Circular RUNOR 1-1287, CREFI 2-96, LISOL 1-736, OPRAC 1-890: Updates to Securities Carriers, Capital, Exchange Houses, Security Measures, Credit Policy and Liquidity Coverage Ratio Regulations

2017 - YEAR OF RENEWABLE ENERGIES

CENTRAL BANK OF THE ARGENTINE REPUBLIC

COMMUNICATION “A” 6241
16/05/2017

TO FINANCIAL INSTITUTIONS,
TO EXCHANGE HOUSES, AGENCIES AND OFFICES,
TO SECURITIES CARRIERS:

Ref.: Circular
RUNOR 1 - 1287
CREFI 2 - 96
LISOL 1 - 736
OPRAC 1 - 890

“Securities carriers”, “Authorization and composition of capital of financial institutions”, “Minimum capital of financial institutions”, “Exchange houses, agencies and offices”, “Minimum security measures in financial institutions”, “Credit policy”, “Liquidity coverage ratio” and “Complementary services of financial activity and permitted activities”. Updates .

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We address you to send you the sheets that, in replacement of those previously provided, should be incorporated into the referenced regulations based on the resolution made known through Communication “A” 6218.

Likewise, it is recalled that on the website of this Institution www.bcra.gob.ar, by accessing “Financial and Payment Systems - LEGAL AND REGULATORY FRAMEWORK - Compilations and summaries - Ordered texts of general regulations”, you will find the modifications made with texts highlighted in special characters (strikethrough and bold).

We greet you attentively.

CENTRAL BANK OF THE ARGENTINE REPUBLIC

Eduardo C. Campoliti
Deputy Manager of Issuance of Regulations
Darío C. Stefanelli
Principal Manager of Issuance and
Regulatory Applications

ANNEX

B.C.R.A.
ORDERED TEXT OF THE REGULATIONS ON
“SECURITIES CARRIERS”

• Index -

Section 1. General provisions.

1.1. Scope.

1.2. Compliance criteria.

Section 2. Registration in the “Registry of securities carriers”.

Section 3. Conditions for operating.

3.1. Prevention of money laundering and terrorist financing.

3.2. Transparency.

3.3. Operations and services.

Section 4. Information regimes.

Section 5. Non-compliances.

Correlation table.

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Effective date:
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SECURITIES CARRIERS
B.C.R.A.
Section 1. General provisions.

1.1. Scope.

It comprises legal persons that perform the activity of land transport of securities –Securities Carriers (TV)–. Within said definition, companies Providing Securities Transport Services (PSTV) and Securities Carriers Owned by financial institutions (TVP) are understood to be included. For these purposes, securities shall be considered to be money –legal tender banknotes and coins, and foreign banknotes and coins– and precious metals in good delivery bar or coined form.

1.1.1. Provider of Securities Transport Services.

It is a legally constituted legal person whose activity is the provision of the land transport service of securities. This service consists of the physical transfer of securities of a third party provided by itself and/or through subcontracting, in the latter case the liability of the carrier not being limited.

Additionally, the corporate purpose may contemplate the provision of the following services, which may only be provided within the framework of the transport of securities:

1.1.1.1. Safekeeping.

It consists of the safekeeping of money of a third party, and an equivalent quantity and quality must be delivered at the time of return.

1.1.1.2. Custody of securities.

It consists of the safekeeping of securities of a third party, and the same securities received must be delivered at the time of return.

This activity may not be carried out jointly with the provision of the safe deposit box rental service.

1.1.1.3. Counting and classification of money.

It consists of the task carried out to determine the amount of money broken down by denomination and/or condition, for the purposes of its recording and presentation in the means used for its containment and safekeeping.

This activity may be carried out jointly with safekeeping or autonomously.

1.1.2. Own Securities Transport Company.

This refers to the area organized within financial institutions to perform the securities transport service.

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SECURITIES TRANSPORT COMPANIES
B.C.R.A.
Section 1. General provisions.

1.2. Compliance criteria.

1.2.1. Only STCs registered in the “Registry of securities transport companies” administered by the Central Bank of the Argentine Republic (BCRA) and published by the Superintendency of Financial and Exchange Institutions (SEFyC) may provide the securities transport service.

1.2.2. Inclusion in the list of STCs registered in the aforementioned registry and compliance with these provisions do not prevent STCs from also having to comply with the rules and other requirements demanded by other competent authorities in the matter.

1.2.3. It shall be the responsibility of financial and exchange institutions to verify the registration of STCs in the “Registry of securities transport companies”.

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STCs must submit the registration application by means of a letter signed by the legal representative or by a person authorized with sufficient power for that purpose, addressed to the SEFyC.

In the case of a PSTV, the information and documentation indicated below must also be attached:

2.1. Copy of the articles of incorporation or partnership agreement –with all its amendments– with evidence of its registration by the competent corporate control authority in the Public Registry of the corresponding jurisdiction.

When the shareholders or equivalent are companies incorporated in the country covered by Law 19.550 or abroad, the shareholders or equivalent holding 5% or more of the capital or votes of said companies must also be identified. If companies of that type in turn participate in the capital of these, the same and successive procedure must be followed until the natural persons who are the ultimate beneficiaries are identified.

At the request of the SEFyC, whether of a general or particular nature, the same information must be provided with respect to other types of legal persons.

2.2. Regarding the promoters, founders, partners, associates or shareholders, directors, members of the supervisory body and general manager or whoever performs their functions: criminal record certificates issued by the National Registry of Recidivism within 5 (five) days of the date of their submission to this Institution. In addition, in the case of natural persons with actual domicile abroad, the equivalent certificate issued by the competent government authority of the country where they reside must be submitted.

2.3. If it has already closed its first fiscal year, a copy of the latest annual general balance sheet with an external auditor's report and certification from the corresponding professional council. In the case of a PSTV for which a full fiscal year has not elapsed, it must submit to the BCRA a statement of financial position or statement of assets with certification by an independent public accountant with a signature legalized by the corresponding professional council.

