(last reform of 29 July 2024), Book I: Articles 389,
428, and 434, Book II: Articles 44, 56, 97, 98
and 176, Book III: Articles 2, 3, 4, and 5.
Resolution No. SCVS-INS-2016-002, De las
calificaciones otorgadas por la Superintendencia de
Compañías, Valores y Seguros (Of the ratings
issued by the Superintendency of Companies,
Securities and Insurance), of the Superintendency
of Companies, Securities and Insurance.
Description: Private financial entities and financial services
entities shall be constituted at the Superintendency
of Banks as stock companies (sociedades
anonimas), and, auxiliary service entities shall be
incorporated as stock companies or limited
companies (compañías limitadas).
The same provision with respect to the legal form of
a stock company applies to insurance and
reinsurance companies, insurance intermediary
companies, stock exchanges, brokerage houses,
fund administrators and trusts, and central securities
depositories for securities clearance and settlement.
In order to be eligible to issue ratings in the
securities and insurance sectors, risk rating agencies
shall be constituted as stock companies or limited
companies.
When a financial institution owns shares in an
auxiliary service company, apart from exceptional
cases subject to the authorization of the
Superintendency of Banks, that auxiliary service
company may only provide services to natural or
legal persons within the national financial system.
3. Sector: Financial Services
Sub-Sector: Credit Reference Services
Obligations Concerned: Market Access for Financial Institutions
(Article 18.5)
Level of Government: Central
Measures: Código Orgánico Monetario y Financiero
(Monetary and Financial Organic Code), Official
Gazette, Supplement 332, of 12 September 2014
(last reform of 29 July 2024), Book I: Article 357.
Resolution No. 485-2018-F, Modifíquese la
Codificación de Resoluciones Monetarias,
Financieras, de Valores y Seguros (Modify the
Codification of Monetary, Financial, Valuation and
Insurance Resolutions), Official Gazette 408,
of 17 January 2019.
Description: Credit reference services can be provided only
by: a) Superintendency of Banks, or b) authorised
legal entities whose sole object, as stipulated in the
articles of incorporation, is the provision of credit
reference services
4. Sector: Insurance and Insurance Related Services
Sub-Sector:
Obligations Concerned: National Treatment (Article 18.3)
Cross-Border Trade (Article 18.6)
Level of Government: Central
Measures: Código Orgánico Monetario y Financiero (Monetary and Financial Organic Code), Official Gazette, Supplement 332, of 12 September 2014 (last reform of 29 July 2024), Book III: Article 66.
Description: It is forbidden to enter into the following insurance contracts, in Ecuadorian territory, with insurance companies not constituted or organized under the country’s law:
(a) insurance of persons, when the insured is in Ecuador at the time the contract is concluded;
(b) fire insurance and additional risks insurance for property located in the national territory;
(c) hull insurance for sea vessels or aircrafts, when they are under Ecuadorian registration;
(d) insurance for the transportation of merchandise or goods imported into the country; and
(e) insurance of the other branches against risks that may occur in Ecuadorian territory.
In the event that insurance companies authorized to operate in the country cannot assume a certain risk, the interested party, with the prior authorization of the Superintendent of Companies, Securities and Insurance, may take out insurance for that risk abroad.
5. Sector: Financial Services
Sub-Sector: Fund and Trust Administrators
Obligations Concerned: National Treatment (Article 18.3)
Cross-Border Trade (Article 18.6)
Level of Government: Central
Measures: Código Orgánico Monetario y Financiero (Monetary and Financial Organic Code), Official Gazette, Supplement 332, of 12 September 2014 (last reform of 29 July 2024), Book II: Article 77.
Description: An investment fund constituted outside of Ecuador requires a fund administrator constituted under Ecuadorian law in order to receive investments from residents of Ecuador. The fund administrator must comply with all requirements of the Superintendency of Companies, Securities, and Insurance, which includes representation agreements, information requirements, and fiduciary responsibility.
The administrators of funds and trusts constituted in Ecuador are the only institutions authorised to manage or represent international funds.
6. Sector: Financial Services
Sub-Sector: Investment Banking
Obligations Concerned: National Treatment (Article 18.3)
Market Access for Financial Institutions (Article 18.5)
Level of Government: Central
Measures: Código Orgánico Monetario y Financiero (Monetary and Financial Organic Code), Official Gazette, Supplement 332, of 12 September 2014 (last reform of 29 July 2024), Book II: First Article that is not numbered after Article 59.
