1999 - Year of Exportation
BANCO CENTRAL DE LA REPUBLICA ARGENTINA
____________________________________________________________________________ COMMUNICATION "A" 3042 I 20/12/99 ____________________________________________________________________________ TO FINANCIAL ENTITIES:
Ref.: Circular OPASI - 2 - 221
Savings deposits, payment of remunerations, and special accounts. Consolidated text.
We address you to inform you that modifications have been ordered to the regulations issued by this Institution applicable to the aforementioned deposits. Consequently, we send you enclosed the consolidated text as of the date of the aforementioned regulations. Likewise, an indicative table showing the origin of the provisions included in such consolidation is attached. We salute you very attentively. BANCO CENTRAL DE LA REPUBLICA ARGENTINA Juan Carlos Isi Alfredo A. Besio Deputy Manager of Manager of Regulations for Regulatory Regime Financial Entities to/from Management of Regulations Attached to the Area of for Financial Entities Economy and Finance
ANNEX: 33 pages

B.C.R.A. CONSOLIDATED TEXT OF REGULATIONS ON SAVINGS DEPOSITS, PAYMENT OF REMUNERATIONS AND SPECIALS.

• Index -
  1.1. Participating entities.
  1.2. Holders.
  1.3. Identification and tax status of the holder.
  1.4. Opening and operation of accounts. Safeguards.
  1.5. Currencies.
  1.6. Deposits and other credits.
  1.7. Withdrawal of funds.
  1.8. Remuneration.
  1.9. Agreements to formulate debits.
  1.10. Reversal of automatic debits.
  1.11. Account summary.
  1.12. Closing of accounts.
  1.13. Deposit guarantee.
  1.14. Recommendations for the use of ATMs.
  1.15. Delivery of the text of the regulations.
  Section 2. Payment of remunerations.
  2.1. Opening.
  2.2. Holders.
  2.3. Deposits.
  2.4. Withdrawal of funds.
  2.5. Debit card.
  Version: 1st. Communication "A" 3042 Validity:
  20.12.99

B.C.R.A. CONSOLIDATED TEXT OF REGULATIONS ON SAVINGS DEPOSITS, PAYMENT OF REMUNERATIONS AND SPECIALS.

• Index -
  2.6. Account summary.
  2.7. Commissions.
  2.8. Remuneration.
  2.9. Closing of accounts.
  2.10. Delivery of regulations to holders.
  2.11. Keeping of documentation.
  2.12. Other provisions.
  Section 3. Specials.
  3.1. Unemployment Fund for Workers in the Construction Industry.
  3.2. For closed circles.
  3.3. Pupil usury.
  Section 4. General provisions.
  4.1. Identification.
  4.2. Tax status.
  4.3. Recommendations for the use of ATMs.
  4.4. Deposit guarantee.
  4.5. Interest rates.
  4.6. Return of deposits.
  4.7. Immobilized balances.
  4.8. Discriminatory acts.
  Version: 1st. Communication "A" 3042 Validity:
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B.C.R.A. SAVINGS DEPOSITS, PAYMENT OF REMUNERATIONS AND SPECIALS
1.1. Participating entities.
1.1.1. Retail and wholesale commercial banks.
1.1.2. Financial companies.
1.1.3. Credit unions.
1.1.4. Savings and loan societies for housing or other real estate.
1.2. Holders.
Natural and legal persons.
1.3. Identification and tax status of the holder.
Verification will be based on the documents that holders must exhibit, in accordance with what is provided in points 4.1. and 4.2. of Section 4. Additionally, the following data must be required at a minimum:
1.3.1. Natural persons.
1.3.1.1. Full names and surnames.
1.3.1.2. Place and date of birth.
1.3.1.3. Address.
1.3.1.4. Profession, trade, industry, commerce, etc.
1.3.1.5. Marital status.
1.3.2. Legal persons.
1.3.2.1. Name or trade name.
1.3.2.2. Real and legal addresses.
1.3.2.3. Copy of the partnership agreement or bylaws.
1.3.2.4. Date and number of registration in the relevant official registry.
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B.C.R.A. SAVINGS DEPOSITS, PAYMENT OF REMUNERATIONS AND SPECIALS
1.3.2.5. List of authorities and authorized representatives to use the account, regarding whom the requirements established for natural persons (point 1.3.1.) must be met.
1.4. Opening and operation of accounts. Safeguards.
Extreme care must be taken to prevent the opening of accounts for non-existent persons due to the presentation of inauthentic documents.
In this matter, it is recommended that, in case of not having sufficient references or assurances about the new client, instructions be given so that prior to processing the deposit of checks, aspects such as the age of the account, its activity, permanence of deposits, and any other safeguard that practice deems advisable are taken into account, without harming the legitimate interests of clients who act honestly. Entities must pay attention to the operation of accounts with the purpose of avoiding their use in relation to the development of illegal activities. Internal norms and procedures must be adopted to verify that the activity recorded in the accounts is reasonable with respect to the activities declared by clients.
1.5. Currencies.
1.5.1. Pesos.
1.5.2. United States dollars.
1.5.3. Other currencies.
At the request of entities, the Central Bank of the Republic of Argentina may authorize the collection of deposits in other currencies.
1.6. Deposits and other credits.
1.6.1. Counter deposits under agreed conditions.
The slips used must contain, at a minimum, the following data:
1.6.1.1. Name of the financial entity.
1.6.1.2. Names and surname or trade name of the holder and account number.
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B.C.R.A. SAVINGS DEPOSITS, PAYMENT OF REMUNERATIONS AND SPECIALS
1.6.1.3. Amount deposited.
1.6.1.4. Place and date.
1.6.1.5. If they are check deposits, the name of the drawn entity, the amount of each of the deposited checks, and the respective compensation periods.
1.6.1.6. Stamp of the receiving house, unless mechanized security writings are used.
Alternative means such as magnetic cards or personal key identification guaranteeing the genuineness of operations may be used, extending the pertinent deposit record issued mechanically.
1.6.2. Deposits in ATMs.
The pertinent record will be issued with the essential data of the operation.
Entities must have implemented information security mechanisms that guarantee the genuineness of operations.
1.6.3. Transfers -including electronic-, telephone orders, via "internet", etc.
The record in the account summary (point 1.11.) will be proof of the operation.
Entities must have implemented information security mechanisms that guarantee the genuineness of operations.
1.6.4. Capitalized interests and other credits.
1.7. Withdrawal of funds.
1.7.1. At the counter, under agreed conditions, through documents that meet the characteristics of a receipt.
Other alternative means such as magnetic cards or personal key identification guaranteeing the genuineness of operations may be used, extending the pertinent transaction record.
1.7.2. Through ATMs and operations performed through terminals at points of sale.
The pertinent record will be issued with the essential data of the operation.
Version: 1st. Communication "A" 3042 Validity:
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B.C.R.A. SAVINGS DEPOSITS, PAYMENT OF REMUNERATIONS AND SPECIALS Entities must have implemented information security mechanisms that guarantee the genuineness of operations.
1.7.3. Transfers -including electronic-, telephone orders, via "internet", etc.
The record in the periodic summary (point 1.11.) will be proof of the operation.
Entities must have implemented information security mechanisms that guarantee the genuineness of operations.
1.7.4. Internal debits, automatic for the payment of taxes and services, commissions, and other concepts, under agreed conditions.
1.7.5. Movements -whatever their nature- cannot generate a debit balance.
1.8. Remuneration.
1.8.1. Interests.
Applicable rates will be determined freely between the parties.
Interests will be settled for periods not less than 30 days and credited to the account on agreed dates.
If applicable, minimum balances required to settle interests must be specified.
1.8.2. Other modalities.
Other forms of remuneration in addition to or in place of the interest rate may be agreed upon, aspects that must be clearly and legibly specified in the contract.
1.9. Agreements to formulate debits.
As a prior requirement to opening an account, the explicit consent of holders must be obtained for amounts to be debited for the following concepts, to the extent agreed.
1.9.1. Operations inherent to the entity (payment of loans, rental of safety deposit boxes, etc.).
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B.C.R.A. SAVINGS DEPOSITS, PAYMENT OF REMUNERATIONS AND SPECIALS
1.9.2. Collection service operations on behalf of third parties, contracted directly with the bank or through said third parties (automatic or direct debits) for the payment of taxes, fees, contributions, and public or private service invoices, credit card summaries, etc., when the client's knowledge is assured with a minimum advance of 5 business days prior to the date fixed for the debit contracted by the account holder.
In case the client formalizes their adherence to the automatic debit service through the service provider company, tax collection agency, etc., to effect debits, it will be sufficient for the company or entity to notify the financial entity of the adherence, the record of which may remain with the company or entity. The client may formalize their adherence to the automatic debit system through the financial entity where they hold their account or through the service provider company, tax collection agency, etc., provided that, in relevant aspects, the previously mentioned requirements are observed. The same option applies to express the disaffiliation or cancellation of such a system service. Adherence to this automatic debit mechanism is conditioned on the possibility of reversing operations under the conditions established in point 1.10.
1.9.3. Commissions freely agreed upon at the time of opening or subsequently, for services provided by the entity.
Commissions and expenses must be detailed, mentioning amounts and percentages, as well as the dates and/or frequency of these debits, including, among others, those corresponding to:

