In DE, EE, EL, FR, HR, IE, LV, LU, MT, NL, PT, SI, SE: None.
In AT, BE, BG, CZ, CY, DK, ES, FI, IT, LT, PL, RO, SK: Economic needs test.
In HU: Unbound.
20
Sector or sub-sector
Description of reservations
Transport (CPC 71, 72, 73,
and 74, advisory and
consulting services only)
CSS:
In DE, EE, EL, ES, FI, FR, HR, IE, IT, LV, LU, MT, NL, PL, PT, SI, SE: None.
In AT, BG, CZ, CY, HU, LT, RO, SK: Economic needs test.
In DK: Economic needs test, except for CSS stays of up to three months.
In BE: Unbound.
TP:
In CY, DE, EE, EL, FI, FR, HR, IE, LV, LU, MT, NL, PT, SI, SE: None.
In AT, BG, CZ, DK, ES, HU, IT, LT, RO, SK: Economic needs test. In PL: Economic needs test, except for air transport, where: None.
In BE: Unbound.
Travel agencies and tour
operators services
(including tour managers®)
(CPC 7471)
CSS:
In AT, CY, CZ, DE, EE, ES, FR, HR, IT, LU, NL, PL, SI, SE: None. In BG, EL, FI, HU, LT, LV, MT, PT, RO, SK: Economic needs test. In DK: Economic needs test, except for CSS stays of up to three months.
In BE, IE: Unbound, except for tour managers, where: None.
IP: EU: Unbound.
Services suppliers whose function is to accompany a tour group of a minimum of 10 natural persons, without acting as guides in specific locations.
21
Sector or sub-sector
Description of reservations
Tourist guides services
(CPC 7472)
CSS:
In NL, PT, SE: None.
In AT, BE, BG, CY, CZ, DE, DK, EE, FI, FR, EL, HU, IE, IT, LV, LU, MT, RO, SK, SI: Economic needs test.
In ES, HR, LT, PL: Unbound.
IP: EU: Unbound.
Manufacturing (CPC 884, and 885, advisory and
consulting services only)
CSS:
In BE, DE, EE, EL, ES, FI, FR, HR, IE, IT, LV, LU, MT, NL, PL, PT, SI, SE: None.
In AT, BG, CZ, CY, HU, LT, RO, SK: Economic needs test.
In DK: Economic needs test, except for CSS stays of up to three
months.
IP: In DE, EE, EL, FI, FR, HR, IE, LV, LU, MT, NL, PT, SI, SE: None. In AT, BE, BG, CZ, CY, DK, ES, HU, IT, LT, PL, RO, SK:
Economic needs test.
13. Chile's reservations are:
22
ANNEX VI â
FINANCIAL SERVICES
HEADNOTES
1. | The Schedules of a Party in this Annex set out, [pursuant to] [CL: under] Article FS XXX
[Non-conforming measures]:
(a) in Section A, the Schedule of a Party sets out the specific sectors, subsectors or activities to which the obligations of Article FS [Cross-border trade in financial services incorporating local presence, MEN, National treatment and Market Access]] apply;
(b) in Section B, the Schedule of a Party sets out the specific subsectors or activities where that Party undertakes commitments pursuant to Articles (Market Access) (Note: the sectors to which CBTS applies are now included in Section A)
(c) in Section C, the Schedule of a Party sets out the specific sectors, subsectors or activities for which a Party maintains an existing measure that is not subject to some or all of the obligations imposed by:
i) Article FS [National treatment]; (i) Article FS [Most favoured nation treatment]; Gii) Article FS [Senior management and boards of directors];
(iv) [EU: Article FS [Performance requirements];] and
(v) Article FS [Cross-border trade in financial services incorporating local presence, MFN and National treatment]];
(d)
2.
in Section D, the specific sectors, subsectors or activities for which a Party may maintain existing, or adopt new or more restrictive, measures that do not conform with some or all of
the above-mentioned obligations;
In all Sections, for the EU, the subsectors or activities of financial services are specified in
accordance with Article FS 2: [Definitions]. For Chile, in Section B the commitments are classified
by the Provisional Central Product Classification (Statistical paper Series M, No. 77, Department of International Economic and Social Affairs, Statistical Office of the United Nations, New York (1991)).
