Circular SINAP 1-175: National Payments System – Electronic Clearing Chambers. Consolidated Text

"1983/2023 - 40 YEARS OF DEMOCRACY"
COMMUNICATION “A” 7739 10/04/2023
TO FINANCIAL ENTITIES,
TO ELECTRONIC CLEARING CHAMBERS,
TO AUTOMATED TELLER MACHINE NETWORKS,
TO ELECTRONIC FUNDS TRANSFER NETWORKS:
Ref.: Circular
SINAP 1-175:
National Payments System – Electronic Clearing Chambers. Consolidated Text.
___________________________________________________________________________ We address you to deliver to you in the Annex the consolidated text of the regulations on “National Payments System – Electronic Clearing Chambers” which contemplates the current provisions disseminated by Communications “A” 2557, 3029, 4247, 4730, 4941, 5196, 5247, 6099, 6117, 6285, 6578, 6698, 7219 and “B” 8819, to which the creation and operation of chambers that clear funds through the electronic processing of information must adhere. This regulatory framework – in particular, its Section 9 – will be updated in due course based on the provisions disseminated by Communications “A” 7718 and 7736, once these enter into force. We greet you sincerely. CENTRAL BANK OF THE ARGENTINE REPUBLIC Matías A. Gutiérrez Girault Luis A. D’Orio Manager of Payment Systems Chief Manager of Payment Systems and Current Accounts

ANNEX

-Index
Section 1. Definition
Section 2. Legal Structure and Corporate Purpose
Section 3. Functions
Section 4. Requirements for Authorization
Section 5. Modification in the Shareholder Composition of the Companies' Capital
Section 6. Participation
Section 7. Clearable Instruments
Section 8. Settlement of Balances
Section 9. Guarantees
Correlation Table

C.B.R.A.
CONSOLIDATED TEXT OF THE REGULATIONS ON
NATIONAL PAYMENTS SYSTEM – ELECTRONIC CLEARING CHAMBERS Version: 1st COMMUNICATION “A” 7739 Validity:
11/04/2023 Page 1

The service of clearing checks and other values (clearable instruments) may only be provided by clearing chambers that adhere to the conditions established in these regulations.
Electronic Clearing Chambers (CEC) are responsible for the settlement and clearing of the final positions of the entities governed by the Financial Entities Law and are an integral part of the national payments system.

1.1. Third-Party Value Clearing Chambers
They manage the electronic clearing between financial entities of payment instruments originated by client or third-party operations unrelated to the financial entities, and may be high-value (CEC-HV) or low-value (CEC-LV).
In the event that there is more than one chamber in the system, they must interconnect to exchange transactions presented by entities affiliated with one of them charged to an entity affiliated with another chamber, a procedure that must be applied in all sessions. Through this mechanism, entities send the data to the chosen chamber and this takes charge of the transactions with the other entities, regardless of whether they are members or not. Chambers will send daily to the Central Bank of the Argentine Republic (CBAR) the information of all rejected effects to maintain a statistical record in this matter.

1.2. Financial Entity Value Clearing Chambers
They process electronic transfers of operations between financial entities, on their own account or on behalf of third parties.

C.B.R.A.
NATIONAL PAYMENTS SYSTEM – ELECTRONIC CLEARING CHAMBERS
Section 1. Definition
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2.1. Clearing chambers must be legally constituted in the form of an anonymous society, whose shareholders will be mostly financial entities, in a number not less than 10, with a minimum participation of 67% of the social capital. In the event that legal or statutory restrictions prevent such shareholding, it will be admitted that the participation is made indirectly through the companies or persons who possess control of the entity.

2.2. Clearing chambers will have as their sole corporate purpose to clear the instruments admitted to be processed through their intermediation – through electronic processing – by financial entities (or other authorized persons) charged to others (or other authorized persons), originated in operations carried out or ordered by their clients or on their own account, finally settling the resulting differences. Complementary activities strictly necessary for the fulfillment of this purpose may be provided for.

C.B.R.A.
NATIONAL PAYMENTS SYSTEM – ELECTRONIC CLEARING CHAMBERS
Section 2. Legal Structure and Corporate Purpose
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Clearing chambers have among other things the following functions:

3.1. Electronically clear any clearable instrument, presented by an entity (or another authorized person) charged to another and settle the resulting balances between them.

3.2. Supply the CBAR with the balances resulting from the clearings to enable their registration in the accounts opened at the CBAR, ordering – if necessary – the pertinent movements regarding their account.

3.3. Exchange transactions with the remaining clearing chambers.

3.4. Consolidate the data of the originating entities and classify the information by drawn or receiving entity, as appropriate, generating and sending to each of these a file with the detail of transactions (session of presented items).

3.5. Consolidate the files sent by the drawn or receiving entities and classify the information by originating entity, generating and sending to each of these a file with the detail of transactions (session of rejected items).

3.6. Calculate the multilateral positions of each entity permanently and make this information available to each of them and to the CBAR.

3.7. Organize a settlement system and a coverage system for settlement risks.

3.8. Prepare and send the statistical and control information required by the CBAR.

3.9. Establish agreements among themselves for the clearing of the creditor balances of their respective members.

3.10. Administer the commissions associated with the clearing process.

3.11. Establish the costs of each operation that must be covered by their members.

3.12. Offer a CUIT/CUIL/CDI and CBU control service, to which public or private entities may access whose operation requires guaranteeing that payments made are sent to the corresponding recipient, for which purpose they must request authorization from the CBAR.
Interested parties must present a note by the entrance desk, in original and copy, with letterhead and two signatures with legal representation, during the hours of 10 to 15, addressed to the General Sub-Manager of Payment Means, justifying the reason for the request and detailing the volume of the operation.

