Maintenance and repair of equipment (not including vessels, aircraft, or other transport equipment), building-cleaning services, photographic services, packing services and convention services: For (a), (b) and (c): None. For (d): No commitments, except as indicated in the Law for the Recruitment of Foreign Workers (Ley para la Contratacion de Trabajadores Extranjeros).
Printing and publishing services: For (a), (b) and (c): None. For (d): No commitments, except as indicated in the Law for the Recruitment of Foreign Workers (Ley para la Contratación de Trabajadores Extranjeros).
Other (CPC 8790) except: credit rating services (CPC 87901); jewellery design services; design services of handicrafts that are identified as Peruvian handicrafts; and other business services not elsewhere classified (CPC 87909): For (a), (b) and (c): None. For (d): No commitments, except as indicated in the Law for the Recruitment of Foreign Workers (Ley para la Contratación de Trabajadores Extranjeros).
Express delivery services: For (a) and (b): No commitments. For (c): None. For (d): No commitments, except as indicated in the Law for the Recruitment of Foreign Workers (Ley para la Contratación de Trabajadores Extranjeros).
Advisory services on telecommunications:For (a), (b) and (c): None. For (d): No commitments, except as indicated in the Law for the Recruitment of Foreign Workers (Ley para la Contratación de Trabajadores Extranjeros).
National or international long-distance telecommunications services: For (a), (b), (c) and (d): Peru reserves the right to adopt or maintain any measure that is not inconsistent with Peru's obligations under Article XVI of GATS.
Carrier telecommunications services, private telecommunications services and value-added services5:
For (a), (b), (c): None, except for the obligation of obtaining a concession, authorisation, registry or any other title which Peru considers convenient to grant in order to habilitate the suppliers to provide these services. The juridical persons constituted under Peruvian law can be eligible for a concession.
Call-back, understood as being the offer of telephone services for the realisation of attempts to make calls originating in the country with the objective of obtaining a return call with an invitation to dial, coming from a basic telecommunications network located outside the national territory, is prohibited.
International traffic shall be routed through the installations of a company holding a concession or other permission for operation granted by the Ministry of Transport and Communications (Ministerio de Transportes y Comunicaciones).
Interconnection among private services is prohibited.
For (d): No commitments, except as indicated in the Law for the Recruitment of Foreign Workers (Ley para la Contratación de Trabajadores Extranjeros).
Commission agents services (except hydrocarbons): For (a), (b) and (c): None. For (d): No commitments, except as indicated in the Law for the Recruitment of Foreign Workers (Ley para la Contratación de Trabajadores Extranjeros).
Retailing services, except alcohol and tobacco: For (a), (b) and (c): None. For (d): No commitments, except as indicated in the Law for the Recruitment of Foreign Workers (Ley para la Contratación de Trabajadores Extranjeros).
Wholesale trade services (except hydrocarbons): For (a), (b) and (c): None. For (d): No commitments, except as indicated in the Law for the Recruitment of Foreign Workers (Ley para la Contratación de Trabajadores Extranjeros).
Franchising: For (a), (b) and (c): None. For (d): No commitments, except as indicated in the Law for the Recruitment of Foreign Workers (Ley para la Contratación de Trabajadores Extranjeros).
Construction services: solely consulting services related to construction: For (a), (b) and (c): None. For (d): No commitments, except as indicated in the Law for the Recruitment of Foreign Workers (Ley para la Contratación de Trabajadores Extranjeros).
Higher Education Services6: For (a): No commitments, except for subjects that are part of a program that mainly takes place outside Peru. For (b): None. For (c) and (d): no commitments.
Environmental services: solely consulting services:For (a), (b) and (c): None. For (d): No commitments, except as indicated in the Law for the Recruitment of Foreign Workers (Ley para la Contratación de Trabajadores Extranjeros).
Hotels and restaurants (including catering), travel agencies and tour operators services, and tourist guide services: For (a), (b) and (c): None. For (d): No commitments, except as indicated in the Law for the Recruitment of Foreign Workers (Ley para la Contratación de Trabajadores Extranjeros).
