BCRA Creates Information Regime for Crowdlending Electronic Platforms

Through Communiques “A” 7639 and “A“ 7640, on November 22, 2022 the Argentine Central Bank (BCRA) created a new Information Regime related to electronic platforms providing credit service among individuals (PSCPP).
 

In January 2022, following Communique "A" 7406, the regulatory framework applicable to crowdlending fintech companies entered into force in its peer-to-peer lending mode. Consequently, besides providing monthly information about the credits they administer --published in the BCRA´s Central Registry of Debtors of the Financial System- PSCPPs must now also submit a copy of their financial statements and other additional information on the basis of the information regimen to be established.
 

This means that through the Communique “A” 7639, the BCRA created the Information Regime and set forth the requirements PSCPPs will have to comply with. Hence, credit electronic platforms offering financial mediation services must file:
 

• Their annual financial statements (regardless of the date in which their fiscal year ends),
• An external auditor’s report, and
• The certification issued by the corresponding professional association.

The BCRA established February 20 (or the following business day) as the deadline for submitting the required information, following the end of each calendar year to which the information corresponds.
 

It also established that PSCPPs already registered in the PSCPP Registry must submit additional information regarding their last audited annual balance sheet stating as date of information December 31, 2021.
 

Finally, through Communique “A” 7640, the BCRA amended the “Submission of Information to the BCRA" regime, adding a new section establishing how PSCPPs must submit the required information.