The Financial Information Unit adapted the regulations aimed at agencies of supervision and control, such as the Argentine Superintendence of Insurance

On May 30, 2012, Resolution No. 92/2012 (the “Resolution No. 92”) of the Financial Information Unit, which partially amends its Resolutions No. 12/2011 (the “Resolution No. 12”), No. 19/2011 (the “Resolution No. 19”) and No. 22/2011 (the “Resolution No. 22”), was published on the Official Gazette.

Resolution No. 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 No. 19, applicable to the Argentine Superintendence of Insurance, the unclear wording originally provided that “clients” were “those individuals or legal entities regulated under Law No. 20,091 as amended, subject to the authorization and supervision of the Argentine Superintendence of Insurance, exclusively on matters of its scope, as well as every individual or legal entity who establish an occasional or permanent contractual, economic or commercial relationship with the insurance companies, producers, insurance advisors, agents, brokers, appraisers and insurance adjusters that are under supervision of the Argentine Superintendence of Insurance”.

Resolution No. 92 modifies and reformulates that unclear definition, providing that clients are those “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”.

On the other hand, Resolution No. 92 revokes the provisions of Resolution No. 12, Resolution No. 19 and Resolution No. 22 regarding the obligation of cooperation and supervision of the Central Bank of Argentina, the Argentine Superintendence of Insuranceand the Securities and Exchange Commission, respectively, due to the fact that those obligations are governed by the provisions of the annex approved by Resolution No. 165/2011 of the Financial Information Unit.

It is important to highlight that Resolution No. 92 came into force on the date of its publication in the Official Gazette, this is, on May 30, 2012.