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NATIONAL PAYMENTS SYSTEM – ELECTRONIC CLEARING CHAMBERS
Section 3. Functions
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4.1. Interested parties wishing to provide the clearing service must request prior authorization from the CBAR, for which purpose they will present a request in which the following will be recorded:

4.1.1. Name.

4.1.2. Corporate domicile.

4.1.3. Nature of the operation to be developed (clearing of third-party values or financial entity values).

4.1.4. Social capital, with individualization of the shareholders who will integrate it and their respective participations. The direct or indirect participation of each entity may not exceed 33% of the social capital, and the direct or indirect participation of any two partners may not exceed 49% of the social capital, thereby avoiding the concentration of social will in one or two participants.

4.1.5. Founding deed and bylaws by which the society is governed or their project, if they have not yet been formalized.

4.1.6. Background of the members of the management and administration bodies of the entity and a sworn declaration in which those persons state that none of the disqualifications established in article 10 of the Financial Entities Law applies to them, except in the case of persons regarding whom, due to the functions they perform in financial entities, this documentation has already been presented to the CBAR, noting this circumstance.

4.1.7. Criminal record certificate, for each of the members of the management and administration bodies of the entity, issued by the National Registry of Recidivism within the 5 business days prior to the date of its presentation to the CBAR, with the exception indicated in point 4.1.6.
Regarding natural persons who have their real domicile abroad, a certificate of equivalent character issued by the competent governmental authority of the country where they reside must be presented, with certification of signatures of the intervening foreign authorities by the Consulate of the Argentine Republic in said country or legalization by the apostille system, in the case of States that have signed and ratified the Hague Convention of 5.10.61, without prejudice to the applicability of other types of treaties that produce the same effects. When applicable, the documentation in its original language must be accompanied by its translation into Spanish, carried out by a registered public translator.

4.1.8. Administrative and functional organization, in which the formation of two crisis committees must be provided for, which will be responsible for managing the situation in the event of i) difficulties of members to settle their balances and ii) technical problems in the processing of information.

4.1.9. Draft management regulation containing the following aspects:

C.B.R.A.
NATIONAL PAYMENTS SYSTEM – ELECTRONIC CLEARING CHAMBERS
Section 4. Requirements for Authorization
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4.1.9.1. Proforma model of adherence of financial entities (or other authorized persons) to the chamber.

4.1.9.2. Grounds for exclusion of members.

4.1.9.3. Forms of operation, management, internal audit plans, treatment of crisis situations, etc.

4.1.9.4. Criteria to be adopted to cancel debtor balances that arise among its members.

4.2. Designate as external auditor a professional registered in the Registry of Auditors of the Superintendence of Financial and Exchange Entities (SEFyC).

4.3. If applicable, the constitutive act of the society must be celebrated within 30 days of the date of the authorization granted by the CBAR, which, along with the bylaws, duly registered before the competent corporate control authority in the public registry of the corresponding jurisdiction, must be sent to the SEFyC.

4.4. The authorizations granted for the operation of the chambers will be subject to the technical homologation that must be issued by the CBAR and, in addition, conditioned to the fulfillment, within the period set for the start of their activities, of the following requirements:

4.4.1. Submission to the SEFyC of the list of authorities designated by the constituent assembly and of the managers, accompanied by the data referred to in points 4.1.6. and 4.1.7., unless they were already in their possession, and the name of the designated external auditor.

4.4.2. Bi-monthly submission to the SEFyC, within the first half of each bi-monthly period, from the date of authorization until the start of operations, of a report that outlines the degree of progress recorded to date, regarding the organization of the chamber and, in particular, the compliance with each of the established conditions.

4.4.3. Submission of the final text of the management regulation (conditions of adherence of entities, grounds for exclusion, forms of operation, coverage of settlement risks, etc.), adapted to the indications that the CBAR may have formulated.

4.4.4. Any other condition or requirement determined in the respective authorization resolution.
All the established requirements, relating to the start of activities, must be fulfilled with a non-minimum advance of 30 days to the date foreseen for such event, notifying the SEFyC thereof so that it may rule on the matter.
Failure to comply within the fixed terms with any of the established requirements will give rise to the cancellation of the granted authorization.

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NATIONAL PAYMENTS SYSTEM – ELECTRONIC CLEARING CHAMBERS
Section 4. Requirements for Authorization
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4.5. The authorized chamber must be enabled within a period of 180 days, counted from the date of the corresponding authorizing resolution. If this period expires without the enabling having occurred, the authorization will become void, and the proceedings will be archived without further procedure.

4.6. Subsequent modifications that may be introduced to the social bylaws will be subject to the express approval of the CBAR.

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NATIONAL PAYMENTS SYSTEM – ELECTRONIC CLEARING CHAMBERS
Section 4. Requirements for Authorization
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The legal representative or the members of the supervisory boards or the auditors of the chambers must inform the SEFyC about any negotiation of shares or irrevocable contributions for future capital increases carried out by shareholders of the society, within 10 days of the date of the acts. The same obligation will apply to the sellers and buyers of shares. The restriction on shareholdings referred to in point 4.1.4. must be taken into account.

C.B.R.A.
NATIONAL PAYMENTS SYSTEM – ELECTRONIC CLEARING CHAMBERS
Section 5. Modification in the Shareholder Composition of the Companies' Capital
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6.1. The following may be participants:

6.1.1. The CBAR itself.

6.1.2. Financial entities, as well as any other legal person of a public or private character whose intervention is authorized by the CBAR, which meets the admission requirements.

