"1999 - Year of Exportation"
BANCO CENTRAL DE LA REPUBLICA ARGENTINA
____________________________________________________________________________ COMUNICACION " A " 3043 I 20/12/99 ____________________________________________________________________________ TO FINANCIAL ENTITIES:
Ref.: Circular OPASI 2 - 222
Time deposits and investments. Consolidated text.
We address you to inform you that modifications have been ordered to the regulations issued by this Institution applicable to reference deposits. Consequently, we send you the consolidated text as of the date of these regulations in the Annex. Likewise, an indicative table showing the origin of the provisions included in said consolidation is attached. We salute you very attentively. BANCO CENTRAL DE LA REPUBLICA ARGENTINA Juan Carlos Isi Alfredo A. Besio Submanager of Manager of Regulations for Regulatory Regime Financial Entities a/c Manager of Regulations Attached to the Area of for Financial Entities Economy and Finance
ANNEX: 32 pages

B.C.R.A.
CONSOLIDATED TEXT OF REGULATIONS ON TIME DEPOSITS AND INVESTMENTS

• Index -
  Section 1. Fixed-term.
  1.1. Permitted deposit modalities.
  1.2. Holders.
  1.3. Investor identification and tax status.
  1.4. Special precautions.
  1.5. Instrumentation.
  1.6. Operational modalities.
  1.7. Constitution.
  1.8. Permitted currencies and securities.
  1.9. Remuneration.
  1.10. Term.
  1.11. Cancellation of the operation.
  1.12. Automatic renewal.
  1.13. Transfer.
  1.14. Secondary negotiation.
  1.15. Prohibitions.
  1.16. Publicity of the regulations.
  Section 2. Time investments.
  2.1. General aspects.
  2.2. Fixed-term.
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B.C.R.A.
CONSOLIDATED TEXT OF REGULATIONS ON TIME DEPOSITS AND INVESTMENTS