• Account opening.

• Account maintenance.

• Issuance and sending of account summaries or automatic debits.

• Counter or ATM operations of the entity.

• Settlement of values presented for collection or checks excluded from clearing house regimes.

• Deposits or withdrawals at houses other than those where the accounts are located.

• Rejection of third-party checks.
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• Provision of deposit slips.

• Issuance and delivery of debit or ATM cards.

• Automatic debits.

• Use of ATMs from other entities or networks in the country or abroad.

• Third-party deposits (collections).

• Out-of-hours deposits.

• Signature certification.

• Immobilized balances.
  1.9.4. Modifications in the conditions or amount of commissions or expenses whose debit has been accepted must be communicated to the holder and obtain their consent, at least 5 business days prior to their application.
  Unless there is explicit rejection by the client, new conditions may be applied after a period of not less than 30 calendar days, counted from the expiration date of the period established for sending or making available summaries, unless certified notification to the client is chosen, in which case this period is reduced to 5 days. In case of changes that imply decreases in commissions or expenses, new amounts may be applied without waiting for the passage of said periods. Funds debited for commissions or expenses without prior knowledge of clients or despite their opposition, as established previously, must be reimbursed to holders within 5 business days following the date on which they present their claim to the entity. Additionally, the amount of expenses incurred to obtain the reimbursement and relevant compensatory interests must be recognized up to the limit equivalent to 100% of the observed debits.
  1.10. Reversal of automatic debits.
  In agreements that financial entities conclude with holders for adherence to automatic debit systems for the payment of taxes, public or private service invoices, credit card summaries, etc., a clause must be included providing for the possibility that the client orders the suspension of a debit until the business day prior (inclusive) to the due date and the alternative to reverse debits for the total of each operation, upon explicit instruction from the client, within 30 calendar days counted from the date of the debit. The return will be made within 72 business hours Version: 1st. Communication "A" 3042 Validity:
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B.C.R.A. SAVINGS DEPOSITS, PAYMENT OF REMUNERATIONS AND SPECIALS following the date on which the entity receives the client's instruction, provided that the originating company of the debit and only in cases where the amount of the requested reversal exceeds $ 750.-, does not oppose the reversal because the billing difference has been effectively made directly. When dealing with settlements of open system credit cards, in place of the aforementioned reversal procedure, entities must have mechanisms in place that allow users to manage through them the reversal of coupons included in settlements and the reimbursement of relevant amounts that have been debited.
1.11. Account summary.
At least quarterly and within 10 calendar days from the established closing date, entities must send the holder a summary of the account with the detail of debits and credits -whatever their concepts- and balances recorded in the period covered. In the account summary, entities will inform debits corresponding to the automatic debit service, with the following minimum data:

