2021 - YEAR OF HOMAGE TO THE NOBEL PRIZE IN MEDICINE DR. CÉSAR MILSTEIN

COMMUNICATION "A" 7367
17/09/2021

TO FINANCIAL INSTITUTIONS,
TO ELECTRONIC CLEARING CHAMBERS,
TO AUTOMATED TELLER MACHINE NETWORK MANAGEMENT COMPANIES, TO PAYMENT SERVICE PROVIDERS, TO PAYMENT SERVICE PROVIDERS THAT OFFER PAYMENT ACCOUNTS, TO THE FINANCIAL MARKET INFRASTRUCTURES:

Ref.: Circular
SINAP 1-142:

National Payments System – Transfers – complementary rules. Adjustments. ___________________________________________________________________________

We are writing to inform you that this Institution adopted the resolution which, in its relevant part, establishes:

"1. Replace items 1.2.4. and 1.5.5.2. of the rules on "National Payments System – Transfers – complementary rules" with the following:

"1.2.4. Competition among peers: the administrators of electronic funds transfer schemes may only carry out – directly or indirectly (through an affiliated entity) – the same function as other participants of their own schemes when they have adopted measures that – to the satisfaction of the BCRA – guarantee that they will not engage in anticompetitive conduct."

"1.5.5.2. Refrain from engaging in anticompetitive conduct to the detriment of the participants of their own scheme or other parties, especially when the administrator assumes, in addition to the typical functions of operation, authorization and/or clearing, functions that are also carried out by other participants, such as the functions of acceptance or account provision."

2. Replace item 2.6. of the rules on "Payment Service Providers" with the following:

"PSPs and the members of their governance, management and oversight bodies, for the breaches verified with respect to the rules issued by the BCRA to regulate their activity, are subject to the application of sanctions in accordance with the provisions of Articles 41 and 42 of the Financial Entities Law and related provisions."

3. Establish that it is an essential condition for authorization to act as an administrator of electronic funds transfer schemes not to engage in anticompetitive conduct to the detriment of the participants of the scheme itself or other parties, so that the sanctions imposed by the Central Bank of the Argentine Republic (BCRA) and/or the National Commission for the Defense of Competition for such behaviors falling on those administrators may give rise to the revocation of the authorizations granted.

Provide that, within 30 calendar days from the dissemination of this communication,
the administrators of electronic funds transfer schemes in office must submit:

4.1. Updated compliance plan to the General Sub-management of Payment Means of the BCRA in accordance with the provisions of the rules on "National Payments System – Transfers – complementary rules".

Said plan shall indicate the functions assumed (directly and indirectly) by the administrator in the transfer scheme and specify, where applicable, the measures it will adopt so that no anticompetitive conduct occurs within the terms of item 1. of this communication.

All compliance plans shall provide for the enabling of channels so that participants and merchants can make complaints or claims, which shall be handled in accordance with the following:

4.1.1. All submissions received for complaints or claims – including, in particular, those alleged breaches due to defective performance or failure to perform the contracted service – shall be recorded in a single and centralized database, even if they can be answered immediately.

4.1.2. The following data shall be recorded, at a minimum: claim number; date and channel; CUIT/CUIL of the submitter; cause; other parties involved – such as acquirers and account providers – and the status of the procedure, which shall be kept updated (pending response, with provisional or final response to the submitter, together with the response provided, etc.).

4.1.3. The numbers assigned to submissions shall be sequential, and the database may only be modified for the incorporation of new claims or for the addition of new information on the updated status of the procedures.

4.1.4. When the claim is initiated by calling a telephone line or switchboard or by entering data on an Internet page or mobile application enabled for that purpose, the claim number shall be provided to the submitter at that moment, respecting the aforementioned sequential numbering.

4.1.5. When the submitter does not automatically receive the number of their claim, a procedure shall be established providing for the notification of the number or code assigned to them within three (3) business days of the submission being initiated before the administrator of the scheme. The information incorporated into this database shall be retained for a period of ten (10) years.

On a semi-annual basis, a report shall be submitted to the board of directors or equivalent authority for consideration regarding: (i) the claims received and (ii) the interventions required by complaints processed before the judicial and/or administrative instances that are competent. The report shall set out, as applicable, a breakdown by the following criteria: causes that originate them, quantities, amounts involved and average resolution times. In addition, they shall contain comparative statistics with respect to previous periods and – where applicable – corrective proposals.

4.2. Sworn statement signed by the legal representative that all the information submitted within the framework of the requirements of item 4.1. is true and that the adminis-

CENTRAL BANK OF THE ARGENTINE REPUBLIC

trador voluntarily has accepted that it is subject to the regulatory and sanctioning regime of the BCRA.

5. Establish that administrators shall forward to the Financial and Exchange Entities Supervisory Authority (SEFyC) the reports referred to in item 4. of this communication and, on an annual basis, a special independent professional compliance report based on the model that will be made known in due course regarding compliance with items 1.2.4. and 1.5.5.2. of the rules on “National Payment System – Transfers – complementary rules” (text according to this communication), which shall contain a conclusion as to whether there is (or is not) discriminatory treatment –commercial, operational or otherwise– towards the other participants (or their clients) of the transfer scheme that perform functions also assumed (directly or indirectly) by the administrator.”

We also inform you that we will subsequently send you the sheets that, in replacement of those provided in due course, shall be incorporated into the rules on “National Payment System – Transfers – complementary rules” and “Payment service providers”.

We send you our best regards.

CENTRAL BANK OF THE ARGENTINE REPUBLIC

Luis A. D’Orio
Chief Manager of Payment Systems and Current Accounts

Julio César Pando
Deputy General Manager of Payment Methods