Entertainment services (including theatre, live bands, and circus services), news agencies services, libraries, archives, museums, and other cultural and sporting services: For (a), (b) and (c): None, except that:
any domestic theatre arts7 and visual arts production and any domestic artistic live performance must be comprised of at least 80 per cent national artists. National artists shall receive no less than 60 per cent of the total payroll for wages and salaries paid to artists. The same percentages shall govern the work of technical personnel involved in artistic activities.
a foreign circus may stay in Peru with the original cast for a maximum of 90 days. This period may be extended for the same period of time. If it is extended, the foreign circus will include a minimum of 30 per cent Peruvian nationals as artists and 15 per cent Peruvian nationals as technicians. The same percentages shall apply to the payroll of salaries and wages.
For (d): No commitments, except as indicated in the Law of the Artist and Performer (Ley del Artista, Intérprete y Ejecutante) and Law for the Recruitment of Foreign Workers (Ley para la Contratación de Trabajadores Extranjeros).
Exploitation of facilities for competitive and recreational sports: For (a), (b) and (c): None. For (d): No commitments, except as indicated in the Law for the Recruitment of Foreign Workers (Ley para la Contratación de Trabajadores Extranjeros).
Recreational parks services:For (a), (b) and (c): None. For (d): No commitments, except as indicated in the Law for the Recruitment of Foreign Workers (Ley para la Contratación de Trabajadores Extranjeros).
Road transport: rental of commercial vehicles with operator, maintenance and repair of road transport equipment, and exploitation of roads, bridges and tunnels services: For (a), (b) and (c): None. For (d): No commitments, except as indicated in the Law for the Recruitment of Foreign Workers (Ley para la Contratación de Trabajadores Extranjeros).
Services auxiliary to all transport: cargo handling services; storage and warehouse services; freight transport agency services: For (a), (b) and (c): None. For (d): No commitments, except as indicated in the Law for the Recruitment of Foreign Workers (Ley para la Contratación de Trabajadores Extranjeros).
Aircraft repair and maintenance services: For (a): No commitments. For (b) and (c): None. For (d): No commitments, except as indicated in the Law for the Recruitment of Foreign Workers (Ley para la Contratación de Trabajadores Extranjeros).
Selling and marketing of air transport services, and computer reservation system services: For (a), (b) and (c): None. For (d): No commitments, except as indicated in the Law for the Recruitment of Foreign Workers (Ley para la Contratación de Trabajadores Extranjeros).
Airport operation and ground handling services: For (a) and (b): No commitments. For (c): None. For (d): No commitments, except as indicated in the Law for the Recruitment of Foreign Workers (Ley para la Contratación de Trabajadores Extranjeros).
For greater certainty, nothing in this entry shall be inconsistent with Peru's commitments under Article XVI of GATS.
Existing Measures:
(1) For greater certainty, "maritime matters" includes transport by lakes and rivers.
(2) An illustrative list of existing state enterprises in Peru can be found at the following website: www.fonafe.gob.pe.
(3) The term "theatre arts" means live performances or presentations such as drama, dance or music.
(4) For greater certainty, water transportation includes transportation by lakes and rivers.
(5) Value-added services shall be defined in accordance with Peruvian legislation.
(6) For greater certainty, these commitments do not affect any regulation or mandatory requirements related to the recognition of certificates or degrees and they shall not be construed to exempt any student from meeting any applicable requirement to practice a profession or otherwise engage in business activities.
(7) The term "theatre arts" means live performances or presentations such as drama, dance or music.
ANNEX III. Explanatory notes
1. The Schedule of a Party to this Annex sets out:
- headnotes or introductory notes that limit or clarify the commitments of a Party with respect to the obligations described in paragraphs 1(b) and 1(c);
- in Section A, pursuant to Article 10.10.1, a Party's existing measures that are not subject to some or all of the obligations imposed by:Article 10.3;Article 10.4;Article 10.5;Article 10.6; orArticle 10.9; and
- Article 10.3;
- Article 10.4;
- Article 10.5;
- Article 10.6; or
- Article 10.9; and
- in Section B, pursuant to Article 10.10.2 (Non-Conforming Measures), 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 obligations imposed by:Article 10.3;Article 10.4;Article 10.5;Article 10.6; orArticle 10.9.
- Article 10.3;
- Article 10.4;
- Article 10.5;
- Article 10.6; or
- Article 10.9.