• Name of the service provider company, tax collection agency, etc., to which the debited funds were destined.
• Client identification in the company or entity (surname and name or code or account, etc.).
• Concept of the operation causing the debit (month, bimonth, installment, etc.).
• Amount debited.
• Date of debit.
  The summary will state the Uniform Bank Key (CBU) so that the client can adhere to automatic debit services.
  Conformity with the activity recorded in the entity will be presumed if within 60 calendar days of the respective period's expiration, no claim is found to be in the possession of the entity.
  1.12. Closing of accounts.
  1.12.1. By decision of the holder.
  By presentation at the entity and withdrawal of the total balance (principal and interest).
  Version: 1st. Communication "A" 3042 Validity:
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B.C.R.A. SAVINGS DEPOSITS, PAYMENT OF REMUNERATIONS AND SPECIALS The entity will provide confirmation of the respective closure.
1.12.2. By decision of the entity.
1.12.2.1. General procedure.
It will be communicated to holders by mail via certified letter, granting a period of not less than 30 calendar days prior to proceeding with the closure of the account and transfer of funds to immobilized balances. Additionally, the communication will refer to the commission to be applied on these amounts and the validity date.
1.12.2.2. Exception.
In cases of accounts recording balances less than 20 times the value of the certified postal item of the Argentine Post, a notice may be issued through a general publication, once, in two periodicals circulating in the locations where the houses of the respective entity are located. Such publication, which will contain the data mentioned in point 1.12.2.1., may be made by each participating entity, by a group of entities, or by the associations grouping them, with explicit mention of the entities applying the provision.
1.13. Deposit guarantee.
The status of the account regarding the deposit guarantee insurance system will be specified.
The incorporation of corresponding legends will be formulated in accordance with what is established in point 4.4. of Section 4.
1.14. Recommendations for the use of ATMs.
At the time of opening an account involving the delivery of cards to operate with ATMs, it will be necessary to notify the holder about the recommendations and precautions to be taken for their use, under the terms contained in point 4.3. of Section 4. Version: 1st. Communication "A" 3042 Validity:
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B.C.R.A. SAVINGS DEPOSITS, PAYMENT OF REMUNERATIONS AND SPECIALS
1.15. Delivery of the text of the regulations.
The complete text of the regulations in force at the date of account opening will be delivered to the depositor, against a signed receipt. Modifications to this text will be brought to the holder's attention at the first opportunity they visit the entity's offices for any procedure or operation related to their account, through certified notification or by including it in the account summary. Version: 1st. Communication "A" 3042 Validity:
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B.C.R.A. SAVINGS DEPOSITS, PAYMENT OF REMUNERATIONS AND SPECIALS
Section 2. Payment of remunerations.
2.1. Opening.
Authorized entities possessing ATMs must open these accounts at the request of employers who, subject to the obligation to pay remunerations to their staff by crediting accounts in accordance with what is provided by the Ministry of Labor and Social Security, opt to use this regime.
2.2. Holders.
An account will be opened in the name of each dependent worker of the included employers, according to the information they provide, which will contain, at a minimum, surname and names, unique labor identification code (CUIL), and address of each worker. Workers who explicitly indicate to their employers that they opt to receive their benefits by crediting accounts (current or savings) that they have opened by their own decision, regardless of the entity, will be excluded.
2.3. Deposits.
Only the crediting of normal and habitual remunerations and other concepts derived from the employment relationship, performed by the employer, in pesos, will be admitted.
2.4. Withdrawal of funds.
At the worker's option, according to any of the following alternatives and to the extent that those provided in points 2.4.2. to 2.4.4. are available.
2.4.1. Through ATMs authorized by the entity, up to four cash withdrawals per calendar month, without limit on amount.
2.4.2. Cash at businesses with which the entity has subscribed agreements, performed with the debit card.
2.4.3. Purchases at supermarkets and other adhered businesses, performed with the debit card.
2.4.4. Payment of taxes, services, and other concepts upon maturity via the entity's ATM or through the automatic debit system, without limit on adherences.
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B.C.R.A. SAVINGS DEPOSITS, PAYMENT OF REMUNERATIONS AND SPECIALS
Section 2. Payment of remunerations.
2.5. Debit card.
The holder of the account must be provided -free of charge- with a magnetic card allowing them to operate with ATMs and perform the other operations provided in point 2.4.
2.6. Account summary.
The periodic issuance of summaries with the detail of movements recorded in accounts is not mandatory.
In its place, the entity's ATM system must provide -free of charge- a slip showing the balance and the last ten operations performed.
If adherence to the payment of taxes, services, and other concepts via automatic debit has been registered, at least one quarterly summary of payments made will be issued and made available to the holder at the entity's offices.
2.7. Commissions.
Entities may not charge fees or commissions for any concept to holders or employers, provided that the use of accounts complies with the conditions established in points 2.3. and 2.4.
2.8. Remuneration.
Entities may freely agree with the parties on the payment of interest on the balances recorded in accounts, with settlement when balances exceed a certain amount being agreed upon.
2.9. Closing of accounts.
The closing of accounts must be communicated by the employer upon the termination of the employment relationship with the worker or by the worker's option to receive benefits in an account they explicitly indicate. It will take effect after 60 calendar days have passed, counted from the date of the last crediting of funds or the communication -whichever is later-, with point 2.7. applicable during this period. After this period has passed, remaining funds will be transferred to immobilized balances, without the need to fulfill any other procedure. Version: 1st. Communication "A" 3042 Validity:
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B.C.R.A. SAVINGS DEPOSITS, REMUNERATION PAYMENTS, AND SPECIAL ACCOUNTS
Section 2. Payment of Remuneration.
It shall be provided that the last withdrawal, with settlement of interest up to that point (if payment thereof has been agreed upon), may be made at the counter, free of charge.

2.10. Delivery of regulations to holders.
The text containing the conditions regulating the operation of these accounts shall be delivered to the holders, through their employers, and the entity must retain proof of receipt by the interested party, which may be formalized in a list prepared for this purpose.

2.11. Custody of documentation.
Documentation related to deposits in these accounts must be kept in a manner that facilitates the compliance with the control and supervision that Article 124 of Law 20.744 (Consolidated Text 1976) requires of the Ministry of Labor and Social Security.

