Circular OPRAC 1-1291 REMON 1-1139 OPASI 2-737: Minimum Cash. Cash and Forward Settlement Operations, Repos, Pledges, Other Derivatives, and Mutual Funds. Update

"Year of the Reconstruction of the Argentine Nation" COMMUNICATION "A" 8290 01/08/2025 TO FINANCIAL ENTITIES:
Ref.: Circular
OPRAC 1-1291,
REMON 1-1139,
OPASI 2-737:
Minimum Cash. Cash and Forward Settlement Operations, Repos, Pledges, Other Derivatives and with Mutual Funds. Update. ___________________________________________________________________________ We address you to deliver attached the sheets that, in replacement of those previously provided, must be incorporated into the ordered text on Minimum Cash based on the provisions disseminated by Communications A 8286, 8288 and 8289. Likewise, Section 5 of the ordered text on Cash and Forward Settlement Operations, Repos, Pledges, Other Derivatives and with Mutual Funds incorporates provisions omitted by error when disseminated via Communication A 7683, corresponding to the sheets of that ordering. It is recalled that on this Institution's website www.bcra.gob.ar, accessing "Financial System – LEGAL AND REGULATORY FRAMEWORK – Ordering and summaries – Ordered texts of general regulation", the modifications made with texts highlighted in special characters (strikethrough and bold) will be found. We greet you attentively. CENTRAL BANK OF THE ARGENTINE REPUBLIC María N. Prieto Mazzucco Darío C. Stefanelli Deputy Manager of Monetary Regulations and Active Operations Principal Manager of Issuance and Regulatory Applications
ANNEX

Concept
Rates in %
Group A and
G-SIB not included in that group Remaining entities
1.3.1. Checking account deposits and sight accounts
opened in cooperative credit unions.
45 20
1.3.2. Savings account deposits, salary/social security
accounts and special –with the exception of deposits included in points 1.3.7., 1.3.10. and 1.3.15.–, other deposits and sight obligations, pension benefits credited by ANSES pending verification and immobilized balances corresponding to obligations included in these regulations.
1.3.2.1. In pesos. 45 20
1.3.2.2. In foreign currency. 25 25
1.3.3. Unused balances of formalized current account
advances.
45 20
1.3.4. Deposits in current accounts of non-bank financial
entities, computable for the integration of their minimum cash. 100 100
1.3.5. Time deposits, obligations from "acceptances"
–including liabilities from sale or assignment of credits to subjects other than financial entities–, constant-term investments, with early cancellation option –excluded those included in point 1.3.12.– or renewal for a determined term –with variable remuneration, and other time obligations with the exception of deposits included in points
1.3.7. to 1.3.9. and 1.3.11.– and debt securities
(including debentures), according to their residual maturity:
1.3.5.1. In pesos.
i) Up to 29 days. 25 11 ii) From 30 to 59 days. 14 7 iii) From 60 to 89 days. 4 2 iv) From 90 days or more. 0 0 B.C.R.A. MINIMUM CASH
Section 1. Requirement.
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Concept
Rates in %
Group A and
G-SIB not included in that group Remaining entities
1.3.7. Sight and time deposits made by order of the
Justice with funds originated in the cases in which it intervenes, and their immobilized balances.
1.3.7.1. In pesos, according to their residual maturity.
i) Up to 29 days. 22 10 ii) From 30 to 59 days. 14 7 iii) From 60 to 89 days. 4 2 iv) From 90 days or more. 0 0
1.3.7.2. In foreign currency. 15 15
1.3.8. Time investments implemented in non-transferable
bearer certificates, in pesos, corresponding to public sector holders who have the right to exercise the option of early cancellation within a period of less than 30 days counted from their constitution. 25 11
1.3.9. UVA and UVI time deposits and investments
–including savings accounts and debt securities (including debentures) in UVA and UVI–, according to their residual maturity. i) Up to 29 days. 7 7 ii) From 30 to 59 days. 5 5 iii) From 60 to 89 days. 3 3 iv) From 90 days or more. 0 0
1.3.10. Severance Pay Fund for Workers in the
Construction Industry and for Workers covered by Law 20.744, in UVA. 7 7
1.3.11. Time deposits and investments constituted in the
name of minors with funds received gratuitously. 0 0
1.3.12. Deposits in pesos, sight and time investments with
early cancellation option from the day the investor can exercise that option, which constitute the assets of money market mutual funds. 40 40 B.C.R.A. MINIMUM CASH
Section 1. Requirement.
