Brazil reserves the right to adopt or maintain any measure providing for more favourable treatment within the Agreement on International Land Transport (ATIT) framework for authorised suppliers of its signatory parties.
20. Sector: Mining and Quarrying
Sub-Sector:
Obligations Concerned: National Treatment (Article 9.3 and Article 10.4) Senior Management and Boards of Directors (Article 9.6) Most-Favoured Nation Treatment (Article 9-A.4 and Article 10.10)
Description: Investment and Trade in Services
Brazil reserves the right to maintain any measure related to the exploitation, use, mining and research of mineral deposits and other mineral resources.
21. Sector: Energy
Sub-Sector:
Obligations Concerned: National Treatment (Article 9.3 and Article 10.4) Senior Management and Boards of Directors (Article 9.6) Most-Favoured Nation Treatment (Article 9-A.4 and Article 10.10)
Description: Investment and Trade in Services
Brazil reserves the right to adopt or maintain any measure relating to the transportation, treatment, refining, processing, storage, distribution, compression, liquefaction, decompression, regasification, sale to the public and commercialisation of hydrocarbons, petroleum products and petrochemicals, in the national territory, including the continental shelf and the exclusive economic zone situated outside the territorial sea and adjacent to it, in mantles or deposits, whatever their physical state.
22. Sector: Energy
Sub-Sector:
Obligations Concerned: National Treatment (Article 9.3 and Article 10.4) Most-Favoured Nation Treatment (Article 9-A.4 and Article 10.10)
Description: Investment and Trade in Services
Brazil reserves the right to adopt or maintain any measure regarding the use of hydraulic energy potentials by foreign persons.
23. Sector: Energy
Sub-Sector:
Obligations Concerned: National Treatment (Article 9.3 and Article 10.4) Senior Management and Boards of Directors (Article 9.6) Most-Favoured Nation Treatment (Article 9-A.4 and Article 10.10)
Description: Investment and Trade in Services
Brazil reserves the right to adopt or maintain any measure regarding the exploitation of nuclear services and facilities of any nature, as well as to exercise state monopoly over research, mining, enrichment and reprocessing, industrialisation and trade of nuclear ores and their derivatives.
24. Sector: All
Sub-Sector:
Obligations Concerned: Market Access (Article 10.3)
Description: Trade in Services
In addition to the horizontal reservations in this List B and non
conforming measures indicated under List A, Brazil reserves the right to adopt or maintain any measure related to Article 10.3 (Market Access), except for the following sectors and subsectors, which are subject to the limitations and conditions listed below.
For the purposes of this entry:
(1) refers to the supply of a service from the territory of Singapore to the territory of Brazil;
(2) refers to the supply of a service in the territory of Singapore to a service consumer of Brazil;
(3) refers to the supply of a service by a service supplier of Singapore through commercial presence in the territory of Brazil.
Legal services (legal advisory on international and Singaporean law only)
(1) and (2) None. (3) Firms providing legal advisory on international and foreign law must be established under Brazil s laws and regulations, limiting their business purposes solely to advisory on international and foreign law. All the firms' partners must be advisors on international and foreign law.
Accounting, auditing and book-keeping services
(1) Establishment is required. (2) None. (3) It is necessary to establish a juridical person solely for the provision of professional auditing services and other services related to the accountancy profession.
Taxation advisory services (does not include legal services)
(1) Unbound. (2) and (3) None.
Architectural services, engineering services, integrated engineering services, urban planning and landscape architectural services
(1) Professionals must be first registered in the Conselho Regional under whose jurisdiction the place of their activity is located. (2) None. (3) For purposes of legal liability, foreign service suppliers must join Brazilian service suppliers in the form of a consrcio .
Veterinary Services
(1), (2) and (3) None.
Others (biology, pharmacy, psychology, librarianship)
(1), (2) and (3) None.
Computer and related services -except for time-stamping (n.d) and digital certification (n.d)
(1), (2) and (3) None.
