Circular RUNOR 1-1892: Exchange Operators. Adjustments.

"Year of the Reconstruction of the Argentine Nation" COMMUNICATION "A" 8219 20/03/2025 TO EXCHANGE OPERATORS:
Ref.: Circular
RUNOR 1-1892:
Exchange Operators. Adjustments.
___________________________________________________________________________ We address you to inform you that this Institution has adopted the resolution that, in its pertinent part, establishes:

"- Incorporate into point 1.5 of the consolidated text on Exchange Operators, the following:

'Sales made to financial entities in order to comply with what is established in point 5.9.2 of the consolidated text on Foreign Exchange and Changes shall not be subject to the limitation established in the preceding paragraph, up to the amount operated of purchases (net of sales) to clients not affiliated with the operator.'"

Regarding this, we provide you with the sheets that, in replacement of those previously provided, must be incorporated into the consolidated text referenced. In this sense, we remind you that on this Institution's website www.bcra.gob.ar, by accessing "Financial System - LEGAL AND REGULATORY FRAMEWORK - Consolidations and summaries - Consolidated texts of general regulations," the modifications made with text highlighted in special characters (strikethrough and bold) will be found.

We remain at your service.
CENTRAL BANK OF THE ARGENTINE REPUBLIC
Enrique C. Martin Marina Ongaro
Manager of Emission
General Manager of Financial Regulation

ANNEX

1.4. Advertising.
In advertising and documentation, offers or references that are inaccurate, misleading, or improper may not be included, nor may the support or guarantee of the BCRA be invoked for the operations. In case human persons operate in public on behalf of an authorized operator, they must be duly identified through elements that unequivocally associate them with said operator –such as vests, caps, signs, etc.–.

1.5. Other provisions.
Legal entities authorized to operate in exchange must observe the Consolidated Text on Foreign Exchange and Changes that apply, including fulfilling the requirements for identification of their clients and registration of operations before the BCRA according to the corresponding information regime. In particular, they must maintain an operational level no lower than the minimum established. The minimum operational level that must be registered per calendar quarter –with clients not affiliated with the exchange operator according to point 1.2.2 of the Consolidated Text on Large Exposures to Credit Risk and/or entities not authorized to operate in exchange– shall be an amount equivalent to 10% of the minimum computable net worth required at the start of each period and shall correspond to at least 120 operations. Additionally, the total monthly amount of foreign currency sales to entities authorized to operate in exchange and to clients affiliated with the exchange operator shall not exceed the total amount of foreign currency sales to the remaining clients recorded in the previous month. Sales made to financial entities in order to comply with what is established in point 5.9.2 of the Consolidated Text on Foreign Exchange and Changes shall not be subject to the limitation established in the preceding paragraph, up to the amount operated of purchases (net of sales) to clients not affiliated with the operator.

B.C.R.A. EXCHANGE OPERATORS
Section 1. Activity.
Version: 4th COMMUNICATION "A" 8219 Validity:
21/03/2025 Page 2

9.1. The ROC is suspended for legal entities that request authorization starting from 01/09/19.

B.C.R.A. EXCHANGE OPERATORS
Section 9. Transitional provisions.
Version: 8th COMMUNICATION "A" 8219 Validity:
21/03/2025 Page 1

CONSOLIDATED TEXT ORIGIN OF THE PROVISIONS CONTAINED IN THE CONSOLIDATED TEXT ON EXCHANGE OPERATORS OBSERVATIONS Sec. Point Para. Com. Annex Chap. Sec. Point Para. 1.
1.1. "A" 6443 1. According to Com. "A" 6999.
1.2. "A" 90 XVI 1.13. According to Com. "A" 422, 6053 and 6443.
1.3. "A" 6443 According to Com. "A" 6999.
1.4. "A" 90 XVI 1.9. According to Com. "A" 422 and 6443.
1.5. "A" 90 XVI 1.10.1. and 1.10.1.4. According to Com. "A" 422, 4557, 6053, 6378, 6443, 7584, 7901 and 8219.
2.
2.1. "A" 90 XVI 1.1.1. According to Com. "A" 422, 6053, 6443 and 8131.
2.2. "A" 90 XVI 1.1.1. and 1.1.2. According to Com. "A" 422, 6053, 6304 and 6443.
2.2.1. "A" 6443 According to Com. "A" 6999, 7655, 7901 and 8131.
2.2.2. "A" 6443 According to Com. "A" 6999, 7655, 7901 and 8131.
2.2.3. "A" 6443
2.3. "A" 90 XVI 1.2.1.2. and 1.10.1.10.1. According to Com. "A" 422, 4557, 6053, 6094, 6378, 6443 and 7655.
2.4. "A" 90 XVI 1.11. According to Com. "A" 422, 6053 and 6094 and 6443.
2.5. "A" 6094 4. According to Com. "A" 6443, 7008 and 7901.
2.6. 1° "A" 6443
2° "A" 90 XVI 1.3.3. According to Com. "A" 422, 1863, 2744, 3795, 5806, 6094, 6378 and 6443.
1.5.3.
3° "A" 90 XVI 1.3.3. According to Com. "A" 422, 1863, 2744, 3795, 5806, 6094, 6378 and 6443.
1.5.3.
4º "A" 6850 3.
5º "A" 6850 3.
6º "A" 6850 3.
7º "A" 6850 3.
8° "A" 6443
3.
3.1. "A" 90 XVI 1.3.1.1., 1.3.1.2. and 1.3.1.3. According to Com. "A" 422, 1677, 1790, 1863, 2744, 3795, 5806, 6053, 6094, 6220, 6443, 6850 and 7584.
3.2. "A" 6850 1.
4. "A" 6443 2. According to Com. "A" 6999.
5.
5.1. "A" 6850 2.
5.2. "A" 6850 2.
5.3. "A" 6850 2.
5.4. "A" 6850 2. According to Com. "B" 11966.

B.C.R.A. ORIGIN OF THE PROVISIONS CONTAINED IN THE CONSOLIDATED TEXT ON EXCHANGE OPERATORS OBSERVATIONS Sec. Point Para. Com. Annex Chap. Sec. Point Para. 6.
6.1. "A" 7655 2. According to Com. "A" 8131.
6.2. "A" 7655 2.
6.3. "A" 7655 2.
7. "A" 6999 3.
8. 8.1. "A" 6999 3.
8.2. "A" 6999 3.
9. 9.1. "A" 6770 22. According to Com. "A" 6856.