Maintenance of the Special Account for Futures and Options Guarantees in More Than One Financial Entity. Special Foreign Currency Demand Accounts. Adjustment of Minimum Cash Rules

"2006 - Year of Homage to Dr. Ramón CARRILLO"
BANCO CENTRAL DE LA REPÚBLICA ARGENTINA
COMMUNICATION "A" 4602 04/12/2006
TO FINANCIAL ENTITIES:
Ref.: Circular
OPASI 2 - 376
REMON 1 - 814
Maintenance of the "Special Account for Futures and Options Guarantees" in more than one financial entity. "Special Foreign Currency Demand Accounts". Adjustment of the rules on "Minimum Cash". ______ We address you to inform you that this Institution has adopted the following resolution:

"1. Replace point 3.6.2. of Section 3. of the rules on "Savings Deposits, Payment of Remuneration and Special Accounts" with the following:

"3.6.2. Holders.
Self-regulated markets subject to the control of the National Securities Commission. These demand accounts may be maintained at financial entities for the deposit of the guarantees required in futures and options transactions carried out in said markets."

2. Incorporate as the last paragraph of point 3.6.8. of Section 3. of the rules on "Savings Deposits, Payment of Remuneration and Special Accounts" the following:

"Likewise, fund transfers may be made between the special accounts authorized under this regulation."

3. Repeal points 1.3.12. and 1.3.13. of Section 1. of the rules on "Minimum Cash"."

We send you attached the pages that, in replacement of those previously provided, should replace the texts of the rules on "Savings Deposits, Payment of Remuneration and Special Accounts" and "Minimum Cash".

-2-
Likewise, it is recalled that on this Institution's website www.bcra.gov.ar, accessing "regulations" ("organized texts"), the modifications made with texts highlighted in special characters (strikethrough and bold) will be found. We salute you very respectfully. BANCO CENTRAL DE LA REPUBLICA ARGENTINA Darío C. Stefanelli José I. Rutman Manager of Emission of Norms Deputy General Manager of Norms

ANNEX

3.5.6. Debits.
Under the conditions agreed upon, through documents that meet the characteristics of a receipt. The withdrawal of funds in cash may only be carried out at the counter.
3.5.7. Remuneration.
The applicable rates will be determined between the parties.
Interest will be settled for periods not less than 30 days and credited to the account on the dates agreed upon. If applicable, the minimum balances required to settle interest will be specified.
3.5.8. Commissions.
They will be freely agreed upon at the time of opening or subsequently.
3.5.9. Other provisions.
In matters of fund crediting, statements, account closure, and deposit guarantee, a similar treatment to that established in points 3.4.5. and 3.4.10. to 3.4.12. will apply.
3.6. Special for Guarantees of Futures and Options Operations.
3.6.1. Participating Entities.
Financial entities may open "Special Accounts for Guarantees of Futures and Options Operations", in compliance with this regulation.
3.6.2. Holders.
Self-regulated markets subject to the control of the National Securities Commission. These demand accounts may be maintained at financial entities for the deposit of the guarantees required in futures and options transactions carried out in said markets.
3.6.3. Identification and Tax Status of the Holder.
At a minimum, the following data will be required:
3.6.3.1. Name or corporate name.
3.6.3.2. Physical and legal addresses.
B.C.R.A. SAVINGS DEPOSITS, PAYMENT OF REMUNERATION AND SPECIALS
Section 3. Specials.
Version: 6th COMMUNICATION "A" 4602
Validity:
04/12/2006

3.6.3.3. Copy of the contract or corporate statute.
3.6.3.4. Date and number of registration in the relevant official registry.
3.6.3.5. List of authorities and authorized representatives to use the account, regarding whom the requirements established for natural persons (point 1.3. of Section 1.) must be met.
3.6.4. Currency.
United States dollars.
3.6.5. Deposits.
Only the crediting of amounts in United States dollars corresponding to the establishment of guarantees required by self-regulated markets for the negotiation and maintenance of futures and options contracts will be admitted. To this end, foreign exchange operations in the single and free foreign exchange market will be admitted, through the financial entity where the special account is located, by debiting demand accounts in pesos. These operations may be carried out by each of the operators or globally by the respective market for the net amount resulting from the operators' commitments.
3.6.6. Debits.
Only the settlement of guarantees established by operators at maturity or cancellation of the operations will be admitted, which will be converted to pesos through the corresponding foreign exchange operation in the single and free foreign exchange market, using the procedure provided in point 3.6.5.
3.6.7. Offsets.
If on a given day there is a release of guarantee margins due to maturities or contract cancellations and at the same time new guarantees must be replenished or established, the operations may be offset and, if applicable, the remainder settled.
3.6.8. Other provisions.
Regarding commissions, the corresponding amounts must be debited from the peso accounts that the respective self-regulated market holds at the financial entity. Regarding provisions related to statements, account closure, and deposit guarantee, a similar treatment to that established in points 3.4.10. to 3.4.12. will apply. Likewise, fund transfers may be made between the special accounts authorized under this regulation. B.C.R.A. SAVINGS DEPOSITS, PAYMENT OF REMUNERATION AND SPECIALS
Section 3. Specials.
Version: 5th COMMUNICATION "A" 4602
Validity:
04/12/2006

SAVINGS DEPOSITS, PAYMENT OF REMUNERATION AND SPECIALS ORGANIZED TEXT ORIGIN OF THE RULE Sec. Point Para. Comm. Annex Ch. Sec. Point Para. OBSERVATIONS
3.5. "A" 3583 1 S/Comm. "A" 3827,
pt. 3.
3.
3.6. "A" 3566 1. S/Comm. "A" 4602,
points 1 and 2.
4.1. "A" 3042
4.1.1. "A" 2885 1.
4.1.2. "A" 2885 2. 2.2.
4.1.3. "A" 2885 2. 2.3.
4.1.4. "A" 2885 2. 2.4.
4.1.5. "A" 2885 2. 2.5. and
4.1.6. "A" 3042
4.2. "A" 1891 S /Comm. "A" 1922 and
"A" 3323
1° "A" 2530 1°
2° "A" 2530 3° and
4°
4.3.1.
3° "A" 2530 5°
4.3.2. "A" 2530 2°
4.4.1. "A" 1199
"A" 1820 I
I 6.3.
2.6.
S/Comm. "A" 2807, pt. 6 – 1° and 2° para. and Comm "A" 3270.
4.4.2. "A" 2807 6. 3°
4.4.3.1. "A" 2807 6. 5°
4.4.3.2. "A" 2807 6. 4°
4.5.1. "A" 1199 I 5.3.1.
4.5.2. "A" 1199 I 5.3.2.
4.5.3. "A" 1199 I 5.3.3.
4.5.4 "A" 3042
4.5.5 "A" 1199 I 5.3.4.
4.5.6. "A" 1199 I 5.3.4.1. and
5.3.4.3.
4.5.7. "A" 627 1.
4.6. "A" 1199 I 5.1.
4.6.1. "A" 1199 I 5.1.1.
4.6.2. "A" 1199 I 5.1.2
4.6.3. "A" 1199 I 5.1.3.
4.7.1. "A" 1199 I 5.2.1. S/Comm. "A" 3042
4.7.2. "A" 1199 I 5.2.2. S/Comm. "A" 3042
4.8. "B" 6572
4.
4.9. "A" 3827 11.

1.3. Minimum Cash.
The amounts of minimum cash resulting from applying the following rates must be integrated:
Concept Rate in %
1.3.1. Demand deposits (except those included in point
1.3.14.). 19
1.3.2. Savings deposits.
1.3.2.1. In pesos (except those included in point 1.3.14.). 19
1.3.2.2. In foreign currency. 30
1.3.3. Pupil loans, special accounts for closed circles, "Unemployment Fund for Construction Industry Workers",
"Payment of Remuneration" and special demand accounts for legal entities.
1.3.3.1. In pesos (except those included in point 1.3.14.). 19
1.3.3.2. In foreign currency. 30
1.3.4. Other demand deposits and obligations, pension benefits credited by ANSES pending cashing and immobilized balances
corresponding to obligations included in these rules.
1.3.4.1. In pesos (except those included in point 1.3.14.). 19
1.3.4.2. In foreign currency. 30
1.3.5. Unused balances of formalized demand account advances. 19
1.3.6. Deposits in demand accounts of non-bank financial entities,
calculable for the integration of their minimum cash. 100
1.3.7. Time deposits, obligations for "acceptances" -including liabilities from sale or assignment of credits to subjects other than
financial entities-, reverse repos, guarantees and reverse stock market repos, constant term investments, with option for early cancellation or renewal for a determined term and with variable remuneration, and other term obligations except for deposits included in points 1.3.11., 1.3.12. and 1.3.13., according to their residual term:
B.C.R.A.
MINIMUM CASH
Section 1. Requirement.
Version: 26th COMMUNICATION "A" 4602
Validity:
04/12/2006

iv) From 90 to 179 days. 10 v) From 180 to 365 days. 6 vi) More than 365 days. 0 b) Others. 0
1.3.10. Obligations with the Fiduciary Fund for Assistance to Financial and Insurance Entities. 0
1.3.11. Demand and time deposits made by order of the Judiciary
with funds originating in the cases in which it intervenes, and their immobilized balances.
1.3.11.1. In pesos. 10
1.3.11.2. In foreign currency. 15
1.3.12. Deposits -whatever their modality- that constitute the equity of
investment funds.
1.3.12.1. In pesos. 18
1.3.12.2. In foreign currency. 40
1.3.13. Special deposits linked to the inflow of funds from abroad

• Decree 616/05. 100
  1.3.14. Demand deposits and other obligations in pesos (excluding the
  "Unemployment Fund for Construction Industry Workers"), whose remuneration exceeds 35% of the average BADLAR rate of private banks in the month prior to the one in question. 100
  1.4. Residual Term.
  1.4.1. Determination.
  1.4.1.1. General case.
  The residual term of each term obligation is equivalent to the number of days remaining until its maturity.
  1.4.1.2. Term Investments.
  In the case of term investments, the following criteria will apply:
  i) Constant term.
  B.C.R.A.
  MINIMUM CASH
  Section 1. Requirement.
  Version: 20th COMMUNICATION "A" 4602
  Validity:
  04/12/2006

The remaining term until maturity will be considered, taking into account automatic extension or, if applicable, the term resulting from the exercise of the option to revoke it. ii) With option for early cancellation. The remaining term until the date on which the investor can exercise the option for early cancellation will be taken into account, to the extent that they are the holder of the right, or the originally agreed term, in case the entity is the holder of that right. iii) With option for renewal for a determined term. The remaining term until maturity will be considered, taking into account for this purpose the term that would result from the eventual exercise of the extension option by the entity, to the extent that it is the holder of the right. When the investor is the holder of that right, the originally agreed term will be taken into account or, if applicable, the term resulting from the renewal if the option had been exercised.
1.4.1.3. Refinanciable Term Obligations.
When the financial entity enters into agreements or option contracts that ensure the total or partial refinancing of term obligations, for the purpose of establishing the residual term until the maturity of the obligations, the term resulting from the use of those facilities will be considered, for the portion of the liability included in the agreement. This criterion is applicable in case the agreement is carried out with a bank from abroad that has at least an international risk rating of "A" or higher granted by one of the rating agencies admitted by the rules on "Evaluation of Financial Entities", to the extent that it is not the parent company or the controlling or controlled entity or branches of the local entity.
1.4.1.4. Obligations from Foreign Financial Lines (not linked to the financing
of foreign trade operations). i) With early cancellation clauses.
For the determination of the residual term, the remaining term until the date on which the entity from abroad is contractually expected to request early cancellation or the originally agreed term will be taken into account, when it is subject to a decision by the local entity. B.C.R.A. MINIMUM CASH
Section 1. Requirement.
Version: 3rd COMMUNICATION "A" 4602
Validity:
04/12/2006

ORGANIZED TEXT ORIGIN OF THE RULE
Sec. Point Para. Comm. Annex Sec. Point Para.
OBSERVATIONS
1.1. "A" 3274 II 1. 1.1.
1.1.1. "A" 3274 II 1. 1.1.1. According to Comm. "A" 3498.
1.1.2. "A" 3274 II 1. 1.1.2. According to Comm. "A" 3597.
1.1.3. "A" 3274 II 1. 1.1.3. According to Comm. "A" 3498, "A"
3905 and "A" 4473.
1.2. "A" 3274 II 1. 1.2. According to Comm. "A" 3304, 3498,
3597 and 4449.
1.3. "A" 3274 II 1. 1.3.
1.3.1. "A" 3274 II 1. 1.3.1. According to Comm. "A" 3338, 3417,
3498, 3597, 3917, 3967,
4032, 4051, 4147, 4276,
4449, 4473, 4509, 4549 and
4602.
1.3.2. "A" 3274 II 1. 1.3.2. According to Comm. "A" 3338, 3417,
3498, 3597, 3917, 3967,
4032, 4051, 4147, 4179,
4276, 4449, 4473, 4509,
4549 and 4602.
1.3.3. "A" 3274 II 1. 1.3.3. According to Comm. "A" 3338, "A"
3399, "A" 3417, "A" 3498, "A"
3597, "A" 3824, "A" 3917, "A"
3967, "A" 4032, "A" 4051, "A"
4147, "A" 4179, "A" 4276, "A"
4449, "A" 4473, "A" 4509,
"A" 4549 and "A" 4602.
1.3.4. "A" 3274 II 1. 1.3.4. According to Comm. "A" 3338, "A"
3417, "A" 3498, "A" 3597, "A"
3917, "A" 3967, "A" 4032, "A"
4051, "A" 4147, "A" 4179, "A"
4276, "A" 4449, "A" 4473,
"A" 4509, "A" 4549 and "A"
4602.
1.3.5. "A" 3274 II 1. 1.3.5. According to Comm. "A" 3338, "A"
3417, "A" 3498, "A" 3597, "A"
3917, "A" 3967, "A" 4032, "A"
4051, "A" 4147, "A" 4276, "A"
4449, "A" 4509 and "A" 4549.
1.3.6. "A" 3274 II 1. 1.3.7.
1.3.7. "A" 3498 unique 1. 1.3.8. According to Comm. "A" 3506 - pt.
2.-, "A" 3549, "A" 3732, "A"
3824, "A" 3905, "A" 3917, "A"
3925, "A" 3967, "A" 4032, "A"
4140, "A" 4179, "A" 4276,
"A" 4360, pt. 3, "A" 4449,
"A" 4549 and "A" 4602.
1.3.8. "A" 3498 unique 1. 1.3.11. According to Comm. "A" 3597, "A"
3732 and "A" 4032.
1.3.9. "A" 3498 unique 1. 1.3.12. According to Comm. "A" 3905, 3917,
3967, 4032, 4179, 4276,
4449 and 4549.
1.
1.3.10. "A" 3549 1.
B.C.R.A.
ORIGIN OF THE PROVISIONS INCLUDED IN THE ORGANIZED TEXT OF THE RULES ON "MINIMUM CASH"

MINIMUM CASH
ORGANIZED TEXT ORIGIN OF THE RULE
Sec. Point Para. Comm. Annex Sec. Point Para.
OBSERVATIONS
1.3.11. "A" 3549 1. According to Comm. "A" 4179, "A"
4388 and "A" 4549.
1.3.12. "A" 4179 2. According to Comm. "A" 4406 and
"A" 4449.
1.3.13. "A" 4360 2.
1.3.14. "A" 4473. 1. According to Comm. "A" 4518, "A"
4532 and "A" 4573.
1.4. "A" 3905 3. According to Comm. "A" 4179, "A"
4449 and "A" 4473.
1.5. "A" 3274 II 1. 1.5. According to Comm. "A" 3498.
1.6. "A" 3274 II 1. 1.6.
1.6.1. "A" 3274 II 1. 1.6.1. According to Comm. "A" 4405 and
"A" 4449.
1.6.2. "A" 3274 II 1. 1.6.2. According to Comm. "A" 3304 and
"A" 4449.
1.
1.7. "A" 3498 unique 1. 1.8. According to Comm. "A" 4147.
2.1. "A" 3274 II 2. 2.1. According to Comm. "A" 3498 and
"A" 3597.
2.1.1. "A" 3274 II 2. 2.1.1. According to Comm. "A" 3304.
2.1.2. "A" 3274 II 2. 2.1.2. According to Comm. "A" 3304, "A"
3498, "A" 4016 and "A" 4147.
2.1.3. "A" 3498 unique 2. 2.1.3. According to Comm. "A" 4147.
2.1.4. "A" 3274 II 2. 2.1.3. According to Comm. "A" 3498, "A"
4147 and "A" 4276.
2.1.5. "A" 3274 II 2. 2.1.4.
2.1.6. "A" 3311
2.1.7. "A" 3498 unique 2. 2.1.7.
2.1.8. "A" 4016 1.
2.2. "A" 3274 II 2. 2.2. According to Comm. "A" 3498 and
"A" 4449.
2.3. "A" 3365 2. According to Comm. "A" 3387,
3470, 3498, 3549, 3597,
3732, 3824, 4016 and 4449.
2.4. "A" 4147 3. According to Comm. "A" 4276, "A"
4449 and "A" 4509.
2.
2.5. "A" 4147 3. According to Comm. "A" 4393 and
"A" 4509.
3.1. "A" 3274 II 3. 3.1.
3.1.1. "A" 3274 II 3. 3.1.1. According to Comm. "A" 3326, "A"
3365, 3498, 3549, 3905,
4276, 4449 and 4473.
3.1.2. "A" 3274 II 3. 3.1.2.
3.1.3. "A" 3274 II 3. 3.1.3. According to Comm. "A" 3326.
3.1.4. "A" 3274 II 3. 3.1.4.
3.2. "A" 3274 II 3. 3.2.
3.2.1. "A" 3274 II 3. 3.2.2.1. According to Comm. "A" 4449.
3.2.2. "A" 3274 II 3. 3.2.2.2. According to Comm. "A" 4449.
3.
3.3. "A" 3274 II 3. 3.3. According to Comm. "A" 3498.