6.2. The admission requirements that the chambers establish for entities that require using their services must be applied without any discrimination to all applicants. Any entity that meets the requirements to participate must be accepted on equal conditions with the other entities without differentiations in the price of services or on other operational grounds between shareholders and non-shareholders.

6.3. The chambers may, in accordance with their regulations, propose the exclusion as a member of a financial entity. That proposal must be authorized by the CBAR in advance for its implementation, for which purpose a report will be sent to the CBAR stating the causes of the proposal with the due justification.

6.4. Participation may be – at the choice of the participating entity –:

6.4.1. direct as a full member of one or more chambers; or

6.4.2. indirect through the designation of another member entity as its representative, using the technical means of the latter, for which it is excluded from intervening in the settlement phase of the respective clearing operations.

C.B.R.A.
NATIONAL PAYMENTS SYSTEM – ELECTRONIC CLEARING CHAMBERS
Section 6. Participation
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By clearable instrument is understood the electronic record that univocally reflects the physical effect that is desired to clear, whose clearing is authorized by the CBAR.
The following instruments are clearable, issued in pesos or United States dollars, provided they meet the standardization requirements established by the CBAR:

7.1. From clients or third parties:

7.1.1. Common checks.

7.1.2. Deferred payment checks.

7.1.3. Certified checks.

7.1.4. Transferable nominative certificates representing the backed deferred payment checks.

7.1.5. Credit invoices.

7.1.6. Direct debits.

7.1.7. Transfers.

7.1.8. Time deposit certificates.

7.1.9. Financial payment check.

7.1.10. Drafts and transfers (postal and telegraphic).

7.1.11. Sight bills of exchange drawn against sight accounts opened in cooperative credit unions.

7.1.12. One-day fixed bills of exchange drawn against sight accounts opened in cooperative credit unions.

7.1.13. Official nominative payment order (OPON).

7.1.14. Immediate debit (DEBIN).

7.1.15. Electronic check (ECHEQ).

7.1.16. Electronic MiPyME credit invoices.

7.2. From financial entities:

7.2.1. Transfers.

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NATIONAL PAYMENTS SYSTEM – ELECTRONIC CLEARING CHAMBERS
Section 7. Clearable Instruments
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8.1. Chambers must open an account at the CBAR, in order to have access to the Electronic Payments Medium (MEP).
These accounts will be used to register transactions related to the settlement of the daily clearing cycle with their members and with chambers when they must interconnect.
Therefore, in the latter case, the chamber that turns out to be a debtor on a given day will pay the total to the creditor chamber and not to each of its members. The creditor chamber will then proceed to distribute that total among its members based on their respective credits, so that each chamber assumes responsibility for the total received to clear and that it is not rejected.

8.2. The CBAR will only accept that participating entities cancel the balances emerging from the daily clearing cycle through bilateral operations processed through the MEP, between the chamber and each of the members. That is, debtor or creditor financial entities pay or collect through the chamber to which they are affiliated.
Bilateral payments between members through the MEP or another payment mechanism are not recognized by the CBAR as corresponding to the clearing process and therefore are not acceptable to implement that process.

C.B.R.A.
NATIONAL PAYMENTS SYSTEM – ELECTRONIC CLEARING CHAMBERS
Section 8. Settlement of Balances
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The coverage of net debtor balances originated by their activity must be guaranteed, avoiding risks that may eventually affect the entire system.
There will be a Chamber Committee that will be responsible for analyzing the situation of entities that, at 12 hours of each day, have a net debtor balance greater than the net amount of the guarantee constituted in accordance with these regulations and have not made a cash deposit for the difference in the CEC operating account, as well as for cases where guarantee amounts settled the previous day have not been replenished or increases in said guarantees have not been made. The constitution of guarantees that cover abnormalities in the processes, and the procedure for their eventual execution, must adhere to what is established in this section.

9.1. High-Value Chamber
CEC-HV will accept transfer operations between entities up to the amount that covers the guarantee constituted in their favor at the CBAR. The insufficiency of guarantee will limit the activity of the financial entity, without giving rise to consequences on third parties.

9.1.1. Calculation of Guarantees
CEC-HV must have, for each class of currency authorized by the CBAR, guarantees constituted by the user entities, sufficient to cover the respective net debtor balances emerging from the ordered and received transactions.
The amount of the guarantees will be established by mutual agreement between the entities and each CEC-HV, and may never be less than the net debtor balance of clearing of the day.

9.1.2. Processing of Transfers
CEC-HV will process normally the transfers received from each entity as long as the net debtor balance remains below the guarantee, keeping uncovered transactions in a waiting queue.
Entities must transfer through the MEP to the CEC-HV account at the CBAR the funds for the coverage of the net debtor balance, for the purpose of increasing the limit to process said operations.

9.1.3. Settlement Procedure

9.1.3.1. CEC-HV must establish the final net debtor balance of each entity, which will be immediately informed to each of them. Entities must transfer within thirty minutes the corresponding amount for its coverage, crediting the CEC-HV account at the CBAR through the MEP.

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NATIONAL PAYMENTS SYSTEM – ELECTRONIC CLEARING CHAMBERS
Section 9. Guarantees
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The information sent to entities will be forwarded by the electronic clearing chambers to the Payment Systems and Current Accounts Departments, through the usual communication channels.

9.1.3.2. Between seventy-five and forty-five minutes prior to the MEP closing, the CEC-AV will liquidate the guarantees of entities that have not covered their debtor balance.

9.1.3.3. The CEC-AVs may credit the resulting net balances to creditor entities up to half an hour prior to the MEP closing.

