“2020 - YEAR OF GENERAL MANUEL BELGRANO”

COMMUNICATION “A” 7054 25/06/2020

TO FINANCIAL INSTITUTIONS,
TO FOREIGN EXCHANGE OPERATORS,
TO NON-FINANCIAL CREDIT CARD ISSUING COMPANIES, TO ELECTRONIC CLEARING HOUSES, TO AUTOMATED TELLER MACHINE NETWORK ADMINISTERING COMPANIES, TO OTHER NON-FINANCIAL CREDIT PROVIDERS, TO NON-FINANCIAL PURCHASE CARD ISSUING COMPANIES, TO SECURITIES TRANSPORT COMPANIES, TO FINANCIAL MARKET INFRASTRUCTURES:

Ref.: Circular
REMON 1 - 1022
SERVI 1 - 68
SINAP 1 - 106
RUNOR 1 - 1579
OPASI 2 - 607
OPRAC 1 - 1043
CAMEX 1 - 853
LISOL 1 - 896

Minimum cash. Spot transactions to be settled and forward, repos, collateralized loans, other derivatives and with mutual funds of investment. Financial services in the framework of the health emergency ordered by Decree No. 260/2020 coronavirus (Covid-19). Adjustments . ____________________________________________________________

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

“1. Replace, with effect from 1.7.2020, point 1.5.5. of the rules on “Minimum cash” with the following:

“1.5.5. Special in the framework of the health emergency ordered by Decree No. 260/2020.

The requirement shall be reduced by an amount equivalent to 40 % of the sum of the peso financings granted at a nominal annual interest rate of up to 24 % to the following destinations:

1.5.5.1. MSMEs –in accordance with the definition contained in the rules on “Determination of the condition of micro, small or medium-sized enterprise”–, at least 50 % of the amount of those financings having to be allocated to working capital lines, such as salary payments and coverage of deferred checks;

1.5.5.2. providers of human health services, authorized by the competent
body of the corresponding jurisdiction, not included previously, to the extent that they provide inpatient services in the framework of the Health Emergency ordered by Decree No. 260/2020 and it is allocated to the purchase of medical supplies and equipment;

1.5.5.3. non-MSME clients, to the extent that the funds are allocated to the acquisition
of machinery and equipment produced by local MSMEs.

Financial institutions must mandatorily grant credit assistance to MSMEs that have a valid MSME Certificate, when such companies are included in the list referred to in point 2.1.3. of the rules on “Financial services in the framework of the health emergency ordered by Decree No. 260/2020 Coronavirus (COVID-19)”, prepared by the BCRA and the Secretariat of Small and Medium-sized Enterprises and Entrepreneurs, dependent on the Ministry of Productive Development of the Nation, and comply with the requirements established for obtaining the guarantee of the Argentine Guarantee Fund (FOGAR).

The average monthly balance of the covered financings of the period prior to the computation of the requirement that comply with the indicated conditions shall be considered.

Financings granted to other financial institutions and to non-financial credit providers –registered in the corresponding registries enabled by the SEFyC– may be included in that sum, provided that: i) within 3 business days from the date on which they receive the assistance those entities allocate the funds to granting financings to MSMEs under the conditions of this point and ii) they have a special report from an external auditor –registered in the “Registry of auditors” of the SEFyC–, which complies with the provisions of point 1.5.4. of the rules on “Minimum cash”.

This deduction may not exceed 4 % of the peso items subject to requirement on average, of the month prior to the computation, being extended up to 6 % in the case of the following financings granted as from 1.7.2020:

− clients that received the assistance provided in point 1.5.5.1., up to the total amount equivalent to the monthly payroll (excluding bonus) to be paid by the applicant; and

− clients that have not received this special assistance, in accordance with the destinations admitted in this point.”

2. Replace, with effect from 1.7.2020, Section 8. of the rules on “Spot transactions to be settled and forward, repos, collateralized loans, other derivatives and with mutual funds” with the following:

“Section 8. Net position in LELIQ.

