Article 5º, Ap. 4º of the law, the Central Bank of the Argentine Republic shall proceed to carry out periodic reports regarding the final determination of the eventual remainder, at least every one hundred and eighty days.

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XX - Liquidations and interventions of financial entities. RUNOR -1

2.10. The publicity provided for by Article 6, App. 1 of the Law, when circumstances so indicate, must also be made in a general circulation newspaper corresponding to the area or region of influence of the intervened entity.

2.11. The expenses of any nature required by the intervention shall be borne exclusively by the intervened entity, with their recovery corresponding to the date of sale as the maximum deadline.

2.12. In due course this regulation will be expanded in accordance with Law 20.337.

2.13. This regulation shall enter into force as of the date of its enactment.

11.1.82 2

CENTRAL BANK OF THE ARGENTINE REPUBLIC

CONSOLIDATED TEXT

Circular ITEMS NOT INCLUDED IN OTHER ORDINANCES	RUNOR -1
XXI - Security measures in financial entities.

In due course the consolidated text of the current rules corresponding to this Chapter will be included.

11.1.82