Circular RUNOR 1 - 1157: Capital Margins. Rules on 'Distribution of Results'. Modifications.

2014 - YEAR OF TRIBUTE TO ADMIRAL GUILLERMO BROWN, ON THE BICENTENNIAL OF THE NAVAL BATTLE OF MONTEVIDEO COMMUNICATION “A” 5827 10/11/2015 TO FINANCIAL ENTITIES:
Ref.: Circular
RUNOR 1 - 1157
Capital Margins. Rules on "Distribution of Results". Modifications.

---

We address you to inform you that this Institution adopted the resolution, in its pertinent part, which is transcribed below:

“- Approve, with effect from 1.1.16, the new text of the rules on "Distribution of Results" attached to this communication.”

In light of the above, the provisions made known through Communication “A” 5694 remain in effect until 31.12.15.

In this regard, we remind you that from 8.1.15 until 31.12.15, for the purposes of verifying solvency referred to in point 2.2 of the current regulations on “Distribution of Results”, financial entities classified as systemically important by this Institution must compute the full requirement of additional capital referred to in point 1. of Communication “A” 5694.

Likewise, we inform you that the provisions referred to in this communication tend to converge towards international principles and standards within the framework of commitments assumed by countries that are part of the Group of Twenty (G-20), including the Argentine Republic, establishing provisions to be taken into account by financial entities subject to labor public order regulations (legal, conventional, and contractual) governing the relationships of financial entities with their personnel.

Finally, we send you the sheets that, in replacement of those previously provided, will need to be incorporated into the referenced rules. Likewise, it is recalled that on this Institution's website www.bcra.gob.ar, accessing “Legal and Regulatory Framework - Ordered Texts - Normative Orders”, the modifications made with texts highlighted in special characters (strikethrough and bold) will be found.

We salute you attentively.
BANCO CENTRAL DE LA REPÚBLICA ARGENTINA
Darío C. Stefanelli Juan Carlos Isi
Principal Manager of Issuance and Normative Applications General Manager of Rules

ANNEX

-Index
Section 1. General Criterion.
Section 2. Determination of distributable result.
Section 3. Liquidity and solvency verification.
Section 4. Additional capital margins.
4.1. Capital conservation margin.
4.2. Counter-cyclical margin.
4.3. Compliance base.
Section 5. Authorization.
Section 6. Specific procedure.
Section 7. Transitional provisions.
Correlation table.
B.C.R.A.
ORDERED TEXT OF THE RULES ON
“DISTRIBUTION OF RESULTS”
Version: 3rd COMMUNICATION “A” 5827
Validity:
01/01/2016

Financial entities may distribute results provided that none of the following situations are verified in the month prior to the submission of the authorization request to the Superintendence of Financial and Exchange Entities:
1.1. They are covered by the provisions of articles 34 “Regularization and sanitation” and 35 bis “Restructuring of the entity to safeguard credit and bank deposits” of the Financial Entities Law.
1.2. They register financial assistance for illiquidity from the Central Bank of the Argentine Republic, under article 17 of the Organic Charter of this Institution.
1.3. They present delays or non-compliance in the information regime established by this Institution.
1.4. They register deficiencies in the integration of minimum capital - individually or consolidated - (without computing for such purposes the effects of individual franchises granted by the Superintendence of Financial and Exchange Entities) or of minimum cash - on average - in pesos, foreign currency, or public securities.
1.5. They register sanctions of fine, disqualification, suspension, prohibition, or revocation imposed in the last five (5) years by the Central Bank of the Argentine Republic, the Financial Information Unit (UIF), the National Securities Commission (CNV) and/or the National Insurance Superintendence (SSN) that are weighted as significant, except when corrective measures have been implemented to the satisfaction of the Superintendence of Financial and Exchange Entities, after prior consultation, if applicable, with the body that imposed the sanction subject to weighting.
Information and/or sanctions communicated by entities or authorities abroad with equivalent powers will also be taken into consideration.

