(j) trading for its own account or for the account of customers, whether on an exchange, in an over-the-counter market or otherwise, of the following:
(i) money market instruments (including checks, bills and certificates of deposit);
(ii) currencies;
(iii) derivative products, including but not limited to futures and options;
(iv) instruments in the foreign exchange and interest rate markets, including products such as swaps and forward rate agreements;
(v) transferable securities;
(vi) other negotiable instruments and financial assets, including metal;
(k) participation in issues of all kinds of securities, including underwriting and placement as agents (publicly or privately), and the provision of services related to such issues;
(l) foreign exchange brokerage;
(m) asset management, such as cash or portfolio management, collective investment management in all its forms, pension fund management, depository and custodial services, and trust services;
(n) payment and clearing services in respect of financial assets, including securities, derivative products and other negotiable instruments;
(o) provision and transfer of financial information, and processing of financial data and related software by providers of other financial services; and
(p) advisory, intermediation and other auxiliary financial services with respect to any of the activities indicated in subparagraphs (e) through (o), including credit reports and analyses, investment and portfolio research and advice, and advice on acquisitions and on corporate restructuring and strategy.
Annex 14.6. Cross Border Trade
Section A. Panama
Insurance and Insurance-Related Services
1. Article 14.6.1 applies to cross-border trade or supply of financial services, as defined in subparagraph (a) of the definition of cross-border trade or supply of financial services in Article 14.19, with respect to:
(a) insurance covering the following risks:
(i) international maritime transport and launching and space transport (including satellites), including any or all of the following elements: the goods being transported, the vehicle transporting the goods and the civil liability that may arise therefrom;
(ii) goods in international transit;
(b) reinsurance and retrocession;
(c) consulting, risk assessment, actuarial and claims adjustment; and
(d) insurance brokerage included in subparagraphs (a) and (b).
2. Article 14.6.1 applies to the cross-border supply or cross-border trade in financial services as defined in subparagraph (c) of the definition of cross-border supply of financial services in Article 14.19, with respect to insurance and insurance-related services listed in paragraph 1.
Banking and Other Financial Services (excluding insurance)
3. For Panama, Article 14.6.1 applies only with respect to:
(a) provision and transfer of financial information referred to in subparagraph (o) of the definition of financial service in Article 14.19 ;
(b) financial data processing and related software referred to in subparagraph
(o) of the definition of financial service in Article 14.194 ; and
(c) advisory and other auxiliary financial services,5 excluding credit intermediation and credit reporting and analysis, with respect to banking and other financial services referred to in subparagraph (o) of the definition of financial service in Article 14.19.
4 It is understood that when the financial information or the processing of financial data referred to in subparagraphs (a) and (b) contains personal information, its treatment shall be in accordance with the Panamanian law regulating the protection of such information.
5 It is understood that advisory and other auxiliary financial services do not include those services referred to in subparagraphs (e) through (o) of the definition of financial service in Article 14.19.
Section B. Peru
Insurance and Insurance-Related Services
1. Article 14.6.1 applies to the cross-border supply or trade in financial services, as defined in subparagraph (a) of the definition of cross-border trade or supply of services in Article 14.19, with respect to:
(a) insurance against risks related to:
(i) maritime transport, commercial aviation and space launch and transport (including satellites), covering any or all of the following: the goods being transported, the vehicle transporting the goods and a n y liability arising therefrom; and
(ii) goods in international transit.
(b) reinsurance and retrocession services;
(c) consultants, actuarial, risk assessment and claims settlement services;
(d) insurance intermediation, such as agents or brokers, as referred to in subparagraph (c) of the definition of financial service in Article 14.19, of insurance of risks related to the services listed in subparagraphs (a) and (b);
2. Article 14.6.1 applies to cross-border trade or supply of financial services, as defined in subparagraph (c) of the definition of cross-border trade or supply of financial services in Article 14.19, with respect to services listed in paragraph 1.
Banking and Other Financial Services (Excluding Insurance)
3. Article 14.6.1 applies only with respect to the provision and transfer of financial information, and financial data processing and related software, referred to in subparagraph (o) of the definition of financial service in Article 14.19 (6) , subject to prior authorization by the relevant regulator, where required, and advisory and other auxiliary financial services (7) , excluding intermediation, related to banking and financial services, and other financial services referred to in subparagraph (p) of the definition of financial service in Article 14.19 (8).
Appendix 14.15. Authorities Responsible for Financial Services
The authority of each Party responsible for financial services shall be:
a) In the case of Peru, the Ministry of Economy and Finance, in coordination with the regulatory agencies;
b) in the case of Panama, the Dirección Nacional de Administración de Tratados Comerciales Internacionales y Defensa Comercial del Ministerio de Comercio e Industrias in consultation with the Superintendencia de Bancos, the Superintendencia de Seguros y Reaseguros and the Comisión Nacional de Valores,
or their respective successors.
Chapter 15. Maritime Services
Article 15.1. Scope of Application
1. This Chapter applies to measures adopted or maintained by any Party affecting maritime cargo transport services and maritime auxiliary services supplied by a maritime transport service supplier of a Party and by related maritime transport service suppliers or maritime auxiliary services of a Party.
2. Measures affecting the supply of maritime transport services are within the scope of the obligations contained in the relevant provisions of Chapters 12 (Investment) and 13 (Cross-Border Trade in Services), and subject to any exceptions or non-conforming measures provided for in this Agreement that are applicable to those obligations.
3. Except as provided in paragraph 2, in case of incompatibility between this Chapter and another Chapter, this Chapter shall prevail to the extent of the incompatibility.
4. Without prejudice to the provisions of this Chapter, the Parties recognize their rights and obligations contracted by virtue of international conventions emanating from the different United Nations organizations, subscribed and ratified by each o f t h e Parties, which regulate the international maritime transportation of goods as well as auxiliary maritime services or activities related to maritime transportation. (1)
Article 15.2. Participation In Transportation
1. The Parties agree to cooperate in order to remove any obstacles that may impede the development of maritime trade between a port of one Party and a port of the other Party and that may interfere with the various activities connected with such trade.
2. The Parties shall endeavor to ensure the safety and/or security of their ships and port facilities, the protection of the marine environment, the safety of life at sea and the work of seafarers.
Article 15.3. National Treatment
A Party shall accord in its ports to vessels of the other Party treatment no less favorable than that accorded to its own vessels with respect to free access to ports, stay and departure from ports, the use of port facilities and all facilities provided by it in connection with commercial and navigational operations, for vessels, their crew and cargo. This provision shall also apply to the assignment of docks and loading and unloading facilities.
Article 15.4. Agents and Representatives
A maritime transportation service supplier of a Party operating in the territory of the other Party shall have the right to establish representations in the territory of that other Party, in accordance with its national legislation.
Article 15.5. Recognition of Vessel Documentation
1. A Party shall recognize the nationality of a vessel of the other Party, upon verifying by means of the shipboard documents, that they have been issued by the competent authority of the other Party or by an organization recognized by said other Party, in accordance with its national legislation. For such purposes, it shall be understood that:
(a) in the case of Peru, the competent authority for issuing onboard documents is the Dirección General de Capitanías y Guardacostas or an organization recognized by Peru;
(b) In the case of Panama, the competent authority for issuing onboard documents is the Panama Maritime Authority or an organization recognized by Panama.
2. Vessel documents issued or recognized by one Party shall be recognized by the other Party.
Article 15.6. Recognition of Travel Documents of the Crew Members O F a Party's Vessel
The Parties shall recognize as travel documents of the crew members of a vessel of a Party the valid passport and seaman's book.
Article 15.7. Jurisdiction
Any dispute arising out of the contract of employment between a shipowner of one Party and a crew member of the other Party shall be referred for settlement to the respective judicial or administrative authorities of the Party to whose flag the vessel belongs.
Article 15.8. Cooperation
Recognizing the global nature of maritime transport, the Parties affirm the importance of:
(a) work together to overcome obstacles faced by companies when using the maritime transport service and share knowledge of best practices;
(b) to share information and experiences on laws, regulations and programs that make the provision of port, maritime and navigation services efficient, as well as to promote study and training opportunities for personnel related to port, maritime and navigation services, which are developed in specialized centers for this purpose;
(c) work to maintain cross-border information flows, as an essential element to promote a dynamic environment that improves the options in the offers for contracting maritime transport services;
(d) actively participate in congresses, symposiums, business meetings, fairs, hemispheric and multilateral forums to promote maritime and port development; and
(e) promote the exchange of students from the Parties' merchant marine schools.
Article 15.9. Points of Contact
1. The Parties establish the following points of contact,
(a) in the case of Peru: the General Directorate of Water Transportation of the Ministry of Transportation and Communications through the Ministry of Foreign Trade and Tourism;
(b) in the case of Panama: the Panama Maritime Authority through the National Directorate for the Administration of International Trade Treaties and Commercial Defense.
or their successors.
2. The points of contact shall meet as necessary to exchange information and to consider matters related to this Chapter, such as:
(a) implementation and administration of this Chapter;
(b) the development and adoption of common criteria, definitions and interpretations for the implementation of this Chapter; or
(c) the proposed amendments to this Chapter.
Article 15.10. Definitions
For the purposes of this Chapter:
vessel of a Party means any vessel flying the flag of a Party and registered in its registry in accordance with the legal provisions of that Party. This term does not include:
(a) vessels used exclusively by the armed forces;
(b) hydrographic, oceanographic and scientific research vessels;
(c) fishing vessels, vessels for research and inspection and for fish processing; and
(d) vessels intended to provide services in harbor traffic and port areas including pilotage, towing, assistance and rescue at sea;
crew members of a vessel of a Party means all persons, including the master and employees, who are currently under contract for activities on board the vessel during a voyage and included on the vessel's crew list or crew roster;
recognized organization means any Classification Society or other organization, which acts on behalf of the competent authority in respect of surveys, surveys, issue of certificates and documents, marking of ships and other statutory work required under the conventions of the International Maritime Organization (IMO);
supplier of services related to maritime transport or maritime auxiliary services of a Party means a person of a Party that seeks to provide or provides an activity related to maritime transport or a maritime auxiliary service;
maritime transport service supplier of a Party means a natural or juridical person of a Party, or a vessel of a Party, that seeks to provide or provides a maritime transport service;
port of a Party means a seaport, including roadsteads, in the territory of that Party that has been approved and opened for international trade; and
auxiliary maritime services or activities related to maritime transport means the supply of complementary services to the maritime activity inside or outside the port area destined to attend the cargo, the vessel or crew, in accordance with the provisions of the legislation of each Party.
Chapter 16. Telecommunications
Article 16.1. Scope of Application
1. This Chapter applies to:
(a) measures adopted or maintained by a Party relating to access to and use of public telecommunications networks or services;
(b) measures adopted or maintained by a Party relating to the obligations of suppliers of public telecommunications networks and services; and
(c) other measures adopted or maintained by a Party relating to public telecommunications networks or services (1).
2. This Chapter does not apply to measures that a Party adopts or maintains in relation to the broadcasting or cable distribution of radio or television programming, unless such measures are intended to ensure that persons operating broadcasting stations and cable systems have access to and use of public telecommunications networks and services.
3. This Chapter does not obligate a Party to:
(a) authorize a service supplier of the other Party to establish, construct, acquire, lease, operate or supply public telecommunications networks or services, except as specifically provided in this Chapter;
(b) establishing, constructing, acquiring, leasing, operating or providing public telecommunications networks or services not offered to the general public; or
(c) obligate a service provider to establish, construct, acquire, lease, operate or supply public telecommunications services or services that are not offered to the general public.
4. Likewise, this Chapter shall not be construed to prevent a Party from prohibiting persons operating private networks from using their networks to provide public telecommunications networks or services to third parties.
Article 16.2. Access to and Use of Public Telecommunication Networks and Services (2)
1. Subject to a Party's right to restrict the supply of a service in accordance with the reservations set out in its Schedules to Annexes I and II, a Party shall ensure that enterprises of the other Party have access to and may use public telecommunications networks or services on reasonable and non-discriminatory terms and conditions, including as set out in paragraphs 2 through 6.
2. Each Party shall ensure that enterprises of the other Party have access to and may use any public telecommunications networks or services offered within or across its borders, including private leased circuits, and, to that end, shall ensure, subject to paragraphs 5 and 6, that such enterprises are permitted to do so:
(a) purchase or lease and connect terminals or other equipment interfacing with public telecommunications networks;
(b) interconnect private leased or owned circuits with that Party's public telecommunications networks and services, or with circuits leased or owned by another enterprise;
(c) use operating protocols of your choice; and
(d) perform switching, signaling and processing functions.
3. Each Party shall ensure that an enterprise of the other Party may use public telecommunications networks and services to move information in its territory or on a cross-border basis, including for intra-enterprise communications of such enterprise and to access information contained in databases or otherwise stored in a machine-readable form in the territory of any Party.
4. In addition to the provisions of Article 21.1 (General Exceptions), a Party may take measures necessary to:
(a) ensuring the security and confidentiality of messages; or
(b) protect the privacy of personal data of telecommunications end users;
provided that such measures are not applied in a manner that would constitute a means of arbitrary or unjustifiable discrimination or a disguised restriction on trade.
5. Each Party shall ensure that no conditions are imposed on access to and use of public telecommunications networks or services, except those deemed necessary for:
(a) safeguard the public service responsibilities of providers of public telecommunications networks or services, in particular their ability to make their networks or services available to the general public;
(b) protect the technical integrity of public telecommunications networks or services; or
(c) ensure that service suppliers of the other Party do not supply services that are limited by the reservations listed by the Parties in their Schedules to Annexes I and II.
6. Provided that they meet the criteria set forth in paragraph 5, the conditions for access to and use of public telecommunications networks or services may include:
(a) the requirement to use specific technical interfaces, including interface protocols, for interconnection with such networks and services;
(b) requirements, when necessary, for the interoperability of such services;
(c) the approval of terminal equipment or other equipment interfacing with the network and technical requirements related to the connection of such equipment to these networks;
(d) restrictions on the interconnection of privately owned or leased circuits with such networks or services, or with circuits owned or leased by another company; and
(e) notification, registration and licensing.
Article 16.3. Procedures Relating to Licenses or Concessions
1. Where a Party requires a supplier to have a license, concession, permit, registration or other type of authorization to provide public telecommunications networks or services, the Party shall make such license, concession, permit, registration or other type of authorization publicly available:
(a) all applicable criteria and procedures for the granting of the license or concession, permit, registration or other type of authorization;
(b) the period of time normally required to reach a decision on an application for a license, concession, permit, registration or other type of authorization; and
(c) the terms and conditions of all licenses, concessions, permits, registrations or other types of authorizations it has issued.
2. The Party shall ensure that, if the application is denied, the applicant is informed of the reasons for its decision in accordance with each Party's procedures.
Article 16.4. Behavior of Dominant or Significant Suppliers
Treatment of Dominant or Significant Suppliers
1. Each Party shall ensure that dominant or major suppliers in its territory accord to public telecommunications service suppliers of another Party treatment no less favorable than that accorded by such major suppliers to their subsidiaries, their affiliates or non-affiliated service suppliers with respect to:
(a) the availability, supply, rates or quality of similar public telecommunications networks or services; and