RegAlert

Rule · BCRA · 21 Feb 2018 · A 6453

Financing to the Non-Financial Public Sector, Guarantees, and Public-Private Partnership Contracts (Law 27.328): Update

credit

Financial institutions must ensure financing to the non-financial public sector is guaranteed for at least principal, interest and accessories via National Treasury instruments or assigned income collected within 120 months, and outstanding financing may not exceed 10 times the prior fiscal year's income. Corporate purchase card balances must be debited monthly from the Official Current Account, with limits capped at one fourth of annual representation expenses. For related clients, mortgage, pledge and guarantee trust guarantees are excluded. Effective 09/02/2018, replacing pages under Communication "A" 6449.

ArgentinaBanco Central de la Republica Argentina

2018 - YEAR OF THE CENTENARY OF THE UNIVERSITY REFORM

COMMUNICATION “A” 6453
21/02/2018

TO FINANCIAL INSTITUTIONS:

Ref.: Circular
OPRAC 1 - 932
LISOL 1 - 777

“Financing to the non-financial public sector”. “Guarantees”. Public-Private Partnership Contracts (Law 27.328). Update . ____________________________________________________________

We address you to send you in annex the pages that, in replacement of those previously provided, should be incorporated into the referenced regulations, in accordance with the provisions of the resolution disseminated by Communication “A” 6449.

Likewise, those replacement pages contain formal adjustments to the regulations on “Guarantees” and on “Credit risk apportionment” based on the provisions made known through Communication “A” 6374.

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

We greet you attentively.

CENTRAL BANK OF THE ARGENTINE REPUBLIC

Matías A. Gutiérrez Girault
Issuance Manager of Regulations

Darío C. Stefanelli
Principal Manager of Issuance and
Regulatory Applications

ANNEX

FINANCING TO THE NON-FINANCIAL PUBLIC SECTOR B.C.R.A.
Section 3. Operations included.

iii) the financing of working capital destined to facilitate the production of capital goods.

3.2.6.3. The operation is guaranteed by an amount that, at a minimum, covers the principal, interest and accessories of the financing through:

i) guarantees, payment orders or debt instruments issued –in all cases– by the National Treasury; or

ii) the assignment of income from the sale of goods or the provision of services –invoiced or to be invoiced whose collection is expected to be made effective within a maximum term of 120 months counted from the date of granting of the credit assistance– that are part of the main, normal and habitual activity of the applicant for the credit assistance. In no case may the total amount of financing outstanding under this regime exceed by 10 times the income obtained during the last closed annual fiscal year corresponding to the concepts set forth above.

3.2.7. Financing to the non-financial public sector instrumented through corporate purchase cards, to the extent that:

3.2.7.1. These are consumptions made by public officials of non-financial public sector entities, in accordance with the concept defined in point 1.1.

3.2.7.2. The entity has a Main Corporate Purchase Card Account opened at the financial institution where its Official Current Account is located.

3.2.7.3. The purchase limit assigned to the Main Corporate Purchase Card Account of each entity does not exceed one fourth of the total amount of annual representation expenses provided for in its budget.

3.2.7.4. The total balance of the Main Corporate Purchase Card Account is automatically debited monthly from the Official Current Account, on the due date provided in each account statement.

3.2.8. Financing to the non-financial public sector of the National Government and of the provincial, municipal and Autonomous City of Buenos Aires governments, for the acquisition of motor vehicles and machinery under point 4.1. of the regulations on “Financing line for production and financial inclusion”, and must have one of the guarantees provided in point 4.1.1.

3.2.9. Indirect financing to the non-financial public sector originating from interest rate subsidies derived from credit promotion programs, to the extent that their payment is provided for in the budget of the corresponding jurisdiction or entity.

3.2.10. Holding of debt instruments created under Law 27.328 on Public-Private Partnership Contracts, in which the holder has the right to collect on a flow of funds charged to the national public sector.

Version: 6a. COMMUNICATION “A” 6453
Effective date:
09/02/2018
Page 6

B.C.R.A.
ORIGIN OF THE PROVISIONS CONTAINED IN THE REGULATIONS ON “FINANCING TO THE NON-FINANCIAL PUBLIC SECTOR”

ORDERED TEXT ORIGINATING RULE
Section Point Paragraph Com. Annex Point Paragraph
OBSERVATIONS
1.1. “A” 3054 sole 1.1. According to Com. “A” 4798, 4838
(point 12.) and 4937.

