Rule · BCRA · 22 Aug 2019 · A 6762
Financial institutions and cooperative credit unions (Law 26.173) must, when allowing non-face-to-face account opening, ensure full compliance with anti-money-laundering and terrorism-financing rules and protect information integrity and confidentiality. Financial institutions offering demand accounts must let clients use non-financial companies' ATMs, which must disclose permitted operations and prices; institutions may not charge additional commissions or hold participation or linkage with those ATM companies unless gratuity conditions match payroll and social assistance accounts. Effective 23/8/2019, replacing Communication "A" 2514 and others.
2019 - YEAR OF EXPORT
COMMUNICATION “A” 6762
22/08/2019
TO FINANCIAL INSTITUTIONS,
TO COOPERATIVE CREDIT UNIONS (LAW 26.173):
Ref.: Circular
OPASI 2 - 571
LISOL 1 - 842
CAMEX 1 - 803
SINAP 1 - 90
We address you to send you in annex the pages that, replacing those previously provided, should be incorporated into the rules on “Demand accounts opened in cooperative credit unions”, “Savings deposits, salary account and special accounts”, “Management of risks associated with the settlement of foreign exchange operators”, “Regulation of the bank current account”, “Minimum capital of financial institutions” and “National payment system - checks and other compensable instruments” in accordance with the provisions of the communication of reference.
Likewise, it is recalled that on the page of this Institution www.bcra.gob.ar, accessing “Financial System - LEGAL AND REGULATORY FRAMEWORK - Orderings and summaries - Ordered texts of general regulations”, you will find the modifications made with texts highlighted in special characters (strikethrough and bold).
We greet you attentively.
CENTRAL BANK OF THE ARGENTINE REPUBLIC
Matías A. Gutiérrez Girault
Issuance Manager of Rules
Darío C. Stefanelli
Principal Manager of Issuance and
Regulatory Applications
ANNEX
B.C.R.A.
DEMAND ACCOUNTS OPENED IN COOPERATIVE CREDIT UNIONS
Section 10. General provisions.
financial institution might not have cost”– and allow it to withdraw from its use at no cost. The financial institution issuing the debit card may not charge its clients any type of additional commission to the one informed by these devices.
Financial institutions may not have any type of participation or linkage –in the latter case, in accordance with the provisions of point 1.2.2. of the rules on “Large exposures to credit risk”– with non-financial companies that operate and/or administer these ATMs, except that in matters of commissions and/or charges the same conditions of gratuity are observed as the institutions apply with respect to operations processed on salary/social security accounts and accounts for the payment of social aid plans or programs.
In cases in which non-financial companies operate their own ATMs and designate a financial institution as administrator, the following aspects must be met:
10.8.1. The administering financial institution must:
− Represent said company before the corresponding electronic clearing house.
− Assume responsibility for compliance by the non-financial company with the obligations established to interact with the ATM network.
10.8.2. The companies administering ATM networks, and the participating financial institutions as applicable, shall be responsible for arranging the necessary means, in accordance with the rules on “Principles for financial market infrastructures”, so that the non-financial company may participate in said networks under equal conditions with respect to the rest of the participating financial institutions.
10.9.1. When cooperative credit unions allow non-face-to-face opening of accounts through electronic and/or communication means, they must meet the following requirements:
10.9.1.1. Ensure that such means allow them to fully comply with the regulations on prevention of money laundering and financing of terrorism –especially regarding the identification and knowledge of the client–, as well as the remaining applicable provisions.
10.9.1.2. The procedures, technologies and controls used for the non-face-to-face opening of the aforementioned accounts must ensure compliance with the provisions on electronic channels and those related to the conservation, integrity, authenticity and confidentiality of the information and documents used, in order to protect them against alteration or destruction, as well as against improper access or use.