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Concept
Rates in %
Group A and
G-SIB not included in that group Remaining entities
1.3.13. Passive repos and passive stock pledges, according
to their residual maturity.
1.3.13.1. In pesos:
i) Up to 29 days. 40 40 ii) From 30 days or more. 35 35
1.3.13.2. In foreign currency (passive repos):
i) Up to 29 days. 23 23 ii) From 30 to 59 days. 17 17 iii) From 60 to 89 days. 11 11 iv) From 90 to 179 days. 5 5 v) From 180 to 365 days. 2 2 vi) More than 365 days 0 0
1.3.14. Deposits in pesos in accounts of payment service
providers that offer payment accounts (PSPOCP) in which their clients' funds are deposited. 100 100
1.3.15. Deposits in special accounts:
1.3.15.1. In pesos ("Special accounts for holders with
agricultural activity" and "Special accounts for exporters"). 0 0
1.3.15.2. In US dollars ("Special accounts to credit
export financing"). 0 0
1.3.16. Financial entities may integrate the pesos requirement
–for the period and daily– with "National Treasury Bonds in pesos maturing May 23, 2027", "National Treasury Bonds in pesos maturing November 23, 2027", "National Treasury Bonds in pesos maturing August 23, 2025" and with national public securities in pesos provided for in point 1.3.17. up to:
a) 5 percentage points of the rates provided for in point 1.3.8. and in items i) and ii) of points
1.3.5.1. and 1.3.7.1.
b) 2 percentage points of the rates provided for in item iii) of points 1.3.5.1. and 1.3.7.1. c) 45 percentage points of the rate provided for in point 1.3.14. B.C.R.A. MINIMUM CASH
Section 1. Requirement.
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d) Entities included in Group A and branches or subsidiaries of G-SIB not included in that group:
5 percentage points of the rates provided for in points 1.3.1., 1.3.2.1. and 1.3.3.
1.3.17. Financial entities may integrate the pesos requirement
–for the period and daily– with BCRA Liquidity Letters (LELIQ) –those with the shortest issuance term– and/or BCRA Notes (NOBAC) and/or national public securities in pesos –including those adjustable by CER and with dual currency yield (BONO DUAL) and excluding those linked to the evolution of the US dollar and Fiscal Liquidity Letters (LeFi)– with a residual term at the time of integration not greater than 760 calendar days acquired by primary subscription as follows:
1.3.17.1. Sight deposits provided for in points 1.3.1.,
1.3.2.1. and 1.3.3.
i. Entities included in Group A and branches or
subsidiaries of G-SIB not included in that group up to 0 percentage points of the rate provided for.
ii. Entities not included in the preceding item up
to 6 percentage points of the rate provided for.
1.3.17.2. Time deposits and time investments –excluding
those included in point 1.3.12.– made by holders of the non-financial private and non-financial public sectors, and those provided for in points
1.3.7.1. and 1.3.10.: the entire requirement.
1.3.17.3. Time investments with variable remuneration made
by clients with agricultural activity –according to point 2.5.2.2. of the TO on Time Deposits and Investments–: the entire requirement.