  1. 1.2. “A” 4527 According to Com. “A” 4581, 5154,
    5243, 5301, “C” 51182 and “B”
    9745.
    2.1. “A” 3054 sole 2.1. According to Com. “A” 4937, 5062,
  2. 5154 and “B” 9745.
    2.2. “A” 3054 sole 2.2.
    3.1. “A” 3054 sole 3.1. According to Com. “A” 5067.
    3.1.3. “A” 3054 sole 3.1.3. According to Com. “A” 5067 and 5520.
    3.1.7. “A” 3054 sole 3.1.7. and
    3.1.8.
    According to Com. “A” 5067, 5520 and
    6327.
    3.1.8. “A” 4725 2. According to Com. “A” 5520 and 6327.
    3.1.9. “A” 3054 sole 3.1.9. According to Com. “A” 5520.
    3.1.10. “A” 6396 5.
    3.1.11. “A” 3054 sole 3.1.10. According to Com. “A” 5520.
    3.2. “A” 3054 sole 3.2. According to Com. “A” 4838 (point
    10.), 4932 (points 1., 3. and 4.),
    4937 (points 2. and 3.), 4996 (point
    1.), 5015 (annex), 5062, 5069,
    5125, 5368, 5393, 5521, 5671,
    5740, 5991 and “B” 9745.
    3.2.4.8. “A” 4932 1. According to Com. “A” 4937 (point 3.),
    5520 and “B” 9745.
    3.2.4.10. “A” 4937 sole 6. and 7. According to Com. “A” 4996 (point 1.),
    5015 (annex), 5520 and “B” 9745.
    3.2.5.1. “A” 5069 1. According to Com. “A” 5125, 5991 and
    6035.
    3.2.8. “A” 5771 8. According to Com. “A” 5874.
    3.2.9. “A” 6337
    3.
    3.2.10. “A” 6449 1.
    4.1.1. “A” 3054 sole According to Com. “A” 3548, 3911
    (point 9. subsection c) and 6270.
    4.1.1.1.
    “A” 3054 sole According to Com. “A” 3911 (point 9., subsection b), 4798, 6270 and “B” 9745.
    4.1.1.2. “A” 4798 According to Com. “A” 4947.
    4.1.1.3. “A” 4798
    4.1.2.
    “A” 3054 sole According to Com. “A” 4718, 6270 and “B” 9745.
    4.1.3. “A” 3054 sole According to Com. “A” 3144 and 5062.
    4.
    4.1.4. “A” 6270
    5.1. “A” 4838 1. According to Com. “A” 4926, 4937,
    5062, 5671, 5740 and “B” 9745.
    5.1.1. “A” 4838 1.1. According to Com. “A” 4926, 4937
    (point 4.) and “B” 9745.
    5.
    5.1.2. “A” 4838 1.2. According to Com. “A” 4926, 4937
    (point 4.), 5015 and “B” 9745.

GUARANTEES
B.C.R.A.
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 requirements mentioned above, 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 work plan approved by the competent authority in which it is observed that all the projected functional units to be subdivided appear.

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.

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 total annual sales value for the “Micro” category corresponding to the “Commerce” sector, according to point 1.1. of the rules on “Determination of the condition of micro, small or medium-sized enterprise”.

Version: 8th. COMMUNICATION “A” 6453
Effective date:
09/02/2018
Page 9

GUARANTEES
B.C.R.A.
Section 3. Computation.

3.1.19. Financial lease credits (point 1.2.5.):

3.1.19.1. Properties for the lessee's own housing –sole, family and permanently occupied–, in the case of new financings of up to the equivalent of 11% of the reference amount established in point 1.4. and it is not a renegotiation of the contract: 100% of the value of the asset.

3.1.19.2. Properties for the lessee's own housing –sole, family and permanently occupied–, in the case of new financings greater than the equivalent of 11% of the reference amount established in point 1.4. and up to the equivalent of 17% of that established in point 1.4. and it is not a renegotiation of the contract: 90% of the value of the asset.

3.1.19.3. Properties for the lessee's housing not included in the preceding point: 75% of the appraisal value of the asset.

