Determination of Micro, Small or Medium Enterprise Status: Adaptation

2018 - YEAR OF THE CENTENARY OF THE UNIVERSITY REFORM

COMMUNICATION “A” 6528
19/06/2018

TO FINANCIAL INSTITUTIONS:

Ref.: Circular
OPRAC 1 - 950
LISOL 1 - 800
RUNOR 1 - 1407

Determination of micro, small or medium enterprise status. Adaptation.

---

We address you to inform you that, based on the provisions established by Resolutions No. 154 and 215 of 2018 of the Secretariat of Entrepreneurs and Small and Medium Enterprises of the Ministry of Production –SEPyME–, it is appropriate to update the rules on “Determination of micro, small or medium enterprise status”.

Accordingly, we point out that point 1.10. in the rules on “Credit management”, point 3.7. in the rules on “Debtor classification”, point 2.3. in the rules on “Credit grading”, point 1.4. in the rules on “Guarantees”, point 2.9. in the rules on “Public guarantee funds”, point 2.6. of the rules on “Mutual guarantee companies (Art. 80 of Law 24.467)” and point 2.4. of the rules on “Credit evaluations” are replaced by the following:

“X.X. The amount to be considered shall be the maximum level of the value of total annual sales for the “Micro” category corresponding to the “Commerce” sector determined by the enforcement authority of Law 24.467 (and its amendments).”

For this purpose, we send you in an annex the pages that, replacing those previously provided, should be incorporated into the rules on “Determination of micro, small or medium enterprise status”, “Credit management”, “Debtor classification”, “Credit grading”, “Guarantees”, “Public guarantee funds”, “Mutual guarantee companies (Art. 80 of Law 24.467)” and “Credit evaluations”.

Likewise, it is recalled that on the website of this Institution www.bcra.gob.ar, by accessing “Financial System - LEGAL AND REGULATORY FRAMEWORK –Compilations and summaries– Ordered texts of general regulations”, you will find the amendments made with texts highlighted in special characters (strikethrough and bold).

We greet you attentively.

CENTRAL BANK OF THE ARGENTINE REPUBLIC

Enrique C. Martin
Deputy Manager of Issuance of Regulations

Darío C. Stefanelli
Principal Manager of Issuance and
Regulatory Applications

ANNEX

B.C.R.A.
ORDERED TEXT OF THE RULES ON “DETERMINATION OF THE STATUS OF MICRO, SMALL OR MEDIUM ENTERPRISE”

• Index -

1. Determination.

2. Verification of status.

Table of correlations.

Version: 5th. COMMUNICATION “A” 6528
Effective date:
20/6/2018
Page 1

B.C.R.A.
DETERMINATION OF THE STATUS OF MICRO,
SMALL OR MEDIUM ENTERPRISE

1. Determination.

The provisions on the matter established by the enforcement authority of Law 24.467 (and its amendments) shall apply.

For these purposes, the computation of the requirements provided by the Secretariat of Entrepreneurs and Small and Medium Enterprises of the Ministry of Production –SEPyME– (e.g. those referring to the value of net sales and/or personnel employed and/or value of its assets), may be made from:

1.1. certificate of accreditation of micro, small or medium enterprise status provided by the Secretariat of Entrepreneurs and Small and Medium Enterprises of the Ministry of Production, or

1.2. financial or accounting statements of the company, as applicable, provided they have an external auditor's report, or

1.3. sworn statement certified by a public accountant.

The information in points 1.2. and 1.3. must be legalized by the Professional Council of Economic Sciences of the corresponding jurisdiction and may be supplemented with any other information and/or documentation that the entity considers pertinent for the purposes of evaluating such categorization and/or corroborating the information provided by the company.

2. Verification of status.

For the purposes of applying the rules of the Central Bank of the Argentine Republic, the verification of micro, small or medium enterprise status shall be carried out at the time of granting new financings or refinancings.

Version: 15th. COMMUNICATION “A” 6528
Effective date:
20/6/2018
Page 1

B.C.R.A.
ORIGIN OF THE PROVISIONS CONTAINED IN THE RULES ON “DETER- MINATION OF THE STATUS OF MICRO, SMALL OR MEDIUM ENTERPRISE”

ORDERED TEXT	SOURCE RULE	OBSERVATIONS
Sec.	Point Para.	Com.	Annex	Chap.	Sec.	Point Para.
1.	1.1.	"A" 3321						According to Com. "A" 3793, 4266, 5116, 5419, 5529, 5770, 5934, 6025, 6216, 6326, 6327, 6428 and 6528. Provision No. 147/06 of the Secretariat of Small and Medium Enterprises and Regional Development of the Ministry of Economy and Production and Resolutions No. 21/10, No. 50/13, No. 357/15 of the Secretariat of Small and Medium Enterprises and Regional Development of the Ministry of Industry and Resolutions No. 11/16, 39/16, 103-E/17, 340-E/17, 154/18 and 215/18 of the Secretariat of Entrepreneurs and Small and Medium Enterprises of the Ministry of Production. Includes interpretive clarification.
2.		"A" 6528

CREDIT MANAGEMENT
B.C.R.A.
Section 1. Requirements for the granting of financings.

1.8.1. Financial institutions that make use of rediscounts or advances from the BCRA for temporary illiquidity situations may not grant credit assistance in which certificates of time deposit –in pesos, in foreign currency or of public securities– or negotiable obligations issued by them are received as collateral for the fulfillment of loans, even when the minimum term of 30 days has elapsed from the date of issuance, last negotiation or transfer, while they maintain those facilities in force.

1.8.2. Financial institutions issuing subordinated debt securities, admitted to determine computable net worth, or convertible into shares of the institution may not receive such securities as collateral for financings or as counter-guarantee of guarantees granted in favor of third parties or of contingent liabilities assumed on behalf of third parties.

1.9. Minimum verifications on non-financial credit providers.

In the cases of financing applications from clients of the commercial portfolio or commercial portfolio assimilable to consumer that are subjects included in point 1.1. of the rules on "Credit assistance to non-financial credit providers", it must be verified –prior to granting– that –if applicable– they are registered in the respective registries, whose list appears on the BCRA website (www.bcra.gob.ar).

1.10. Reference amount.

The amount to be considered shall be the maximum level of the value of total annual sales for the "Micro" category corresponding to the "Commerce" sector determined by the enforcement authority of Law 24.467 (and its amendments).

Version: 4th. COMMUNICATION "A" 6528
Effective date:
20/6/2018
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CENTRAL BANK OF THE ARGENTINE REPUBLIC