If necessary, the CEC-AVs may request, via note sent by email to the MEP mailbox (mep@bcra.gob.ar), the postponement of the MEP closing for periods of half an hour.

In the event that the postponement of the MEP closing is requested, the schedules established in the preceding subsections 9.1.3.1. to 9.1.3.2. will be shifted and automatically adjusted to the new extended schedule.

9.2. Low-Value Chamber

Financial entities must permanently maintain established with the BCRA, in favor of the CEC-BV, guarantees for each class of currency authorized by the BCRA that are determined monthly, in order to cover the net debtor balances resulting from daily clearing processes.

9.2.1. For the clearing of checks and other negotiable instruments included in the regulations on "National Payments System - Checks and other negotiable instruments" – except for electronic MiPyME credit invoices – (hereinafter, "checks"), direct debits, and batch transfers (concepts "payment to suppliers" and "between clients or third parties", exclusively), the following shall apply:

9.2.1.1. Calculation of Guarantees

The amount of the guarantees will be determined by the CEC-BV based on the net results recorded daily by each financial entity, considering all operations included in point 9.2.1. and will be valid for one calendar month.

The guarantee to be established must be the simple arithmetic average of the five highest debtor balances from the quarter comprised between the 16th or the next business day of the fourth month prior to the month of application and the 15th or the previous business day of the previous month, both dates inclusive.

In the case of entities that do not present the five net debtor balances, the following rule will apply for the calculation:

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NATIONAL PAYMENTS SYSTEM – ELECTRONIC CLEARING CHAMBERS
Section 9. Guarantees
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i) one-fifth of the sum of the four unique daily net debtor balances; or ii) one-fourth of the sum of the three unique daily net debtor balances; or iii) one-third of the sum of the two unique daily net debtor balances; or iv) half of the unique daily net debtor balance; or v) in the event that the entity does not record daily net debtor balances during the quarter, 50% of the last calculated guarantee; or vi) in the event that the entity does not record net debtor balances during the period taken into account for the calculation of the preceding month, 25% of the last calculated guarantee.

In no case shall the guarantee be less than 25% of the last calculated guarantee.

Regarding a new financial entity or one that has never recorded net debtor balances, the guarantee to be established will be calculated as follows:

− during the first three calendar months of operations, whether the first is complete or partial, the guarantee must be established from and by the amount of the first recorded daily net debtor balance, corresponding to its permanent adjustment to the highest balances that arise during the course of the month; − for the fourth month, even if there is no record of a complete quarter, the general regulatory provisions will apply.

The CEC-BV must inform the member entities of the resulting guarantee amounts by the 20th or the next business day of the month prior to its application, and to the Payment Systems Department of the BCRA – through the usual communication channels – on the first business day of the month of its application.

The BCRA, at the request of the CEC-BV to which an entity is affiliated, may exclude certain dates and/or certain operations of the clearing products from the calculation, when extraordinary circumstances have distorted the result of daily clearing. It may also increase or decrease the guarantees, when circumstances are verified that make it necessary to defend the clearing system.

Equal measures may be issued on a general basis.

B.C.R.A.
NATIONAL PAYMENTS SYSTEM – ELECTRONIC CLEARING CHAMBERS
Section 9. Guarantees
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The request must be made by note addressed to the Main Payment Systems and Current Accounts Department, Payment Systems Department, at least 5 business days prior to the application of the guarantee, attaching the detail of the net balance resulting from the clearing of each product, differentiated by type and class of currency, indicating which date and/or operations are requested to be excluded from the calculation.

9.2.1.2. Integration of Guarantees

Once the amount of the guarantees to be integrated is established, the following shall proceed according to the case:

i) If the amount of the guarantee calculated for the corresponding month is higher than that of the previous month, the entities must deposit the resulting difference by 12:00 hours on the first business day of the month to be guaranteed.

ii) If the foregoing is not complied with, the CEC-BV in question will inform the Payment Systems Department of this situation.

iii) If the amount of the guarantee calculated for the corresponding month is less than the guarantee already established, the CEC-BV must refund the resulting excess to the entities that request it, on the first business day of the month to be guaranteed or during the month of validity of the guarantee established in excess.

iv) The CEC-BVs may agree among themselves and with the entities to establish amounts higher than the guarantees calculated according to the procedure outlined.

There will be a mutualized guarantee fund that will operate independently of the guarantee established by this regulation; this fund will be available for the coverage of clearing and will be constituted by a contribution of $ 15,000 (fifteen thousand pesos) per participating entity in these operations in each CEC.

When the mutualized guarantee fund is used to enable an abnormal liquidation, the involved entity must reimburse it the next business day before 12:00 hours. Otherwise, the Specialized Supervision Department of the SEFyC will dispose of the actions to be taken with the entity that has failed to replenish. In the event that the amount of the fund is insufficient to cover the affected entities, the mutualized guarantee will not be applied to any of the entities.

9.2.1.3. Liquidation Procedure

i) The CEC-BVs will calculate and inform participants at the first hour of each day the net balances per entity of the products presented for clearing (direct debits and checks). The information must be sent daily to the Current Accounts and Payment Systems Departments of the BCRA.

