Circular RUNOR 1-412: Regulation of the Central Registration and Clearing System for Public Debt Instruments (CRYL). Consolidated Text

BANCO CENTRAL DE LA REPUBLICA ARGENTINA
________________________________________________________________________________ COMMUNICATION "A" 3191 05/12/00 ________________________________________________________________________________ TO FINANCIAL ENTITIES:
Ref.: Circular
RUNOR 1 - 412.
Regulation of the Central Registration and Clearing System for Public Debt Instruments "CRYL". Consolidated Text.

We address you to deliver the consolidated text to date of the norms issued by this Institution that are applicable to the subject of reference.
Likewise, it is noted that an indicative table of the origin of the provisions included in said consolidation is not attached, given that they arise from those made known by Communication "A" 2426 and from adjustments in the text derived from their consolidation and interpretative clarifications. The Annex to this Communication will be available in printed form and on the Internet site of the Central Bank of the Republic Argentina from 11/12/00 (www.bcra.gov.ar), by accessing the option "Regulations" and then "Search for BCRA communications". We greet you very attentively. BANCO CENTRAL DE LA REPUBLICA ARGENTINA

Raúl Omar Planes Héctor O. Biondo
Open Market Manager General Manager of Operations

ANNEX: 27 pages
With copies to exchange houses, agencies and brokers, stock brokers, non-financial entities issuing credit cards in the "closed system" modality and to trustees of financial trusts included in the Financial Entities Law.

B.C.R.A. CONSOLIDATED TEXT OF THE NORMS ON THE CENTRAL REGISTRATION AND CLEARING OF PUBLIC DEBT INSTRUMENTS "CRYL" -Index
Section 1. General Norms.
1.1. Creation.
1.2. Nature and Object.
1.3. Characteristics of the Operation.
Section 2. Operations.
2.1. Instructed by the Secretariats of Treasury and Finance.
2.2. 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 Service Attention.
4.1. Data of Registration Accounts.
4.2. Payment of Services.
Section 5. Transfers between Agents.
5.1. Integration and Presentation of Forms.
5.2. Settlement Deadlines for Transfers.
5.3. Imputation of Bilateral Transfers.
5.4. Defaults due to Insufficient Balances.
5.5. Forms.
Section 6. Instructions for Daily Clearing and Settlement.
6.1. Transfers "Delivery versus Payment" (DVP Model).
6.2. Transfers "Free of Delivery and Payment" (FD&P Model).
6.3. Transfers "Free of Payment" (FOP Model).
6.4. Transfers "Free Bilateral" (FT - Bilateral Model).
6.5. Matching Controls and Settlement of Transfers.
6.6. Settlement Process.
Section 7. Instructions for Clearing and Settlement Outside the Daily Process.
7.1. Generalities.
7.2. Transfers "Free Consolidated" (FTC Model).
7.3. Transfers "Free" (FT Model).
Version: 1st Communication "A" 3191 Validity:
05.12.00

B.C.R.A. CONSOLIDATED TEXT OF THE NORMS ON THE CENTRAL REGISTRATION AND CLEARING OF PUBLIC DEBT INSTRUMENTS "CRYL"
Section 8. Transfers with Caja de Valores S.A.
8.1. Transfers "Free Consolidated" (FTC) for accounts located in
Caja de Valores S.A.
8.2. Transfers "Free Consolidated" (FTC) from Caja de Valores S.A. for
the credit of accounts located in the "Central Registration and Clearing System for Public Debt Instruments" (CRYL).
Section 9. Information Regime.
9.1. Daily.
9.2. Monthly.
9.3. Others.
Section 10. Tariffs.
Section 11. Forms of Presentation of Documents.
11.1. Of Instructions.
11.2. Of Requests for Opening of Current and Special Accounts.
Section 12. Models of Forms.
12.1. Transfer "Delivery versus Payment" – DVP/FD&P (Form.4359).
12.2. Transfer "Free of Payment" – FOP/FT Bilateral (Form.4359A).
12.3. Transfer "Free Consolidated" – FTC (Form. 4359B).
12.4. Transfer "Free" - FT (Form. 4359C).
12.5. Movement of Securities Balances by Account (daily or monthly).
Version: 1st Communication "A" 3191 Validity:
05.12.00

Section 1. General Norms.
1.1. Creation.
The creation of the "Central Registration and Clearing System for Public Debt Instruments" (CRYL), under the jurisdiction of the Central Bank of the Republic Argentina, was ordered by the Secretariat of Treasury in accordance with what is established in Executive Decree No. 340/96.