Research and development services in the natural sciences
(1) Mineral research can only be performed by Brazilian natural and juridical persons who have been authorised or granted concessions for that purpose by the Union, considering national interests. (2) None. (3) No authorisation shall be granted to carry out operations and activities of research, exploration, removal or demolition of sunken, submerged, stranded and lost objects or goods in waters of national jurisdiction, in areas and extension areas belonging to the Navy and in marginal lands, as a result of a casualty or maritime accident, to foreign persons or Brazilian juridical persons controlled by foreign persons, which cannot be subcontracted by Brazilian natural or juridical persons. Authorisation will only be granted for research and scientific investigations by foreign persons or by international organisations when they derive from contracts, agreements or conventions with Brazilian institutions, except in cases in which no entity in Brazil has shown interest in signing such commitments. Marine scientific research on the continental shelf and in the exclusive economic zone can only be carried out by foreign providers with the prior consent of the Brazilian government.
Research and development services in social sciences and humanities
(1) Unbound. (2) and (3) None.
Interdisciplinary research and development services
(1) Unbound. (2) None. (3) None. In the case of interdisciplinary research and development activities involving research and development in the natural sciences, the restrictions of the corresponding subsector should be observed.
Real estate services involving own or leased real estate and on a fee or contract basis
(1), (2) and (3) None.
Rental or leasing services without operators: relating to ships without crew; relating to aircraft (excluding the concession of public air services) without crew; relating to other transport equipment without operators; relating to other machinery and equipment without operators; and relating to personal and household goods
(1) and (2) None. (3) Leasing companies must adopt the legal form of corporations (S.A.s).
Market research and public opinion polling services
(1), (2) and (3) None.
Management consulting services and services related to management consulting
(1), (2) and (3) None.
Technical testing and analysis services
(1), (2) and (3) None.
Services incidental to agriculture and forestry (does not include services incidental to hunting)
(1) Unbound. (2) and (3) None.
Services incidental to fishing (does not include the property of fishing boats)
(1) Foreign vessels may only carry out fishing activities in Brazil when authorised by an act of the competent authority. (2) and (3) None.
Services incidental to mining
(1) The extraction of mineral resources can only be performed by Brazilian natural and juridical persons who have been authorised or granted concessions for that purpose by the Union, considering national interests. (2) None. (3) Foreign service providers may only carry out activities in the national territory if they are associated with Brazilian service providers through a conscio , in which the Brazilian partner maintains the leadership.
Services incidental to manufacturing
(1), (2) and (3) None.
Placement and supply services of personnel
(1), (2) and (3) None.
Scientific and technical consulting services
(1), (2) and (3) None.
Maintenance and repair services of equipment (except transport equipment)
(1) Unbound. (2) and (3) None.
Building cleaning services
(1) Unbound. (2) and (3) None.
Photographic services
(1), (2) and (3) None.
Packaging services
(1) Unbound. (2) and (3) None.
Convention services
(1), (2) and (3) None.
Other translation and interpretation services (excluding official translators)
(1), (2) and (3) None.
Postal services (not including the activities reserved to the Brazilian designated operator, which comprise pick-up, receiving, handling, transport and delivery of letters, postcards and grouped correspondence, whether to domestic or foreign destinations, including any form of consignment, whether priority, non-priority, urgent, express, etc., as well as the issuance of stamps and other postage payments)
(1), (2) and (3) None.
Telecommunication services: local, long distance and international services, for public and non-public use, provided with the use of any network technology (cable, satellite, etc) - voice telephone services, packet-switched data transmission services, circuit-switched data transmission services, facsimile services, private leased circuit services, E-mail, voice mail, access online data streams and information, Electronic Data Interchange (EDI), advanced facsimile, including "store-and-forward" and "store-and-retrieve", conversion of codes and protocols, online processing of data or information (including transaction processing, other mobile services (analogue and digital cellular services; global mobile satellite services; paging services; and trunked services)
(1) and (2) Unbound. (3) None, except that only juridical persons, established according to Brazil s domestic laws and regulations, which require head office and management located in the Brazilian territory, can obtain a licence from the competent authority to supply telecommunication services in Brazil.
Construction and related engineering services: general construction work for buildings; general construction work for civil engineering; installation and assembly work and maintenance and repair of fixed structures; building completion and finishing work; and others
(1) Unbound. (2) and (3) None.
Distribution services: commission agents services; wholesale trade services; retailing services; and franchising
(1), (2) and (3) None.