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B.C.R.A.
NATIONAL PAYMENTS SYSTEM – ELECTRONIC CLEARING CHAMBERS
Section 9. Guarantees

ii) If the net debtor balance is greater than the established guarantee, the entity must increase the guarantee to cover said balance before 12:00 hours on the liquidation day, via transfer to the credit of the chamber's operational account at the BCRA, as an advance payment of the clearing.

iii) If the foregoing is not complied with, an abnormal liquidation case will arise, the procedures for which are detailed in point 9.2.1.4.

iv) Once the positions of all entities are covered with the established guarantees and/or deposits in the CEC-BV operational account, the processes will continue normally.

v) The entities will transmit to the CEC-BVs the files of batch transfers (concepts "payment to suppliers" and "between clients or third parties").

vi) The CEC-BVs will compute the sum of the final positions of direct debit and batch transfers included, and of the balances resulting from the check presentation process, and compare it against the guarantee established by each entity plus the payments it has made up to that moment.

vii) If from the controls performed no entities are verified with a debtor balance greater than the balance of guarantees plus the payments they could have made, the process will continue normally until completing the session of rejected checks.

viii) If as a result of the controls performed entities are verified with a debtor balance greater than the balance of guarantees, plus the payments they could have made, the CEC-BVs will require the corresponding coverage; if the requirement is not met, the procedures for abnormal liquidation detailed in point 9.2.1.4 will be followed.

ix) All entities must cancel their debtor balances before 30 minutes prior to the MEP closing via transfers processed through this system.

x) If the entity does not pay, or pays partially its debtor balance, the CEC-BV will proceed to dispose of the necessary guarantee by instruction to the Current Accounts Department. The liquidation of the guarantee will be carried out immediately after receipt of that instruction.

xi) If new debtor balances arise from the rejected check session and one or more entities do not have balances in the CEC-BV operational account and/or sufficient guarantees, the CEC-BV may request the Chamber Committee to apply the mutualized guarantee fund. This operation will only be carried out if the total of the mutualized guarantee fund is sufficient to cover the total deficiency recorded. This resource cannot be used individually when there are deficiencies that in their entirety exceed it.

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NATIONAL PAYMENTS SYSTEM – ELECTRONIC CLEARING CHAMBERS
Section 9. Guarantees
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xii) The net creditor balance by class of currency that results from considering the clearing of the instruments contemplated in this point will be credited to the entities in their accounts at the BCRA by the CEC-BVs via MEP transfer, according to the class of currency in question, after having received all net debtor balances.

xiii) In the event that the MEP has to remain open for reasons specific to each CEC-BV, they may request it via email to the MEP mailbox (mep@bcra.gob.ar).

xiv) Taking into account the different circumstances that may affect daily liquidation, entities must have authorized personnel available to cover net debtor balances of clearing until the daily operation has finished. In the event of a lack of debtor balance coverage by any entity, said personnel must remain, prior to notification by the CEC-BV, until the same channel informs the total closure of the day's operations.

9.2.1.4. Abnormal Liquidation Procedure

If an entity has a debtor balance greater than the guarantees and has not covered the difference by 12:00 hours, the CEC-BV will notify the Payment Systems Department, which may convene the Chamber Committee, who will evaluate the steps to be taken. For the determination of these steps, the following guidelines will be taken into consideration:

i) The debtor entity will be requested to reliably inform of the rejections to be made in the different products for normal reasons.

ii) In the event that the reported rejections, without prejudice to the subsequent verifications decided by the Chamber Committee, reduce the debtor balance to make it compatible with the established guarantee and any deposits made by the entity, the CEC-BV will proceed to continue with the normal liquidation process.

iii) If by 14:00 hours the debtor entity records a debtor balance superior to the balance established in guarantee, the CEC-BV may dispose of the temporary suspension of the processes for determining balances of the direct debit product, informing participating entities that abnormal liquidation has entered.

iv) If at the closing of the batch transfers product (for the operations included in point 9.2.) the entity covered the debtor balance, the execution of the processes corresponding to the direct debits and the aforementioned batch transfers (normal processing) will be disposed.

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Section 9. Guarantees
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v) If at the closing of the batch transfers product the entity had not covered the debtor balance of the products mentioned in subsection iv), the suspension of their final liquidation will be maintained.

vi) If by 18:30 hours the entity had not covered the net balance resulting from the clearing of the direct debit products, batch transfers (for the operations included in point 9.2.) and checks presented, minus the reported rejections, and the resulting amount is less than the mutualized guarantee, the Chamber Committee may dispose of its use to enable the continuity of operations.

vii) Instruments rejected in advance during the abnormal liquidation process must be presented in the session of checks and other negotiable documents rejected. The causes "force majeure" and "lack of funds in the drawn entity" can only be applied in the event of the total rejection of a class of currency.

viii) The mutualized guarantee fund can only be used under the conditions indicated in the last paragraph of point 9.2.1.2. and replenished as provided therein.

ix) If the debtor balance exceeds the total of the mutualized guarantee fund, the CEC-BVs will proceed to reject all operations presented against the involved entity, recalculating the positions and informing them for cancellation through the regular procedure provided. Entities must cancel the new positions within thirty minutes of being notified of their new balance. The entity that originates a situation of abnormal liquidation due to lack of coverage of the debtor balance will be excluded from the clearing of the following day.

9.2.2. Liquidation Scheme for ATM Balances, Consumption Vouchers, and Purchase and Credit Card Systems.

Entities associated with ATM networks (hereinafter, "ATMs"), purchase, debit, and credit card systems (hereinafter, "cards") and/or consumption vouchers (hereinafter, "vouchers"), must establish guarantees for each class of currency that is liquidated, for the coverage of net debtor balances originated in said operations.

9.2.2.1. Calculation of Guarantees

This guarantee will be equivalent to the simple average of the five maximum net debtor balances of the last quarter, taking into account that the change of month for the establishment of the quarter to be considered can be made up to the fifteenth of each month.

