Circular RUNOR 1-1809: Central de Registro y Liquidación de Instrumentos de Deuda Pública, Regulación Monetaria y Fideicomisos Financieros (CRyL). Update

COMMUNICATION “A” 7827 24/08/2023
TO FINANCIAL ENTITIES,
TO ELECTRONIC CLEARING CHAMBERS:
Ref.: Circular
RUNOR 1-1809:
Central de Registro y Liquidación de Instrumentos de Deuda Pública, Regulación Monetaria y Fideicomisos Financieros (CRyL). Update ___________________________________________________________________________ We address you to deliver the sheets that must be incorporated into the reference standards pursuant to the following:

• adjustments in points 3.1. and 3.3.1.,
• modification of the schedule provided in point 5.3.,
• incorporation of point 5.5.,
• adjustment of Section 9., and
• incorporation of Section 12.
  Likewise, it is recalled that on this Institution's website www.bcra.gob.ar, accessing “Financial System – LEGAL AND REGULATORY FRAMEWORK – Orders and Summaries – Ordered texts of general regulations”, the modifications made will be found with texts highlighted in special characters (strikethrough and bold). We salute you respectfully. CENTRAL BANK OF THE ARGENTINE REPUBLIC Candido, Martín Sebastian Briones Rouco, Luis Daniel Manager of Securities and Foreign Exchange Operations Principal Manager of Control and Settlement of Operations
  ANNEX

-IndexSection 1. General rules.
1.1. Creation.
1.2. Nature and object.
1.3. Characteristics of the operation.
Section 2. Operations.
2.1. Instructed by the Ministry of Finance.
2.2. Instructed by the General Sub-manager of Operations of the BCRA.
2.3. Ordered by the holders of registration accounts.
Section 3. Authorizations.
3.1. Authorized subjects.
3.2. Opening of current accounts.
3.3. Classification of registration accounts.
Section 4. Exposure of registration accounts and attention of services.
4.1. Data of registration accounts.
4.2. Payment of services.
Section 5. Transfers between agents.
5.1. Electronic transfer “Free Bilateral” (FT) for Intra-CRyL operations.
5.2. Electronic transfer “Free Formed” (FTC).
5.3. Transfers for guarantee and minimum cash accounts from and to Caja de Valores S.A., through the IDEAR mail system and the Secure Communications System (SCS) on titles not placed by CRyL.
5.4. “Delivery against payment” transfers (DVP).
5.5. “Free of Payment” transfers (FOP).
Section 6. Instructions for daily settlement – FT, FTC and DVP model with negotiation and settlement in CRyL.
6.1. Confrontation.
6.2. Determination of errors.
B.C.R.A.
ORDERED TEXT OF THE NORMS ON "CENTRAL DE REGISTRO Y LIQUIDACIÓN DE INSTRUMENTOS DE DEUDA PÚBLICA, REGULACIÓN MONETARIA Y FIDEICOMISOS FINANCIEROS (CRYL)” Version: 3a. COMMUNICATION “A” 7827 Validity:
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-IndexSection 7. Instructions for contingency settlement.
7.1. “Free formed” transfers (FTC Model).
7.2. “Free” transfers (FT Model).
7.3. Defaults due to insufficient balances.
7.4. Integration and presentation of forms.
7.5. Formulas.
Section 8. Information regime.
8.1. Daily.
8.2. Monthly.
8.3. Others.
Section 9. Tariffs.
Section 10. Forms of presentation.
10.1. Instructions.
10.2. Requests for opening of current and special accounts.
Section 11. Formula models.
11.1. “Delivery against payment” transfer – DVP (Form. 4359).
11.2. “Free formed” transfer – FTC (Form. 4359B).
11.3. “Free” transfer - FT (Form. 4359C).
11.4. Movement of species balances per account.
Section 12. Models of registration account opening notes.