CREDIT MANAGEMENT

CONSOLIDATED TEXT			SOURCE RULE					OBSERVATIONS
Sec.	Point	Para.	Com.	Annex	Chap.	Sec.	Point	Para.
1.	1.3.6.		"A" 3051
	1.3.7.		"A" 3051
	1.3.8.1.		"A" 2573	I				S/Com. "A" 5520 and 6334.
	1.3.8.2.		"A" 2573	II				S/Com. "A" 5520, 6167 and 6334.
	1.3.9.	i)	"A" 2573				1.	9°
		ii)	"A" 2573				1.	10°
		Ult.	“A” 2573				1.	11°
	1.3.10.		“A” 2573				1.	12° S/Com. “A” 6167.
	1.4.1.	1°	“A” 2373				3.	1°
		2°	“B” 5902				9.
	1.4.2.		“A” 2373				3.	1° and 2°
			“B” 5902				2.
	1.4.3.	1°	“A” 2373				3.	3° S/Com. “A” 3051.
		2°	“A” 3051
		3°	“B” 5902				6.
		4°	“A” 3051
	1.4.4.	1°	“B” 5902				1.	1° and 2°
		2°	“B” 5902				1.	2°
		3°	“B” 5902				1.	3°
	1.4.5.		“B” 5902				1.	4°
	1.4.6.1.		“A” 2989		5.	5.1.
	1.4.6.2.		“A” 2989		5.	5.2.1.5.
	1.4.7.		"A" 2373				3.	4°, 5° and 6° S/Com. "A" 6167.
	1.5.	1°	"A" 2102				1.
		2°	"A" 2102				2.
	1.6.		"A" 2814			3.	3.1.	S/Com. "A" 3051 and 5223.
	1.7.		"A" 2412					S/Com. "A" 5671 and 5740.
	1.8.1.		"A" 2308					S/Com. "A" 3918 and 4559.
	1.8.2.		"A" 2177				3.
	1.9.		"A" 5593				6.
	1.10.		"A" 5998				1.	S/ Com. "A" 6528.
2.	2.1.		"A" 49	I			3.2.1.	1°
	2.2.	1°	"A" 49	I			3.2.1.	2°
		2°	"A" 2729			7.	7.2.1.	2° S/Com. "B" 9074.
	2.3.		"A" 476				4.
3.	3.1.		"A" 1465	I			2.
	3.2.1.		"A" 1465	I			2.	S/Com. “A” 2275 (point 2.3.).
	3.2.2.		“A” 2275				2.3.
	3.2.3.		“A” 2275				2.1.
	3.3.		“A” 1465	I			2.2.	S/Com. “A” 2275.
4.	4.1.		“A” 431					S/Com. “A” 4817, 4876, 4972 (point 2.) and 5520.
	4.2.		“A” 2322

CLASSIFICATION OF DEBTORS
B.C.R.A.
Section 3. Classification task.

3.6. Approval of the classification.

The classification of debtors and the constitution of provisions for bad debt risk for financings exceeding 2.5% of the computable equity of the financial institution for the month prior to the corresponding one must have the prior approval of the members of the Board of Directors or Board of Administration - by simple majority or, in the case of related clients, by two thirds of all members - or equivalent authority of the lending financial institution.

Such conformity shall refer - with a reasoned opinion in all cases - both to the classification assigned to each of the debtors included and to the level of the provisions constituted.

The acknowledgment without formulation of observations by the Board of Directors or Board of Administration, with the majorities established above, or equivalent authority, of the reasoned opinions on the classification of debtors and the constitution of provisions for bad debt risk issued by the functional units in charge of the classification, fulfills the aforementioned requirement, provided that it is prior to the remittance to the Superintendency of Financial and Exchange Institutions of the accounting information and its complementary information.

3.7. Reference amount.

The amount to be considered shall be the maximum level of the value of total annual sales for the “Micro” category corresponding to the “Commerce” sector determined by the authority of application of Law 24.467 (and its amendments).

Version: 4th. COMMUNICATION “A” 6528
Effective:
20/6/2018
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CLASSIFICATION OF DEBTORS