2. Each Schedule entry in Section A sets out the following elements:
- Sector refers to the sector for which the entry is made;
- Sub-Sector, where referenced, refers to the specific subsector for which the entry is made;
- Obligations Concerned specifies the obligations referred to in paragraph 1(b) that, pursuant to Article 10.10.1(a), do not apply to the listed measures as indicated in the headnote or introductory note for each Party's Schedule;
- Level of Government indicates the level of government maintaining the listed measures;
- Measures identifies the laws, regulations or other measures for which the entry is made. A measure cited in the Measures element:means the measure as amended, continued or renewed as of the date of entry into force of this Agreement; andincludes any subordinate measure adopted or maintained under the authority of and consistent with the measure; and
- means the measure as amended, continued or renewed as of the date of entry into force of this Agreement; and
- includes any subordinate measure adopted or maintained under the authority of and consistent with the measure; and
- Description, as indicated in the headnote or introductory note for each Party's Schedule, either sets out the non-conforming measure or provides a general non-binding description of the measure for which the entry is made.
3. Each Schedule entry in Section B sets out the following elements:
- Sector refers to the sector for which the entry is made;
- Sub-Sector, where referenced, refers to the specific subsector for which the entry is made;
- Obligations Concerned specifies the obligations referred to in paragraph 1(c) that, pursuant to Article 10.10.2, do not apply to the sectors, subsectors or activities listed in the entry;
- Level of Government indicates the level of government maintaining the listed measures;
- Description sets out the scope or nature of the sectors, subsectors or activities covered by the entry to which the reservation applies; and
- Existing Measures identifies, for transparency purposes, a non-exhaustive list of existing measures that apply to the sectors, subsectors or activities covered by the entry.
4. Parties recognise that measures falling under exceptions applicable to this Chapter, such as those in Article 10.11 (Exceptions), need not be scheduled. Nevertheless, the Parties may have listed measures that fall within applicable exceptions. For greater certainty, the listing of a measure in a Party's Schedule to Annex III is without prejudice to whether that measure or any other measure:
- adopted or maintained by the Party; or
- adopted or maintained by any other Party,
is covered by exceptions such as those in Article 10.11.
ANNEX III. Schedule of australia
INTRODUCTORY NOTES
1. Commitments under Chapter 10 (Financial Services) are undertaken subject to the limitations and conditions set forth in these headnotes and the Schedule below.
2. To clarify Australia's commitment with respect to Article 10.5 (Market Access for Financial Institutions), juridical persons supplying financial services and constituted under the laws of Australia are subject to non-discriminatory limitations on juridical form. (1)
3. Article 10.10.1(c) (Non-Conforming Measures) shall not apply to non-conforming measures relating to Article 10.5(b) (Market Access for Financial Institutions).
4. Description sets out the non-conforming measure for which the entry is made.
5. For Section A of this Schedule, in accordance with Article 10.10.1 (Non- Conforming Measures), the Articles specified in the Obligations Concerned element of an entry shall not apply to the non-conforming measures identified in the Description element of that entry.
Section A.
Sector: Financial Services
Sub-Sector: Banking and other financial services (excluding insurance)
Obligation Concerned: National Treatment (Article 10.3)Market Access for Financial Institutions (Article 10.5)
Level of Government: Central
Measures: Banking Act 1959 (Cth)Payment Systems (Regulation) Act 1998 (Cth)
Description: A branch of a foreign bank that is authorised as a deposit taking institution in Australia (foreign ADI) is not permitted to accept initial deposits (and other funds) from individuals and non-corporate institutions of less than $A250,000.
A representative office of a foreign bank is not permitted to undertake any banking business, including advertising for deposits, in Australia. Such a representative office is only permitted to act as a liaison point.
Sector: Financial Services
Sub-Sector: All
Obligation Concerned: Senior Management and Boards of Directors (Article 10.9)
Level of Government: Central
Measures: Corporations Act 2001 (Cth)Corporations Regulations 2001 (Cth)
Description: At least one director of a private company must be ordinarily resident in Australia.
At least two directors of a public company must be ordinarily resident in Australia.
Sector: Financial Services
Sub-Sector: All
Obligation Concerned: National Treatment (Article 10.3) Most-Favoured-Nation Treatment (Article 10.4)Market Access for Financial Institutions (Article 10.5)Cross-Border Trade (Article 10.6)Senior Management and Boards of Directors (Article 10.9)
Level of Government: Regional
Measures: All existing non-conforming measures at the regional level of government.
Description: All existing non-conforming measures at the regional level of government.