Environmental services: sewage services; refuse disposal services; sanitation and similar services; cleaning services of exhaust gases, noise and vibration abatement, Remediation and clean-up of soil and waters
(1) and (2) None. (3) None, except that the provision of these services to the Brazilian government (at federal, state and municipal levels) requires a public concession.
Tourism and travel related services: hotels and restaurants
(1) Unbound. (2) and (3) None.
Tourism and travel related services: travel agencies and tour operators services; tourist guide services
(1) Unbound (2) Unbound. (3) None.
Sporting and other recreational services (except sports event promotion services, sports event organisation services, sports facility operation services, gambling and betting services and multiplex services)
(1) Unbound. (2) None. (3) Unbound, except that sports entities participating in professional competitions as well as the leagues in which they are organised, which are not constituted as commercial companies or which do not hire a commercial company to manage their professional activities, for all legal purposes, are treated as de facto or irregular business organisations, in accordance with commercial law.
Sporting services: sports event promotion services, sports event organisation services and sports facility operation services
(1) Unbound. (2) and (3) None.
Maritime Transport Services: Passenger Transport Services
(1) Unbound. (2) and (3) None.
Air transport services: computer reservation system services
(1), (2) and (3) None.
Rail transport services: freight transportation
(1) The commitments made in this subsector are subject to the provisions of the Agreement on International Land Transportation (ATIT/ALADI). Internal transport is prohibited. (2) None. (3) A governmental concession is required for the provision of the service. The granting of new concessions is discretionary. The number of service providers may be limited.
Road transport services: freight transport
(1) An international agreement is necessary. The commitments entered into in this subsector are subject to the provisions of the Agreement on International Land Transportation (ATIT/ALADI) and internal transport is prohibited. (2) None. (3) None, except for international land transportation, as provided for in the Agreement on International Land Transportation (ATIT/ALADI).
Pipeline transport services: Transportation of other goods (excluding hydrocarbon products)
(1) and (2) Unbound. (3) None.
Services auxiliary to all modes of transport: cargo handling services; storage and warehouse services
(1), (2) and (3) None.
APPENDIX TO LIST B COMMITMENTS FOR FINANCIAL SERVICES BRAZIL
EXPLANATORY NOTES
1. This Appendix should be read together with all measures and reservations in the Schedule of Reservations and Non-Conforming Measures for Services and Investment for Brazil in Annex III. For greater certainty, this Appendix does not include commitments on Most-Favoured Nation, Local Presence and the supply of services through the presence of natural persons of a State Party in the territory of another State Party.
2. For the purposes of this Appendix:
(1) refers to the supply of a service from the territory of Singapore to the territory of Brazil;
(2) refers to the supply of a service in the territory of Singapore to a service consumer of Brazil;
(3) refers to the supply of services by a service supplier of Singapore through commercial presence in the territory of Brazil.
3. For the purposes of this Appendix, "section" refers to the sector "7. Financial Services", and "subsection" refers to that particular financial services subsector.
4. For greater certainty, measures inconsistent with both Article 10.3 (Market Access) and Article 10.4 (National Treatment) of Chapter 10 (Trade in Services) shall be inscribed in the column relating to Article 10.3 (Market Access). In this case, the inscription will be considered to provide a condition or qualification to Article 10.4 (National Treatment) as well.
7. FINANCIAL SERVICES
(a) Brazil reserves the right to adopt or maintain any type of prudential measure that is not applied as an arbitrary or unjustifiable discrimination against financial services or financial service suppliers of another State Party or as a disguised restriction on trade in financial services.
(b) Financial service suppliers shall be organised as a "sociedade anima" (publicly-held company), unless otherwise specified.
(c) Financial service suppliers of banking services shall be authorised by Presidential decree in order to be incorporated under Brazil's laws and regulations.
(d) Business service sellers, contractual service suppliers and independent professionals are not allowed to supply financial services in Brazil.
(e) There are legal limits to the acquisition of foreign financial services by Brazilian financial institutions.
(f) Transfer of information, including personal information, into and out of Brazil's territory by electronic or other means for the conduct of business within the scope of the license, authorisation, or registration granted by a Brazilian financial authority to a financial service supplier of Singapore must be undertaken in accordance with terms and conditions set forth in Brazil's laws and regulations.