CONSOLIDATED TEXT SOURCE STANDARD
Sect. Point Para. Com. Annex Point Para.
OBSERVATIONS
3.3. last “A” 2216 I 2. 2nd
1st “A” 2216 I 7. 1st According to Com. “A” 5093.
“A” 2287 3. last
2nd “A” 2216 I 6. 2nd
3rd “A” 2216 I I.d. 3rd
3.4.1.
4th “A” 4972 1. According to Com. “A” 5520.
3.4.2. “A” 467 3rd
“A” 2216 I 7.
According to Com. “B” 5644, “A” 2287,
2573, 2932, 4545, 4738, 4781,
5093, 5311, 5470, 5557 and 5998.
3.4.3. “A” 2563 I II.
“A” 2586 sole II.
According to Com. “A” 2677 and 5998. It makes explicit criterion.
1st “A” 2216 I 7. 1st
2nd “A” 2216 7. last
3rd “A” 2216 I 7. 2nd According to Com. “A” 2223 (point 1.). last “A” 2563 I II. According to Com. “A” 2677.
3.4.4.
“A” 2586 sole II. According to Com. “A” 2677.
3.4.5. Incorporates criterion not made
known generally with prior date. According to Com. “A” 6068.
3.5. "A" 2216 I 3. 1°
3.5.1. "A" 2216 I 3. 1°
1° "A" 2216 I 3. 1°
2° "A" 2216 I 3. 2° According to Com. "A" 4972 (point 1.), 5311 and 5998.
3° "A" 2216 I 3. 3° According to Com. "A" 2223 (point 1.).
3.5.2. last "A" 2216 I 3. last
3.5.3. Incorporates criterion not previously
known on a general basis with prior notice.
1° "A" 2373 8. and 3. Includes interpretive clarification.
2° "A" 2373 8.
3.6. last "B" 5902 3. Includes interpretive clarification.
3.
3.7. "A" 5998 1. According to Com. "A" 6528.
4.1. "A" 2216 I 1. 1°
4.2. "A" 2216 I 1. 2°
4.3.1. "A" 2216 I 1. 3° According to Com. "A" 2932 (point 3.).
4.3.2. "A" 2216 I 1. last
4.4. "A" 2932 4.
4.5. "A" 2932 4.
4.
4.6. "A" 3314 8. According to Com. "A" 4529.
5.1. "A" 2216 I 6. 1°
5.
5.1.1. 1° "A" 2216 I I. 1° According to Com. "A" 2410.

GRADING OF CREDIT B.C.R.A.
Section 2. Financings included.

2.2.16. Financings to legal persons whose corporate purpose is the provision of microcredits (in accordance with the definition provided in subsection b) of point 1.1.3.4. of the rules on "Credit management"), to the extent that the granting does not exceed:

a) Individual limit: 2.5 % of the computable equity of the granting entity -as of the last day of the second month prior to the granting of the financing- or the equivalent of 70 % of the reference amount established in point 2.3., whichever is greater.

b) Global limit: 10 % of the computable equity of the granting entity -as of the last day of the second month prior to the granting of the financing- or the equivalent of 170 % of the reference amount established in point 2.3., whichever is greater.

2.3. Reference amount.

The amount to be considered shall be the maximum level of the value of total annual sales for the "Micro" category corresponding to the "Commerce" sector as determined by the enforcement authority of Law 24.467 (and its amendments).

Version: 3rd. COMMUNICATION "A" 6528
Effective date:
20/6/2018
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B.C.R.A.
ORIGIN OF THE PROVISIONS CONTAINED IN THE RULES ON "GRADING OF CREDIT"

