The Senate and Chamber of Deputies of the Argentine Nation assembled in Congress, etc. sanction with force of Law:ARTICLE 1 Amend article 34 of Act No. 24.467 as amended by Act No. 25.300, which shall read as follows:
Article 34: Operating Limit. Mutual Assurance Companies (SGR) will not be able to assign to the same partner to share guarantees of more than five percent (5%) of the total risk fund value of each SGR.
Nor can the SGR assign to obligations with the same creditor, more than twenty-five percent (25%) of the total value of the risk fund.
As a creditor, controlled, linked enterprises and individuals and/or legal entities that integrate the same economic group should be included in accordance with the criteria established by the regulation.
Guarantees for credits granted by public banks and guarantees granted to centralized or decentralized government agencies under the national, provincial, municipal and Autonomous City of Buenos Aires that do not develop commercial, industrial or financial activities are excluded from the operating limit.
The enforcement authority may exceptionally and by a decision established to authorize greater operating limits when some of the following circumstances arise:
(a) In respect of the 25 per cent (25%) applicable to creditors: when the same results state, centralized and decentralized national, provincial or municipal government agencies that develop commercial, industrial and financial activities, financial entities regulated by the Central Bank of the Argentine Republic and/or international credit agencies.
In these cases it must be credited that the financing conditions, in the cost and/or in the time frame, represent a real benefit for mipymes;
(b) For the five per cent (5%) applicable to the participant: when the mutual guarantee company has guarantees in force at least thirty per cent (30%) of its partners, a guarantee of up to fifteen per cent (15%) of the total risk fund of each mutual guarantee company may be authorized provided that the amount does not exceed the sales of the last calendar semester of the applicant.ARTICLE 2 Contact the Executive.
IN THE SESSION OF THE ARGENTINE CONGRESS, IN GOOD AIRES, TO THE FIFTH DAYS OF THE APRIL YEAR DOS MIL NEW.
JULY C. C. COBOS. EDUARDO A. FELLNER. . Enrique Hidalgo. . Juan H. Estrada.