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Regulation on Electronic Credit Invoices

Today, the BCRA adopted the implementing regulation of the system for the open transfer of electronic credit invoices. It will enable micro-, small- and medium-sized enterprise (MSME) providers of large companies to draw on a larger number of financing sources.

This regulation aims at streamlining the transfer of electronic credit invoices—only 1% of them being currently in circulation.

This measure is the result of the joint work of the BCRA, the Federal Administration of Public Revenue (Administración Federal de Ingresos Públicos, AFIP), and the Secretariat of MSMEs from the Ministry of Productive Development—being supported by the National Securities Commission (Comisión Nacional de Valores, CNV).

In the first stage—to be effective since April 1—, electronic credit invoices may be discounted or transferred to other authorized users, such as financial institutions or non-financial credit providers. Also, e-invoices may be traded at the stock market.

MSMEs may carry out any of these actions through online banking. Transfers will be free of charge; hence, financial institutions will not be allowed to impose any charges. In subsequent stages, MSMEs will be able to conduct other transactions, such as e-invoice assignment, and guarantee.

The system will enable MSMEs to draw on increased financing sources in advance. With features and dynamism comparable to those of ECHEQs, the system ensures MSMEs the collection of their e-invoices through interbank clearing, and any default will be recorded in the BCRA Debtors' Database.

Moreover, the regulation provides that MSMEs may ask financial institutions to issue a certificate for them to bring legal actions in case of overdue e-invoices.

February 4, 2021.

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