12.1. Generic.
12.2. Used to carry out passive or active swap operations.
Correlation table
B.C.R.A. CENTRAL DE REGISTRO Y LIQUIDACIÓN DE INSTRUMENTOS DE DEUDA PÚBLICA, REGULACIÓN MONETARIA Y FIDEICOMISOS FINANCIEROS (CRYL) Version: 3a. COMMUNICATION “A” 7827 Validity:
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3.1. Authorized subjects.
Will have registration accounts:
a) Entities included in Law 21.526 – “Law on Financial Entities”, which are duly authorized by the BCRA. b) Securities Markets of the country. c) Common Investment Funds whose quota holders are residents in the country. d) National and International Securities Depository Centers. e) Electronic Clearing Chambers (CEC). f) Any institution that in the judgment of the BCRA and/or the Coordinating Body of Financial Administration Systems, proves convenient to give participation. To this end, interested parties must present a note requesting the opening of registration account/s before the Manager of Securities and Foreign Exchange Operations. In the same sense, to carry out their operations they must request the opening of monetary current accounts that they consider necessary. To this effect, they must make such request according to what is established by the Current Accounts Manager.
3.2. Opening of current accounts.
Simultaneously with the authorization of point 3.1., to enable the settlement of “DVP” operations, the BCRA will proceed to the opening of current accounts with restricted activity, in the name of the holders of registration accounts who are not financial entities, under the terms of the Law on Financial Entities.
3.2.1. Permitted operations.
The restricted use current accounts will be enabled for:
3.2.1.1. Accept credits and debits that are not related to the restrictions indicated in points 3.2.2.2. and 3.2.2.3.
3.2.1.2. Accept credits and debits for transfers between current accounts located at the BCRA.
3.2.2. Limitations.
Current accounts will have the following restrictions:
3.2.2.1. Checkbooks will not be delivered to their holders.
3.2.2.2. Their balances will not affect the check and value compensation sessions of the Clearing Houses.
3.2.2.3. Their balances will not affect the active and passive swap operations for the
BCRA.
B.C.R.A.
CENTRAL DE REGISTRO Y LIQUIDACIÓN DE INSTRUMENTOS DE DEUDA PÚBLICA, REGULACIÓN MONETARIA Y FIDEICOMISOS FINANCIEROS (CRYL)
Section 3. Authorizations.
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5.1. Electronic transfer “Free Bilateral” (FT) for Intra-CRyL operations.
This instruction of unilateral and multiple use must be issued by the holder of the cedent account. It will be the obligation of the ordering party to inform the holder of the recipient account, the final beneficiary of the transfer, according to the methodology agreed upon by the holders, except when it concerns movements between accounts of the same holder. “FT” instructions will be received electronically during the hours of 09:00 to 19:00. Instructions not fulfilled due to lack of sufficient balance will be reported to the National Securities Commission (CNV) and to the self-regulated entity that is interested, proceeding to the collection of the corresponding tariffs as established in Section 9.
5.2. Electronic transfer “Free Formed” (FTC).
Instructions for these transfers for the credit of accounts/principals located at Caja de Valores S.A. will be received during the hours of 09:00 to 18:30 and will be taken firm, crediting the registration account of said box, if there is no rejection on its part. The instruction to be sent electronically to Caja de Valores S.A. will be the same one presented by the ordering party of the transfer, so there will be no responsibilities for the CRyL for errors in the mention of the account/principal number to be credited. Instructions not fulfilled due to lack of sufficient balance or those that count with rejections from Caja de Valores S.A., will be reported to the CNV and to the self-regulated entity that is interested, proceeding to the collection of the corresponding tariffs as established in Section 9.
5.3. Transfers for guarantee and minimum cash accounts, from and to Caja de Valores S.A., through the IDEAR mail system and the Secure Communications System
(SCS) on titles not placed by CRyL.
To carry out the constitution of guarantees and/or minimum cash, the Secure Communications System (SCS) provided by Caja de Valores and the IDEAR transfer system are used jointly. This type of transfer will only be available for those IDP where CRyL is not the primary registration agent for them. No other IDP will be accepted for this procedure, nor, under any circumstances, IRM. For this type of operations, CRyL establishes a schedule scheme where the settlement of them will proceed. Settlement schedules: the described operation will consist of 2 rounds of settlement during the course of the day:
B.C.R.A.
CENTRAL DE REGISTRO Y LIQUIDACIÓN DE INSTRUMENTOS DE DEUDA PÚBLICA, REGULACIÓN MONETARIA Y FIDEICOMISOS FINANCIEROS (CRYL)
Section 5. Transfers between agents.
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1st ROUND: 15:00.
2nd ROUND: 18:00.
Instructions not fulfilled due to lack of sufficient balance or failure to comply with procedures, will be reported to the CNV and to the self-regulated entity that is interested, proceeding to the collection of the corresponding tariffs as established in Section 9.
5.4. “Delivery against payment” transfers (DVP Model).
These transfers will be fulfilled if there is sufficient balance in current account and registration account. In case one or both accounts do not have sufficient balance, the instruction, both in currency and in IDP and/or IRM will not be fulfilled. Unfulfilled instructions will be included by the CRyL in successive settlements, until the last one of the day.
5.4.1. DVP Model with negotiation and settlement in CRyL.
“DVP” instructions are bilateral, so they must be issued by the holders of both accounts: of registration and current accounts involved, through integration of Formula 4359 whose model is contained in point 11.1.
5.4.2. DVP Model with negotiation in MAE and settlement in CRyL.
“DVP” instructions are bilateral, so they must be issued by the holders of both accounts: of registration and current accounts involved, respecting the following conditions for their settlement:
a) Settlement schedule: 11.00 to 19.00. b) Participants:

• Be an MAE agent,
• Possess a registration account in CRyL, and
• Current account in pesos and foreign currency at the BCRA.
  c) Intervening accounts: Registration account in CRyL, current account in pesos and in foreign currency. d) Enabled portfolios:
• 01 – “Own”.
• 02 – “Private Sector Custody”.
• 12 – “Public Sector Custody”.
  e) Negotiable species: all species emitted by CRyL.
  B.C.R.A.
  CENTRAL DE REGISTRO Y LIQUIDACIÓN DE INSTRUMENTOS DE DEUDA PÚBLICA, REGULACIÓN MONETARIA Y FIDEICOMISOS FINANCIEROS (CRYL)
  Section 5. Transfers between agents.
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f) Settlement currency: conditional to the accounts maintained by entities in BCRA. g) Receipt of operations: MAE will send the effectively negotiated operations, which will be settled immediately, in case they cannot be settled due to insufficiency of balances in any of the intervening accounts, they will be included in the subsequent settlement processes. h) Settlement schedules:

• 12.00
• 15.00
• 18.00
  i) Operations cannot be deferred. For this reason, operations that until 19 o'clock cannot be settled due to lack of sufficient balance, will be reported to the CNV and to the self-regulated entity that is interested, proceeding to the collection of the corresponding tariffs as established in Section 9.
  5.5. “Free of Payment” transfers (FOP Model).
  These transfers will be fulfilled if there is sufficient balance in registration account. In case one or both accounts do not have sufficient balance, the instruction in IDP and/or IRM will not be fulfilled. Unfulfilled instructions will be included by the CRyL in successive settlements until the last one of the day.
  5.5.1. FOP Model with negotiation in MAE and settlement in CRyL.
  “FOP” instructions are bilateral, so they must be issued by the holders of both accounts: of registration involved, respecting the following conditions for their settlement:
  a) Settlement schedule: 11.00 to 19.00. b) Participants:
• Be an MAE agent, and
• Possess a registration account in CRyL
  c) Intervening accounts: Registration account in CRyL. d) Enabled portfolios:
• 01 – “Own”.
• 02 – “Private Sector Custody”.
• 12 – “Public Sector Custody”.
  B.C.R.A.
  CENTRAL DE REGISTRO Y LIQUIDACIÓN DE INSTRUMENTOS DE DEUDA PÚBLICA, REGULACIÓN MONETARIA Y FIDEICOMISOS FINANCIEROS (CRYL)
  Section 5. Transfers between agents.
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e) Negotiable species: all species emitted by CRyL. f) Receipt of operations: MAE will send the effectively negotiated operations, the which will be settled immediately, in case they cannot be settled due to insufficiency of balances in any of the intervening accounts, they will be included in the subsequent processes of settlement. g) Settlement schedules:

• 12.00
• 15.00
• 18.00
  h) Operations cannot be deferred. For this reason, operations that until 19 hours cannot be settled due to lack of sufficient balance, will be reported to the CNV and to the self-regulated entity that is interested, proceeding to the collection of the corresponding tariffs as established in Section 9. B.C.R.A. CENTRAL DE REGISTRO Y LIQUIDACIÓN DE INSTRUMENTOS DE DEUDA PÚBLICA, REGULACIÓN MONETARIA Y FIDEICOMISOS FINANCIEROS (CRYL)
  Section 5. Transfers between agents.
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The tariffs that will be charged for this operation will be the following:
Concept Amount Parties a) Transfer Model FT. $ 1,400 Ordering party b) Transfer Model FTC (accounts Caja de Valores S.A.). $ 1,400 Ordering party c) Transfer Model DVP and FOP. $ 2,000 Both d) Default Model DVP and FOP. $ 21,000 Both e) Default Model FTC. $ 4,200 Defaulting party f) Default Model FT. $ 4,200 Defaulting party g) General maintenance of registration accounts (deductions will be made from this tariff for the corresponding to transfers carried out during the current month). $ 146,800 per month h) Maintenance of special registration accounts in currency and IEP for custody transactions. $ 73,400 per month i) Primary placement settlement. Free of charge. j) Amortization and income settlement. Free of charge. k) Custody of holdings. Free of charge. Transfers included in points a) and b) of the previous table will be exempt from this tariff when they are ordered on the days when the primary auctions of the BCRA and the National Government take place so that the holdings produced by them can be transferred to their corresponding Collective Deposit Agents. The classifications of the registration accounts of points g) and h) of the previous table will be carried out according to what is established in Section 3. The charge will be effected per due month, within the first 10 calendar days of the following month. All tariffs will be collected by direct debit in the current accounts opened at the BCRA. B.C.R.A. CENTRAL DE REGISTRO Y LIQUIDACIÓN DE INSTRUMENTOS DE DEUDA PÚBLICA, REGULACIÓN MONETARIA Y FIDEICOMISOS FINANCIEROS (CRYL)
Section 9. Tariffs.
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12.1. Generic.
Autonomous City of Buenos Aires, ... of ……. of 20...
To THE CENTRAL BANK OF THE ARGENTINE REPUBLIC
Manager of Securities and Foreign Exchange Operations Present.
Of our highest consideration:
In my capacity as (title in which representation is exercised) ………. of (name of the financial entity) ………. I hereby state that the financial entity I represent requests the opening of a registration account in the Central de Registro y Liquidación de Instrumentos de Deuda Pública, Regulación Monetaria y Fideicomisos Financieros (CRyL). The reason why this request is submitted is based on ….. (give a brief explanation of the reason that prompts the request for opening of the registration account). Attentive to this, it is informed that the number assigned to the financial entity is: …. (indicate), the number assigned by the Current Accounts Manager is: ….. (indicate) and the denomination to be assigned to the account is: …. (indicate) Likewise, we declare to know and accept the conditions established in the norms on Central de Registro y Liquidación de Instrumentos de Deuda Pública, Regulación Monetaria y Fideicomisos Financieros (CRyL) – Communication “A” 6621, modifications and complements. The contact data are detailed below for the purpose of maintaining fluid communication:
1) Last name and first name/s, email, phone, etc.