Sector: Financial Services
Sub-Sector: Banking and other financial services (excluding insurance)
Obligation Concerned: National Treatment (Article 10.3)
Level of Government: Central
Measures: Commonwealth Banks Act 1959 (Cth)
Description: Liabilities of the Commonwealth Bank, previously Commonwealth Government-owned, are covered by transitional guarantee arrangements.
Sector: Financial Services
Sub-Sector: Life insurance services
Obligation Concerned: National Treatment (Article 10.3)Market Access for Financial Institutions (Article 10.5)
Level of Government: Central
Measures: Life Insurance Act 1995 (Cth)
Description: Approval of non-resident life insurers is restricted to subsidiaries incorporated under Australian law.
Section B.
Sector: Financial Services
Sub-Sector: All
Obligation Concerned: National Treatment (Article 10.3)
Level of Government: Central and regional
Description:
Australia reserves the right to adopt or maintain any measure with respect to the guarantee by government of government- owned entities whose operations include the provision of financial services, including guarantees related to the privatisation of such entities.
(1) For example, partnerships and sole proprietorships are generally not acceptable juridical forms for authorised depository institutions in Australia. This headnote is not itself intended to affect, or otherwise limit, a choice by a financial institution of the other Party between branches or subsidiaries.
ANNEX III. Schedule of peru
INTRODUCTORY NOTES
1. Commitments under Chapter 10 (Financial Services), in the sector and sub-sectors listed in this Schedule, are undertaken subject to the limitations and conditions set forth in these headnotes and in the Schedule below.
2. To clarify the commitment of Peru with respect to Article 10.5 (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 (1)
3. Article 10.10.1(c) (Non-Conforming Measures) shall not apply to those non- conforming measures relating to Article 10.5(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.
Sector: Financial Services
Sub-Sector: Banking and other financial services (excluding insurance)
Obligation Concerned: Market Access for Financial Institutions (Article 10.5)
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 consistent with Article 10.11.1 (Exceptions) the operations of the branch are limited by its capital located in Peru.
Sector: Financial Services
Sub-Sector: Insurance and insurance-related services
Obligation Concerned: Market Access for Financial Institutions (Article 10.5)
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 consistent with Article 10.11.1 (Exceptions) the operations of the branch are limited by its capital located in Peru.
Sector: Financial Services
Sub-Sector: Banking and other financial services (excluding insurance)
Obligation Concerned: Cross-Border Trade (Article 10.6)
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 ProvisionGeneral 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.
Sector: Financial Services
Sub-Sector: Banking and other financial services (excluding insurance)
Obligation Concerned: National Treatment (Article 10.3)
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 amendmentsLaw Establishing the Banco Agropecuario(Ley de Creación del Banco Agropecuario), Law N° 27603 and its amendmentsLaw Establishing the Corporación Financiera de Desarrollo (COFIDE) (Ley de Creación de la Corporación Financiera de Desarrollo (COFIDE)), Law Decree N° 206 and its amendments and Law Nº 25382Law Establishing the Banco de la Nación(Ley de Creación del Banco de la Nación), Law N° 16000 and its amendmentsLaw Nº 28579, (Ley de Conversión del Fondo Hipotecario de la Vivienda - Fondo MIVIVIENDA a Fondo MIVIVIENDA S.A.)and its amendmentsLaw N° 10769 (Creando la Caja Municipal de Crédito Popular de Lima) and its amendmentsSupreme Decree N° 157-90-EF (Norman Funcionamiento en el País de las Cajas Municipales de Ahorro y Crédito) and its amendmentsSupreme 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: (2)
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.
Sector: Financial Services
Sub-Sector: Banking and other financial services (excluding insurance)
Obligations Concerned: Market Access for Financial Institutions (Article 10.5)
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 ProvisionLegislative 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 12Law N° 26361,Law on Commodities Exchange(Ley sobre Bolsas de Productos) and its amendments, Articles 2, 9 and 15Law Decree N° 22014 (Empresas Administradoras de Fondos Colectivos se constituirán como Sociedades Anónimas), Article 1Consolidated Text of the Law of Private Pension Funds(Texto Organico 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 Ãnico 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.
Sector: Financial Services
Sub-Sector: All
Obligation Concerned: Cross-Border Trade (Article 10.6)
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.
Sector: Financial Services
Sub-Sector: Insurance and insurance-related services