money was in investment funds, known as the “BM Fondos” which was operated by a different legal entity, known as the BM Fondos S.A., subject to the investment funds law.137 The Advisory Commission understood that the petitions related to BM Fondos, which constituted approximately 200 files, did not meet the requirements of article 31 of Law 17,613.138 Most of the petitioners corresponded to the third group of petitioners,139 who had acquired shares in certificates of deposit, either with or without their consent, which the Central Bank had to determine (supra para. 69). In the case of those who had acquired shares in Trade & Commerce Bank certificates of deposit, the Banco de Montevideo acted as administrator and custodian of these investments.140 93. The Advisory Commission and the Board of the Central Bank understood that article 31 of Law 17,613 established three requirements that petitioners must fulfill in order to receive the same rights as the other depositors in the Banco de Montevideo and the Banco La Caja Obrera: (i) “be a savings depositor” in the said financial entities, which in some cases was understood as being a depositor in the Banco de Montevideo or La Caja Obrera; (ii) whose funds had been transferred to other institutions; (iii) without their consent.141 In addition, they understood that these requirements were cumulative.142 94. The main distinction between the different cases was found in regard to verification of the requirement of absence of consent.143 The Advisory Commission and the Board of the Central Bank understood that consent had been given based on the following elements: (i) the signature of contracts with general instructions for the administration of investments under which the Banco de Montevideo was authorized to manage, on behalf of and at the responsibility of the client, placements in securities issued by an offshore institution; (ii) the existence of specific instructions by which the client authorized the Banco de Montevideo to buy certificates of deposit or other products; (iii) the proven regularity of using this type of operation, and (iv) the absence of objections or observations by the client on the bank statements that showed the transfer or the placement of deposits in certificates of deposit of the Trade & Commerce Bank.144 S.A.- Representative of the Trade and Commerce Bank (Cayman)- Inspection pursuant to Directive No. 9.March 2001” (file of attachments to the answer, volume XIII, attachment 31, folios 19745 and 19746). 137 Testimony of the witness Augusto Durán Martínez before the Inter-American Court during the public hearing in this case. 138 Cf. Communication of the members of the Advisory Commission of March 24, 2003, addressed to the President of the Central Bank (file of attachments to the answer, volume XIII, attachment 30, folio 19580). 139 Testimony of the witness Augusto Durán Martínez before the Inter-American Court during the public hearing in this case. 140 Cf. Affidavit of the witness Jorge Xavier dated February 16, 2011 (merits file, volume III, folio 1119) and testimony of the witness Augusto Durán Martínez before the Inter-American Court during the public hearing in this case. 141 Cf. Affidavit of the witness Julio de Brun dated February 16, 2011 (merits file, volume III, folios 1101, 1104 and 1105) and testimony of the witness Augusto Durán Martínez before the Inter-American Court during the public hearing in this case. 142 Cf. Affidavit of the witness Julio de Brun dated February 16, 2011 (merits file, volume III, folio 1101). 143 Cf. Testimony of the witness Augusto Durán Martínez before the Inter-American Court during the public hearing in this case. 144 Cf. Testimony of the witness Augusto Durán Martínez during the public hearing in this case, and affidavit of the witness Julio de Brun dated February 16, 2011 (merits file, volume III, folio 1106). In particular, (i) regarding the signature of general contracts: cf. inter alia, the following cases in which the evidence is in the file of attachments to the State’s final written arguments, volume I, attachment 3: Pérez, Rumildo and Pérez, Javier (File No. 2003/0594) (folios 30222 to 30224); Castello, Vicente Carlos (File No. 2003/0466) (folios 30105 to 30107); Arieta Apesteguy, María Soledad (File No. 2003/1014) (folios 30638 to 30640); Quintans, María Elvira and Fuentes Quintans, Diego (File No. 2003/1116) (folios 30931 to 30933); Rumassa Causi, Sheila (File No. 2003/0793) (folios 30533 to 30535); Iglesias, Carlos (File No. 2003/0644) (folios 30363 to 30365), and Outerelo, Claudio (File No. 2003/1578) (folios 31339 to 31341). Regarding (ii) 35