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BANCO CENTRAL of the Republic ARGENTINA Bank CENTRAL of the Republic ARGENTINA Law 26.739 modify is the letter organic. Adopted: 22 March 2012 promulgated: March 27, 2012 the Senate and Chamber of deputies of the Argentina nation gathered in Congress, etc. sanction with force of law: title I modifications to it letter organic of the Bank Central of the Republic Argentina article 1 °-replace is the article 1 ° of it letter organic of the Bank Central of the Republic Argentina, approved by the article 1 ° of the law 24.144 and their modifications, by the following: article 1 °: the Bank Central of the Republic Argentina is an entity autarkic of the State national governed by them provisions of it present letter organic and them others standards legal matching. The national State guarantees the obligations assumed by the Bank. Except for express provisions to the contrary by law, they shall not apply to the Bank rules, whatever their nature, that with general scope have been handed down or handed down to bodies of the national public administration, which resulted in any limitations to the ability or powers that recognized this Charter.
Article 2º - replace article 3 of the Charter organic of the Banco Central of the Republic Argentina, approved by the article 1 of the 24.144 law and its amendments, by the following: article 3: the Bank aims to promote, to the extent of its powers and in the framework of the policies established by the national Government, monetary stability financial stability, employment and economic development with social equity.
Article 3º - replace article 4 of the Charter organic of the Banco Central of the Republic Argentina, approved by the article 1 of the 24.144 law and its amendments, by the following: article 4: are functions and powers of the Bank: to) regulate the operation of the financial system and apply the financial entities Act and the rules which, in its consequence , is handed down; (b) regulate the amount of money and the interest rates and regulate and guide the credit; (c) Act as financial of the national State and depositary agent and agent of the country to the https://www.boletinoficial.gob.ar/pdf/linkQR/RVBVNmpkMzVxT2hycmZ0RFhoUThyQT09 international monetary, banking and financial institutions to which the nation is a party, as well as play an active role in the integration and international cooperation; (d) to focus and manage their reserves of gold, foreign exchange and other external assets; (e) contribute to the smooth functioning of the capital market; f) run the exchange-rate policy in a whole in accordance with laws that punish the Honorable Congress of the nation; (g) Regular, in the extent of their faculties, payment systems, clearing and settlement Chambers, the remittance of funds and conveyor flow companies, as well as all other activities related to currency and financial activity; (h) provide the protection of the rights of the users of financial services and the defense of competition, coordinating its action with the competent public authorities on these issues. In the exercise of their functions and powers, the Bank shall not be subject to orders, directions or instructions of the national executive power, or may assume obligations of any nature involving condition them, restrict them or delegate them without the express permission of the Honourable National Congress.
(Article 4º - amending subparagraph (b)) of article 8 of the Charter organic of the Banco Central of the Republic Argentina, approved by article 1 of the law 24.144 and any modifications, by the following text: b) shareholders, or which part of the address, administration, receivership or provide services in the financial system at the time of their appointment.
Article 5º - article 10 of the Charter organic of the Banco Central of the Republic Argentina, approved by article 1 of the law 24.144 and its modifications, be replaced by the following: article 10: the President is the first executive authority of the Bank and, in that capacity: to) exercise the administration of the Bank; b) acting on behalf of the directory and convenes and presides over its meetings; (c) sailing by the faithful compliance of this Charter and other laws and the resolutions of the Board; (d) carries out the legal representation of the Bank in its relations with third parties; (e) he directed the performance of the Superintendence of financial and exchange entities; (f) proposed to the Executive Branch the appointment of Superintendent and Vice-Superintendent of financial and exchange entities, that should be members of the Board; g) appoints, promotes, and separates to the staff of the Bank in accordance with the regulations issued by the Board, giving subsequent account of the resolutions adopted; (h) has the conduct of summary to the personal, anyone is your hierarchy, by intermediate of the dependence competent; i) must present an annual report on the Bank's operations to the Honourable National Congress. To its time must appear before them commissions of budget and Hacienda of both cameras, of economy of the Senate of the nation and of Finance of the camera of members, in sessions public and joint of them same, by each an of them cameras, unless one time during the period ordinary or when these commissions it convene, to them effects of inform about them reaches of them political monetary Exchange rate and financial execution; (j) operates in the monetary and foreign exchange markets.