3.1.19.4. Other properties: 50% of the appraisal value of the asset.

3.1.19.5. Motor vehicles and agricultural machinery: 75% of the appraisal value of the asset.

3.1.19.6. Road and industrial machinery: 60% of the appraisal value of the asset.

3.1.20. Export credit insurance (points 1.1.16. and 1.2.6.): 100% of the nominal value of the documents.

3.1.21. Trusts of guarantee on properties transferred to the trust (point 1.2.7.):

3.1.21.1. On properties for housing: 75% of the appraisal value of the property (land plus construction progress).

3.1.21.2. On properties for uses other than housing transferred to the trust: 50% of the appraisal value of the property (land plus construction progress).

3.1.22. Purchase-sale agreement for land, lots or parcels or other already constructed properties (point 1.2.8.):

3.1.22.1. On properties intended for housing: 75% of the value of the property.

3.1.22.2. On properties whose use is other than housing: 50% of the value of the property.

3.1.23. Trusts or other rights over real estate developments (point 1.2.9.):

3.1.23.1. On properties intended for housing: 75% of the value of that right.

3.1.23.2. On properties whose use is other than housing: 50% of the value of that right.

Version: 10th COMMUNICATION “A” 6453
Effective date:
09/02/2018
Page 4

GUARANTEES
B.C.R.A.
Section 3. Computation.

3.1.24. Debt instruments referred to in point 3.2.10. of the rules on “Financing to the non-financial public sector” (point 1.2.10.): 100%.

3.2. Partial coverage with preferred guarantees.

When the existing preferred guarantees do not cover the entirety of the assistance to the client, the part not reached with that coverage shall have the treatment established for debts without preferred guarantees.

For these purposes, the market value of those assets that have a quotation must be permanently taken into account, as contemplated in points 1.1.1., 1.1.2., 1.1.5. and 1.1.13.

Version: 2nd COMMUNICATION “A” 6453
Effective date:
09/02/2018
Page 5

GUARANTEES

TEXT AS AMENDEDSOURCE RULEOBSERVATIONS
SectionPointParagraphCom.AnnexPointParagraph
1.1.2.7.“A” 44911.According to Com. “A” 4501, 5998 and 6250.
1.2.8.“A” 6250According to Com. “A” 6297.
1.2.9.“A” 6250According to Com. “A” 6297.
1.2.10.“A” 64492.
1.3."A" 7Specifications of the "other guarantees received" items, amended by Com. "A" 2932.
1.4."A" 59981.
2.2.1.1°"A" 2448Statement of debtors' position (point 6.1.2.2.2.).
2°"A" 2932sole2.1.2°
2.2."A" 2216I1.4°According to Com. "A" 6374.
3.3.1."A" 2932sole3.1.According to Com. "A" 6374.
3.1.1."A" 2932sole3.1.1.According to Com. "A" 3918.
3.1.2."A" 2932sole3.1.2.
3.1.3."A" 2932sole3.1.3.According to Com. "A" 3918.
3.1.4."A" 2932sole3.1.4.
3.1.5."A" 2932sole3.1.5.According to Com. "A" 3918, 4242 and 4741.
3.1.6."A" 2932sole3.1.6.According to Com. "A" 3918 and 6328.
3.1.7."A" 2216I1.3°, g)According to Com. “A” 2932.
3.1.8.“A” 2216I1.3°, h)According to Com. “A” 2932.
3.1.9.“A” 2216I1.3°, i)According to Com. “A” 2932.
3.1.10.“A” 2932único3.1.11.According to Com. “A” 3104 and 4522.
3.1.11.“A” 2932único3.1.12.According to Com. “A” 3918.
3.1.12.“A” 2932único3.1.13.
3.1.13.“A” 2932único3.1.14.
3.1.14.“A” 24191.1°, ii)According to Com. “A” 2932, 3314, 3918, 4551 (point 2.), 4559 (point 3.), 5998 and 6297.
3.1.15.“A” 2932único3.1.18.According to Com. “A” 3918 and 6162.
3.1.16.“A” 61624.
3.1.17.“A” 2932único3.1.19.According to Com. “A” 3141, 3918, 4242, 4465 and 5275.
3.1.18.“A” 31142.According to Com. “A” 4242.
3.1.19.“A” 32592.According to Com. “A” 5067.
3.1.19.1.“A” 45595.According to Com. “A” 5998.
3.1.19.2.“A” 45595.According to Com. “A” 5998.
3.1.19.3.“A” 32592.According to Com. “A” 3314, 3918 and 4559 (point 5.).
3.1.19.4.“A” 32592.According to Com. “A” 3918 (point 4.).
3.1.19.5.“A” 32592.According to Com. “A” 3314 (point 3.).
3.1.19.6.“A” 33146.
3.1.20.“A” 3314
3.1.21.“A” 44911.According to Com. “A” 4501 and 6453.

GUARANTEES

ORDERED TEXTSOURCE STANDARDOBSERVATIONS
SectionPointParagraphCom.AnnexPointParagraph
3.3.1.22."A" 6250According to Com. "A" 6453.
3.1.23."A" 6250According to Com. "A" 6297 and 6453.
3.1.24."A" 64492.
3.2."A" 2216II5°According to Com. "A" 3918.
4.4.1."A" 59757.

CREDIT RISK FRACTIONING B.C.R.A.
Section 3. Included financings.

3.2.1.3. Monetary regulation instruments issued by the Central Bank of the Argentine Republic, as well as the other receivables with respect to this Institution, whatever their origin.

3.2.1.4. Financing to the parent company of the local financial institution or to its branches or subsidiary financial institutions in other countries.

This exclusion applies without prejudice to observing the provisions of point 3.1.11.

3.2.1.5. Financing to the foreign controlling bank of the local financial institution or to its branches or subsidiary financial institutions in other countries, provided the controlling institution meets all of the following conditions:

i) It complies with the provisions of point 3.1. of the rules on "Credit Assessments", requiring for that purpose an international risk rating of "A" or higher.

ii) It formally and explicitly guarantees all of the obligations of its subsidiary in the country.

This exclusion applies without prejudice to observing the provisions of point 3.1.11.

3.2.1.6. Financing covered by cash collateral, which constitute preferred "A" guarantees (point 1.1.1. of the rules on "Guarantees").

3.2.1.7. Financing covered by pledges of fixed-term deposit certificates issued by the financial institution itself, which constitute preferred "A" guarantees (point 1.1.3. of the rules on "Guarantees").

3.2.1.8. Export financing when the transactions have automatic reimbursement by the Central Bank of the Argentine Republic, under bilateral or multilateral foreign trade agreement regimes, which constitutes a preferred "A" guarantee (point 1.1.4. of the rules on "Guarantees").

3.2.1.9. Financing covered by pledges of monetary regulation instruments of the Central Bank of the Argentine Republic, which constitute preferred "A" guarantees (point 1.1.5. of the rules on "Guarantees").

3.2.1.10. Credits for spot transactions to be settled, without prejudice to the computation of receivables for settlement mismatches that occur.

3.2.1.11. Credits corresponding to losses covered by the National State (Law 20.299) in export financing.

Version: 4th COMMUNICATION "A" 6453
Effective date:
09/02/2018
Page 3

CREDIT RISK SPLITTING B.C.R.A.
Section 6. Eligible guarantees.

6.1. Included guarantees.

For the purposes of applying the maximum limits for financing with eligible guarantees established in Section 5., the guarantees defined in the rules on "Guarantees" indicated below shall be considered:

6.1.1. The following preferred "A" guarantees:

6.1.1.1. In gold (point 1.1.2. of the rules on "Guarantees").

6.1.1.2. Pledges of national public securities (point 1.1.5. of the rules on "Guarantees").

6.1.1.3. "Warrants" (point 1.1.7. of the rules on "Guarantees").

6.1.1.4. Assignment of rights to collect invoices to consumers issued by public utility companies (point 1.1.8. of the rules on "Guarantees").

6.1.1.5. Assignment of collection rights regarding credit card coupons (point 1.1.9. of the rules on "Guarantees").

6.1.1.6. Assignment of rights over the collection of tariffs and fees in public works concessions (point 1.1.12. of the rules on "Guarantees").

6.1.1.7. Pledges of private securities (shares or bonds) issued by national or foreign companies (point 1.1.13. of the rules on "Guarantees").

6.1.2. Preferred "B" guarantees, except the following:

6.1.2.1. Guarantees from mutual guarantee companies or public guarantee funds, registered in the registries enabled at the Central Bank of the Argentine Republic (point 1.2.4. of the rules on "Guarantees").

6.1.2.2. Export credit insurance (point 1.2.6. of the rules on "Guarantees").

6.2. Exclusions.

From the eligible guarantees pursuant to point 6.1., in the case of financing to related clients the following preferred "B" guarantees shall not be considered:

6.2.1. Mortgage (point 1.2.1. of the rules on "Guarantees").

6.2.2. Pledge (points 1.2.2. and 1.2.3. of the rules on "Guarantees").

6.2.3. Guarantee trusts (point 1.2.7. of the rules on "Guarantees").

Version: 3rd COMMUNICATION "A" 6453
Effective date:
09/02/2018
Page 1

CREDIT RISK SPLITTING B.C.R.A.
Section 6. Eligible guarantees.

6.3. Coverage margins.

Preferred guarantees shall be computed according to the percentages set out in the rules on “Guarantees”.

For the portion exceeding the computable value of the corresponding guarantee, financings shall be considered as having no computable guarantees.

6.4. Forward transactions, swaps, options and other derivatives.

The transactions referred to in point 4.3. shall be considered as “having no computable guarantees”.

Version: 3a. COMMUNICATION “A” 6453
Effective date:
09/02/2018
Page 2

RISK FRACTIONATION

ORDERED TEXTSOURCE RULEOBSERVATIONS
Sec.PointPara.Comm.Annex Ch. Sec.PointPara.
3.1.8.4.“A” 2140I1.3.6.According to Comm. “A” 5472.
“A” 2140II1.6.
3.1.8.5.“A” 2140I1.3.6.According to Comm. “A” 5472.
“A” 2140II1.6.
3.1.8.6.“A” 2140I1.3.6.According to Comm. “A” 5472.
“A” 2140II1.6.
3.1.8.7.“A” 2140I1.3.6.According to Comm. “A” 5472.
“A” 2140II1.6.
3.1.9.“A” 47252.Includes interpretive clarification. According to Comm. “A” 5472 and 6327.
3.1.10.“A” 2140I1.3.7.Includes interpretive clarification. According to Comm. “A” 5472.
“A” 2140II1.7.
3.1.11.“A” 2140I1.3.8.Includes interpretive clarification. According to Com. “A” 5472.
“A” 2140II1.8.
3.1.12.“A” 63966.
3.2.1.1.“A” 2140II3.5. and 3.6.1°
3.2.1.2.“A” 2140II3.6.lastAccording to Com. “A” 5472.
3.2.1.3.“A” 2140II4.5.According to Com. “A” 2150 (item 1.), 3911 (item 6.), 4084 (item 6.), 5472 and “B” 9186.
3.2.1.4.“A” 2140II4.3.lastAccording to Com. “A” 2829 (item 5.) and 5472. Includes interpretive clarification.
3.2.1.5.“A” 2140II4.3.According to Com. “A” 2829 (item 5.), 5472, 5671 and 5740. Includes interpretive clarification.
3.2.1.6.“A” 5472According to Com. “A” 6453.
3.2.1.7.“A” 5472According to Com. “A” 6453.
3.2.1.8.“A” 2140II4.1.According to Com. “A” 5472.
3.2.1.9.“A” 5472According to Com. “A” 6453.
3.2.1.10.“A” 214012.3°According to Com. “A” 4725 (item 2.) and 5472.
3.2.1.11.“A” 331410.
3.2.1.12.“A” 5472
3.2.1.13.“A” 3068According to Com. “A” 5472.
3.2.1.14.“A” 5472
3.2.1.15.“A” 5472
3.2.1.16.“A” 5472
3.2.1.17.“A” 27362.According to Com. “A” 5472 and 6149.
3.2.1.18.“A” 5472

3.

RISK SEGMENTATION
ORDERED TEXTSOURCE STANDARDOBSERVATIONS
Sec.PointPara.Com.AnnexChap.Sec.PointPara.
5.5.3.4.1.i), 1°“A” 2140II2.1.According to Com. “A” 5472.
i), 2°“A” 22523.lastAccording to Com. “A” 5472.
ii), 1°“A” 2140II2.2.1°According to Com. “A” 5472.
ii), 2°“A” 22523.1°
iii)“A” 48385.According to Com. “A” 4932 (point 3.), 4996 (point 1.), 5015 (Annex, point 5.) and 5472.
5.3.4.2.i)“A” 39117.According to Com. “A” 4230 (point 2.).
ii)“A” 6270
iii)“A” 39117.According to Com. “A” 4230 (point 2.).
iv)“A” 48384.According to Com. “A” 4926 (point 1.), 4932 (point 3.), 4937 (Annex, point 4.), 4996 (point 1.), 5015 (Annex, point 4.) and 5472.
5.3.4.3.“A” 3129According to Com. “A” 5472.
5.3.4.4.i)“A” 2140II3.3.According to Com. “A” 2435 (point 2.), 2461 (point 6.), 5472 and 5496.
ii)“A” 2140II3.4.According to Com. “A” 5472, 5496, 5671 and 5740. Includes interpretive clarification.
5.3.4.5.“A” 47421. e)
5.3.5.“A” 2140I5.According to Com. “A” 5472.
5.3.5.1.“A” 2140I5.According to Com. “A” 5472 and 5671.
5.3.5.2.“A” 3901II1.1.
5.3.6.“A” 5193According to Com. “A” 5472.
6.6.1.1°“A” 2140I4.1°According to Com. “A” 2932 (points 9. and 11.).
“A” 2140II5.1°
6.1.1.1.“A” 5472
6.1.1.2.“A” 5472
6.1.1.3.“A” 2140I4.1.Pursuant to Com. “A” 2932 (points 9. and 11.).
“A” 2140II5.1.
6.1.1.4.“A” 2140I4.1.Pursuant to Com. “A” 2932 (points 9. and 11.).
“A” 2140II5.1.
6.1.1.5.“A” 2140I4.1.Pursuant to Com. “A” 2932 (points 9. and 11.).
“A” 2140II5.1.
6.1.1.6.“A” 2140I4.1.Pursuant to Com. “A” 2932 (points 9. and 11.).
“A” 2140II5.1.
6.1.1.7.“A” 5472
6.1.2.“A” 2140I4.2.Pursuant to Com. “A” 2932 (points 9. and 11.) and 5472.
“A” 2140II5.2.
6.1.2.1.“A” 5472Pursuant to Com. “A” 6453.
6.1.2.2.“A” 5472Pursuant to Com. “A” 6453.

SEGMENTATION OF CREDIT RISK

SEGMENTATION OF CREDIT RISK
ORDERED TEXTSOURCE STANDARDOBSERVATIONS
Sec.PointPárr.Com.AnexoCap.Secc.PuntoPárr.
6.6.2.1.“A” 2140I4.2.1°According to Com. “A” 2932 (item 9.).
6.2.2.“A” 2140I4.2.1°According to Com. “A” 2932 (item 9.), 3918 (item 3.), 5472 and 6162.
6.2.3.“A” 5472According to Com. “A” 6453.
6.3.“A” 2140I4.According to Com. “A” 2932 (items 9. and 11.) and 3911 (item 11.).
“A” 2140II5.
6.4.“A” 47252.last
7.7.1.1.1°“A” 2140I6.1.According to Com. “A” 5472.
“A” 2140II6.1.
last“A” 20196.According to Com. “A” 5472.
“A” 2140I6.2.
“A” 2140II6.2.
7.1.2.1°“A” 2140II6.3.
last“A” 5472
7.1.3.“A” 2140I6.4.According to Com. “A” 5472.
7.2.1.“A” 31832.According to Com. “A” 5472.
7.2.2.“A” 48174.According to Com. “A” 4876 (point 28.) and 5472.
7.2.3.“A” 5472
7.3.1.1.“A” 3161sole2.2.1.1.
7.3.1.2.”A” 3161sole2.2.1.2.According to Com. “A” 3171 (point 2.).
7.3.1.3.i)“A” 3161sole2.2.1.3.1.According to Com. “A” 5472.
ii)“A” 3161sole2.2.1.3.2.According to Com. “A” 5472.
7.3.2.1.“A” 3161sole2.2.2.1.
7.3.2.2.i)“A” 3161sole2.2.2.2.1.
ii)“A” 3161sole2.2.2.2.2.
7.3.2.3.“A” 3161sole2.2.2.3.According to Com. "A" 3171 (point 3.).
7.3.3.1."A" 2241 CREFI-2I3.2.3.According to Com. "A" 5983.
7.3.3.2."A" 3161sole2.2.3.According to Com. "A" 3171 (point 4.).
7.3.4."A" 3161sole2.2.4.According to Com. "A" 5472 and 6327.
7.3.5."A" 3161sole2.2.5.According to Com. "A" 6167.
7.4."A" 414 LISOL-1V4.4.According to Com. "A" 817, 4093 (penultimate paragraph), 5472 and 6167. Includes interpretive clarifications.
7.5.1."A" 28004.According to Com. "A" 5472 and 6167.
7.5.2."A" 28263.

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Annotations and obligations
18 obligations · 1 permission · 80 definitions
  • Obligation 18
  • Permission 1
  • Definition / condition 80
  • background, boilerplate

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