Ley N° 16.696 de 30/03/1995 - Carta Orgánica del Banco Central del Uruguay (Law No. 16,696 of 30 March 1995 - Organic Charter of the Central Bank of Uruguay)

English translation of the Spanish text from impo.com.uy (the Spanish text is the official one). Retrieved 2026-10-26.

See National Jurisprudence Base

ORGANIC CHARTER OF THE CENTRAL BANK OF URUGUAY

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Promulgation: 30/03/1995

Publication: 17/04/1995

National Registry of Laws and Decrees:

Volume: 1

Semester: 1

Year: 1995

Page: 337

See:

Text/image (Organic Charter). CHAPTER I - LEGAL NATURE, PURPOSES, DOMICILE, REPRESENTATION Article 1 (Legal nature).- The Central Bank of Uruguay, created by article 196 of the Constitution of the Republic, is an Autonomous Entity and endowed with technical, administrative and financial autonomy in the terms of the Constitution and of this Organic Law, its complementary and amendatory laws. Whenever the expression "Bank" is used in this law, it shall be understood to refer to the public entity mentioned in this article. () () Notes: Text given by: Law No. 18.401 of 24/10/2008 article 1 . ORIGINAL TEXT: Law No. 16.696 of 30/03/1995 article 1 . Article 2 (Legal person, domicile, branches). The Bank is a legal person capable of all rights and obligations and shall have its legal domicile and principal seat in the city of Montevideo. It may establish and close branches and agencies throughout the country, appoint representatives and correspondent Banks in the Republic and abroad and act as representative or correspondent Bank of foreign or international entities. Article 3 (Purposes).- The Central Bank of Uruguay shall have as primary purposes: A) Price stability that contributes to the objectives of growth and employment. B) The regulation of the operation and the supervision of the payment system and of the financial system, promoting its soundness, solvency, efficiency and development. () () Notes: Text given by: Law No. 18.401 of 24/10/2008 article 1 . See in this norm, articles:

7 and 27 . ORIGINAL TEXT: Law No. 16.696 of 30/03/1995 article 3 .

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Article 4 (Legal powers). The Bank is empowered to carry out all legal acts and to contract all obligations conducive to the fulfillment of the duties assigned to it by the Constitution of the Republic and the law. Article 5 (Representation).- The representation of the Bank and of the Board of Directors shall be entrusted to the President, assisted by the Secretary General. () () Notes: Text given by: Law No. 18.401 of 24/10/2008 article 1 . See in this norm, article:

15 . ORIGINAL TEXT: Law No. 16.696 of 30/03/1995 article 5 . Article 6 (State Guarantee).- All obligations of the Bank shall enjoy the guarantee of the State. The Bank shall be exempt from all kinds of national taxes, even those provided for in special laws, except for social security contributions. () () Notes: Text given by: Law No. 18.401 of 24/10/2008 article 5 . ORIGINAL TEXT: Law No. 16.696 of 30/03/1995 article 6 .

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CHAPTER II - MAIN ATTRIBUTIONS Article 7 (Attributions). The attributions of the Bank shall be conducive to the achievement of the purposes indicated in article 3. In this sense, the Bank: A) Shall have exclusively in its charge the issuance of banknotes, minting of coins and withdrawal from circulation of banknotes and coins throughout the territory of the Republic. With regard to the minting of coins, the provisions of numeral 10) of article 85 of the Constitution of the Republic shall be followed. B) Shall apply the monetary, exchange and credit instruments that may be necessary to fulfill the purposes assigned to it by article 3. C) Shall act as economic advisor, banker and financial representative of the Government. D) Shall administer the international reserves of the State. E) Shall act as banker of the financial intermediation institutions. F) May represent the Government of the Republic in international financial organizations and shall execute the financial transactions related to the participation of the State in said organizations. G) Shall regulate normatively and supervise the execution of those rules by public and private entities that make up the financial system. For this purpose, it may authorize or prohibit, in whole or in part, operations in general or in particular, as well as set standards of prudence, good administration or work method and shall inform, in the case of public entities, the Executive Power, for its purposes. H) Shall promote and develop economic and financial education and culture. () () Notes: Subsection H) see validity: Law No. 18.996 of 07/11/2012 article 2 . Subsection H) added by: Law No. 18.996 of 07/11/2012 article 334 .

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CHAPTER III - CAPITAL, PROFITS AND RESERVES Article 8 (Capital).- The capital of the Bank is set at 5.000:000.000 UI (five billion indexed units). The difference between this sum and the net equity of the Institution, according to its statement of financial position as of the date of entry into force of this law, shall be contributed by the Executive Power. By unanimous decision of the Board of Directors of the Bank and with prior authorization of the Executive Power, the reserves referred to in the following article may be incorporated into the capital. In the event that the equity of the Bank falls below the amount established above, the Executive Power shall capitalize the entity in accordance with a capitalization plan that it shall inform to the Parliament no later than the following fiscal year. () () Notes: Text given by: Law No. 18.401 of 24/10/2008 article 1 . Subsection 4) text given by: Law No. 18.670 of 20/07/2010 article 2 . ORIGINAL TEXT: Law No. 18.401 of 24/10/2008 article 1 , Law No. 16.696 of 30/03/1995 article 8 .

