Circular SINAP 1-250: Principles for Financial Market Infrastructures. Update.

"2026 - YEAR OF ARGENTINE GREATNESS"
COMMUNICATION “A” 8457 07/21/2026
TO FINANCIAL ENTITIES,
TO ELECTRONIC CLEARING HOUSES,
TO ATM NETWORKS,
TO ADMINISTRATORS OF ELECTRONIC FUNDS TRANSFER PAYMENT SCHEMES, TO FINANCIAL MARKET INFRASTRUCTURES:
Ref.: Circular SINAP 1-250: Principles for Financial Market Infrastructures. Update. ___________________________________________________________________________ We are writing to you to send you, as an annex, the pages that, replacing those previously provided, should be incorporated into the consolidated text on Principles for Financial Market Infrastructures, in accordance with the provisions disclosed by Communication A 8411. It is reminded that on this Institution's website www.bcra.gob.ar, by accessing “Sections - Financial System – LEGAL AND REGULATORY FRAMEWORK – Regulations and summaries – Consolidated texts of general regulations”, the modifications made with texts highlighted in special characters (struck-through and bold) can be found. Sincerely, CENTRAL BANK OF THE ARGENTINE REPUBLIC Irene T. Cano Matías A. Gutiérrez Girault Deputy Manager of Payment Systems Principal Manager of Payment Systems and Current Accounts
ANNEX

-Index
Section 1. General provisions
1.1. Definitions
1.2. Scope
1.3. Observance criteria
Section 2. Evaluation of financial market infrastructures
2.1. Criteria for the determination of systemically important payment systems (FMI)
2.2. Frequency of application of the criteria
Section 3. Procedure for compliance with the “Principles for Financial Market Infrastructures” (PFMI) by FMIs
3.1. Self-assessment
3.2. Adequacy
3.3. Disclosure
Section 4. Fundamental considerations of the PFMI
4.1. Legal soundness
4.2. Governance
4.3. Framework for comprehensive risk management
4.4. Credit risk
4.5. Collateral
4.6. Liquidity risk
4.7. Final settlement (settlement finality)
4.8. Monetary settlements
4.9. Settlement of value exchanges
4.10. Rules and procedures
4.11. General business risk
4.12. Custody and investment risks
4.13. Operational risk
4.14. Access and participation criteria
4.15. Tiered participation arrangements
4.16. Efficiency and effectiveness
4.17. Communication procedures and standards
4.18. Disclosure of rules, procedures, and key market data
Section 5. List of Systemically Important FMIs
5.1. List
5.2. Scope
Correlation Table
B.C.R.A. CONSOLIDATED TEXT OF THE REGULATIONS ON PRINCIPLES FOR FINANCIAL MARKET INFRASTRUCTURES Version: 3rd. COMMUNICATION “A” 8457 Effective:
07/22/2026 Page 1

5.1. List
The following FMIs must comply with the application of the principles within the framework of a comprehensive periodic review and taking into account the guidelines established in these regulations:
– Electronic Payment Medium (MEP)
– High Value Clearing House –INTERBANKING– – Low Value Clearing House –Compensadora Electrónica SA (COELSA)– – ATM Networks –Red Link SA and Newpay SAU– – Administrators of electronic funds transfer payment schemes – INTERBANKING, COELSA, Red Link SA and Newpay SAU– – Central Registry and Settlement of Public Debt Instruments (CRYL) – Caja de Valores SA (CVSA) – Argentina Clearing y Registro SA (ACyRSA) – Mercado Argentino de Valores SA (MAV)
5.2. Scope
5.2.1. INTERBANKING, CVSA, ACyRSA, and MAV are authorized to perform the functions of manager for checks generated by electronic means (ECHEQ) and to connect, for these purposes, to the ECHEQ Storage System, administered by COELSA.
5.2.2. The FMIs mentioned in point 5.2.1. are authorized to perform the functions of manager for electronic credit invoices for MiPyME (FCEM), by virtue of what is established in point 3.5.5.2. of the consolidated text on the National Payment System – Checks and Other Compensable Instruments.
5.2.3. CVSA is authorized to perform the custody of ECHEQ and FCEM for their negotiation in markets authorized by the National Securities Commission (CNV).
5.2.4. FCEMs may be transmitted to CVSA and/or ACyRSA for negotiation when these markets contract tools or computer systems contemplated in Article 13 of Law 27.440 (its amendments and complementary provisions) and for their negotiation under any authorized modality in which a registered market does not participate, in accordance with CNV regulations (N.T. 2013 and amendments).
B.C.R.A. PRINCIPLES FOR FINANCIAL MARKET INFRASTRUCTURES
Section 5. List of Systemically Important FMIs
Version: 3rd. COMMUNICATION “A” 8457 Effective:
07/22/2026 Page 1

B.C.R.A. ORIGIN OF THE PROVISIONS CONTAINED IN THE CONSOLIDATED TEXT ON PRINCIPLES FOR FINANCIAL MARKET INFRASTRUCTURES CONSOLIDATED TEXT ORIGINATING REGULATION OBSERVATIONS Sec. Point Para. Comm. Annex Chap. Sec. Point Para. 1.
1.1. “A” 5775
1.2. “A” 5775
1.3. “A” 5775
2.
2.1. “A” 5775
2.2. “A” 5775
2.2.1. “A” 5775
2.2.2. “A” 5775 According to Comm. “A” 7338.
3.
3.1. “A” 5775
3.2. “A” 5775
3.3. “A” 5775
4.
4.1. “A” 5775
4.2. “A” 5775
4.3. “A” 5775
4.4. “A” 5775
4.5. “A” 5775
4.6. “A” 5775
4.7. “A” 5775
4.8. “A” 5775
4.9. “A” 5775
4.10. “A” 5775
4.11. “A” 5775
4.12. “A” 5775
4.13. “A” 5775
4.14. “A” 5775
4.15. “A” 5775
4.16. “A” 5775
4.17. “A” 5775
4.18. “A” 5775
5.
5.1. “B” 11056 According to Comm. “A” 6904, 7338 and 8457.
5.2. “A” 6904 According to Comm. “A” 7338, 7410 and “B” 12193.