1.2. Nature and Object.
CRYL shall have as its object to enable counterparty accounts for the purpose of registering the primary placement and the transfers between accounts that are ordered by their holders. These counterparty accounts, in which amortizations and the payment of income services will also be reflected, shall be called registration accounts. The participation of the Central Bank of the Republic Argentina as administrator of the system shall in no case signify granting financing to the National Treasury or to any of the participants for the operations they carry out, in accordance with current legislation.

1.3. Characteristics of the Operation.
The collective book-entry titles representing PUBLIC DEBT INSTRUMENTS (PDI), whose primary placement is instructed by the Secretariats of Treasury and Finance, shall be deposited in custody at the Central Bank of the Republic Argentina. Version: 1st Communication "A" 3191 Validity:
05.12.00

Section 2. Operations.
2.1. Instructed by the Secretariats of Treasury and Finance.
It comprises the settlement and registration of the primary placements of Public Debt Instruments "PDI", their amortization and payment of income services.

2.2. Ordered by the holders of registration accounts.
2.2.1. Free Transfers and Payments.
It refers to the registration of FT and FOP instructions.

2.2.2. "Delivery versus Payment" (DVP) Transfers.
The settlement and registration of instructions for these transfers between registration accounts are conditioned upon the verification of simultaneous payment.

2.2.3. "Free of Delivery and Payment" (FD&P) Transfers.
The settlement and registration of instructions for these transfers between registration accounts are those that consider, independently, the transfer of the instrument and its payment.
Version: 1st Communication "A" 3191 Validity:
05.12.00

Section 3. Authorizations.
3.1. Authorized Subjects.
Agents participating in self-regulated markets that do not have their own clearing systems, securities markets, and Caja de Valores S.A. shall have registration accounts.
To this end, interested parties must submit a note requesting the opening of registration account(s) to the Current Accounts and Securities Clearing Manager and the Open Market Manager.

3.2. Opening of Current Accounts.
Simultaneously with the authorization of point 3.1., in order to enable the settlement of "DVP" and "FD&P" operations, the Central Bank of the Republic Argentina shall proceed to the opening of current accounts with restricted activity, in the name of registration account holders that are not financial entities, in accordance with the Financial Entities Law.

3.2.1. Permitted Operations.
The restricted-use current accounts shall be authorized for:
3.2.1.1. Accepting 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. Accepting deposits in pesos and US dollars via transfer to correspondent banks of the Central Bank of the Republic Argentina authorized for this purpose.
3.2.1.3. Accepting credits and debits for transfers between current accounts located at the Central Bank of the Republic Argentina.
3.2.1.4. Accepting credits and debits for transfer of US dollars from and to the New York market.

3.2.2. Limitations.
Current accounts shall have the following restrictions:
3.2.2.1. Checkbooks shall not be delivered to their holders.
3.2.2.2. Their balances shall not affect the clearing sessions of checks and securities of the Clearing Houses.
3.2.2.3. Their balances shall not affect the active and passive swap operations for the Central Bank of the Republic Argentina.
Version: 1st Communication "A" 3191 Validity:
05.12.00

Section 3. Authorizations.
3.3. Classification of Registration Accounts.
Each CRYL participant shall have registration accounts based on who are the holders of the registered PDI:

3.3.1. Proprietary Portfolio.
The number corresponding to this registration account shall be formed by the current account number (5 digits) followed by "01", totaling 7 digits, and shall be authorized for all participating agents of CRYL.

3.3.2. Custodial Portfolio.
The number corresponding to this registration account shall be formed by the current account number followed by "02", and shall be authorized for financial entity agents to globally register their clients' holdings.