• Index -
  2.3. With early cancellation option.
  2.4. With option to renew for a fixed term.
  2.5. Fixed-term with variable remuneration.
  Section 3. General provisions.
  3.1. Identification.
  3.2. Tax status.
  3.3. Qualified investors.
  3.4. Recommendations for the use of automated teller machines.
  3.5. Deposit guarantee.
  3.6. Interest rates.
  3.7. Return of deposits.
  3.8. Immobilized balances.
  3.9. Discriminatory acts.
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1.1. Permitted deposit modalities.
Financial entities may collect funds for a fixed term under the deposit modality, from third parties outside the financial sector, only in compliance with the provisions established in these regulations.
1.2. Holders.
Natural and legal persons.
1.3. Investor identification and tax status.
Verification will be carried out based on the documents that holders must exhibit, in accordance with points 3.1. and 3.2. of Section 3.
1.4. Special precautions.
Extraordinary precautions must be taken to prevent the receipt of deposits in the name of non-existent persons due to the presentation of inauthentic documents, as well as to prevent their use in connection with the development of illicit activities.
1.5. Instrumentation.
Representative instruments of these operations must state:
1.5.1. Consecutive numbering.
It will be inserted according to the information systems implemented by each entity and must be printed at the time the respective certificate is delivered to the depositor.
1.5.2. Designation of each type of operation.
The corresponding designation will be inscribed according to the type of operation ("Certificate of fixed-term nominative non-transferable deposit", "Certificate of fixed-term deposits of national public securities", "Certificate of fixed-term nominative deposit with variable interest clause", etc.). When a deposit certificate corresponds to an operation that will be subject to automatic renewal, the inscription "Renewable" must appear in identical characters. Version: 1st. Communication "A" 3043 Validity:
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1.5.3. Name and address of the receiving entity.
1.5.4. Place and date of issuance.
1.5.5. Name, surname, address, and identity document of the deposit holder if a natural person, of the legal representatives, and of the persons to whose order the operation will remain, or name, address, and registration number with the General Inspection of Justice or other corresponding agencies, if a legal person.
1.5.6. Designation and series of deposited securities, if applicable.
1.5.7. Amount deposited or total nominal value of deposited securities, as applicable.
1.5.8. Term of the operation.
1.5.9. Nominal and effective annual interest rates and interest settlement period.
1.5.10. Maturity date.
1.5.11. Place of payment.
1.5.12. Two authorized signatures of the depositary entity, duly identified.
1.5.13. Legend regarding the scope of the Guarantee regime, which must appear visibly and in print - on the front or back - in the terms provided in point 3.5. of Section 3.
1.6. Operational modalities.
1.6.1. Issuance of deposit certificates.
Deposits will be instrumented through transferable or non-transferable nominative certificates issued by depositary financial entities.
1.6.1.1. Characteristics of certificates.
Each entity will adopt the security precautions it deems necessary to prevent adulteration and any type of alteration in its text.
1.6.1.2. Delivery.
At the time of the deposit, the definitive certificate, endorsed by the entity with seal and signature, will be delivered to the holder or their representative, unless Version: 1st. Communication "A" 3043 Validity:
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mechanized writing systems of security are used, with provisional receipts not being admitted.
1.6.1.3. Control of printed forms.
Mechanisms surrounded by indispensable security precautions must be implemented to enable effective control of printed forms, with the intervention of responsible officials of operational offices.
1.6.1.4. Cancellation of certificates.
Certificates cancelled for any reason will be archived in the financial entity for a period of 10 years.
1.6.1.5. Certification of authenticity.
In the case of transferable nominative certificates, at the request of the duly identified holder, the issuing financial entity will state on its reverse the authenticity of the document and that the deposit is recorded in the entity's records, through text, date, seal, and signatures of 2 officials.
1.6.1.6. Forgery or adulteration.
The financial entity that proves forgery, adulteration, or any type of alteration in a deposit certificate must:
i) proceed to retain it against a receipt issued in the name of the presenter. ii) file the relevant police complaint.
1.6.1.7. Loss, theft, robbery, or burglary.
The provisions of the Commercial Code, Book II, Title X on Bills of Exchange will apply supplementarily.
1.6.2. Account crediting.
1.6.2.1. Fixed-term deposits made in pesos or foreign currency under the non-transferable nominative modality may be instrumented by crediting the respective funds in specific accounts opened for that sole purpose.
In these cases, it will be presumed that the place of payment, at maturity, is the branch where the account is located.
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1.6.2.2. At least monthly, the entity must provide the depositor with a statement of the transaction performed in the account (summary), noting the data related to the deposits registered in it; operation or certificate number, if any; date of deposit; term; nominal and effective annual interest rates; maturity date; currency; taxes; data to determine remuneration in deposits with variable interest clauses, etc.).
1.7. Constitution.
Operations must be carried out by the holder or their representatives in the authorized places.
1.7.1. Personally.
The entity will provide the certificate or the corresponding endorsement duly endorsed by the receiving teller of the funds, according to the option applicable to the operation.
1.7.2. By other means.
1.7.2.1. Automated teller machines.
The respective endorsement will be issued with the essential data of the operation.
When it is possible to use this modality, it will be necessary to inform customers of the recommendations and precautions to be adopted regarding its use contained in point 3.4. of Section 3.
1.7.2.2. Transfers -including electronic-, telephone orders, via "internet", and other similar alternative means.
The record in the periodic statement (point 1.6.2.2.) will serve as proof of the operation.
Entities must have implemented information security mechanisms that guarantee the genuineness of operations.
1.8. Permitted currencies and securities.
1.8.1. Pesos.
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1.8.2. United States dollars.
i) Total or partial cancellations made must be effected in the same class of asset (banknotes or transfers) in which the funds were deposited. ii) When the deposit was made in banknotes, the depositor may opt, upon total or partial withdrawal, to receive banknotes or transfers.
1.8.3. Other currencies.
At the request of entities, the Central Bank of the Republic Argentina may authorize the collection of fixed-term deposits in other currencies. For cancellations, the criterion referred to in point 1.8.2. will apply.
1.8.4. Public and private securities.
i) They may only be collected by banks and financial companies. ii) They must have normal and habitual quotation in the country or abroad, of wide dissemination and easy access to public knowledge. iii) Private securities must have public offering authorized by the National Securities Commission.
1.9. Remuneration.
1.9.1. Fixed-rate deposits.
According to the rate freely agreed upon.
1.9.2. Deposits with variable interest clauses (only in pesos and United States dollars).
1.9.2.1. Basic remuneration.
It will be equivalent to:
i) The interest rate resulting from any of the following surveys conducted (in pesos or United States dollars) by the Central Bank of the Republic Argentina:
a) Fixed-term deposits of 30 days or more (average).
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b) Loans to holders of the non-financial or financial sector.
On the average rate of this option, depositary entities may apply the discount percentage they freely agree with the depositor, which must remain unchanged during the total agreed term. c) Obligations incurred with banks abroad, affiliated or not, (average). d) Offered between banks - Buenos Aires. ii) LIBOR for segments of 30 days or more. For these purposes, each entity may consider the level in effect on one of the days within the period between 2 and 5 immediate banking business days prior to the start date of each calculation sub-period, which cannot be less than 30 days. This option will remain fixed for the entire validity term of the deposit. Once the level is determined, the rate must remain unchanged for a term of no less than 30 days.
1.9.2.2. Additional remuneration.
The number of points freely agreed upon by depositary entities with depositors, which must remain unchanged during the total agreed term.
1.9.2.3. Record.
The body of the document instrumenting the deposit must clearly determine the basic parameter used, including the fixed days of advance chosen for each operation, the additional points governing it, as well as the duration of the agreed sub-periods.
1.9.3. Settlement.
It must be carried out from the date of receipt of the deposit (or the maturity of the previous agreed payment sub-period) until the day of maturity of the deposit (or each sub-period). In the case of securities deposits, interest will be calculated on nominal values, paid in the currency agreed upon when making the deposit, at the maturity of the operation, converted according to the last closing quotation in pesos (spot) in the securities market where they trade.
1.9.4. Payment.
1.9.4.1. At final maturity for deposits with terms less than 180 days.
1.9.4.2. Periodic payment of accrued interest before the maturity of the deposit is admitted, provided it is made in arrears, with a frequency of no less than 30 days, and refers to deposits with terms of 180 days or more.
1.10. Term.
1.10.1. Fixed-interest rate deposits.
1.10.1.1. In pesos or foreign currency.
Minimum: 30 days.
1.10.1.2. Of public and private securities.
Freely agreed upon.
1.10.2. Deposits with variable interest clauses.
Minimum: 120 days.
Longer terms must be multiples of the calculation sub-period chosen to determine the applicable rate, according to point 1.9.2.1.
1.11. Cancellation of the operation.
1.11.1. The documents used to finalize the cancellation of an operation must meet the characteristics of a receipt, which, in the case of certificates, may be inserted in the same form. At the request of the interested party, a duplicate of the document will be delivered.
When deposits are formalized through account crediting or non-personally, the credit in the account indicated by the client will constitute satisfactory proof.
1.11.2. Non-transferable deposits cannot be withdrawn, totally or partially, before their maturity.
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1.12. Automatic renewal.
1.12.1. Holders of fixed-term nominative non-transferable deposits may authorize the reinvestment of the deposited capital for successive predetermined periods, equal or not, in compliance with the regulations in force at the time of renewal.
1.12.2. The reinvestment may include accrued interest that will be capitalized.
If not included, interest must be credited, at the end of each period, in the account indicated by the client.
1.12.3. The authorization for automatic renewal must be extended in writing at the time of the deposit constitution.
When the certificate remains in custody at the entity, renewal may be ordered by other means (telephone, "internet", electronic, etc.). Entities must have implemented information security mechanisms that guarantee the genuineness of operations.
1.12.4. The authorization will remain valid until new notice, in writing or by other agreed means, or until the holder presents themselves for collection, at the corresponding maturity.
1.12.5. The entity will properly keep records related to orders issued by the client.
1.12.6. Deposit certificates will not be issued, nor new fund entries registered, for renewals.
1.13. Transfer.
Transferable nominative certificates issued in accordance with Law 20.663 and these regulations will be transferable by endorsement that precisely indicates the beneficiary and the date on which the transfer takes place. Endorsements to bearer or in blank will not be valid.
1.14. Secondary negotiation.
1.14.1. Financial entities may intermediate or purchase transferable certificates, provided that from the date of issuance or last negotiation or transfer, regardless of the reason originating them, a period has elapsed - as derived from the document itself - of no less than 30 days, except when dealing with operations between entities.
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1.14.2. Certificates acquired by the issuing entities themselves will be charged to the respective deposit, which must be cancelled.
1.14.3. Financial entities that use rediscounts or advances from the Central Bank of the Republic Argentina for temporary illiquidity situations cannot acquire fixed-term deposit certificates or time investments - in pesos, foreign currency, or securities - issued by them, even if the minimum period of 30 days has elapsed since the date of issuance or last negotiation or transfer, while those facilities remain in effect.
1.15. Prohibitions.
1.15.1. Deposits will not be admitted:
1.15.1.1. Constituted in the name of other financial entities included in the Financial Entities Law.
1.15.1.2. With automatic renewal (except that provided in point 1.12.) with indefinite term or with the obligation to return them before their maturity.
1.15.1.3. With maturities that operate on non-business days. When the maturity day is declared non-business after the date of deposit, it may be renewed with value to that day, or extend its maturity and correlative interest settlement at the agreed rate, until the first subsequent business day.
1.15.1.4. From residents or non-residents in the country, under any concertation modality and through associated agreements - formalized or not -, implying that the return of deposited funds is guaranteed by another financial entity, except in cases specifically admitted by the Central Bank of the Republic Argentina.
1.15.2. Participations.
Financial entities cannot extend participations - whatever their concept - on one or more deposit certificates.
1.16. Publicity of the regulations.
Financial entities will display, for public knowledge and in places visible to them, the current regulations on fixed-term deposits.
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2.1. General aspects.
2.1.1. Permitted deposit modalities.
Financial entities may collect funds under the time investment modality, from third parties outside the financial sector, only in compliance with the provisions established in these regulations.
2.1.2. Investor identification and tax status.
Verification will be carried out based on the documents that holders must exhibit, in accordance with points 3.1. and 3.2. of Section 3.
2.1.3. Special precautions.
Extraordinary precautions must be taken to prevent the receipt of investments in the name of non-existent persons due to the presentation of inauthentic documents, as well as to prevent their use in connection with the development of illicit activities.
2.1.4. Instrumentation.
Through transferable or non-transferable nominative certificates issued by receiving financial entities, in which the essential data established in point 1.5. of Section 1 must appear, with the specific indication corresponding to remuneration, term, and option prices according to the modality used. Likewise, the provisions of point 1.6.1. of Section 1 regarding the operational procedures to be followed with certificates will apply.
2.1.5. Constitution.
Operations must be carried out personally by the holder or their representatives in the authorized places.
The entity will provide the certificate duly endorsed by the receiving teller of the funds.
2.1.6. Permitted currencies.
2.1.6.1. Pesos.
2.1.6.2. United States dollars.
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in the same class of asset (banknotes or transfers) in which the funds were deposited. ii) When the investment was made in banknotes, the investor may opt, upon total or partial withdrawal, to receive banknotes or transfers.
2.1.7. Settlement and payment of interest.
2.1.7.1. Settlement will be carried out from the date of receipt of the investment (or the maturity of the previous agreed payment sub-period) until the day of maturity of the deposit (or each sub-period).
2.1.7.2. Payment will be made at final maturity or, periodically, at least every 30 days.
2.1.8. Cancellation of the operation.
2.1.8.1. The documents used to finalize the cancellation of an operation must meet the characteristics of a receipt, which, in the case of certificates, may be inserted in the same form. At the request of the interested party, a duplicate of the document will be delivered.
2.1.8.2. Non-transferable investments cannot be withdrawn, totally or partially, before their maturity.
2.1.9. Designation of operations.
Entities may use other names to identify the deposit modalities established in this Section for dissemination purposes. In instrumentation, they must comply with the designations contained herein, mentioning the regulation of the Central Bank of the Republic Argentina that governs them.
2.1.10. Other provisions.
The provisions established for fixed-term deposits in points 1.13., 1.14., 1.15. (except 1.15.1.2.) and 1.16. of Section 1 will apply.
2.2. Fixed-term.
2.2.1. Term.
Minimum: 180 days.
The term will have permanent validity, so that after thirty days have elapsed, the term automatically extends by a term equal to that amount, unless express contrary manifestation by the holder. In this case, maturity will operate on the day the originally agreed term is fulfilled, counted from the date of deposit or from the last automatic extension in case this circumstance has occurred.
2.2.2. Holders.
Qualified investors, defined in point 3.3. of Section 3.
2.2.3. Interest rate.
The rate freely agreed upon.
During the originally agreed term, it may be fixed. Thereafter, it must be renegotiated, possibly applying predetermined margins ("spreads") calculated on indicators of a financial nature of wide national or international dissemination. The use of variable rates from the start of the deposit may also be agreed upon. The calculation bases must be clearly fixed in the contract.
2.3. With early cancellation option.
2.3.1. Term.
Minimum: 180 days, with possibility of early cancellation.
2.3.2. Cancellation.
Cancellation before maturity may be requested by the investor or by the entity, depending on who maintains the title to exercise that option. That right may only be exercised once the agreed period has elapsed, which cannot be less than 30 days counted from the date of deposit.
2.3.3. Holders.
2.3.3.1. Qualified investors, defined in point 3.3. of Section 3.
When it is agreed that the entity has the right to cancel the investment early.
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2.3.3.2. Any natural or legal person.
In the event that only the investor holds the right to early cancellation.

2.3.4. Interest rate.
Fixed, as freely agreed upon.

2.3.5. Option price.
It must be specified in the contract in one of the following forms:

2.3.5.1. A fixed sum of money disbursed at the start of the operation.

2.3.5.2. The value of the investment at the time of exercising the early cancellation right, detailing the method of determination.

2.4. With option to renew for a fixed term.

2.4.1. Term.
Minimum: 90 days.
It may be extended for a predetermined term established in the contract, upon expiration of the originally fixed term.
Renewal may be requested by the investor or by the entity, depending on who holds the title to exercise that option.

2.4.2. Holders.

2.4.2.1. Qualified investors, defined in point 3.3. of Section 3.
When it is agreed that the entity holds the right to renew the investment.

2.4.2.2. Any natural or legal person.
In the event that only the investor holds the right to renew.

2.4.3. Interest rate.
The rate freely agreed upon.
It may be fixed during the original validity period of the placement, and the rate at which it will renew when the extension right is exercised must also be agreed upon. Pre-established margins calculated on indicators of broad national or international financial nature may be applied.

2.4.4. Option price.
The fixed sum of money to be disbursed at the moment the investment is constituted, as an increase or decrease in the placed capital, must be specified in the contract. Alternatively, it may be expressed as a decrease or increase, as applicable, with respect to the interest rate for the initial period.

2.5. Fixed-term with variable remuneration.

2.5.1. Term.
Minimum: 180 days.
They may be cancelled early under the conditions referred to in point 2.3.

2.5.2. Remuneration.

2.5.2.1. Variable.
Based on the proportion agreed upon regarding positive or negative variations registered in the price of assets or indicators included in the list contained in point 2.5.5., remuneration cannot be agreed upon that takes into account price variations of assets other than those listed therein. To this effect, the price variation experienced by the chosen asset until the maturity of the investment or until the date - not contractually predetermined - chosen by the investor, if the investor has that right, must be considered. Likewise, the markets or financial centers and the definition of the moments (initial, final, average, etc.) and means that will serve as reference to obtain the values of the chosen parameters must be precisely identified. In the relevant clause, in addition to its literal definition, the mathematical expression to be used to calculate the remuneration must appear, with identification of all variables involved.

2.5.2.2. Fixed.
Without prejudice to the variable remuneration established, the application of an invariable interest rate during the entire duration of the imposition, freely agreed upon by the parties (0 or more), may be provided.

2.5.3. Prior approval.

2.5.3.1. Request.
To participate in the collection of resources under this regime, financial entities must obtain prior approval from the Central Bank of the Argentine Republic, for which purpose they will supply the particular characteristics assigned to the modality in the relevant submission.

2.5.3.2. Risk coverage.
It must be expressly provided that operations to cover risks linked to the offered variable remuneration - reproducing the assumed commitment - are contracted with entities that have an international risk rating of "A" or higher, granted by one of the rating agencies admitted by the regulations on "Evaluation of Financial Entities".

2.5.4. Corrections in contractual clauses.
The need to introduce corrections in the agreed conditions - even when it is alleged that errors were slipped into the original version - will be considered - at the discretion of the Central Bank of the Argentine Republic - a deficient technical and administrative development of the operation, both in its instrumental and control aspects, which will be taken into account in the evaluation performed by the Superintendence of Financial and Exchange Entities in the respective category integrating the rating system, and may also give rise to the cancellation of the authorization to participate in this operational modality.

2.5.5. Assets and other indicators accepted to determine performance.

2.5.5.1. National public bonds.
i) Guaranteed Fixed Rate Bonds of the Argentine Republic in US$ ("Par"). ii) Guaranteed Floating Rate Bonds of the Argentine Republic in US$ ("Discount"). iii) Floating Rate Bonds in US$ ("FRB"). iv) External Bonds 1992. v) Consolidation of Pension Debts Bonds (both series, in pesos and in US dollars). vi) Consolidation Bonds (in pesos and in US dollars). vii) Global External Bonds of the Argentine Republic 1999, 2001, 2003, 2006, 2017 and 2027. viii) External Letters of the Argentine Republic 2002 and 2007.

2.5.5.2. Foreign public bonds.
i) "Brady" series issued by Brazil ("C Bond"; "IDU"), Venezuela ("Par"; "D.C.B.") and Mexico ("Par"; "Discount"). ii) Bonds issued by the treasuries of the central governments of Germany, the United States of America, France, England and Italy.

2.5.5.3. Stock indices.
i) Merval (Buenos Aires). ii) Burcap (Buenos Aires). iii) Dow Jones (New York). iv) Standard & Poor's (New York). v) Bovespa (Sao Paulo). vi) Ipsa (Santiago de Chile). vii) FTSE (London). viii) CAC (Paris). ix) DAX (Frankfurt). x) Nikkei (Tokyo). xi) IPC (Mexico).

2.5.5.4. Commodities.
i) Gold (London). ii) Oil "North Sea Brent" (London) and WTI (New York). iii) Wheat (local markets and Chicago). iv) Corn (local markets and Chicago). v) Soybeans (local markets and Chicago). vi) Sunflower oil (Rotterdam).

2.5.5.5. Currencies.
US dollar, Canadian dollar, Swedish krona, Swiss franc, British pound, yen, real, euro and those included in the European Monetary Union convertible into euros.

2.5.5.6. Rates.
i) LIBOR for operations contracted in one of the currencies admitted according to point 2.5.5.5. ii) Those elaborated and published by the Central Bank of the Argentine Republic, according to the daily survey it conducts, for operations in pesos and in US dollars, included in the following list:

• Fixed-term deposits, including those of 30 to 35 days term and of more than one million pesos or dollars ("BADLAR").
• Accepted between private banks ("BAIBAR").
• Offered between banks ("BAIBOR").

3.1. Identification.
At the time of making the first operation or at the moment of opening the account or subscribing to the contract, as applicable, the natural persons holding or on whose order an operation is registered, legal representatives of legal entities, etc. will use one of the documents indicated below:

3.1.1. Argentines.
i) National Identity Document. ii) Enrolment Booklet. iii) Civic Booklet.

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

3.1.3. Foreigners entered into the country with permanent or temporary status, with a stay period 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.

3.1.4. 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 subscribed by the Republic exempt them from it. 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.

3.1.5. Foreigners who are international officials and diplomatic representatives and officials.
i) Corresponding identification documents issued by the Ministry of Foreign Affairs, International Trade and Worship.

3.1.6. Others.
As provided in the regulations on "Identification documents in force".

3.2. Tax status.
Legal or natural persons holding or on whose order an account or operation is registered, legal representatives, etc. will inform their status before the Federal Administration of Public Revenues (AFIP) by providing the corresponding element, as indicated below:

3.2.1. Unique Tax Identification Key (CUIT).

3.2.2. Unique Labor Identification Code (CUIL).

3.2.3. Identification Key (CDI).

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

3.3. Qualified investors.

3.3.1. The National, provincial and municipal governments, central administration, ministries, secretariats, their autonomous and decentralized agencies, state-owned companies and societies and other legal entities of public law.

3.3.2. Common investment funds.

3.3.3. Pension and Retirement Funds and administrators regulated by Law 24.241.

3.3.4. Joint-stock and limited liability companies, cooperatives, mutual entities, social security organizations, civil associations, foundations and professional associations of workers with union status, that contract fixed-term deposits in the admitted modalities or savings accounts or passive loan operations or acceptances for amounts not less than $ 100,000, in the aggregate of these forms of investment.

3.3.5. Natural persons with real domicile in the country, who contract fixed-term deposits in the admitted modalities or savings accounts or passive loan operations or acceptances for amounts not less than $ 100,000, in the aggregate of these forms of investment.

3.3.6. Legal entities constituted abroad and natural persons with real domicile outside the country.

3.4. Recommendations for the use of automated teller machines.

3.4.1. Financial entities that provide magnetic cards to be used in operations with automated teller machines must alert and recommend to users about 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 implying the delivery of a card to be used in automated teller machines, without prejudice to the convenience of making subsequent periodic reminders. Likewise, it will be necessary to place - visibly in the places where automated teller machines are located - signs with the precautions that users of the system must adopt.

3.4.2. The following recommendations and precautions, at a minimum, will be enumerated to be communicated to users:

3.4.2.1. Request information from bank staff as deemed necessary regarding the use of automated teller machines at the time of accessing the service for the first time or whenever any doubt arises subsequently.

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

3.4.2.3. 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 enter the system and therefore to their accounts.

3.4.2.4. 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.

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

3.4.2.6. Do not use automated teller machines when there are messages or abnormal operating situations.

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

3.4.2.8. Do not forget to remove the magnetic card upon completing operations.

3.4.2.9. If the machine 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 automated teller machine.

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

3.4.2.11. In case of withdrawals where there are differences between the receipt issued by the machine and the amount actually withdrawn, communicate this circumstance to the banks where the operation was made and the system administrator, in order to solve the problem.

3.5. Deposit guarantee.

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

3.5.2. 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".

3.5.3. Advertising.

3.5.3.1. In financial entity premises.
On boards where rates offered to 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.

3.5.3.2. In other media.
In advertising conducted by financial entities, related to the deposits they collect, the existence of a limited guarantee for its return or its absence, as applicable, must be stated.

3.6. Interest rates.

3.6.1. Forms of agreement.
Interest rates will be freely agreed upon between financial entities and clients, in accordance with the regulations governing each type of operation.

3.6.2. Basis and settlement modalities.
They will be settled on the imposed capitals from the date of receipt of funds until the day prior to maturity or withdrawal or the day of closing the calculation period, as applicable, and will be capitalized or paid upon maturity, in accordance with the agreed conditions.

3.6.3. Fixed divisor.
365 days.

3.6.4. Expression.
Interest rates must be expressed in a homogeneous and transparent manner within the financial market in order for the investing public to have comparable elements for their evaluation.

3.6.5. Exposure in documents.
In all operations, regardless of their instrumentation, it corresponds that in contracts, receipts, or other documents relating to clients, where rates or interest amounts are specified, explicit record of the following aspects must be left.

3.6.5.1. Contractually agreed annual interest rate, as a percentage with two decimals.

3.6.5.2. Equivalent effective annual interest rate calculated on interest paid upon maturity, as a percentage with two decimals.

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

3.6.6. Calculation of the effective annual interest rate.
In operations where, according to the contract, interest is calculated upon maturity for periodic settlements or in full and determined proportionally from an annual rate, the following formula will be used:
i={[(1 + is * 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 paid upon maturity on balances, as a percentage, with two decimals. is: contractually applied annual interest rate, as a percentage. m: number of days corresponding to each of the sub-periods of interest settlement when charged periodically, or of the operation when charged in a single opportunity. When these sub-periods are fixed days for monthly, bimonthly periods, etc., they are considered for these purposes as 30 days, 60 days, etc., respectively. df: 365.

3.6.7. Advertising.

3.6.7.1. In financial entity premises.
Entities must display on boards placed in customer service locations information on interest rates, as a percentage with two decimals, of the different investment modalities offered to their clients, for operations in pesos, foreign currency or securities, with the following detail:
i) Nominal annual interest rate. ii) Effective annual interest rate.

3.6.7.2. In other media or places.
In advertisements or publications made through any graphic medium (newspapers, magazines, billboards in public places, etc.), of the different investment alternatives offered, entities must display legibly and prominently the following information:
i) Nominal annual interest rate. ii) Effective annual interest rate.

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

3.7.1. Reciprocal or indistinct order accounts.
The entity will deliver the deposit in total or partially to any of the holders, even in cases of death or subsequent incapacity of the others, provided there is no contrary judicial order.

3.7.2. Joint or collective order accounts.
The entity will deliver the deposit only through a receipt signed by all holders and, in case of death or incapacity of some of them, a judicial order will be required to dispose of the deposit.

3.7.3. Accounts in the name of one or more persons and to the order of another.

3.7.3.1. Entities will deliver, in all cases, the deposit to the person on whose order the account is, except as provided in point 3.7.3.2.

3.7.3.2. If the death or incapacity of the person on whose order the account is occurs, the deposit will be delivered to its holder or to the person to whom the administration of their assets corresponds according to what is established in the Civil Code. If the account holder dies, the deposited funds will be available to those who turn out to be their heirs.

3.8. Immobilized balances.

3.8.1. Transfer.
As a general rule, funds located in deposit and investment accounts will be transferred to "Immobilized Balances" upon maturity of the impositions.

3.8.2. Notice to holders.
Prior to the application of commissions on immobilized balances, entities must communicate this to the holders, referring to its amount and the validity date which cannot be less than 30 calendar days from the communication. Communications will be sent by mail via certified letter.

3.9. Discriminatory acts.
Entities must adopt the necessary precautions to prevent discriminatory acts against their clientele originating from any physical disability present in persons, applying, when applicable, the provisions of substantive law (Articles 52, 54 and 55 of the Civil Code).

B.C.R.A. ORIGIN OF THE PROVISIONS INCLUDED IN THE CONSOLIDATED TEXT OF THE REGULATIONS ON FIXED-TERM DEPOSITS AND INVESTMENTS CONSOLIDATED TEXT ORIGINATING REGULATION Sec. Point Par. Com. Annex Chap. Sec. Point Par. OBSERVATIONS
1.1. “A” 3043
1.2. “A” 3043
1.3. “A” 3043
1.4 “A” 1199 I 5.7.
1.5.1. “A” 1653 I 3.4.5. 1°
“A” 1465 I 2.1.3.1.
“A” 1653 I 3.4.4.1.
1.5.2.
“A” 1820 I 3.5.
1.5.3. “A” 1465 I 2.1.3.2.
“A” 1653 I 3.4.4.2.
1.5.4. “A” 1465 I 2.1.3.3.
"A" 1653 I 3.4.4.3.
“A” 1465 I 2.1.3.4. S/Com. “A” 3043
2.1.3.5.
3.4.4.4. 1.5.5. “A” 1653 I
3.4.4.5.
1.5.6. “A” 1465 I 2.1.3.6.
1.5.7. “A” 1465 I 2.1.3.7.
“A” 1653 I 3.4.4.6.
1.5.8 “A” 3043
1.5.9. “A” 1465 I 2.1.3.8.
“A” 1653 I 3.4.4.7.
1.5.10. “A” 1465
“A” 1653
I
I
2.1.3.9.
3.4.4.9.
1.5.11. “A” 1465
“A” 1653
I
I
2.1.3.10.
3.4.4.10.
1.5.12. “A” 1465
“A” 1653
I
I
2.1.3.12.
3.4.4.11.
1.5.13 “A” 1465 I 2.1.3.11.
1.6.1. “A” 1465
“A” 1653
I
I
2.1.3.
3.1.
3.3.
1°
1.6.1.1. “A” 1653
“A” 1913
I 3.4.4.
1.
1°
1.6.1.2. “A” 1653 I 3.4.1.
3.4.2.
1.6.1.3. “A” 1653 I 3.4.5.
3.4.6.
2°
1.6.1.4. “A” 1653 I 3.4.5. 3°
1.6.1.5. “A” 1653 I 3.4.7.
1.6.1.6. “A” 1653 I 3.4.8.
1.6.1.7. “A” 3043 I
1.6.2.1. “A” 1913 2. 1°
1.
1.6.2.2. “A” 1913 2°

ORGANIZED TEXT: ORIGIN RULES

Sec.	Punto	Pár.	Com.	Anexo	Cap.	Sec.	Punto	Pár.	OBSERVACIONES
1.7.	“A”	1653	I	3.4.1.
1.7.1.	“A”	1653
	“A”	1913	I	3.4.2.
2.	2°
1.7.2.	“A”	3043
1.8.1.	"A"	1199	I	3.
1.8.2.	“A”	1820	I	3.2. 2°
1.8.3.	“A”	1820	I	3.2. 1°
1.8.4.	“A”	1465	I	2
1.8.4. i)	“A”	2275	2.	1°
1.8.4. ii)	“A”	2275	2.1.
1.8.4. iii)	“A”	2275	2.1.
1.9.1.	“A”	1465
	“A”	1653
	“A”	1820
	I
2.1.2.				3.1.1.2.
3.1.1.2.				3.3.1.2.
3.3.1.2.				3.4.
1.9.2.1.	“A”	2188	2.1. 1°	S/Com. ”A” 2962 pto.	2.1.
1.9.2.2.	“A”	2188	2.1. 2°	S/Com. ”A” 2962 pto.	2.2.
1.9.2.3.	“A”	2188	2.3.	S/Com. ”A” 2962 pto.	2.2.
1.9.3.	1°	“A”	1199	I	5.3.2.
2°	“A”	1465	I	2.1.2. 2°
1.9.4.1.	“A”	1199	I	5.3.2.
1.9.4.2.	“A”	2482	2.
1.10.1.1.	“A”	1653
	“A”	1820
	“A”	2061
	I			3.1.1.1.
	I			3.3.1.1.
1.10.1.2.	“A”	1465
	“A”	1603
	“A”	2275
	I	2.1.1.		5.
2.				2.
1.10.2.	“A”	2188	1.
1.11.1.	1°	“A”	1653	I	3.4.13.2.
2°	“A”	3043
1.11.2.	"A"	1653	I	3.4.13.3.
1.12.1.	“A”	1653	I	3.4.13.3. 1°
1.12.2.	“A”	3043	.
1.12.3.	1°	“A”	1653	I	3.4.13.3.1
1.12.3. 2°	"A"	3043
1.12.4.	“A”	1653	I	3.4.13.3. 1°
1.12.5.	“A”	3043
1.12.6.	“A”	1653	I	3.4.13.3.4
1.13.	“A”	1653	I	3.3.3.1.
1.14.1.	“A”	1653
	“A”	1820
	“A”	2064
	I			3.3.3.2.
	I	3.8.		1°
1°				último

