Circular RUNOR 1 - 123: Participations of Financial Institutions in Management Companies of Mutual Investment Funds

CENTRAL BANK OF THE ARGENTINE REPUBLIC

__________________________________________________________________ COMMUNICATION " A " 2197 18/02/94 __________________________________________________________________

TO FINANCIAL INSTITUTIONS:

Ref.: Circular
RUNOR 1 - 123.
Participations of financial insti- tutions in management companies of mutual investment funds

We address you to inform you that this Institution adopted the following resolution:

"- Consider that the object legally assigned to the management companies of mutual investment funds (Law 24.083 - arts. 3/9) constitutes a complementary service to the activity carried out by commercial and investment banks and by financial companies, being excluded from the scope of article 28 subsection a) of the Law on Financial Institutions (text according to Law 24.144).

Consequently, the aforementioned intermediaries are authorized to hold participations in the capital of companies of that type whose bylaws exclusively provide for such operations, in accordance with the rules on technical relations in force on the matter."

We remind you that financial institutions that register such investments must comply with the provisions of articles 3 and 4 of the aforementioned Law 24.083.

We greet you very attentively.

CENTRAL BANK OF THE ARGENTINE REPUBLIC

Juan Carlos Isi
Raúl O. Planes
Deputy Manager of Standards
Manager of for Financial Institutions
Open Market