2) Last name and first name/s, email, phone, etc.
We salute you respectfully.
SIGNATURE 1 SIGNATURE 2
12.2. Used to carry out passive or active swap operations.
Autonomous City of Buenos Aires, ... of …….. of 20...
To THE CENTRAL BANK OF THE ARGENTINE REPUBLIC
Manager of securities and Foreign Exchange Operations Present.
B.C.R.A.
CENTRAL DE REGISTRO Y LIQUIDACIÓN DE INSTRUMENTOS DE DEUDA PÚBLICA, REGULACIÓN MONETARIA Y FIDEICOMISOS FINANCIEROS (CRYL)
Section 12. Models of registration account opening notes.
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Of our highest consideration:
In my capacity as (title in which representation is exercised) ………. of (name of the financial entity) ………. I hereby state that the financial entity I represent requests the opening of a registration account in the Central de Registro y Liquidación de Instrumentos de Deuda Pública, Regulación Monetaria y Fideicomisos Financieros (CRyL). The reason why this request is submitted is based on to participate in the passive (or active) swap operations of the BCRA with allocation of the underlying assets to be determined. Attentive to this, it is informed that the number assigned to the financial entity is: ….(indicate), the number assigned for these operations by the Current Accounts Manager is: …. (indicate) and the denomination to be assigned to the account is: ….… (indicate) Likewise, we declare to know and accept the conditions established in the norms on Central de Registro y Liquidación de Instrumentos de Deuda Pública, Regulación Monetaria y Fideicomisos Financieros (CRyL) – Communication “A” 6621, modifications and complements. As well as what is established in Com. “A” 4399 and 4143, complementary and modifying. We also request the BCRA on behalf of our represented parties, to proceed to credit and debit in the CRyL accounts the titles resulting from the settlements proper of the operations negotiated, as well as to proceed to debit and credit in the current accounts in pesos at the BCRA, the amounts that result as counterpart of the movements that occur in the CRyL, for equal operations negotiated. Finally, we accept that any controversy resulting from the operation to which adherence is given will be subject exclusively to the Courts of the Autonomous City of Buenos Aires that integrate the Federal Justice, renouncing to any other court, forum, jurisdiction or mechanism of dispute resolution that might correspond. The contact data are detailed below for the purpose of maintaining fluid communication:
1) Last name and first name/s, email, phone, etc.
2) Last name and first name/s, email, phone, etc.
We salute you respectfully.
SIGNATURE 1 SIGNATURE 2
B.C.R.A.
CENTRAL DE REGISTRO Y LIQUIDACIÓN DE INSTRUMENTOS DE DEUDA PÚBLICA, REGULACIÓN MONETARIA Y FIDEICOMISOS FINANCIEROS (CRYL)
Section 12. Model of registration account opening notes.
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B.C.R.A. CENTRAL DE REGISTRO Y LIQUIDACIÓN DE INSTRUMENTOS DE DEUDA PÚBLICA, REGULACIÓN MONETARIA Y FIDEICOMISOS FINANCIEROS (CRYL) ORIGINAL TEXT NORM OBSERVATIONS
Section Point Annex Com. Cap Point Paragraph

1. “A” 3191 According to Com. “A” 6621.
2. “A” 3191 According to Com. “A” 6621.
3. “A” 3191 According to Com. “A” 3253, 6621,
   7736 and 7827.
4. “A” 3191 According to Com. “A” 6621.
5. “A” 3191 According to Com. “A” 6331, 6621,
   7827 and “B” 12245.
6. “A” 3191 According to Com. “A” 6621.
7. “A” 3191 According to Com. “A” 6621.
8. “A” 3191 According to Com. “A” 6621.
9. “A” 3191 According to Com. “A” 3254, 6138,
   6621, 7283, 7494, 7681 and 7827.
10. “A” 3191 According to Com. “A” 6621.
11. “A” 3191 According to Com. “A” 6621.
12. “B” 12470