2.12. Other provisions.
The provisions established for savings deposits in points 1.9.2., 1.10., 1.13., and 1.14. of Section 1 shall apply.
Under this modality, services other than those expressly contemplated may not be included.
The transfer of funds to the accounts indicated by workers must not imply any charge for them.
Version: 1st Communication "A" 3042 Validity:
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B.C.R.A. SAVINGS DEPOSITS, REMUNERATION PAYMENTS, AND SPECIAL ACCOUNTS
Section 3. Special Accounts.

3.1. Unemployment Fund for Construction Industry Workers.

3.1.1. Intervening Entities.
Retail commercial banks shall, on an obligatory basis, open special deposit accounts named "Unemployment Fund for Construction Industry Workers - Law 22.250," upon request by persons obligated to make contributions to said fund.

3.1.2. Holders.
Each account shall be opened in the name of the worker for whom the respective employer makes deposits, at the simple request of the latter and without any conditioning, even if they do not possess the corresponding contribution booklet. It must record only and note their unique labor identification code (CUIL). These accounts shall not generate commissions or expenses of any kind for the beneficiary.

3.1.3. Currency.
Pesos.

3.1.4. Remuneration.
The balances registered in these accounts shall accrue interest calculated based on the daily rate equivalent to the weighted average effective monthly interest rate of savings and fixed-term deposits in pesos, corresponding to the second business day prior to each day, according to the survey conducted by the Central Bank of the Argentine Republic.

3.1.5. Deposits.

3.1.5.1. Minimum or maximum amounts shall not be determined.

3.1.5.2. Deposits may be made in cash, via transfers, by checks, or by drafts drawn on the same paying houses for said documents, which in turn are recipients of the funds. Values from other entities shall not be accepted.

3.1.5.3. The following shall be used:
i) Special deposit slips, according to the model inserted in point 3.1.10., which will be provided by the banks. Four copies shall be integrated with the following destinations:

• Copy 1: for the bank, as proof of payment.
• Copy 2: for the employer, as proof of deposit.
• Copy 3: to be delivered by the employer to the worker.
• Copy 4: to be sent by the employer directly to the Institute of Statistics and Registration of the Construction Industry.
  This documentation shall be completed by machine or by hand in block letters, with ink or ballpoint pen; carbon paper shall not be used. ii) Deposit forms, in triplicate, whose copies shall have the following destinations:
• Original: for the bank as proof of cash.
• Duplicate: for the employer, as proof of deposit.
• Triplicate: to be sent by the employer directly to the Institute of Statistics and Registration of the Construction Industry.
  In this case, a slip for each worker shall be attached, containing the data indicated in the model set forth in point 3.1.10., which, once intervened by the bank, must be delivered by the employer to the corresponding worker. This documentation shall be completed by machine or by hand in block letters.

3.1.5.4. Deposits whose corresponding forms do not contain all required data shall not be accepted.

3.1.6. Withdrawals and Transfers.

3.1.6.1. They may only be made for the total balance of the account (principal and interest accrued up to the day prior to the fund movement).

3.1.6.2. For the withdrawal of funds, instruments meeting the characteristics of a receipt shall be used; therefore, the use of checks, vouchers, payment orders, or other documents other than that is prohibited.

3.1.6.3. The transfer of funds to a special account of equal character opened in another bank in the name of the same worker shall be admitted. Such transfers shall only be made at the request of the employer who made the deposits, while the labor link is maintained.
Version: 1st Communication "A" 3042 Validity:
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B.C.R.A. SAVINGS DEPOSITS, REMUNERATION PAYMENTS, AND SPECIAL ACCOUNTS
Section 3. Special Accounts.

3.1.6.4. Within 48 hours of the termination of the labor relationship, the employer shall request the transfer of funds to a special account opened in the name of the worker in the location where the pertinent labor contract was executed, or, if not possible, in the nearest banking location.

3.1.7. Contribution Booklet.

3.1.7.1. Procedures related to its issuance shall be carried out by those obligated before the Institute of Statistics and Registration of the Construction Industry.

3.1.7.2. In case of loss or theft of the booklet, such circumstance must be communicated without delay to the bank and to the Institute of Statistics and Registration of the Construction Industry, and they shall manage the respective duplicate before said entity.

3.1.7.3. Its presentation is necessary to process withdrawals or transfers of funds, in which case the corresponding registrations must be made in the booklet.

3.1.7.4. Upon presentation of the booklet to the bank by the employer (their successors, or the trustee or liquidator), due to the termination of the labor link, the account balance as of that date (principal and interest) shall be registered immediately, and the booklet shall be returned to the presenter on the spot.

3.1.7.5. Annotations in the booklet shall be made when all required data corresponding to the employer and the worker are recorded.

3.1.8. Registration.

3.1.8.1. A register of opened accounts shall be kept, in which at a minimum the identities of the worker and the employer, the type and number of the worker's document, and the registration number in the Institute of Statistics and Registration of the Construction Industry of the latter shall be recorded.

3.1.8.2. The bank shall assign a number to each special account.

3.1.9. Other provisions.

3.1.9.1. Upon opening the account, the bank shall deliver to the employer, against a signed receipt, two copies of the complete and updated text of these regulations, one of which must, in turn, be delivered to the worker.
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B.C.R.A. SAVINGS DEPOSITS, REMUNERATION PAYMENTS, AND SPECIAL ACCOUNTS
Section 3. Special Accounts.

3.1.9.2. Employers are obligated to immediately notify banks of their changes of address, as well as those of the corresponding workers, as they come to their knowledge.

3.1.9.3. At least once a year, banks shall send to the Institute of Statistics and Registration of the Construction Industry a list of accounts that have had no movement for 24 months, indicating the name and document of the worker, name and registration number of the employer, balance as of the date of the information, and date of the last movement.

3.1.9.4. The status of the account with respect to the deposit guarantee insurance system shall be specified, as established in point 4.4. of Section 4.
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B.C.R.A. SAVINGS DEPOSITS, REMUNERATION PAYMENTS, AND SPECIAL ACCOUNTS
Section 3. Special Accounts.

3.1.10. Deposit Slip Model.
ACCOUNT NO.................
BANK:...................................................................................................................... .............
CREDIT NOTE for the special account:
"UNEMPLOYMENT FUND FOR CONSTRUCTION INDUSTRY WORKERS - LAW 22.250"
from:............................................................................................................................................
Last Name and Names
Address:.................................................................................................................................
Street No.
Locality:............................................................................Province:.....................................
Type and No. of document:..........................................................................................................
CONTRIBUTION CORRESPONDING TO THE MONTH OF.............................................OF ...................
CASH.........................................................................................
Check No...........................................................by the house Draft TOTAL $
In pesos.................................................................................................................................
..................................................................................................................................................
Last Name and Names or Business Name of the Employer/Depositor:................................................
..................................................................................................................................................
Address:..................................................................................................................................
Street No.
Locality:...................................................................Province:..............................................
No. of registration in the I.E.R.I.C.:.............................................................................................
......................................................,.....................of..........................................of ..................
.................................................
Signature of the Depositor
(1)
RECEIVED BY THE BANK
Stamp Signature of the Teller
Copy for (2).
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Integrate all fields clearly by machine or by hand in block letters with ink or ballpoint pen. Carbon paper shall not be used.
(1) The number of the copy shall be indicated.
(2) The recipient of the copy shall be recorded.

3.2. For Closed Circles.

3.2.1. Intervening Entities.
Financial entities may open "special accounts for closed circles" to entities authorized by the General Inspection of Justice to operate with savings plans, individually for each group they administer.

3.2.2. Holders.
Each account shall be opened in the name of the subscribers forming the corresponding group.

3.2.3. Term.
Each deposit must remain for a period of no less than 14 days. Consequently, withdrawals before that lapse has passed shall not be admitted.

3.2.4. Interest.

3.2.4.1. Rate.
The rate contractually agreed upon, which may not be lower than the rate in force for savings deposits nor higher than that offered on the day of the deposit for fixed-term deposits of 30 days.

3.2.4.2. Capitalization.
As agreed, provided that the duration of the periods does not exceed one month. Interest corresponding to balances subject to the minimum stay requirement may only be capitalized after the pertinent lapse has passed. Version: 1st Communication "A" 3042 Validity:
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B.C.R.A. SAVINGS DEPOSITS, REMUNERATION PAYMENTS, AND SPECIAL ACCOUNTS
Section 3. Special Accounts.
The provision of point 3.2.3. shall not apply to the withdrawal of capitalized interest.

3.2.5. Withdrawal of Funds.
In accordance with point 3.2.3., up to 4 withdrawals for any concept per calendar month shall be admitted, without limit on amount. An additional withdrawal shall be admitted to enable the closing of the account, provided that each deposit made has remained for a minimum of 14 days.

3.2.6. Account Summary.
Depository financial entities shall send to the administering society, within 8 calendar days after the end of each calendar month, a summary of the account with the details of deposits, withdrawals, and balances recorded in the period covered, requesting their written conformity. If the administrator does not receive the summary within that period, they must claim it within the following 15 calendar days. Conformity with the movement recorded in the entity shall be presumed if, within 30 calendar days of the expiration of the respective period, no objection is made or no claim is filed for the delivery of the summary due to non-receipt. In no case shall the term be less than 10 calendar days from the delivery of the summary by the financial entity.

3.2.7. Closing.
It shall operate once the final accounting to the subscribers is concluded, with balances at sight -not accruing interest- under general conditions, with notice to the administering entity at the last registered address.

3.2.8. Other provisions.
The provisions established for savings deposits in points 1.5., 1.9.3., 1.9.4., and 1.13. of Section 1 shall apply.

3.3. Pupilary Usury.
The regulations established for savings deposits in points 1.2., 1.3. (identification only), 1.5. to 1.8., 1.11., and 1.13. to 1.15. of Section 1 shall apply. The interest rate shall be applied to the total deposit without any limitation. Version: 1st Communication "A" 3042 Validity:
20.12.99

B.C.R.A. SAVINGS DEPOSITS, REMUNERATION PAYMENTS, AND SPECIAL ACCOUNTS
Section 4. General Provisions.

4.1. Identification.
At the time of opening the account, natural persons who are holders or in whose order an account is registered, legal representatives of legal entities, etc., shall use one of the documents indicated below:

4.1.1. Argentines.
i) National Identity Document. ii) Enrollment Booklet. iii) Civic Booklet.

4.1.2. Foreigners domiciled from 1.1.1970.
i) National Identity Document - Foreigners.

4.1.3. Foreigners entering the country with permanent or temporary status, with a stay of more than three months and not yet domiciled.
i) Passport from bordering countries. ii) Identity card issued by the competent authority of the respective bordering countries.

4.1.4. Foreigners with less than three months of stay in the country.
i) Entry permit to the Republic, issued by the National Directorate of Migrations or by an Argentine consular official. ii) Passport - visa issued by an Argentine consular authority, unless treaties signed by the Republic exempt therefrom. iii) Individual card, issued by the National Directorate of Migrations. iv) Identity card or any other identification document issued by the competent authority of the respective bordering countries.

4.1.5. Foreigners who are international officials and diplomatic representatives and officials.
i) Identification documents corresponding issued by the Ministry of Foreign Affairs, International Trade, and Cult.
Version: 1st Communication "A" 3042 Validity:
20.12.99

B.C.R.A. SAVINGS DEPOSITS, REMUNERATION PAYMENTS, AND SPECIAL ACCOUNTS
Section 4. General Provisions.

4.1.6. Others.
As provided in the regulations on "Valid Identification Documents."

4.2. Fiscal Status.
Legal or natural persons who are holders or in whose order an account is registered, legal representatives, etc., shall inform their status before the Federal Administration of Public Revenues (AFIP) by providing the corresponding element, as indicated below:

4.2.1. Unique Tax Identification Key (CUIT).

4.2.2. Unique Labor Identification Code (CUIL).

4.2.3. Identification Key (CDI).

4.2.4. The reasons why they are not registered with the AFIP.

4.3. Recommendations for the use of ATMs.

4.3.1. Financial entities that provide magnetic cards for use in ATM operations must alert and recommend to users the precautions they must take to ensure their correct use.
The notification of these recommendations must be made at the time of opening the account involving the delivery of a card for use in ATMs, without prejudice to the convenience of making subsequent periodic reminders. Likewise, it is necessary to place - visibly in the locations where ATMs are found - signs with the precautions that users of the system must adopt.

4.3.2. The following recommendations and safeguards, at a minimum, shall be communicated to users:

4.3.2.1. Request from bank staff all information deemed necessary regarding the use of ATMs at the time of accessing the service for the first time or whenever any doubt arises subsequently.
Version: 1st Communication "A" 3042 Validity:
20.12.99

B.C.R.A. SAVINGS DEPOSITS, REMUNERATION PAYMENTS, AND SPECIAL ACCOUNTS
Section 4. General Provisions.

4.3.2.2. Change the identification code, access code, or personal password ("password", "PIN") assigned by the entity, to one selected by the user, which must not be their home address or date of birth or any other number that can be easily obtained from documents kept in the same place as their card.

4.3.2.3. Do not disclose the personal key number nor write it on the provided magnetic card or on a paper kept with it, as this code is the key to entering the system and, therefore, to their accounts.

4.3.2.4. Do not type the personal key in the presence of unrelated persons, even if they intend to help, nor lend the magnetic card to third parties, as it is for personal use.

4.3.2.5. Keep the magnetic card in a safe place and verify its existence periodically.

4.3.2.6. Do not use ATMs when there are messages or abnormal operation situations.

4.3.2.7. When making a deposit operation, ensure that the envelope containing the cash or checks, together with the first receipt issued by the ATM during the transaction process, is inserted into the specific slot for that function, and retrieve the receipt that the machine delivers upon finishing the operation, which will serve for any subsequent claim.

4.3.2.8. Do not forget to retrieve the magnetic card after finishing operations.

4.3.2.9. If the ATM retains the card or does not issue the corresponding receipt, immediately communicate this situation to the bank with which one operates and to the bank administering the ATM.

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

4.3.2.11. In case of withdrawals where there are differences between the receipt issued by the ATM and the amount actually withdrawn, communicate this circumstance to the banks in which the operation was made and the system administrator, in order to solve the problem.
Version: 1st Communication "A" 3042 Validity:
20.12.99

B.C.R.A. SAVINGS DEPOSITS, REMUNERATION PAYMENTS, AND SPECIAL ACCOUNTS
Section 4. General Provisions.

4.4. Deposit Guarantee.

4.4.1. Legend.
In all documents representing passive operations (deposit slips, account summaries, etc.), the following legend must appear, visibly and printed on the front or back of them:
"Deposits in pesos and foreign currency are guaranteed up to $ 30,000. In accounts in the name of two or more persons, the guarantee shall be prorated among their holders. In no case may the total guarantee per person exceed $ 30,000, regardless of the number of accounts and/or deposits. Law 24.485, Decree 540/95 and Communication "A" 2337 and its amendments and complements. Those captured at rates higher than the reference rate and those that have received incentives or special additional stimuli to the interest rate are excluded." In case any of the situations cited last occur or it is a deposit of securities, it is necessary to place visibly on the front of the documents the following legend:
"Deposit without guarantee"

4.4.2. Information to the Client.
Entities must keep available to their clientele the complete and updated texts of Law 24.485, Decree 540/95 (updated text), and the regulations on the "Deposit Guarantee Insurance System."

4.4.3. Advertising.

4.4.3.1. In financial entity premises.
On the boards where rates offered to the clientele are informed, the scope of the guarantee (type of operation, its status as included or not in the regime, percentage and guaranteed amount, exceptions, etc.) must be transcribed visibly.

4.4.3.2. In other media.
In the advertising carried out by financial entities, related to the deposits they capture, the existence of a limited guarantee for its return or its absence, as the case may be, must be stated. Version: 1st Communication "A" 3042 Validity:
20.12.99

B.C.R.A. SAVINGS DEPOSITS, REMUNERATION PAYMENTS, AND SPECIAL ACCOUNTS

Section 4. General Provisions.

4.5. Interest Rates.

4.5.1. Methods of Agreement.

Interest rates shall be freely negotiated between financial entities and clients, in accordance with the regulations governing each type of operation.

4.5.2. Basis and Settlement Modalities.

Settlement shall be calculated on the invested capital from the date of receipt of funds until the day prior to maturity or withdrawal, or the day of closure of the calculation period, as applicable. Interest shall be capitalized or credited in arrears, in accordance with the agreed conditions.

4.5.3. Fixed Divisor.

365 days.

4.5.4. Expression.

Interest rates must be expressed in a homogeneous and transparent manner within the financial market, so that the investing public has comparable elements for evaluation.

4.5.5. Disclosure in Documents.

In all operations, regardless of their instrumentation, contracts, receipts, or other documents relating to clients, where interest rates or amounts are specified, explicit record must be kept of the following aspects.

4.5.5.1. Contractually agreed annual interest rate, in percent with two decimal places.

4.5.5.2. Equivalent effective annual interest rate, calculated by computing interest in arrears, in percent with two decimal places.

4.5.5.3. Fixed or variable nature of the interest rate, with indication in the latter case of the parameters used for its determination and the frequency of changes.

Version: 1st Communication "A" 3042 Validity: 20.12.99

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B.C.R.A. SAVINGS DEPOSITS, REMUNERATION PAYMENTS, AND SPECIAL ACCOUNTS

Section 4. General Provisions.

4.5.6. Calculation of the Effective Annual Interest Rate.

In operations where, according to the contract, interest is calculated in arrears for periodic settlements or in full and determined proportionally from an annual rate, the following formula shall be used:

$$i = {[(1 + i_s * m/df * 100)^{df/m} - 1]} * 100$$

In the above expression, it is understood:

• i: Effective annual interest rate, equivalent to the calculation of interest in arrears on balances, in percent, with two decimal places.
• i_s: Contractually applied annual interest rate, in percent.
• m: Number of days corresponding to each of the sub-periods for interest settlement when charged periodically, or of the operation when charged in a single opportunity. When such sub-periods are fixed days for monthly, bimonthly, etc., intervals, they are considered for these purposes as 30 days, 60 days, etc., respectively.
• df: 365.