1.3.17.4. Other placements.
i. Entities included in Group A and branches or
subsidiaries of G-SIB not included in that group:
a) up to 9 percentage points of the rate provided for in item i) of point 1.3.5.1.; b) up to 7 percentage points of the rate provided for in item ii) of point 1.3.5.1.; c) up to 3 percentage points of the rates provided for in items i) to iii) of point 1.3.9.; and d) up to 2 percentage points of the rate provided for in item iii) of point 1.3.5.1.
ii. Entities not included in the preceding item:
a) up to 3 percentage points of the rates provided for in item i) of point 1.3.5.1., and in items i) to iii) of point 1.3.9.; and b) up to 2 percentage points of the rate provided for in item ii) of point 1.3.5.1. B.C.R.A. MINIMUM CASH
Section 1. Requirement.
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ORDERED TEXT ORIGIN OF THE PROVISIONS CONTAINED IN THE ORDERED TEXT ON MINIMUM CASH Sec. Point Para. Comm. Annex Sec. Point Para. 1.
1.1. "A" 3274 II 1. 1.1.
1.1.1. "A" 3274 II 1. 1.1.1. According to Comm. "A" 3498.
1.1.2. "A" 3274 II 1. 1.1.2. According to Comm. "A" 3597, 4815, 6634
(includes interpretative clarification), 6706, 6719, 6745, 7318, 7683, 8000, 8124 and "B" 9186.
1.1.3. "A" 3274 II 1. 1.1.3. According to Comm. "A" 3498, 3905, 4473,
5945 and 6069.
1.2. "A" 3274 II 1. 1.2. According to Comm. "A" 3304, 3498, 3597,
4449, 4716 (includes interpretative clar- ification), 4815, 5471, 6288, 6327, 6349, 6719, 7046, 7515, 7545 and "B" 9186.
1.3. "A" 3274 II 1. 1.3. According to Comm. "A" 5356, 5980, 6209,
6616 and 7019.
1.3.1. "A" 3274 II 1. 1.3.1. According to Comm. "A" 3338, 3417, 3498,
3597, 3917, 3967, 4032, 4051, 4147, 4276, 4449, 4473, 4509, 4549, 4602, 4712, 5108, 5356, 5980, 6195, 6526, 6532 and 6616.
1.3.2. "A" 3274 II 1. 1.3.2.,
1.3.3. and
1.3.4.
According to Comm. "A" 3338, 3399, 3417, 3498, 3597, 3824, 3917, 3967, 4032, 4051, 4147, 4179, 4276, 4449, 4473, 4509, 4549, 4602, 4754, 4809, 4851, 5007, 5091, 5164, 5234, 5356, 5534, 5555, 5569, 5873, 5893, 5980, 6148, 6195, 6341, 6526, 6532, 6616, and 7573.
1.3.3. "A" 3274 II 1. 1.3.5. According to Comm. "A" 3338, 3417, 3498,
3597, 3917, 3967, 4032, 4051, 4147, 4276, 4449, 4509, 4549, 5356, 5980, 6195, 6526, 6532 and 6616.
1.3.4. "A" 3274 II 1. 1.3.7. According to Comm. "A" 5356, 6616, 6350 and
7824.
1.3.5. "A" 3498 unique 1. 1.3.8. and
1.3.12.
According to Comm. "A" 3506 (pt. 2.), 3549, 3732, 3824, 3905, 3917, 3925, 3967, 4032, 4140, 4179, 4276, 4360 (pt. 3.), 4449, 4549, 4602, 4754, 4851, 5356, 5534, 5555, 5569, 5873, 5893, 5945, 5980, 6195, 6519, 6526, 6532, 6616, 6728, 6978, 7536, 8189 and 8286.
1.3.6. "A" 3498 unique 1. 1.3.11. According to Comm. "A" 3597, 3732, 4032,
5356, 6595, 6616 and 6776.
B.C.R.A. ORIGIN OF THE PROVISIONS CONTAINED IN THE ORDERED TEXT ON MINIMUM CASH

ORDERED TEXT ORIGIN OF THE PROVISIONS CONTAINED IN THE ORDERED TEXT ON MINIMUM CASH Sec. Point Para. Comm. Annex Cap. Sec. Point Para. 1.