CONSOLIDATED TEXT	SOURCE RULE	OBSERVATIONS
Section	Point	Paragraph	Com.	Annex	Point	Paragraph
1.	1.1.	1°	"A" 467	sole	2.		According to Com. "A" 5520.
			"A" 467	sole	6.1.	last
		2°	"A" 3002				Incorporates interpretive clarification.
2.	2.1.		"A" 467	sole	2.		According to Com. "A" 5520.
	2.2.1.		"A" 467	sole	4.1.		According to Com. "A" 5520.
	2.2.2.	1°	"A" 467	sole	3.1.
		last	"A" 490	sole	2.
	2.2.3.		"A" 467	sole	3.2.		According to Com. "A" 6221.
	2.2.4.		"A" 467	sole	3.3.		According to Com. "A" 6221.
	2.2.5.		"A" 467	sole	4.2.
	2.2.6.	1°	"A" 467	sole	4.3.
		last	"A" 490	sole	4. and 5.
	2.2.7.		"A" 467	sole	4.4.
	2.2.8.		"A" 467	sole	4.5.		According to Com. "A" 2054 and 5419.
	2.2.8.1.	viii	"A" 467	sole	4.5.8.		According to Com. "A" 2074.
	2.2.9.		"A" 467	sole	4.6.		According to Com. "A" 2054.
	2.2.10.		"A" 467	sole	4.7.		According to Com. "A" 2098, "B" 5477, "A" 4310 (point 3.), 4975, 5311, 5637 and 5998.
	2.2.11.		"A" 467	sole	4.8.		According to Com. "A" 2410, 3307, 4093 (penultimate paragraph), 4465 and 5275.
			"A" 2410		7.
	2.2.12.		"B" 5902		10.	last	According to Com. "A" 5013.
	2.2.13.		"B" 5902		10.	last	According to Com. "A" 5013, 5154 and 5368.
	2.2.14.		"B" 5902		10.	last	According to Com. "A" 5013.
	2.2.15.		"A" 3314				According to Com. "A" 5671 and 5740.
	2.2.16.		"A" 4891		5.		According to Com. "A" 5998.
	2.3.		"A" 5998		1.		According to Com. "A" 6528.
3.	3.1.1.		"A" 467	sole	1.	1st	According to Com. "A" 2373.
	3.1.2.1.		"A" 467	sole	1.	2nd	According to Com. "A" 2373, 5949 and 6467.
	3.1.2.2.	1° to 6°	“A” 467	sole	1.	2°	According to Com. “A” 2373 and “B” 5902. Includes interpretive clarification.
		7°	“B” 5902		10.	1°
		last	“A” 3002				Incorporates interpretive clarification.
	3.2.1.		“A” 467	sole	1.	3°	According to Com. “A” 2373, amended by Com. “A” 2960. Incorporates interpretive criterion.
	3.2.2.		“A” 2206		2.		According to Com. “A” 3183 and 6304.
	3.2.2.1.		“A” 2206		2.		According to Com. “A” 3086 and 3183.
	3.2.2.2.		“A” 2056		1.		According to Com. “A” 3086 and 4093 (penultimate paragraph).
	3.2.2.3.		“A” 2384		1.	1° and 2°	According to Com. “A” 3086 and 4093 (penultimate paragraph).
	3.3.		“A” 2156		5.

B.C.R.A.
GUARANTEES
Section 1. Classes.

1.2.9.4. The contract, whose rights are the object of the pledge or assignment, must include clauses by which the borrowers authorize or grant a mandate to the lending financial institution so that the funds granted as a loan are contributed or placed in trust, as the case may be, for the purpose of carrying out the work.

The contracts instrumenting the financings must clearly establish that the failure to take out insurance in favor of the purchasers of the projected functional units, in accordance with the provisions of article 2071 of the Civil and Commercial Code of the Nation, will not deprive the financial institution of any right arising from the financing granted.

In the case of the pledge or assignment as security of rights over functional units for financings granted directly to the purchasers, in addition to the aforementioned requirements, the following will be required: i) the presentation of a copy authenticated by a notary of the instruments by which those rights were constituted in favor of the respective purchasers and ii) a copy of the works plan approved by the competent authority in which it is observed that the totality of the projected functional units to be subdivided appears.

1.2.10. Pledge or assignment as security of the debt instruments referred to in point 3.2.10. of the rules on “Financing to the non-financial public sector”.

1.3. Remaining guarantees.

The guarantees not explicitly included in the preceding points, such as the mortgage in a rank other than first and the pledge or surety of shares or commercial documents and the liens constituted abroad in accordance with legislations other than the local one –except in the cases expressly provided for–, will be considered non-preferred.

1.4. Reference amount.

The amount to be considered will be the maximum level of the total annual sales value for the “Micro” category corresponding to the “Commerce” sector determined by the enforcement authority of Law 24.467 (and its amendments).

