(c) Obligations Concerned specifies the obligations referred to in paragraph 1(c) that, pursuant to Article 9.9.2 (Non-Conforming Measures), do not apply to the sectors, sub-sectors or activities listed in the entry;
(d) Level of Government indicates the level of government maintaining the listed measures;
(e) Description sets out the scope or nature of the sectors, sub-sectors or activities covered by the entry to which the reservation applies; and
(f) Existing Measures identifies, for transparency purposes, a non-exhaustive list of existing measures that apply to the sectors, sub-sectors or activities covered by the entry.
4. Peru recognises that measures falling under exceptions applicable to this Chapter, such as those in Article 9.20 (Exceptions Including for Prudential Reasons), need not be scheduled. Nevertheless, Peru may have listed measures that fall within applicable exceptions. For greater certainty, the listing of a measure in the Schedule of Peru to Annex III is without prejudice to whether that measure or any other measure adopted or maintained by Peru is covered by exceptions such as those in Article 9.20 (Exceptions Including for Prudential Reasons)
INTRODUCTORY NOTES
1. Commitments under Chapter 9 (Financial Services), in the sector and sub-sectors listed in this Schedule, are undertaken subject to the limitations and conditions set forth in these introductory notes and in the Schedule below.
2. To clarify the commitment of Peru with respect to Article 9.5 (Market Access for Financial Institutions), juridical persons supplying financial services constituted under the laws of Peru are subject to non-discriminatory limitations on juridical form. (2)
3. Article 9.9.1(c) (Non-Conforming Measures) shall not apply to those nonconforming measures relating to Article 9.5(b) (Market Access for Financial Institutions).
4. For Section A of this Schedule, Description provides a general non-binding description of the measure for which the entry is made.
Section A
III A-PERU-1
Sector: Financial Services
Sub-Sector: Banking and other financial services (excluding insurance)
Obligation Concerned: Market Access for Financial Institutions (Article 9.5)
Level of Government: Central
Measures: General Law of the Financial and Insurance Systems and Organic Law of the Superintendency of Banking and Insurance (Ley General del Sistema Financiero y del Sistema de Seguros y Orgánica de la Superintendencia de Banca y Seguros), Law N° 26702 and its amendments
Description: A financial institution of the other Party providing banking services and established in Peru through a branch must assign to its branch certain capital, which must be located in Peru. In addition to measures that Peru may impose in accordance with Article 9.20.1 (Exceptions Including for Prudential Reasons), the operations of the branch are limited by its capital located in Peru.
III A-PERU-2
Sector: Financial Services
Sub-Sector: Insurance and insurance-related services
Obligation Concerned: Market Access for Financial Institutions (Article 9.5)
Level of Government: Central
Measures: General Law of the Financial and Insurance Systems and Organic Law of the Superintendency of Banking and Insurance (Ley General del Sistema Financiero y del Sistema de Seguros y Orgánica de la Superintendencia de Banca y Seguros), Law N° 26702 and its amendments
Description: A financial institution of the other Party providing insurance or insurance-related services and established in Peru through a branch must assign to its branch certain capital, which must be located in Peru. In addition to measures that Peru may impose in accordance with Article 9.20.1 (Exceptions Including for Prudential Reasons), the operations of the branch are limited by its capital located in Peru.
III A-PERU-3
Sector: Financial Services
Sub-Sector: Banking and other financial services (excluding insurance)
Obligation Concerned: Cross-Border Trade (Article 9.6)
Level of Government: Central
Measures: Securities Market Law (Ley del Mercado de Valores), approved by Legislative Decree N° 861 and its amendments, Articles 280, 333, 337 and Seventeenth Final Provision General Law of the Financial and Insurance Systems and Organic Law of the Superintendency of Banking and Insurance (Ley General del Sistema Financiero y del Sistema de Seguros y Orgánica de la Superintendencia de Banca y Seguros), Law N° 26702 and its amendments, Articles 136 and 296
Description: Financial institutions constituted under the laws of Peru and debt securities offered in a primary or secondary public offering in the territory of Peru must be rated by credit rating companies constituted under the laws of Peru. They may also be rated by other credit rating agencies, but only in addition to the mandatory rating.