The net position that financial institutions record in BCRA Liquidity Bills (LE-LIQ), without computing those admitted for the integration of the minimum cash requirement in pesos in accordance with the provisions of point 1.3.16. of the rules on “Minimum cash” –net surplus position of LELIQ–, shall be subject to the provisions of this section.

CENTRAL BANK
OF THE ARGENTINE REPUBLIC

8.1. Limits.

8.1.1. From 17.4.2020 and until 30.4.2020, it may not exceed 90 % of the excess holding registered as of 19.3.2020.

In order to comply, they must decrease their excess net position as they collect the LELIQ.

8.1.2. It may not exceed –on a monthly average of daily balances– that arising from the following table, according to the financings computed for the previous period:

Financings as a percentage of potential credit to MSMEs	Limits to the excess net position (as a percentage of the excess holding registered as of 19.3.2020)
	from 1.5.2020	from 1.7.2020	from 1.9.2020
100 %	90	85	85
< of 100 % up to 75 %	85	80	70
< of 75 % up to 50 %	80	75	65
< of 50% up to 25 %	75	70	60
< of 25 %	70	65	55

For the purposes of this scheme, “potential credit to MSMEs” shall be calculated in accordance with the following:

8.1.2.1. Period from 1.7.2020 to 31.8.2020. It shall be the sum of:

− 10 % of the LELIQ holdings that exceed those admitted for the integration of the minimum cash requirement in pesos, provided for in point 1.3.16. of the rules on “Minimum cash”, registered as of 19.3.2020; and

− the amount of the reduction of the average requirement in pesos of minimum cash provided for in point 1.5.5. of the rules on “Minimum cash” or 4 % of the concepts subject to requirement, whichever is lower.

8.1.2.2. From 1.9.2020. It shall be the sum of:

− 15 % of the LELIQ holdings that exceed those admitted for the integration of the minimum cash requirement in pesos, provided for in point 1.3.16. of the rules on “Minimum cash”, registered as of 19.3.2020; and

− the amount of the reduction of the average requirement in pesos of minimum cash provided for in point 1.5.5. of the rules on “Minimum cash” or 6 % of the concepts subject to requirement, whichever is lower.

The amount of financings to be considered shall be the increase registered between the balance monthly average of the previous period and the balance as of 19.3.2020 of the financings provided for in the first paragraph of point 1.5.5. of the rules on “Minimum ca- sh”. When they have been allocated to MSMEs for the payment of salaries –in the terms provided for in that point and the financial institution is a paying agent of those salaries– they shall be computed at 130 % for the purposes of this point, for which the MS- ME must submit a sworn declaration on the destination of the funds.

8.2. Expansion.

From 1.6.2020, the excess net position shall be expanded, for financial institutions that from that date receive deposits at the minimum passive rate established in point 1.11.1.1. of the rules on “Deposits and time investments” –annual nominal rate of 79 % of the simple average of the rates of the LELIQ auctions–, by the amount equivalent to 18 % of the deposits and time investments in pesos constituted by the non-financial private sector and by the National, provincial, Autonomous City of Buenos Aires and/or municipal governments –in the case of official placements, only those for which a rate not lower than the minimum passive rate of the aforementioned point 1.11.1.1. has been paid–, measured on a monthly average of daily balances of the previous month.

8.3. Reduction.

From 11.5.2020 and until 30.6.2020, financial institutions must reduce the excess net position by an additional 1 % of the excess holding registered as of 19.3.2020.

In order to comply, they must decrease their excess net position as they collect the LELIQ.

From 1.7.2020, that excess net position shall be reduced in accordance with the following scheme:

Percentage reached	Reduction to the excess net position
100 %	1 %
< of 100 % up to 75 %	1,5 %
< of 75 % up to 50 %	2 %
< of 50% up to 25 %	2,5 %
< of 25 %	3 %

where “Percentage reached” is defined as the amount of financings to be considered as a percentage of the sum of the reduction in the LELIQ position established in the first paragraph and the decrease in the average requirement in pesos provided for in point 1.5.7. of the rules on “Minimum Cash”.

The amount of financings to be considered shall be the monthly average of daily balances of the included financings for the previous period. For the month of July 2020, the average of daily balances recorded between 11.5.2020 and 30.6.2020 shall be used.