Description: Only brokerage houses (casas de valores) constituted under Ecuadorian law and the Bank of the Ecuadorian Social Security Institute may carry out investment banking activities in Ecuador.
Section B
1. Sector: Financial Services
Sub-Sector: All
Obligations Concerned: National Treatment (Article 18.3)
Level of Government: Central
Description: Ecuador reserves the right to maintain or adopt measures that grant advantages or exclusive rights to public financial institutions owned by the State of Ecuador, with the goal of promoting national and regional productive development, innovation, infrastructure and social protection projects, food sovereignty, economic inclusion, the promotion of the arts, culture and innovation.
Existing Measures: Código Orgánico Monetario y Financiero
(Monetary and Financial Organic Code), Official Gazette, Supplement 332, of 12 September 2014 (last reform of 29 July 2024), Book I: Article 386.
2. Sector: Financial Services
Sub-Sector: All
Obligations Concerned: National Treatment (Article 18.3)
Most-Favored-Nation Treatment (Article 18.4)
Market Access for Financial Institutions (Article 18.5)
Senior Management and Boards of Directors (Article 18.9)
Level of Government: Central
Description: Ecuador reserves the right to limit, not permit, or otherwise restrict the establishment or expansion of institutions in the “popular and solidarity financial sector” (el sector financiero popular y solidario).
Ecuador reserves the right to adopt or maintain a measure that grants differentiated and preferential treatment to institutions in the popular and solidarity financial sector to the extent that these institutions promote the development of the popular and solidarity economy.
Existing Measures: Constitución de la República del Ecuador
(Constitution of the Republic of Ecuador), Official Gazette 449, of 20 October 2008, Article 311.
Código Orgánico Monetario y Financiero (Monetary and Financial Organic Code), Official Gazette, Supplement 332, of 12 September 2014 (last reform of 29 July 2024), Book I: Articles 160 and 163.
3. Sector: Financial Services
Sub-Sector: Insurance and Reinsurance
Obligations Concerned: National Treatment (Article 18.3)
Cross-Border Trade (Article 18.6)
Level of Government: Central
Description: Ecuador reserves the right to limit, not permit, or otherwise restrict the establishment of representative offices of insurance and reinsurance and intermediaries of insurance and reinsurance companies organised under a foreign country’s law.
Annex IV.
Non-Conforming Activities
Explanatory Note
1. The Schedule of a Party to this Annex sets out, pursuant to Article 10.10.1 (State-Owned Enterprises and Designated Monopolies – Party-Specific Annexes), the non-conforming activities of a state-owned enterprise or designated monopoly, with respect to which some or all of the following obligations shall not apply:
(a) Article 10.3 (State-Owned Enterprises and Designated Monopolies – Non-Discriminatory Treatment and Commercial Considerations);
(b) Article 10.5 (State-Owned Enterprises and Designated Monopolies –
Adverse Effects); and
(c) Article 10.6 (State-Owned Enterprises and Designated Monopolies – Injury).
2. Each Schedule entry sets out the following elements:
(a) Obligations Concerned specifies the obligations referred to in
paragraph 1 that, pursuant to Article 10.10.1 (State-Owned Enterprises and Designated Monopolies – Party-Specific Annexes), shall not apply to the non-conforming activities of the state-owned enterprise or designated monopoly, as set out in paragraph 3;
(b) Entity identifies the state-owned enterprise or designated monopoly that undertakes the non-conforming activities for which the entry is made;
(c) Scope of Non-conforming Activities provides a description of the scope of non-conforming activities of the state-owned enterprise or designated monopoly for which the entry is made; and
(d) Measures identifies, for transparency purposes, a non-exhaustive list of the laws, regulations, or other measures pursuant to which the state-owned enterprise or designated monopoly engages in the non-conforming activities for which the entry is made.
3. In accordance with Article 10.10.1 (State-Owned Enterprises and Designated Monopolies – Party-Specific Annexes), the articles of this Agreement specified in
the Obligations Concerned element of an entry shall not apply to the non-conforming activities (identified in the Scope of Non-conforming Activities element of that entry) of the state-owned enterprise or designated monopoly (identified in the Entity element of that entry).
