Special Deposit and Cancellation Accounts for Argentine Construction (CECON.Ar). Law 27613. Regulation

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

COMMUNICATION “A” 7269
22/04/2021

TO THE FINANCIAL INSTITUTIONS:

Ref.: Circular
OPASI 2-638:

Special Deposit and Cancellation Accounts for Argentine Construction (CECON.Ar). Law 27613. Regulation.

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

“1. Establish that first-tier commercial banks that enable their clients to operate with their own or third-party ATMs must open the “Special Deposit and Cancellation Accounts for Argentine Construction (CECON.Ar). Law 27613” –as the case may be– in the name and to the exclusive order of any of the subjects detailed in article 6 of that law –natural persons, undivided estates or the subjects established in article 53 of the Income Tax Law (ordered text 2019), residents in the Argentine Republic–, in accordance with the provisions of the aforementioned Law 27613, Decree No. 244/21 and what AFIP provides.

The amount from the voluntary declaration of the holding of foreign currency and/or national currency in the country and abroad –made in accordance with the legal framework cited above– must be credited in these accounts –as applicable–, which must be opened for that sole purpose at the request of the declaring subjects.

The client must request the opening of the aforementioned special account in pesos when declaring holdings of national currency, while in the case of declaring holdings of foreign currency, they must request the opening of the special account in the foreign currency in question and, in the latter case, if they intend to sell the declared holdings in the free exchange market or acquire national public securities –in accordance with the provisions of article 7 of Decree No. 244/21–, they may also request the opening of a special account in pesos.

2. Provide that the credits in the accounts referred to in point 1. of this communication will be made in the period established in article 6 of Law 27613 and in the manner and terms that AFIP establishes.

In all cases, more than one credit will be allowed.

The crediting, in the special account in national currency, of the peso proceeds of the funds declared and credited in foreign currency that come from operations in the free exchange market or with securities in accordance with the provisions of article 7 of Law 27613 and its regulatory Decree No. 244/21 and amendments will also be admitted.

The entities must keep in the file of this account a copy of the documentation of the transfers made.

3. Establish that financial institutions must inform AFIP –in accordance with the procedure and guidelines determined by the aforementioned body– of the debits and credits made in these accounts, without interrupting the computation of the terms that AFIP establishes when the deposited funds are used for the purchase of national public securities or are sold in the free exchange market, in the terms of article 7 of Law 27613 and its regulatory Decree No. 244/21 and amendments.

4. Provide that, insofar as it is not provided for and to the extent that they do not oppose the provisions set forth in points 1. to 3. of this communication, the provisions established for savings bank deposits and special current account for legal persons, as applicable, will be applicable.”

Likewise, we send you in annex the sheets that, in replacement of those opportunely provided, should be incorporated in the rules on “Savings deposits, salary account and special accounts”. It is recalled that on the page of this Institution www.bcra.gob.ar, accessing “Financial System - LEGAL AND REGULATORY FRAMEWORK - Compilations and summaries - Ordered texts of general regulations”, you will find the modifications made with texts highlighted in special characters (strikethrough and bold).

We greet you attentively.

CENTRAL BANK OF THE ARGENTINE REPUBLIC

Darío C. Stefanelli
Principal Manager of Issuance and
Regulatory Applications

María D. Bossio
General Deputy Manager of Financial Regulation

ANNEX

B.C.R.A. ORDERED TEXT OF THE RULES ON
“SAVINGS DEPOSITS, SALARY ACCOUNT AND SPECIAL ACCOUNTS”

- Index -

3.7. Savings bank destined for authorized minors.

3.8. Special investment (Resolution No. 4/17 of the Financial Information Unit).

3.9. Demand accounts for purchases in stores.

3.10. Savings bank destined for adolescent minors.

3.11. Universal free account.

Section 4. General provisions.

4.1. Identification.

4.2. Tax situation.

4.3. Recommendations for the use of ATMs.

4.4. Interest rates.

4.5. Return of deposits.

4.6. Immobilized balances.

4.7. Discriminatory acts.

4.8. Closure of non-operational accounts.

4.9. Procedures manual.

4.10. Transfer service. Charges and/or commissions.

4.11. Over-the-counter operations.

4.12. Denomination of demand deposit accounts.

4.13. Special procedures for customer identification in matters of international tax cooperation.

4.14. Operations in ATMs in the country not operated by financial institutions.

4.15. Deposit accounts for guarantees of futures and options operations.

4.16. Opening of accounts remotely.

4.17. Closing of accounts remotely or at any branch.

4.18. Special procedures for identification of contributions to electoral campaigns. Law 27504 –amending Law 26215–.

4.19. Savings bank repatriation of funds - Personal Assets Law 27541.

4.20. Special account repatriation of funds - AFIP General Resolution No. 4816/2020 and amendments.

4.21. Special account repatriation of funds - Solidarity and extraordinary contribution. Law 27605.

4.22. Special Deposit and Cancellation Accounts for Argentine Construction (CECON.Ar). Law 27613.

Section 5. Transitional provisions.

Correlation table.

B.C.R.A. SAVINGS DEPOSITS, PAYROLL ACCOUNT AND SPECIAL ACCOUNTS
Section 4. General provisions.

4.21.4. To the extent not provided for and insofar as they do not conflict with these rules, the provisions established for savings bank deposits shall apply.

4.22. Special Deposit and Cancellation Accounts for Argentine Construction (CECON.Ar). Law 27613.

4.22.1. Opening and holders.

These accounts shall be opened in the name and to the order exclusively of one of the subjects detailed in Article 6 of Law 27613 – natural persons, undivided estates or the subjects established in Article 53 of the Income Tax Law (consolidated text 2019), residents in the Argentine Republic – in accordance with the provisions of the aforementioned Law 27613, Decree No. 244/21 and what the AFIP provides.

The amount arising from the voluntary declaration of the holding of foreign currency and/or national currency in the country and abroad – made in accordance with the legal framework cited above – must be credited to these accounts as applicable, which – at the request of the declaring subjects – must be opened for that sole purpose by first-tier commercial banks that enable their clients to operate with ATMs – their own or third-party –.

The client must request the opening of the aforementioned special account in pesos when declaring a holding of national currency, while in the case of declaring a holding of foreign currency they must request the opening of the special account in the foreign currency in question and, in the latter case, if they intend to sell the declared holding in the free exchange market or acquire national public securities – in accordance with the provisions of Article 7 of Decree No. 244/21 –, they may also request the opening of a special account in pesos.

4.22.2. Credits.

Credits shall be made in the period established in Article 6 of Law 27613 and in the manner and terms established by the AFIP, in the currency in which the declaration of the funds is made effective.

In all cases, more than one credit shall be allowed.

The crediting, in the special account in national currency, of the peso proceeds of funds declared and credited in foreign currency arising from operations in the free exchange market or with securities shall also be admitted, in accordance with the provisions of Article 7 of Law 27613 and its regulatory Decree No. 244/21 and amendments.

The entities must keep in the file of this account a copy of the documentation of the transfers made.

B.C.R.A. SAVINGS DEPOSITS, PAYROLL ACCOUNT AND SPECIAL ACCOUNTS
Section 4. General provisions.

4.22.3. Movements of funds.

Financial entities must inform the AFIP – in accordance with the procedure and guidelines determined by the aforementioned body – of the debits and credits made in these accounts, without interrupting the computation of the terms established by the AFIP when the deposited funds are temporarily applied to the purchase of national public securities or are sold in the free exchange market under the terms of Article 7 of Law 27613 and its regulatory Decree No. 244/21 and amendments.

4.22.4. To the extent not provided for and insofar as they do not conflict with these rules, the provisions established for savings bank deposits and special current account for legal persons, as applicable, shall apply.

SAVINGS DEPOSITS, PAYROLL ACCOUNT AND SPECIAL ACCOUNTS

	CONSOLIDATED TEXT					SOURCE RULE			OBSERVATIONS
Sec.	Point	Para.	Comm.	Annex	Chap.	Sec.	Point	Para.
4.	4.4.2.		“A” 1199		I	5.3.2.
	4.4.3.		“A” 1199		I	5.3.3.
	4.4.4.		“A” 3042
	4.4.5.		“A” 1199		I	5.3.4.
	4.4.6.		“A” 1199		I	5.3.4.1. and 5.3.4.3.
	4.4.7.		“A” 627			1.			S/Comm. “A” 6419.
	4.5.		“A” 1199		I	5.1.
	4.5.1.		"A" 1199		I	5.1.1.
	4.5.3.		"A" 1199		I	5.1.3.			S/Com. "A" 5990.
	4.6.1.		"A" 1199		I	5.2.1.			S/Com. "A" 3042.
	4.6.2.		"A" 1199		I	5.2.2.			S/Com. "A" 3042, 4809, 5482, 6042 and 6448.
	4.7.		"B" 6572						S/Com. "A" 5388.
	4.8.		"A" 4809			6.			S/Com. "A" 5986 and 6249.
	4.9.		"A" 4809			7.			S/Com. "A" 5164, 5520, 5612 and 6639.
	4.10.	1°	"A" 5212
	4.10.1.		"A" 5127			3.			S/Com. "B" 9961, "A" 5164, 5212, 5473, 5718, 5778, 5927 and 7192.
	4.10.2.		"A" 5212						S/Com. "A" 5718 and 7192.
	4.11.		"A" 5482						S/Com. "A" 5928 and 6681.
	4.12.		"A" 5482
	4.13.		"A" 5588
	4.13.1.		"A" 5588
	4.13.2.		"A" 5588
	4.14.		"A" 5928			10.			S/Com. "A" 6236, 6483, 6639, 6709 and 6762.
	4.15.		"B" 11269
	4.16.		"A" 6059						S/Com. "A" 6273.
	4.17.		"A" 6448			2.
	4.18.		"A" 6714
	4.19.		"A" 6893						S/Com. "B" 11952 and "A" 6941.
	4.20.		"A" 7115						S/Com. "A" 7117.
	4.21.		"A" 7225
	4.22.		"A" 7269
5.	5.1.		"A" 1199		I	4.2.6.			S/Com. "B" 9516 and 10025, "A" 5410 and 5565.
	5.2.		"B" 10567
	5.3.		"A" 6341
	5.4.		"A" 6945						S/Com. "A" 6957, 7009, 7044, 7107, 7181 and "C" 87078.
	5.5.		"A" 6976
	5.6.		"A" 7105			2.			S/Com. "A" 7112 and 7125.
	5.7.		"A" 7181			2.