8.4. Non-compliances.

Excesses recorded over the limits provided for in this section shall be subject to a charge, which shall be calculated in accordance with the provisions of point 3.1. of the rules on “Minimum Cash”, without prejudice to the application of article 41 of the Law on Financial Institutions.”

Furthermore, we are sending you the pages that, in replacement of those previously provided, should be incorporated into the referenced rules. In this regard, it is recalled that on this Institution's website www.bcra.gob.ar, by accessing “Financial System - LEGAL AND REGULATORY FRAMEWORK - Compilations and summaries - Ordered texts of general regulations”, the amendments made will be found with texts highlighted in special characters (strikethrough and bold).

We greet you attentively.

CENTRAL BANK OF THE ARGENTINE REPUBLIC

Darío C. Stefanelli
María D. Bossio
Principal Manager of Issuance and
Regulatory Applications
Deputy General Manager of Financial Regulation a/c

ANNEX

WITH COPY TO EXTRA-BANK COLLECTION COMPANIES

The monthly average balance of the included financings for the period prior to the computation of the requirement that meet the indicated conditions shall be considered.

This deduction may not exceed 2 % of the peso items subject to requirement, on average, for the month prior to the computation.

1.5.5. Special within the framework of the health emergency declared by Decree No. 260/2020.

The requirement shall be reduced by an amount equivalent to 40 % of the sum of the peso financings granted at a nominal annual interest rate of up to 24 % for the following purposes:

1.5.5.1. MSMEs –in accordance with the definition contained in the rules on “Determination of the condition of micro, small or medium-sized enterprise”–, with at least 50 % of the amount of those financings to be allocated to working capital lines, such as payment of salaries and coverage of deferred checks;

1.5.5.2. providers of human health services, authorized by the competent body of the corresponding jurisdiction, not included above, insofar as they provide hospitalization services within the framework of the Health Emergency declared by Decree No. 260/2020 and the funds are allocated to the purchase of medical supplies and equipment;

1.5.5.3. non-MSME clients, insofar as the funds are allocated to the acquisition of machinery and equipment produced by local MSMEs.

Financial institutions must mandatorily grant credit assistance to MSMEs that have a valid MSME Certificate, when such companies are included in the list referred to in point 2.1.3. of the rules on “Financial services within the framework of the health emergency declared by Decree No. 260/2020 Coronavirus (COVID-19)”, prepared by the BCRA and the Secretariat of Small and Medium-sized Enterprises and Entrepreneurs, under the Ministry of Productive Development of the Nation, and comply with the requirements established for obtaining the guarantee of the Argentine Guarantee Fund (FOGAR).

The monthly average balance of the included financings for the period prior to the computation of the requirement that meet the indicated conditions shall be considered.

Financings granted to other financial institutions and to non-financial credit providers –registered in the corresponding registries authorized by the SEFyC– may be included in that sum, provided that: i) within 3 business days from the date on which they receive the assistance, those entities allocate the funds to granting financings to MSMEs under the conditions of this point and ii) they have a special report from an external auditor –registered in the “Registry of auditors” of the SEFyC–, which complies with the provisions of point 1.5.4.

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Effective date:
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This deduction may not exceed 4 % of the peso items subject to requirement on average, for the month prior to the computation, increasing to 6 % in the case of the following financings granted as from 1.7.2020:

• − clients that received the assistance provided for in point 1.5.5.1., up to the total amount equivalent to the monthly payroll (excluding bonus) to be paid by the applicant; and

• − clients that have not received this special assistance, in accordance with the purposes admitted in this point.

1.5.6. Special within the framework of Decree No. 332/2020 (and amendments).

The requirement shall be reduced by an amount equivalent to 60 % of the sum of the “Zero Rate Credits” granted within the framework of article 9 of Decree No. 332/2020 (and amendments).

Its monthly average balance for the period prior to the computation of the requirement shall be considered.