(g) Financial services supplied by an offshore financial service supplier [1] are not covered by this list.
[1] Offshore financial service supplier means a financial service supplier, set up in accordance with the laws and regulations of a State Party, which is owned of controlled by non-residents of any State Party and whose activities are mostly related to non-residents, generally on a scale out of proportion to the size of the economy of the host State. These non-resident-owned or non-resident-controlled institutions, if considered as a juridical person of a State Party, could benefit from the Agreement in a way they would not if their transactions were done from the owner or controller country of origin. http://www.imf.org/external/pubs/ft/eds/Eng/Guide/file6.pdf.
7.A. Insurance and insurance-related services
(a) Insurance defined as mandatory by law can only be placed in Brazil.
(b) Reinsurers domiciled abroad must be registered before the insurance supervisor as occasional reinsurer without representative office or as admitted reinsurer with representative office in Brazil and meet specific prudential requirements.
(c) Reinsurers domiciled in countries or jurisdictions where corporate income is either not taxed or taxed at a rate lower than 20% or whose domestic laws and regulations impose secrecy on the ownership of corporations are not allowed to register as occasional reinsurers. However, registration is possible for the supply of reinsurance services as admitted reinsurers.
(d) Admitted reinsurers must hold a minimum amount deposit in a foreign currency account in Brazil, bound to the insurance supervisor. For transparency purposes, in 2022, this amount is USD$1 million for Life business and USD$5 million for Non Life business.
(e) Reinsurance for endowment life insurance, pension plans and other products with cash value savings features can only be placed in Brazil with local reinsurers. Exemption for risk coverages sold within those plans (for example death and disability coverages).
(f) Cross-border reinsurance is subject to the condition that 40 % of each cession has to be first offered to local reinsurers with right of first refusal, provided they offer similar conditions to the international market.
(g) Technical representatives of insurance, reinsurance and retrocession service suppliers, as well as related service suppliers, shall have permanent residency in Brazil.
(h) Direct insurance (including co-insurance) and Insurance and Retrocession with the exception of CPC 81299 and CPC 8140 can only be provided by juridical persons.
| Modes of Supply: | (1) Cross-border supply | (2) Consumption abroad | (3) Commercial presence |
| Sector or subsector. | Limitations on Market Access | Limitations on National Treatment | Additional Commitments |
| 7.A.1. Direct insurance (including co-insurance) | (3) The establishing of foreign companies' branches without the need for incorporation as a Brazilian juridical person can be individually allowed by a Presidential authorisation. |
| Modes of Supply: | (1) Cross-border supply | (2) Consumption abroad | (3) Commercial presence |
| Sector or subsector | Limitations on Market Access | Limitations on National Treatment | Additional Commitments |
| (a) Life (except closed pension funds) (CPC 8121) | (1) Unbound, except for insurance covering risks for which there is no insurance available in Brazil, in accordance with the provisions defined horizontally in this sub sector (2) Unbound, except for insurance covering risks for which there is no insurance available in Brazil, in accordance with the provisions defined horizontally in this subsector (3) None, except that pension plan suppliers are not allowed to engage in other business activities, including other non-life insurance services; life insurance suppliers are allowed to supply non-life insurance, but not to engage in other business activities; horizontal provisions apply | (1) Unbound, except for insurance covering risks for which there is no insurance available in Brazil, in accordance with the provisions defined horizontally in this sub sector (2) Unbound, except for insurance covering risks for which there is no insurance available in Brazil, in accordance with the provisions defined horizontally in this sub sector (3) None | |
| (b) Non-life (CPC 8129) | (1) Unbound, except for insurance covering risks for which there is no insurance available in Brazil, in accordance with the provisions defined horizontally in this sub sector (2) Unbound, except for insurance covering risks for which there is no insurance available in Brazil, in accordance with the provisions defined horizontally in this sub sector (3) None other than horizontally indicated in this section | (1) Unbound, except for insurance covering risks for which there is no insurance available in Brazil, in accordance with the provisions defined horizontally in this sub sector (2) Unbound, except for insurance covering risks for which there is no insurance available in Brazil, in accordance with the provisions defined horizontally in this sub sector (3) None | |