The administrators of ATM networks, card systems, and/or vouchers may agree with their affiliated entities to establish amounts higher or lower than that limit, considering particular conditions of their operations, and must communicate such exceptions to the CEC-BV.

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Each administrator will require entities that must increase their guarantee the corresponding coverage, which must be made by the first business day of the month in which they will enter into force.

The CEC-BVs will inform, with the periodicity required by each administrator, the balances of the guarantee accounts of their member entities. It is the exclusive responsibility of the administrator to obtain compliance with the deposit in the guarantee account by each of its affiliated entities.

In the event that the new calculation is lower than the established guarantee, the entity may request the administrator of the corresponding operation, who in turn will request the CEC-BV, the return of the excess amount deposited. The CEC-BV will request the BCRA for said return, via note sent through the usual communication channels.

9.2.2.2. Liquidation Procedure

i) Every day, at the time determined, the CEC-BVs must receive the net debtor and creditor balances of all operations involved, while the administrators of the products mentioned schemes will inform these same balances to their affiliated entities.

ii) All entities must pay the debtor balances within the established schedules, via transfers processed through the MEP to the account determined by the CEC-BV, using payment instructions to identify the administrator of the operation (ATM network, card system, or voucher) to be covered.

Because in the same account the CEC-BVs can receive payments for more than one administrator of each product, the payment instruction is the only means to identify them, so the payment instructions defined for each type of transfers must be respected.

iii) The CEC-BVs will control if the debtor balance of any entity exceeds the amount of the established guarantee.

iv) If in the time defined between each CEC-BV and administrator, any debtor entity had not deposited the total sum in the determined account, the CEC-BV will inform the administrator about the situation presented and wait for instructions.

v) The administrator of the ATM, card, or voucher network in question must instruct the CEC-BV on the steps to be taken, considering the following options:

− Liquidate the guarantee of the debtor entity.

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NATIONAL PAYMENTS SYSTEM – ELECTRONIC CLEARING CHAMBERS
Section 9. Guarantees
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− Indicate the coverage of the balance not covered by another financial entity.

− Replace the presented liquidation, the new one must register balances coincident or lower than the value deposited by the entities.

vi) If any of the situations previously provided for has not been satisfactorily verified and 30 minutes prior to the MEP closing a debtor balance remains that prevents liquidation, the CEC-BV will proceed to return the amounts deposited up to that moment by the entities, by crediting the respective sums in the accounts they maintain at the BCRA, without carrying out any liquidation.

vii) Once all debtor balances are covered, the CEC-BV will proceed to transfer the funds to the entities that present a creditor balance, debiting their account and crediting each entity's account at the BCRA. At the same time, it will return to the entities the sums deposited in excess.

It is the exclusive responsibility of each administrator to order the entity whose guarantee had been partially or totally used to complete a liquidation, its replenishment, as well as to request increases in the guarantee.

9.2.3. Immediate Fund Transfers

9.2.3.1. Calculation of Guarantees

To provide the immediate transfer service, financial entities must establish guarantees for each class of currency that is liquidated. Insufficient guarantee will limit the activity of the financial entity.

The amount of such guarantees will be established by common agreement between the entities and the providers of the immediate transfer service, taking into account that it must be sufficient to constantly cover the net debtor balances emerging from the transactions ordered and received. The sufficiency of guarantees must be monitored by said providers permanently to admit the course of operations.

In the event that the net debtor balance reaches the guaranteed amount, the entities must transfer through the MEP to the CEC-BV's account funds that increase the said amount so as to cover the said net debtor balance, to allow the course of the aforementioned immediate transfers.

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NATIONAL PAYMENTS SYSTEM – ELECTRONIC CLEARING CHAMBERS
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9.2.3.2. Liquidation Procedure

i) Every day, at the time determined, the CEC-BVs must receive or generate the net debtor and creditor balances of all operations involved, while the providers of the immediate transfer service will inform these same balances to their affiliated entities.

ii) All entities must pay the debtor balances within the schedules established by the CEC, via transfers processed through the MEP to the CEC-BV's account at the BCRA for the payment of said operations, using payment instructions to identify the service provider to be covered, including the phrase "immediate transfers". Because in the same account the CEC-BV can receive payments for more than one operation, the payment instruction will be the only means to identify them, so the payment instructions defined for each type of transfers must be respected.

iii) If in the time defined between each CEC-BV and provider of the immediate transfer service, any debtor entity had not deposited the total sum in the determined account, the CEC-BV will inform the provider in question about the situation presented and wait for instructions.

iv) The provider of the immediate transfer service must instruct the CEC-BV on the liquidation of the guarantee of the debtor entity.

v) Once all debtor balances are covered, the CEC-BV will proceed to transfer the funds to the entities that present a creditor balance, debiting their account and crediting each entity's account at the BCRA. At the same time, it will return to the entities the sums deposited in excess.

9.2.4. Immediate Debit (DEBIN)

The administrator will accept DEBIN operations up to the amount that covers the guarantee established at the BCRA, by common agreement between the parties, plus the credits made by the entities in the administrator's account. Insufficient guarantee will limit the activity of the DEBIN receiving entity, without giving rise to consequences on third parties.

9.2.4.1. Calculation of Guarantees

Financial entities to provide the DEBIN operation service must establish guarantees for each class of currency that is liquidated.

The amount of such guarantees will be established by common agreement between the financial entities and the administrator, taking into account that it must be sufficient to constantly cover the respective net debtor balances emerging from transactions received and ordered.

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In this regard, the administrator will be responsible for monitoring the classification of entities within the guarantee scheme, generating alerts in compliance with an escalation policy, and managing the expected actions in the event of occurrences. Under no circumstances may operations that are not covered by the guarantee be processed.

