The Financial Information Unit partially amended rules which regulate the obligations imposed by Law No. 25.246 on the Central Bank of Argentina, the Superintendent of Insurance and the Securities and Exchange Commission.
On May 30, 2012, Resolution No. 92/2012 ("Resolution 92") of the Financial Information Unit ("UIF"), which partially amends Resolutions No. 12/2011 ("Resolution 12"), No. 19/2011 ("Resolution 19") and No. 22/2011 ("Resolution 22"), was published in the Official Gazette.
Resolution 92 mainly amends the definition of "client" provided in the above mentioned resolutions, replacing Subsection b of Section 2 of each of them.
In the particular case of Resolution 12, that regulates the obligations of the Central Bank of Argentina ("BCRA") as an obliged subject, Resolution 92 states that "clients of the Central Bank of Argentina are all entities governed by Law No. 21.526 and Law No. 18.924 as amended, and all individuals and legal entities under its regulation, supervision, and/or control".
In addition, Resolution 92 replaced the definition of "client" for the Superintendent of Insurance ("SSN", to which Resolution 19 is applicable) and provides that clients are "individuals and legal entities regulated by Law No. 17,418, Law No. 20,091, Law No. 22,400 and Law No. 24,557 as amended, related and complementary laws, and any under its regulation, supervision and/or control".
Lastly, Section 2, Subsection b of Resolution 22 related to the Exchange Commission ("CNV") presently states: "clients of the Exchange Commission are individuals or legal entities under its regulation, supervision and/or control".
On the other hand, Resolution 92 revokes the provisions of Resolution 12, Resolution 19 and Resolution 22 regarding the obligation of cooperation and supervision of the BCRA, the SSN and the CNV, respectively, due to the fact that those obligations are governed by the provisions of the annex approved by Resolution No. 165/11 of the UIF.
It is important to highlight that Resolution 92 came into force after its publication in the Official Gazette, i.e. on May 30, 2012.
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