Circular SINAP 1-125: National Payments System - Checks and Other Negotiable Instruments. Electronic Credit Invoices. Adjustments

2021 - YEAR OF TRIBUTE TO NOBEL PRIZE WINNER IN MEDICINE DR. CÉSAR MILSTEIN COMMUNICATION “A” 7219 05/02/2021 TO FINANCIAL ENTITIES, TO ELECTRONIC COMPENSATION CHAMBERS, TO FINANCIAL MARKET INFRASTRUCTURES:
Ref.: Circular
SINAP 1 - 125
National Payments System - Checks and other negotiable instruments. Electronic Credit Invoice. Adjustments.
____________________________________________________________ We address you to inform you that this Institution has adopted the resolution that, in its pertinent part, establishes:

“1. Incorporate as point 3.5. of the operational norms on “National Payments System – Checks and other negotiable instruments”, the particular aspects relating to “Electronic Credit Invoices for MiPyMEs”, in accordance with what is established in the Annex attached to the present communication.

2. Provide that financial entities must issue a receipt that allows the exercise of judicial actions derived from the non-payment of Electronic Credit Invoices for MiPyMEs incorporated into the Open Circulation System, in accordance with what is established in article 1851 of the Civil and Commercial Code of the Nation and the regulation that is determined to that effect within the framework of what is provided by point 1 of the present communication.

3. Determine that the provisions foreseen in the preceding points will be in effect from 01/04/2021.”

Likewise, we inform you that we will subsequently send you the sheets that, in replacement of those previously provided, will need to be incorporated into the referenced norm.

We greet you sincerely.

CENTRAL BANK OF THE ARGENTINE REPUBLIC
Luis A. D‘Orio Julio C. Pando
Main Manager of Payment Systems and Current Accounts General Submanager of Payment Means

ANNEX

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3.5. Open Circulation System (SCA) for Electronic Credit Invoices for MiPyMEs.

3.5.1. The payment, circulation, and other particular aspects of the management of Electronic Credit Invoices for MiPyMEs derived to the SCA must adhere to the mechanisms established in this norm, its complementary ones, and the operational definitions made within the Interbank Commission for Payment Means (CIMPRA).

3.5.2. Scope and general characteristics of the SCA.

3.5.2.1. The Open Circulation System will make available those Electronic Credit Invoices for MiPyMEs accepted -expressly or tacitly- and not fully cancelled, whose issuer has opted in the “Registry of Electronic Credit Invoices for MiPyMEs” administered by AFIP to transfer them to said System.

3.5.2.2. Its function will be to register the entry of the Electronic Credit Invoice for MiPyMEs, its transmission to third parties, assignment, guarantee, payment, and other updates regarding them instrumented through the SCA.

3.5.2.3. The SCA will be administered and operated by COELSA. Its administration and operation may be exclusive or shared.

3.5.2.4. The administrators of the SCA, as well as those responsible for its compensation and settlement system, must be Financial Market Infrastructures and therefore, the norms on “Principles for Financial Market Infrastructures” will apply to them. Additionally, for its operation, they must have express authorization from the Central Bank for such purposes.

3.5.2.5. The use of the SCA, as well as the successive transmissions carried out through it, will be free; entities providing such service may not charge any commission or fee regarding this, except those expressly authorized in this norm and/or its modifications and complements.

3.5.3. Functionalities.

3.5.3.1. Participating entities, to the extent of their functions, must adopt the mechanisms -own or through third parties- that are necessary so that their clients can, transmit, assign, guarantee, negotiate, and/or collect the Electronic Credit Invoices for MiPyMEs at maturity.

3.5.4. Compensation and settlement.

3.5.4.1. The compensation and settlement process of Electronic Credit Invoices for MiPyMEs will be governed, in everything not expressly regulated in a particular way for this product, by what is defined in these norms.

B.C.R.A.
NATIONAL PAYMENTS SYSTEM
CHECKS AND OTHER NEGOTIABLE INSTRUMENTS
Annex to
Comm. “A”
7219

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3.5.4.2. The debtor company and the MiPyME -or whoever succeeds it as the creditor of the payment within the SCA-, from the entry of the Invoice into the SCA and until its maturity inclusive, may enter payment and/or collection information, or in its case, modify it.

3.5.4.3. In particular, the CBU or Alias of the payment account may be informed in the Open Circulation System to allow interbank compensation of the amounts corresponding to Electronic Credit Invoices for MiPyMEs accepted -expressly or tacitly- and not fully cancelled, for which no payment account had been indicated in the AFIP registry.

3.5.4.4. For ECI issued in a foreign currency other than Pesos (ARS) or US dollars (USD), the debtor company, at any time and until the payment date inclusive, may inform the cancellation of the Invoice, and the MiPyME or the payment creditor must confirm such information for the ECI to be considered paid in the SCA.

3.5.4.5. The CBU or Alias of the paying account and the collection account must be informed in the same currency in which the Electronic Credit Invoice for MiPyMEs was issued.

3.5.4.6. MiPyME Credit Invoices will be compensated at maturity without the intervention of financial entities.

3.5.5. Roles in the open circulation system of Electronic Credit Invoices for MiPyMEs.
There will be two types of roles: management and collection.

3.5.5.1. Collection: This will be an exclusive and mandatory function of financial entities. Financial entities must participate in the compensation process of the MiPyME Credit Invoice.

3.5.5.2. Management: those entities that provide the Management service for ECHEQ must also provide the management service for Electronic Credit Invoices for MiPyME.

3.5.5.3. The authorizations previously conferred to Financial Market Infrastructures within the framework of ECHEQ operations will be valid for all effects provided by this regulation for Electronic Credit Invoices for MiPyMEs.

3.5.6. Receipt to exercise legal actions derived from the non-payment of Electronic Credit Invoices for MiPyMEs (CAL).

3.5.6.1. If the Electronic Credit Invoices for MiPyMEs entered into the Open Circulation System are not paid at maturity, financial entities, at the request of the beneficiary or legitimate holder thereof, must issue a receipt that allows its holder to initiate the corresponding legal actions, in accordance with what is established in article 1851 of the CCYCN and the complementary provisions established to that effect.

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3.5.6.2. The issuance of this receipt will block the registration of the Electronic Credit Invoice in the Open Circulation System of Electronic Credit Invoices for MiPyMEs (SCA).