SCHEDULE OF CANADA
Obligations Concerned: Article 10.3.1(a) (State-Owned Enterprises and Designated Monopolies – Non-Discriminatory Treatment and Commercial Considerations)
Article 10.3.1(c)(i) (State-Owned Enterprises and Designated Monopolies – Non-Discriminatory Treatment and Commercial Considerations)
Article 10.5.1(b) (State-Owned Enterprises and Designated Monopolies – Adverse Effects)
Entity: Canadian Commercial Corporation, or any new, reorganized, or transferee enterprise, with similar functions and objectives.
Scope of Non-Conforming Activities: With respect to Article 10.3.1(a) (State-
Owned Enterprises and Designated Monopolies – Non-Discriminatory Treatment and Commercial Considerations), the Entity or Entities may restrict the sale of services associated with facilitating the import or export of goods or services to enterprises located within Canada as set out in applicable laws, regulations, policies, and practices.
With respect to Article 10.3.1(c)(i) (State-Owned Enterprises and Designated Monopolies – Non-Discriminatory Treatment and Commercial Considerations), the Entity or Entities may accord preferences in the sale of services associated with facilitating the import or export of goods or services to or from certain countries based on bilateral arrangements with the relevant country.
With respect to Article 10.5.1(b) (State-Owned Enterprises and Designated Monopolies – Adverse Effects), Canada may provide the Entity or Entities with non-commercial assistance with respect to its supply of a service from Canada into the territory of Ecuador associated with facilitating the import or export of goods and services, as set out in applicable laws, regulations, and policies.
Measures: Canadian Commercial Corporation Act,
R.S.C. 1985, c. C-14 (and regulations thereof).
Obligations Concerned: Article 10.5.1(a) (State-Owned Enterprises and Designated Monopolies – Adverse Effects)
Article 10.5.1(b) (State-Owned Enterprises and Designated Monopolies – Adverse Effects)
Article 10.6.1(a) (State-Owned Enterprises and Designated Monopolies – Injury)
Article 10.6.1(b) (State-Owned Enterprises and Designated Monopolies – Injury)
Entity: Canadian Dairy Commission, or any new, reorganized, or transferee enterprise, with similar functions and objectives.
Scope of Non-Conforming Activities: With respect to Article 10.5.1(a) (State-
Owned Enterprises and Designated Monopolies – Adverse Effects), Canada may provide the Entity or Entities with non-commercial assistance that may cause adverse effects with respect to the production and sale of dairy products in the territory of Canada pursuant to the Canadian Dairy Commission Act.
With respect to Article 10.5.1(b) (State-Owned Enterprises and Designated Monopolies – Adverse Effects), Canada may provide the Entity or Entities with non-commercial assistance that may cause adverse effects regarding services related to the cross-border trade of dairy products (export and import) such as shipping, insuring, and wholesale trade and distribution, pursuant to the Canadian Dairy Commission Act.
With respect to Article 10.6.1(a) (State-Owned Enterprises and Designated Monopolies – Injury), the Entity or Entities may provide Canada’s state-owned enterprises with non-commercial assistance that may cause adverse effects with respect to the production and sale of dairy products in the territory of Canada pursuant to the Canadian Dairy Commission Act.
With respect to Article 10.6.1(b) (State-Owned Enterprises and Designated Monopolies – Injury), the Entity or Entities may provide Canada’s state-owned enterprises with non-commercial assistance that may cause adverse effects with respect to services related to the cross-border trade of dairy products (export and import) such as shipping, insuring, and wholesale trade and distribution, pursuant to the Canadian Dairy Commission Act.
Measures: Canadian Dairy Commission Act,
R.S.C. 1985, c. C-15 (and regulations thereof).
Obligations Concerned: Article 10.3.1(a) (State-Owned Enterprises and Designated Monopolies – Non-Discriminatory Treatment and Commercial Considerations)
Article 10.3.1(b)(i) (State-Owned Enterprises and Designated Monopolies – Non-Discriminatory Treatment and Commercial Considerations)
Article 10.3.1(c)(i) (State-Owned Enterprises and Designated Monopolies – Non-Discriminatory Treatment and Commercial Considerations)
Entity: Canada Mortgage and Housing Corporation and Canada Housing Trusts, or any new, reorganized, or transferee enterprise, with similar functions and objectives.
Scope of Non-Conforming Activities: With respect to Article 10.3.1(a) (State-
Owned Enterprises and Designated Monopolies – Non-Discriminatory Treatment and Commercial Considerations), the Entity or Entities may take into account factors other than commercial considerations in the provision of financial or housing-related services such as: