Electronic Communication for Environmental Care. Adjustments.

"2017 - YEAR OF RENEWABLE ENERGIES
COMMUNICATION 'A' 6419 29/12/2017
TO FINANCIAL ENTITIES,
TO EXCHANGE HOUSES, AGENCIES AND OFFICES,
TO NON-FINANCIAL COMPANIES ISSUING CREDIT CARDS, TO REPRESENTATIVES OF FOREIGN FINANCIAL ENTITIES NOT AUTHORIZED TO OPERATE IN THE COUNTRY:
Ref.: Circular
OPASI 2 - 536
RUNOR 1 - 1365
CIRMO 3 - 81
CAMEX 1 - 792
OPRAC 1 - 927
SINAP 1 - 67
Electronic Communication for Environmental Care. Adjustments.
____________________________________________________________ We address you to inform you that this Institution adopted the resolution, which in its pertinent part, provides:

"1. Incorporate as Section 4. of the rules on "Electronic Communication for Environmental Care" the following:
"Section 4. Information to be disseminated in public service areas.
4.1. Subjects covered.
In addition to the subjects mentioned in points 1.1.1. and 1.1.2., exchange houses, agencies and offices, and representatives of foreign financial entities not authorized to operate in the country must comply with the mandatory information dissemination requirements provided for in the pertinent part for each obligated subject in point 4.4. and take into consideration the suggested dissemination information provisions of point 4.6.

4.2. Authorized dissemination media
The mandatory or suggested dissemination information provided for in points 4.4. and 4.6. may be displayed via electronic signage (screen or monitor) or on paper –this option may be defined by branch–. In the first case, rotating display of the signage is allowed, with each piece of information remaining for the time necessary for its complete reading. The mandatory dissemination information must be displayed –in a rotating manner– throughout the entire public service hours, projecting all signs at least every 20 minutes, and may incorporate information from obligated subjects and/or required by other control bodies –as long as there is no contrary provision from the respective bodies–.

4.3. Models and location of signage
When deemed necessary, the Central Bank of the Argentine Republic (BCRA) will disseminate models of information for electronic and paper signage and/or expressly establish the location where certain signage must be displayed.
The respective models must be downloaded from the website of the Central Bank of the Argentine Republic (www.bcra.gob.ar). When models are published, the dissemination requirement will only be considered fulfilled when the information provided to the public and its display format are those supplied in the cited model and/or the signage is displayed in the manner and places required. In the event that the BCRA does not provide a signage model and/or does not require a specific location and/or the models do not have specific size and location requirements, the information dissemination requirement will be considered fulfilled as long as it is displayed in its entirety, occupies a prominent place –in terms of visibility and size– and has a font type that allows its clients to clearly and precisely read the information provided.

4.4. Mandatory dissemination information.
4.4.1. Financial entities.
They must mandatorily disseminate via the display of signage on electronic screen or paper the following information:
4.4.1.1. That provided for in point 4.5.
4.4.1.2. Regarding the interest rates for overdrafts without current account agreements and the compensatory and punitive interest rates for credit card financing offered to their clients, for operations in pesos, with the following detail:
i) Nominal annual interest rate. ii) Effective annual interest rate. iii) Total financial cost. iv) The highest and lowest interest rates, when regarding the mentioned lines there is more than one rate, with its expression in the terms of the preceding points. In all cases, the rates must be expressed as a percentage with two decimal places. The total financial cost must be placed in a privileged position with respect to the rest of the variables exposed, and in a font with a highlighted color, of identical source and size at least five times larger –preserving all proportions of stroke thickness, height and width– to that used to inform the level of the nominal annual rate.

4.4.1.3. Regarding the interest rate, as a percentage with two decimal places, of fixed-term deposits in pesos corresponding to the shortest term offered to their clients, with the following detail:
i) Nominal annual interest rate. ii) Effective annual interest rate.

4.4.1.4. The scope of the guarantee for deposits under Law 24.485 and complementary norms (type of operation, its status as included or not in the regime, percentage and amount guaranteed, exceptions, etc.), according to what is established by point 6. of the rules on "Application of the deposit guarantee insurance system".