Likewise, entities must inform their clients, in the event of the impossibility of executing the DEBIN due to insufficient guarantees, regarding the responsibility that falls on the receiving entity of the DEBIN in this matter.

In the event that the debtor balance reaches the guaranteed amount, entities must transfer, through the MEP, to the administrator's account opened at the BCRA, the funds that increase the aforementioned amount to allow the processing of the aforementioned DEBINs.

9.2.4.2. Liquidation Procedure
The liquidation procedure provided for the cancellation of balances of operations between entities providing the DEBIN service must adhere to the following:

i) On business days, the administrator must generate the net debtor and creditor balances of all operations involved and inform these balances to its adhered entities.

ii) All entities must pay the debtor balances within the established hours, through transfers processed through the MEP to the account determined by the administrator, using the payment instructions including the phrase “DEBIN”.

iii) If, within the time frame defined between the administrator and the entity, any debtor entity has not deposited the total sum in the determined account, the administrator will proceed to liquidate the guarantee.

iv) Once all debtor balances are covered, the administrator will proceed to transfer the funds to the entities presenting a creditor balance, debiting their account and crediting each entity's account at the BCRA. At the same time, it will return to the entities the sums deposited in excess.

9.3. Availability of Guarantees
Each CEC must request from the BCRA – Current Account Management – for each adhered entity, the opening of special guarantee accounts in the different classes of currencies in which compensations authorized by the BCRA are carried out, whose operation will adhere to the guidelines indicated below, in order to keep the constituted guarantees available for immediate application.

9.3.1. Ownership
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9.3.1.1. To cover the compensation of checks and other compensable instruments, direct debits, and transfers: the accounts will be designated “Abbreviated Name of the CEC / Name of the adhered entity”.

9.3.1.2. To cover the compensation of ATM networks: the accounts will be designated “Abbreviated Name of the CEC / Name of the Network / Name of the adhered entity”.

9.3.1.3. To cover the compensation of purchase and credit cards: the accounts will be designated “Abbreviated Name of the CEC / Name of the Card / Name of the adhered entity”.

9.3.1.4. To cover the compensation of consumption vouchers: the accounts will be designated “Abbreviated Name of the CEC / Name of the Consumption Voucher / Name of the adhered entity”.

9.3.1.5. To cover the compensation of immediate transfers: the accounts will be designated “Abbreviated Name of the CEC / Name of the provider of the immediate transfer service / Name of the adhered entity / immediate transfers”.

9.3.1.6. To cover the compensation of DEBIN: the accounts will be designated “abbreviated name of the administrator/name of the adhered entity/DEBIN”.

9.3.2. Availability of Balances
Checkbooks will not be enabled.
They will be available through transfer to the current account of the entity or of the CEC. Account debits will be ordered solely and exclusively by the CEC, through the OWA-user Guarantee mailbox for entities.

9.3.3. Origin of Credits
The crediting of funds in the special guarantee accounts will not have any type of limitation or conditioning.

9.3.4. Destination of Debits
Only debits whose destination is the operational current account of the CEC, by application of the guarantee, or the current account of the adhered entity, by reimbursement of guarantee constituted in excess, will be processed.

9.3.5. Institutional Application of Balances
The special guarantee accounts will qualify for the integration of the minimum cash, in accordance with the provisions of the respective regulations.

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Section 9. Guarantees
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9.4. Chamber Committee
The Chamber Committee, which will be convened by the BCRA at the request of the Payment System Management when the situation to be treated merits the possibility of withdrawing an entity from the compensations of a date, will adjust its management to the guidelines detailed below:

9.4.1. Mission

9.4.1.1. Analyze the situation of entities that, from 12:00 hours of each day, register a net debtor compensation balance superior to the amount of the constituted guarantee and have not transferred or deposited in cash for the operational account of the CEC-BV the corresponding amount, as well as when any entity has not replenished guarantees liquidated due to lack of payment or non-compliance with increases due to recalculation of guarantees.

9.4.1.2. Record in the minutes the rejection of debtor balances occurred due to retail transfers and direct debits, when such rejections have been resorted to in order to reach the liquidation of the compensation of checks and other compensable documents.

9.4.1.3. Formalize the total exclusion of financial entities from the operations carried out by the CECs, prior to adjustment to these norms and procedures.

9.4.1.4. Notify whoever acts on behalf of the excluded financial entity regarding the resolution.

9.4.1.5. Dispose of the use of the mutualized guarantee fund established in point 9.2.1.2.

9.4.2. Integration
The Chamber Committee will be composed of:
− one titular representative and one alternate for each high and low value CEC; and − three titular representatives and three alternates – at management level – by the BCRA, representing the Specialized Supervision Management, the Payment Systems Management, and the Credits Management.

9.4.3. Secretariat
The secretariat will be in charge of the Executive Secretariat of the CIMPRA, who will prepare and keep the original minutes of what was resolved by the Chamber Committee, having to endorse the copies issued for the use of the representatives.

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9.4.4. Development of the Chamber Committee Meeting

9.4.4.1. The committee secretary, at the request of the representatives of the Payment System Management, will summon all the representatives provided for in point 9.3.2.

Likewise, it will summon a representative of the entity, in order to notify them at the close of the meeting of the decisions adopted.

Upon the presence of all its members, the meeting will begin at the hour for which it was summoned. Otherwise, it will begin 15 minutes later with the participation of the present members, provided that at least two representatives of the BCRA and the representative of the affected CEC are present.