(a)
(b)
(c)
(a)
(b)
(c)
(d)
A reservation taken against the obligations incorporated in chapter X [Financial Services] by Article FS [Cross-border trade in financial services] is scheduled by mentioning the title of such article and referring to the specific obligation incorporated.
Section Section B Only Contains Non-discriminatory Limitations on Market Access. Discriminatory Limitations Are Scheduled In Sections C or D.
The reservations of a Party are without prejudice to the rights and obligations of the Parties under GATS.
In Sections C and D, each reservation sets out the following elements:
"sub-sector" refers to the specific sector in which the reservation is taken;
"type of reservation" or âobligation concernedâ specifies the obligation referred to in
paragraphs 1 or 2 for which a reservation is taken;
"level of government" indicates the level of government maintaining the measure for which a
teservation is taken;
in Section C, "measures" identifies the laws or other measures as qualified, where indicated, by the "description" element for which the reservation is taken. A "measure" cited in the
"measures" element:
(i) _ means the measure as amended, continued or renewed as of the date of entry into force
of this Agreement;
Gi) includes any subordinate measure adopted or maintained under the authority of and
consistent with the measure; and
Gii) in respect of the Schedule of the Union, includes any laws or other measures which
implement a directive at Member State level;
(g) in Section D, "existing measures" identifies, for transparency purposes, existing measures that
apply to sub-sector or activities covered by the reservation; and
(h) "âdescription" sets out the non-conforming aspects of the measure for which the reservation is taken.
7. For greater certainty, with regard to Section C, if a Party adopts a new measure at a level of government different to that at which the reservation was originally taken, and this new measure effectively replaces â within the territory to which it applies â the non-conforming aspect of the original measure cited in the "measures" element, the new measure shall be deemed to constitute a "modification" to the original measure within the meaning of point (c) of paragraph 1 of article FSS
[Non-conforming measures].
8. In the interpretation of a reservation, all elements of the reservation shall be considered. A reservation shall be interpreted in the light of the relevant obligations against which the reservation is taken. In Section C, the "measures" element, and in Sections B and D, the âdescriptionâ element,
shall prevail over all other elements.
9. A reservation taken at the level of the European Union applies to a measure of the Union, to a measure of a Member State at the central level or to a measure of a government within a Member State, unless the reservation excludes a Member State. A reservation taken by a Member State applies to a measure of a government at the central, regional or local level within that Member State. For the purposes of the reservations of Belgium, the central level of government covers the federal government and the governments of the regions and the communities as each of them holds
equipollent legislative powers. For the purposes of the reservations of the European Union and its
3
Member States, a regional level of government in Finland means the Aland Islands. A reservation
taken at the level of Chile applies to a measure of the central government or a local government.
10. The list of reservations below does not include measures relating to requirements and procedures that a natural or juridical person needs to comply with in order to obtain amend or renew an authorisation [i.e. qualification requirements and procedures, technical standards and licensing requirements and procedures], where they do not constitute a limitation within the meaning of Articles FFSS [National Treatment], [Market Access], or FFSS [CBTS]. These measures may include, in particular, the need to obtain an authorisation, to be registered, to satisfy universal service obligations, to have recognised qualifications in regulated sectors, to pass specific examinations, including language examinations, to fulfil a membership requirement of a particular profession, such as membership in a professional organisation, to have a local agent for service, or to maintain a local address, or any other non-discriminatory requirements that [prohibit certain
activities from being carried out] in protected zones or areas. While not listed, such measures [EU:
may] apply.