4.4.1.5. Regarding the retail exchange rates offered by the entity. In every place where exchange operations are carried out with banknotes and traveler's checks with clients, the retail exchange rates offered by the entity must be displayed, explicitly stating separately any expense or commission, if any, for the purchase and sale of banknotes and traveler's checks of the currencies with the highest volume of operation.
Entities authorized to operate in exchanges must refrain from operating in banknotes and traveler's checks with clients in the premises where, for any reason, it is not possible to comply with the requirements established in the preceding paragraph. The retail exchange rate of banknotes displayed in the signage must be understood as applicable to exchange sale operations regardless of the denomination of the banknotes in foreign currency.

4.4.1.6. Regarding the use of automated teller machines (ATMs). This information must be supplied visibly in the premises where the ATMs are located.
The following recommendations and precautions, which must be communicated to users at a minimum, are listed below:
i) Request from the financial entity's staff all the information they deem necessary regarding the use of ATMs when accessing the service for the first time or in case of any doubt that arises subsequently. ii) Change the identification code or access code or personal password ("password", "PIN") assigned by the entity, to one selected by the user, which must not be their personal address or date of birth or any other number that can be easily obtained from documents kept in the same place as their card. iii) Do not disclose the personal key number nor write it on the magnetic card provided or on a paper kept with it, as this code is the key to entering the system and therefore to their accounts. iv) Do not enter the personal key in the presence of unrelated persons, even if they pretend to help, nor lend the magnetic card to third parties, as it is for personal use. v) Keep the magnetic card in a safe place and verify its existence periodically. vi) Do not use ATMs when there are messages or abnormal operation situations. vii) When making a deposit operation, ensure to insert the envelope containing the cash or checks together with the first receipt issued by the ATM during the transaction process, into the specific slot for that function, and retrieve the receipt that the machine delivers at the end of the operation, which will serve for any eventual subsequent claim. viii) Do not forget to remove the magnetic card at the end of operations. ix) If the ATM retains the card or does not issue the corresponding receipt, immediately communicate this situation to the financial entity with which one operates and to the bank administering the ATM. x) In case of loss or theft of your card, immediately report this situation to the financial entity that issued it. xi) In case of withdrawals where there are differences between the receipt issued by the ATM and the amount actually withdrawn, communicate this circumstance to the financial entity where the operation was made and the system administrator, in order to solve the problem.

4.4.1.7. Related to the User Service Attention Service for financial services with the following detail:
i) The existence of this service. ii) The first and last names of the responsible persons (primary and substitute/s) designated before the BCRA for this service and those of their representatives that are pertinent according to the house and/or region, along with the contact data of all of them (work addresses –postal and electronic mail–, telephones and faxes). iii) The different alternative means through which the financial service user may opt to channel their query or complaint. iv) The attention procedure and the maximum deadline of twenty (20) business days to respond and definitively resolve queries and complaints. v) That cases of lack of response from the obligated subjects or disagreement with the resolutions adopted by them may be reported by financial service users to the BCRA. vi) Inform that the Central Bank of the Argentine Republic has an area for Protection of Financial Service Users that can be contacted by accessing www.usuariosfinancieros.gob.ar.

4.4.2. Exchange houses, agencies and offices.
They must disseminate the information detailed in points 4.4.1.5., 4.4.1.7. and 4.5.1. in the modalities provided there.

4.4.3. Non-financial companies issuing credit and/or purchase cards.
They must disseminate the information detailed in points 4.4.1.2., 4.4.1.7. and 4.5.1. in the modalities provided there.

4.4.4. Representatives of foreign financial entities not authorized to operate in the country.
They must disseminate via the display of paper or electronic signage in the premises where the representative develops its activities the following information:
"In accordance with current legislation and regulations, the status of representative of a foreign financial entity not authorized to operate in the country does not authorize the collection of public resources for itself nor for the represented foreign financial entity. The representative in such capacity is also not authorized to carry out exchange operations under the terms of Law 18.924, on Exchange Houses, Agencies and Offices. Non-compliance related to the improper collection of funds is subject to the application of the sanctions provided for in art. 41 of the Financial Entities Law, while those related to exchange operations will give rise to the application of the Criminal Exchange Regime."

4.5. Signage models with relevant information for financial service users.

4.5.1.

4.5.2.

4.5.3.

4.5.4.

4.6. Suggested dissemination information to financial entities and exchange houses, agencies and offices.
They are recommended to disseminate via the display of paper or electronic signage information regarding the characteristics of the banknotes in circulation of the Autochthonous Animals Family of Argentina, reproducing their respective models."

2. Incorporate as Section 5. of the rules on "Electronic Communication for Environmental Care" the following:
   "Section 5. Information to be disseminated through the institutional website and Internet banking ("home banking").

5.1. Subjects covered.
The subjects mentioned in points 1.1.1. and 1.1.2. must comply with the mandatory information dissemination requirements through the institutional website and/or Internet banking ("home banking"), as applicable, provided for in point 5.3.

5.2. Models and location of information.
Obligated subjects must publish at the bottom of the initial page of their institutional website a link, whose model must be downloaded from the website of the Central Bank of the Argentine Republic (www.bcra.gob.ar), which will redirect to the site www.usuariosfinancieros.gob.ar. In turn, they must include in their website a section titled "Information for the financial user" that allows access to all mandatory dissemination information provided for in point 5.3. Such elements may be included in the Internet banking ("home banking") service –if they provide such service–. Access to the "Information for the financial user" section must be easy, direct and occupy a visible place on the mentioned page. The corresponding URL address for the mentioned section must be informed to the Central Bank of the Argentine Republic for its publication on the site www.usuariosfinancieros.gob.ar.

5.3. Mandatory dissemination information.
5.3.1. Financial entities
5.3.1.1. They must mandatorily disseminate through their institutional website the following information:
i) That provided for in point 4.4.1. –except subpoint 4.4.1.6.–. ii) Of all products and/or services, own or third-party, offered to financial service users, inform all commissions, charges, interest rates and total financial cost that the latter must pay. In the case of products and/or services whose conditions vary due to certain parameters fixed by the obligated subject (age, term, amount, employee or retiree status, with or without payment of benefits through the obligated subject, etc.), the aforementioned information must be published in a discriminated manner for each of the variants of the product and/or service in question. They must also inform the promotions and bonuses offered, with precise indication of the start and end dates, as well as their modalities, conditions and limitations. The information must be complete, clear and discriminated by concept. A single hyperlink may be used to comply with this requirement, provided that the information provided is part of the obligated subject's official page. These publications obligate these obligated subjects for the entire time they are available on their institutional Internet site and until they are replaced.

5.3.1.2. They must disseminate through the Internet banking ("home banking") service the following information:
i) That provided for in point 5.3.1.1 (when the entity has opted as indicated in the second paragraph of point 5.2. above). ii) At the time of contracting any product and/or service through Internet banking ("home banking") and prior to its acceptance, the user must be informed of the data that make up the settlement of the operation. At the same time, they must inform the client of the means available in case they wish to revoke acceptance or terminate the contractual relationship.

5.3.2. Non-financial companies issuing credit and/or purchase cards.
They must mandatorily disseminate through their institutional website the information provided for in points 4.4.1.2., 4.4.1.7., 4.5.1. and item ii) of point 5.3.1.1."

3. Replace point 2.3.5. of the rules on "Checking accounts opened in cooperative credit unions" with the following:
   "2.3.5. Advertising.
   In advertisements or publications carried out through any graphic medium (newspapers, magazines, billboards on the street, etc.), of the different investment alternatives offered, entities must expose in a legible and prominent manner the following information:
   i) Nominal annual interest rate. ii) Effective annual interest rate."

4. Substitute point 4.5.7. of the rules on "Savings deposits, salary accounts and special deposits" with the following:
   "4.5.7. Advertising.
   In advertisements or publications carried out through any graphic medium (newspapers, magazines, billboards on the street, etc.), of the different investment alternatives offered, entities must expose in a legible and prominent manner the following information:
   i) Nominal annual interest rate. ii) Effective annual interest rate."

5. Replace point 3.6.7. of the rules on "Fixed-term deposits and investments" with the following:
   "3.6.7. Advertising.
   In advertisements or publications carried out through any graphic medium (newspapers, magazines, billboards on the street, etc.), of the different investment alternatives offered, entities must expose in a legible and prominent manner the following information:
   i) Nominal annual interest rate. ii) Effective annual interest rate."

6. Substitute point 1.2. of the rules on "Minimum security measures in financial entities" with the following:
   "1.2. When branches do not carry out money movement, nor store it, they are exempt from complying with the minimum security measures required in the current regulations, as long as this situation persists."

7. Substitute point 1.6.2. of the rules on "Representatives of foreign financial entities not authorized to operate in the country" with the following:
   "1.6.2. Advertising and propaganda.
   In matters of advertising, the representative must respect the provisions of point 1.2.2., taking into account the prohibition of point 1.5.1.
   At the foot of business papers and printed advertising –with letter height not less than 2 (two) millimeters– the following clarifying legend must be included:
   "In accordance with current legislation and regulations, the status of representative of a foreign financial entity not authorized to operate in the country does not authorize the collection of public resources for itself nor for the represented foreign financial entity. The representative in such capacity is also not authorized to carry out exchange operations under the terms of Law 18.924, on Exchange Houses, Agencies and Offices. Non-compliance related to the improper collection of funds is subject to the application of the sanctions provided for in art. 41 of the Financial Entities Law, while those related to exchange operations will give rise to the application of the Criminal Exchange Regime."

8. Render ineffective the following:

• the sixth paragraph of Section 6. of the rules on "Application of the deposit guarantee insurance system",
• Section 15. of the rules on "Deposit certificates for investment (CEDIN)",
• point 8.11. and Section 9. of the rules on "Monetary circulation",
• the third paragraph of point 10.1.1. and points 10.2. and 10.7.3. of the rules on "Checking accounts opened in cooperative credit unions",
• the third paragraph of point 4.3.1. and points 4.4., 4.11.3. and 4.12. of the rules on "Savings deposits, salary accounts and special deposits",
• the third paragraph of point 3.4.1. and point 3.5. of the rules on "Fixed-term deposits and investments",
• point 2.4.2. of the rules on "Foreign exchange and changes",
• point 6.6. of the rules on "Financing line for production and financial inclusion",
• points 2.3.5.2., 2.4.2. and Section 4. of the rules on "Protection of financial service users",
• the third paragraph of point 12.1.1. and points 12.2. and 12.7.3. of the rules on "Regulation of the bank current account",
• point 2.5. of the rules on "National Payments System - Transfers",
• point 4.1. of the rules on "Interest rates in credit operations" and
• Communications "B" 9975, 10065, 10255, 10452, 10477, 10620 and 10731.

9. Provide that these provisions will be in effect from 1.3.18."

Likewise, we inform you that we will subsequently send you the sheets that, in replacement of those previously provided, must be incorporated into the rules on "Application of the deposit guarantee insurance system", "Deposit certificates for investment (CEDIN)", "Monetary circulation", "Electronic Communication for Environmental Care", "Checking accounts opened in cooperative credit unions", "Savings deposits, salary accounts and special deposits", "Fixed-term deposits and investments", "Foreign exchange and changes", "Financing line for production and financial inclusion", "Minimum security measures in financial entities", "Protection of financial service users", "Regulation of the bank current account", "Representatives of foreign financial entities not authorized to operate in the country", "National Payments System - Transfers" and "Interest rates in credit operations".

We salute you attentively.
CENTRAL BANK OF THE ARGENTINE REPUBLIC
Darío C. Stefanelli Estela M. del Pino Suárez
Main Manager of Emission and
Normative Applications
General Manager of Information Regime and
Protection of Financial Service Users