2016 - Year of the Bicentennial of the Declaration of National Independence

COMMUNICATION “A” 6094
04/11/2016

TO FINANCIAL INSTITUTIONS,
TO EXCHANGE HOUSES, AGENCIES, OFFICES AND BROKERS:
Ref.: Circular
RUNOR 1 - 1238
SECYC 1 - 2

Exchange houses, agencies, offices and brokers. Prevention of money laundering, terrorism financing and other il- licit activities. Ordering, issuance and disclosure of communications and press releases. Complementary services of financial activity and permitted activities. Amendments . ____________________________________________________________

We address you to inform you that this Institution adopted the resolution that, in its pertinent part, provides:

“1. To leave without effect the rules on “Exchange brokers” and “Information on exchange transactions arranged with the intervention of exchange brokers”, with all authorizations to operate in such capacity valid on that date being cancelled as from the business day following the date of dissemination of this communication.

2. To replace the second paragraph of point 1.1. of the rules on “Prevention of money laundering, terrorism financing and other illicit activities” with the following:

“Such provisions shall also be observed by representatives of foreign financial entities not authorized to operate in the country.”

3. To leave without effect the second paragraph of point 1.5. of the rules on “Ordering, issuance and disclosure of communications and press releases”.

4. To replace the rules on “Exchange houses, agencies and offices” with those attached in the annex to this communication.

5. To establish that exchange brokers must cease to use in all stationery and advertising the mention that they are authorized to operate by the Central Bank of the Argentine Republic, which must be made effective as from the day following the date of dissemination of this communication.

6. To incorporate into the rules on “Complementary services of financial activity and permitted activities” the following:

“2.2.21. Exchange houses and agencies.”

7. To replace point 2.3.1. of the rules on “Complementary services of financial activity and permitted activities” with the following:

“2.3.1. Scope. The acquisition or incorporation by financial entities of corporate participations, direct or indirect, in companies whose purpose is the development of two of the activities included in point 2.2. or of any of the activities listed in points 2.2.1., 2.2.6., 2.2.8., 2.2.19. to 2.2.21., which exceed 12.5 % of the share capital or of the total votes or lower percentages if this is sufficient to form the corporate will in shareholders' meetings or board meetings of such companies and without prejudice to the specific regulatory treatment applicable in each case, shall be subject to the authorization of the Superintendency of Financial and Exchange Entities, for which they must comply with the conditions established for the transformation of financial entities.”

Finally, we send you the pages that, in replacement of those previously provided, should be incorporated into the ordered texts of the reference. Likewise, it is recalled that on the page of this Institution www.bcra.gob.ar, by accessing “Legal and Regulatory Framework - Ordered Texts - Regulatory Compilations”, 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

Darío C. Stefanelli
Principal Manager of Issuance and
Regulatory Applications
Agustín Torcassi
General Deputy Manager of Regulations

ANNEX

B.C.R.A.
ORDERED TEXT OF THE RULES ON
“EXCHANGE HOUSES, AGENCIES AND OFFICES”

-Index-

Section 1. Activity.

1.1. Applicable provisions.

1.2. Permitted operations.

1.3. Prohibited operations.

1.4. Location.

1.5. Advertising.

1.6. Other provisions.

Section 2. Authorization to operate.

2.1. Requirement of prior authorization.

2.2. Requirements of applications.

2.3. Processing of authorization applications.

2.4. Guarantee.

2.5. Commencement of activities.

2.6. Conditions of authorizations.

2.7. Attorneys-in-fact.

2.8. Transformation.

2.9. Temporary suspension and cessation of activities.

2.10. Disqualifications, non-compliances and revocation of authorization.

Section 3. Minimum capital.

3.1. Requirements.

3.2. Integration of the computable equity liability of exchange houses and agencies.

3.3. Capital contributions of exchange houses and agencies.

Section 4. Branches of exchange houses and agencies.

4.1. Requirement of prior notice.

4.2. Basic conditions.

4.3. Change of address.

4.4. Closure.

Section 5. Modifications of the corporate composition of exchange houses and agencies.

Section 6. Exchange trading hours.

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B.C.R.A.
CONSOLIDATED TEXT OF THE RULES ON
“EXCHANGE HOUSES, AGENCIES AND OFFICES”

-Index-

Section 7. Accounting and reporting regime.

7.1. Accounting and auditing rules.

7.2. Special books.

Section 8. Common provisions.

8.1. Requirements of the required documentation.

8.2. Control.

8.3. Non-compliances.

Section 9. Formulas and models.

Section 10. Transport of securities.

Section 11. Exchange rules.

Correlation table.

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EXCHANGE HOUSES, AGENCIES AND OFFICES B.C.R.A.
Section 1. Activity.

1.1. Applicable provisions.

The activity of exchange houses, agencies and offices is governed by the provisions of Law 18.924 on Exchange Houses, Agencies and Offices, its regulations (Decrees No. 62/71 and No. 427/79) and the specific rules established by the Central Bank of the Argentine Republic (BCRA).

1.2. Permitted operations.

1.2.1. Exchange houses.

1.2.1.1. Purchase and sale of foreign currency and banknotes.

1.2.1.2. Purchase, sale and issuance of checks; postal, telegraphic and telephone transfers; postal money orders, drafts and traveler's checks, in foreign currency.

1.2.1.3. Purchase and sale of minted gold and gold bars of “good delivery”.

1.2.1.4. Inflow and outflow of the country of foreign banknotes and minted gold and gold bars of “good delivery”.

1.2.1.5. Arbitrage with residents.

1.2.2. Exchange agencies.

1.2.2.1. Purchase and sale of foreign coins and banknotes.

1.2.2.2. Purchase of traveler's checks, which must be sold only to financial institutions authorized to operate in exchange.

1.2.2.3. Purchase and sale of minted gold and gold bars of “good delivery” -for the attention of their operations they must apply, exclusively, the local holdings resulting from transactions carried out with their clients, with financial institutions authorized to operate in exchange and with exchange houses and agencies-.

1.2.3. Exchange offices.

Purchase of coins, banknotes and traveler's checks in foreign currencies -these securities must be sold only to institutions authorized to operate in exchange and exchange houses-.

The BCRA may suspend the carrying out of any of the operations mentioned by the entities included in this point.

1.3. Prohibited operations.

1.3.1. Exchange houses and exchange agencies are prohibited from:

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EXCHANGE HOUSES, AGENCIES AND OFFICES B.C.R.A.
Section 1. Activity.

1.3.1.1. The carrying out of forward transactions and foreign exchange swaps, as well as those related to exports and imports, opening of simple and documentary credits, mediation between the supply and demand of financial resources, acceptance of deposits -including deposits of securities in custody- and granting of loans, guarantees and other guarantees in national or foreign currency.

1.3.1.2. Operating commercial, industrial, agricultural or other kinds of companies.

1.3.1.3. Purchasing real estate that is not for own use.

1.3.1.4. Creating liens on its assets without prior authorization from the BCRA.

1.3.1.5. Making investments in shares and bonds of entities supervised by the BCRA.

1.3.2. The following are excepted from the prohibitions established above:

1.3.2.1. Activities related to tourism and ticket sales.

1.3.2.2. Participating in public offerings of securities subject to the relevant legal provisions.

1.4. Location.

Exchange houses, agencies and offices must carry out their activities in premises on the street or located in commercial galleries.

1.5. Advertising.

In advertising and documentation, no offers or inaccurate, misleading or improper references may be included, nor may the backing or guarantee of operations by the BCRA be invoked.

1.6. Other provisions.

Exchange houses, agencies and offices must:

1.6.1. Operate during the days and at the times determined by the BCRA, in accordance with the provisions of Section 6.

1.6.2. Prepare a ticket for each of the operations they carry out and deliver a copy to the client.

1.6.3. Clearly and visibly display on boards enabled for that purpose the quotations of foreign currencies.

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EXCHANGE HOUSES, AGENCIES AND OFFICES
B.C.R.A.
Section 2. Authorization to operate.

2.1. Requirement of prior authorization.

To operate as an exchange house, agency or office, prior authorization from the BCRA must be obtained.

2.2. Requirements of applications.

Applications for authorization must be made in writing and contain the following information:

2.2.1. Current or proposed name -in the latter case, if it is a projected entity-.

2.2.2. Class of exchange entity for which authorization to operate is requested.

2.2.3. Current address. If it is a projected entity, city or locality planned for the installation of the entity and indication of the probable location within that area.

2.2.4. Special address constituted for the purposes of proceedings before the BCRA.

2.2.5. Draft of the articles of incorporation or bylaws by which it is to be governed, which must be in harmony with the provisions of Law 18.924 on Exchange Houses, Agencies and Offices and its regulations, according to the class of entity concerned.

2.2.6. Capital to be initially contributed, which may not be less than the corresponding minimum, set in Section 3.

2.2.7. With respect to each of the promoters, founders and members of the company -shareholders or partners-, members of the administrative body -directors, administrators and managers, as the case may be for a corporation, limited partnership by shares or limited liability company, respectively-, members of the supervisory councils and statutory auditors:

i) They must establish a special address before the BCRA, and must keep it updated while they serve as members of the governing bodies (shareholders or partners), administrative bodies (directors or equivalent authorities) or supervisory bodies (statutory auditors and members of the supervisory council) in the exchange entity and for up to 6 years after ceasing in the corresponding function.

This address shall be valid for the purposes of notifications in matters of financial proceedings and in proceedings governed by Law 19.359 on the Foreign Exchange Criminal Regime and shall remain in effect until the person notifies a new address to the BCRA.

ii) Personal data (Form 1113 A).

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EXCHANGE HOUSES, AGENCIES AND OFFICES
B.C.R.A.
Section 2. Authorization to operate.

iii) Sworn statement that they are not included in the disqualifications established in article 4 of Law 18.924 on Exchange Houses, Agencies and Offices (Form 1113 A), that they have not been convicted of crimes of money laundering and/or terrorist financing, that they do not appear in the resolutions on terrorist financing communicated by the UIF and/or have been designated by the Security Committee of the United Nations, and as to whether they have been sanctioned with a fine, disqualification, suspension, prohibition or revocation by the BCRA, the UIF, the National Securities Commission (CNV) and/or the National Insurance Superintendency (SSN).

The submission of the “Sworn Statement on the Status of Politically Exposed Person” shall also be complied with, which must conform to the formal guidelines established by the UIF.

iv) Criminal record certificate, in accordance with the provisions of point 8.1.1.

v) In the case of legal persons:

− Copy of the bylaws or articles of incorporation with evidence of their approval by the competent authority and registration in the Public Registry of the corresponding jurisdiction.

− List of the members of the company -shareholders, partners or equivalents-, directors, administrators, members of the supervisory councils, statutory auditors and general manager, accompanied by the personal data and sworn statements of each of them in Forms 1113 A and a criminal record certificate in accordance with the provisions of point 8.1.1.

In the case of authorities not resident in the country, the aforementioned certification must be processed by the holder and integrated in the country of their residence, including passport data and certification from the respective authority, stating whether or not there is a record of convictions or pending judicial proceedings, and endorsed by the Argentine Consulate located therein, and with which they must personally or through an attorney process the respective certification before the local National Registry of Recidivism.

− List of shareholders, partners or equivalents that reach the thresholds provided in the regulations of the Financial Information Unit that make their identification as beneficial owner mandatory, in a form according to the model in point 9.2.

When dealing with financial entities authorized to operate in the Argentine Republic, it will not be necessary to provide the preceding information again.

2.3. Processing of authorization applications.

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EXCHANGE HOUSES, AGENCIES AND OFFICES
B.C.R.A.
Section 2. Authorization to operate.

2.3.1. The Authorization Management, within 15 business days of the submission of the authorization application, will verify that it contains all the information and documentation required and will request in writing the submission of any that may have been omitted.

2.3.2. To respond to that request, the applicant will have a period of 10 business days, counted from the date of receipt of the communication.

If after that term no response is received or it is incomplete, the Authorization Management will consider the authorization request expired and will order the filing of the application, notifying the interested party of such circumstance.

2.3.3. Within 30 business days of the completion of the submission of all the requirements of point 2.2., a written response will be given to the authorization application.

2.4. Guarantee.

2.4.1. Exchange houses must constitute a guarantee of $ 500,000 and exchange agencies and offices of $ 100,000, which must respond for compliance with the provisions that regulate their activity.

When constituting the aforementioned guarantee, the origin of the funds must be proven by providing the pertinent information that will be evaluated by the BCRA.

2.4.2. It must be integrated in national public securities - which appear in the list of volatilities published by the BCRA - or in its monetary regulation instruments, for which a single type must be chosen.

To this end, a pledge will be constituted in favor of this Institution with respect to the aforementioned securities deposited in special accounts opened in the name of the entity and to the order of the BCRA in the Central Registry and Settlement of Public Liabilities and Financial Trusts (CRyL), according to the procedure provided in point 9.3.

The income and/or amortization services of the aforementioned instruments will also be computed as guarantee to the extent that they are deposited in those special accounts and are pledged in favor of the BCRA.

2.4.3. Release.

The guarantees constituted are extinguished once 180 calendar days have elapsed from the date of cancellation of the authorization to operate, unless there is a contrary judicial order or legitimate opposition from the BCRA.

2.5. Start of activities.

The start of activities must take place within a period of six months, counted from the date of the authorization granted.

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B.C.R.A.
EXCHANGE HOUSES, AGENCIES AND OFFICES
Section 2. Authorization to operate.

2.6. Conditions of authorizations.

The authorizations granted will be subject to compliance with the following conditions:

2.6.1. Integration of minimum capital.

The minimum capital required of exchange houses and agencies must be fully integrated on the date of commencement of activities or within 60 calendar days counted from the date of the authorization resolution, whichever occurs first.

To prove it, a certification from an independent public accountant must be submitted to the BCRA, in accordance with the provisions of point 8.1.2.

2.6.2. Registration of the company's bylaws by the competent corporate control authority in the Public Registry of the corresponding jurisdiction.

Modifications that occur in the social contract or bylaws and in the authorities referred to in point 2.2.7. must be communicated to the BCRA within 5 business days thereafter. In the case of new authorities, the information referred to in that point must be accompanied.

2.7. Attorneys.

2.7.1. Appointment.

The attorneys appointed by the exchange houses, agencies or offices must satisfy the requirements established in point 2.2.7.

The power of attorney will be granted by public deed; a testimony thereof, with proof of its registration in the Registry of Mandates, if it exists in the corresponding jurisdiction, must be sent to the BCRA within 5 business days.

The power of attorney must not contain such broad faculties that imply, in practice, the exercise of those reserved for the administration bodies of the exchange entity.

2.7.2. Resignation or revocation.

Any act of resignation or revocation of the power of attorney must be communicated to the BCRA no less than 5 business days prior to the date on which it is to take effect.

2.8. Transformation.

Exchange agencies may transform into exchange houses by complying with the provisions of this Section.

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EXCHANGE HOUSES, AGENCIES AND OFFICES
B.C.R.A.
Section 2. Authorization to operate.

2.9. Temporary suspension and cessation of activities.

2.9.1. Temporary suspension.

The decision of the exchange entity to temporarily suspend exchange activities must be communicated to the BCRA with no less than 10 business days' notice prior to the date on which it is to take effect.

2.9.2. Cessation.

Exchange entities may decide to close, after prior notice sent to the BCRA with no less than 30 calendar days' notice prior to the date on which it is to take effect.

2.10. Disqualifications, non-compliances and revocation of authorization.

2.10.1. The following may not be promoters, founders and members of the company -shareholders or partners-, members of the management body -directors, administrators and managers, as the case may be for a corporation, limited partnership by shares or limited liability company, respectively-, members of the supervisory boards and statutory auditors of exchange houses, agencies or offices: those who are covered by the disqualifications established in Article 4 of Law 18.924 on Exchange Houses, Agencies and Offices and/or appear in the resolutions on terrorist financing communicated by the UIF and/or have been designated by the Security Council of the United Nations.

2.10.2. The sanctions of fine, disqualification, suspension, prohibition or revocation applied by the BCRA, the UIF, the CNV and/or the SSN, weighed separately or jointly, that fall on exchange houses, agencies and offices and/or their authorities, may give rise to the revocation of the authorizations conferred when, in the judgment of the BCRA, fundamental changes have occurred in the conditions necessary to maintain the authorization.

Likewise, for the purposes of the preceding paragraph, the information and/or sanctions communicated by foreign entities or authorities with equivalent powers may be taken into consideration, as well as other negative antecedents of the entity for having been involved in improper commercial practices.

For the weighing of the sanctions, consideration shall be given to their age, the type, reason and -where applicable- the amount of the sanction applied, the degree of participation of the persons involved in the facts and their position or function exercised, the possible alteration of the economic order and/or the damages caused to third parties, the benefit generated for the sanctioned party, the operating volume of the entity and its computable equity responsibility or equity, as the case may be.

2.10.3. Non-compliance with the minimum capital requirements of Section 3 or with the effective constitution of the guarantee shall give rise to the suspension for 60 calendar days of the authorization to operate.

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B.C.R.A.
EXCHANGE HOUSES, AGENCIES AND OFFICES
Section 2. Authorization to operate.

In the event that such deviation is not regularized through the corresponding capital integration during that 60 calendar day period, from the following day the BCRA shall initiate the procedure for the revocation of said authorization, with the suspension of activity being maintained.

The SEFyC may extend for 30 calendar days the period provided in the first paragraph when duly substantiated reasons warrant it.

Once the revocation procedure has been initiated, regularization of the non-compliance shall not be admitted.

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EXCHANGE HOUSES, AGENCIES AND OFFICES B.C.R.A.
Section 3. Minimum capital requirements.

3.1. Requirements.

3.1.1. Exchange houses.

They must maintain the minimum computable equity responsibility corresponding to them, in accordance with the following:

CATEGORY	in thousands of pesos
I	12.000
II	7.000
III	4.500
IV	2.500

The categories indicated comprise the entities located in the following jurisdictions:

CATEGORY	TYPE	JURISDICTION	PROVINCE
I		Autonomous City of Buenos Aires
	A	Greater Buenos Aires	Buenos Aires
	A	Greater Córdoba	Córdoba
	A	Greater Mendoza	Mendoza
	A	Greater Rosario	Santa Fe
	P	Capital and Iguazú	Misiones
	P	Paso de los Libres and Santo Tomé	Corrientes
II	A	Mar del Plata	Buenos Aires
	A	Gran Salta	Salta
	A	Gran San Miguel de Tucumán	Tucumán
III	A	Bahía Blanca and Gran La Plata	Buenos Aires
	P	San Carlos de Bariloche	Río Negro
	A	Gran Santa Fe	Santa Fe
IV		Rest of the country

Where “Type” corresponds to:

A: Agglomerate.

P: Party or Department.

For the purposes of determining the composition of urban agglomerates, the definitions adopted for the Permanent Household Survey prepared by the National Institute of Statistics and Censuses (INDEC) shall be taken into account.

Exchange houses that have any branch in a higher-category plaza must maintain the computable net worth required for the latter.

3.1.2. Exchange agencies.

They must maintain a minimum computable net worth of $ 500,000.

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3.1.3. Exchange offices must maintain capital that may not be less than the minimum required by the competent corporate control authority in their jurisdiction.

3.2. Integration of the computable net worth of exchange houses and agencies.

For the purposes indicated in these rules, computable net worth is defined as composed of the following concepts:

3.2.1. Share capital.

3.2.2. Adjustments to equity.

3.2.3. Uncapitalized contributions.

3.2.4. Reserves from profits.

3.2.5. Unallocated results. The positive result shall be computed once the auditor's opinion or limited review report is available, depending on whether it is an annual or semi-annual period close, respectively.

3.2.6. Deductible concepts.

3.2.6.1. Balances in favor from the application of the minimum presumed income tax - net of provisions for impairment risk - for amounts exceeding 5 % of the computable net worth corresponding to the previous semester.

3.2.6.2. Shareholders.

3.2.6.3. Real estate whose accounting registration is not supported by the pertinent transfer of ownership deed duly registered in the respective Real Estate Registry, except those acquired through judicial or administrative auction.

The deduction shall be equivalent to 100 % of the value of said assets from their incorporation into the patrimony, until the month prior to the regularization of that situation.

The SEFyC may order exclusions in this matter, to the extent that they do not distort the objective of the deduction.

3.2.6.4. Upon request by the SEFyC and effective as of the date indicated in each case, exchange houses and agencies must deduct the amounts of the assets included, when from the elements made available to the acting inspectors it appears that the accounting records made by the entity do not accurately reflect the economic and legal reality of the operations or that actions or artifices have been carried out to distort or conceal the true character or scope of the operations, without prejudice to any summary actions that may be applicable.

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3.2.6.5. In the particular case of exchange houses, the balances recorded in assets in correspondent accounts with foreign banks that do not comply with the provisions of point 3.1. of the rules on “Credit Evaluations” or that do not have an international risk rating included in the “investment grade” category shall be computed.

This deduction shall be made for the highest balance in each entity recorded during the semester to which the determination of computable net worth corresponds.

3.3. Capital contributions of exchange houses and agencies.

For the purposes of all regulations related to capital, its integration and increase, contributions may be made:

3.3.1. Through their accreditation in accounts opened at local financial institutions.

3.3.2. In national public securities -which appear in the list of volatilities published by the BCRA- or in their monetary regulation instruments, for which a single type must be chosen.

For this purpose, the 72-hour spot price of the Mercado Abierto Electrónico (MAE) shall be considered.

With respect to the aforementioned contributions, the origin of the funds must be accredited.

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B.C.R.A.
EXCHANGE HOUSES, AGENCIES AND OFFICES
Section 4. Branches of exchange houses and agencies.

4.1. Requirement of prior communication.

The opening of branches of exchange houses and agencies may be carried out after prior communication to the SEFyC, submitted at least 10 business days in advance of the date on which it is to take effect, informing its complete address, subject to compliance with point 4.2.

4.2. Basic conditions.

Exchange houses and agencies may open branches provided that, in the course of the last 12 months, no sanctions have been applied to them for the commission of infractions provided for in articles 1 of Law 19.359 on the Foreign Exchange Criminal Regime or 5 of Law 18.924 on Exchange Houses, Agencies and Offices, with the exception of the following:

4.2.1. Call to attention.

4.2.2. Warning.

4.2.3. Fines whose amounts do not exceed 20 % of the maximum amount provided for this sanction in the pertinent regulations.

4.3. Change of address.

The change of address must be communicated previously to the SEFyC, at least 10 business days in advance of the date on which it is to take effect. In the case of exchange houses, it shall also be reported whether the new address implies a modification in the category of the branch in question.

4.4. Closure.

Exchange entities may decide to close their branches, after notice submitted to the SEFyC at least 10 business days in advance of the date on which it is to take effect.

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EXCHANGE HOUSES, AGENCIES AND OFFICES
B.C.R.A. Section 5. Modifications of the corporate composition of exchange houses and agencies.

5.1. The members of the administrative body -directors, administrators and managers, as the case may be of a corporation, limited partnership by shares or limited liability company, respectively-, members of the company -shareholders or partners-, members of the supervisory boards and the trustees of entities constituted in the form of a corporation or limited partnership by shares, must inform the SEFyC -within 5 business days- of any transfer of shares or capitalization of irrevocable contributions made by shareholders that imply changes affecting the control structure. In addition, any modification of the shareholding composition must be reported as long as one of its shareholders or partners -direct or indirect- reaches the thresholds provided for in the regulations of the Financial Information Unit that make their identification as beneficial owner mandatory.

Until the BCRA has ruled on the opportunity and convenience of those operations, the following may not take place: payment of the balance of the price, delivery of the shares (capital parts or social quotas) to the acquirers or their representatives and registration of the transfer in the entity's shareholders' registry or in the Public Registry when applicable, or the capitalization of the irrevocable contributions.

What is required in this point must also be observed by legal persons that directly or indirectly control exchange houses and agencies.

5.2. On that occasion, the following information must be submitted:

5.2.1. Characteristics of the operation, indicating number of shares (capital part or social quotas), classes, votes, nominal value. Where applicable, the agreements entered into or to be formalized intended to assign voting rights (pooling of shares or any other type of agreement).

5.2.2. For each of the new shareholders or partners, those provided for in point 2.2.7.

5.2.3. With respect to the exchange house or agency whose shares were the subject of the transaction:

i) List of shareholders or partners corresponding to the distribution of paid-in capital once the transfer is completed.

ii) Modifications to occur in the trusteeship, supervisory board and in the administrative body.

5.3. Those who appear in the resolutions on terrorist financing communicated by the UIF and/or have been designated by the Security Committee of the United Nations may not be acquirers or contributors.

5.4. These rules shall be applied by the BCRA to cases in which, by purchase option, subscription of shares, their inheritance or donation, pooling or other act, the structure of the shareholder groups is altered.

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EXCHANGE HOUSES, AGENCIES AND OFFICES
B.C.R.A. Section 5. Modifications of the corporate composition of exchange houses and agencies.

5.5. The authorities referred to in point 5.1. must also inform the SEFyC about the origin of the funds of any capital contribution or irrevocable contribution on account of future capital increases within 5 business days of their completion, even when they do not alter the structure of the shareholder groups.

The SEFyC may request the data or elements of judgment it deems necessary to examine the origin of the funds.

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B.C.R.A.
EXCHANGE HOUSES, AGENCIES AND OFFICES
Section 6. Exchange operation hours

The general rules on hours of the Single and Free Exchange Market are applicable.

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B.C.R.A.
EXCHANGE HOUSES, AGENCIES AND OFFICES
Section 7. Accounting and reporting regime.

7.1. Accounting and auditing standards.

7.1.1. Exchange houses, agencies and offices must keep the indicated records up to date and in accordance with the provisions of the Civil and Commercial Code of the Nation and keep duly organized the documentation related to exchange operations.

All these elements must be permanently available to the BCRA at the premises authorized for the operation of the entity.

7.1.2. Houses and agencies shall observe the accounting, reporting and auditing standards established for them.

7.1.3. Likewise, exchange houses must submit to the BCRA the financial statements and other established information, in the manner and within the periods determined.

7.2. Special books.

Exchange houses, agencies and offices must keep, in addition to the accounting books required by the Civil and Commercial Code of the Nation, those detailed below, which must be stamped in the Public Registry of the corresponding jurisdiction.

7.2.1. Purchase of foreign coins and banknotes, minted gold and gold bars of “good delivery”.

7.2.2. Sale of foreign coins and banknotes, minted gold and gold bars of “good delivery”.

7.2.3. Purchase of foreign currency.

7.2.4. Sale of foreign currency.

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EXCHANGE HOUSES, AGENCIES AND OFFICES
B.C.R.A.
Section 8. Common provisions.

8.1. Requirements of the required documentation.

8.1.1. Criminal record certificate.

The requested criminal record certificates must have been issued by the National Registry of Recidivism.

8.1.2. Intervention of professionals.

The signatures of the professionals whose intervention is required must be legalized by the respective professional councils.

8.2. Control.

When the entity chooses to use third-party physical spaces for the safekeeping of its securities, the contracts it enters into for that purpose must contain clauses establishing that the personnel of the SEFyC may witness - at the time of their request and within the framework of the exercise of their functions - the counting of those securities.

Likewise, for the purposes of witnessing the counting of securities and in accordance with the provisions of Article 8 of Decree No. 62/71, exchange entities must facilitate - at the time of their request and concurrently with their personnel - the access of BCRA officials exercising supervision functions to the physical spaces destined for safekeeping - whether they are the entity's own or at third-party sites -.

Delays in the start of the counting of securities, when attributable to the exchange entity, may be considered as refusal to allow inspection or omission in the supply of information, with the provisions of Article 9 of Decree No. 62/71 being applicable.

8.3. Non-compliances.

In case of non-compliance with these provisions, the provisions of Article 41 of Law 21.526 on Financial Entities shall be applicable to those responsible, in accordance with the provisions of Article 5 of Law 18.924 on Exchange Houses, Agencies and Offices.

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B.C.R.A.
EXCHANGE HOUSES, AGENCIES AND OFFICES
Section 9. Forms and models.

9.1. Form 1113 A.

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EXCHANGE HOUSES, AGENCIES AND OFFICES
B.C.R.A.
Section 9. Forms and models.

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EXCHANGE HOUSES, AGENCIES AND OFFICES
B.C.R.A.
Section 9. Forms and models.

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EXCHANGE HOUSES, AGENCIES AND OFFICES
B.C.R.A.
Section 9. Formulas and models.

CENTRAL BANK
OF THE ARGENTINE REPUBLIC

9.2. Model with control structure (% of shareholding and voting) of the legal entity shareholder of the exchange house.

Information.

• Public limited companies and limited partnership capital of limited partnerships by shares.

ENTITY: .............
CAPITAL: .............
SHARES
CLASS ..... CLASS .....
...... VOTE ...... VOTE
Subscribed ...................... .......................
Paid-in ...................... .......................

List of shareholders as of ...............
_______________________________________________________________ (')
Attendance of shareholders at the ordinary general meeting held on .............

Surname and name	Address	Natio-nality	Number of shares	Total votes	Nominal value in $	Repre-sentative	Irrevocable contributions
			Class	Class

['] - Strike out what does not apply.

• Commandite capital of limited partnerships by shares and limited liability companies.

ENTITY: .............
CAPITAL: .............
Subscribed ............
Paid-in ............

List of partners as of ...............
______________________________________________ (')
Attendance of partners at the meeting held on .............

---

['] - Strike out what does not apply.

Surname and name	Address	Nationa-lity	Number of quotas (‘‘)	Total votes	Value of each quota (“) in $	Repre-sentative

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EXCHANGE HOUSES, AGENCIES AND OFFICES
B.C.R.A.
Section 9. Formulas and models.

9.3. Note.

Exchange houses, agencies and offices must request by note - according to the model provided below -, addressed to the Principal Management of Control and Settlement of Operations, the opening of a special registration account in their name and to the order of the BCRA in the CRyL, for the sole purpose of depositing the securities in guarantee. The signatories of these notes must have a signature registered with the Current Accounts Management of the BCRA.

These accounts may receive credits of securities from financial entities and securities markets that have registration accounts in CRyL, and from Caja de Valores S.A. For the amounts received, the corresponding pledge contract in favor of the BCRA shall be executed.

Exchange houses, agencies and offices shall not be authorized to debit said accounts without prior authorization from the BCRA, for which purpose they must submit the corresponding transfer request to the CRyL for processing with the intervention of the pertinent areas of the BCRA.

When proceeding with the payment of a financial service of the securities associated with this operation, it shall be credited to unavailable accounts and shall form part of the guarantee.

Exchange houses, agencies and offices may request the release of financial services from the CRyL for processing with the intervention of the pertinent areas of the BCRA.

MODEL OF NOTE TO BE SUBMITTED BY EXCHANGE HOUSES, AGENCIES AND OFFICES

To the Principal Management of Control and Settlement of Operations of the Central Bank of the Argentine Republic:
Central Building, 3rd floor, Office 2302.

.......................... and .................... (names and surnames) in our capacity as (title in which the representation is exercised) of ......................... (name of the exchange house, agency or office) we request, in compliance with the provisions of point 2.4. of the rules on “Exchange houses, agencies and offices”, the opening of a special registration account in the name of (name of the exchange house, agency or office) and to the order of the Central Bank of the Argentine Republic, in the Central Registry and Settlement of Public Liabilities and Financial Trusts (CRyL).

The account for the crediting of the financial services of the credited securities corresponding to us shall be the following:

Bank: …..…………………………………….
CBU: ……………………………………
CUIT of the holder: …………………………….

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EXCHANGE HOUSES, AGENCIES AND OFFICES
B.C.R.A.
Section 9. Formulas and models.

Signature:
Clarification:
Contact data:
Name:
E-mail:
Telephone:
Address:

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EXCHANGE HOUSES, AGENCIES AND OFFICES
B.C.R.A.
Section 10. Transport of securities.

The entities may only contract or use, as applicable, the securities transport service provided by the securities transporters authorized by the BCRA included in the list disseminated by the SEFyC.

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EXCHANGE HOUSES, AGENCIES AND OFFICES
B.C.R.A.
Section 11. Exchange rules.

Exchange houses, agencies and offices must observe the exchange rules that are applicable.

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B.C.R.A.
ORIGIN OF THE PROVISIONS CONTAINED IN THE RULES ON “EXCHANGE HOUSES, AGENCIES AND OFFICES”

UPDATED TEXT	SOURCE RULE	OBSERVATIONS
Sect.	Point Parr.	Com. Annex Chap. Sect.	Point	Parr.
1.	1.1.	“A” 90	XVI	1.10.1.1. and 1.12.1.	According to Com. “A” 422 and 6053.
	1.2.	"A" 90	XVI	1.13.	According to Com. "A" 422 and 6053.
	1.3.	"A" 6053			In accordance with Decreto N° 62/71, article 3 and Com. "B" 1080.
	1.4.	"A" 90	XVI	1.8.	According to Com. "A" 422 and 6094.
	1.5.	"A" 90	XVI	1.9.	According to Com. "A" 422.
	1.6.	"A" 90	XVI	1.10.1.	According to Com. "A" 422, 4557 and 6053.
	1.6.1.	"A" 90	XVI	1.10.1.3.	According to Com. "A" 422, 4557 and 6053.
	1.6.2.	"A" 90	XVI	1.10.1.5.	According to Com. "A" 422, 4557 and 6053.
	1.6.3.	"A" 90	XVI	1.10.1.4.
2.	2.1.	"A" 90	XVI	1.1.1.	According to Com. "A" 422 and 6053.
	2.2.	"A" 90	XVI	1.1.1. and 1.1.2.	According to Com. "A" 422 and 6053.
	2.2.1.	"A" 90	XVI	1.1.2.1.	According to Com. "A" 422, 6053 and 6094.
	2.2.2.	"A" 90	XVI	1.1.2.2.	According to Com. "A" 422 and 6053.
	2.2.3.	"A" 90	XVI	1.1.2.3.	According to Com. "A" 422, 6053 and 6094.
	2.2.4.	"A" 90	XVI	1.1.1.	According to Com. "A" 422 and 6053. Includes clarification.
	2.2.5.	"A" 90	XVI	1.1.2.6.	According to Com. "A" 422.
	2.2.6.	"A" 90	XVI	1.1.2.5.	According to Com. "A" 422 and 6053.
	2.2.7.	1°	"A" 90	XVI	1.1.2.7.	According to Com. "A" 6053 and 6094.
		i)	"A" 5785		15.	According to Com. "A" 6053.
		ii)	"A" 90	XVI	1.1.2.7.1.	According to Com. "A" 422, 4510, 5785 and 6094.
		iii)	"A" 90	XVI	1.1.2.7.2.	According to Com. "A" 422, 5248, 5485, 5785 and 6094.
		iv)	"A" 2106		1., 2. and 3.	According to 6053.
		v)	"A" 6094		4.
	2.3.1.	"A" 1854		1.	According to Com. "A" 6053 and 6094.
	2.3.2.	"A" 90	XVI	1.1.3.	According to Com. "A" 442, 1854, 6053 and 6094.
	2.3.3.	"A" 1854		3.	According to Com. "A" 6053 and 6094.
	2.4.1.	"A" 90	XVI	1.5.1.	According to Com. “A” 422, 2744, 3795, 5806 and 6094.
	2.4.2.	“A” 90	XVI	1.5.2.	According to Com. “A” 422, 2744, 3795, 5806 and 6053.
	2.4.3.	“A” 90	XVI	1.5.4.	According to Com. “A” 422, 3795 and 6053.
	2.5.	“A” 90	XVI	1.2.1.	According to Com. “A” 422, 6053 and 6094.

EXCHANGE HOUSES, AGENCIES AND OFFICES

CENTRAL BANK OF THE ARGENTINE REPUBLIC

CONSOLIDATED TEXT	SOURCE STANDARD					OBSERVATIONS
Sect.	Point Para.	Com. Annex Chap. Sect.	Point	Para.
2.6.	1st	“A” 90	XVI	1.2.1.	According to Com. “A” 422 and 6053.
2.6.1. “A” 90			XVI	1.2.1.1.	According to Com. “A” 422, 1677, 6053 and 6094.
2.6.2. “A” 90			XVI	1.2.1.2.	According to Com. “A” 422, 6053 and 6094.
2.6.	last	“A” 90	XVI	1.10.1.10.1.	According to Com. “A” 422, 4557, 6053 and 6094.
2.7.1. “A” 90			XVI	1.6.1.	According to Com. “A” 422 and 6094.
2.7.2. “A” 6094				4.
2.8. “A” 6094				4.
2.9.1. “A” 90			XVI	1.10.1.10.3.	According to Com. “A” 422, 4557, 6053 and 6094.
2.9.2. "A" 90			XVI	1.11.	According to Com. "A" 422, 6053 and 6094.
2.10. "A" 5485				15.	According to Com. "A" 5785, 6053, 6094 and "C" 64518.
2.10.1. "A" 6094				4.
2.10.2. "A" 5485				15.	According to Com. "A" 5785, 6053, 6094 and "C" 64518.
2.10.3. "A" 90			XVI	1.3.3.	According to Com. "A" 422, 1863, 2744, 3795, 5806 and 6094.
			XVI	1.5.3.
3.1.1. "A" 90			XVI	1.3.1.1. 1.3.1.2. 1.3.1.3.	According to Com. "A" 422, 1677, 1790, 1863, 2744, 3795, 5806, 6053 and 6094.
3.1.2. "A" 6094				4.
3.1.3. "A" 6094				4.
3.2. "A" 90			XVI	1.3.5.	According to Com. "A" 422, 1863, 2744, 3795, 4535, 4622, 5093, 5671, 5806, 5946, 6053 and 6094.
3.3. "A" 2744			XVI	1.	According to Com. "A" 3795, 4631, 5671, 5806 and 6094.
4.1. "A" 90			XVI	1.7.1.	According to Com. "A" 306, 422, 5351, 5983, 6053 and 6094.
4.2. "A" 90			XVI	1.7.1.5.	According to Com. "A" 422, 6053 and 6094.
4.3. "A" 90			XVI	1.10.1.10.2.	According to Com. "A" 422, 4557, 6053 and 6094.
4.4. "A" 90			XVI	1.11.	According to Com. "A" 422, 6053 and 6094.
5. "A" 422			XVI	1.16.1.	According to Com. "A" 2138, 4510, 5006, 5806, 5946 and 6094.
5.1. "A" 422			XVI	1.16.1.	According to Com. "A" 2138, 4510, 5006, 5806, 5946 and 6094.
5.2. "A" 6094				4.
5.2.1. "A" 422			XVI	1.16.3.1.	According to Com. "A" 676, 2138, 6053 and 6094.
5.2.2. "A" 6094				4.
5.2.3. "A" 422			XVI	1.16.3.4.	According to Com. "A" 2138, 4510, 6053 and 6094.
2
3.
4.
5.

EXCHANGE HOUSES, AGENCIES AND OFFICES

UPDATED TEXT	SOURCE RULE	OBSERVATIONS
Sec.	Point Para.	Com. Annex Chap. Sec.	Point	Para.
	5.3.	"A" 422	XVI	1.16.6.	According to Com. "A" 2138, 5006, 5133, 5785, 6053 and 6094.
	5.4.	"A" 422	XVI	1.16.8.	According to Com. "A" 2138.
	5.5.	"A" 6094		4.
6.		"A" 6053		7.	According to Com. "A" 6094.
	7.1.1.	"A" 90	XVI	1.10.1.7.	According to Com. "A" 6053 and 6094.
	7.1.2.	"A" 90	XVI	1.10.1.8.	According to Com. "A" 6053 and 6094.
7.	7.1.3.	"A" 90	XVI	1.12.2.	According to Com. "A" 6053 and 6094.
	7.2.	"A" 90	XVI	1.10.1.6.	According to Com. "A" 422, 4557 and 6053.
	8.1.	"A" 2106			According to Com. "A" 5785, 6053 and 6094.
8.	8.2.	"A" 5523		1.	According to Com. "A" 6053.
	8.3.	"A" 6094		4.
	9.1.	"C" 69378			According to Com. "A" 6094.
9.	9.2.	"A" 422	XVI	1.16.10.	According to Com. "A" 2138 and 6094.
	9.3.	"B" 11174			According to Com. "A" 6053 and 6094.
10.		"A" 5792		5.
11.		"A" 6053			According to Com. "A" 6037.

PREVENTION OF MONEY LAUNDERING, TERRORISM
FINANCING AND OTHER UNLAWFUL ACTIVITIES
B.C.R.A.
Section 1. Complementary rules for the prevention of money laundering and terrorism
financing.

1.1. Applicable regulations.

Financial and exchange entities must observe the provisions of the legislation in force in these matters (laws and regulatory decrees), in the related rules issued by the Financial Information Unit (UIF) and in these regulations. This includes the decrees of the National Executive Power with reference to the decisions adopted by the United Nations Security Council in the fight against terrorism and compliance with the Resolutions (with their respective Annexes) issued by the Ministry of Foreign Affairs and Worship.

Such provisions must also be observed by the representatives of foreign financial entities not authorized to operate in the country.

1.1.1. Complementary aspects of customer due diligence.

The obligated subjects must observe the following:

• In the absence of documentation or the existence of doubts and/or due to the detection of irregularities regarding the veracity, accuracy, coherence or integrity of the documentation provided, or because situations have been detected that deviate from the customer profile, determined in accordance with current regulations, the obligated subject must request further information and/or documentation, indicating to the customer the obligation to complete it.

• The Procedures Manual for the Prevention of Money Laundering and Terrorism Financing must include detailed processes for the initiation and operational discontinuance of customers as established herein.

1.1.1.1. New customers.

Under no circumstances may relations with new customers proceed until the provisions of current regulations regarding customer identification and knowledge and risk management are duly complied with.

1.1.1.2. Existing customers.

In the case of existing customers for whom identification and knowledge in accordance with current regulations could not be complied with, an analysis with a risk-based approach must be carried out in order to evaluate whether or not to continue the relationship with the customer.

The criteria and procedures to be applied in that process must be described by financial entities in their internal risk management manuals regarding the prevention of money laundering and terrorism financing.

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Effective date:
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B.C.R.A.
ORIGIN OF THE PROVISIONS CONTAINED IN THE RULES ON "PREVENTION OF MONEY LAUNDERING, TERRORISM FINANCING AND OTHER UNLAWFUL ACTIVITIES"

CONSOLIDATED TEXT			SOURCE RULE			OBSERVATIONS
Section	Point	Paragraph	Commun.	Point	Paragraph
1.	1.1.		"A" 5218			According to Com. "A" 5352 and 6094.
	1.1.1.		"A" 5612			According to Com. "A" 5736 and 6060.
	1.2.		"A" 5218			According to Com. "A" 5352.
	1.3.1.		"A" 2627	2.	1st	According to Com. "A" 3037, 4353, 5218 and 6051.
	1.3.1.1.		"A" 2627	2.1.		According to Com. "A" 3037.
	1.3.1.2.		"A" 3037
	1.3.1.3.		"A" 2627	2.2.
	1.3.1.4.		"A" 2627	2.3.		According to Com. "A" 3037.
	1.3.1.5.		"A" 2627	2.4.		According to Com. "A" 3037 and 4353.
	1.3.1.6.		"A" 2627	2.5.		According to Com. "A" 3037.
	1.3.1.7.		"A" 3037
	1.3.1.8.		"A" 2627	2.6.		According to Com. "A" 3037 and 4353.
	1.3.1.9.		"A" 2627	2.7.		According to Com. "A" 3037.
	1.3.1.10.		"A" 2627	2.8.
	1.3.1.11.		"A" 3037
	1.3.1.12.		"A" 2627	2.9.
	1.3.1.13.		“A” 2627	2.10.
	1.3.1.14.		“A” 2627	2.11.
	1.3.1.15.		“A” 2627	2.12.
	1.3.1.16.		“A” 3217	1.
	1.3.1.17.		“A” 3249	3.
	1.3.1.18.		“A” 4954			According to Com. “A” 5218.
	1.3.2.		“A” 2627	3.		According to Com. “A” 3037, 4353, 4424, 5218 and 6051.
	1.3.3.		“A” 2627	5.		According to Com. “A” 4353, 5218 and 6051.
	1.3.4.		“A” 2627	4.		According to Com. “A” 5162.
	1.4.1.		“A” 5485			According to Com. “A” 5785.
	1.4.2.		“A” 5485			According to Com. “A” 5785.
	1.4.3.		“A” 5485
2.	2.1.	1°	“A” 2543	1.	1°	According to Com. “A” 3059 and 3831.
		2°	“A” 4713
	2.2.1.		“A” 2402	1.	2°	According to Com. “A” 2543, 3061 and 4713.
	2.2.2.		“A” 2543	1.	2°
	2.2.3.		“A” 5130
	2.2.4.		“A” 5162	2.
	2.3.		"A" 2543	2.
3.	3.1.	1°	"A" 2213		1°
		2°	"A" 2213		3°
	3.2.1.		"B" 5672		5°
	3.2.1.1.		"B" 5672		5°
	3.2.1.2.					Includes interpretive clarification.
	3.2.2.		"B" 5672		4°
	3.2.3.		"B" 5672		6°
	3.3.1.		"B" 5672		2°
	3.3.2.		"A" 2213		2°
			"B" 5672		3°

ORDERING, ISSUANCE AND DISSEMINATION OF COMMUNICATIONS AND B.C.R.A.
PRESS RELEASES
Section 1. Basic guidelines of the ordering.

1.3.3. "C" Communications: they are informative in nature or rectify provisions made known through "A", "B" and "C" communications. In the case of rectifications of "A" communications that modified ordered texts, the pages being replaced are attached. In the latter, below the footer, the communication that corrects it must be mentioned.

1.3.4. "D" Communications: they make known, exclusively to the entities supervised by the Central Bank that correspond in each case, information that this Institution considers confidential. Rectifications of these communications will be made with another communication of the same type.

When these communications are issued by the Judicial Administrative Management, in the text documents a spreadsheet will be inserted with the requirements made by the officiating courts, so that financial entities can export the information provided, to be processed according to the modality of each institution and facilitate daily operations.

1.4. Press releases.

They are identified with the letter "P", and make known information addressed to the general public (announcements, comments on periodic reports of the Central Bank and all other information that is not of a normative nature of mandatory observance).

1.5. Addressees.

In the headings of "A", "B", "C" and "D" communications, the names of the addressees will be established, which may be one or several of the following:

• Financial entities.

• Exchange houses and agencies.

• Exchange houses, agencies and offices.

• Credit unions.

• Mutual guarantee companies.

• Non-financial companies issuing credit cards.

• Administrators of credit portfolios of former financial entities.

• Trustees of financial trusts included in the Law on Financial Entities.

• Electronic clearing houses.

• Companies administering ATM networks.

• Representatives of foreign financial entities not authorized to operate in the country.

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Effective:
05/11/2016
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B.C.R.A.
ORIGIN OF THE PROVISIONS CONTAINED IN THE RULES ON "ORDERING, ISSUANCE AND DISCLOSURE OF COMMUNICATIONS AND PRESS RELEASES"

ORDERED TEXT			SOURCE RULE				OBSERVATIONS
Section	Point	Paragraph	Com	Annex	Point	Paragraph
1.	1.1.		"A" 1		4.1.		According to Com. "A" 4751 and 6034.
	1.2.		"A" 4751				According to Com. "A" 6034.
	1.3.		"A" 1	I	1.3.		According to Com. "A" 4751.
	1.3.1.		"A" 1	I	1.3.1.		According to Com. "A" 4751.
	1.3.2.		"A" 1	I	1.3.2.		According to Com. "A" 4751.
	1.3.3.		"A" 1	I	1.3.3.		According to Com. "A" 4751.
	1.3.4.		"A" 3617				According to Com. "A" 4751, 6034 and "B" 8359.
	1.4.		"A" 4751
	1.5.		"A" 4409		1.		According to Com. "A" 4751, 6034, 6094 and "B" 9469.
	1.6.		"A" 1	III to V			According to Com. "A" 4751 and 6034.
	1.7.		"A" 4751
2.	2.1.1.		“A” 1893	sole	1.	3°	According to Com. “A” 4751 and 6034.
	2.1.2.		“A” 4409		3.	3°	According to Com. “A” 6034.
	2.2.		“A” 1893	Appendix II	IV, 2.		According to Com. “A” 3593, 4409, 4751 and 6034.
	2.3.		“A” 1893	sole	7.		According to Com. “A” 4409 and 6034.
	2.4.		“A” 3593	sole	6.
	2.5.		“A” 1893	sole	5.		According to Com. “A” 4751.
	2.6.		“A” 1893	sole	9.		According to Com. “A” 3593.
	2.7.		“A” 1893	sole	12.		According to Com. “A” 3593 and 4751.
	2.8.		“A” 4409				According to Com. “A” 4751, 6034 and “B” 9180.
3.	3.1.		“A” 334	sole			According to Com. “A” 4751.
	3.2.		“A” 4751
4.	1°		“A” 4751				According to Com. “A” 6034.
	4.1.		“A” 4751
	4.2.		“A” 4751				According to Com. “A” 6034.

COMPLEMENTARY SERVICES OF FINANCIAL ACTIVITY AND B.C.R.A. PERMITTED ACTIVITIES
Section 2. Complementary services.

Complementarily and to the extent that they have available financing margin, observing for this purpose the limit assigned in the aforementioned point 1.1.3.4., subparagraph a), item ii), credits may be granted to the microentrepreneur for the acquisition of goods or services for consumption.

For the granting of the financings, the company may act with its own funds, with funds obtained from credits and/or donations and/or other types of contributions and/or act as originating agent of loans on behalf of the participating financial entity or of other(s) of the financial system.

2.2.21. Exchange houses and agencies.

2.3. Authorization.

2.3.1. Scope.

The acquisition or incorporation by financial entities of corporate participations, direct or indirect, in companies whose object is the development of two of the activities included in point 2.2. or of any of the activities listed in points 2.2.1., 2.2.6., 2.2.8., 2.2.19. to 2.2.21., that exceed 12.5 % of the share capital or of the total votes or lower percentages if this is sufficient to form the corporate will in shareholders' meetings or board meetings of said companies and without prejudice to the specific regulatory treatment that in each case may be applicable, shall be subject to the authorization of the Superintendency of Financial and Exchange Entities, for which they must comply with the conditions established for the transformation of financial entities.

2.3.2. Application.

With the pertinent authorization applications, the following information must be accompanied, in accordance with the procedure established for that purpose:

2.3.2.1. Name, corporate purpose and description of the company's activities and specification of its degree of linkage to financial activity and the intention to exercise or not exercise corporate control.

2.3.2.2. Bylaws, which must expressly provide:

i) That modifications to the corporate purpose must be authorized by the Superintendency of Financial and Exchange Entities.

ii) That the verification of the company's operations be admitted with the scope provided in the Financial Entities Law.

2.3.2.3. Amount of the investment and schedule of disbursements.

2.3.2.4. Participation in the share capital, its total percentage distribution and list of shareholders holding 5% or more of the share capital and/or votes.

2.3.2.5. Use of the entity's infrastructure for the offer of services provided by the company.

Version: 4th. COMMUNICATION “A” 6094
Effective date:
05/11/2016
Page 3

B.C.R.A.
ORIGIN OF THE PROVISIONS CONTAINED IN THE RULES ON “COMPLEMENTARY SERVICES OF FINANCIAL ACTIVITY AND PERMITTED ACTIVITIES”

ORDERED TEXT			ORIGINATING RULE					OBSERVATIONS
Sect.	Point	Par.	Com.	Annex	Chap.	Sect.	Point	Par.
1.	1.1.	1st	"A" 2384				2.
		2nd	"A" 2384				2.		Incorporates interpretive clarification.
	1.2.	1st and 2nd	"A" 3086
		3rd	"A" 2384						S/ Com. "A" 3086.
2.	2.1.	1st	"A" 2619						S/ Com. "A" 2988, 3086 and 5700.
		2nd	"A" 3086
		3rd	"A" 5700				1.
	2.2.1.		"A" 2056				2.	1°	S/ Com. "A" 5691.
	2.2.2. to 2.2.3.		"A" 3086
	2.2.4.		"A" 2155						S/ Com. "A" 5183.
	2.2.5.		"A" 2197						S/ Com. "A" 5691.
	2.2.6.		"A" 3086						S/ Com. "A" 5700 and 5853.
	2.2.7.		"A" 3086
	2.2.8.		"A" 3086						S/ Com. "A" 5067.
	2.2.9. to 2.2.17.		"A" 3086						S/ Com. "A" 5691.
	2.2.18.		"A" 2557	Sole		2.		1°
	2.2.19.		"A" 3086
	2.2.20.		"A" 4891			3.
	2.2.21.		"A" 6094			6.
	2.3.1.		"A" 2619					1°	S/ Com. "A" 2988, 3086, 4891 (point 4.), 5691, 5700 and 6094.
	2.3.1.1.		"A" 2619					1°	S/ Com. "A" 3086.
	2.3.1.2.		"A" 2619					1°	S/ Com. "A" 3086.
	2.3.2.		"A" 2619					2°
	2.3.2.1.		"A" 2619					2°
	2.3.2.2.		"A" 2619					2°	S/ Com. "A" 3086.
	2.3.2.2.i)		"A" 2619					4°a)
	2.3.2.2.ii)		"A" 2619					4°b)
	2.3.2.3.		"A" 2619					2°
	2.3.2.4.		"A" 2619					2°	S/ Com. "A" 3086.
	2.3.2.5. a 2.3.2.6.		"A" 2619					2°
	2.3.3.		"A" 2619					3°	S/ Com. "A" 3086.
	2.3.4.		"A" 2619					5°	S/ Com. "A" 3086.
	2.4.		"A" 3086
	2.5.		"A" 2619					Last	S/ Com. "A" 2988, 3086 and 5700.