3.3.2.1. Special Accounts for Financial Entities Acting as Custodian and Registration Agent.
Additionally, banking entities that meet the requirements established by the norms on "Performance of Custodian and Registration Agent Functions" may request the opening of special currency accounts associated with special registration accounts, in their name, for the purpose of individually registering the transactions of their custodied clients, independently of the set operating in the "Registration Account 02". a) For these special cases, a limited quantity of sets of accounts shall be enabled, as allowed by the operational possibilities of the systems in activity. The main numbering of each pair of accounts shall be the same, with the addition of "99" for the registration account. b) Both special accounts, whose holder is always the bank and which shall be used exclusively to record movements of individual custodied clients, shall be moved through any of the instruments processed in CRYL. c) In the case of special currency accounts, transfers instructed through the Electronic Payment Medium (MEP) shall also be accepted, in accordance with the instructions given to each applicant at the time of opening. Version: 1st Communication "A" 3191 Validity:
05.12.00

Section 3. Authorizations.
d) Entities must have an express declaration from their custodied clients, whose holdings are registered both in the global "02" account and in the individual ones, indicating that their PDI remain registered in the custodian entity and are not transferred to Caja de Valores S.A., in accordance with the law on deregulation for the purchase of private securities in the income tax and the provisions contained in the regulatory decree of the functioning of Caja de Valores S.A. e) The balances registered and the movements carried out by custodian or depositary entities in their global registration accounts ending in "02" and special accounts for individual use, must be consistent with the analytical registrations in the sub-accounts opened for each client who maintains their holdings in the entity, according to the corresponding supporting documentation. The analytical records must be kept by security and client. At least quarterly, the custodian or depositary financial entity must send to each client an account summary in which, at a minimum, the movements and balances by security registered in the period under report are recorded.

3.3.3. Transitional Portfolio.
The number corresponding to this registration account shall be formed by the current account number followed by "03" and shall be authorized for entities when they do not have an express declaration from their custodied clients indicating that their PDI remain registered in the global account "02" or in the individual ones in the custodian entity. This transitional bridge account has the object of receiving from clients the PDI that are deposited in Caja de Valores S.A. and that must be settled by the agent through any of the instruments enabled by CRYL, or to temporarily receive PDI for clients, upon the settlement of those instruments, destined to Caja de Valores S.A.

3.3.4. Institutionalized Depositaries.
The number corresponding to this registration account shall be formed by the current account number followed by "04", and shall be authorized for general use by Securities Markets and Caja de Valores S.A. Registration Accounts opened in the name of the same agent shall function independently. The transfer of PDI between accounts of the same agent must be carried out through the presentation of FT instructions. Version: 1st Communication "A" 3191 Validity:
05.12.00

Section 4. Exposure of Registration Accounts and Service Attention.
4.1. Data of Registration Accounts.
Registration Accounts shall show:
4.1.1. In residual nominal values (RNV), the movements and balances by security of PDI.
4.1.2. In pesos and foreign currency, the credits for payment of amortization and income, and, simultaneously, the indicative debits of the automatic transfer of said concepts to the current account of the holder of the registration account.

4.2. Payment of Services.
The payment of amortization and income services shall be made upon the opening of the operations, being available in current accounts prior to the settlement of primary placements and other instructions. Version: 1st Communication "A" 3191 Validity:
05.12.00

Section 5. Transfers between Agents.
5.1 Integration and Presentation of Forms.
Transfers between agents, depending on the modality, "Delivery versus Payment" (DVP Model), "Free of Delivery and Payment" (FD&P Model), "Free of Payment" (FOP Model), "Free Consolidated Transfer" (FTC Model) and "Free Transfer" (FT Model), shall observe as a general rule of character that all forms are presented completely integrated, with clear text without scratches or amendments, and signed in accordance with the specifications found in the Register of Signatures for fund availability of entities at the Central Bank of the Republic Argentina.

5.2. Settlement Deadlines for Transfers.
5.2.1. Of Unilateral Ones
In all cases, they shall be settled on the date of presentation.

5.2.2. Of Bilateral Ones.
5.2.2.1. Bilateral transactions must be settled, at minimum, 24 hours in advance, and must be presented until 16:00 on the day prior to the settlement date, and the result of the matching control ("prematching") shall be informed from 17:30 of that same day.

5.2.2.2. Bilateral instructions to be settled at 48 and 72 hours shall be received by CRYL until 12:00 on the day following the agreement, and from 14:00 of the same day, participants shall be informed about the instructions that did not pass the "prematching".

5.3. Imputation of Bilateral Transfers.
Bilateral instructions must inform whether it is a market operation or a custody operation. It shall only correspond to inform "Operation Class: Custody" when the bilateral instruction does not correspond to the settlement of a market operation and, at least, one of the intervening agents reports a registration account ending in "02" or a registration account for individual use of custodied clients. Version: 1st Communication "A" 3191 Validity:
05.12.00

Section 5. Transfers between Agents.
5.4. Defaults due to Insufficient Balances.
If defaults due to insufficient balance in current account or registration account occur, it shall be reported to the National Securities Commission and to the market in which they act, with the relevant specifications, for them to deem appropriate. Notwithstanding that it is an instruction "Operation Class: Custody" and the counter-value in currency is moved in the special current account opened in the name of the agent for special use of custodied clients, the corresponding tariffs, including those originating in defaults, shall be debited in the official current account of the banking entity agent.

5.5. Forms.
The presentation of printed forms by the holders of registration accounts is authorized, provided they respect the "A4" size and the distribution of the contained information. Bilateral models may be divided by registration account into two prints, one instruction informing purchases or deposits and another informing sales or deliveries. In these cases, the header of the model must be repeated. Version: 1st Communication "A" 3191 Validity:
05.12.00

Section 6. Instructions for Daily Clearing and Settlement.
6.1. "Delivery versus Payment" (DVP Model) Transfers.
6.1.1. Conditions for Compliance.
These transfers shall be fulfilled if there is sufficient balance in the current account and in the registration account. In case that one or both accounts do not have sufficient balance, the instruction, both in currency and in PDI, shall not be fulfilled. The unfulfilled instructions shall be included by CRYL in successive settlements, until the last one of the next business day.

6.1.2. Affectation of the Debited Account.
The registration account that accepts the debit shall be affected until the last settlement of the next business day, except if there is an order from its holder, through a note with authorized signature addressed to CRYL, withdrawing the instruction from the settlement processes. This instruction must also be confirmed by the counterparty involved in the operation through a note with authorized signature addressed to CRYL.

6.1.3. Character of "DVP" Instructions.
"DVP" instructions are bilateral, so they must be issued by the holders of both accounts: registration and current accounts involved, through the integration of Form 4359 whose model is included in point 12.1. of Section 12. Primary placements are exempt from this requirement, which shall only be reported by the Secretariat of Treasury and/or Secretariat of Finance.

6.2. "Free of Delivery and Payment" (FD&P Model) Transfers.
6.2.1. Conditions for Compliance.
These shall be fulfilled on the settlement date, if there is sufficient balance in the current account and in the registration account. In case that the balance of both accounts or of any of them turns out to be insufficient, the instruction shall not be fulfilled or shall be fulfilled for the part that accepts the debit. The unfulfilled instruction (currency or instrument, or both accounts) shall be included by CRYL in successive settlements, until the last one of the next business day.

6.2.2. Affectation of the Debited Account.
The account that accepts the debit shall be affected until the last settlement of the next business day, except if there is an order from the holder of the account that accepted the debit, through a note with sufficient signature addressed to CRYL, withdrawing the pending instruction from the settlement of the counterparty. Version: 1st Communication "A" 3191 Validity:
05.12.00

Section 6. Instructions for Daily Clearing and Settlement.
6.2.3. Character of "FD&P" Instructions.
"FD&P" instructions are bilateral, so they must be issued by the holders of both registration accounts and current accounts involved, through the integration of Form 4359 whose model is attached in point 12.1. of Section 12.