For the weighting of the significance of sanctions, the type, reason, and amount of the sanction applied, the degree of participation in the facts, the possible alteration of the economic order and/or the existence of damages caused to third parties, the benefit generated for the sanctioned party, its operational volume, its patrimonial responsibility, and the position or function exercised by the natural persons involved will be considered.

The payment of dividends - unless they are ordinary share dividends -, the purchase of own shares, the payments on other level 1 capital instruments - determined in accordance with point 8.1 of the rules on “Minimum capitals of financial entities” - and/or the payment of economic incentives (bonuses) to personnel - in this case, subject to labor public order regulations (legal, conventional, and contractual) governing the relationships of financial entities with their personnel - will be subject to the restriction detailed in this regulation.

DISTRIBUTION OF RESULTS
B.C.R.A.
Section 1. General Criterion.
Version: 5th COMMUNICATION “A” 5827
Validity:
01/01/2016

Entities not included in any of the situations provided for in Section 1. may distribute results up to the positive amount resulting from the off-balance sheet calculation provided for in this point, without exceeding the limits established in these rules. To this effect, the sum of the balances at the end of the annual exercise to which they correspond, registered in the “Undistributed Results” account (code 450000), and the discretionary reserve for future distribution of results, from which the amounts of the legal and statutory reserves - whose constitution is required - must be deducted, and then the corresponding amounts for the concepts - registered as of the same date - detailed below, must be computed:
2.1. Balances for the activation of differences resulting from payments made in compliance with judicial measures originating in cases where the current regulations applicable to “pesified” deposits are challenged, regardless of whether or not new long-term loans are granted, as referred to in the resolution disseminated by Communication “A” 4439 and complementary ones.
2.2. The net positive difference resulting between the book values and the market quotation values, in the case where the financial entity registers public debt instruments and/or monetary regulation instruments of the Central Bank not valued at market prices, which have volatility published by the Central Bank.
When the public debt instrument is listed in the list of present values published by the Central Bank, for the purposes of the comparison indicated, the respective present value will be used.
For the case of public titles and monetary regulation instruments of the Central Bank, which do not appear in the volatility or present value lists published by this Institution, said value must be calculated by the financial entities, based on the corresponding discounted cash flow at the internal yield rate of instruments of similar characteristics and “duration” that have volatility published by this Institution or, in default, using a yield rate that is consistent with the methodology provided for in Section 4. of the rules on “Valuation of debt instruments of the non-financial public sector and monetary regulation of the Central Bank of the Argentine Republic”. Likewise, the criteria indicated above will apply for the determination of valuation differences in participation certificates and debt titles of financial trusts, in the proportion that corresponds, when their underlying is constituted by the aforementioned instruments not valued at market price.
2.3. Asset valuation adjustments notified by the Superintendence of Financial and Exchange Entities - accepted or not by the entity - that are pending registration and/or those indicated by the external audit that have not been registered accounting-wise.
2.4. Individual franchises - of asset valuation - granted by the Superintendence of Financial and Exchange Entities, including adjustments derived from not considering the agreed adaptation plans.

DISTRIBUTION OF RESULTS
B.C.R.A.
Section 2. Determination of distributable result.
Version: 11th COMMUNICATION “A” 5827
Validity:
01/01/2016

2.5. Balances for the activation of the difference existing between the equivalent value in pesos of considering judicial deposits in the original currency of the imposition, and the book value of those deposits constituted in foreign currency that, on 5.1.02, were covered by the provisions of Law 25.561 and Decree N°214/02.
2.6. Net balances for the activation of losses that may arise from the application of the rules on “Valuation of debt instruments of the non-financial public sector and monetary regulation of the Central Bank of the Argentine Republic”.

