COVID-19 REGULATION OF THE OPERATION OF FINANCIAL INSTITUTIONS DURING THE HEALTH EMERGENCY PERIOD

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REGULATION OF THE OPERATION OF FINANCIAL INSTITUTIONS DURING THE HEALTH EMERGENCY PERIOD

As of this date, and in the context of the emergency situation that the Argentine Republic is going through caused by the coronavirus pandemic (COVID-19), the Central Banck of the Republic of Argentina (BCRA) issued Communiqué "A" 6942, through which it regulated certain aspects related to the operations of financial entities.

To that effect, the Communiqué establishes that from March 20 to March 31 inclusive:

(i)             Financial and exchange entities shall not open their branches for customer service. Notwithstanding, they must continue to provide the services that they usually provide remotely and adopt the necessary measures, including human resources, to guarantee the sufficient provision of funds at ATMs. The BCRA will guarantee the provision of cash.

(ii)            Financing maturities from financial institutions shall pass to April 1, 2020.

(iii)           It shall be possible to continue operating in the exchange market remotely. The BCRA shall guarantee the operation through the SIOPEL of the wholesale exchange operations and of bids for Liquidity Bills of the dates Wednesday 25 and Thursday 26 of the current month.

(iv)           There shall be no electronic check clearing.

(v)            Electronic Clearing Houses, Electronic Payment System, ATM and electronic funds transfer networks, credit and debit card administrators, acquirers and processors of electronic payment methods, service payment providers, as well as its related providers, and all other market infrastructure necessary for the normal rendering of the services of financial entities and payment systems shall remain operational.

(vi)           Remote operation of the stock exchanges and capital markets authorized by the National Securities Commission (CNV, in its Spanish acronym), the Caja de Valores (Securities Clearing House) ) and the capital market agents registered with the CNV shall be admitted.

Should you need further information, do not hesitate to contact María Victoria Funes and/or Cristian Mario Fera