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DEMAND ACCOUNTS OPENED IN COOPERATIVE CREDIT UNIONS
CENTRAL BANK OF THE ARGENTINE REPUBLIC
| ORDERED TEXT | SOURCE RULE | OBSERVATIONS | |||||
|---|---|---|---|---|---|---|---|
| Sec. | Point Par. | Com. | Annex | Sec. | Point | Par. | |
| 7. | 7.8. | “A” 4713 | Sole | 7. | 7.8. | ||
| 7.9. | "A" 4713 | Sole | 7. | 7.9. | |||
| 8. | 8.1. | "A" 4713 | Sole | 8. | 8.1. | ||
| 8.2. | "A" 4713 | Sole | 8. | 8.2. | |||
| 8.2.1. | "A" 4713 | Sole | 8. | 8.2. | S/Com. "A" 6042 and 6448. | ||
| 8.2.2. | "A" 4713 | Sole | 8. | 8.2. | |||
| 8.3. | "A" 4713 | Sole | 8. | 8.3. | |||
| 8.4. | "A" 4713 | Sole | 8. | 8.4. | |||
| 9. | 9.1. | "A" 4713 | Sole | 9. | 9.1. | ||
| 9.2. | "A" 4713 | Sole | 9. | 9.2. | |||
| 10. | 10.1. | "A" 4713 | Sole | 10. | 10.1. | S/Com. "A" 6419. | |
| 10.2. | "A" 4713 | Sole | 10. | 10.3. | |||
| 10.3. | "A" 4713 | Sole | 10. | 10.4. | |||
| 10.4. | "A" 4713 | Sole | 10. | 10.5. | S/Com. "A" 5388. | ||
| 10.5. | "A" 4713 | Sole | 10. | 10.6. | |||
| 10.6. | 1° | "A" 5212 | |||||
| 10.6.1. | "A" 5127 | 3. | S/Com. "B" 9961 and "A" 5164, 5212, 5473, 5718 and 5927 (item 3.). | ||||
| 10.6.2. | "A" 5212 | S/Com. "A" 5718. | |||||
| 10.7. | "A" 5588 | ||||||
| 10.7.1. | "A" 5588 | ||||||
| 10.7.2. | "A" 5588 | ||||||
| 10.8. | "A" 5928 | 10. | S/Com. "A" 6236, 6483, 6639, 6709 and 6762. | ||||
| 10.9. | "A" 6273 |
SAVINGS DEPOSITS, PAYROLL ACCOUNT AND SPECIAL ACCOUNTS B.C.R.A.
Section 4. General provisions.
4.13.2. Comply with the confidentiality safeguards referred to in art. 39 of the Law on Financial Institutions and art. 5, ap. 2, inc. e) of the Law on Personal Data Protection.
The information on the clients covered must be submitted to the AFIP, in accordance with the regime that Administration establishes.
The scopes and definitions referring to covered subjects, accounts and data to be provided, as well as the due diligence procedures, shall be understood in accordance with the terms of the document "Standard for Automatic Exchange of Financial Account Information-Common Reporting Standard" approved by the OECD.
Financial institutions that offer demand accounts must allow their clients to carry out operations through automated teller machines installed in the country and operated by non-financial companies.
Those devices must previously inform the client of the operations allowed and the price of their use –clarifying that this price will be the same regardless of the quantity and type of transactions to be carried out and stating the legend "This operation at a financial institution might have no cost"– and allow the client to withdraw from their use at no cost. The financial institution issuing the debit card may not charge its clients any type of additional commission to the one informed by these devices.
Financial institutions may not have any type of participation or linkage –in the latter case, in accordance with the provisions of point 1.2.2. of the rules on "Large exposures to credit risk"– with the non-financial companies that operate and/or administer these automated teller machines, except that, in matters of commissions and/or charges, the same conditions of gratuity are observed as the institutions apply with respect to operations carried out on payroll/social security accounts and accounts for the payment of social assistance plans or programs.
In cases in which non-financial companies operate their own automated teller machines and designate a financial institution as administrator, the following aspects must be complied with:
− Represent said company before the corresponding electronic clearing house.
− Assume responsibility for compliance by the non-financial company with the obligations established to interact with the automated teller machine network.
4.14.2. The companies administering the automated teller machine networks, and the participating financial institutions as applicable, shall be responsible for arranging the necessary means, in accordance with the rules on "Principles for financial market infrastructures", so that the non-financial company may participate in said networks under equal conditions with respect to the rest of the participating financial institutions.
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Effective date:
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SAVINGS DEPOSITS, PAYROLL ACCOUNT AND SPECIAL ACCOUNTS
CONSOLIDATED TEXT ORIGINAL RULE
Sec. Point Para. Com. Annex Chap. Sec. Point Para.
OBSERVATIONS
4.4.2. “A” 1199 I 5.3.2.
4.4.3. “A” 1199 I 5.3.3.
4.4.4. “A” 3042
4.4.5. “A” 1199 I 5.3.4.
4.4.6. “A” 1199 I
5.3.4.1. and
5.3.4.3.
4.4.7. “A” 627 1. S/Com. “A” 6419.
4.5. “A” 1199 I 5.1.
4.5.1. “A” 1199 I 5.1.1.
4.5.3. “A” 1199 I 5.1.3. S/Com. “A” 5990.
4.6.1. “A” 1199 I 5.2.1. S/Com. “A” 3042.
4.6.2. “A” 1199 I 5.2.2.
S/Com. “A” 3042, 4809,
5482, 6042 and 6448.
4.7. “B” 6572 S/Com. “A” 5388.
4.8. “A” 4809 6. S/Com. “A” 5986 and 6249.
4.9. “A” 4809 7.
S/Com. “A” 5164, 5520,
5612 and 6639.
4.10. 1° “A” 5212
4.10.1. “A” 5127 3.
S/Com. “B” 9961, “A”
5164, 5212, 5473, 5718,
5778 and 5927.
4.10.2. “A” 5212 S/Com. “A” 5718.
4.10.3. “A” 5137 S/Com. “A” 5164 and 5990.
4.11. “A” 5482 S/Com. “A” 5928 and 6681.
4.12. “A” 5482
4.13. “A” 5588
4.13.1. “A” 5588
4.13.2. “A” 5588
4.14.
“A” 5928
10.
S/Com. “A” 6236, 6483,
6639, 6709 and 6762.
4.15. “B” 11269
4.16. “A” 6059 S/Com. “A” 6273.
4.
4.17. “A” 6448 2.
5.1. “A” 1199 I 4.2.6.
S/Com. “B” 9516 and 10025,
“A” 5410 and 5565.
5.2. “B” 10567
5.
5.3. “A” 6341
RISK MANAGEMENT ASSOCIATED WITH THE
B.C.R.A. SETTLEMENT OF FOREIGN EXCHANGE TRANSACTIONS
Section 2. Governance.
An FMI is a multilateral system that comprises both the participating institutions and the system operator, whose purpose is to clear, settle or record payments, securities, derivatives or other financial transactions.
When choosing to use or participate in an FMI, financial institutions must:
a) conduct a robust due diligence procedure on the FMI to assess the associated risks, including a review of the credit, liquidity, legal and operational risks linked to the use of the infrastructure, its controls and participants;
b) understand the rules and procedures of the FMI, the responsibilities and risks associated with the settlement of foreign exchange transactions that they could assume through the use of, or participation in, the FMI, directly or indirectly;
c) ensure that they have policies, procedures and an internal control structure to adequately manage their risks and comply with their responsibilities vis-à-vis the FMI and its clients.
Once a given FMI has been chosen, the financial institution must conduct periodic reviews in order to identify significant changes in the FMI's processes or controls that could affect its risk exposure. If significant changes occur, the institution must update its risk analysis, as applicable.
To the extent that the FMI is subject to the standards on “Principles for Financial Market Infrastructures”, the institution must consider the information published in compliance with such principles when conducting the initial due diligence procedure and the periodic monitoring of the FMI.
When the settlement method through correspondent banks is used, each counterparty to a foreign exchange transaction transfers to the other the currency it sells, using its correspondent bank for that currency.
The framework for managing the risks associated with foreign exchange transactions must:
a) provide policies and procedures to assess the risks and benefits of using one or more correspondent banks;
b) consider the size, form and potential terms of exposure to correspondents;
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B.C.R.A.
| CONSOLIDATED TEXT | SOURCE RULE | OBSERVATIONS |
|---|---|---|
| Section Point Paragraph | Com. Cap. Point Paragraph | |
| 1. | 1.1. "A" 6131 | |
| 1.2. "A" 6131 | ||
| 1.3. "A" 6131 | ||
| 2. | 2.1. "A" 6131 | |
| 2.2. "A" 6131 | ||
| 2.3. "A" 6131 | S/Com. "A" 6762. | |
| 3. | 3.1. "A" 6131 | |
| 3.2. "A" 6131 | ||
| 3.3. "A" 6131 | ||
| 4. | 4.1. "A" 6131 | |
| 4.2. "A" 6131 | ||
| 4.3. "A" 6131 | ||
| 5. | 5.1. "A" 6131 | |
| 5.2. "A" 6131 | ||
| 5.3. "A" 6131 | ||
| 6. | 6.1. "A" 6131 | |
| 6.2. "A" 6131 | ||
| 6.3. "A" 6131 | ||
| 7. | 7.1. "A" 6131 | |
| 7.2. "A" 6131 | ||
| 7.3. "A" 6131 | ||
| 8. | 8.1. "A" 6131 | |
| 8.2. "A" 6131 |
REGULATION OF THE BANK CURRENT ACCOUNT
B.C.R.A.
Section 12. General provisions.
Financial institutions may not have any type of participation or linkage –in the latter case, in accordance with the provisions of point 1.2.2. of the rules on “Large exposures to credit risk”– with non-financial companies that operate and/or administer these ATMs, except that the same free-of-charge conditions are observed with respect to commissions and/or charges as the institutions apply to transactions processed on salary/social security accounts and accounts for the payment of social assistance plans or programs.
In cases where non-financial companies operate their own ATMs and designate a financial institution as administrator, the following aspects must be met:
12.8.1. The administering financial institution must:
− Represent said company before the corresponding electronic clearing house.
− Assume responsibility for compliance by the non-financial company with the obligations established to interact with the ATM network.
12.8.2. The companies administering ATM networks, and the participating financial institutions as applicable, shall be responsible for arranging the necessary means, in accordance with the rules on “Principles for financial market infrastructures”, so that the non-financial company can participate in said networks under equal conditions with respect to the rest of the participating financial institutions.
When these accounts are used by markets or capital clearing houses exclusively for the deposit of third-party guarantees, their name must include the addition “Third-party guarantee”.
When financial entities allow the non-face-to-face opening of accounts through electronic and/or communication means, they must comply with the following requirements:
12.10.1. Ensure that such means allow them to fully comply with the regulations on the prevention of money laundering and the financing of terrorism – especially regarding the identification and knowledge of the client – as well as the remaining applicable provisions.
12.10.2. The procedures, technologies and controls used for the non-face-to-face opening of the aforementioned accounts must ensure compliance with the provisions on electronic channels and those related to the conservation, integrity, authenticity and confidentiality of the information and documents used, in order to protect them against alteration or destruction, as well as against improper access or use.
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REGULATION OF THE BANK CURRENT ACCOUNT
| ORDERED TEXT | SOURCE STANDARD | OBSERVATIONS | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Sect. | Point | Para. | Comm. | Annex | Chap. | Sect. | Point | Para. | |
| 9. | 9.3. | “A” 2514 | sole | 1.5. | |||||
| 9.3.1. | 1st | “A” 2514 | sole | 1.5.3.3. | 1°y 2° | S/Com. “A” 3244. | |||
| 2° | “A” 2514 | único | 1.5.2. | 2°y 5° | S/Com. “A” 3244. | ||||
| 9.3.2. | “A” 2514 | único | 1.5.3.3. | 3° | S/Com. “A” 3075 y 3244. | ||||
| 9.4. | “A” 2514 | único | 1.7. | ||||||
| “A” 3075 | |||||||||
| 10. | 10.1. | 1° | “A” 2514 | único | 1.6.3. | 3° | S/Com. “A” 3075. | ||
| 2° | “A” 2514 | único | 1.6.3. | 4° | S/Com. “A” 3075, 3244 and 4063 (item 1.). | ||||
| 10.2. | “A” 3075 | ||||||||
| 10.2.1. to 10.2.4. | “A” 2514 | sole | 1.9.4. | Texts that replace model notice formulas. S/Com. “A” 3075, 3235, 3244, 3831 and 4063 (item 1.). | |||||
| 11. | 11.1. | “A” 4063 | 4. | ||||||
| 11.2. | “A” 4063 | 4. | |||||||
| 11.3. | “A” 4063 | 4. | S/Com. “A” 6638. | ||||||
| 12. | “A” 3075 | ||||||||
| 12.1. | “A” 2530 | ||||||||
| 12.1.1. | 1° | “A” 2530 | 1° | S/Com. “A” 3075. | |||||
| 2° | “A” 2530 | 3° and 4° | |||||||
| 12.1.2. | “A” 2530 | 2° | |||||||
| 12.2. | “A” 1199 | I | 5.1. | ||||||
| 12.2.1. | “A” 1199 | I | 5.1.1. | ||||||
| 12.2.2. | “A” 1199 | I | 5.1.2. | ||||||
| 12.2.3. | “A” 1199 | I | 5.1.3. | ||||||
| 12.3. | “A” 2514 | sole | 1.13.2. | S/Com. “A” 3075. | |||||
| 12.4. | “B” 6572 | S/Com. “A” 5388. | |||||||
| 12.5. | “A” 3235 | ||||||||
| 12.6. | 1° | “A” 5212 | |||||||
| 12.6.1. | “A” 5127 | 3. | S/Com. “B” 9961 and “A” 5164, 5212, 5473, 5718 and 5927. | ||||||
| 12.6.2. | “A” 5212 | S/Com. “A” 5718. | |||||||
| 12.7. | “A” 5588 | ||||||||
| 12.7.1. | “A” 5588 | ||||||||
| 12.7.2. | “A” 5588 | ||||||||
| 12.8. | “A” 5928 | 10. | S/Com. “A” 6236, 6483, 6639, 6709 and 6762. | ||||||
| 12.9. | “B” 11269 | ||||||||
| 12.10. | “A” 6273 |
MINIMUM CAPITAL OF FINANCIAL INSTITUTIONS
B.C.R.A.
Section 4. Minimum capital for counterparty credit risk.
It comprises those exposures of financial institutions with central counterparties (CCP) that originate in OTC derivatives or derivatives traded on securities markets and in securities financing transactions (“Securities Financing Transactions”, SFT) and deferred settlement transactions –defined in point 4.2.–.
Not included are exposures originating in cash transactions involving securities, gold or foreign currency, whose capital requirement shall be calculated in accordance with the provisions of point 4.1.
4.3.1.1. Qualifying Central Counterparty (QCCP): an entity authorized to operate as a CCP by the regulator of its jurisdiction –in the country, the National Securities Commission (CNV)– in relation to the products it offers, which is located and supervised in a jurisdiction in which the regulator has established –and made public that it applies to said CCP on a permanent basis– regulations compatible with the standards on “Principles for financial market infrastructures”.
In the event that the CCP is located in a jurisdiction in which the aforementioned Principles are not applicable to it, the BCRA may determine that it nevertheless falls within the QCCP category.
Furthermore, in order for the CCP to be considered a QCCP, the necessary information must be available for the calculation of the capital requirement for exposure to guarantee funds constituted to address defaults, in accordance with the provisions of subsection ii) of point 4.3.3.2.
4.3.1.2. Clearing member: a member –direct participant– of the CCP authorized to carry out transactions with said CCP, either on its own account or as an intermediary between the CCP and other market participants.
For the purposes of calculating the capital requirement, when a CCP has links with a second CCP, the latter shall be considered a clearing member with respect to the former. It will depend on the agreements between both that the guarantees provided by the second to the first are treated as initial margin or contribution to a guarantee fund constituted to address defaults (“default fund”).
4.3.1.3. Client: a party to a transaction with a CCP carried out through a clearing member acting as intermediary or guarantor of the client's performance before the CCP.
4.3.1.4. Initial margin: the guarantee effectively constituted by a clearing member or by a client to mitigate the potential future exposure
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CENTRAL BANK OF THE ARGENTINE REPUBLIC
MINIMUM CAPITAL OF FINANCIAL INSTITUTIONS
| CONSOLIDATED TEXT | SOURCE STANDARD | OBSERVATIONS | |||||
|---|---|---|---|---|---|---|---|
| Section | Point | Paragraph | Com. | Cap./ Annex | Point | Paragraph | |
| 2. | 2.6.11.2. | “A” 5369 | I | ||||
| 2.6.11.3. | “A” 5369 | I | |||||
| 2.6.11.4. | “A” 5369 | I | |||||
| 2.6.12. | “A” 5369 | I | |||||
| 2.6.13. | “A” 5369 | I | |||||
| 2.6.14. | “A” 5580 | I | |||||
| 2.6.15. | “A” 5369 | I | |||||
| 2.6.16. | “A” 5369 | I | According to Com. “A” 5821. | ||||
| 2.6.17. | “A” 5369 | I | |||||
| 2.6.18. | “A” 5369 | I | According to Com. “A” 5580. | ||||
| 2.7. | “A” 5369 | I | According to Com. “A” 5831. | ||||
| 3. | 3.1. | “A” 5369 | I | According to Com. “A” 6004 and 6433. | |||
| 3.1.1. | “A” 5369 | I | According to Com. “A” 6433. | ||||
| 3.1.2. | “A” 5369 | I | |||||
| 3.1.2.1. | “A” 5369 | I | According to Com. “A” 5580 and 6433. | ||||
| 3.1.2.2. | “A” 5369 | I | According to Com. “A” 6260 and 6433. | ||||
| 3.1.3. | 1° | “A” 6433 | I | ||||
| “A” 5369 | I | According to Com. “A” 6433. | |||||
| last | "A" 5369 | I | According to Com. "A" 5580 and 6433. | ||||
| 3.1.4. | "A" 5369 | I | According to Com. "A" 5831 and 6433. | ||||
| 3.1.5. | "A" 5369 | I | According to Com. "A" 5831, 6327 and 6433. | ||||
| 3.1.6 | "A" 5369 | I | According to Com. "A" 6433. | ||||
| 3.1.7. | "A" 6433 | I | |||||
| 3.1.8. | "A" 5369 | I | According to Com. "A" 5831 and 6433. | ||||
| 3.1.9. | "A" 6433 | I | |||||
| 3.1.10. | "A" 5369 | I | According to Com. "A" 5580, 6327, 6433 and 6470. | ||||
| 3.1.11. | "A" 6433 | I | |||||
| 3.1.12. | "A" 6433 | I | |||||
| 3.1.13. | "A" 6433 | I | |||||
| 3.1.14. | "A" 6433 | I | |||||
| 3.1.14.2. | vi) | "A" 6433 | I | According to Com. "A" 6470. | |||
| 3.2. | "A" 6108 | ||||||
| 4. | 4.1. | "A" 5369 | I | According to Com. "A" 5580 and 5821. | |||
| 4.1.1. | "A" 5369 | I | |||||
| 4.1.2. | "A" 5369 | I | |||||
| 4.2. | "A" 5369 | I | According to Com. "A" 6146. | ||||
| 4.2.1. | 1° and 2° | "A" 5369 | I | According to Com. "A" 5580 and 6146. | |||
| 4.2.1.1. | "A" 5369 | According to Com. "A" 5821 and 6146. | |||||
| 4.2.1.2. | "A" 5821 | 1. | According to Com. "A" 6146. | ||||
| 4.2.1.3. | "A" 6146 | ||||||
| 4.2.2. | 1° and 2° | "A" 5369 | I | ||||
| 3° | "A" 5369 | I | According to Com. "A" 5580, 5671, 5740 and 5821. | ||||
| 4° to 6° | "A" 5821 | 2. | |||||
| 4.2.3. | "A" 5369 | I | According to Com. "A" 6146. | ||||
| 4.2.4. | "A" 5369 | I | According to Com. "A" 5580, 6146 and 6260. | ||||
| 4.3. | "A" 5821 | 2. | According to Com. "A" 6147. | ||||
| 4.3.1. | "A" 5821 | 2. | According to Com. "A" 6147 and 6762. | ||||
| 4.3.2. | "A" 5821 | 2. | According to Com. "A" 6147. |
NATIONAL PAYMENT SYSTEM
B.C.R.A. CHECKS AND OTHER COMPENSABLE INSTRUMENTS
Section 3. Operating instructions.
Likewise, at the end of the rejected session, the CEC shall carry out the clearing of said movements.
Settlement shall be carried out in accordance with the check clearing period: the day following presentation.
The particular aspects of checks generated by electronic means shall conform to the mechanisms established in the applicable regulations and to the definitions made on the matter within the scope of the Interbank Commission for Payment Means (CIMPRA).
The mechanisms –own or through third parties– that are necessary for clients to be able to deposit or cash ECHEQ at the counter shall be adopted.
The compensation and settlement process for the ECHEQ must be assimilated, to the extent applicable, to the process defined in these rules and include the definitions made in accordance with the provisions of point 3.4.
A storage system for the ECHEQ must be implemented, whose function will be to record the issuances and endorsements of such instruments. This scheme may be operated and administered by the low-value electronic clearing house exclusively or jointly.
The infrastructures that administer the ECHEQ storage system, as well as those responsible for its compensation and settlement system, will be considered systemically important financial market infrastructures and, therefore, the rules on “Principles for Financial Market Infrastructures” will be applicable to them.
There will be three types of roles: issuance, management and deposit.
3.4.3.1. Issuance: it will be the exclusive function of financial institutions.
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B.C.R.A.
ORIGIN OF THE PROVISIONS CONTAINED IN THE RULES ON “NATIONAL PAYMENT SYSTEM CHECKS AND OTHER COMPENSABLE INSTRUMENTS”
CENTRAL BANK OF THE ARGENTINE REPUBLIC
| TEXT AS AMENDED | SOURCE RULE | OBSERVATIONS | ||||||
|---|---|---|---|---|---|---|---|---|
| Sec. | Point | Para. | Com. | Annex | Chap. | Sec. | Point | Para. |
| 1. | 1.1. | “A” 2559 | Checks | S/Com. “A” 4281 and 5053. | ||||
| 2. | 2.1. | “A” 2559 | “ | S/Com. “A” 4281 and 5053. | ||||
| 2.2. | “A” 2559 | “ | S/Com. “A” 4281, 5053 and “B” 10988. | |||||
| 2.3. | “A” 2559 | “ | 2.3.1. | S/Com. “A” 4281, 5053 and 6071. | ||||
| 2.4. | “A” 2559 | “ | S/Com. “A” 4281 and 5053. | |||||
| 3. | 3.1. | “A” 2559 | ii | 3.1.2.2. | S/Com. “A” 2795, 4281, 4410, 5053 and “B” 10988. | |||
| “A” 2559 | “ | 3.1.3. | S/Com. "A" 2795, 4281, 4410 and 5053. | |||||
| "A" 2559 | " | 3.1.4. | S/Com. "A" 2795, 4281, 4410, 5053 and "B" 10735. | |||||
| 3.2. | "A" 2559 | " | 3.2.7. | S/Com. "A" 4281 and 5053. | ||||
| "A" 2559 | " | ii | 3.2.7.1. | S/Com. "A" 4281, 5053 and 6101. | ||||
| "A" 2559 | " | 3.2.7.2. | S/Com. "A" 4281 and 5053. | |||||
| "A" 2559 | " | 3.2.8. | S/Com. "A" 4281, 5053 and "B" 10988. | |||||
| 3.3. | "A" 2559 | " | 3.3.7. | S/Com. "A" 4281 and 5053. | ||||
| "A" 2559 | " | 3.3.7.2. | S/Com. "A" 4281, 5053 and 6101. | |||||
| 3.4. | "A" 6578 | 4. | S/Com. "A" 6655, 6726, 6727 and 6762. | |||||
| 4. | 4.1 | "A" 2559 | " | S/Com. "A" 4281 and 5053. | ||||
| 4.2. | "A" 2559 | " | S/Com. "A" 5053. | |||||
| 4.3. | “A” 2559 | “ | S/Com. “A” 4281 y 5053. | |||||
| 5. | 5.1. | “A” 2559 | “ | S/Com. “A” 5053. | ||||
| 5.2. | “A” 2559 | “ | S/Com. “A” 5053. | |||||
| 6. | 6.1. | "A" 2559 | " | S/Com. "A" 5053. | ||||
| 6.2. | "A" 2559 | " | S/Com. "A" 5053. | |||||
| 7. | 7.1. | "A" 2559 | " | S/Com. "A" 5053. | ||||
| 7.2. | "A" 2559 | " | S/Com. "A" 2723 and 5053. | |||||
| 7.3. | "A" 2559 | " | S/Com. "A" 2795, 2857 and 5053. | |||||
| 7.4. | "A" 2559 | " | S/Com. "A" 2819, 4281, 4410, 5053, 6101 and "B" 10735. | |||||
| 7.5. | "A" 2559 | " | S/Com. "A" 4281 and 5053. | |||||
| 7.6. | "A" 2559 | " | S/Com. "A" 4281 and 5053. | |||||
| 7.7. | "A" 2559 | " | S/Com. "A" 4281 and 5053. | |||||
| 7.8. | "A" 2559 | " | S/Com. "A" 4281 and 5053. | |||||
| 7.9. | "A" 2559 | " | S/Com. "A" 4281 and 5053. | |||||
| 7.10. | "A" 2559 | " | S/Com. "A" 5053 and "B" 10988. | |||||
| 7.11. | "A" 2559 | " | S/Com. "A" 4281 and 5053. | |||||
| 7.12. | "A" 2559 | " | S/Com. "A" 4281 and 5053. | |||||
| 7.13. | "A" 2559 | S/Com. "A" 5053. |
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