DISTRIBUTION OF RESULTS
B.C.R.A.
Section 2. Determination of distributable result.
Version: 6th COMMUNICATION “A” 5827
Validity:
01/01/2016

The amount to be distributed according to the proposal presented to the Superintendence of Financial and Exchange Entities, which may not exceed the amount determined in Section 2., must not compromise the liquidity and solvency of the entity. This requirement will be considered fulfilled when the non-existence of integration defects in the minimum capital position - both individual and consolidated - of the end of the exercise to which the undistributed results considered correspond or in the last closed position, according to information available on the date of said presentation, of both the one presenting the smaller excess of integration with respect to the requirement, recalculating them, computing additionally - for this sole purpose - the following effects based on the corresponding data for each of those dates:
3.1. Those resulting from the deduction from assets of the concepts mentioned in points 2.1. to 2.4.
3.2. The non-consideration of franchises granted by the Superintendence of Financial and Exchange Entities that affect the requirements, integrations, or the minimum capital position.
3.3. The deduction of undistributed results from the amounts corresponding to the following concepts:
3.3.1. the amount to be distributed and, if applicable, the amount destined to constitute the reserve for the purposes of remunerating instruments representing debt, susceptible of integrating the computable patrimonial responsibility, according to the proposal presented to the Superintendence of Financial and Exchange Entities;
3.3.2. balances in favor by application of the tax on minimum presumptive gain - net of provisions for devaluation risk - that have not been deducted from basic net equity, in accordance with what is established in the rules on “Minimum capitals of financial entities”; and
3.3.3. adjustments made according to points 2.1. to 2.4.
3.4. The non-consideration of the limit provided for in point 7.2. of the rules on “Minimum capitals of financial entities”.

Without prejudice to what is established above, the distribution of results will only be admitted to the extent that none of the following conditions are verified:

• the integration of minimum cash on average - in pesos, in foreign currency, or in public securities - was less than the requirement corresponding to the last closed position or to the projected considering the effect of the distribution of results; and/or
• the minimum capital integration was less than the previously recalculated requirement, increased by 75 %; and/or
• the entity has not complied with the additional capital margins applicable to it in accordance with what is provided for in Section 4.

For the case of financial entities that are branches of foreign entities, the Superintendence of Financial and Exchange Entities will take into account, in addition, the liquidity and solvency situation of their head offices and of the markets in which they operate.

DISTRIBUTION OF RESULTS
B.C.R.A.
Section 3. Liquidity and solvency verification.
Version: 10th COMMUNICATION “A” 5827
Validity:
01/01/2016

For the purposes of promoting prudent conduct by financial entities - especially in periods of strong credit growth and high profitability -, strengthening the financial system, and preventing the minimum capital requirement from amplifying the economic cycle, financial entities must constitute the capital margins provided for in these provisions, which are additional to the minimum capital requirement defined in the rules on “Minimum capitals of financial entities”.
4.1. Capital conservation margin.
4.1.1. General aspects.
Financial entities must maintain a capital conservation margin additional to the minimum capital requirement established in the rules on “Minimum capitals of financial entities”, in accordance with what is established in point 4.1.2. The objective is to ensure that financial entities accumulate own resources that they can use in case of incurring losses, thereby reducing the risk of non-compliance with said requirement. Likewise, financial entities classified by the Central Bank of the Argentine Republic as locally systemically important (D-SIBs) or globally systemically important (G-SIBs), must possess a level of capital that gives them a greater capacity to absorb losses. This requirement is based on the negative externalities that the contagion of a potential insolvency situation of this type of entities or their controllers abroad would generate, not only in the rest of the financial system, but also in the real economy. When the margin has been used, financial entities must reconstitute it through new capital contributions and/or reducing the distribution of results - either by limiting the distribution of dividends, the purchase of own shares, the payments on other level 1 capital instruments and/or the payment of economic incentives (bonuses) to personnel. The greater the use of the margin, the greater the efforts must be to reconstitute it. Therefore, and if no external capital is raised, the greater the percentage of results that financial entities must retain to reconstitute the capital conservation margin. Although the capital conservation margin can be used in normal times, entities must not reduce the level reached to compete with other intermediaries or gain market share. The Superintendence of Financial and Exchange Entities will monitor that capital plans tend to reconstitute margin levels within reasonable timeframes.
4.1.2. Determination of the margin.
The capital conservation margin will be 2.5% of the amount of risk-weighted assets (RWA) - determined in accordance with what is established in point 8.5.1. of the rules on “Minimum capitals of financial entities”-, additional to the minimum capital requirement established in Section 1. of the cited rules.