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Effective date:
20/6/2018
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GUARANTEES

CONSOLIDATED TEXT			SOURCE RULE			OBSERVATIONS
Section	Point	Paragraph	Com.	Annex	Point Paragraph
1.	1.2.7.		“A” 4491		1.	According to Com. “A” 4501, 5998 and 6250.
	1.2.8.		“A” 6250			According to Com. “A” 6297.
	1.2.9.		“A” 6250			According to Com. “A” 6297.
	1.2.10.		“A” 6449		2.
	1.3.		“A” 7			Specifications of the “other guarantees received” items, amended by Com. “A” 2932.
	1.4.		“A” 5998		1.	According to Com. “A” 6528.
2.	2.1.	1°	“A” 2448			Statement of financial position of debtors (item 6.1.2.2.2.).
		2°	“A” 2932	sole	2.1. 2°
	2.2.		“A” 2216	I	1. 4°	According to Com. “A” 6374.
3.	3.1.		“A” 2932	sole	3.1.	According to Com. “A” 6374.
	3.1.1.		“A” 2932	sole	3.1.1.	According to Com. “A” 3918.
	3.1.2.		“A” 2932	sole	3.1.2.
	3.1.3.		“A” 2932	sole	3.1.3.	According to Com. “A” 3918.
	3.1.4.		“A” 2932	único	3.1.4.
	3.1.5.		“A” 2932	único	3.1.5.	According to Com. “A” 3918, 4242 and 4741.
	3.1.6.		“A” 2932	único	3.1.6.	According to Com. “A” 3918 and 6328.
	3.1.7.		“A” 2216	I	1. 3°, g)	According to Com. “A” 2932.
	3.1.8.		“A” 2216	I	1. 3°, h)	According to Com. “A” 2932.
	3.1.9.		“A” 2216	I	1. 3°, i)	According to Com. “A” 2932.
	3.1.10.		“A” 2932	único	3.1.11.	According to Com. “A” 3104 and 4522.
	3.1.11.		“A” 2932	único	3.1.12.	According to Com. “A” 3918.
	3.1.12.		“A” 2932	único	3.1.13.
	3.1.13.		“A” 2932	único	3.1.14.
	3.1.14.		“A” 2419	1.	1°, ii)	According to Com. “A” 2932, 3314, 3918, 4551 (point 2.), 4559 (point 3.), 5998 and 6297.
	3.1.15.		“A” 2932	único	3.1.18.	According to Com. “A” 3918 and 6162.
	3.1.16.		“A” 6162		4.
	3.1.17.		"A" 2932	único	3.1.19.	According to Com. "A" 3141, 3918, 4242, 4465 and 5275.
	3.1.18.		"A" 3114		2.	According to Com. "A" 4242.
	3.1.19.		"A" 3259		2.	According to Com. "A" 5067.
	3.1.19.1.		"A" 4559		5.	According to Com. "A" 5998.
	3.1.19.2.		"A" 4559		5.	According to Com. "A" 5998.
	3.1.19.3.		"A" 3259		2.	According to Com. "A" 3314, 3918 and 4559 (point 5.).
	3.1.19.4.		"A" 3259		2.	According to Com. "A" 3918 (point 4.).
	3.1.19.5.		"A" 3259		2.	According to Com. "A" 3314 (point 3.).
	3.1.19.6.		"A" 3314		6.
	3.1.20.		"A" 3314
	3.1.21.		"A" 4491		1.	According to Com. "A" 4501 and 6453.

PUBLIC GUARANTEE FUNDS B.C.R.A.
Section 2. Requirements.

• To render said restriction ineffective, the submission of the information pending presentation as of the date of the regularization request or of the 6 months prior to said date, whichever is the lesser of the two periods, will be required.

When the breach of the obligation to submit the information for the "Debtors Central" is repeated within a calendar year, the period provided will be reduced to 15 consecutive days. If a new breach is verified within the calendar year, the Registry registration will be cancelled.

Departure from any of the remaining conditions provided in these provisions will entail the immediate cancellation of the guarantee fund from the Registry.

2.9. Reference amount.

The amount to be considered will be the maximum level of the total annual sales value for the "Micro" category corresponding to the "Commerce" sector determined by the enforcement authority of Law 24.467 (and its amendments).

