LAW OF DEFENSE OF THE ASSETS OF THE SUSTAINABILITY GUARANTEE FUND OF THE ARGENTINE PENSION SYSTEM

Act 27574

Provisions.


Article 1-The National Administration of Social Security (ANSES), through the Sustainability Guarantee Fund of the Argentine Contingency Integrated System (FGS), will have to prioritize those investments that have direct impact on the real economy promoting the sustainability of the pension system and the Argentine economy in general.


Article 2-Substitute Article 28 of Law 27.260 and its amendments by the following text:

Article 28: For the purpose of obtaining the necessary resources for the Program, it is established that the payment of the sums provided for in Article 6 ° to beneficiaries of the Argentine Contingency System (SIPA) that have legally approved agreements with the National Administration of Social Security (ANSES) under the program established in this law, it must be covered in its entirety, without being able to set limits to the payments, with the resources listed by article 18 of Law 24.241 and its amending, and the specific items allocated for such purpose, established by law budget.

Article 3-Exempt for the term of four (4) years, counted from the date of validity of this law, the period provided for by Article 29 of Law 27.260 and its modifications to remedy all the differences in the ceilings of the investments provided for in Article 74 of Law 24.241 and its amendments.


Article 4-The Sustainability Guarantee Fund of the Argentine Contingency Integrated System (FGS) will assist financially in the payment of the benefits of the Argentine Contingency System (SIPA) in order to compensate for the eventual impact in the pre-viewing resources caused by the COVID-19 pandemic during the financial year 2020.

The Ministry of Economy and the National Social Security Administration (ANSES) will have to calculate this impact and determine the total amount of financial assistance.

For the purposes of determining this impact, the effects of the COVID-19 pandemic on the collection of the tax resources that are part of the revenue of the National Social Security Administration (ANSES) will be considered.

Article 5-Payment of the financial assistance provided for in Article 4 ° shall be integrated in kind with national public securities that are part of the asset of the Sustainability Guarantee Fund of the Argentine Contingency Integrated System (FGS), They must be imputed to technical value.


Article 6-Substitute Article 8 of Law 26,425 and its amendment, which shall be worded as follows:

Article 8: The resources may be used only for payments of the benefits of the Argentine Pension System (SIPA) and for the operations permitted by the second paragraph of Article 77 of Law 24.241 and its amendments.

In the terms of article 15 of Law 26.222 the asset of the fund will be invested according to adequate safety and profitability criteria, contributing to the sustainable development of the real economy in order to guarantee the virtuous circle between economic growth and the increase in social security resources.

The permitted investments shall be those provided for in Article 74 of Law 24.241 and its amendments, subject to the prohibitions of Article 75 of that Law and the limitations of Article 76 thereof. The investment of the funds abroad is prohibited.

Article 7-Substitute Article 77 of Law 24.241 and its amendments by the following text:

Article 77: The asset of the fund, as soon as it is not to be applied in the manner provided for in Article 8 (2) of Law 26,425 and its amendment, shall be deposited with financial institutions in accounts intended exclusively for the fund, in which it shall to deposit the entire product of the investments.

Such accounts may be carried out only in the case of withdrawals for the purpose of making investments for the fund, the satisfaction of securities and securities loans with the ceilings of Article 76 (c), and the payment of the benefits to which refers to Article 8 of Law 26,425 and its amendment.

The accounts shall be held in banking financial institutions authorised by law 21,526 and its amendments.


Article 8-Instrument to the national executive branch so that, through the National Administration of Social Security (ANSES) and within a period of ninety (90) days, renegotiated the contracts of loans granted in accordance with the ratified agreements by Articles 24 and 25 of Law 27.260, by subscribing to refinancing agreements in the following terms and conditions:

I. Agreement amount: the sum of principal redemptions and accrued interest proportional to the refinancing date of each amortization corresponding to the years 2020 and 2021. Each amortization will be refinanced under the agreement as of its due date.

II. Deadline: it will be eight (8) months to count from the date of subscription of the agreement. The national executive branch may extend this period.

III. Depreciation: the capital refinanced by means of the agreements shall be completely cancelled at maturity.

IV. Interest: The applicable rate will be the interest rate for fixed term deposits of more than 1 million pesos ($1,000,000) from thirty (30) days to thirty-five (35) days-Badlar Private Banks-or the one that in the future will replace it. Interest shall be payable in full at maturity.

In order to ensure compliance with the obligations, the jurisdiction shall yield the sums corresponding to it under the Federal Tax Co-participation Scheme, in accordance with the provisions of Articles 1, 2 and 3 of the Agreement. Nation-Provinces on Financial Relations and Bases of a Federal Tax Coparticipation Regime, ratified by law 25,570.

The refinancing agreements shall include an option to convert the capital owed to a bond with a maturity in the medium term, subject to terms and conditions to be defined by the national executive branch.

The conversion option may be exercised by the provinces before the date of expiry of the refinancing agreement and shall be extended to the balance of the capital owed under the loan contracts granted in accordance with the agreements ratified by the Articles 24 and 25 of Law 27.260.

Article 9-The ANSES-FGS shall be empowered to subscribe to any supporting documents and/or instruments, such as minutes, minutes, contracts and agreements which are necessary for the implementation of Article 8.

Article 10.-The refinancing agreements signed with each province and with the Autonomous City of Buenos Aires will enter into force once the procedure established in their Constitution for ratification by their respective countries has been completed. Legislatures.


Article 11.-It is available that the ANSES-FGS does not make a capitalization of interest in the current credits whose collections have been suspended as of January 1, 2020.

The resumption of the collection of the quotas will be made from the next quota to be paid to the credit taker when the payment was suspended, respecting the original financial conditions in which the credit was granted, with the agreed amendments which would have favoured the debtor.


Article 12.-The public trust fund called the Strategic Investment Program will be established to invest in strategic sectors for the national state, promoting employment as a policy of economic development in the country. after the sustainability of the real economy.

Article 13.-For the purposes of this law, the following terms shall have the following meaning:

a) Fiduciary: it is the national state as soon as it transfers the trust property of the fideicomítítias to the fiduciary with the exclusive and irrevocable destination to the fulfillment of the present law and the respective trust contract;

b) Trust: is the Bank of Investment and Foreign Trade (BICE) as the administrator of the assets that are transferred in trust with the exclusive and irrevocable destination that is established in this norm, whose function will be to manage the resources the trust in accordance with the guidelines set out in the trust agreement and the instructions provided by the trust's executive committee and/or appointed by the trust's executive committee;

(c) Executive Committee of the Trust: is responsible for setting the conditions, providing instructions and/or prior authorization of the activities carried out by the Trustee and carrying out its monitoring;

(d) Beneficial: is the trustee, in the terms established in the respective contract or others determined by the national executive branch;

e) Trustee: It is ANSES-FGS as the final owner of the fideicomítito assets at the expiration of the trust.

Article 14.-The public trust fund shall have a duration of twenty (20) years, counted from the date of its constitution by the conclusion of the corresponding trust contract and due to the maturity of the property of the fideicomítítas shall be held by the ANSES-FGS as a trustee.

Article 15.-The Executive Committee shall be composed of the Minister of Economy, who shall preside over him; the Minister of Productive Development; the Executive Director of the National Administration of Social Security; two (2) deputies or deputies in representation of the two (2) blocs with the most members of the Honorable Chamber of Deputies of the Nation and two (2) senators or senators representing the two (2) blocs with the most members of the Honorable Senate of the Nation.

Article 16.-The assets of the public trust fund shall be constituted by the fideicomítítís, which in no case constitute nor shall be considered as budgetary resources, tax or any other nature that puts at risk the fulfilment of the end to which they are affected, or the way or opportunity in which it is carried out.

These goods are as follows:

(a) the income earned by issuing debt securities issued by the trustee with the endorsement of the national treasury and in the terms established in the respective contract and/or prospectus;

(b) the production of their operations, the income, fruits and investments of the fideicomised goods;

(c) income from other borrowings which it contracts, which may be guaranteed by assets of the public trust fund;

(d) Other resources from the National Treasury that are specifically intended for the public trust fund;

e) Other contributions, contributions, subsidies, legacies or donations specifically intended for the public trust fund.

Article 17.-Fideicomítítas shall be used to finance the investments considered strategic by the executive committee.

Article 18.-The public trust fund and the trust, in its operations relating to the fund, of all existing national taxes, fees and contributions and to be created in the future.

The provinces and the Autonomous City of Buenos Aires are invited to adhere to the exemption of all taxes applicable in their jurisdiction in equal terms to those set out in the previous paragraph.

Article 19.-The Ministry of Economy, the Ministry of Productive Development and the executive management of the National Administration of Social Security shall be empowered to jointly approve the escrow contract within twenty (20) days. of the sanction of this law.

Article 20.-The executive committee shall dictate its own rules of procedure, within thirty (30) days of the entry into force of this law.

Article 21.-It is available that the ANSES-FGS will invest up to the sum of 100 billion pesos ($100,000,000,000) in the public trust fund.

This investment may be subscribed in cash or in kind, as determined by the executive committee.

The fiduciary debt securities that are integrated with the resources of the Sustainability Guarantee Fund of the Argentine Contingency System will not be able to yield less than the result of applying an annual nominal rate of one percent (1%). TNA) on capital adjusted by the reference stabilization coefficient (CER) that the Central Bank of the Argentine Republic (BCRA) makes.

The interest shall be payable annually and the repayment of capital shall be at maturity.

The investments made by the ANSES-FGS in the public trust fund shall be computed as part of Article 74 (1) of Law 24.241 and its amendments.


Article 22.-The National Administration of Social Security shall understand in the determination and execution of policies and actions that make the exercise of the social rights of shareholding, debt holders of companies, trusts and/or common funds for investment, where you have equity holdings in the Sustainability Guarantee Fund of the Argentine Contingency Integrated System (FGS).

It shall also dictate the rules which are necessary for the purpose of regulating the designation, function, responsibility, performance and remuneration of the representatives who are appointed or appointed by virtue of the stock holdings.

Article 23.-The designation and action of the corporate director or the corporate director, by the actions or societarian interests of the ANSES-FGS will not be achieved by article 264, paragraph 4, of the General Law of Societies, 19,550, t. or. 1984 and its amendments.

In case of a topic in the social directory linked to the functional competence of the director or the director as a public official or public official, it should make it known to the directory and the syndicates or the syndicates and to abstain from to intervene in the vote.

The directors or directors are excepted and excepted from the incompatibilities provided by the national executive branch in the Regime on the Accumulation of Charges, Functions and/or Liabilities to the National Public Administration, approved by Decree 8.566 of 22 September 1961, its amendments and supplementary and/or that in the future replace it.

Directors or directors who are exercising another public function within the province or the Autonomous City of Buenos Aires shall comply with the provisions of the respective laws and possible additional requirements and/or complementary to the effects of their compatibility.

Article 24.-Create the Fund of Specific Affectation for the Recovery, Production and Development of Argentina, under the administration of the National Administration of Social Security, which will be integrated with the transfer of the fees to be collected by designated public officials or public officials designated as directors or directors in companies, trusts or joint investment funds where the sustainability guarantee fund has shareholding, as well as any other transfer available to that administration. The National Administration of Social Security (ANSES) shall prescribe the regulatory standards which are necessary for the operation of that fund.

Article 25.-Articles 35, 36, 37 and 38 of Decree 894 of 27 July 2016 and its amendment, as well as any other rule which is contrary to or incompatible with the provisions of the present, shall be deleted.

Article 26. The provisions of this law shall enter into force on the day following that of their publication in the Official Gazette of the Argentine Republic.

Article 27.-Commune to the national executive branch.

GIVEN IN THE SESSION HALL OF THE ARGENTINE CONGRESS, IN BUENOS AIRES, AT THE THIRTY DAYS OF THE MONTH OF OCTOBER OF THE YEAR TWO THOUSAND TWENTY.

REGISTERED UNDER NO 27574

CLAUDIA LEDESMA ABDALLAH DE ZAMORA-SERGIO MASSA-Marcelo Jorge Fuentes-Eduardo Cergnul