https://www.boletinoficial.gob.ar/pdf/linkQR/RVBVNmpkMzVxT2hycmZ0RFhoUThyQT09 article 6 °-replace is the article 11 of the letter organic of the Bank Central of the Republic Argentina, approved by the article 1 ° of the law 24.144 and their modifications, by the following: article 11: when reasons of urgency founded so it require, the President may, also, resolve Affairs reserved to the directory, in consultation with the Vice President , or whoever does their times, and a director, or in case of absence, impediment or vacancy of the Vice President, with two (2) directors, and must report to that body at the first opportunity that meets, resolutions adopted in this form. Of the same Faculty enjoy who replaces him.
Article 7th - article 14 of the Charter organic of the Banco Central of the Republic Argentina, approved by article 1 of the law 24.144 and its modifications, be replaced by the following: article 14: corresponds to the directory: to) intervene in decisions affecting the market monetary and exchange rate; (b) prescribe reserve requirements, subject to the conditions laid down in article 28; (c) set the interest rates and other general conditions of the Bank's credit operations; d) technical relationships of liquidity and solvency for financial institutions; (e) establish a reporting and accounting regime for entities subject to the supervision of the Bank; f) determine the amounts corresponding to allocate capital and reserves in accordance with the provisions of article 38; (g) to set general policies that make economic regulation and to the expansion of the financial system; (h) to revoke the authorization to operate the financial and Exchange, institutions or at the request of the Superintendent; (i) exercise the powers powers assigned to the Bank this law and its consistent standards; j) regulate the creation and operation of clearing houses of checks and other values that organize financial institutions; k) establish the names and characteristics of banknotes and coins; (l) have the demonetization of them banknotes and coins in circulation and fix them deadlines in that is will produce its Exchange; (m) establish standards for the Organization and management of the Bank, take cognizance of the operations decided in accordance with these rules and intervene, according to regulations issued by, in the resolution of the cases not provided; (n) resolve all the issues that, while not explicitly reserved for other organs, the President of the Bank referred to their consideration; n) authorize the opening of new financial or exchange entities and subsidiaries or branches of foreign financial institutions; (o) authorizing the opening of branches and other units of financial institutions, and fusion of these projects tend to extend the geographical coverage of the system, addressing areas with lower population density and lower economic potential and promoting the universal user access to financial services; p) approve transfers of shares which, according to the financial entities Act, require authorization of the Bank; (q) to determine the level of gold reserves, foreign exchange and other external assets necessary for the implementation of exchange rate policy, taking into consideration the evolution of the external accounts; (r) regulate the conditions of credit in terms of risk, deadlines, rates of interest, fees and charges of any kind, as well as orient their destiny through reserve requirements, https://www.boletinoficial.gob.ar/pdf/linkQR/RVBVNmpkMzVxT2hycmZ0RFhoUThyQT09
lace differential or other means appropriate; ((s) to enact rules applicable to the activities referred to in subsection g) of article 4; (t) issue rules that preserve the competition in the system financial; (u) to enact rules to obtain, by financial institutions, foreign currency and resources through the issuance of bonds, debentures and other securities, both in the local market and the external; (v) declare the extension of the application of the financial entities Act to persons not covered by it when so they warrant the volume of their operations or reasons for monetary, exchange rate and credit policy; (w) establish different policies aimed at small and medium-sized enterprises and regional economies.
Article 8º - amending paragraph e) of article 15 of the Charter organic of the Banco Central of the Republic Argentina, approved by article 1 of the law 24.144 and any modifications, by the following text: e) draw up and submit for approval, before 30 September each year, the annual expenditure budget, resource calculation and the salaries of the staff of the Bank.
Article 9º - modified the subparagraph (f)) of article 17 of the Charter organic of the Banco Central of the Republic Argentina, approved by the article 1 of the 24.144 law and its amendments, by the following text: f) grant advances to financial institutions with surety, guarantee, pledge, or special involvement of: I) loans or other financial assets, the debtor or guarantor is the national State (, or II) debt securities or certificates of participation issued by financial trusts whose assets are composed of loans or other financial assets, the debtor or guarantor is the national State, to promote the supply of credit in the medium and long run destined to productive investment. (In the case of them advances for investment productive, the directory may accept that, of the total of them guarantees required, until a twenty-five percent (25%) is integrate through them active mentioned in the first paragraph of the subsection c) of this article, taking in consideration for this the term of the operation. In the cases provided for in this subsection not apply the restrictions set forth in subparagraphs b) and c) precedents.