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Article 9 (Reserve).- At the close of the fiscal year the net profits shall be quantified. After the close of the fiscal year, the net profits arising from the adjustment in the value of assets and liabilities in foreign currency, gold and special drawing rights or other currency baskets, resulting from the variation in the quotations of the unit of account in which they are denominated, shall be used to create a special reserve, up to a maximum of the sum concurrent with the net profits of the fiscal year. The remainder of the net profits, once the provisions of the preceding paragraph have been complied with, shall be allocated in the following order: 1) To cover deficits accumulated in previous fiscal years. 2) Reserves up to an amount equivalent to 25% (twenty-five percent) of the net profits of the fiscal year. The remaining balance of the net profits shall be credited to the Tesoro Nacional account of the Poder Ejecutivo, after offsetting any unpaid credits that the latter holds with the Bank. () The Board of the Banco Central del Uruguay is authorized to allocate the special reserve provided for in the first paragraph of this article to the restitution, up to the concurrent sums, of the securities that the Poder Ejecutivo has issued or may issue in compliance with the capitalization obligation provided for in the previous article.() (*) Notes: Wording given by: Ley Nº 18.401 de 24/10/2008 artículo 5 . Final paragraph see validity: Ley Nº 19.438 de 14/10/2016 artículo 2 . Final paragraph added by: Ley Nº 19.438 de 14/10/2016 artículo 185 . See in this norm, article:

10

. ORIGINAL TEXT: Ley Nº 16.696 de 30/03/1995 artículo 9 .

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Artículo 10 () () Notes: Repealed by: Ley Nº 18.401 de 24/10/2008 artículo 58 . ORIGINAL TEXT: Ley Nº 16.696 de 30/03/1995 artículo 10 . CHAPTER IV - GOVERNMENT, ADMINISTRATION AND CONTROL Artículo 11 (Control of expenses and payments). The Bank shall be subject to the constitutional control of the Tribunal de Cuentas, in accordance with articles 211 et seq. of the Constitution of the Republic.

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Artículo 12 Board). The government and direction of the Bank shall be in charge of a Board, which shall be responsible for the policy and general administration of the Bank. The Board shall: A) Exercise the powers and enforce the functions that the law entrusts to the Bank. B) Draft the budget for salaries, expenses and investments in accordance with the provisions of article 221 of the Constitution of the Republic. C) Draft the statutory rules relating to the Bank's officials, in accordance with article 63 of the Constitution of the Republic. () D) Appoint, promote, transfer, sanction and dismiss personnel, respecting the statutory rules and guarantees, and may carry out any necessary hirings. E) Approve regulations, resolutions and orders, in order to give effect to the provisions of this law and make possible the normal and regular operation of the Bank. F) Delegate powers by unanimous vote of its members and may, by simple majority, assume the matters that were the subject of delegation. () Notes: Subparagraph C) wording given by: Ley Nº 18.401 de 24/10/2008 artículo 5 . ORIGINAL TEXT: Ley Nº 16.696 de 30/03/1995 artículo 12 . Artículo 13 (Regulation).- The administrative operation of the Bank shall be governed by a General Regulation, which shall be issued by the Board, and shall cover all aspects relating to the administrative organization of the institution and its powers, as well as the various functions and duties of the higher-ranking officials of the Entity and of the administrative divisions not specified in this law. () () Notes: Wording given by: Ley Nº 18.401 de 24/10/2008 artículo 5 . ORIGINAL TEXT: Ley Nº 16.696 de 30/03/1995 artículo 13 . Artículo 14 (Composition of the Board).- The Board of the Bank shall be composed of three members who shall be appointed in accordance with article 187 of the Constitution of the Republic, from among citizens who, by their personal and professional background and knowledge of the subject, ensure independence of judgment, efficiency, objectivity and impartiality in their performance. () () Notes: Wording given by: Ley Nº 18.670 de 20/07/2010 artículo 1 . Wording previously given by: Ley Nº 18.401 de 24/10/2008 artículo 1 . ORIGINAL TEXT: Ley Nº 18.401 de 24/10/2008 artículo 1 , Ley Nº 16.696 de 30/03/1995 artículo 14 . Artículo 15 (President of the Board). The President shall be responsible for executing and complying with the resolutions of the Board, and shall be accountable to the Board for the performance of his duties. His duties and powers include, among others: A) Convene and preside over the meetings of the Board and report to it on all matters that may be of interest to the institution. B) Act, contract and sign instruments and documents on behalf of the Bank, in accordance with the provisions of article 5, subject to the resolutions of the Board. C) Adopt the administrative resolutions and approve the orders required for the proper functioning and internal order of the Bank. D)
Carry out the other acts and procedures necessary to ensure the operation of the Bank and the continuity of its management. E) Sign the annual balance sheet after its approval by the Board and send it to the Tribunal de Cuentas for its visa in accordance with article 191 of the Constitution of the Republic, for publication within the following 120 (one hundred twenty) calendar days from the close of the fiscal year. () () Notes: Subparagraph E) wording given by: Ley Nº 18.401 de 24/10/2008 artículo 5 . ORIGINAL TEXT: Ley Nº 16.696 de 30/03/1995 artículo 15 . Artículo 16 (Vice President). In the event of absence or incapacity of the President or if the position becomes vacant, his functions and duties shall be temporarily assumed by the Vice President. Artículo 17 (Incompatibilities).

The members of the Board of Directors shall devote all their professional activity to the service of the Bank and, while they hold office, they may not participate in any commercial, industrial, agricultural or financial activity, nor engage in any other profession or employment, whether remunerated or not, but they may: a) Be part of commissions appointed by the Executive Branch; b) Be appointed governors, directors or members of any body of an international financial organization created under an agreement or convention to which the Republic has adhered or to which it has given its support or approval; c) Devote themselves, on a part-time basis, to teaching in educational institutions.

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Article 18 (Remuneration of Directors). The remuneration of the members of the Board of Directors shall be set in the Bank's budget, based on the special characteristics of central bank management and shall be subject to the terms and conditions proposed by the Board of Directors and approved by the Executive Branch. Article 19 (Ineligibilities).- The following may not be appointed as members of the Board of Directors nor remain in such office: A) Persons who are not in exercise of natural citizenship or who do not have at least five years of exercise of legal citizenship. B) Persons under twenty-five years of age. C) Persons in bankruptcy or insolvency proceedings or who were directors or administrators of companies in a situation of bankruptcy, liquidation or insolvency, provided they have been found responsible for fraudulent actions or concealment of information. D) Persons who have incurred in proven or notorious irregularities in the financial sector. E) Persons who have been convicted of crimes that could have a connection with public office. F) Persons who at the date of their appointment are owners, shareholders, directors, partners, administrators or employees of institutions regulated by the Bank. () () Notes: Wording given by: Law No. 18.401 of 24/10/2008 article 1 . ORIGINAL TEXT: Law No. 16.696 of 30/03/1995 article 19 .

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Article 20 (Declaration of interests). The members of the Board of Directors shall declare before it - without any reservation - all private interests they may have in matters that must be discussed or resolved by the Board of Directors and shall refrain from intervening or voting in the agreements and resolutions of the Board of Directors that relate to said interests. However, if they have been declared before the Board of Directors, said interests do not disqualify the interested party for the purposes of establishing the quorum. The declaration referred to in the preceding paragraph shall be made at the time of the commencement of the Board of Directors meeting at which said matters are considered or resolved.

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Article 21 (Responsibilities). Without prejudice to the provisions of article 24 of the Constitution of the Republic, the members of the Board of Directors are personally and jointly liable for resolutions voted in opposition to the Constitution, the laws or the regulations. The following are exempt from this liability: A) Those present who have recorded in the minutes their dissent from the resolution adopted and the grounds that motivated it. B) Those absent from the session at which the resolution was adopted, provided they record in the minutes their dissent at the first opportunity in which it is possible. In both cases the General Secretary of the Bank shall send to the Executive Branch a certified copy of the respective minutes.

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Article 22 (Secrecy and confidentiality). The Bank shall be obliged to maintain secrecy, under the terms established in article 25 of decree law No. 15.322, of 17 September 1982, when it exercises financial activity. In all other cases the members of the Board of Directors shall adjust the disclosure of their information and opinions to the confidentiality inherent to the subject matter within the Bank's competence, without prejudice to its inherent public transparency proper to the responsibility that falls upon them.

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Article 23 (Obligation of secrecy). The officials of the Bank have the duty to maintain the strictest secrecy and the most absolute confidentiality regarding each of the banking matters that come to their knowledge in the exercise or on the occasion of the exercise of their functions, under the most severe administrative, civil and criminal liability, if applicable (article 25 "in fine" of decree law No. 15.322, of 17 September 1982, and article 163 of the Criminal Code).

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Article 24 (Internal Audit - Compliance Officer).- The Board of Directors shall appoint an Internal Auditor and a Compliance Officer, who shall report to said body.

The Internal Auditor shall carry out an independent and objective assurance and consulting activity, conceived to add value and improve the Bank's operations. Its purpose is to help the organization fulfill its objectives by providing a systematic and disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes. The Compliance Officer shall verify the Bank's compliance with the international conventions, national and international laws and regulations on money laundering and terrorist financing applicable to it when it exercises financial activity, as well as other requirements demanded of it by regulatory entities of the local and international markets in which the Bank operates.() () Notes: Wording given by: Law No. 19.996 of 03/11/2021 article 347 . See validity: Law No. 19.996 of 03/11/2021 article 2 . Wording previously given by: Law No. 18.401 of 24/10/2008 article 5 . ORIGINAL TEXT: Law No. 18.401 of 24/10/2008 article 5 , Law No. 16.696 of 30/03/1995 article 24 . Article 24-BIS (Chief Economist).- There shall be a Chief Economist appointed by the Board, following a public and open call directed at persons who meet the requirements of the respective profile approved by said body. The selection procedure to be determined by the Board must include the presentation of a management project for the period of duration of their mandate and a personal interview with the body. A committee of three members, made up of professionals with extensive academic training, long careers and recognized prestige, shall act as advisor for the respective appointment.

The Chief Economist shall report directly to the Board and shall hold office for six years, and may be reelected for up to three additional years.

The Chief Economist shall perform senior management functions with respect to monetary policy, economic research, financial stability and other areas of that professional specialization assigned to him by the Board.

The appointment and removal of the Chief Economist shall require the unanimous affirmative vote of the members of the Board. () () Notes: See validity: Law No. 20.446 of 16/12/2025 article 3 . Added by: Law No. 20.446 of 16/12/2025 article 691 . CHAPTER V - MONETARY POLICY AND RESERVE MANAGEMENT Article 25 (Money and foreign exchange market).- The Bank shall regulate the functioning of the money and foreign exchange market. () () Notes: Wording given by: Law No. 18.401 of 24/10/2008 article 5 . ORIGINAL TEXT: Law No. 16.696 of 30/03/1995 article 25 . Article 26 (Legal tender and discharge power). The banknotes issued and the coins minted by the Bank shall be legal tender throughout the national territory. The discharge power of such banknotes for all kinds of obligations in national currency shall be unlimited. The Bank shall determine the amount up to which the coins it mints shall have full discharge power. Article 27 (Other monetary policy instruments).- It is incumbent upon the Bank to implement monetary policy in accordance with the purposes set forth in article 3° of this law, for which it may: A) Conduct open market operations in publicly offered negotiable securities, whether public or private. B) Set the minimum reserves that banks and other deposit-taking institutions shall maintain at the Central Bank in relation to their deposits and other analogous obligations, both in national and foreign currency, as well as the assets that may compose them and other relevant conditions. C) Buy and sell foreign currency, precious metals and other foreign financial assets. D) Apply discount, rediscount, advance, repo and reverse repo mechanisms, as well as any financial instrument conducive to achieving the aforementioned purposes. () () Notes: Wording given by: Law No. 18.401 of 24/10/2008 article 5 . See in this regulation, article:

37 . ORIGINAL TEXT: Law No. 16.696 of 30/03/1995 article 27 .

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Article 28 () () Notes: Repealed by: Law No. 18.401 of 24/10/2008 article 58 . ORIGINAL TEXT: Law No. 16.696 of 30/03/1995 article 28 . Article 29 (Banking services on account and order). The Bank, both in its own name and on account and order of the Executive Branch, may enter into payment and clearing agreements or any other type of contract with similar or related purposes with public and private institutions that provide such services. Article 30 (International reserves of the Bank).- The Bank shall determine the appropriate level and manage the external reserve assets, which shall be composed of assets accepted for such purpose by international practice. To this end, the Bank shall duly take into account the risk, liquidity and profitability of the different assets that compose them. The Bank may charge a fee in the event of managing external reserve assets on behalf of other public or private entities. () () Notes: Wording given by: Law No. 18.401 of 24/10/2008 article 5 . ORIGINAL TEXT: Law No. 16.696 of 30/03/1995 article 30 . Article 31 (Level of reserve assets).- If international reserves decrease or if the Board considers that their decrease is imminent, to the point of becoming inadequate for the international transactions of the Republic, the Bank shall immediately inform the Executive Branch of the reserve position and the causes that have motivated or may motivate such a decline, as well as the recommendations it deems necessary to remedy the situation. () () Notes: Wording given by: Law No. 18.401 of 24/10/2008 article 5 . See in this regulation, article:

43 . ORIGINAL TEXT: Law No. 16.696 of 30/03/1995 article 31 . Article 32 (Inventory of external commitments).- The Bank shall be responsible for maintaining an up-to-date inventory of all external financial obligations incurred or guaranteed by the State. It may also compile data on external loans to other public entities and private individuals residing in the national territory. () () Notes: Wording given by: Law No. 18.401 of 24/10/2008 article 5 . ORIGINAL TEXT: Law No. 16.696 of 30/03/1995 article 32 . Article 33 (Monetary Policy Committee).- Within the Bank there shall be a Monetary Policy Committee, which shall be composed of the three members of the Board and three other senior officials appointed by the Board in consideration of their specific tasks in monetary matters.() The functions of said Committee shall be: A) Advising the Board on the determination of the guidelines and parameters of monetary policy. B) Monitoring and evaluating the monetary market, the short-term macroeconomic situation and the financial program. () () Notes: Wording given by: Law No. 18.401 of 24/10/2008 article 5 . Paragraph 1º) wording given by: Law No. 18.670 of 20/07/2010 article 4 . ORIGINAL TEXT: Law No. 18.401 of 24/10/2008 article 5 , Law No. 16.696 of 30/03/1995 article 33 . CHAPTER VI - LENDER OF LAST RESORT () Article 34 Last resort loans). - The Bank is the lender of last resort to financial intermediary institutions and in extreme cases may act as such.

In such capacity, it may carry out purchase and sale, repo, discount or rediscount transactions having as their object the securities detailed below, or grant loans with real security over the same:

a) Public offering securities issued by the State or the Central Bank of Uruguay.

b) Other public offering securities.

c) Bills of exchange, vouchers and promissory notes drawn or issued for commercial, industrial or agricultural purposes, maturing within the following 180 (one hundred and eighty) days and endorsed by the financial intermediary institution in favor of the Central Bank of Uruguay.

The transactions may never exceed the amount of one and a half times the equity of the assisted institution.

The terms and conditions of the transactions referred to shall be determined by the Board of Directors, requiring in the case of items b) and c) the favorable vote of all its members.

In the case of secured loans, the term may not exceed 90 (ninety) days and must be backed by personal or real security of proven solvency on the part of the assisted institution.

In order to consider a loan with the guarantees established in items b) and c) of this article, the Board of Directors must have reports from the Financial Services Superintendency and the Corporation for the Protection of Bank Savings. The latter may, with due justification, request the Bank's Board of Directors to limit the assistance to percentages lower than the ceiling previously established. () () Notes: Wording given by: Law No. 20.446 of 16/12/2025 article 692 . (Name of Chapter VI) wording given by: Law No. 18.401 of 24/10/2008 article 6 . See effectiveness: Law No. 20.446 of 16/12/2025 article 3 . Wording previously given by: Law No. 18.401 of 24/10/2008 article 7 . Paragraph 2) wording previously given by: Law No. 18.670 of 20/07/2010 article 5 . ORIGINAL TEXT: Law No. 18.670 of 20/07/2010 article 5 , Law No. 18.401 of 24/10/2008 article 7 , Law No. 16.696 of 30/03/1995, 34 .

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CHAPTER VII - FINANCIAL SERVICES SUPERINTENDENCY () Article 35 (Control of the activities of insurance companies). The Bank shall have the powers set forth in Law No. 16.426 of 14 October 1993. () Notes: (Name of Chapter VII to be placed after the new article 34) wording given by: Law No. 18.401 of 24/10/2008 article 8 . ORIGINAL TEXT: Law No. 16.696 of 30/03/1995. CHAPTER VIII - UNIFIED SUPERVISION RULES () Article 36 (Organization and operation of supervision).- There shall be a Financial Services Superintendency which shall be headed by a Superintendent with adequate professional training, prestige and technical suitability, who shall serve a term of eight years in office and whose appointment and removal shall be decided by unanimity of the Bank's Board of Directors. () Said Superintendency shall report directly to the Bank's Board of Directors and shall act with decentralization and with technical and operational autonomy. However, the Bank's Board of Directors may at any time assume the issuance of general rules relating to the financial system referred to in literal A) of article 38 and the approval of the capital recomposition or adequacy plans submitted by the supervised companies referred to in literal G) of article 38, as well as may revoke ex officio and modify the administrative acts issued by the Superintendency in the exercise of the competence attributed to it by said literals. The Superintendency shall establish the functional organization of its services, and shall have initiative before the Board of Directors for the appointment of its personnel, previously selected, as well as to arrange their internal destination, in accordance with budgetary rules and the Bank's employee statute. Likewise, it may delegate powers to officials of its direct dependence by reasoned resolution, and may at any time assume the matters that were the object of delegation. () () Notes: Text given by: Law No. 18.401 of 24/10/2008 article 9 . Paragraph 1) text given by: Law No. 18.670 of 20/07/2010 article 6 . (Name of Chapter VIII to be located before the new article 36) text given by: Law No. 18.401 of 24/10/2008 article 12 . See in this norm, article:

37 . ORIGINAL TEXT: Law No. 18.401 of 24/10/2008 article 9 , Law No. 16.696 of 30/03/1995, 36 .

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CHAPTER VIII - UNIFIED SUPERVISION RULES Article 37 (Supervised entities).- The Bank shall exercise the regulation and supervision of the entities that make up the financial system, whatever their legal nature and whether or not they have legal personality, through the Superintendency of Financial Services.

For these purposes, the following are defined as entities making up the financial system:

A) The institutions that make up the financial intermediation system.

B) Entities that provide financial services of exchange, domestic and foreign transfers, payment and collection services, safe deposit box services, credits and others of a similar nature, except those reserved for financial intermediation institutions.

These entities may only finance themselves with their own resources or with credits granted by:

a) Natural persons who are directors or shareholders thereof, according to the definition established for this purpose by the Superintendency of Financial Services.

b) National or foreign financial intermediation institutions.

c) International credit organizations, or other international or national or development promotion organizations.

d) Foreign pension funds or investment funds subject to a regulatory authority, in which the credit or credits granted to each entity referred to in this literal do not represent more than a percentage of the fund's investments to be determined by the regulations of the Superintendency of Financial Services.

e) Any other legal entity engaged in financial business, financial trust or asset estate of a similar nature, that - meeting the requirements established in the preceding literal d) - is authorized by the Superintendency of Financial Services for such purpose, which shall have a period of sixty days to issue a decision thereon. In the event that the period elapses without express authorization being issued, the operation shall be considered fictitiously authorized. The preceding period shall be suspended if the Superintendency of Financial Services requests additional information, and its computation shall resume once such information has been submitted.

The entities included in this literal that carry out credit activity are authorized to act as counterparty in the operations defined by literal F) of article 123 of Law No. 16.713, of 3 September 1995, as amended by article 118 of Law No. 20.130, of 2 May 2023.

C) The issuers of stable virtual assets.

D) The Pension Savings Fund Administrators and the funds they administer, until the Social Security Regulatory Agency created by article 250 of Law No. 20.130, of 2 May 2023, is operational.

E) Insurance and reinsurance companies and mutual insurance companies.

F) Stock exchanges, securities intermediaries and securities custody or clearing and settlement entities. G) Investment Fund administrators, professional financial trustees, Investment Funds and publicly offered financial trusts.

H) Virtual asset service providers.

The Superintendency of Financial Services shall also regulate and supervise:

a) Issuers of publicly offered securities, whether book-entry securities with centralized or decentralized registration, in accordance with the legislation governing the securities market.

b) Natural or legal persons, as well as independent asset estates that, even without issuing securities, carry out financial operations by soliciting investment or receiving financing through the raising of financial resources from the general public or certain specific sectors or groups thereof. In these cases, the Superintendency may establish differentiated information requirements and types of investors to whom the solicitation is directed or from whom the financing is obtained, based on the volume of business and its structuring. Likewise, it may require that such operations be channeled in compliance with the registration and information requirements established by the laws, decrees and regulations issued by the Central Bank of Uruguay.

For the purposes of this law, financial operation shall mean any transaction that involves the disbursement of financial resources in exchange for an offer with an expectation of profitability, whether fixed, variable or contingent, the effective realization of which is, totally or partially, the product of the effort, management or activity of a third party.

The Superintendency of Financial Services shall also regulate and supervise the activity of those entities not included in the preceding enumeration that:

I. Carry out financial placements and investments with their own resources or with credits granted by the following third parties: a) Natural persons who are directors or shareholders thereof, according to the definition established for such purpose by the Superintendency of Financial Services.

b) National or foreign financial intermediation institutions.

c) International credit organizations, or international or national development promotion organizations.

d) Foreign pension funds or investment funds subject to a regulatory authority, in which the credit or credits granted to each entity referred to in this literal do not represent more than a percentage of the fund's investments to be determined by the regulations of the Superintendency of Financial Services.

e) Any other legal entity engaged in financial business, financial trust or asset estate of a similar nature, that - meeting the requirements established in the preceding literal d) - is authorized by the Superintendency of Financial Services for such purpose, which shall have a period of sixty days to issue a decision thereon. In the event that the period elapses without express authorization being issued, the operation shall be considered fictitiously authorized. The preceding period shall be suspended if the Superintendency of Financial Services requests additional information, and its computation shall resume once such information has been submitted.

The entities included in this numeral are authorized to act as counterparty in the operations defined by literal F) of article 123 of Law No. 16.713, of 3 September 1995, as amended by article 118 of Law No. 20.130, of 2 May 2023.

II. Limit themselves to bringing together or advising the parties in financial business without assuming any obligation or risk.

III. Carry out fund transfer services.

IV. Provide foreign exchange house and currency arbitrage services.

V. Provide safe deposit box services.

VI. Provide auxiliary services for the financial system, such as external audits, risk rating agencies and data processors.

The regulation and supervision of the entities included in numerals I) and II) of the preceding paragraph shall be limited to providing adequate information to consumers, seeking their protection against abusive practices, and the prevention of money laundering and terrorist financing. The regulation and supervision of the activities of the entities included in numerals III), IV) and V) of the preceding paragraph shall be limited to the prevention of money laundering and terrorist financing. The regulation and supervision of the entities included in numeral VI) of the preceding paragraph shall be carried out as long as they perform work for supervised entities.

The provisions of this article are established without prejudice to the provisions for savings and credit cooperatives with capitalization, in numeral 3) of article 165 of Law No. 18.407, of 24 October 2008. The extensions to the sources of financing that the Internal Audit Office of the Nation may grant under said rule shall require a prior and favorable opinion of the Central Bank of Uruguay.

The Superintendency of Financial Services shall determine the inclusion in the regulation and control regime provided for in numeral I) of the fourth paragraph of this article, of consumer cooperatives, civil associations and other legal persons with non-financial activity, which habitually and professionally issue purchase orders, when the relative importance of such activity within the set of activities that make up the business of the company or institution in question so justifies, in the judgment of said Superintendency.

It is declared that the provisions of the preceding paragraph regarding consumer cooperatives defined in Law No. 18.407, of 24 October 2008, do not modify their current regime of contribution to the corresponding social security organizations. () () Notes: Text given by: Law No. 20.446 of 16/12/2025 article 693 . See validity: Law No. 20.446 of 16/12/2025 article 3 . Paragraphs 6), 7) and 8) previously added by: Law No. 18.643 of 09/02/2010 article 3 . Text previously given by: Law No. 20.345 of 19/09/2024 article 1 , Law No. 18.401 of 24/10/2008 article 9 . Paragraph 2), Subparagraph B) text previously given by: Law No. 18.643 of 09/02/2010 article 1 . Paragraph 4), Numeral I) text previously given by: Law No. 18.643 of 09/02/2010 article 2 . See in this norm, article:

38 . ORIGINAL TEXT: Law No. 20.345 of 19/09/2024 article 1 , Law No. 18.643 of 09/02/2010 articles 1 , 2 and 3 , Law No. 18.401 of 24/10/2008 article 9 , Law No. 16.696 of 30/03/1995 article 37 .

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Article 38 (Duties and powers of the Superintendency).- The Superintendency of Financial Services shall have, with respect to the persons and entities listed in the preceding article, all the powers that current legislation and this law attribute to it according to their activity.

In particular, it shall be the responsibility of the Superintendency of Financial Services:

A) To issue general prudential rules, as well as specific instructions, aimed at promoting the stability, solvency, transparency and orderly and competitive operation of supervised entities and the markets in which they operate, as well as for the protection of consumers of financial services and the prevention and control of money laundering and terrorist financing.

B) To authorize the establishment of supervised entities referred to in subparagraphs A), D) and E) of the first paragraph of the preceding article, once authorized by the Executive Branch.

C) To grant authorization to operate to the supervised entities referred to in subparagraphs B), C), F) and H) of the first paragraph of the preceding article, in accordance with reasons of legality, opportunity and convenience, to revoke it in case of serious infractions, and to regulate their operation.

D) To authorize the opening of branches of supervised entities already established.

E) To issue an opinion or decide as appropriate on projects of mergers, acquisitions and any other transformation of supervised entities, and must have for this purpose the opinion of the Bank Savings Protection Corporation, with respect to those entities that make contributions to the fund administered by it.

F) To authorize the issuance and transfer of shares of supervised entities organized as corporations, and must have for this purpose the opinion of the Bank Savings Protection Corporation, with respect to those entities that make contributions to the fund administered by it.

G) To approve the capital recomposition or adequacy plans submitted by supervised entities, and must have for this purpose the opinion of the Bank Savings Protection Corporation, with respect to those entities that make contributions to the fund administered by it.

H) To require supervised entities to provide information with the periodicity and in the form it deems necessary, as well as the exhibition of records and documents.

I) To establish the accounting information regime to which supervised entities must adhere.

J) To regulate the periodic publication of financial statements and other information of supervised entities.

K) To periodically evaluate the economic-financial situation of supervised entities, the permanent compliance with current regulations and the quality of management of said entities.

L) To apply sanctions of observations, warnings and fines of up to 10 % (ten percent) of the basic equity responsibility of banks, to the entities listed in the preceding article that infringe the laws and decrees governing their activity or the general rules or specific instructions issued with respect to them.

M) Propose to the Board the application of more serious pecuniary sanctions or other measures, such as intervention, suspension of activities or revocation of the authorization or of the license to operate to the entities listed in the previous article that infringe the laws and decrees governing their activity or the general rules or particular instructions issued with respect thereto, and may also recommend to the Board that it take steps before the Executive Branch for the revocation of the authorization to operate when appropriate.

N) Order the institution of summary proceedings against the senior personnel of any of the supervised entities and propose to the Board the adoption of the sanctions that may correspond in the event of infractions, with the powers provided for in article 23 of Decree-Law No. 15.322, of 17 September 1982, and its amendments.

O) Grant the no objection for the appointment of the senior personnel of any of the supervised entities in the cases established by the regulations that are issued attending to the functional hierarchy of the subjects included.

P) Require from the supervised entities restructurings of their organization and transfers or replacements of their senior personnel, as well as modifications to the structure and composition of the share capital.

Q) Exercise control on a consolidated basis of the supervised entities, taking into account their operations in the country and abroad.

R) Keep the registries established by law and enable those it deems necessary for the adequate functioning of the financial system, authorizing the registration therein of those who meet the corresponding requirements and ordering the cancellation thereof when appropriate due to the termination of their purpose or when the laws and decrees governing their activity or the general rules or particular instructions issued with respect thereto are infringed.

S) Agree on bases of understanding with the Corporation for the Protection of Bank Savings in order to coordinate actions tending to the efficient functioning of the financial system and full compliance with the purposes that are common to them.

T) Disclose the information on persons, companies and institutions contained in the registries under its charge, which in no case shall imply giving notice on funds and securities that are deposited in the national financial system, or held in custody in the supervised entities, nor on the sworn statements submitted by the shareholders, the directors and the senior personnel of the supervised entities.

U) Sign cooperation agreements with international financial organizations or supervisory organizations of foreign countries in the areas proper to its tasks and attributions.

V) Develop the functions legally entrusted to the Bank for the purpose of combating the crimes of money laundering and financing of terrorism provided for by current regulations.

W) Attend the claims of consumers of the persons and entities listed in the previous article.

X) Require information from any natural or legal person and independent affected patrimonies in the framework of investigations linked to the scope of its competence, being able to carry out inspections and seize documents, with the same powers as the Dirección General Impositiva. For the exercise of this attribution the professional secrecy of the investigated party shall not be opposable. Likewise, the Superintendency of Financial Services may order the immediate cessation of activities or any other preventive measure, while the requirements demanded by it are not met or in the event of subsequent non-compliance with these and apply the sanctions provided for in literals L) and M) of this article, as well as those provided for in articles 20 and 21 of Decree-Law No. 15.322, of 17 September 1982, and in article 118 of Law No. 18.627, of 2 December 2009. () () Notes: Wording given by: Law No. 20.446 of 16/12/2025 article 694 . See validity: Law No. 20.446 of 16/12/2025 article 3 . Literal B) see validity: Law No. 20.130 of 02/05/2023 article 6 . Wording previously given by: Law No. 20.345 of 19/09/2024 article 2 , Law No. 18.401 of 24/10/2008 article 11 . Literal B) wording previously given by: Law No. 20.130 of 02/05/2023 article 255 . See in this norm, articles:

37 , 39 and 41 . ORIGINAL TEXT: Law No. 20.345 of 19/09/2024 article 2 , Law No. 20.130 of 02/05/2023 article 255 , Law No. 18.401 of 24/10/2008 article 11 , Law No. 16.696 of 30/03/1995 article 38 .

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Article 39 (Planning of Activities).- The Superintendency shall propose to the Board for its approval: A) The criteria and policies that it will apply in the exercise of its competences. B) An annual work plan that will guide its actions, including the evaluation of the previous year's work plan, on which it shall render accounts. () () Notes: Wording given by: Law No. 18.401 of 24/10/2008 article 11 . (penultimate paragraph) wording previously given by: Law No. 17.613 of 27/12/2002 article 4 . See in this norm, article:

41 . ORIGINAL TEXT: Law No. 17.613 of 27/12/2002 article 4 , Law No. 16.696 of 30/03/1995 article 39 .

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Article 40 (Report and Plan of Activities of the Superintendency).- The Superintendency shall publish, at least annually, a Report and Plan of Activities, which shall include: A) An analysis of the situation of the financial system. B) The evaluation of the activities carried out based on the established goals. C) The regulation and supervision policy. D) An annual plan that includes goals and activities for the following year. () () Notes: Wording given by: Law No. 18.401 of 24/10/2008 article 11 . ORIGINAL TEXT: Law No. 16.696 of 30/03/1995 article 40 .

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Article 41 (Regulation and Supervision Committee).- Within the Bank, there shall be a Regulation and Supervision Committee, which shall be composed of two members of the Board of Directors, the Superintendent of Financial Services and two other officials of that service designated by the Board of Directors. The functions of the Committee shall be: A) To provide the advice required by the Board of Directors to make the corresponding decisions on matters of regulation and supervision. B) To analyze and advise the Board of Directors on the policy and plan proposals prepared by the Superintendency of Financial Services. C) To monitor the implementation of the established policies and the development of the approved work plans. D) To issue an opinion on the proposals for the Annual Report and Activity Plan. () () Notes: Wording given by: Law No. 18.401 of 24/10/2008 article 11 . ORIGINAL TEXT: Law No. 16.696 of 30/03/1995 article 41 .

References to the article

CHAPTER IX - RELATIONS WITH THE EXECUTIVE BRANCH AND WITH THE LEGISLATIVE BRANCH () Article 42 (Advisory). The Bank shall advise the Executive Branch on matters related to the purposes and duties of the Entity. () Notes: (Name of Chapter IX) wording given by: Law No. 18.401 of 24/10/2008 article 3 . ORIGINAL TEXT: Law No. 16.696 of 30/03/1995. CHAPTER IX - RELATIONS WITH THE EXECUTIVE BRANCH AND WITH THE LEGISLATIVE BRANCH Article 43 (Monetary Policy Report).- The Bank shall publish, at least quarterly, on the occasion of the meeting of the Monetary Policy Committee, a Monetary Policy Report, which shall include: A) An inflation analysis. B) The foundations and instrumental targets of its monetary policy during the planning horizon. C) An analysis of the macroeconomic context, including growth and employment, and of the balance of risks in which it develops. D) The evaluation of monetary management in the previous period, based on the projected and achieved targets. () () Notes: Wording given by: Law No. 18.401 of 24/10/2008 article 5 . (Name of Chapter IX) wording given by: Law No. 18.401 of 24/10/2008 article 3 . ORIGINAL TEXT: Law No. 16.696 of 30/03/1995 article 43 . Article 44 (Other economic reports). The Bank shall inform the Executive Branch in detail of any circumstance, factor or situation that is within its knowledge and that may seriously affect the national economy and shall at the same time propose the appropriate measures and corrective actions that could be adopted in that regard. () Notes: (Name of Chapter IX) wording given by: Law No. 18.401 of 24/10/2008 article 3 . Article 45 () () Notes: Repealed by: Law No. 18.401 of 24/10/2008 article 58 . (Name of Chapter IX) wording given by: Law No. 18.401 of 24/10/2008 article 3 . ORIGINAL TEXT: Law No. 16.696 of 30/03/1995 article 45 . Article 46 (Supply of information). The Executive Branch, the Autonomous Entities, the Decentralized Services and the Departmental Governments shall supply all the information, economic and financial documentation, that is reasonably requested of them by the Bank and that the Bank requires to fulfill its purposes, functions and duties. The remaining Branches of the State and the other bodies of the public administration and persons under public law shall provide the corresponding collaboration in that regard, in relation to the requests for information reasonably made to them by the Bank. () Notes: (Name of Chapter IX) wording given by: Law No. 18.401 of 24/10/2008 article 3 . Article 47 (Limit of public securities).- The Bank may only grant credits to the Executive Branch or to any public legal person through the purchase, for its own account, of publicly issued securities. The purchases of said securities in each year by the Bank may not exceed the equivalent of 10% (ten percent) of the expenditures of the National Budget, actually made in the previous fiscal year. The holding of said securities at any time may not exceed said amount either.
For the purposes of this calculation, the securities shall be counted at their nominal value and, with respect to the maximum, the expenditures corresponding to the Public Debt service (Section 30 - Amortization of the Public Debt) shall not be included. () () Notes: Wording given by: Law No. 18.401 of 24/10/2008 article 5 . (Name of Chapter IX) wording given by: Law No. 18.401 of 24/10/2008 article 3 . ORIGINAL TEXT: Law No. 16.696 of 30/03/1995 article 47 .

References to the article

Article 48 (Report to the Legislative Branch).- On 1 March of each year, the Board of Directors of the Bank shall present to the General Assembly a written report, which may be expanded orally, rendering an account of its performance, which shall include a detail of the activities carried out in the previous year, an evaluation of the results obtained in relation to the purposes pursued, and the plans for the current year. () () Notes: Wording given by: Law No. 18.401 of 24/10/2008 article 4 . (Name of Chapter IX) wording given by: Law No. 18.401 of 24/10/2008 article 3 . Previously repealed by: Law No. 16.812 of 14/03/1997 article 6 . ORIGINAL TEXT: Law No. 16.696 of 30/03/1995 article 48 .

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Article 49 (Prohibition). The Bank shall only acquire, directly or indirectly, public securities or grant advances to the Executive Branch, or advances or credit services to any public legal persons, including where applicable Departmental Governments, in accordance with the provisions of this law. () Notes: (Name of Chapter IX) wording given by: Law No. 18.401 of 24/10/2008 article 3 . Article 50 (Administration of public debt and loans). The Bank shall be responsible, under the terms and conditions agreed with the Executive Branch, for the issuance and management of public securities with State guarantee and, in this sense, may negotiate directly with the public. The Bank shall perform the duties of administration of the services of the internal and external Public Debt, Treasury Bills and Treasury Bonds and international loans. () Notes: (Name of Chapter IX) wording given by: Law No. 18.401 of 24/10/2008 article 3 .

References to the article

CHAPTER X - ACCOUNTS AND FINANCIAL STATEMENTS Article 51 (Financial year). The financial year of the Bank shall coincide with the calendar year. Article 52 (Presentation of the budget). The President of the Bank shall present to the Board of Directors for consideration the draft budget for the following financial year, no later than 30 June of each year. After its approval by the Board of Directors, the Bank shall present the draft budget to the Executive Branch and to the Court of Accounts, in accordance with article 221 of the Constitution of the Republic. Article 53 (Annual financial statements).- The Bank shall present to the Executive Branch the statement of financial position at the close of each annual financial year and the income statement corresponding to said year within the first three months of the following year, prepared in accordance with technical criteria appropriate to the nature of a Central Bank, and accompanied by an external audit opinion. The aforementioned financial statements shall be published, in accordance with the provisions of article 191 of the Constitution of the Republic, once communicated to the Executive Branch and endorsed by the Court of Accounts. () () Notes: Wording given by: Law No. 18.401 of 24/10/2008 article 5 . ORIGINAL TEXT: Law No. 16.696 of 30/03/1995 article 53 .

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Article 54 (Monthly monetary balances). The Bank shall prepare the monetary balance at the close of each month, communicate it to the Executive Branch and disseminate it, as soon as possible, by the means it considers most appropriate. CHAPTER XI - GENERAL PROVISIONS Article 55 (Issuance of securities, commissions and interest). The Bank shall also be empowered to: A) Issue securities in its own name and on its own account. B) Set and collect commissions for the provision of services. C) Charge interest on the credits it grants. Article 56 () () Notes: Repealed by: Law No. 18.401 of 24/10/2008 article 58 . ORIGINAL TEXT: Law No. 16.696 of 30/03/1995 article 56 .

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Article 57 (Information for statistical purposes). For the purposes of compliance with this law and in exercise of the functions and duties conferred by it, the Bank may require, on a mandatory basis and for statistical purposes, from any individual or legal person, whether public or private, all the information it needs to properly fulfill its functions and duties. Such information shall be protected by administrative secrecy and shall be strictly confidential. The Bank may impose fines on any person or entity that fails to present the information legally required by it, or that presents incomplete or inaccurate information. The amount of the fine shall range between 10,000 UI (ten thousand indexed units) and 20,000 UI (twenty thousand indexed units), in the case of legal persons, and shall be 4,000 UI (four thousand indexed units) in the case of natural persons. Payment of the fine does not exempt from the obligation to present the requested information. () () Notes: Paragraph 2) wording given by: Law No. 18.401 of 24/10/2008 article 5 . ORIGINAL TEXT: Law No. 16.696 of 30/03/1995 article 57 . CHAPTER XII - TRANSITIONAL AND SPECIAL PROVISION Article 58 (Statement of financial position).- The Bank shall prepare a statement of financial position as of the last day of the month in which this law enters into force, endorsed by the Court of Accounts, in order to determine the Institution's equity as of that date. () () Notes: Wording given by: Law No. 18.401 of 24/10/2008 article 5 . ORIGINAL TEXT: Law No. 16.696 of 30/03/1995 article 58 . CHAPTER XIII - REPEALS AND AMENDMENTS Article 59 () () Notes: Repealed by: Law No. 18.401 of 24/10/2008 article 58 . ORIGINAL TEXT: Law No. 16.696 of 30/03/1995 article 59 . Article 60 (Repeals). The following provisions are expressly repealed: article 12 of Law No. 13.243, of 20 February 1964; article 29 of Law No. 13.608, of 8 September 1967; article 483 of Law No. 13.892, of 19 October 1970, and as far as it refers to the Executive Branch, article 131 of Law No. 13.241, of 31 January 1964, as worded by article 255 of Law No. 13.320, of 28 December 1964, is repealed. SANGUINETTI - LUIS MOSCA

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