6.3. "Free of Payment" (FOP Model) Transfers.
6.3.1. Conditions for Compliance.
These transfers include only transactions with PDI, independent of their counter-value in currency.
They shall be fulfilled if there is sufficient balance to accept the debit in the registration account of the ordering holder.
If insufficient balance is verified at the time of settlement, the instruction shall be included by CRYL in successive settlements, until the last one of the next business day.

6.3.2. Affectation of the Debited Account.
The account that accepts the debit shall be affected until the last settlement of the next business day, except if there is an order from the holder of the account to be credited, through a note with authorized signature addressed to CRYL, withdrawing the instruction from the settlement processes. This instruction must also be confirmed by the counterparty involved in the operation through a note with authorized signature addressed to CRYL.

6.3.3. Character of "FOP" Instructions.
"FOP" instructions are bilateral, so they must be issued by the holders of the buyer and seller registration accounts, through the presentation of Form 4359A whose model is included in point 12.2. of Section 12.

6.4. "Free Bilateral" (FT - Bilateral Model) Transfers.
6.4.1. Conditions for Compliance.
These transfers include only transactions with PDI. They shall be fulfilled if there is sufficient balance to accept the debit in the registration account of the ordering holder. If insufficient balance is verified at the time of settlement, the instruction shall be included by CRYL in successive settlements, until the last one of the next business day. Version: 1st Communication "A" 3191 Validity:
05.12.00

Section 6. Instructions for Daily Compensation and Liquidation

6.4.2. Affectation of the Debited Account

The account accepting the debit shall be affected until the last settlement of the following business day, unless there is an order from the holder of the account to be credited, via a note with sufficient signature addressed to the CRYL, withdrawing the instruction from the settlement processes. This instruction must also be confirmed by the counterparty involved in the operation via a note with authorized signature addressed to the CRYL.

6.4.3. Nature of “FT - Bilateral” Instructions

“FT - Bilateral” instructions must be issued by the holders of the receiving and transferring registration accounts, by presenting Form 4359A, the model of which is included in point 12.2. of Section 12.

6.5. Matching Controls (“prematching”)

6.5.1. Confrontation

It will be carried out based on the total information received from both parties. For these purposes, unique records will be constructed formed by the following data, which must be entirely identical:

• Presentation Model.
• Date of agreement (DVP; FD&P and FOP) or presentation (FT-Bilateral).
• Settlement Date.
• Registration account number of the selling or transferring party.
• Registration account number of the buying or receiving party.
• Type of operation (market or custody).
• Code of the involved instrument.
• Quantity of residual nominal values.
• Amount of the counter-value in currency (except for FOP and FT - Bilateral instructions).

6.5.2. Determination of Errors

If errors are detected in the matching control, the observed instructions will be replaced by the party or parties that committed the error. For this purpose, a replacement instruction (Form 4359 or 4359A - replacement option) must be presented, fully integrated, maintaining the same date of agreement and settlement as the original, until 16:00 on the day the lack of match is reported. Replacements of the instructions observed in the second daily matching control, which will be the first for instructions settled at 24 hours, will be received until 17:30, and if the lack of match persists, corrections of the instructions to be settled the next day will be received until 19:00. If the lack of match persists, the instruction will not be presented in the settlement processes to be carried out on the following business day. If the maintenance of the instruction is insisted upon, it must be presented again by both parties for another settlement date.

Version: 1st. Communication “A” 3191 Validity: 05.12.00

Section 6. Instructions for Daily Compensation and Liquidation

6.6. Settlement Process

6.6.1. Multilateral Compensation and Consolidation of Amounts

6.6.1.1. Successful Matching Control

First, a preliminary multilateral compensation will be carried out to obtain consolidated amounts (debits minus credits), for the set of “DELIVERY AGAINST PAYMENT” instructions (Model DVP), “FREE OF PAYMENT” (Model FOP) and “BILATERAL FREE TRANSFER” (Model FT - Bilateral), enabled to be settled on the date having passed the matching control (“prematching”). These amounts will be approximated to the balances registered by each agent in the current account and in each instrument in the registration account, as applicable. If all instructed movements are accepted, they will be accounted for analytically.

6.6.1.2. Insufficient Balances in Current and/or Registration Accounts. Impossibility to Compensate.

The non-acceptance of debits in current and/or registration accounts due to insufficient balance will result in the temporary withdrawal from compensation of instructions that, in the judgment of the CRYL, cause the least “cascade” effect, making the greatest efforts to ensure that “DVP” instructions and those failed in previous processes are withdrawn last.

6.6.1.3. New Compensation with Instructions Not Affected by the Process Detailed in the Previous Point

With the instructions that remain, a second preliminary compensation will be carried out to determine the secondary effects of the withdrawal of instructions. The instructions observed for insufficient balance in current and/or registration accounts in the first preliminary compensation and the instructions that might be affected by the first step of the “cascade” effect in the second preliminary compensation will be reported to the interested parties so that they adopt the measures they deem appropriate to cover the accounts whose insufficient balance causes the temporary rejections. This information will be supplied to the interested entities between 9:00 and 12:00. Subsequently, “Consolidated” transfers (Model FTC) of IEP and currency operations (cash deposit in current account, active swap operations for the Central Bank of the Argentine Republic, etc.) aimed at crediting accounts with insufficient balance will be received and processed.

Version: 1st. Communication “A” 3191 Validity: 05.12.00

Section 6. Instructions for Daily Compensation and Liquidation

6.6.1.4. Final Round of Compensation

Having concluded the processes described in points 6.6.1.1. to 6.6.1.3., the consolidated amounts are approximated again, and if accepted in their entirety, the accounting entry of the received instructions at the analytical level will proceed. Otherwise, instructions that, in the judgment of the CRYL, produce the least “cascade” effect, in terms of the number of instructions that can be reached, will be rejected, making the greatest efforts to ensure that “DVP” instructions and those failed in previous processes are withdrawn last.

6.6.1.5. Effects of Compensation on Involved Accounts

During the compensation procedure, current and registration accounts will be affected by the debits in process of execution. DVP operations that could not be fulfilled will remain affected in the same account until the instruction is settled, withdrawn, or definitively rejected.

6.6.1.6. Effects of Settled Instructions

Accepted instructions will take effect on current and/or registration account balances immediately after being settled.

6.6.1.7. Effects of Instructions Not Settled

Instructions that are not settled and remain valid because they have not been withdrawn by the holders of the affected accounts will be processed again at 15:30, based on the balances available in current and registration accounts at that time. Transfers that were not settled at their maturity will be presented in the 12:00 settlement process of the following business day. If they maintain their status as failed, they will be incorporated into subsequent processes. Instructions not settled by 15:30 on the day following their maturity will be definitively rejected.

6.6.1.8. Effects of Failures of Instructions

Instructions failed on the maturity date and those maintaining that status by 15:30 on the following business day will be reported to the National Securities Commission and the self-regulated entity involved.

Version: 1st. Communication “A” 3191 Validity: 05.12.00

Section 6. Instructions for Daily Compensation and Liquidation

6.6.2. Compensation and Settlement of Primary Placements

Primary placements against balance in current account or deposit of US dollars in accounts abroad will be settled at the times established in the issuance conditions, with priority over other instructions for the date that are in the settlement process. In all cases, the primary placement will be credited to the “Registration Account 01” of the agent, who must present on the business day following the adjudication made by the corresponding issuing body, the transfers (Models FT) for the corresponding registration accounts. These transfers will form part of the primary placement.

Version: 1st. Communication “A” 3191 Validity: 05.12.00

Section 7. Instructions for Compensation and Liquidation Outside the Daily Process

7.1. Generalities

These instructions comprise movements of IEP between registration accounts and will be registered outside the daily compensation process, except when they have the characteristic of “Consolidated” and aim to overcome insufficient balances in registration accounts to allow such compensation.

