The Board of the BCRA has established that financial institutions may use the Single Financial and Economic File (Legajo Único Financiero y Económico, LUFE) to simplify the collection and verification of information on micro-, small- and medium-sized enterprises (MSMEs).
The LUFE was created by Resolution No. 92/21 of the Ministry of Productive Development to consolidate and standardize economic, financial and accounting information of MSMEs registered now or in the future in the Registry of MSMEs with the relevant certificate in effect.
Thus, financial institutions may now use any documentation included in the LUFE for their financial and credit analyses.
In turn, MSMEs shall give their express consent for financial institutions to access their LUFE, whose information will be updated based on the documents filed with the Federal Administration of Public Revenue (Administración Federal de Ingresos Públicos, AFIP).
Financial institutions may resort to the documents contained in the LUFE for regulatory compliance, including regulations such as “Savings Deposits, Salary Accounts, and Special Accounts” or “Regulations on Bank Current Accounts” (in the case of deposit-related products), and “Credit Management” or “Debtor Classification” (in the case of borrowing-related products).
Financial institutions shall obtain any information and documents other than those contained in the LUFE, if necessary for complying with other regulations.
The LUFE contains information on sales, purchases, input value-added tax (VAT) and output VAT obtained from tax returns filed with the AFIP; on assets, liabilities and equity, and income statements obtained from income tax returns; on payroll, and employers' and employees’ contributions; and on the financial statements submitted on the AFIP's platform called “Balance Sheet Single Filing” (Presentación Única de Balances, PUB), and prepared in accordance with the current professional accounting rules and duly certified by a public accountant.
April 8, 2021.