9.4.4.2. The meeting will be coordinated by the representative of the Payment Systems Management.

9.4.4.3. The Current Account Management must inform about the detected non-compliance, while the affected CEC-BV must inform about the balances discriminated by operation and the rejections of compensable instruments in advance, while the CEC-AVs must inform about the positions of instruments received for collection and the guarantees pending application at the time the meeting begins.

9.4.4.4. Once it is verified that the situation of non-compliance has not been overcome, the Chamber Exclusion Act for the day's date will be integrated, which will be signed by all present representatives. Immediately after, the secretary will notify the resolution to the representative of the excluded financial entity, or leave a record of their absence.

9.4.5. Effects of Chamber Exclusion

9.4.5.1. The excluded entity will be credited with the presentations of checks and other compensable instruments made on the previous business day and liquidated on the date.

9.4.5.2. The excluded entity will reject all checks and compensable instruments presented against it by the remaining entities.

9.4.5.3. From the date of exclusion, presentations by the excluded entity are no longer accepted in the checks and other compensable instruments session. On the next business day, if the excluded entity does not regularize its situation before 12:00 hours, the CEC-BV will reject ex officio the presentations made by the rest of the entities against it.

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B.C.R.A.
NATIONAL PAYMENTS SYSTEM – ELECTRONIC CLEARING CHAMBERS
Section 9. Guarantees

9.5. Chamber Exclusion
Entities that are excluded from any of the compensation processes carried out by the CEC-BVs, or that apply guarantees to cover debtor balances both in the CEC-BV and in the CEC-AV, will be informed by the Main Management of Payment Systems and Current Accounts – Payment Systems Management – to the SEFyC, for its competence.

Entities will be withdrawn from the processes carried out by the CEC-BVs by application of the regulations in the preceding chapters, or by instruction of the SEFyC, which may extend to the processes carried out by the CEC-BVs and CEC-AVs.

The guarantees registered at the time of suspension of a financial entity by the BCRA, except where there is a judicial requirement, will remain at the disposal of the CECs to complete the compensation cycle of the operations entered previously.

Having complied with the described, the CEC will proceed to transfer the remaining balance of the special guarantee account to the entity's current account.

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NATIONAL PAYMENTS SYSTEM – ELECTRONIC CLEARING CHAMBERS
Section 9. Guarantees
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ORDERED TEXT ORIGIN OF THE NORMS
OBSERVATIONS
Section Point Para. Com. Annex/
Chap. Pt. Para.
1.
“A” 2557 unique S/Com. “A” 4247 and 7739.
1.1. “A” 2557 “ 7.1. S/Com. “A” 7739.
1.2. “A” 2557 “ 7.2. S/Com. “A” 7739.
2. 2.1. “A” 2557 “ 2. S/Com. “A” 3029.
2.2. “A” 2557 “ “
3.
3.1. “A” 2557 “ 3.
3.2. “A” 2557 “ “
3.3. “A” 2557 “ “
3.4. “A” 2557 “ “
3.5. “A” 2557 “ “
3.6. “A” 2557 “ “
3.7. “A” 2557 “ “
3.8. “A” 2557 “ “
3.9. “A” 2557 “ “
3.10. “A” 2557 “ “
3.11. “A” 2557 “ “
3.12. “A” 6117 1. S/Com. “A” 7739.
4.
4.1. “A” 2557 unique 4.
4.1.4. “A” 2557 “ “ S/Com. “A” 3029.
4.1.7. “A” 2557 “ “ S/Com. “A” 7739.
4.2. “A” 2557 “ “ S/Com. “A” 7739.
4.3. “A” 2557 “ “ S/Com. “A” 7739.
4.4. “A” 2557 “ “ S/Com. “A” 7739.
4.5. “A” 2557 “ “
4.6. “A” 2557 “ “
5. “A” 2557 “ 6. S/Com. “A” 7739.
6. “A” 2557 “ 7. S/Com. “A” 7739.
7.
7.1. “A” 2557 “ 8.
7.1.9. “A” 2557 “ 8. S/Com. “B” 8819.
7.1.11. “A” 4730
7.1.12. “A” 4730
7.1.13. “A” 4941 S/Com. “A” 7739.
7.1.14. “A” 6099 S/Com. “A” 7739.
7.1.15. “A” 6578 S/Com. “A” 7739.
7.1.16. “A” 7219 S/Com. “A” 7739.
7.2. “A” 2557 unique 8.2.
8. 8.1. “A” 2557 unique 9.1.
8.2. “A” 2557 “ 9.2. S/Com. “A” 4247.
9.
9. “A” 4247 unique S/Com. “A” 7739.
9.1. “A” 4247 “ S/Com. “A” 7739.
9.1.3. “A” 4247 “ S/Com. “A” 5247 and 7739.
9.2.1. “A” 4247 “ S/Com. “A” 7739.
9.2.2. “A” 4247 “ S/Com. “A” 5247 and 7739.
9.2.3. “A” 5196 S/Com. “A” 7739.
9.2.4. “A” 6099 4. S/Com. “A” 6285, 6698 and 7739.
9.3. “A” 4247 unique S/Com. “A” 5196, 6099 and 7739.
B.C.R.A. ORIGIN OF THE PROVISIONS CONTAINED IN THE NORMS ON NATIONAL PAYMENTS SYSTEM – ELECTRONIC CLEARING CHAMBERS

ORDERED TEXT ORIGIN OF THE NORMS
OBSERVATIONS
Section Point Para. Com. Annex/
Chap. Pt. Para.
9. 9.4. “A” 4247 unique S/Com. “A” 7739.
9.5. “A” 4247 unique S/Com. “A” 7739.