Circular SINAP 1-206: Electronic Certificate for Time Deposits and Investments (CEDIP) and National Payments System Adjustments

"AÑO DE LA DEFENSA DE LA VIDA, LA LIBERTAD Y LA PROPIEDAD" "AÑO DE LA DEFENSA DE LA VIDA, LA LIBERTAD Y LA PROPIEDAD"

COMUNICACIÓN “A” 7989 11/04/2024

TO FINANCIAL ENTITIES,
TO FINANCIAL MARKET INFRASTRUCTURES:

Ref.: Circular
SINAP 1-206:
Communication “A” 7672. Electronic certificate for time deposits and investments. Rules on “National Payments System – Electronic Clearing Houses”. Adjustments.

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We address you to inform you that this Institution has adopted the following resolution:

“1. Replace point 1. of Communication “A” 7672 with the following:

“Establish that any financial entity that captures time deposits or investments through internet banking or mobile banking services may issue an electronic certificate (CEDIP, electronic certificate for time deposits and investments), which shall be the electronic instrument representing those placements, which shall be electronically transferable, divisible, and compensable, in accordance with the regulations contained in the annex that forms part of this communication.”

2. Replace the first paragraph of point 3.6. and point 3.6.5.1. of the annex to Communication “A” 7672 with the following:

“3.6. Electronic certificate for time deposits and investments (CEDIP)

Fixed-term deposits and time investments regulated under the rules on “Deposits and time investments” – with the exception of deposits with remuneration in goods or services (point 1.10.), deposits arising from savings account credit repatriation of funds (point 1.19.), constant time investment (point 2.2.) and investment with option to renew for a fixed term (point 2.4.) – that are captured through internet banking and mobile banking channels may be instrumented through an electronic certificate (CEDIP).”

“3.6.5.1. Issuance: optional for any financial entity that captures fixed-term deposits or time investments through internet banking or mobile banking.”

3. Replace the first paragraph of points 9.2.1. and 9.2.1.1. of the rules on “National Payments System – Electronic Clearing Houses” with the following:

“9.2.1. For the clearing of checks and other compensable instruments included in the rules on “National Payments System – Checks and other compensable instruments” – except for electronic MiPyME credit invoices and electronic certificates for time deposits and investments – (hereinafter, “checks”), direct debits and

-2- 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 shall be determined by the CEC-BV based on the net results recorded daily by each financial entity, considering all operations included in points 9.2.1. and 9.2.4. and shall be valid for one calendar month.”

4. Rename point 9.2.3. of the rules on “National Payments System – Electronic Clearing Houses”, which shall be renamed “Instruments with online crediting”, and renumber points 9.2.3. “Immediate fund transfers”, 9.2.4. “Immediate debit (DEBIN)” and 9.2.5. “Mechanism applicable to non-business days for clearing” as 9.2.3.1., 9.2.3.2. and 9.2.3.3., respectively.

5. Incorporate as points 7.1.17. and 9.2.4. of the rules on “National Payments System – Electronic Clearing Houses” the following:

“7.1.17. Electronic certificates for time deposits and investments (CEDIP).”

“9.2.4. CEDIP

9.2.4.1. Calculation of guarantees

For the clearing of CEDIP, the guarantees provided for the instruments listed in point 9.2.1. shall apply.

For the purposes of the calculation set forth in point 9.2.1.1., the net results recorded daily by each financial entity resulting from CEDIP operations shall be added.

9.2.4.2. Settlement procedure

i) The CEC-BV shall calculate and inform participants, before the daily opening of the MEP, the net balances per entity of the CEDIP presented for clearing the previous day. The information must be sent to the Current Accounts Departments (GCC) and Payment Systems Departments (GSP).

ii) Half an hour before the start of MEP operations, the GCC shall verify that the net debtor balances of each entity do not exceed the guarantees constituted.

iii) If the net debtor balance is greater than the constituted guarantee, the GCC shall notify the CEC-BV, which shall notify the entity in question. The entity must cover the net balance owed or, failing that, increase the guarantee to cover said balance, via transfer for the credit of the chamber's operating account at the BCRA.

iv) If the aforementioned is not met, the GCC shall proceed to check the current account balances and those that will be credited to the entity resulting from the settlement of repurchase agreements.

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v) All entities must cancel their debtor balances within the established hours, via transfers processed through the MEP to the determined account using the concept “CEDI” in the payment operation.

vi) If at the closing of the period provided for the payment of CEDIP debtor positions the entity does not pay, or pays partially, and the balances of the guarantees and current accounts are insufficient, an abnormal settlement shall occur, the procedures for which are detailed in point 9.2.4.3.

vii) If the balances prove to be sufficient, the CEC-BV shall proceed to dispose of the necessary guarantee by instructing the GCC. The settlement of the guarantee shall occur immediately after receipt of that instruction.

In the event that it is necessary to execute, additionally, the balances available in the current account, the GCC shall be responsible for their execution upon request of the involved entity.

viii) Executed guarantees must be replenished by the entity before 12:00 hours on the same day. Without prejudice to the provisions of point 9.6.

ix) The net creditor balance by currency class shall be credited to the entities in their accounts at the BCRA by the CEC-BV via MEP transfer, after having received the total net debtor balances.

9.2.4.3. Abnormal settlement procedure

If an entity has a net debtor balance greater than the guarantees and balances available in its current account, the GCC shall notify the CEC-BV and the Payment Systems Department that it may convene the Chamber Committee, who shall evaluate the steps to be taken. For the determination of those steps, the following guidelines shall be taken into consideration:

i) The reason and situation that generated the illiquidity of the entity in question shall be analyzed.

ii) Viable alternatives that allow the entity to meet its situation and not be excluded from the chamber shall be evaluated.

iii) If it is not possible to achieve a solution, the CEC-BV shall proceed to reject all operations presented against the involved entity, recalculating the positions and informing them for cancellation through the regular procedure provided.

iv) Entities must cancel the new positions within thirty minutes of being notified of their new balance.

v) The entity that causes an abnormal settlement situation due to lack of coverage of the CEDIP debtor balance may be excluded from the clearing of the remaining instruments for the same day.”

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6. Incorporate within the missions of the Chamber Committee regulated in point 9.5. of the rules on “National Payments System – Electronic Clearing Houses” the authority to intervene in cases of abnormal CEDIP settlement.

7. Establish that the provisions of this communication shall begin to govern from the entry into force of Communication “A” 7672 (in accordance with Communications “A” 7800, “A” 7871 and “A” 7943).”

On its part, you are reminded that, at the time of the constitution of a CEDIP, the financial entity receiving the funds must report as the collection CBU – for its first holder – the account from which the debit of the funds used for the placement was generated, which may then, at the will of said holder, be modified.

Likewise, we clarify that the references to “guarantees for fixed-term deposit certificates” in points 1.1.3. and 1.1.5. of the rules on “Guarantees” and to “deposit certificates – or similar instruments –” in subsection i) of point 5.2.2.1. of the rules on “Minimum capital of financial entities” include the CEDIP.

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

We salute you respectfully.

BANCO CENTRAL DE LA REPÚBLICA ARGENTINA
Luis A. D’Orio Alejandra I. Sanguinetti
Principal Manager of Payment Systems and
Current Accounts
General Deputy Manager of Payment Means