7.2. “Consolidated Free” Transfers (Model FTC)

This instruction (Form 4359B – point 12.3. of Section 12.) of unitary use will be received by the CRYL during the hours of 13:00 to 18:30 and, after verifying the signatures of the holders and confirming the balance of the transferring registration account, will be settled at the moment of presentation. Rejections due to incorrect signatures and/or insufficient balance in the registration account, as well as the confirmation of the instructed transfer, will be communicated at the moment of receipt of the instruction by the presenter. The confirmation or rejection will be instrumented by delivering to the presenter a photocopy of the paper form enabled for this purpose, with the corresponding record by the CRYL authorities. FTC presentations aimed at covering insufficient balances in registration accounts to enable the settlement of bilateral instructions will be processed during the hours of 10:00 to 12:00.

7.3. “Free” Transfers (Model FT)

This instruction (Form 4359C - point 12.4. of Section 12.) of unilateral and multiple use must be issued by the holder of the transferring account. In the case of credits to registration accounts with termination “02” (Third-party Holdings), it will be the obligation of the orderer to inform the holder of the receiving account of the final beneficiary of the transfer, according to the methodology agreed upon by the holders, except when dealing with movements between accounts of the same holder. “FT” instructions will be received during the hours of 13:00 to 18:30 and will be settled at the close of the day's operations. Rejections due to incorrect signatures will be informed as they are verified, with signers able to overcome the situation at the CRYL headquarters until 19:30. Rejections due to insufficient balance will be informed early on the following business day.

Version: 1st. Communication “A” 3191 Validity: 05.12.00

Section 8. Transfers with the Caja de Valores S.A.

8.1. “FTC” Transfers for Accounts Located in the Caja de Valores S.A.

Presentations of these transfers (Form 4359B – point 12.3. of Section 12.) for the credit of accounts/clients located in the Caja de Valores S.A. will be received during the hours of 13:00 to 17:30 and will be taken as firm, crediting the registration account of said Caja, provided there is no rejection by them. To this effect, two copies certified by the CRYL of the entered instructions will be sent to said Caja, receiving one of them with its acceptance or rejection. The instruction to be delivered to the Caja de Valores S.A. will be the same as that presented by the orderer of the transfer, so there will be no responsibilities for the CRYL regarding errors in the mention of the account/client number to be credited.

8.2. “FTC” Transfers from the Caja de Valores S.A. for the Credit of Accounts Located in the CRYL

These transfers for the credit of registration accounts located in the CRYL must be instructed using the FTC format (Form 4359B - point 12.3. of Section 12.) and will be received during the hours of 13:00 to 17:30. If the number of the destination registration account is accepted, it will be taken as firm by debiting the registration account of said Caja.

Version: 1st. Communication “A” 3191 Validity: 05.12.00

Section 9. Information Regime

The CRYL will deliver to the holders of registration accounts the following reports:

9.1. Daily

A detail of what was registered on the previous business day, by account and instrument, according to the format attached in point 12.5. of Section 12.

9.2. Monthly

A detail of what was registered during the entire month, with identical format to that mentioned in the previous point (point 12.5. of Section 12.).

9.3. Others

Additionally, Agents may request other types of information at the charge as established in Section 10.

Version: 1st. Communication “A” 3191 Validity: 05.12.00

Section 10. Tariffs

The tariffs to be charged for this operation are the following:

CONCEPT	AMOUNT	PARTS
1. Transfer Models FT -Bilateral and FOP	3	2
2. Transfer Model FT	3	Orderer
3. Transfers FTC (CRYL Accounts)	5	“
4. Transfers FTC (Caja de Valores Accounts)	7	“
5. Transfers Models DVP and FD&P	10	2
6. Failures Models DVP; FOP and FT-Bilateral
6.1. First failure 12:00 hs. on day T+3	100	Failed
6.2. Second failure 15:30 hs. on day T+3	100	“
6.3. Third failure 12:00 hs. on day T+4	150	“
6.4. Fourth failure 15:30 hs. on day T+4	150	“
7. Failures Model FD&P
7.1. First, second and third failure 10.- each one	10.-	Failed
7.2. Fourth failure	470	“
8. Failure Model FTC	10
9. Failure Model FT	5
10. General maintenance of registration accounts (from this tariff, the corresponding to transfers made during the current month will be deducted)	1,000.- per month
11. Maintenance of special currency and IEP registration accounts for custody transactions	100.- per pair
12. Additional request for account statements	0.20 per page
13. Settlement of primary placement	Free
14. Settlement of amortization and income	Free
15. Custody of holdings	Free

Version: 1st. Communication “A” 3191 Validity: 05.12.00

Section 11. Forms of Document Submission

11.1. Of Instructions

The presentation of instructions must be carried out at the CRYL premises, located at the Open Market Management, Reconquista 266, Central Building, 3rd Floor, Office 304.