2.4. Detailed description of the services to be provided.

2.5. The following forms with their data completed:

FORM I
DATA OF THE SECURITIES TRANSPORT SERVICE PROVIDER NAME OF THE LEGAL PERSON:
UNIQUE TAX IDENTIFICATION KEY (CUIT):

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SECURITIES TRANSPORT COMPANIES
B.C.R.A.
Section 2. Registration in the “Registry of securities transport companies”.

LEGAL DOMICILE

Street and No.:
Locality:
Province:
Postal code:
Telephone:
E-mail:

REGISTERED OFFICE

Street and No.:
Locality:
Province:
Postal code:
Telephone:
E-mail:
Place and date:

Legal representative/attorney
Signature and printed name

FORM II

LIST OF PARTNERS, ASSOCIATES AND/OR SHAREHOLDERS HOLDING 5% OR MORE OF THE TOTAL SHARE CAPITAL AND/OR VOTES OF THE SECURITIES TRANSPORT SERVICE PROVIDER
Subscribed capital: $	Number of Shares:	Votes:	Information as of / /
Legal entity:
CUIT/ CUIL/CDI	Names and surnames	Actual address (street, No., locality, Province)	Legal address (street, No., loca-lity, Province)	Sharehol-ding		Date of Registration	Date of Deregistration
				Capital %	Votes %

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SECURITIES TRANSPORTERS
B.C.R.A.
Section 2. Registration in the “Registry of securities transporters”.

Place and date:
Legal representative/attorney
Signature and printed name

FORM III

COMPOSITION OF THE MANAGEMENT BODY OF THE SECURITIES TRANSPORT SERVICE PROVIDER
Company:						Information as of / /
CUIT/CUIL/CDI	Names and surnames	Actual address (street, No., locality, Province)	Legal address (street, No., locality, Pro-vince)	Position	Date of Registration	Date of Deregistration

Place and date:
Legal representative/attorney
Signature and printed name

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SECURITIES TRANSPORTERS
B.C.R.A.
Section 2. Registration in the “Registry of securities transporters”.

FORM IV

COMPOSITION OF THE AUDIT BODY OF THE PSTV AND SENIOR PERSONNEL
Company:							Information as of / /
CUIT/CUIL/CDI	Names and surnames	Actual address (street, No., locality, Province)	Legal address (street, No., locality, Province)	Position	Date of Registration	Date of Deregistration

Place and date:
Legal representative/attorney-in-fact
Signature and printed name

Within 30 business days of the request for registration and of the completion of the submission of all the information detailed above –in the latter case when it concerns a PSTV– a response to the registration request shall be given by notification sent to the email address provided by the PSTV in Form I.

In the case of PSTVs, any change recorded in the information or documentation required in this point must be reported to the SEFyC within 15 business days of its occurrence. If applicable, they shall submit criminal record certificates with the scope provided in point 2.2.

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SECURITIES TRANSPORTERS
B.C.R.A.
Section 3. Conditions for operating.

3.1. Prevention of money laundering and terrorist financing.

PSTVs must observe the provisions of the legislation in force on these matters (laws and regulatory decrees), the related rules issued by the Financial Information Unit (UIF) and this regulation. This includes the decrees of the National Executive Branch with reference to the decisions adopted by the United Nations Security Council in the fight against terrorism and compliance with the Resolutions (with their respective Annexes) issued by the Ministry of Foreign Affairs and Worship.

3.2. Transparency.

In the case of services provided to third parties, all documentation issued must provide clear and detailed information on the services offered and include the fee schedule detailing the charges and commissions applicable to all types of clients for the service of ground transportation of securities, safekeeping, custody, counting and sorting of securities, which shall also be included on the home page of its institutional website and, when advertised, in the relevant media.

The aforementioned fee schedule must include, at a minimum, the following information: fixed rates, variable rates (according to distance traveled, geographic area, volume transported, recounted or sorted) and discounts offered (by volume, by contracting several services, etc.). When the rate is not standardized by type of service provided, the price range (minimum - maximum) must be disclosed according to the different elements that determine it.

In addition, they must inform the service requester in advance of the estimated date and time when the securities will be at destination.

3.3. Operations and services.

The securities subject to transportation, safekeeping, counting and sorting or custody must be permanently individualized from their receipt, by identifying the client and detailing the contents in the means used for their containment and safekeeping –bags or other elements–.

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SECURITIES TRANSPORTERS
B.C.R.A.
Section 4. Information regimes.

CENTRAL BANK OF THE ARGENTINE REPUBLIC

TVPs and PSTVs must provide information related to the development of their activities in accordance with the procedure, deadlines and detail that may be announced in due course.

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SECURITIES TRANSPORTERS
B.C.R.A.
Section 5. Non-compliances.

PSTVs and the members of their governing, administrative and supervisory bodies, for the non-compliances verified with respect to these rules, shall be subject to the application of sanctions in accordance with the provisions of articles 41 and 42 of the Financial Entities Law and concordant provisions.

Likewise, non-compliance with these rules may result in the removal of the TV from the “Registry of securities transporters”, consequently prohibiting the provision of the securities transportation service. The TV in question may only request a new registration in said registry once 90 calendar days have elapsed from the date on which it was removed and its reincorporation may take place to the extent that it has remedied the observed non-compliance.

Without prejudice to the foregoing and provided that they are non-compliances that are not serious, prior to removal from the registry, TVs shall have a period of 60 calendar days –counted from the notification of the non-compliances detected by this Institution sent to the TV's email address– to remedy them.

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B.C.R.A.
ORIGIN OF THE PROVISIONS CONTAINED IN THE RULES ON “SECURITIES TRANSPORTERS”

TEXT ORDERED			SOURCE RULE						OBSERVATIONS
Sec.	Point	Para.	Com.	Annex	Chap.	Sec.	Point	Para.
1.	1.1.		"A" 5792	sole					S/Com. "A" 6002.
	1.1.1.		"A" 5792	sole					S/Com. "A" 6218.
	1.1.2.		"A" 5792	sole					S/Com. "A" 6218.
	1.2.		"A" 5792	sole					S/Com. "A" 6218.
	1.2.1.		"A" 5792	sole					S/Com. "A" 6218.
	1.2.2.		"A" 5792	sole					S/Com. "A" 6218.
	1.2.3.		"A" 6218	sole
2.		1st	"A" 6218	sole
		2nd	"A" 6218	sole
	2.1.		"A" 6218	sole
	2.2.		"A" 6218	sole
	2.3.		"A" 6218	sole
	2.4.		"A" 6218	sole
	2.5.		"A" 6218	sole
		penultimate	"A" 6218	sole
		last	"A" 6218	sole
3.	3.1.		"A" 5792	sole					S/Com. “A” 6218.
	3.2.		“A” 5792	sole					S/Com. “A” 6002 and 6218.
	3.3.		“A” 6218	sole
4.		1°	“A” 6218	sole
5.			“A” 5792	sole					S/Com. “A” 6002 and 6218.