11. For greater certainty, for the Union, the obligation to grant national treatment does not entail the requirement to extend to natural or legal persons of Chile the treatment granted in a Member State, pursuant to the Treaty on the Functioning of the European Union, or any measure adopted
pursuant to that Treaty, including their implementation in the Member States, to: (a) natural persons or residents of another Member State; or
(b) legal persons constituted or organised under the law of another Member State or of the Union and having their registered office, central administration or principal place of business in the
Union.
12. Treatment granted to legal persons established by investors of a Party in accordance with the law of the other Party (including, in the case of the Union, the law of a Member State) and having their registered office, central administration or principal place of business within that other Party, is without prejudice to any condition or obligation, consistent with Chapter Il [Investment liberalisation], which may have been imposed on such legal person when it was established in that
other Party, and which shall continue to apply.
13. Unlike foreign subsidiaries, branches established directly in a Member State by a non- European Union financial institution are not, with certain limited exceptions, subject to prudential regulations harmonised at Union level which enable such subsidiaries to benefit from enhanced facilities to set up new establishments and to provide cross-border services throughout the Union. Therefore, such branches receive an authorisation to operate in the territory of a Member State under conditions equivalent to those applied to domestic financial institutions of that Member State, and may be required to satisfy a number of specific prudential requirements such as, in the case of banking and securities, separate capitalisation and other solvency requirements and reporting and publication of accounts requirements or, in the case of insurance, specific guarantee and deposit requirements, a separate capitalisation, and the localisation in the Member State concerned of the
assets representing the technical reserves and at least one third of the solvency margin.
14. For Chile, legal and naturals persons that participate in the Chilean financial market, [EU: may] [CL: can] be regulated, supervised and authorised by the Comisién para el Mercado Financiero (Financial Market Commission) and other public entities. [EU: Domestic and] foreign legal and natural persons shall comply with the non-discriminatory requirements and obligations of the financial sector regulation and may be required to satisfy a number of specific prudential requirements such as, separate capitalisation, legal requirements concerning patrimony, solvency requirements, reporting and publication of accounts requirements, constitution procedure, specific
guarantee and deposit requirements.
15. The Schedules apply only to the territories of Chile and the Union in accordance with [Institutional â Geographical application] and are only relevant in the context of trade relations between the Union and its Member States with Chile. They do not affect the rights and obligations of the Member States under Union law. [Redundant if similar language is included for the whole
agreement in the general provisions].
16. For greater certainty, each Party reserves the right to adopt or maintain any measure with respect to the cross-border supply of all sectors, sub-sectors and activities for financial services that are not specified in Section A.
17. The following abbreviations are used in the list of reservations below:
EU European Union, including all its Member States
AT Austria
BE Belgium
BG Bulgaria
CY Cyprus
CZ Czech Republic DE Germany
DK Denmark
EE Estonia
EL Greece ES Spain FI Finland FR France
HR Croatia
HU Hungary IE Ireland IT Italy
LT Lithuania LU Luxembourg
LV Latvia
MT Malta
NL The Netherlands PL Poland
PT Portugal
RO Romania SE Sweden SI Slovenia
SK Slovak Republic
CPC âProvisional Central Product Classification (Statistical paper Series M, No. 77, Department of International Economic and Social Affairs, Statistical Office of the United Nations, New York (1991))]
CMF = Comisién para el Mercado Financiero (Financial Market Commission)
RESERVATIONS AND MARKET ACCESS COMMITMENTS
Section SECTION A: COMMITMENTS FOR CROSS-BORDER TRADE IN FINANCIAL SERVICES
Sectors, subsectors or activities to which the obligations of Article FS [Cross-border trade in
financial services incorporating local presence, MEN, National treatment and Market Access]]
apply;
Insurance and insurance-related services
In EU,
1.
In CY:
except CY, EE, LV, LT, MT and PL:
insurance of risks relating to: