NATIONAL COMMISSION OF DECRETO VALORES No. 2.220 Delay to the said Agency, the authority to authorize the operation of a Securities Fund.

Bs. As., 24/10/80

VISTO the provisions of articles 57 and 58 of Act 20,643 and the corresponding application to the national executive branch by the National Securities Commission, and

CONSIDERING:

That the Securities Fund is the legal and practical means arbitrated by law 20,643 to give speedy security and efficiency to the negotiation of securities.

The establishment of the S.A. Securities Fund was established and, however, to date, it has not entered into operation with the precautions provided for by law 20,643.

The deadlines set by articles 57 and 58 of the prescribed legal text have expired.

It is appropriate to delegate in the National Securities Commission the power to authorize the operation within the imprrogable time frames, of a system of Securities Boxes that meets the application of the system of sub-accounts of comitents in the terms of articles 34, 38 and 42 of Law 20,643 and 13 of Decree 659 of 29 August 1974 and all other legal requirements; or in its defect, to provide a compe

If these requirements are not met within the foreseeable time limit, the operation of a Securities Fund should be promoted through these possibilities:

(a) Formation of an entity with participation, as far as possible, of the entities referred to in article 57 of Act No. 20,643,

(b) Designation of banks, financial companies and/or the National Savings and Insurance Fund, to perform the functions of the Securities Fund.

That one of the most effective ways to avoid improper handling of actions is through the control performed by the interested parties themselves, and they can only effectively carry out such control when they can periodically count on a detail of their holdings and shareholding movements that this state of possession of values must be made by the Securities Fund, through the individualizing record of rights and the system of the sub-accounts 42 according to the prescripts of the

That in order to maintain the organization planned for the operation of the Securities Fund, and to enable it to accomplish its mission, each partyer must have only an indentifying code in the Fund, regardless of the number of stockholders or extra-bursable agents, with which it operates.

That the system of codes authorized should be transient, with the National Securities Commission having to set the deadlines for the Securities Fund to arbitrate the technical means necessary for the deposits to be carried out in accordance with articles 34, 38 and 42 of Act 20,643 and article 13 of the regulatory decree, the order of the depositors and the name of the comitents.

That the particularities of this regime require that the directorate and staff of the Securities Fund keep secret of all the proceedings and documentation related to the activity that this Law grants to the Fund, assimilating its members to the category of public officials.

Therefore,

THE PRESIDENT OF THE ARGENTINA NATION,

RIGHT:

Article 1 Artículo Refer to the National Securities Commission the authority to authorize the operation of a Securities Fund, which, within the time limit of sixty (60) days, conforms to the requirements provided for by law 20,643 and decree 659 of August 29 of 1974, as well as the remaining legal and regulatory rules giving special compliance to the individualizing registration of rights and the sub-accounting system of articles 34, 38 and 42 of the above-mentioned legal text. Art. 2o o For the purposes of articles 34, 38 and 42 of Act 20,643, the Fund may temporarily use numerical codes. Each controller may have only a code number in the Fund, and the depositors must use only that number of code when they perform the operation provided for in article 32 of the Act. Art. 3o o The number of single transitional code that corresponds to each commissioner shall be granted by the president of the Securities Fund or who replaces it in his functions under the social status, which shall bear a record of the numbers given in relation to the comitents representing each of them. Art. 4o — The president of the Fund or its replacement to grant a code number must previously have the identity data of the Commissioner, established in article 13 of the decree. Art. 5o o With the exception of the time limit referred to in Article 1 without the completion of the requirements set out in Article 1, the National Securities Commission shall promote and authorize the operation of a Securities Fund system through one of the following alternatives:

1. Formation of an entity whose capital is preferably subscribed by the entities referred to in article 57 of Act No. 20,643, or others that the National Securities Commission considers fit to fulfil that function, and in the proportions established by the State agency. 2. Authorize financial entities covered by Law 21.526, and/or the National Safe and Savings Fund to perform the functions of the Securities Fund.

Art. 6o o Members of the control administration body and the staff of the Securities Fund should keep secret of all actions and documentation related to the activity of the entity.

Only reports that require:

(a) Judges in judicial cases with the remedies provided for in the respective laws.

(b) The National Securities Commission in its functions.

(c) National, provincial or municipal tax collectors based on the following conditions:

. should refer to a certain responsible.

. an tax check must be in progress with respect to that responsible.

. must have been formally and previously required.

(d) The IMPOSITIVE GENERAL DIRECTION under the HACIENDA SECRETARIAT of the MINISTERY OF ECONOMY AND ARTWS AND PUBLIC SERVICES in compliance with their legal functions. Such information may be of a particular or general nature, and may refer to one or more specific subjects or not, even if they are not controlled. The information required cannot refer to ongoing operations or pending liquidation. (Convention by art. 1 Decree No. 576/1996 B.O. 31/05/1996. Watch: from the date of publication in the Official Gazette.)

Art. 7o o In order to comply with the decree set out in article 6, the persons mentioned there are assimilated to the category of public officials, and in the event of their violation, they are subject to the corresponding penal requirements. Art. 8o o The time limit established in this decree shall be counted from the day after the date of publication in the Official Gazette. Art. 9o o Contact, post, give to the National Directorate of the Official Register and archvese.

VIDELA.

José A. Martínez de Hoz.