MINIMUM SECURITY MEASURES IN FINANCIAL INSTITUTIONS B.C.R.A.
Section 1. Introduction.

1.1. The minimum security measures contained herein are mandatory for financial institutions covered by the regime of Law 21.526, and the adoption of other precautions they deem necessary, as arising from the security studies they conduct, for the purpose of protecting persons and valuables, shall be at their exclusive discretion and responsibility, without authorization from the Central Bank of the Argentine Republic (BCRA).

When, for operational reasons, financial institutions require to store valuables and/or keep them in custody outside their own vaults, they must arrange the pertinent precautions for contracting Valuable Transport Service Providers (PSTV) that, in the vaults they will use for such purposes, fully comply with these rules. This requirement shall be considered fulfilled when the financial institutions have a favorable report from the Security Management in Financial Institutions on the compliance with such requirements by the PSTV concerned.

When those vaults do not comply with all the aforementioned requirements, the financial institutions must inform that department of the security measures that the PSTV concerned still has to comply with, and may use them for a maximum period of up to 12 months from the date of notification to this Institution.

1.2. When houses, branches or offices that do not carry out money movements or store money are installed, financial institutions may request the BCRA for exemption from implementing some or all of the minimum security measures required under current regulations. In the pertinent request, the activities to be carried out must be indicated in detail. If granted, it shall be valid only for the requested premises and for as long as the situation persists. In the event of relocation, a new authorization must be requested. At the time of the mandatory verification, it shall be confirmed that only the declared operations are carried out.

1.3. For aspects not contemplated and/or that give rise to other interpretations and/or the need to make inquiries, the entities must address the BCRA, which will evaluate and resolve accordingly, with the advice of the security and police agencies of each jurisdiction or those it deems pertinent.

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MINIMUM SECURITY MEASURES IN FINANCIAL INSTITUTIONS B.C.R.A.
Section 4. Money transport.

4.1. It shall be carried out in accordance with the provisions of Decree “R” No. 2.625/73 and its amendments.

4.2. In due course, the BCRA will inform the update of the maximum amounts to be transported for each mode of transfer.

4.3. Financial institutions must arrange the precautions so that the provisions of articles 5 and 12 of Decree “R” No. 2.625/73 are properly complied with in the activity of loading and unloading money carried out by armored valuable transport vehicles, whether own or third-party, at their houses and offices; for this purpose, they must arrange with the municipal authorities of each jurisdiction a free and exclusive parking place for armored money transport trucks in front of them.

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Section 5. Particular provisions.

5.2.1.4. The transfer of valuables shall be carried out in accordance with the provisions of Decree “R” No. 2.625/73 and its amendments. Likewise, they must enable the parking of the armored valuable transport vehicle as close as possible to the office, minimizing the route of the valuable carrier, who must move accompanied by the armed guards provided for in this decree.

5.2.1.5. When the office also performs “paying” functions or carries out foreign currency purchase-sale operations or wishes to store valuables outside business hours, it must be equipped with the minimum security measures provided for in Section 2 for banks or in point 3.1. or 3.2., as applicable, for other financial institutions.

5.2.2. Entities that install offices destined to carry out the activities of payment of salaries and pension benefits must observe the minimum security measures detailed below:

5.2.2.1. The premises must be an enclosed area with a single direct access opening to the place where payment is made; if other accesses are available, they must remain closed for entry while this activity lasts.

5.2.2.2. It must have an auxiliary treasury cash box, for temporary storage, which must meet the minimum characteristics set forth in point 2.8., or a mobile cash-vault that complies with the provisions of point 2.3.2., or another product with equal features but with ANSI-UL 291 certification or equivalent.

5.2.2.3. Have an additional police officer, with a handheld radio transmitter linked to the police station of the jurisdiction, inside the premises and another one(s), which may be from a legally authorized private security company, located as needed.

5.2.2.4. If the premises where the office operates has a remote alarm system, in accordance with the provisions of point 2.2., the radio transmitter provided for in point 5.2.2.3 shall not be necessary.

5.2.2.5. While the operations for which this office is installed are being carried out, no other activity unrelated to it may be carried out simultaneously.

5.2.2.6. Outside activity hours no sum may be kept, unless the branch has all the minimum security measures determined in Section 2., for banks or in point 3.1. or 3.2., as applicable, for other financial institutions.

5.2.2.7. The transfer of valuables must be carried out in accordance with the provisions of Decree "R" No. 2.625/73 and its amendments. Likewise, they must enable the parking of the armored valuables transport vehicle as close as possible to the branch, minimizing the route of the valuables carrier, who must travel accompanied by the armed guards provided for in this decree.

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Section 5. Special provisions.

5.2.2.8. Inhibitors or signal blockers for mobile telephone service terminals in accordance with the provisions of point 2.11.

5.2.3. The branches that entities install in client companies to carry out the activities provided for in point 2.3. of the rules on "Expansion of financial entities" must operate in constructions specially adapted to their operations, located in enclosed places and possessing the following minimum security measures:

5.2.3.1. Remote alarm system, in accordance with the provisions of point 2.2.

5.2.3.2. Booth meeting the characteristics contained in point 2.1. or the closed-circuit television provided for in point 2.1.5., with an armored security enclosure, which may be located in any suitable place of the client company.

5.2.3.3. Security measures in customer service teller stations, in accordance with the provisions of point 2.9.

5.2.3.4. The security closed-circuit television must be kept installed and in good working order, in accordance with the provisions of point 2.10.

5.2.3.5. For the safekeeping of valuables, during activity hours, an auxiliary treasury cash box must be installed that meets the minimum characteristics mentioned in point 2.8.

5.2.3.6. Outside activity hours, no sum may be kept; if operational reasons require keeping funds or valuables outside hours, in replacement of the auxiliary treasury cash box a mobile treasure-cash box must be installed that complies with the provisions of point 2.3.2. and in accordance with the provisions of point 2.3.4., with the installation of any of the mentioned elements being at the free choice of the entities, whatever the operational conditions.

5.2.3.7. Have an additional police officer or a legally authorized private security company.

5.2.3.8. The transfer of valuables must be carried out in accordance with the provisions of Decree "R" No. 2.625/73 and its amendments. Likewise, they must enable the parking of the armored valuables transport vehicle as close as possible to the branch, minimizing the route of the valuables carrier, who must travel accompanied by the armed guards provided for in this decree.

5.2.3.9. Inhibitors or signal blockers for mobile telephone service terminals in accordance with the provisions of point 2.11.

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MINIMUM SECURITY MEASURES IN FINANCIAL ENTITIES B.C.R.A. Section 7. Minimum security devices for special service branches -agencies-.

7.1. The premises must be an enclosed area with a single direct access opening to the place where operations are carried out; if there are other accesses, they must be kept closed for entry while the activity lasts and while the operations for which this agency is installed are carried out; no other activity unrelated to it may be carried out simultaneously.

If the premises have glass surfaces bordering the outside, it must have an adequate installation of electronic sensors as determined in point 2.2. or a 24-hour surveillance service with a remote alarm system push button at its disposal.

7.2. It must have an additional police officer with a portable alarm push button linked to the security agency. In the event that the jurisdictional security agency has difficulties in providing the service, it will be replaced by a legally authorized private security company, with prior notification to the BCRA.

7.3. The customer service teller lines must have the security measures detailed in point 2.9. With compliance with this measure, the amounts in each teller position will be determined by the entity.

7.4. They must have closed-circuit television cameras and recording equipment in accordance with the provisions of point 2.10., for the purpose of recording images that allow reliable identification of persons and contribute to the investigation of criminal acts. Image control and recording may be local and/or remote (access to the premises, customer service teller stations and automated teller machines, if they have been installed).

7.5. They will have for safekeeping a mobile treasure-cash box that complies with the rules detailed in point 2.3.2., or an automated teller machine in accordance with the provisions of point 5.1.

7.6. If they opt for the use of 24-hour deposit boxes, these must have the security measures detailed in point 5.3.

7.7. The transport of money will be carried out in accordance with the provisions of Decree "R" No. 2.625/73 and its amendments.

7.7.1. In due course the BCRA will inform the update of the maximum amounts to be transported for each mode of transfer.

7.7.2. Financial institutions shall take the necessary measures to ensure that the provisions of Articles 5° and 12 of Decree “R” No. 2.625/73 are properly complied with in the loading and unloading of money carried out by armored cash-in-transit vehicles, whether owned by them or by third parties; to this end, they shall apply to the municipal authorities of each jurisdiction for a parking space free and exclusive to armored money transport trucks in front of them.

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CENTRAL BANK OF THE ARGENTINE REPUBLIC

B.C.R.A.
ORIGIN OF THE PROVISIONS CONTAINED IN THE RULES ON “MINIMUM SECURITY MEASURES IN FINANCIAL INSTITUTIONS”

ORDERED TEXT			SOURCE RULE				REMARKS
Section	Point	Paragraph	Comm.	Annex	Point	Paragraph
1.	1.1.		“A” 2985				Pursuant to Comm. “A” 3390 and 6218.
	1.2.		“A” 2985				Pursuant to Comm. “A” 3390 and 5308.
	1.3.		“A” 2985				Pursuant to Comm. “A” 3390 and 5308.
2.	2.1.		“A” 2985				Pursuant to Comm. “A” 3390, 5120, 5308, 5412, 6142 and “B” 6682.
	2.2.		“A” 2985				Pursuant to Comm. “A” 3390 and 5308.
	2.3.		“A” 2985				Pursuant to Comm. “A” 3390, 5175, 5308 and 5412.
	2.4.		“A” 2985				Pursuant to Comm. “A” 3390, 5120 and 5308.
	2.5.		“A” 2985				Pursuant to Comm. “A” 3390.
	2.6.		“A” 2985				Pursuant to Comm. “A” 3390.
	2.7.		“A” 2985				Pursuant to Comm. “A” 3390.
	2.8.		“A” 2985				Pursuant to Comm. “A” 3390.
	2.9.		“A” 2985				Pursuant to Comm. “A” 3390, 4778, 5120, 5175, 5308 and 5412.
	2.10.		“A” 2985				Pursuant to Comm. “A” 3390, 5120, 5175, 5308 and 5412.
	2.11.		“A” 5175
3.	3.1.		“A” 2985				Pursuant to Com. “A” 3390, 5175 and 5308.
	3.2.		“A” 2985				Pursuant to Com. “A” 3390, 5120 and 5308.
4.	4.1.		“A” 2985				Pursuant to Com. “A” 3390.
	4.2.		“A” 2985				Pursuant to Com. “A” 3390.
	4.3.		“A” 2985				Pursuant to Com. “A” 3390 and 6241.
5.	5.1.		“A” 2985				Pursuant to Com. “A” 3390, 5120, 5175, 5308, 5412, 6182 and 6219. Includes interpretive clarification.
	5.2.		“A” 2985				Pursuant to Com. “A” 3390, 5175, 5308 and 6241.
	5.3.		“A” 2985				Pursuant to Com. “A” 3390.
6.	6.1.		“A” 2985				Pursuant to Com. “A” 3390, 5308 and 6209. Includes interpretive clarification.
		Annex 1	“A” 2985				Pursuant to Com. “A” 3390, 5308 and 6209.
		App.1	“A” 2985				Pursuant to Com. “A” 3390. Includes interpretive clarification.
		Annex 2	“A” 2985				Pursuant to Com. “A” 3390 and 5308.
	6.2.		“A” 2985				Pursuant to Com. “A” 3390.
	6.3.		“A” 2985				Pursuant to Com. “A” 3390, 5308 and 5412.
	6.4.		“A” 2985				Pursuant to Com. “A” 3390.
	6.5.		“A” 2985				Pursuant to Com. “A” 3390.
	6.6.		“A” 2985				Pursuant to Com. “A” 3390 and 5308.
	6.7.		“A” 2985				Pursuant to Com. “A” 3390, 5308 and 5412.
	6.8.		“A” 2985				Pursuant to Com. “A” 3390 and 5120.
	6.9.		“A” 2985				Pursuant to Com. “A” 3390 and 5412.
	6.10.		“A” 5814				Pursuant to Com. “A” 6014, 6029, “C” 69485 and 71879.

MINIMUM SECURITY MEASURES IN FINANCIAL INSTITUTIONS

	ORDERED TEXT				SOURCE RULE
Section	Point	Paragraph	Com.	Annex	Point	Paragraph		OBSERVATIONS
7.	7.1.		“A” 5079					Pursuant to Com. “A” 5308.
	7.2.		“A” 5079
	7.3.		“A” 5079
	7.4.		“A” 5079
	7.5.		“A” 5079
	7.6.		“A” 5079
	7.7.		“A” 5079					Pursuant to Com. “A” 6241.
	7.8.		“A” 5079
	7.9.		“A” 5079
8.			“A” 5412		17.

COMPLEMENTARY SERVICES OF THE FINANCIAL ACTIVITY AND B.C.R.A.
PERMITTED ACTIVITIES
Section 2. Complementary services.

2.2.7. Administration of closed savings circles.

2.2.8. Financial assistance through leasing operations of capital goods, durable goods and real estate acquired for such purpose (“leasing”) or on credits arising from sales (“factoring”).

2.2.9. Management of collection of public utility bills, credits and similar, and salary payment service, payment to suppliers and collection of revenues.

2.2.10. Data processing and/or transmission service related to financial activity.

2.2.11. Credit information services for commercial and financial use (financial background databases).

2.2.12. Advisory services in financial and investment matters (including the function of capital market advisory agent), and for mergers and/or acquisitions of companies, provided that it does not involve business administration or management. It may not grant loans.

2.2.13. Mutual guarantee companies, with the status of protective member.

2.2.14. Advisory services on fund management and/or trust administration regarding activities compatible with the class of entity.

2.2.15. Transport and/or custody of funds and securities, which includes the service of transporting correspondence and documentation of a financial nature of the entities and/or their clients. Associated security service for financial institution premises.

2.2.16. Service as agent for the registration of securities and book-entry mortgage letters.

2.2.17. Securities clearing market or clearing house.

2.2.18. Funds clearing houses.

2.2.19. Temporary acquisition of stakes in companies to facilitate their development, with the purpose of subsequently selling the holdings. Granting those companies financing and advice on planning and management.

2.2.20. Provision of financial services to natural persons or associative groups of natural persons, with low resources, who carry out activities on their own account, not linked to the financial institution.

The activity consists of granting loans to microentrepreneurs for natural persons to meet needs related to productive, commercial and service activities, and financing intended for the improvement of the sole dwelling and family residence, in which specific methodologies are used for the prior evaluation, granting and monitoring of financial assistance in accordance with what is contemplated in point 1.1.3.4., subsection a), item v) of the rules on “Credit Management”. Likewise, they may provide beneficiaries with: training, technical assistance and the monitoring necessary to carry out their activities.

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B.C.R.A.

ORIGIN OF THE PROVISIONS CONTAINED IN THE RULES ON “COMPLEMENTARY SERVICES OF THE FINANCIAL ACTIVITY AND PERMITTED ACTIVITIES”

CONSOLIDATED TEXT			SOURCE RULE					REMARKS
Sec.	Point	Par.	Comm.	Annex	Chap.	Sec.	Point	Par.
1.	1.1.	1st	“A” 2384				2.
		2nd	“A” 2384				2.	Incorporates interpretive clarification.
	1.2.	1st and 2nd	“A” 3086
		3rd	“A” 2384					See Comm. “A” 3086.
2.	2.1.	1st	“A” 2619					See Comm. “A” 2988, 3086 and 5700.
		2nd	“A” 3086
		3rd	“A” 5700			1.
	2.2.1.		“A” 2056			2.	1st	See Comm. “A” 5691.
	2.2.2. to 2.2.3.		“A” 3086
	2.2.4.		“A” 2155					See Comm. “A” 5183.
	2.2.5.		“A” 2197					S/ Com. “A” 5691.
	2.2.6.		“A” 3086					S/ Com. “A” 5700 y 5853.
	2.2.7.		“A” 3086
	2.2.8.		“A” 3086					S/ Com. “A” 5067.
	2.2.9. a 2.2.14.		“A” 3086					S/ Com. “A” 5691.
	2.2.15.		“A” 3086					S/ Com. “A” 5691 y 6218.
	2.2.16		“A” 3086					S/ Com. “A” 5691.
	2.2.17		“A” 3086					S/ Com. “A” 5691.
	2.2.18.		“A” 2557	Sole		2.	1°
	2.2.19.		“A” 3086
	2.2.20.		“A” 4891			3.
	2.2.21.		“A” 6094			6.
	2.2.22.		“A” 6154
	2.2.23.		“A” 6154
	2.3.1.		“A” 2619				1°	S/ Com. “A” 2988, 3086, 4891 (punto 4.), 5691, 5700, 6094 y 6164.
	2.3.2.		“A” 2619				2°	S/ Com. “A” 6164.
	2.3.2.1.		“A” 2619				2°
	2.3.2.2.		“A” 2619				2°	S/ Com. “A” 3086.
	2.3.2.2.i)		“A” 2619				4° a)
	2.3.2.2.ii)		“A” 2619				4° b)
	2.3.2.3.		“A” 2619				2°
	2.3.2.4.		“A” 2619				2°	S/ Com. “A” 3086.
	2.3.2.5. a 2.3.2.6.		“A” 2619				2°
	2.3.2.	Último	“A” 6164
	2.3.3.		“A” 2619				3°	S/ Com. “A” 3086.
	2.3.4.		“A” 2619				5°	S/ Com. “A” 3086.
	2.4.		“A” 3086					S/ Com. “A” 6164.
	2.5.		“A” 2619				Últ.	S/ Com. “A” 2988, 3086 y 5700.

AUTHORIZATION AND COMPOSITION OF THE CAPITAL OF FINANCIAL ENTITIES B.C.R.A.
Section 6. Common provisions.

In the cases of natural persons who have their actual domicile abroad, the equivalent certificate issued by the competent governmental authority of the country where they reside must also be submitted, in accordance with the provisions of item 6.4.3.

6.4.2. Copies of documentation.

In all cases, copies of the required documentation (contracts, legal provisions, etc.) must be certified by a notary public.

6.4.3. Documentation from abroad.

6.4.3.1. The signatures of the intervening foreign authorities must be certified by the Consulate of the Republic of Argentina in the respective country or legalized by the apostille system, in the cases of countries that have signed and ratified the Hague Convention of 05.10.1961.

6.4.3.2. Where applicable, documentation in its original language must be accompanied by its translation into Spanish, performed by a sworn translator registered with the relevant professional body.

6.4.4. Intervention of professionals.

The signatures of the professionals whose intervention is required in the preceding provisions must be legalized by the respective professional councils or associations.

6.5. Transportation of securities.

Financial entities may only contract or use, as applicable, the securities transportation service provided by securities transportation companies registered in the “Registry of securities transportation companies” administered by the BCRA and disseminated by the SEFyC.

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CENTRAL BANK OF THE ARGENTINE REPUBLIC

AUTHORIZATION AND COMPOSITION OF THE CAPITAL OF FINANCIAL ENTITIES

CONSOLIDATED TEXT SOURCE NORM
Sec. Item Para. Com. Annex Ch. Sec. Item Para.
OBSERVATIONS
5.4.4. “A” 2241 V 1. 1.2. last According to Com. “A” 5006.
5.5. “A” 2241 V 1. 1.2. 2° According to Com. “A” 6129.
5.6. “A” 2241 V 1. 1.7.
5.7. “A” 2241 V 1. 1.6.
5.
5.8. “A” 2241 V 1. 1.8.
6.1. “A” 2241 I 4. 4.1.1. a
4.1.2.
6.2. “A” 3135
“A” 4499
According to Com. “A” 5485,
5785 and 6129.
6.3. 1st “A” 2241 I
V
4.
1.
4.2.3.1.
1.1. 3rd
According to Com. “A” 4510.
1st and “A” 2241 I 4. 4.2.3.2.1. 1st and 2nd 2nd “A” 2241 V 1. 1.1.2.1. 1st “A” 2241 I 4. 4.2.3.2.1. 2nd and 3rd
6.3.1.1.
3rd a last “A” 2241 V 1. 1.1.2.1. last According to Com. “A” 4510 and 6129.
6.3.1.2. “A” 2241 I 4. 4.2.3.2.2. According to Com. “A” 4510
and 6129.
6.3.2. “A” 2241 I 4. 4.2.3.3. According to Com. “A” 4510
and 6129.
6.3. last “A” 4510 1. and 2. According to Com. “A” 6129.
“A” 2241 I 1. 1.2.2.4.3.
“A” 2241 I 1. 1.2.2.7. 1st
“A” 2241 V 1. 1.1.2.4.
“A” 2241 V 1. 1.1.3.4.
1st
“A” 2241 V 1. 1.1.4.2.
According to Com. “A” 4510,
5485 and 5785.
“A” 2241 I 1. 1.2.2.7. last
6.4.1. last
“A” 2241 V 1. 1.1.2.4.
According to Com. “A” 4510,
5485 and 5785.
6.4.2. “A” 6129
“A” 2241 I 1. 1.2.2.7. last
“A” 2241 I 1. 1.6.2. 1st
6.4.3.1.
“A” 2241 V 1. 1.1.2.4.
According to Com. “A” 4510,
5485 and 5785.
“A” 2241 I 1. 1.2.2.7. last
“A” 2241 I 1. 1.6.2. 1st
6.4.3.2.
“A” 2241 V 1. 1.1.2.4.
According to Com. “A” 4510,
5485 and 5785.
6.4.4. “A” 6129
6.
6.5. “A” 5792 6. S/Com. “A” 6218.
7.1.1. “A” 2241 I 1. 1.7.1. According to Com. “A” 2573
and 6129.
7.1.2.1. 1st “A” 2241 I 1. 1.7.1. 2nd According to Com. “A” 2573.
last “A” 2241 I 1. 1.7.1. 5th According to Com. “A” 2573.
7.1.2.2. 1st “A” 2241 I 1. 1.7.1. 3rd According to Com. “A” 2573.
last “A” 2241 I 1. 1.7.1. 4th According to Com. “A” 2573.
7.1.2.3. “A” 2241 I 1. 1.7.1. 6th According to Com. “A” 2573.
i) “A” 2573 III According to Com. “A” 6129.
7.
7.1.2.4. ii) “A” 2573 IV According to Com. “A” 6129.

MINIMUM CAPITAL OF FINANCIAL INSTITUTIONS
B.C.R.A.
Section 4. Risk weighting table.

Concept	Weighting - in % -
4.1. Cash and cash equivalents.
4.1.1. Cash on hand, in transit (when the financial institution assumes responsibility and risk of transfer) and in ATMs.	0
4.1.2. Current and special accounts at the Central Bank of the Argentine Republic and payment orders payable by the BCRA.	0
4.1.3. Coined or bar gold of “good delivery”, in the latter case bearing the seal of any of the refining, smelting, assaying, former assaying and former smelting firms included in the list made known by the BCRA.	0
4.1.4. Cash items in the process of collection (checks and drafts for collection), cash at securities transport companies and cash held in custody at financial institutions.	20
4.2. Exposure to governments and central banks.
4.2.1. To the BCRA in pesos, when its source of funds is in that currency.	0
4.2.2. To the National Government and to provincial and municipal governments and the Autonomous City of Buenos Aires in pesos, when their source of funds is in that currency.	0
4.2.3. To the non-financial public sector for financing granted to social security beneficiaries or public employees –in both cases with a discount code–, to the extent that such transactions are denominated in pesos, the source of funds is in that currency and the installments of all the entity's financings that have a periodic amortization system do not exceed, at the time of the agreements, thirty percent (30 %) of the debtor's and/or, as the case may be, co-debtors' income.	0
4.2.4. To the non-financial public sector and the BCRA. Others.

Rating	AAA to AA-	A+ to A-	BBB+ to BBB-	BB+ to B-	Lower than B-	Unrated
Risk weighting	0 %	20 %	50 %	100 %	150 %	100 %

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CENTRAL BANK OF THE ARGENTINE REPUBLIC

MINIMUM CAPITAL OF FINANCIAL INSTITUTIONS

	CONSOLIDATED TEXT			SOURCE STANDARD			OBSERVATIONS
Sec-	Point	Paragraph	Com.	Chap./	Point	Paragraph
tion				Annex
	3.9.2.		“A” 5369	I			According to Com. "A" 5580 and 5821.
	3.9.3.	1st and 2nd	"A" 5369	I
		3rd	"A" 5369	I			According to Com. "A" 5580, 5671, 5740 and 5821.
		4th to 6th	"A" 5821		2.
	3.9.4.		"A" 5369	I
	3.9.5.		"A" 5369	I			According to Com. "A" 5580.
	3.10.		"A" 5821		2.
	3.10.1.		"A" 5821		2.
	3.10.2.		"A" 5821		2.
	3.10.3.		"A" 5821		2.
3.	3.10.4.		"A" 5821		2.
	4.1.		"A" 5369	I
	4.1.1.		"A" 5369	I
	4.1.2.		"A" 5369	I
	4.1.3.		"A" 5369	I
	4.1.4.		"A" 5369	I			According to Com. "A" 6241.
	4.2.		"A" 5369	I
	4.2.1.		"A" 5369	I			According to Com. "A" 5580.
	4.2.2.		"A" 5369	I			According to Com. "A" 5580 and 5831.
	4.2.3.		"A" 5369	I			According to Com. "A" 6024 and 6221.
	4.2.4.		"A" 5369	I			According to Com. "A" 6004.
	4.2.5.		"A" 5369	I			According to Com. "A" 6004.
	4.2.6.		"A" 6004		4.
	4.2.7.		"A" 5369	I			According to Com. "A" 6004.
	4.2.8.		"A" 5369	I
	4.3.		"A" 5369	I
	4.3.1.		"A" 5369	I			According to Com. "A" 5831.
	4.3.2.		"A" 5369	I
	4.4.		"A" 5369	I
	4.4.1.		"A" 5369	I
	4.4.2.		"A" 5369	I			According to Com. "A" 6004 and 6006.
	4.5.		"A" 5369	I			According to Com. "A" 6004.
	4.6.		"A" 5369	I			According to Com. "A" 5580. Includes interpretive clarification.
	4.7.		"A" 5369	I
	4.7.1.		"A" 5369	I			According to Com. "A" 5580. Includes interpretive clarification.
	4.7.2.		“A” 5369	I
	4.8.		“A” 5369	I
	4.9.		“A” 5369	I			According to Com. “A” 6004.
	4.9.1.		“A” 5369	I
	4.9.2.		“A” 5369	I
	4.10.		“A” 5369	I
	4.10.1.		“A” 5369	I
4.	4.10.2.		“A” 5369	I

CASAS, AGENCIAS Y OFICINAS DE CAMBIO B.C.R.A.
Section 10. Transport of valuables.

Entities may only contract or use, as applicable, the valuables transport service provided by valuables transport companies registered in the “Registro de transportadoras de valores” administered by the BCRA and disseminated by the SEFyC.

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HOUSES, AGENCIES AND EXCHANGE OFFICES
CONSOLIDATED TEXT
ORIGINATING RULE
Secc.
Point Para.
Com. Annex Chap. Secc.
Point
Para.
OBSERVATIONS
5.3. “A” 422
XVI
1.16.6.
According to Com. “A” 2138, 5006,
5133, 5785, 6053 and 6094.
5.4. “A” 422
XVI
1.16.8.
According to Com. “A” 2138.
5.5. “A” 6094
4.
6. “A” 6053
7.
According to Com. “A” 6094.
7.1.1. “A” 90
XVI
1.10.1.7.
According to Com. “A” 6053 and 6094.
7.1.2. “A” 90
XVI
1.10.1.8.
According to Com. “A” 6053 and 6094.
7.
7.1.3. “A” 90
XVI
1.12.2.
According to Com. “A” 6053 and 6094.
7.2. “A” 90
XVI
1.10.1.6.
According to Com. “A” 422, 4557 and
6053.
8.1. “A” 2106
According to Com. “A” 5785, 6053 and
6094.
8.2. “A” 5523
1.
According to Com. “A” 6053.
8.
8.3. “A” 6094
4.
9.1. “C” 69378
According to Com. “A” 6094.
9.
9.2. “A” 422
XVI
1.16.10.
According to Com. “A” 2138 and 6094.
9.3. “B” 11174
According to Com. “A” 6053 and 6094.
10. “A” 5792
5.
According to Com. “A” 6218.
11. “A” 6053
According to Com. “A” 6037.

CREDIT POLICY B.C.R.A.
Section 2. Application of the lending capacity of deposits in foreign currency.

The computation of assets and liabilities shall be made based on the monthly average of daily balances (principal and interest) recorded in each calendar month.

Financings shall be allocated net of the allowances for uncollectibility and impairment risks attributable to them and, where applicable, of the “difference for portfolio acquisition”.

2.7. Application defects.

Application defects net of cash balances at entities, held in custody at other financial institutions, in transit and at Securities Carriers (TV), up to the amount of said defect, shall be subject to an equivalent increase in the minimum cash requirement in the respective foreign currency.