III A-PERU-4
Sector: Financial Services
Sub-Sector: Banking and other financial services (excluding insurance)
Obligation Concerned: National Treatment (Article 9.3)
Level of Government: Central
Measures: General Law of the Financial and Insurance Systems and Organic Law of the Superintendency of Banking and Insurance (Ley General del Sistema Financiero y del Sistema de Seguros y Orgánica de la Superintendencia de Banca y Seguros), Law N° 26702 and its amendments Law Establishing the Banco Agropecuario (Ley de Creación del Banco Agropecuario), Law N° 27603 and its amendments
Law Decree N° 18807, Law Establishing the Corporación Financiera de Desarrollo (COFIDE) (Ley de Creación de la Corporación Financiera de Desarrollo (COFIDE))
Legislative Decree N° 206, Law on the System of Financial Support and Encouragement for Business Development and its amendments
Law Nº 25382, Repeal Legislative Decree N° 725 and amend Article 24 of Legislative Decree N° 206
Law Establishing the Banco de la Nación (Ley de Creación del Banco de la Nación), Law N° 16000 and its amendments
Law Nº 28579, (Ley de Conversión del Fondo Hipotecario de la Vivienda - Fondo MIVIVIENDA a Fondo MIVIVIENDA S.A.) and its amendments
Law N° 10769 (Creando la Caja Municipal de Crédito Popular de Lima) and its amendments
Supreme Decree N° 157-90-EF (Norman Funcionamiento en el País de las Cajas Municipales de Ahorro y Crédito) and its amendments
Supreme Decree Nº 07-94-EF (Aprueban el Estatuto del Banco de la Nación) and its amendments
Description: Peru may grant advantages or exclusive rights, without limitation, to one or more of the following financial entities, as long as they are partially or fully owned by the State: Corporación Financiera de Desarrollo (COFIDE), Banco de la Nación, Banco Agropecuario, Fondo Mivivienda, Cajas Municipales de Ahorro y Crédito, and the Caja Municipal de Crédito Popular.
Examples of such advantages are the following: (3)
The Banco de la Nación and Banco Agropecuario are not required to diversify their risk; and
The Cajas Municipales de Ahorro y Crédito may directly sell collateral they repossess in cases of loan default, in accordance with pre-established procedures.
III A-PERU-5
Sector: Financial Services
Sub-Sector: Banking and other financial services (excluding insurance)
Obligations Concerned: Market Access for Financial Institutions (Article 9.5)
Level of Government: Central
Measures: Securities Market Law (Ley del Mercado de Valores), approved by Legislative Decree N° 861 and its amendments, Articles 130, 167, 185, 204, 223, 259, 269, 270, 302, 324, 354 and Seventeenth Final Provision
Legislative Decree N° 862, Law of the Investment Funds and their Management Corporations (Ley de Fondos de Inversión y sus Sociedades Administradoras) and its amendments; Article 12
Law N° 26361, Law on Commodities Exchange (Ley sobre Bolsas de Productos) and its amendments, Articles 2, 9 and 15
Law Decree N° 22014 (Empresas Administradoras de Fondos Colectivos se constituirán como Sociedades Anónimas), Article 1
Consolidated Text of the Law of Private Pension Funds (Texto Único Ordenado de la Ley del Sistema Privado de Administración de Fondos de Pensiones), approved by Supreme Decree N° 054-97-EF, Article 13; and the Regulation of the Consolidated Text of the Law of Private Pension Funds (Reglamento del Texto Único Ordenado de la Ley del Sistema Privado de Administración de Fondos de Pensiones), approved by Supreme Decree Nº 004-98-EF, Article 18
Description: Financial institutions established in Peru to supply financial services in the securities or commodities markets or financial services related to asset management, including pension fund managers, must be constituted under the laws of Peru. Therefore, financial institutions of the other Party established in Peru to supply these financial services may not be established as branches or agencies.
III A-PERU-6
Sector: Financial Services
Sub-Sector: All
Obligation Concerned: Cross-Border Trade (Article 9.6)
Level of Government: Central
Measures: General Law of the Financial and Insurance Systems and Organic Law of the Superintendency of Banking and Insurance (Ley General del Sistema Financiero y del Sistema de Seguros y Orgánica de la Superintendencia de Banca y Seguros), Law N° 26702 and its amendments
Description: Creditors domiciled in Peru have legal preference with regard to the assets located in Peru of a branch of a foreign financial institution, in case of liquidation of the financial institution or its branch in Peru.
Section B
III B-PERU-1
Sector: Financial Services
Sub-Sector: Insurance and insurance-related services
Obligation Concerned: Cross-Border Trade (Article 9.6)
Level of Government: Central
Existing Measures: Law N° 27181, General Law of Land Transport and Traffic (Ley General de Transporte y Tránsito Terrestre) and its Regulation approved by Supreme Decree 024-2002-MTC Law N° 26790, Law on the Modernization of the Social Security in Health (Ley de la Modernización de la Seguridad Social en Salud), and its Regulation approved by Supreme Decree N° 03-98-SA
Description: Peru reserves the right to adopt or maintain measures that restrict the acquisition of obligatory insurance outside of Peru, or that require that obligatory insurance be purchased from suppliers established in Peru, such as “Compulsory Car Insurance” (Seguro Obligatorio de Accidentes de Tránsito - SOAT) and “Hazardous Work Supplementary Insurance” (Seguro Complementario de Trabajo en Riesgo). These restrictions shall not apply to any insurance covered by Annex 9-A (Cross-Border Trade).
III B-PERU-2
Sector: Financial Services
Sub-Sector: Social services
Obligation Concerned: Market Access for Financial Institutions (Article 9.5) Cross-Border Trade (Article 9.6)
Description: Peru reserves the right to adopt or maintain any measure with respect to the provision of law enforcement and correctional services, and the following services to the extent that they are social services established or maintained for a public purpose: income security and insurance, social security, social welfare, public education, public training, health and childcare.
Chapter 10. TEMPORARY ENTRY FOR BUSINESS PERSONS
Article 10.1. Definitions
For the purposes of this Chapter:
business person means a natural person of a Party who is engaged in trade in goods, the supply of services or the conduct of investment activities, seeking temporary entry for business purposes;
immigration formality means a visa, permit, pass or other document or electronic authority granting a business person of a Party temporary entry;
immigration measure means any measure affecting the entry and stay of a business person of a Party in the Area of the other Party; and
temporary entry means entry into the Area of a Party by a business person of the other Party who does not intend to establish permanent residence.
Article 10.2. Scope
1. This Chapter shall apply to measures that affect the temporary entry of business persons of a Party into the Area of the other Party under any of the categories referred to in Annex 10-A.
2. This Chapter shall not apply to measures affecting natural persons of a Party seeking access to the employment market of the other Party, nor shall it apply to measures regarding citizenship, nationality, residence or employment on a permanent basis.
3. Nothing in this Agreement shall prevent a Party from applying measures to regulate the entry of natural persons of the other Party into, or their temporary stay in, its Area, including those measures necessary to protect the integrity of, and to ensure the orderly movement of natural persons across, its borders, provided that those measures are not applied in a manner as to nullify or impair the benefits accruing to the other Party under this Chapter.
4. The sole fact that a Party requires business persons of the other Party to obtain an immigration formality shall not be regarded as nullifying or impairing the benefits accruing to the other Party under this Chapter.
Article 10.3. Application Procedures
1. Each Party shall, as expeditiously as possible, process complete applications for immigration formalities, including further immigration formality requests or extensions, and inform the applicant of the decision including, if approved, the period of stay and other conditions.
2. On request of an applicant, a Party that has received a complete application for an immigration formality shall endeavour to promptly provide the applicant with information concerning the status of the application.
3. Each Party shall ensure that fees charged by its competent authorities for the processing of an application for an immigration formality are reasonable.
Article 10.4. Grant of Temporary Entry
1. Each Party shall set out in Annex 10-A the commitments it makes with regard to temporary entry of business persons of a Party, which shall specify the conditions and limitations (1) for entry and temporary stay, including length of stay, for each category of business persons specified by that Party.
2. A Party shall grant temporary entry or extension of temporary stay to business persons of the other Party to the extent provided for in those commitments made pursuant to paragraph 1, provided that those business persons:
(a) follow the granting Party’s prescribed application procedures for the relevant immigration formality; and
(b) meet all relevant eligibility requirements for temporary entry to, or extension of temporary stay in, the granting Party.
3. The sole fact that a Party grants temporary entry to a business person of the other Party pursuant to this Chapter shall not be construed to exempt that business person from meeting any applicable licensing or other requirements, including any mandatory codes of conduct, to practise a profession or otherwise engage in business activities.
Article 10.5. Provision of Information
1. Further to Articles 16.2 (Publication) and 16.3 (Notification and Provision of Information) of Chapter 16 (Transparency and Anti-Corruption), each Party shall:
(a) promptly publish online if possible or otherwise make publicly available, information on:
(i) current requirements for temporary entry under this Chapter, including explanatory material and relevant forms and documents that will enable interested persons of the other Party to become acquainted with those requirements; and
(ii) the typical timeframe within which an application for an immigration formality is processed; and
(b) establish or maintain appropriate mechanisms to respond to enquiries from interested persons regarding measures relating to temporary entry under this Chapter.
2. The information referred to in paragraph 1(a) shall include, where applicable, the following information:
(a) types of visa, permit or any similar authorisation regarding entry and temporary stay;
(b) documentation required and conditions to be met; and
(c) method of filing an application and options on where to file, such as consular offices or online.
Article 10.6. Relation to other Chapters
1. Except for this Chapter, Chapter 1 (Initial Provisions and General Definitions), Chapter 17 (Administrative and Institutional Provisions), Chapter 18 (Dispute Settlement), Chapter 20 (Final Provisions) and Articles 16.2 (Publication) and 16.3 (Notification and Provision of Information) of Chapter 16 (Transparency and AntiCorruption), no provision of this Agreement shall impose any obligation on a Party regarding its immigration measures.
2. Nothing in this Chapter shall be construed to impose obligations or commitments with respect to other Chapters of this Agreement.
Article 10.7. Dispute Settlement
Neither Party shall have recourse to dispute settlement under Chapter 18 (Dispute Settlement) regarding a refusal to grant temporary entry unless:
(a) the matter involves a pattern of practice; and
(b) the business persons affected have exhausted all available administrative remedies regarding the particular matter.
Annex 10-A. SPECIFIC TEMPORARY ENTRY FOR BUSINESS PERSONS. Schedule of Hong Kong, China (1)
1. Hong Kong, China’s commitments under Article 10.4 (Grant of Temporary Entry) are covered wholly and exclusively in this Schedule. Hong Kong, China reserves the right to adopt or maintain any measure in respect of the supply of a service by a service supplier of Peru, through presence of business persons of Peru in the Area of Hong Kong, China other than the commitments to grant temporary entry and stay for the purpose of carrying out the specified business activities in relation to the supply of services as set out in this Schedule.
2. This Schedule specifies the conditions and limitations for entry and temporary stay, including the requirements and length of stay, for each category of business persons included in this Schedule.
3. Hong Kong, China shall grant temporary entry or extension of stay to the extent provided for in the commitments set out in this Schedule to business persons of Peru, provided that those business persons:
(a) follow prescribed application procedures for the immigration formality (2) sought; and
(b) meet all relevant eligibility requirements for temporary entry to or extension of temporary stay in Hong Kong, China.
4. Temporary entry granted by Hong Kong, China to a business person of Peru pursuant to this Schedule shall not exempt that person from the requirements needed to carry out a profession or activity in accordance with its laws and regulations, and any applicable mandatory codes of practice made pursuant to its laws and regulations, in force in the Area of Hong Kong, China.
| Entry in the following categories only | Conditions (including duration of stay) |
| (A) Business visitors. Definition: A business visitor means a business person of Peru: (a) who is seeking temporary entry to Hong Kong, China for the purpose of: (i) attending meetings or conferences, or engaging in consultations with business colleagues; (ii) taking orders or negotiating contracts for an enterprise in Hong Kong, China but not selling goods or providing services to the general public; or (iii) undertaking business consultations concerning the establishment, expansion or winding up of an enterprise or investment in Hong Kong, China; (b) who is not seeking to enter the labour market of Hong Kong, China; and (c) whose principal place of business, actual place of remuneration and predominant place of accrual of profits remain outside Hong Kong, China. | The commitments shall apply to: (a) all sectors in the Services Sectoral Classification List published by the WTO (WTO document MTN.GNS/W/120 of July 10, 1991); and (b) entry and temporary stay for a period not exceeding 90 days, provided that normal immigration requirements are met. |
Note for transparency: Under the existing immigration regime of Hong Kong, China, visitors to Hong Kong, China may make an extension of stay application before the expiry of the limit of stay if they have a special or urgent need to stay longer. Such applications will be considered on their own merits. Detailed information can be found at https://www.immd.gov.hk/eng/services/visas/visit_transit.html.