11.2. Of Requests for Opening Current and Special Accounts

The opening of a current account with restricted activity and special accounts for use of custodies must be requested at the Current Accounts and Value Compensation Management with a copy to the Open Market Management.

Version: 1st. Communication “A” 3191 Validity: 05.12.00

ORDERED TEXT OF THE REGULATIONS ON THE REGISTRATION AND LIQUIDATION CENTRAL OF PUBLIC DEBT INSTRUMENTS "CRYL" B.C.R.A.

Section 12. Formula Models

12.1. “Delivery against payment” Transfer – DVP/FD&P (Form.4359).

Version: 1st. Communication “A” 3191 Validity: 05.12.00

ORDERED TEXT OF THE REGULATIONS ON THE REGISTRATION AND LIQUIDATION CENTRAL OF PUBLIC DEBT INSTRUMENTS "CRYL" B.C.R.
A. Section 12. Formula Models.

12.2. “Free of payment” Transfer – FOP/FT bilateral (Form.4359A).

Version: 1st. Communication “A” 3191 Validity: 05.12.00

ORDERED TEXT OF THE REGULATIONS ON THE REGISTRATION AND LIQUIDATION CENTRAL OF PUBLIC DEBT INSTRUMENTS "CRYL" B.C.R.A.
Section 12. Formula Models.

12.3. “Consolidated Free” Transfer – FTC (Form. 4359B).

Version: 1st. Communication “A” 3191 Validity: 05.12.00

ORDERED TEXT OF THE REGULATIONS ON THE REGISTRATION AND LIQUIDATION CENTRAL OF PUBLIC DEBT INSTRUMENTS "CRYL" B C.R.A.
Section 12. Formula Models.

12.4. “Free” Transfer – FT (Form. 4359C).

Version: 1st. Communication “A” 3191 Validity: 05.12.00

ORDERED TEXT OF THE REGULATIONS ON THE REGISTRATION AND LIQUIDATION CENTRAL OF PUBLIC DEBT INSTRUMENTS "CRYL" B C.R.A.
Section 12. Formula Models.

12.5. Movement of Instrument Balances by Account.

Central Bank of the Argentine Republic
Central Registration and Liquidation of
Open Market Management
Public Debt Instruments 1
C.R.Y.L. Movement of Instrument Balances by Account Emission Holder 00000 XXXXXXXXXXXXXXXXXXXXXXX (1) XX/XX/XXXX 10:47

Detail of the Instrument 2) 2´) Settlement: 3) Registration Account 4) 4´) Date Trans. Formula Origin Acct Dest. Acct Client Debits Credits Balance VNR 5) 6) 7) Previous Balance 9) 10) 8) Current Balance End of Period Movements

1) Bank Code and Entity Name.
2) Instrument Code.
2´) Instrument Name.
3) Settlement Date.
4) Entity Code.
4´) Account Code.
5) Date of Settlement of the Operation.
6) Type of Operation.
7) Form Number.
8) Registration Account from which Titles are Debited.
9) Registration Account to which Titles are Credited.
10) Number of Depositor and Client in Caja de Valores.

Note: In monthly statements, the only variation is the settlement date, which instead of being a day is a period (month).

Version: 1st. Communication “A” 3191 Validity: 05.12.00

CORRESPONDENCE TABLE OF ORIGIN OF THE PROVISIONS INCLUDED IN THIS ORDERED TEXT IS NOT PREPARED AS THEY ARISE FROM THOSE MADE KNOWN BY COMMUNICATION “A” 2426 AND ADJUSTMENTS IN THE TEXT DERIVED FROM ITS ORDERING AND INTERPRETIVE CLARIFICATIONS.