Remark: The reservation applies only to the granting of sureties, guarantees and financial back-up facilities by a domestic bank to non-residents in foreign currency that would cause the total value of such operations to exceed the equivalent of 25% of the bank’s effective net worth.
List B, Sureties, guarantees and financial back-up facilities
X/B2 —Financial back-up facilities granted by residents in favour of non- residents.
Remark: The reservation applies only to the granting of sureties, guarantees and financial back-up facilities by a domestic bank to non-residents in foreign currency that would cause the total value of such operations to exceed the equivalent of 25% of the bankâs effective net worth.
List B, Operation of deposit accounts.
XI/B—Operation by residents of accounts with non-resident institutions.
Remark: The reservation applies only to the deposit of funds with non-resident institutions by insurance companies that would cause foreign assets to have a share in technical reserves plus required capital greater than 20%; by managers of DL3500 pension funds and the Retirement Bonus Fund of Law 19882 that would cause foreign assets or time deposits to represent an amount greater than the limits established for them in DL3500 as amended in 2008; by the Unemployment Fund of Law 19728 to represent an amount greater than the limits established in such law; and by managers of housing funds that would cause foreign assets to have a share of more than 30% in total assets under administration.
Colombia
List A, Direct investment:
I/A—In the country concerned by non-residents.
Remark: The reservation applies only to:
i) the purchase of real estate in border regions, national coasts, or insular territory of Colombia, defined as follows:
(a) border region means a zone of two kilometres in width, parallel to the national border line;
(b) national coast means a zone of two kilometres in width, parallel to the line of the highest tide; and
(c) insular territory means islands, islets, keys, headlands, and shoals that are part of the territory of Colombia;
ii) the establishment of branches of non-resident financial institutions, except banks and insurance companies, and entities providing intermediation services for insurance contracts other than those relating to (a) the goods in international trade that are not covered under reservations under item D/2 and (b) reinsurance and retrocession services;
iii) the establishment of branches in air transport and port services;
iv) small scale (artisanal) fishing;
v) foreign equity participation of over 40 percent in television broadcasting enterprises providing free-to-air services;
vi) private security and surveillance services.
ListB, Operations in real estate:
T/A1— Operations in the country concerned by non-residents.
Remark: The reservation applies only to the purchase of real estate in border regions, national coasts, or insular territory of Colombia, defined as follows:
(a) border region means a zone of two kilometres in width, parallel to the national border line;
(b) national coast means a zone of two kilometres in width, parallel to the line of the highest tide; and
(c) insular territory means islands, islets, keys, headlands, and shoals that are part of the territory of Colombia.
List A, Operations in securities on capital markets:
IV/ Cl, D1, D2— Operations in the country concerned by non-residents.
Remark: The reservation applies only to the purchase of shares and other securities of a participating nature which may be affected by laws on inward direct investment and establishment.
—Operations abroad by residents.
—Purchase.
Remark: The reservation applies only to:
i) the purchase of foreign securities by insurance companies that would cause foreign assets to have a share in technical reserves greater than 40%, by managers pension and severance funds that would cause foreign assets bonds to represent an amount greater than the limits established for them in Decree 2555 of 2010, as amended by Decree 857 of 2011;
ii) the purchase abroad of foreign securities by resident stockbrokers and other securities intermediaries for the account of their clients;
iii) the purchase by Foreign Exchange Market Intermediaries, including banks, of bonds issued by their affiliates or subsidiaries established abroad.
—Sale
Remark: The reservation applies only to:
i) financing in foreign currency that the foreign exchange market intermediaries obtain from non-residents by selling securities abroad, which may only be used for the following purposes:
a. acquisition of assets, through lending or other transactions, in the same foreign currency in which the financing was obtained, provided that such transactions‘ maturities are equal to or less than that of the financing obtained; or
b. acquisition of assets, through lending or other transactions, in local currency (Colombian Peso) provided that such transactionsâ maturities are equal to or less than that of the financing obtained abroad and only to the extent that the such foreign financing is matched by foreign currency derivative hedging; or
c. export leasing transactions; or
d. transactions as local liquidity providers of foreign currency with Foreign Exchange Clearing and Settlement Systems, provided that these transactions’ term is less than that of the financing obtained; ii) financing in domestic currency that the foreign exchange market intermediaries obtain from non-residents by selling securities abroad, except to fund the acquisition of assets, through lending or other transactions, in domestic currency;
iii) the sale abroad of foreign securities by resident stockbrokers and other securities intermediaries for the account of their clients.
List B, Operations on money markets:
V/D1, D2, D3, D4
—Operations abroad by residents.
—Purchase of money market securities and lending through other money market instruments.
Remark: The reservation applies only to:
i) the purchase of money market securities and lending through other money market instruments by insurance companies that would cause foreign assets to have a share in technical reserves greater than 40%; by managers pension and severance funds that would cause foreign assets bonds to represent an amount greater than the limits established for them in Decree 2555, as amended by Decree 857 of 2011;
ii) the purchase abroad of foreign money market securities by resident stockbrokers and other securities intermediaries for the account of their clients;
iii) the purchase by Foreign Exchange Market Intermediaries, including banks, of securities issued by their affiliates or subsidiaries established abroad.
—Sale of money market securities and borrowing through other money market instruments.