| (b.1) Health insurance services (except pre-paid systems) (CPC 81291) | (1) Unbound, except for insurance covering risks for which there is no insurance available in Brazil, in accordance with the provisions defined horizontally in this sub sector (2) Unbound, except for insurance covering risks for which there is no insurance available in Brazil, in accordance with the provisions defined horizontally in this sub sector (3) None other than horizontally indicated in this section | (1) Unbound, except for insurance covering risks for which there is no insurance available in Brazil, in accordance with the provisions defined horizontally in this sub sector (2) Unbound, except for insurance covering risks for which there is no insurance available in Brazil, in accordance with the provisions defined horizontally in this sub sector (3) None | |
| (b.2) Freight insurance services (maritime, aeronautical and terrestrial and others) (CPC 81294) | (1) None for exported goods. Unbound for imported goods, except for insurance covering risks for which there is no insurance available in Brazil, in accordance with the provisions defined horizontally in this sub sector (2) None for exported goods. Unbound for imported goods, except for insurance covering risks for which there is no insurance available in Brazil, in accordance with the provisions defined horizontally in this sub sector (3) None other than horizontally indicated in this section | (1) None for exported goods. Unbound for imported goods, except for insurance covering risks for which there is no insurance available in Brazil, in accordance with the provisions defined horizontally in this sub sector (2) None for exported goods. Unbound for imported goods, except for insurance covering risks for which there is no insurance available in Brazil, in accordance with the provisions defined horizontally in this sub sector (3) None | |
| (b.3) Hull, machinery and civil liability insurance services for vessels (CPC 81293). | (1) None for vessels registered in the Brazilian Special Register ("Registro Especial Brasileiro" REB) if the insurance is not offered in Brazil or if domestic prices differ from international ones. Unbound for vessels not registered in the REB (2) None for vessels registered in the Brazilian Special Register ("Registro Especial Brasileiro" REB) if the insurance is not offered in Brazil or if domestic prices differ from international ones. Unbound for vessels not registered in the REB. (3) None other than horizontally indicated in this section | (1) None for vessels registered in the Brazilian Special Register ("Registro Especial Brasileiro" REB) if the insurance is not offered in Brazil or if domestic prices differ from international ones. Unbound for vessels not registered in the REB (2) None for vessels registered in the Brazilian Special Register ("Registro Especial Brasileiro" REB) if the insurance is not offered in Brazil or if domestic prices differ from international ones. Unbound for vessels not registered in the REB. (3) None | |
| 7.A.2. Reinsurance and retrocession. | (1) None, in accordance with the terms and conditions applicable to reinsurance and retrocession as defined horizontally in the sub sector, but subject to limits of premiums ceded in reinsurance/retrocession to non resident providers (2) None, in accordance with the terms and conditions applicable to reinsurance and retrocession as defined horizontally in the sub sector, but subject to limits of premiums ceded in reinsurance/retrocession to non resident providers (3) None, in accordance with the terms and conditions applicable to reinsurance and retrocession as defined horizontally in the sub sector. | (1) None, in accordance with the terms and conditions applicable to reinsurance and retrocession as defined horizontally in the sub sector (2) None, in accordance with the terms and conditions applicable to reinsurance and retrocession as defined horizontally in the sub sector (3) None, in accordance with the terms and conditions applicable to reinsurance and retrocession as defined horizontally in the sub sector. | |
| (c) Insurance and reinsurance | (1) Unbound 2) Unbound (3) None, except that the brokerage service supplier must be organised in the form of either a "sociedade anima" or a "sociedade ltda" (corporation or limited partnership) and, for reinsurance inter-mediation, its sole business purpose must be to act as intermediary in reinsurance and retrocession contracting | (1) Unbound (2) Unbound (3) None, except that, for insurance inter-mediation, the technical representative and technical director (or managing partner) must be a permanent resident in Brazil | |
| (d) Services auxiliary to insurance, such as consultancy, actuarial, risk assessment and claims settlement services (CPC 8140) | (1) Unbound (2) Unbound (3) None other than horizontally indicated in this subsection and section | (1) Unbound (2) Unbound (3) None other than horizontally indicated |