4.5.7. Advertising.

4.5.7.1. In Financial Entity Premises.

Entities must display on boards placed in public service areas information regarding interest rates, in percent with two decimal places, for the different investment modalities offered to their clients, for operations in pesos, foreign currency, or securities, with the following details:

i) Nominal annual interest rate. ii) Effective annual interest rate.

4.5.7.2. In Other Media or Places.

In advertisements or publications made through any graphic medium (newspapers, magazines, street billboards, etc.) regarding the different investment alternatives offered, entities must clearly and prominently display the following information:

Version: 1st Communication "A" 3042 Validity: 20.12.99

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B.C.R.A. SAVINGS DEPOSITS, REMUNERATION PAYMENTS, AND SPECIAL ACCOUNTS

Section 4. General Provisions.

i) Nominal annual interest rate. ii) Effective annual interest rate.

4.6. Return of Deposits.

Special accounts, by virtue of the powers conferred by Article 2185, item 4), of the Civil Code and Article 579 of the Commercial Code, are subject to the following conditions, to which interested parties are bound without right to any claim.

4.6.1. Reciprocal or Indistinct Order Accounts.

The entity shall deliver the deposit, in whole or in part, to any of the holders, even in cases of death or subsequent incapacity of the others, provided there is no contrary judicial order.

4.6.2. Joint or Collective Order Accounts.

The entity shall deliver the deposit only via a receipt signed by all holders, and in case of death or incapacity of some of them, a judicial order is required to dispose of the deposit.

4.6.3. Accounts in the Name of One or More Persons and Order of Another.

4.6.3.1. Entities shall, in all cases, deliver the deposit to the person to whose order the account is, except as provided in point 4.6.3.2.

4.6.3.2. If the death or incapacity of the person to whose order the account is occurs, the deposit shall be delivered to its holder or to the person who corresponds to the administration of their assets as established in the Civil Code. If the holder of the account dies, the deposited funds shall be available to those who result as their heirs.

4.7. Immobilized Balances.

4.7.1. Transfer.

As a general rule, funds located in deposit accounts shall be transferred to "Immobilized Balances" at the time of account closure.

Version: 1st Communication "A" 3042 Validity: 20.12.99

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B.C.R.A. SAVINGS DEPOSITS, REMUNERATION PAYMENTS, AND SPECIAL ACCOUNTS

Section 4. General Provisions.

4.7.2. Notice to Holders.

Prior to the application of commissions on immobilized balances, entities must notify the holders, referencing the amount and the validity date, which cannot be less than 30 calendar days from the communication. Communications shall be sent by mail via certified letter.

4.8. Discriminatory Acts.

Entities must adopt necessary precautions to prevent discriminatory acts against their clientele originating from any physical disability presented by persons, with the provisions of the substantive legislation (Articles 52, 54, and 55 of the Civil Code) being applicable when appropriate.

Version: 1st Communication "A" 3042 Validity: 20.12.99

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B.C.R.A.

ORIGIN OF THE PROVISIONS INCLUDED IN THE ORDERED TEXT OF THE REGULATIONS ON SAVINGS DEPOSITS, REMUNERATION PAYMENTS, AND SPECIAL ACCOUNTS

TEXTO ORDENADO (Ordered Text)	NORMA DE ORIGEN (Origin Norm)	OBSERVACIONES (Observations)
Sec. Punto Pár.	Com. Anexo Cap. Sec. Punto Pár.
1.1.1.	"A" 1199
	"A" 1820 I
	I 2.
2.1.	S/Com. "A" 1823 - pto. 2°
	S/Com. "A" 2192 - pto 1.
	S/Com. "A" 2241 - Cap. I
	- Sección 1.
1.1.2.	"A" 1199
	"A" 1823
	I 2.
2.1.
1.1.3.	"A" 1199
	"A" 1823
	I 2.
2.1.
1.1.4.	"A" 1199
	"A" 1823
	I 2.
2.1.
1.2.	"A" 1653
	"A" 1820 I
	I 2.1.3.1.
2.2.	S/Com. "A" 2061- pto. 3.
1.3.	"A" 3042
	1° "A" 1199 I 5.7.
	2° “A” 1199 I 5.7.
	3° “A” 2814 1. 1.1.1.1.
1.4.	4° “A” 2814 1. 1.1.1.2.
1.5.1.	"A" 1199 I 2.
1.5.2.	"A" 1820 I 2.3.
1.5.3.	"A" 1820 I 2.3.
1.6.	"A" 3042
	1° "A" 1653 I 2.1.3.2.3. 1°
	“A" 1820 I 2.5. 2°
1.7.1
	2° "A" 3042
	1° "A" 1653 I 2.1.3.2.3. 2°
	2° “A” 1653 I 2.1.3.2.3. 2°
1.7.2.	3° “A” 3042
	1° "A" 1653 I 2.1.3.3. S/Com. "A" 2061 - pto. 3.
	2° "A" 3042
1.7.3.
	3° "A" 3042
1.7.4.	"A" 1653 I 2.1.3.2.2.
1.7.5.	"A" 3042
	1° "A" 1653 I 2.1.1.1.
	“A” 1820 I 2.4.
1.8.1.	2° “A” 1653 I 2.1.1.1.
	“A” 1820 I 2.4.
	3° “A” 3042
1.8.2.	"A" 2468 1. 2°
1.9.	"A" 2468 1 1°
1.9.1.	"A" 1653 I 2.1.3.2.2.
3.3.	1° "A" 2508 Único 1°
	2° "A" 2621 1. 1°
1.9.2.	3° "A" 2508 Unico 5°
	4° "A" 3042
1.
1.9.3.	"A" 2468 1. 1°

TEXTO ORDENADO (Ordered Text)	NORMA DE ORIGEN (Origin Norm)	OBSERVACIONES (Observations)
Sec. Punto Pár.	Com. Anexo Cap. Sec. Punto Párr.
1.9.4.	1° "A" 2468 1. 4°
	2° “A” 2468 1. 5°
	3° "A" 2468 1. 6°
1.10.	1° “A” 2621 3.
	2° “A” 2508 Unico 3°
1.11.	1° “A” 3042
	2° “A” 2621 2.
	3° “A”3042
1.11.	4° “A" 3042
1.12.1.	“A” 3042
1.12.2.1	“A” 1199 I 5.2.2. 1° y 2°
.	“A” 1653 I 2.1.3.4.
1.12.2.2	“A” 1199 I 5.2.2. 3°
1.13.	“A” 1199 I 6.3. S/Com. ”A” 2807-pto. 6
	“A” 1820 I 2.6.
1.14.	“A” 2530
1.15.	“A” 1653 I 2.1.3.5.
2.1.	“A” 2590 I 4.4.1.
1° “A” 2590 I 4.4.2.	2.2.	2° “A” 2956
2.3	“A” 2590 I 4.4.3.
2.4.	“A” 2590 I 4.4.4.
2.5.	“A” 2590 I 4.4.5.
2.6.	“A” 2590 I 4.4.6.
2.7.	“A” 2590 I 4.4.7.
2.8.	“A” 2590 I 4.4.8.
	“A” 2590 I 4.4.9.	2.9. “A” 2956
2.10.	“A” 2590 I 4.4.10.
2.11.	“A” 2590 I 4.4.11.
1° “A” 2590 I 4.4.12.
2° “A” 2590 I 2.	2.
2.12.	3° “A” 2956 2°
	“A” 1199 I. 4.2.1.
3.1.1.	“B” 6360
1° “A” 1199 I 4.2.2.	S/Com. “A” 3042	3.1.2. 2° “A” 3042
3.1.3.	“A” 1199 I 4.2.
3.1.4.	“A” 1199 I 4.2.3.	S/Com. ”A” 1877, pto. 3°
3.1.5.1.	“A” 1199 I 4.2.4.1.
3.1.5.2.	“A” 1199 I 4.2.4.2.
3.1.5.3.	“A” 1199 I 4.2.4.3.
3.1.5.4.	“A” 1199 I 4.2.4.3.3.
3.1.6.1.	“A” 1199 I 4.2.5.1.
3.1.6.2.	“A” 1199 I 4.2.5.2.
3.
3.1.6.3.	“A” 1199 I 4.2.5.3.

TEXTO ORDENADO (Ordered Text)	NORMA DE ORIGEN (Origin Norm)	OBSERVACIONES (Observations)
Sec. Punto Pár.	.	Com. Anexo Cap. Sec. Punto Párr.
3.1.6.4.	“A” 1199 I 4.2.5.4.
3.1.7.1.	“A” 1199 I 4.2.6.1.
3.1.7.2.	“A” 1199 I 4.2.6.2.
3.1.7.3.	“A” 1199 I 4.2.6.3.
3.1.7.4.	“A” 1199 I 4.2.6.4.
3.1.7.5.	“A” 1199 I 4.2.6.5.
3.1.8.1.	“A” 1199 I 4.2.7.1.
3.1.8.2.	“A” 1199 I 4.2.7.2.
3.1.9.1.	“A” 1199 I 4.2.8.1.
3.1.9.2.	“A” 1199 I 4.2.8.2.
3.1.9.3.	“A” 1199 I 4.2.8.3.
3.1.9.4.	“A” 3042
3.1.10.	“A” 1199 I 4.2.9.
3.2.1.	“A” 1247 4.3.1.
3.2.2.	“A” 1247 4.3.2.
3.2.3.	“A” 1247 4.3.3.
3.2.4.1.	“A” 1247 4.3.4.1.	S/Com. “A” 3042
3.2.4.2.	“A” 1247 4.3.4.2.
3.2.5.	“A” 1247 4.3.5.
3.2.6.	“A” 1247 4.3.6.
3.2.7.	“A” 1247 4.3.7.
3.2.8.	“A” 1247 4.3.8.
3.3.	“A” 1199 I 4.1.
4.1.	"A" 3042
4.1.1.	"A" 2885 1.
4.1.2.	"A" 2885 2.	2.2.
4.1.3.	"A" 2885 2.	2.3.
4.1.4.	"A" 2885 2.	2.4.
4.1.5.	"A" 2885 2.	2.5. y 2.6.
4.1.6.	"A" 3042
4.2.	"A" 1891 S /Com. "A" 1922
1° "A" 2530 1°
2° "A" 2530 3° y 4°	4.
4.3.1.	3° "A" 2530 5°
4.3.2.	"A" 2530 2°
4.4.1.	"A" 1199
	"A" 1820 I
	I 6.3.
2.6.	S/Com. "A" 2807, pto. 6 – 1° y 2° párrafos.
4.4.2.	"A" 2807 6. 3°
4.4.3.1.	"A" 2807 6. 5°
4.4.3.2.	"A" 2807 6. 4°

TEXTO ORDENADO (Ordered Text)	NORMA DE ORIGEN (Origin Norm)	OBSERVACIONES (Observations)
Sec. Punto Pár.	.	Com. Anexo Cap. Sec. Punto Párr.
4.5.1.	"A" 1199 I 5.3.1.
4.5.2.	"A" 1199 I 5.3.2.
4.5.3.	"A" 1199 I 5.3.3.
4.5.4	"A" 3042
4.5.5	"A" 1199 I 5.3.4.
4.5.6.	"A" 1199 I 5.3.4.1.y 5.3.4.3.
4.5.7.	"A" 627 1.
4.6.	"A" 1199 I 5.1.
4.6.1.	"A" 1199 I 5.1.1.
4.6.2.	"A" 1199 I 5.1.2
4.6.3.	"A" 1199 I 5.1.3.
4.7.1.	"A" 1199 I 5.2.1.	S/Com. ”A” 3042
4.7.2.	"A" 1199 I 5.2.2.	S/Com. ”A" 3042
4.8.	"B" 6572