1.3.7. "A" 3549 According to Comm. "A" 4179, 4388,
4549, 4851, 5356, 5534, 5555, 5569, 5873, 5893, 5980, 6195, 6526, 6532, 6616, 6706, 6728, 6740, 6817, 7016, 7290, 7295, 7383, 7432, 7511, 7536, 7545, 7614, 7637, 7717, 7767, 7775, 7923, 8061 and 8124.
1.3.8. "A" 4754 6. According to Comm. "A" 5356, 5980,
6195, 6526, 6532, 6616, 6728 and 7536.
1.3.9. "A" 5945 4. According to Comm. "A" 6069, 6204 and
6616.
1.3.10. "A" 6341 According to Comm. "A" 6616 and 8288.
1.3.11. "A" 6069 4. According to Comm. "A" 6616.
1.3.12. "A" 6992 According to Comm. "A" 7988, 8000,
8119, 8189, 8281 and 8289.
1.3.13. "A" 8000 1. According to Comm. "A" 8119, 8281,
8286 and 8289.
1.3.14. "A" 7429
1.3.15. "A" 7556 4. According to Comm. "A" 7570 and 7571.
1.3.16. "A" 6526 According to Comm. "A" 6532, 6550,
6587, 6616, 6706, 7016, 7290, 7511, 7536, 7611, 7637, 7767 and 8134.
1.3.17. "A" 6550 According to Comm. "A" 6556, 6559,
6575, 6587, 6616, 6706, 6738, 6740, 6817, 7018, 7029, 7047, 7092, 7290, 7295, 7383, 7432, 7511, 7536, 7545, 7573, 7614, 7717, 7775, 7923, 8061, 8124, 8134, 8189, 8252 and 8289.
1.3. Ante-
penulti- mate
"A" 7717 According to Comm. "A" 8061.
Penulti- mate
"A" 6526 According to Comm. "A" 6532, 6556, 6569, 6575, 6587, 6616, 6628, 6740, 7016, 7290, 7295, 7511, 7536, 7573, 7637, 7767 and 8061. Last "A" 7742 Includes regulatory clarification.
1.4. "A" 3905 3. According to Comm. "A" 4179, 4449,
4473, 5671, 5740, 6232, 6349, 6719, 6871, 7046 and 8246.
1.5. "A" 5356 2. According to Comm. "A" 5471.
1.5.1. "A" 5356 2. According to Comm. "A" 5471, 5623,
6531, 6703, 6705, 7430, 7432, 7758 and 7983, 8021, 8124 and 8159.
1.5.2. "A" 6740 1. According to Comm. "A" 7254, 7536,
7661 and 7795.

-Index-
Section 1. General Provisions.
1.1. Limitation.
1.2. Special limit for operations with raw materials or basic products
–"commodities"–.
1.3. Compliance with other regulations.
1.4. Non-compliance.
Section 2. Cash settlement operations.
2.1. Authorized entities.
2.2. Tradable assets.
2.3. Settlement.
Section 3. Forward operations, not linked to repo operations.
3.1. Authorized entities.
3.2. Future premium.
3.3. Coverage margin.
3.4. Forward purchases and sales of securities and BCRA monetary
regulation instruments.
3.5. Forward purchases and sales of foreign currency.
3.6. Forward purchases and sales of raw materials or basic products
–"commodities"–.
3.7. Treatment of forward operations assimilable to repos.
Section 4. Repos.
4.1. Authorized entities.
4.2. Future premium.
4.3. Coverage margin.
4.4. Passive repo.
4.5. Active repo.
4.6. Repos with the Central Bank of the Argentine Republic.
Section 5. Pledges.
5.1. Authorized entities.
5.2. Pledge taker or passive in pesos.
5.3. Pledge placer or active in pesos.
B.C.R.A.
ORDERED TEXT ON CASH AND FORWARD SETTLEMENT OPERATIONS, REPOS, PLEDGES, OTHER DERIVATIVES AND WITH MUTUAL FUNDS Version: 4a. COMMUNICATION "A" 8290 Validity:
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5.1. Authorized entities.