ORGANIZED TEXT: ORIGIN RULES

Sec.	Punto	Pár.	Com.	Anexo	Cap.	Sec.	Punto	Pár.	OBSERVACIONES
1.14.2.	“A”	1653
	“A”	1820	I
	I	3.3.3.2.		2°
3°				3°
1.14.3.	“A”	2308
1.15.1.1.	“A”	1653	I	3.4.3.1.
1.15.1.2.	“A”	1653	I	3.4.3.2.
1.15.1.3.	“A”	1653	I	3.4.3.3.
1.15.1.4.	“A”	2383
1.15.2.	“A”	1653	I	3.4.9.
1.16.	“A”	1653	I	3.4.11.
2.1.1.	“A”	2482	1.
2.1.2.	“A”	3043
2.1.3.	“A”	1199	I	5.7.
2.1.4.	“A”	2482	1.A)3.
1.B)3.
1.C)3.
1.D)3.
2.1.5.	“A”	1653	I	3.4.1.
3.4.2.
2.1.6.	“A”	1820
	“A”	2482
	I	3.2
1.A)4.
1.B)4.
1.C)4.
1.D)2.
2°				2°
2.1.7.	“A”	2482	1.A)6.
1.B)6.
1.C)6.
2.1.8.1.	“A”	1653	I	3.4.13.2.
2.1.8.2.	“A”	1653	I	3.4.13.1.
2.1.9.	“A”	2482	1. 3°
2.1.10.	“A”	2482	1. 2°
2.2.1.	“A”	2482	1.A)1.
2.2.2.	“A”	2482	1.A)2. 4°
2.2.3.	“A”	2482	1.A)5.
2.3.1.	“A”	2482	1.B)1. 1°
2.3.2.	“A”	2482	1.B)1. 2°
2.3.3.1.	“A”	2482
"A"	2482	1.B)2. 1°	4°
2.3.3.2.	“A”	2482	1.B)2. 2°
2.3.4.	“A”	2482	1.B)5.
2.3.5.1.	“A”	2482	1.B)7. a)
2.3.5.2.	“A”	2482	1.B)7. b)
2.4.1.	“A”	2482	1.C)1.
2.
2.4.2.1.	“A”	2482
"A"	2482	1.C)2. 1°	4°

ORGANIZED TEXT: ORIGIN RULES

Sec.	Punto	Párr.	Com.	Anexo	Cap.	Sec.	Punto	Párr.	OBSERVACIONES
2.4.2.2.	“A”	2482	1.C)2. 2°
2.4.3.	“A”	2482	1.C)5.
2.4.4.	“A”	2482	1.C)7.
2.5.1.	“A”	2482	1.D)1.	S/Com. ”A” 3043
2.5.2.1.	“A”	2482	1.D)4.2.	S/Com. ”A” 2617
2.5.2.2.	“A”	2482	1.D)4.1.
2.5.3.	“A”	2482	1.D)5.	S/ Com. “A” 2617
2.5.4.	“A”	2617	2.
2.5.5.1.	“A”	2617	único 1.	S/Com. “A” 3043
2.5.5.2.	“A”	2617	único 2.
2.5.5.3.	“A”	2617	único 3.
2.5.5.4.	“A”	2617	único 4.
2.5.5.5.	“A”	2617	Único 5.	S/Com. “A” 2961 -	Anexo
2.5.5.6.	“A”	2617	único 6.	S/Com. “A” 2961 -	Anexo
3.1.	"A"	3043
3.1.1.	"A"	2885	1.
3.1.2.	"A"	2885	2. 2.2.
3.1.3.	"A"	2885	2. 2.3.
3.1.4.	"A"	2885	2. 2.4.
3.1.5.	"A"	2885	2. 2.5. y 2.6.
3.1.6.	"A"	3043
3.2.	"A"	1891	S /Com. "A" 1922
3.3.1.	"A"	2252	1.1.
3.3.2.	"A"	2252	1.2.
3.3.3.	"A"	2252	1.3.
3.3.4.	"A"	2252	1.4.	S/Com. "A" 2482 –	pto. 3. y “A” 3043
3.3.5.	"A"	2252	1.5.	S/Com. "A" 2482 –	pto. 3. y ”A” 3043
3.3.6.	"A"	2252	1.6.
1°	"A"	2530	1°
2°	"A"	2530	3° y 4°
3.4.1.	3°	"A"	2530	5°
3.4.2.	"A"	2530	2°
3.5.1.	"A"	1199
"A"	1820	I	6.3
I	2.6
S/Com. "A" 2807,
punto 6 – 1° y 2°
párrafos.
3.5.2.	"A"	2807	6. 3°
3.5.3.1.	"A"	2807	6. 5°
3.5.3.2.	"A"	2807	6. 4°
3.6.1.	"A"	1199	I	5.3.1.
3.6.2.	"A"	1199	I	5.3.2.
3.
3.6.3.	"A"	1199	I	5.3.3.

ORGANIZED TEXT: ORIGIN RULES

Sec.	Punto	Párr.	Com.	Anexo	Cap.	Sec.	Punto	Párr.	OBSERVACIONES
3.6.4	"A"	3043
3.6.5	"A"	1199	I	5.3.4.
3.6.6.	"A"	1199	I	5.3.4.1.y
3.6.7.	"A"	627	1. 5.3.4.3.
3.7.	"A"	1199	I	5.1.
3.7.1.	"A"	1199	I	5.1.1.
3.7.2.	"A"	1199	I	5.1.2
3.7.3.	"A"	1199	I	5.1.3.
3.8.1.	"A"	1199	I	5.2.1.	S/Com. ”A” 3043
3.8.2.	"A"	1199	I	5.2.2.	S/Com. ”A” 3043
3.9.	"B"	6572