ARTICLE 10. (- Amending subsection to) of article 18 of the Charter organic of the Banco Central of the Republic Argentina, approved by article 1 of the law 24.144 and any modifications, by the following text, and repeal of subsection g) of this article: to) buy and sell at market prices, in cash and term operations, securities, foreign exchange and other financial assets for purposes of monetary regulation Exchange rate, financial and credit.
ARTICLE 11. -Replaced section 20 of the Charter organic of the Banco Central of the Republic Argentina, approved by article 1 of the law 24.144 and any modifications, by the following: article 20: Bank may make temporary advances the national Government up to an amount equivalent to twelve percent (12%) of the monetary base, consisting of monetary circulation more the demand deposits of financial institutions at the Central Bank of the Republic of Argentina current accounts or special accounts. It may also grant advances up to an amount not to exceed ten percent (10%) of the resources in cash which the Government has obtained in the latest https://www.boletinoficial.gob.ar/pdf/linkQR/RVBVNmpkMzVxT2hycmZ0RFhoUThyQT09 twelve (12) months. The advances referred to in the preceding paragraph shall be defrayed within twelve (12) months of carried out. If any of these advances remain unpaid after expiry of that period, not be allowed to use this ability until the sums due have been reintegrated. With character of exceptional and if the situation or the perspectives of the economy national or international thus it justified, may grant is advances transient by a sum additional equivalent to, as maximum, the ten percent (10%) of them resources in effective that the Government national has retrieved in them last twelve (12) months. This exceptional faculty may be exercised during a maximum period of eighteen (18) months. Met this term the Central Bank of the Republic of Argentina may not be granted to the national Government advances that increase this last concept. The advances referred to in the preceding paragraph shall be defrayed within (eighteen 18) months carried out. If these advances remain unpaid after expiry of that period, not be allowed to use this ability until the amounts owed under this heading have been reintegrated.
ARTICLE 12. -Replace article 26 of the Charter organic of the Banco Central of the Republic Argentina, approved by article 1 of the law 24.144 and any modifications, by the following: article 26: the Bank shall inform the Ministry of economy and finance, of the monetary, financial, foreign exchange and credit situation.
ARTICLE 13. -Replace is the article 28 of the letter organic of the Bank Central of the Republic Argentina, approved by the article 1 ° of the law 24.144 and their modifications, by the following: article 28: the Bank Central of the Republic Argentina can demand that them entities financial maintain available certain proportions of them different deposits and others passive, expressed in currency national or foreign. The integration of reserve requirements not may be constituted, but in demand deposits at the Central Bank of the Argentina Republic, in national currency or currency account, depending on whether liabilities of financial institutions denominated in national or foreign currency, respectively. According to general circumstances, the Central Bank of the Republic of Argentina will have to make the integration of the reserve requirements partially with securities valued at market prices.
ARTICLE 14. -Replace article 34 of the Charter organic of the Banco Central of the Republic Argentina, approved by article 1 of the law 24.144 and any modifications, by the following: article 34: the financial year of the Bank will last for one (1) year and will close on December 31. Them States accounting of the Bank shall be made in accordance with standards generally accepted, taking in has your condition of authority monetary.
ARTICLE 15. -Repeal of the second paragraph of article 36 of the Charter organic of the Banco Central of the Republic Argentina, approved by the article 1 of the law 24.144 and its amendments.
ARTICLE 16. -Amend the second paragraph of article 38 of the Charter of the Central Bank https://www.boletinoficial.gob.ar/pdf/linkQR/RVBVNmpkMzVxT2hycmZ0RFhoUThyQT09 of the Argentina Republic, approved by article 1 of the law 24.144 and any modifications, by the following text: losses which experience the Bank in a given year shall be charged to the reserves that have been in previous financial years and if this is not possible without prejudice to the capital of the institution. In these cases, the Board of the Bank may affect earnings generated in subsequent periods to the recomposition of the levels of capital and prior to loss reserves.
ARTICLE 17. -Replace article 42 of the Charter organic of the Banco Central of the Republic Argentina, approved by article 1 of the law 24.144 and any modifications, by the following: article 42: the Bank must be published before the start of each fiscal year objectives and plans regarding the development of monetary, financial, credit and exchange rate policies. Produce significant changes in its objectives and plans, the Bank shall give to understand their causes and the measures taken as a result. It is up to the Bank, also compile and publish regularly statistics monetary, financial, foreign exchange and credit. The Bank may conduct research and promote financial education and activities on topics of interest related to the purpose that gives this Charter.
ARTICLE 18. -Amend the first paragraph of article 44 of the Charter organic of the Banco Central of the Republic Argentina, approved by article 1 of the law 24.144 and any modifications, by the following: article 44: the administration of the Superintendence of financial and exchange entities shall be exercised by one (1) Superintendent and a Vice-Superintendent (1), who will be assisted by the Deputy General managers of areas that integrate it.
ARTICLE 19. -Replacing article 47 of the Charter organic of the Bank Central of the Republic Argentina, approved by the article 1 of the law 24.144 and any modifications, by the following:
Article 47: The faculties of the Superintendent are: to) monitor compliance with reporting and accounting regime for financial and exchange entities; b) arrange the publication of monthly balance sheets of financial institutions, statements of debtors and other information used for the analysis of the situation of the system; (c) instruct the entities that they cease or desist from carrying out policies of loans or financial assistance which would endanger the solvency thereof; d) apply the sanctions established by law of financial entities for offences committed by persons or entities, or both at the same time, their provisions, which, notwithstanding the Faculty of certiorari from the President, only to be contested by the means referred to in its article 42; (e) to exercise such other powers as laws granted to the Bank concerning the Superintendent, with the exception of the expressly conferred by this law to the Board of the Bank; (f) apply the legal provisions which on the functioning of the so-called credit cards, cards of electronic money purchase or others similar, issued regulations that dictate the Central Bank of the Argentina Republic in exercise of their powers and the Honourable National Congress.
ARTICLE 20. -Replace is the article 48 of it letter organic of the Bank Central of it Republic https://www.boletinoficial.gob.ar/pdf/linkQR/RVBVNmpkMzVxT2hycmZ0RFhoUThyQT09 Argentina, approved by the article 1 ° of the law 24.144 and their modifications, by the following: article 48: in his character of administrator, corresponds to the Superintendent establish them standards for the Organization and management of the Superintendence. Title II modifications to the law of convertibility 23.928 article 21. -Repeal articles 4 and 5 of the law 23.928 and its amendments.
ARTICLE 22. -Replace article 6 of the law 23.928 and its amendments, by the following: article 6: the assets that comprise the reserves of the Central Bank of the Republic of Argentina are unattachable. To the level that determines its directory, shall apply only to the purpose referred to in q) of article 14 of the Charter of the institution. Surplus reserves shall be free availability; Long as it is of neutral monetary impact, free availability reserves may apply to payment obligations with international financial organizations and bilateral official debt. When the reserves are invested in deposits or other interest, or operations in national securities or foreign payable in gold, precious metals, US dollars or other currency of similar creditworthiness, its computation for the purposes of this law shall be to market values.
ARTICLE 23. -Transitional provision. The background of the debt relief Argentine, created by the article 1 ° of the Decree 298 of the 1 ° of March of 2010, will survive until comply with the object for which outside instituted.
ARTICLE 24. -Communicate to the Executive branch. GIVEN IN THE CHAMBER OF THE CONGRESO ARGENTINO, BUENOS AIRES, TWENTY-TWO DAYS OF THE MONTH OF MARCH OF THE YEAR TWO THOUSAND TWELVE. -REGISTERED UNDER NO. 26.739 - AMADO BOUDOU. -JULIAN A. DOMINGUEZ. -John H. Estrada. -Gervasio Bozzano.
Date of publication: 28/03/2012 https://www.boletinoficial.gob.ar/pdf/linkQR/RVBVNmpkMzVxT2hycmZ0RFhoUThyQT09
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