1.5.7. Financings to MSMEs not reported in the “Central de deudores del sistema financiero”.

The requirement shall be reduced by an amount equivalent to 40 % of the peso financings to MSMEs –in accordance with the definition contained in the rules on “Determination of the condition of micro, small or medium-sized enterprise”– that are granted at a nominal annual interest rate of up to 24 %, measured as the monthly average of daily balances for the previous month, provided that such MSMEs are not reported in the “Central de deudores del sistema financiero” administered by the BCRA.

Financings granted to other financial institutions and to non-financial credit providers –registered in the corresponding registries authorized by the SEFyC– may be included in that sum, provided that: i) within 3 business days from the date on which they receive the assistance, those institutions allocate the funds to granting financings to MSMEs under the conditions of this point and ii) they have a special report from an external auditor –registered in the "Registry of auditors" of the SEFyC–, which complies with the provisions of point 1.5.4.

The financings counted for the deduction of points 1.5.1. and 1.5.4. to 1.5.7. may only be counted in one of the aforementioned points.

1.6. One-time increases in the requirement due to liability concentration.

When an excessive concentration of liabilities (in holders and/or terms) is verified, which implies a significant risk with respect to the individual liquidity of the financial institution and/or has a significant negative effect on systemic liquidity, additional minimum cash requirements may be set on the included liabilities of the financial institution and/or those complementary measures deemed pertinent.

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This situation shall be considered to be configured when, among others, any of the following factors is present:

− A high percentage of liabilities is concentrated in a single holder or holders.

− In term obligations, the term is short.

− The aforementioned liabilities represent a significant percentage with respect to the integration of the minimum cash requirement and/or the total private-sector deposits in the institution.

1.7. Transfers.

1.7.1. Admitted margin.

The integration of the minimum cash requirement of the average position for the period may not be less than 80 % of the requirement resulting from the following expression:

EEMA (n) = EEF (n) + ENI (n-1)

Where

EEMA (n): adjusted minimum cash requirement corresponding to period "n".

EEF (n): minimum cash requirement according to current regulations corresponding to period "n".

ENI (n-1): requirement not integrated in period "n-1".

1.7.2. Utilization period.

The admitted transfer of the requirement not integrated in each period to the following position may be made up to a maximum of six periods, counted from the first –inclusive– in which the option for its utilization is made in accordance with the provisions above or from the first position immediately following that in which the transferred defects are offset or a charge is paid on them.

For its calculation, the numerals transferred from the period to which they correspond shall be counted, divided by the number of days of the period to which the transfer is made.

1.8. Defect in the application of resources in foreign currency.

The defect in the application of resources corresponding to foreign currency deposits, net of cash balances in the institutions, in custody in other financial institutions, in transit and in Securities Transporters (TV), determined in a month shall be counted for an equivalent amount in the calculation of the minimum cash requirement of that same period of the respective currency.

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Those originating in exchange operations ordered by the National Executive Power are excluded, and consequently may not be offset with purchases of foreign currency.

1.9. Increase in the requirement for non-compliance with the rules on "Credit line for productive investment".

The defect in the application of Cupo 2013 verified –as of 1.7.13 or 1.1.14, as the case may be, when it is the first tranche and 1.1.14 or 1.7.14, as the case may be, when it is the second tranche– shall be counted for an equivalent amount in the calculation of the minimum cash requirement in average pesos, from those dates and for 24 months.

The defect in the application of Cupo 2014 verified –as of 1.7.14 or 1.1.15, as the case may be, when it is the first tranche and as of 1.1.15 or 1.7.15, as the case may be, when it is the second tranche– shall be counted for an equivalent amount in the calculation of the minimum cash requirement in average pesos, from those dates and for 24 months.

Non-compliance with the provisions of the second paragraph of point 3.5.3.2. of the rules on "Credit line for productive investment" (register as of 30.9.14 agreements for at least 50 % of the total amount of the second tranche of Cupo 2014 and at least 50 % to MSMEs) shall generate an increase in the minimum cash requirement in average pesos for an equivalent amount from the day following its verification (1.10.14) for 3 months.

Non-compliance with the provisions of the third paragraph of point 3.5.4.1. of the rules on "Credit line for productive investment" (register as of 31.3.15 agreements for at least 30 % of the total amount of the first tranche of Cupo 2015) shall generate an increase in the minimum cash requirement in average pesos for an equivalent amount from the day following its verification (1.4.15) for 3 months.

Non-compliance with the provisions of the third paragraph of point 3.5.4.2. of the rules on "Credit line for productive investment" (register as of 30.9.15 agreements for at least 30 % of the total amount of the second tranche of Cupo 2015) shall generate an increase in the minimum cash requirement in average pesos for an equivalent amount from the day following its verification (1.10.15) for 3 months.

The defect in the application of the second tranche of Cupo 2015 verified –as of 1.4.16 or 1.7.16, as the case may be–, shall be counted for an equivalent amount in the calculation of the minimum cash requirement in average pesos, from those dates and for 24 months.

This is without prejudice to the provisions of point 8.3. of the rules on "Credit line for productive investment".

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Effective date:
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MINIMUM CASH

CONSOLIDATED TEXT			SOURCE RULE					OBSERVATIONS
Sec.	Point	Para.	Com.	Annex	Sec.	Point	Para.
1.	1.3.8.		“A” 4360			2.		According to Com. “A” 5356 and 6616.
	1.3.9.		“A” 4754			6.		According to Com. “A” 5356, 5980, 6195, 6526, 6532, 6616 and 6728.
	1.3.10.		“A” 5945			4.		According to Com. “A” 6069, 6204 and 6616.
	1.3.11.		“A” 6341					According to Com. “A” 6616.
	1.3.12.		“A” 6069			4.		According to Com. “A” 6616.
	1.3.13.		“A” 6992
	1.3.14.		“A” 5356			1.		According to Com. “A” 6616 and 6706.
	1.3.15.		“A” 6526					According to Com. “A” 6532, 6550, 6587, 6616, 6706 and 7016.
	1.3.16.		“A” 6550					According to Com. “A” 6556, 6559, 6575, 6587, 6616, 6706, 6738, 6740, 6817, 7018, 7029 and 7047.
	1.3.	Last	“A” 6526					According to Com. “A” 6532, 6556, 6569, 6575, 6587, 6616, 6628, 6740 and 7016.
	1.4.		“A” 3905			3.		According to Com. “A” 4179, 4449, 4473, 5671, 5740, 6232, 6349, 6719, 6871 and 7046.
	1.5.		“A” 5356			2.		According to Com. “A” 5471.
	1.5.1.		“A” 5356			2.		According to Com. “A” 5471, 5623, 6531, 6703 and 6705.
	1.5.2.		“A” 5631			1.		According to Com. “A” 5638, 6217, 6531, 6857, 6910 and 6937.
	1.5.3.		“A” 6740			1.
	1.5.4.		“A” 6858			1.		According to Com. “A” 6901 and 6907.
	1.5.5.		“A” 6937			2.		According to Com. “A” 6943 and 7054.
	1.5.6.		“A” 6993			2.
	1.5.7.		“A” 7006			2.
	1.5.	last	“A” 6858			2.		According to Com. “A” 6965, 6993 and 7006.
	1.6.		“A” 3274	II	1.	1.5.		According to Com. “A” 3498.
	1.7.		“A” 3274	II	1.	1.6.
	1.7.1.		“A” 3274	II	1.	1.6.1.		According to Com. “A” 4405, 4449, 6349, 6719 and 7046.
	1.7.2.		“A” 3274	II	1.	1.6.2.		According to Com. “A” 3304, 4449, 6349 and 6719.
	1.8.		“A” 3498	sole	1.	1.8.		According to Com. “A” 4147, 6537 and 7003.
	1.9.		“A” 5380					According to Com. “A” 5449, 5516, 5600, 5654 and 5771. Includes interpretive clarification.
2.	2.1.		“A” 3274	II	2.	2.1.		According to Com. “A” 3498, 3597, 4716, 4815, 6288, 6763 and “B” 9186.

B.C.R.A.
ORDERED TEXT OF THE RULES ON “SPOT TRANSACTIONS TO BE SETTLED AND FORWARD, REPOS, GUARANTEES, OTHER DERIVATIVES AND WITH MUTUAL INVESTMENT FUNDS” MUTUAL FUNDS

-Index-

Section 6. Options.

6.1. Purchase of options.

6.2. Sale of options.

6.3. Options whose underlying asset is raw materials or basic products –“commodities”–.

Section 7. Transactions with mutual investment funds.

7.1. Name.

7.2. Restrictions.

7.3. Transparency.

7.4. Identification and tax situation.

Section 8. Net LELIQ position.

8.1. Limits.

8.2. Increase.

8.3. Decrease.

8.4. Non-compliances.

Correlation table.

Version: 7th. COMMUNICATION “A” 7054
Validity:
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SPOT TRANSACTIONS TO BE SETTLED AND FORWARD, REPOS, GUARANTEES, B.C.R.A.
OTHER DERIVATIVES AND WITH MUTUAL INVESTMENT FUNDS
Section 8. Net LELIQ position.

The net position that financial institutions register in BCRA Liquidity Bills (LELIQ), without computing those admitted for the integration of the minimum cash requirement in pesos in accordance with the provisions of point 1.3.16. of the rules on “Minimum cash” –net excess LELIQ position–, shall be subject to the provisions of this section.

8.1. Limits.

8.1.1. From 17.4.2020 and until 30.4.2020, it may not exceed 90 % of the excess holding registered as of 19.3.2020.

In order to comply, they must decrease their net excess position as they collect the LELIQ.

8.1.2. It may not exceed –on a monthly average of daily balances– that arising from the following table, according to the financings computed from the previous period:

Financings as a percentage of potential credit to MSMEs	Limits to the net excess position (as a percentage of the excess holding registered as of 19.3.2020)
	from 1.5.2020	from 1.7.2020	from 1.9.2020
100 %	90	85	85
< of 100 % up to 75 %	85	80	70
< of 75 % up to 50 %	80	75	65
< of 50% up to 25 %	75	70	60
< of 25 %	70	65	55

For the purposes of this scheme, “potential credit to MSMEs” shall be calculated in accordance with the following:

8.1.2.1. Period from 1.7.2020 to 31.8.2020. It shall be the sum of:

− 10 % of the holdings of LELIQ that exceed those admitted for the integration of the minimum cash requirement in pesos, provided for in point 1.3.16. of the rules on “Minimum cash”, registered as of 19.3.2020; and

− the amount of the reduction of the average minimum cash requirement in pesos provided for in point 1.5.5. of the rules on “Minimum cash” or 4 % of the items subject to the requirement, whichever is lower.

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CASH TRANSACTIONS TO BE SETTLED AND FORWARD, REPOS, GUARANTEES, B.C.R.A.
OTHER DERIVATIVES AND WITH MUTUAL INVESTMENT FUNDS
Section 8. Net LELIQ position.

8.1.2.2. From 1.9.2020. It shall be the sum of:

− 15 % of the holdings of LELIQ that exceed those admitted for the integration of the minimum cash requirement in pesos, provided for in point 1.3.16. of the rules on “Minimum cash”, registered as of 19.3.2020; and

− the amount of the reduction of the average minimum cash requirement in pesos provided for in point 1.5.5. of the rules on “Minimum cash” or 6 % of the items subject to the requirement, whichever is lower.

The amount of financing to be considered shall be the increase recorded between the average monthly balance of the previous period and the balance as of 19.3.2020 of the financing provided for in the first paragraph of point 1.5.5. of the rules on “Minimum cash”. When they have been allocated to MSMEs for the payment of salaries – under the terms provided for in that point and the financial institution is a payment agent for those salaries – they shall be counted at 130 % for the purposes of this point, for which the MSME must submit a sworn statement on the destination of the funds.

8.2. Expansion.

From 1.6.2020, the excess net position shall be expanded, for financial institutions that from that date receive deposits at the minimum passive rate established in point 1.11.1.1. of the rules on “Deposits and time investments” – annual nominal rate of 79 % of the simple average of the rates of the LELIQ auctions –, by the amount equivalent to 18 % of the deposits and time investments in pesos constituted by the non-financial private sector and by the National, provincial, Autonomous City of Buenos Aires and/or municipal governments – in the case of official placements, only those that have paid a rate not lower than the minimum passive rate of the aforementioned point 1.11.1.1. –, measured as the monthly average of daily balances of the previous month.

8.3. Reduction.

From 11.5.2020 and until 30.6.2020, financial institutions must reduce the excess net position by an additional 1 % of the excess holdings registered as of 19.3.2020.

In order to comply, they must decrease their excess net position as they collect the LELIQ.

From 1.7.2020, that excess net position shall be reduced in accordance with the following scheme:

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Section 8. Net LELIQ position.

Percentage reached	Reduction to the excess net position
100 %	1 %
< 100 % up to 75 %	1,5 %
< 75 % up to 50 %	2 %
< 50% up to 25 %	2,5 %
< 25 %	3 %

where “Percentage reached” is defined as the amount of financing to be considered as a percentage of the sum of the reduction in the LELIQ position established in the first paragraph and the reduction of the average minimum cash requirement in pesos provided for in point 1.5.7. of the rules on “Minimum cash”.

The amount of financing to be considered shall be the monthly average of daily balances of the included financing of the previous period. For the month of July 2020, the average of daily balances registered between 11.5.2020 and 30.6.2020 shall be used.

8.4. Non-compliances.

The excesses registered over the limits provided for in this section shall be subject to a charge, which shall be calculated in accordance with the provisions of point 3.1. of the rules on “Minimum cash”, without prejudice to the application of article 41 of the Law on Financial Institutions.

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Effective date:
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“CASH TRANSACTIONS TO BE SETTLED AND FORWARD, REPOS, GUARANTEES, OTHER DERIVATIVES AND WITH MUTUAL INVESTMENT FUNDS”

CONSOLIDATED TEXT			SOURCE RULE						OBSERVATIONS
Sect.	Point	Par.	Com.	Annex	Chap.	Sect.	Point	Para.
7.	7.2.2.2.		"A" 2996	sole		2.	2nd		According to Comm. "A" 6472. Includes interpretive clarification.
	7.2.3.	1st	"B" 6566			1.			According to Comm. "A" 2996 (Annex, point 3.).
		2nd	"B" 6609
	7.3.1.		"A" 3027
	7.3.1.1.		"A" 2996	sole		4.1.	1st
	7.3.1.2.		"A" 2996	sole		4.1.	2nd		According to Comm. "A" 3027.
	7.3.2.		"A" 2996	sole		4.2.			According to Comm. "A" 3027.
	7.3.2.1.	1st	"A" 2953			1.	3rd		According to Comm. "A" 2996 (point 4.2., para. 1st).
		2nd	"A" 2996	sole		4.2.	3rd
	7.3.2.2.		"A" 2953			1.	4th		According to Comm. "A" 2996 (point 4.2., para. 2nd).
	7.4.1.		"A" 3323						According to Comm. "A" 5728.
	7.4.2.		"A" 3323						According to Comm. "A" 4875 and 6472.
8.		1st	"A" 6647			1.			According to Com. “A” 6661 and 7054. Includes interpretive clarification.
	8.1.1.		“A” 6937			1.			According to Com. “A” 6979, 6993, 7022 and 7054. Includes interpretive clarification.
	8.1.2.		“A” 6937			3.			According to Com. “A” 6946, 6979, 6993, 6998, 7022, 7047 and 7054. Includes interpretive clarification.
	8.2.		“A” 7027			3.			According to Com. “A” 7034.
	8.3.		“A” 7006			1. and 4.			According to Com. “A” 7022 and 7054.
	8.4.		“A” 6647			3.

FINANCIAL SERVICES IN THE FRAMEWORK OF THE HEALTH EMERGENCY B.C.R.A.
ORDERED BY DECREE No. 260/2020 CORONAVIRUS (COVID-19)
Section 2. Other provisions.

The corresponding account statement must report the collection of each installment as a separate and duly identified concept.

The interest rate that FONDEP will recognize to financial institutions, as provided in article 9°bis of Decree No. 332/2020, will be 15% nominal annual on the balances of the disbursed financings.

2.1.3. Financing to MSMEs.

Financial institutions covered by the first paragraph of point 8.3. of the rules on “Spot and forward transactions, repos, collateralized loans, other derivatives and mutual funds” must grant financing to MSMEs –according to the definition contained in the rules on “Determination of the condition of micro, small or medium-sized enterprise”– that are not reported in the “Central de deudores del sistema financiero”, at a nominal annual interest rate of up to 24%, when they are presented with a FOGAR guarantee, for the amount covered by said guarantee.

The BCRA, through the website https://www3.bcra.gob.ar, makes available to financial institutions the list of MSMEs provided by the Ministry of Productive Development of the Nation, without prejudice to which financial institutions may include others as long as they meet the requirements set forth in the rules on “Determination of the condition of micro, small or medium-sized enterprise”.

Unpaid balances corresponding to maturities occurring from 1.4.2020 –including installments due as of 31.3.2020– until 30.9.2020 may only accrue compensatory interest at the contractually agreed rate.

2.2. Operations with the BCRA.

The BCRA will guarantee the operation through SIOPEL of wholesale foreign exchange operations and of the auctions of BCRA Liquidity Bills.

2.3. National payment system.

Electronic clearing houses, the Electronic Payment Medium, ATM and electronic funds transfer networks, credit and debit card administrators, acquirers and processors of electronic payment means, payment service providers, as well as their related service providers and any other market infrastructure necessary for the normal provision of services of financial institutions and payment systems must remain operational.

2.4. Capital market.

Remote operation of the exchanges and markets authorized by the CNV, the Caja de Valores and the market agents registered with the CNV will be allowed.

Version: 4th. COMMUNICATION “A” 7054
Effective date:
01/07/2020
Page 3

B.C.R.A.
ORIGIN OF THE PROVISIONS CONTAINED IN THE RULES ON “FINANCIAL SERVICES IN THE FRAMEWORK OF THE HEALTH EMERGENCY ORDERED BY DECREE No. 260/2020 CORONAVIRUS (COVID-19)”

CONSOLIDATED TEXT			SOURCE RULE			OBSERVATIONS
Section	Point	Paragraph	Com.	Cap.	Point Paragraph
1.	1.1.	1st	“A” 6942		2.	According to Com. “A” 6949, 6951 6953, 6954, 6956, 6958, 6982 and “C” 86999.
	1.1.1.1.		“A” 6933			According to Com. “A” 6949, 6958, 6982 and 7025.
	1.1.1.2.		“A” 6958		1.	According to Com. “A” 6982, 7017 and 7028.
	1.1.2.		“A” 6944		3.	According to Com. “A” 6958, 6982 and 7025.
	1.1.3.1.		“A” 6944		1.	According to Com. “A” 6949, 6982 and 7025.
	1.1.3.2.		“A” 6942		2.1.	According to Com. “A” 6944 and 7025.
	1.1.3.3.		“A” 6942		2.2.	According to Com. “A” 7025.
	1.1.3.4.		“A” 6949		6.
	1.2.		“A” 6958		2.	According to Com. “A” 6982.
	1.3.		“A” 6942		1.	According to Com. “A” 6949 and 6958.
	1.4.		“A” 6977			According to Com. “A” 7025.
2.	2.1.	last	“A” 6949		4.	1st According to Com. “A” 7025 and 7044.
	2.1.1.1.		“A” 6942		3.	According to Com. “A” 6949, 6964 and 7025. Includes interpretive clarification.
	2.1.1.2.		“A” 6942		3.	According to Com. “A” 6949, 7025 and 7044.
	2.1.2.		“A” 6993		1.
	2.1.3.	1st	“A” 7006		3.	According to Com. “A” 7054.
		2nd	"A" 7006		7.	According to Com. "B" 12009 and "A" 7054.
	2.2.		"A" 6942		6.	According to Com. "A" 6949 and 7025.
	2.3.		"A" 6942		7.	According to Com. "A" 6949 and 7025. Decreto Nº 297/2020, artículo 6º.
	2.4.		"A" 6942		8.	According to Com. "A" 6949 and 7025. Decreto Nº 297/2020, artículo 6º.
3.			"B" 11992