Version: 2nd. COMMUNICATION "A" 6528
Effective date:
20/6/2018
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B.C.R.A.
ORIGIN OF THE PROVISIONS CONTAINED IN THE RULES ON "PUBLIC GUARANTEE FUNDS"

CENTRAL BANK
OF THE ARGENTINE REPUBLIC

CONSOLIDATED TEXT			STANDARD OF ORIGIN				OBSERVATIONS
Section	Point	Paragraph	Com.	Chap.	Point	Paragraph
1.	1.1.		“A” 5275				According to Com. “A” 6183 and 6437.
	1.2.		“A” 5275				According to Com. “A” 6327 and 6437.
	1.3.		“A” 5275
2.	2.1.		“A” 5275
	2.1.1.		“A” 5275				According to Com. “A” 6383.
	2.1.2.		“A” 5275				According to Com. “A” 6383.
	2.1.3.		“A” 5275
	2.1.4.		“A” 5275				According to Com. “A” 6383 and 6437.
	2.2.		“A” 5275				According to Com. “A” 6327.
	2.3.		“A” 5275				According to Com. “A” 5637, 5998, 6383 and 6437.
	2.4.		“A” 5275				According to Com. “A” 5520.
	2.5.		“A” 5275
	2.6.		“A” 5275
	2.7.		“A” 5275				According to Com. “A” 5998, 6383 and 6437.
	2.8.		“A” 5275				According to Com. “A” 6398.
	2.9.		“A” 5998		1.		According to Com. “A” 6528.

MUTUAL GUARANTEE COMPANIES (ART. 80 OF LAW 24.467) B.C.R.A.
Section 2. Requirements.

2.4. Information to the Central Bank.

Regularly comply with the information regime established for that purpose, subject to the supervision of the BCRA.

This includes the information for the “Central de Deudores” on the classification of clients whose debts have been canceled in compliance with the guarantees that backed the respective obligations, in accordance with the rules on “Clasificación de deudores” for financial institutions.

In addition, they must submit to the SEFyC, on a quarterly basis, a special external auditor's report on compliance with the requirements set forth in these rules, in accordance with the model that is made known for this purpose.

In cases where at the close of the fiscal year the Risk Fund exceeds the equivalent of 65 times the reference amount established in point 2.6., starting from the following fiscal year the special external auditor's reports required by this provision must be prepared by one of the auditors registered in the “Registro de auditores” of the SE-FyC.

2.5. Non-compliances.

Non-compliances with the obligation to submit the information for the “Central de deudores” referred to in point 2.4. shall have the following effects:

• From the notification of non-compliance detected by the BCRA – which will be sent to the address of the person responsible for the generation and compliance of the SGR's information regimes –, they will have a period of 30 calendar days to remedy it.

• Once said period has elapsed, if the non-compliance persists, its guarantees will no longer be considered preferred. For this purpose, this situation will be reflected in the respective registry as long as such restriction remains in force.

• To lift said restriction, it will be required to send the information pending submission as of the date of the regularization request or for the 6 months prior to that date, whichever is the lesser of the two periods.

When the non-compliance with the obligation to submit the information for the “Central de deudores” is repeated within a calendar year, the period provided shall be reduced to 15 calendar days. If a new non-compliance is verified within the calendar year, the registration will be canceled.

Departure from any of the remaining conditions set forth in these provisions shall entail the immediate cancellation of the company's registration.

2.6. Reference amount.

The amount to be considered shall be the maximum level of the total annual sales value for the “Micro” category corresponding to the “Comercio” sector as determined by the authority applying Law 24.467 (and its amendments).

