Circular SINAP 1-166: National Payments System – Checks and Other Negotiable Instruments. Electronic Certificate for Time Deposits and Investments (CEDIP). Its Regulation

1983/2023 - 40 YEARS OF DEMOCRACY
COMMUNICATION “A” 7672 19/01/2023
TO FINANCIAL ENTITIES,
TO ELECTRONIC CLEARING HOUSES,
TO ATM NETWORKS,
TO FINANCIAL MARKET INFRASTRUCTURES:
Ref.: Circular
SINAP 1-166:
National Payments System – Checks and other negotiable instruments. Electronic Certificate for Time Deposits and Investments (CEDIP). Its Regulation.
___________________________________________________________________________ We address you to inform you that this Institution adopted the resolution that, in its pertinent part, provides:

“1. Establish that every financial entity that captures time deposits or investments through internet banking or mobile banking services must issue an electronic certificate (CEDIP, Electronic Certificate for Time Deposits and Investments), which will be the electronic instrument representing these placements, which shall be electronically transferable, fractionable, and negotiable, in accordance with the regulation contained in the annex that forms part of this communication.
2. Provide that the CEDIP will be transferable through an Electronic Circulation System (SCE) administered by Compensadora Electrónica S.A. (COELSA).
3. Establish that the coverage provided by the deposit guarantee insurance system will extend to placements –time deposits and investments– whose ownership was acquired through the electronic transmission of their corresponding CEDIP through the SCE.
Excluded from the coverage of the guarantee mentioned in the preceding paragraph are placements whose CEDIPs are transmitted from the date on which the issuing financial entity falls under any of the scenarios provided for in Article 49 of the Organic Charter of the BCRA or Article 35 bis of the Financial Entities Law.
4. Establish that the provisions forming part of this communication will govern from 1.7.23, with the exception of the functionalities for fractionation, transmission for negotiation, and counter collection, which must be operational from 1.11.23.”

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

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We salute you sincerely.
CENTRAL BANK OF THE ARGENTINE REPUBLIC
Luis A. D’Orio Alejandra I. Sanguinetti
Chief Manager of Payment Systems and Current Accounts Deputy General Manager of Payment Means on behalf of

ANNEX

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3.6. Electronic Certificate for Time Deposits and Investments (CEDIP)
Time deposits and investments regulated in the norms on “Time Deposits and Investments” –with the exception of deposits with remuneration in goods or services (point 1.10.), deposits arising from credit entries in savings accounts for repatriation of funds (point 1.19.), constant term investment (point 2.2.) and investment with option for renewal for a determined term (point 2.4.)–, which are captured through internet banking and mobile banking channels, will be instrumented through an electronic certificate (CEDIP). The operation of the CEDIP will adhere to what is provided in these norms and other applicable regulation issued by the BCRA, as well as to the operational and technical definitions that –within the framework of that regulation– are made within the CIMPRA.

3.6.1. Characteristics of the CEDIP
Every CEDIP will be transferable, negotiable, and fractionable.

3.6.2. Electronic Circulation System (SCE)
3.6.2.1. The issuance, transmission, payment, and any other relevant event and information of the CEDIPs will be registered in the SCE.
3.6.2.2. The SCE can only be administered by systemically important financial market infrastructures (IMF), individually or jointly, which for these purposes must have the express authorization of the BCRA.

3.6.3. Functionalities
3.6.3.1. Financial entities must adopt the mechanisms –own or through third parties– that are necessary so that, according to the roles and scopes defined in point 3.6.5., customers can constitute, manage, and collect the CEDIPs.
3.6.3.2. Among the enabled transmissions, for the purposes of stock market negotiation, transmission for negotiation and transmission in procurement must be made available, in both cases in favor of the agent receiving the CEDIP in accordance with current norms.

3.6.4. Clearing and Settlement
3.6.4.1. The clearing and settlement process, as well as the presentation deadlines that financial entities must observe, will be governed, in all that is not regulated particularly for this instrument, by what is defined in these norms.
3.6.4.2. Collection modalities:
B.C.R.A. NATIONAL PAYMENTS SYSTEM
CHECKS AND OTHER NEGOTIABLE INSTRUMENTS
Annex to
Comm. “A”
7672

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i. Credit entry to account: the holder must enter the account data into which the funds will be credited at maturity, which must be expressed in the same currency in which the time deposit or investment was constituted and may differ from the financial entity that captured the placement.
ii. By counter: the holder can only effect this before the issuing entity of the CEDIP.

3.6.4.3. When due to the nature of the placement the total amount to be credited is not determined at the time of issuance of the CEDIP, the taking financial entity must calculate it and inform the SCE at the time of its presentation for clearing.

3.6.5. Roles of financial entities and participating IMFs
There will be three types of roles: issuance, management, and collection.
3.6.5.1. Issuance: every financial entity that captures time deposits or investments through internet banking or mobile banking.
3.6.5.2. Management: this service must be provided by every financial entity that is an issuer of CEDIP or manager of ECHEQ, and may be offered by any IMF authorized by the BCRA for this purpose or that is a manager of ECHEQ and FCEM.
3.6.5.3. Collection: mandatory for all financial entities, regardless of the entity where the CEDIP was issued.

3.6.6. Balance Receipt
The financial entity in which the beneficiary of the CEDIP operates, at the request of the latter, must issue a balance receipt in accordance with what is established in Article 1851 of the Civil and Commercial Code of the Nation and the complementary provisions established for this purpose.