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CENTRAL BANK OF THE ARGENTINE REPUBLIC

CREDIT POLICY

CONSOLIDATED TEXT			SOURCE RULE						OBSERVATIONS
Sect.	Point	Para.	Com.	Annex	Chap.	Sect.	Point	Para.
2.	2.6.	1st	"A" 3528				1.	2nd	According to Com. "A" 4015 and 4147.
		2nd and last	"A" 4159			3.1.		5th and last	Section 3. of the reporting regime on minimum cash and application of resources. Includes interpretive clarification.
	2.7.		"A" 3528				1.	3rd	According to Com. "A" 4015, 4140, 4549, 4716, 5299 and 6241.
3.	3.1.		"A" 4140	II			1.	2nd
	3.2.		"A" 4311						Includes concept according to points 6. and 7.5. of Com. "A" 2736.
4.	4.1.		"A" 4311
5.	5.1.		"A" 4311
	5.2.		"A" 4311						According to Com. "A" 5093.
	5.3.	1st	"A" 2736				6.		Includes interpretive clarification.
		last	"A" 4311
6.	6.1.		"A" 3987				1.		According to Com. "A" 5560, 5945 and 6069.
	6.2.		"A" 6069				6.
	6.3.		"A" 5945				5.		According to Com. "A" 6069.
7.	7.1.		"A" 4311						According to Com. "A" 5493 and 5892.
	7.2.		“A” 4311						According to Com. “A” 5493 and 5892.

LIQUIDITY COVERAGE RATIO
B.C.R.A.
Section 2. High-quality liquid asset pool.

2.1.12. Observe and report to the Superintendency of Financial and Exchange Institutions the LCR calculated from computations expressed in a single currency -pesos-.

Notwithstanding the foregoing, financial institutions must be able to meet their liquidity needs in each significant currency in which they operate –in accordance with the provisions of point 1.7.– and maintain high-quality liquid assets in accordance with the distribution by currency of their liquidity needs. In particular, they must be able to use the HQLA to generate liquidity in the currency and country in which net cash outflows occur.

For this purpose, they must monitor the LCR corresponding to each of the main currencies in which they operate and report it to the Superintendency of Financial and Exchange Institutions.

2.1.13. Actively manage their positions and intraday liquidity risk, both under normal and stress situations, taking into account that the stress scenario defined in point 1.4. does not contemplate expected or unexpected intraday liquidity needs.

In cases where any HQLA asset ceases to be admissible, the financial institution may keep it in its HQLA for an additional period of 30 days.

2.2. Assets included.

The HQLA may only consist of the following assets -considered as Level 1 (An1)- in portfolio on the date of the LCR computation, regardless of their residual maturity.

2.2.1. Cash on hand, in transit, at Securities Transport Companies (TV) and in ATMs.

2.2.2. Deposits at the Central Bank of the Argentine Republic –including those required by the rules on “Minimum cash”–, excluding amounts in special guarantee accounts.

2.2.3. National public securities in pesos whose trading is authorized in the secondary repo market of the Electronic Open Market (MAE) –as in the REPO Session– or in other secondary repo markets that are broad, deep, active and not very concentrated, and monetary regulation instruments of the Central Bank of the Argentine Republic in pesos.

2.2.4. National public securities in foreign currency whose trading is authorized in the secondary repo market of the Electronic Open Market (MAE) –as in the REPD and READ Sessions– or in other secondary repo markets that are broad, deep, active and not very concentrated, and monetary regulation instruments of the Central Bank of the Argentine Republic in foreign currency; in both cases, up to the amount of net cash outflows in Argentina in that foreign currency.

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B.C.R.A.
ORIGIN OF THE PROVISIONS CONTAINED IN THE RULES ON “LIQUIDITY COVERAGE RATIO”

CENTRAL BANK OF THE ARGENTINE REPUBLIC

	CONSOLIDATED TEXT			ORIGINATING RULE			OBSERVATIONS
Section	Point	Paragraph	Com.	Chap./ Annex	Point	Paragraph
1.	1.1.		“A” 5693		3.		According to Com. “A” 6209.
	1.2.		“A” 5693	sole	1.1.
	1.3.		“A” 5693	sole	1.2.
	1.4.		“A” 5693	sole	1.3.
	1.5.		“A” 5693	sole	1.4.
	1.6.		“A” 5693	sole	1.5.
	1.7.		“A” 5693	sole	1.6.
		1° and 2°	“A” 5693	sole		1° and 2°
2.	2.1.		“A” 5693	sole	2.1.
	2.2.		“A” 5693	sole	2.2.		According to Com. “A” 6241.
3.	3.1.		“A” 5693	sole	3.1.
	3.2.		“A” 5693	sole	3.2.
	3.3.		“A” 5693	sole	3.3.
4.	4.1.		“A” 5693	sole	4.1.
	4.1.1.		“A” 5693	sole			According to Com. “A” 6004.
	4.2.		“A” 5693	sole	4.2.
	4.2.4.		“A” 5693	sole			According to Com. “A” 6004.
	4.3.		“A” 5693	sole	4.3.
	4.4.		“A” 5693	sole	4.5.
	4.4.2.1.		“A” 5693	sole	4.5.		According to Com. "A" 6004.
	4.4.5.		"A" 5693	sole	4.5.		According to Com. "A" 6004.
	4.4.6.1.		"A" 5693	sole	4.5.		According to Com. "A" 6004.
	4.4.6.2.		"A" 5693	sole	4.5.
	4.4.6.3.		"A" 5693	sole	4.5.		According to Com. "A" 6004.
5.	5.1.		"A" 5693	sole	5.1.
	5.2.		"A" 5693	sole	5.2.
6.	6.1.		"A" 5693	sole	6.1.
	6.1.4.2.		"A" 5693	sole	6.1.		According to Com. "A" 6008.
	6.1.4.11.		"A" 5693	sole	6.1.		According to Com. "A" 6004 and 6008.
	6.2.		"A" 5693	sole	6.2.
7.	7.1.		"A" 5693	sole	7.1.
	7.2.		"A" 5693	sole	7.2.
8.	8.1.		"A" 5693	sole	8.1.
	8.2.		“A” 5693	sole	8.2.
9.		sole	“A” 5693	sole		sole