DISTRIBUTION OF RESULTS
B.C.R.A.
Section 4. Additional capital margins.
Version: 6th COMMUNICATION “A” 5827
Validity:
01/01/2016

In the case of financial entities classified as systemically important, the capital conservation margin established in the preceding paragraph will be expanded by 1% of the RWA, so they will be subject to a capital conservation margin equivalent to 3.5% of the amount of RWA. The margins established in this point will be increased, if applicable, in order to what is provided for in point 4.2.
4.1.3. Integration.
The capital conservation margin - increased, if applicable, for entities classified as systemically important - must be integrated exclusively with ordinary level 1 capital (CoC1), net of deductible concepts (CoC1D).
4.1.4. Limitation on the distribution of results.
The distribution of results will be limited when the level and composition of the computable patrimonial responsibility of financial entities - despite complying with the minimum capital requirement - place them within the range of the capital conservation margin. This limitation applies only to the distribution of results and not to the entity's operations. Entities may continue to operate normally when the CoC1 level is within the conservation margin range, as this situation does not represent a non-compliance with the required minimum capital, in accordance with what is provided for in point 1.4. of the rules on “Minimum capitals of financial entities”. When the ordinary level 1 capital coefficient - CoC1 as a percentage of RWA - is situated within the range of the capital conservation margin - expanded when it concerns entities classified as systemically important -, the restriction on the distribution of results will increase as the CoC1 coefficient approaches the minimum established in point 8.5.1. of the rules on “Minimum capitals of financial entities”. The concepts subject to the distribution restriction include dividends, the purchase of own shares, payments on other level 1 capital instruments and/or the payment of economic incentives (bonuses) to personnel. The following table indicates the minimum capital conservation coefficients that will be applied for different levels of CoC1, which include the amounts used to meet the minimum CoC1 requirement of 4.5% of RWA and the effect on CoC1 of the amount to be distributed.

DISTRIBUTION OF RESULTS
B.C.R.A.
Section 4. Additional capital margins.
Version: 1st COMMUNICATION “A” 5827
Validity:
01/01/2016

Ordinary level 1 capital coefficient (CoC1) net of deductions (CoC1D) -as a percentage of RWAFinancial entities - that are not D-SIBs or G-SIBsD-SIBs or G-SIBs entities Minimum capital conservation coefficient -as a percentage of distributable results4.5 - 5.13 4.5 - 5.38 100

5.13 - 5.75 > 5.38 - 6.25 80
5.75 - 6.38 > 6.25 - 7.13 60
6.38 - 7.0 > 7.13 - 8 40
7 > 8 0

CoC1 must be used first to integrate the minimum capital requirement of 4.5% of RWA - point 8.5.1. of the rules on “Minimum capitals of financial entities”-. Subsequently, and if necessary due to the entity not having sufficient additional level one capital (CaC1) or level two capital (PNc), CoC1 will also be applied to integrate the 6% and 8% level 1 capital and total capital requirements, disposed of in points 8.5.2. and 8.5.3. of the cited rules, respectively. Only the remainder of CoC1, if any, may be computed to satisfy the conservation margin provided for in this point, increased, if applicable, based on the counter-cyclical margin provided for in point 4.2. For the purposes of determining the results to be considered for the calculation of the minimum capital conservation coefficient, what is established in Section 2. must be observed and the effect on CoC1 of the amount to be distributed must be computed. The entity wishing to carry out a distribution of results greater than that admitted by this regime must finance that distribution through new CoC1 contributions for the amount in excess of the corresponding limit.
4.2. Counter-cyclical margin.
4.2.1. General aspects.
The objective of the counter-cyclical margin is to ensure that the level of capital of financial entities corresponds to the accumulation of systemic risk associated with excessive credit expansion and the macro-financial environment in general.
4.2.2. Determination of the margin.
When, in the opinion of the Central Bank, credit growth is excessive, causing an increase in systemic risk, it may establish - with a notice period of up to 12 months - the obligation to constitute the counter-cyclical margin in the range between 0% and 2.5% of risk-weighted assets. Likewise, the Central Bank of the Argentine Republic may dispose of its reduction or release when, in its judgment, that systemic risk has materialized or decreased.

DISTRIBUTION OF RESULTS
B.C.R.A.
Section 4. Additional capital margins.
Version: 1st COMMUNICATION “A” 5827
Validity:
01/01/2016

Financial entities with international activity must analyze the geographic location of their credit exposures to residents of the country and the non-private sector abroad and calculate the required level of the countercyclical capital buffer as the weighted average of the margins required in the jurisdictions in which they have any exposure. For the purpose of weighting, credit exposures include all those facing the private sector subject to capital requirements for credit risk, also covering those registered in the trading book. To determine which jurisdiction corresponds to each exposure, financial entities must apply, when possible, the principle of ultimate risk; that is, they must identify the jurisdiction in which the guarantor of the risk resides and not the one where the obligation has been accounted for.

The requirement established by the countercyclical buffer will be observed through an increase in the capital conservation margin referred to in point 4.1.

4.2.3. Integration.
The countercyclical buffer must be integrated exclusively with ordinary Tier 1 capital (CET1), net of deductible items (net CET1).

4.2.4. Limitation on the distribution of results.
For the purpose of complying with what is provided in point 4.1., when financial entities must integrate a countercyclical buffer greater than 0%, they will observe what is established in the table below, where the minimum capital conservation coefficients that will apply for different levels of CET1 are indicated.

Net Ordinary Tier 1 Capital Coefficient (CET1) net of deductions (net CET1) - as a percentage of APR	Minimum Capital Conservation Coefficient - as a percentage of distributable results, for ranges of the conservation margin expanded by a countercyclical buffer of %
Financial entities - that are not D-SIBs or G-SIBs	D-SIBs or G-SIBs Entities
4.5 - [5.13 + /4]	4.5 - [5.38 + /4]	100
> [5.13 + /4] - [5.75 + /2]	> [5.38 + /4] - [6.25 + /2]	80
> [5.75 + /2] - [6.38 + (3/4)]	> [6.25 + /2] - [7.13 + (3/4)]	60
> [6.38 + (3/4)] - [7 + ]	> [7.13 + (3/4)] - [8 + ]	40
> [7 + ]	> [8 + ]	0

Where is the percentage corresponding to the countercyclical buffer.

4.2.5. Frequency of calculation and information disclosure.
Financial entities must calculate and publish their countercyclical buffer requirements quarterly, according to the procedure that, for this purpose, is established.
To this end, they must compute the last countercyclical buffer required in each of the countries in which they hold credit risk exposures. When making public the level of required margin, they must disclose the geographic distribution of credit risk exposures with residents of the country and abroad belonging to the private sector that they have used in the calculation.

DISTRIBUTION OF RESULTS
B.C.R.A.
Section 4. Additional capital margins.
Version: 1st. COMMUNICATION “A” 5827
Validity:
01/01/2016

4.3. Compliance Base.
4.3.1. Individual Base.
Financial entities (including their branches in the country and abroad) will observe the provisions on additional capital margins individually.

4.3.2. Consolidated Base.
Without prejudice to compliance on an individual basis, controlling financial entities subject to consolidated supervision will observe the provisions on additional capital margins on a consolidated basis.

DISTRIBUTION OF RESULTS
B.C.R.A.
Section 4. Additional capital margins.
Version: 1st. COMMUNICATION “A” 5827
Validity:
01/01/2016

Express authorization from the Superintendence of Financial and Exchange Entities is required, whose intervention will have the purpose of verifying the correct application of the procedure.
The request must be made, at minimum, 30 business days in advance of the holding of the shareholders' meeting or equivalent corporate body, which will consider the distribution of results.

DISTRIBUTION OF RESULTS
B.C.R.A.
Section 5. Authorization.
Version: 1st. COMMUNICATION “A” 5827
Validity:
01/01/2016

For the purposes of determining the distributable result and verifying liquidity and solvency, for the payment of financial services corresponding to issuances of debt representative instruments, referred to in point 8.2.2 of the rules on “Minimum capitals of financial entities”, the specific procedure detailed below will be used:

6.1. The issuance of such debt instruments must have prior approval from the shareholders' meeting or equivalent corporate body, which must issue its decision on the issuance and its conditions. In these issuance conditions and in the offers made, the requirements that condition the payment of financial services in accordance with this regime must be explicitly stated, referencing the applicable Central Bank provisions in this matter.
When dealing with negotiable bonds, the cited requirement will also be considered fulfilled in the case where the Ordinary General Assembly or equivalent corporate body authorizes a program for the issuance of debt representative instruments in a generic way, delegating in its Board of Directors the determination of specific terms and conditions, observing what is provided in article 9° of Law 23.576. This, without prejudice to the analyses that, on this aspect and others pertaining to each issuance and placement, correspond to the National Securities Commission in matters of legality control, with adjustment to the regime of public offering of securities, in its capacity as the applying authority of Law 26.831.

6.2. To determine the existence of sufficient balance to proceed with payment, the general nature procedure provided for in Sections 2., 3. and 4. relative to the determination of the capacity to distribute results will be used, with the following exceptions:

6.2.1. Amounts corresponding to the concepts provided for in points 2.1. and 2.2. will not be deducted from unassigned results, nor will they be considered for the recalculation of minimum capital positions -Section 3.-.

6.2.2. The amount corresponding to the concept contemplated in point 2.5. will not be deducted from unassigned results -Section 2.-, nor will it be considered as a deduction in the computable net worth liability (point 8.4. of the rules on “Minimum capitals of financial entities”) for the recalculation of minimum capital positions -Section 3.-.

The Superintendence of Financial and Exchange Entities, without prejudice to the authorization previously granted for the issuance, will verify annually, based on the corresponding distribution proposal formulated, the correct application of the procedure for the calculation of unassigned results purged according to these provisions and the levels of solvency and liquidity required for this case and the constitution of the corresponding reserve for the attention of financial services. Consequently, issuances of debt instruments that do not satisfy the applicable requirements in the matter or at the option of the entity, will be subject to the general nature procedure provided for in Section 3.

DISTRIBUTION OF RESULTS
B.C.R.A.
Section 6. Specific procedure.
Version: 1st. COMMUNICATION “A” 5827
Validity:
01/01/2016

7.1. From 1.1.13, for the purposes of computing the minimum capital position for the verifications provided for in these rules, the capital requirement for credit risk by securitizations must be computed on all operations outstanding on the computation date.

7.2. For the purposes of determining the distributable result referred to in Section 2., financial entities that wish to distribute results during the year 2015 corresponding to the fiscal year closed in 2014 must deduct the amount corresponding to the provision for administrative, disciplinary and penal sanctions provided for in Communication “A” 5689.

7.3. The capital conservation margin will be 0.625% of APR from 1.1.16, increasing each year by 0.625 percentage points until reaching its definitive level of 2.5% of APR on 1.1.19.

Net Ordinary Tier 1 Capital Coefficient (CET1) net of deductions (net CET1) - as a percentage of APR	Minimum Capital Conservation Coefficient - as a percentage of distributable results	1.1.16	1.1.17	1.1.18	1.1.19
100	4.5 - 4.66	4.5 - 4.81	4.5 - 4.97	4.5 - 5.13
80	4.66 - 4.81	4.81 - 5.13	4.97 - 5.44	5.13 - 5.75
60	4.81 - 4.97	5.13 - 5.44	5.44 - 5.91	5.75 - 6.38
40	4.97 - 5.13	5.44 - 5.75	5.91 - 6.38	6.38 - 7
0	> 5.13	> 5.75	> 6.38	> 7

7.4. Systemically important entities.
The additional capital required for systemically important entities - D-SIBs and G-SIBs - will begin on 1.1.16 at 0.25% of APR, increasing each year by 0.25 percentage points until reaching its definitive level of 1% of APR on 1.1.19.