| (B) Intra-corporate transferees. Definition: An intra-corporate transferee means a senior manager or a specialist who is an employee of a service supplier of Peru with a commercial presence in Hong Kong, China. A senior manager means a business person of Peru within an organisation of Peru who: (a) is a senior employee of that organisation with responsibility for the entire organisation’s operations, or a substantial part of it, in Hong Kong, China; (b) has proprietary information of the organisation and receives only general supervision or direction from higher level executives or the board of directors or stockholders of the organisation; and (c) supervises and controls the work of other supervisory, professional or managerial employees in Hong Kong, China. This does not include a first-line supervisor, unless the employees supervised are professional; nor does it include an employee who primarily performs tasks necessary for the provision of the service. A specialist means a business person of Peru within an organisation of Peru who possesses knowledge at an advanced level of expertise; possesses proprietary knowledge of the organisation’s service, research equipment, techniques, or management; and who is essential to the operation of the concerned service supplier’s establishment in Hong Kong, China. | Conditions (including duration of stay) Business persons of Peru seeking entry into Hong Kong, China as senior manager or specialist under Hong Kong, China’s commitments on intra-corporate transferees shall: (a) be an employee who has been in the prior employment of the concerned service supplier which sponsors their entry into Hong Kong, China for a period of not less than one year immediately preceding the date of application for admission; and (b) during their stay in Hong Kong, China except with the prior approval of the Government of Hong Kong, China, not change employment or employer. The commitments: (a) shall only apply to the sectors and sub-sectors as set out in paragraph 5 of this Schedule; (b) shall only apply to business persons of Peru in the employment of service suppliers of Peru which have a bona fide business establishment operating in Hong Kong, China. The number of business persons who may seek entry under these commitments shall be reasonable having regard to the size and the nature of the business operation of the relevant establishment in Hong Kong, China; and (c) are limited to entry and temporary stay. Temporary stay implies that the appropriate prior authority will have been applied for and obtained before departure for Hong Kong, China. Temporary stay shall be limited to one year in the first instance, which may be extended up to a total of five years. |
| (C) Installers or servicers. Definition: An installer or servicer means a business person of Peru who is an installer or servicer of machinery, equipment or both machinery and equipment, where such installation or servicing by the supplying enterprise is a condition of purchase of the said machinery or equipment. An installer or servicer cannot perform services which are not related to the service activity which is the subject of the contract. | The commitments shall only apply to: (a) the sectors and sub-sectors as set out in paragraph 6 of this Schedule; and (b) entry and temporary stay for a period not exceeding three months in any 12-month period and subject to economic needs tests (3) |
| (D) Dependants. Definition: A dependant means the spouse or unmarried dependant child under the age of 18 of a business person of Peru who has been granted entry and temporary stay in Hong Kong, China under category (B) (Intra-corporate transferees) of this Schedule for a period of longer than 12 months (the sponsor). | The commitments: The sponsor may apply to bring in a dependant or dependants during his or her stay in Hong Kong, China, subject to the prevailing policy governing the entry of dependants. If approved, the dependant is not prohibited from taking up employment in Hong Kong, China and prior permission from the competent authority is not required. The length of stay granted for such dependant will normally be linked to that of the sponsor. |
5. In respect of intra-corporate transferees, the commitments apply only to the following sectors and sub-sectors (4):
| SECTORS AND SUB-SECTORS | CORRESPONDING CPC |
| 1 BUSINESS SERVICES | Section B |
| A. Professional Services | |
| b. Accounting, auditing and bookkeeping services | 862 |
| c. Taxation Services | 863 |
| d. Architectural services | 8671 |
| e. Engineering services | 8672 |
| f. Integrated engineering services | 8673 |
| g. Urban planning and landscape architectural services | 8674 |
| i. Veterinary services | 932 |
| B. Computer and Related Services | |
| a. Consultancy services related to the installation of computer hardware | 841 |
| b. Software implementation services | 842 |
| c. Data processing services | 843 |
| d. Data base services | 844 |
| e. Other | 845-849 |
| C. Research and Development Services | |
| a. R&D services on natural sciences | 851 |
| b. R&D services on social sciences and humanities | 852 |
| c. Interdisciplinary R&D services | 853 |
| D. Real Estate Services | |
| b. On a fee or contract basis (limited to the provision, on a fee or contract basis, of management services for residential or commercial buildings which in turn consist of cleaning, maintenance and guarding of such buildings) | 822** |
| E. Rental/Leasing Services without Operators | |
| a. Relating to ships | 83103 |
| c. Relating to other transport equipment (excluding services relating to air transport and other land transport equipment) | 83101-83102 |
| d. Relating to other machinery and equipment (excluding transport equipment) | 83106-83109 |
| F. Other Business Services | |
| a. Advertising services | 871 |
| b. Market research and public opinion polling services | 864 |
| c. Management consulting service | 865 |
- project management services (limited to the supervision and coordination of construction projects but do not cover engineering or architectural services)