Version: 7a. COMUNICACIÓN “A” 6528
Effective date:
20/6/2018
Page 2

B.C.R.A.
ORIGIN OF THE PROVISIONS CONTAINED IN THE RULES ON “SOCIEDADES DE GARANTÍA RECÍPROCA (ART. 80 DE LA LEY 24.467)”

TEXT AS AMENDED			SOURCE RULE			OBSERVATIONS
Section	Point	Paragraph	Com.	Point	Paragraph
1.		único	“A” 2411	1.
	1.1.		“A” 2411	1.		According to Com. “A” 6383 and 6437. Includes formal adjustments.
	1.2.		“A” 2411	1.		Includes formal adjustments.
2.			“A” 2411	2.
	2.1.		“A” 2411	2.1.
	2.1.1.		“A” 2411	2.1.	1° and 2°	According to Com. “A” 2806 and 6383.
	2.1.2.		“A” 2411	2.3.	1°	According to Com. “A” 3141, 4009, 5183 and 5419.
	2.1.3.		“A” 2411	2.3.	2°	According to Com. “A” 5183 and 5419.
	2.2.		“A” 2411	2.2.	1°	According to Com. “A” 4169, 4253, 4531, 5275, 5637, 5998, 6383 and 6437.
	2.3.		“A” 2411	2.2.	2°	According to Com. “A” 5520, 6383 and 6437.
	2.4.		“A” 2411	2.4.	1°	According to Com. “A” 3141, 6383 and 6437.
	2.5.		“A” 2411	2.4.	1°	According to Com. “A” 6398.
	2.6.		“A” 5998	1.		According to Com. “A” 6528.

B.C.R.A.
CREDIT EVALUATIONS
Section 2. Credit evaluations for residents.

They must comply with the following requirements:

2.1. Financial sector.

2.1.1. Have a rating of 1 or 2 granted by the Superintendency of Financial and Exchange Entities.

2.1.2. Have a rating of 1, 2 or 3 granted by the Superintendency of Financial and Exchange Entities.

The last reported rating shall be considered.

In the case of new financial entities, until the Superintendency of Financial and Exchange Entities communicates their rating, in order to carry out the operations in question, prior authorization from this Central Bank shall be required.

2.2. Non-financial private sector.

2.2.1. Companies that record a level of indebtedness in the total system equal to or greater than the equivalent of 90% of the reference amount established in point 2.4., contracted with two or more entities other than the one analyzing the credit exposure in question and that are classified “in normal situation” - according to the latest information available in the “Central de deudores del sistema financiero” - by all of those financial entities. In addition, they must not record checks rejected for the cause “insufficient funds” in the last 12 months, in the “Central de cheques rechazados”.

2.2.2. Insurance companies authorized to operate by the Superintendency of Insurance of the Nation: financial entities must carry out the credit analysis taking into account the information published by the aforementioned Superintendency (namely: general indicators - premiums and surcharges by entity and in the total market -, equity indicators and management indicators).

2.2.3. Markets authorized by the National Securities Commission: no additional requirement is established beyond the credit evaluation itself that the financial entity must carry out.

2.3. Non-financial public sector.

No additional requirement is established beyond the credit evaluation itself that the financial entity must carry out.

2.4. Reference amount.

The amount to be considered shall be the maximum level of the value of total annual sales for the “Micro” category corresponding to the “Commerce” sector as determined by the enforcement authority of Law 24.467 (and its amendments).

Version: 3rd. COMMUNICATION “A” 6528
Effective date:
20/6/2018
Page 1

B.C.R.A.
ORIGIN OF THE PROVISIONS CONTAINED IN THE
RULES ON “CREDIT EVALUATIONS”

TEXT AS AMENDED	SOURCE RULE	OBSERVATIONS
Sec. Point Para.	Com.	Annex Chap. Sec. Point Para.
1.		“A” 5671	I
2.	2.1.	"A" 5671	I
	2.2.	"A" 5671	I					According to Com. "A" 5998.
	2.3.	"A" 5671	I
	2.4.	"A" 5998				1.		According to Com. "A" 6528.
3.	3.1.	"A" 5671	I
	3.2.	"A" 5671	I
	3.3.	"A" 5671	I