Financial entities may carry out stock pledge operations –only in pe- sos– takers –passive– and placers –active– in exchanges and markets authorized by the National Securities Commission (CNV).
5.2. Pledge taker or passive in pesos.
5.2.1. Assets subject to pledge.
National public securities, private securities and BCRA monetary regulation instruments.
5.2.2. Term.
5.2.2.1. In exchanges and markets authorized by the CNV.
Minimum: 30 days.
The carrying out of stock pledges for terms less than 30 days, or their early cancellation –regardless of the term– is admitted, provided that the transaction is carried out through a centralized settlement system of operations in the guaranteed segment and the effective tradition or delivery of the negotiated securities is verified.
5.2.2.2. Remaining cases.
i) With financial entities.
It will be freely agreed upon between the parties. ii) With other counterparties. Minimum: 30 days.
5.3. Pledge placer or active in pesos.
The term will be freely agreed upon between the parties. B.C.R.A. CASH AND FORWARD SETTLEMENT OPERATIONS, REPOS, PLEDGES, OTHER DERIVATIVES AND WITH MUTUAL FUNDS
Section 5. Pledges.
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CASH AND FORWARD SETTLEMENT OPERATIONS, REPOS, PLEDGES, OTHER DERIVATIVES AND WITH MUTUAL FUNDS ORDERED TEXT ORIGIN OF THE PROVISIONS CONTAINED IN THE ORDERED TEXT ON CASH AND FORWARD SETTLEMENT OPERATIONS, REPOS, PLEDGES, OTHER DERIVATIVES AND WITH MUTUAL FUNDS Sec. Point Para. Comm. Annex Cap. Sec. Point Para. 4.
4.5.2.1. "A" 1465 I 1.2.1. and
5.2. 1°
According to Comm. "A" 2061,
2064, 2181 and 2275.
4.5.2.2. "A" 1465 I 1.2.4. According to Comm. "A" 6472.
Includes interpretative clar- ification.
4.5.2.3. "A" 1465 penul-
timate
According to Comm. "A" 6472.
Includes interpretative clar- ification.
4.5.3. "A" 1590 I 1.2.
4.5.3.1. "A" 1590 I 1.2.1. and
4.2. 1°
According to Comm. "A" 2181.
4.5.3.2. "A" 1590 I 1.2.3.
4.5.3.3. "A" 1590 I 1.2.5. According to Comm. "A" 6472.
Includes interpretative clar- ification.
4.5.3.4. "A" 1590 I 1.2.6. According to Comm. "A" 6472.
Includes interpretative clar- ification.
4.6. "A" 6472 Includes interpretative clar-
ification.
5.
"A" 2061 5. According to Comm. "A" 1746, 1769, 2064, 2181, 2275, 2286, 2356, 2393, 2771, 6472, 6978, 7683, 8119 and 8290. 6.
6.1. "A" 2461 unique IV 2° and
last
According to Comm. "A" 5740 and 6472.
6.2. "A" 2461 unique IV 1° According to Comm. "A" 5740 and
6472.
6.3. "A" 6663 1.
7.
7.1. 1° "B" 5484 1° and
2°
According to Comm. "A" 2953
(pt. 2., para. 1°).
2° "B" 5484 2° According to Comm. "A" 2953 (pt. 2., para. 2°).
7.2.1. "A" 3027
7.2.1.1. "A" 2953 1. 1° According to Comm. "A" 2996
(Annex, pt. 1., para.
1°).
7.2.1.2. i) "A" 2953 1. 1° According to Comm. "A" 2996
(Annex, pt. 1., para.
2° b), 3558 and 7234. ii) "A" 7234 1. According to Comm. "A" 7341. iii) "A" 7341 1. iv) "A" 7430 According to Comm. "A" 7937. 5° "A" 7234 1. According to Comm. "A" 7341 and 7430. 6° "A" 7234 2. According to Comm. "A" 7341 and 8198. v) "A" 8198