BCRA: Updates to Certain Aspects of Disciplinary Regime

The Argentine Central Bank (the “BCRA”, after its acronym in Spanish) established that the disqualification of individuals under its disciplinary regime (established pursuant to laws No. 21,526 and No. 25,065, as amended) may be set for the exercise or holding of any and all positions, functions and/or roles mentioned in such regulations.

However, the disqualification to act as a partner or shareholder will only be applied when:

• all or one of the infractions of the summary proceedings are considered extremely grave and the indicted individual has priors for breaches qualified with the same gravity;

• the Superintendent of Financial and Foreign Exchange Institutions proposes to the BCRA’s Board that the authorization to operate of the institution of which the individual is a party be revoked; and

• when the indictment is based on unauthorized financial intermediation.

Likewise, the abrogation of the breached regulation is expressly established as an extenuating circumstance for the purpose of establishing the magnitude of the infraction.