Net Ordinary Tier 1 Capital Coefficient (CET1) net of deductions (net CET1) - as a percentage of APR	Minimum Capital Conservation Coefficient - as a percentage of distributable results	1.1.16	1.1.17	1.1.18	1.1.19
100	4.5 - 4.72	4.5 - 4.94	4.5 - 5.16	4.5 - 5.38
80	4.72 - 4.94	4.94 - 5.38	5.16 - 5.82	5.38 - 6.25
60	4.94 - 5.16	5.38 - 5.82	5.82 - 6.47	6.25 - 7.13
40	5.16 - 5.38	5.82 - 6.25	6.47 - 7.13	7.13 - 8
0	> 5.38	> 6.25	> 7.13	> 8

7.5. In order to integrate the capital conservation margin as soon as possible, it is recommended to apply prudent retention policies to entities that meet the minimum coefficient during the transition period provided for in points 7.3. or 7.4., as applicable, but that are still below the 7% fixed as the objective for CET1 (minimum limit provided for in point 8.5.1. of the rules on “Minimum capitals of financial entities” plus the capital conservation margin) - 8% in the case of systemically important entities.

DISTRIBUTION OF RESULTS
B.C.R.A.
Section 7. Transitional provisions.
Version: 1st. COMMUNICATION “A” 5827
Validity:
01/01/2016

ORDERED TEXT SOURCE OF THE PROVISIONS
Sec. Point Para. Com. Annex Ch. Sec. Point Para.
OBSERVATIONS
“A” 4589 1. According to Com. “A” 5827.
1.1. “A” 4589 1.1.
1.2. “A” 4589 1.2. According to Com. “A” 4591
(point 6.) and 5072.
1.3. “A” 4589 1.3.
1.4. “A” 4589 1.4. According to Com. “A” 5072.
1.
1.5. “A” 5485 According to Com. “A” 5785 and
5827.
“A” 4589 2. According to Com. “A” 4591
(point 6.), 5273 and 5827.
2.1. “A” 4589 2.1. According to Com. “A” 5827.
1° “A” 4589 2.2. 1° According to Com. “A” 4698, 4898, 4976, 5072 and “B” 9186.
2° “A” 4589 2.2. 2° According to Com. “A” 4591 (point 7.), 4664, 4898 and 4976.
3° “A” 4898 According to Com. “A” 4976,
5072 and 5180.
2.2.
4° “A” 4589 2.2. 3°
2.3. “A” 4589 2.3.
2.4. “A” 4589 2.4.
2.5. “A” 4686 3.
2.
2.6. “A” 4702 4. According to Com. “A” 5180.
“A” 4589 3. According to Com. “A” 4591
(point 8.), 5072, 5273 and
5827 and “B” 9104.
3.1. “A” 4589 3.1. According to Com. “A” 4591
(point 8.).
3.2. “A” 4589 3.3. iv) According to Com. “A” 4591
(point 8.) and “B” 9104.
3.3. “A” 4589 3.3. According to Com. “A” 4591
(point 8.).
3.
3.4. “A” 5737 4.
4. “A” 5827
5. “A” 4589 4. According to Com. “A” 5827.
“A” 4591 1. According to Com. “A” 5282 and
5827.
6.1. “A” 4591 1. Incorporates the interpretative criterion of Com. “C”
46841. According to Com. “A”
5393.
6.
6.2. “A” 4591 1. According to Com. “A” 4686,
4702, 5072, 5180, 5282,
5369, 5580 and 5827 and “B”
9104.
7. “A” 5272 9. According to Com. “A” 5282,
5369, 5707 and 5827.
B.C.R.A.
ORIGIN OF THE PROVISIONS CONTAINED IN THE RULES ON “DISTRIBUTION OF RESULTS”