Remark: The reservation applies only to:
i) financing in foreign currency that the foreign exchange market intermediaries obtain from non-residents by selling securities abroad and borrowing through other money market instruments, which may only be used for the following purposes:
a. acquisition of assets, through lending or other transactions, in the same foreign currency in which the financing was obtained, provided that such transactions‘ maturities are equal to or less than that of the financing obtained; or
b. acquisition of assets, through lending or other transactions, in local currency (Colombian Peso) provided that such transactions’ maturities are equal to or less than that of the financing obtained abroad and only to the extent that the such foreign financing is matched by foreign currency derivative hedging; or
c. export leasing transactions; or
d. transactions as local liquidity providers of foreign currency with Foreign Exchange Clearing and Settlement Systems, provided that these transactions‘ term is less than that of the financing obtained;
ii) financing in domestic currency that the foreign exchange market intermediaries obtain from non-residents by selling securities abroad or by borrowing through other money market instruments, except to fund the acquisition of assets, through lending or other transactions, in domestic currency;
iii) the sale abroad of foreign money market securities by resident stockbrokers and other securities intermediaries for the account of their clients.
List B, VI /D1, D2, D3 Other operations in negotiable instruments and non-securitised claims:
—Operations abroad by residents.
—Purchase and exchange for other assets.
Remark: The reservation applies only to:
i) the purchase of negotiable instruments and non-securitised claims or exchange for other assets by insurance companies that would cause foreign assets to have a share in technical reserves greater than 40%; by managers pension and severance funds that would cause foreign assets bonds to represent an amount greater than the limits established for them in Decree 2555, as amended by Decree 857 of 2011;
ii) the purchase abroad of negotiable instruments and non-securitised claims by resident stockbrokers and other securities intermediaries for the account of their clients;
iii) the purchase by Foreign Exchange Market Intermediaries, including banks, of assets issued by their affiliates or subsidiaries established abroad.
— Sale and exchange for other assets.
Remark: The reservation applies only to:
i) financing in foreign currency that the foreign exchange market intermediaries obtain from non-residents through operations in negotiable instruments and non-securitised claims which may only be used for the following purposes:
a. acquisition of assets, through lending or other transactions, in the same foreign currency in which the financing was obtained, provided that such transactionsâ maturities are equal to or less than that of the financing obtained; or
b. acquisition of assets, through lending or other transactions, in local currency (Colombian Peso) provided that such transactions’ maturities are equal to or less than that of the financing obtained abroad and only to the extent that the such foreign financing is matched by foreign currency derivative hedging; or
c. export leasing transactions; or
d. transactions as local liquidity providers of foreign currency with Foreign Exchange Clearing and Settlement Systems, provided that these transactions‘ term is less than that of the financing obtained;
ii) financing in domestic currency that the foreign exchange market intermediaries obtain from non-residents through operations in negotiable instruments and non-securitised claims, except to fund the acquisition of assets, through lending or other transactions, in domestic currency;
iii) the sale abroad of negotiable instruments and non-securitised claims or exchange for other assets by resident stockbrokers and other securities intermediaries for the account of their clients.
List A, VII/D1, D2 Operations in collective investment securities:
– Operations abroad by residents.
– Purchase.
Remark: The reservation applies only to:
i) the purchase of collective investment securities by insurance companies that would cause foreign assets to have a share in technical reserves greater than 40%; by managers pension and severance funds that would cause foreign assets bonds to represent an amount greater than the limits established for them in Decree 2555, as amended by Decree 857 of 2011;
ii) the purchase abroad of collective investment securities by resident stockbrokers and other securities intermediaries for the account of their clients;
iii) the purchase by Foreign Exchange Market Intermediaries, including banks, of securities issued by their affiliates or subsidiaries established abroad.
— Sale.
Remark: The reservation applies only to the sale abroad of collective investment securities by resident stockbrokers and other securities intermediaries for the account of their clients.
List B, IX/A, B Financial credits and loans:
– Credits and loans granted by non-residents to residents.
Remark: The reservation applies only to:
i) Financing in foreign currency that the foreign exchange market intermediaries obtain from non-residents by borrowing, which may only be used for the following activities:
a. lending transactions in the same foreign currency in which the financing was obtained, provided that such transactions‘ maturities are equal to or less than that of the financing obtained; or
b. lending in local currency (Colombian Peso) provided that such transactions' maturities are equal to or less than that of the financing obtained abroad and only to the extent that the such foreign financing is matched by foreign currency derivative hedging; or
c. export leasing transactions; or
d. transactions as local liquidity providers of foreign currency with Foreign Exchange Clearing and Settlement Systems, provided that these transactions’ term is less than that of the financing obtained.
ii) Financing in domestic currency that the foreign exchange market intermediaries obtain from non-residents by borrowing abroad, except to fund the acquisition of assets, through lending or other transactions, in domestic currency;
—Credits and loans granted by residents to non-residents.
Remark: The reservation applies to: granting of credits and loans by insurance companies that would cause foreign assets to have a share in technical reserves greater than 40%; by managers pension and severance funds that would cause foreign assets bonds to represent an amount greater than the limits established for them in Decree 2555, as amended by Decree 857 of 2011.
List A，XI/Al Operation of deposit accounts:
—Operations by non-residents of accounts with resident institutions.
—In domestic currency.
Remark: The reservation applies only to the sources and uses of funds, as follows:
-Only domestic currency proceeds from the following sources may be deposited to accounts:
(i) transfers of foreign exchange and sales to FEMIs;
(ii) import payments in domestic currency (Colombian peso);
(iii) sales to residents of securities issued by multilateral credit institutions, provided that the issuance and placement of such securities has been authorized by the SFC or of loans denominated in Colombian pesos granted to these institutions,
(iv) sales to FEMIs of foreign currency by foreign capital investors for acquiring stocks through the public stock market in order to make foreign investments in the country;
(v) funds in local currency from loans of credit institutions received in the country in order to acquire stocks on the public stock market;
(vi) accrued interest on funds deposited in these accounts;
(vii) delivery of funds in Colombian pesos to authorised foreign agents, products of the liquidation of peso-F'X derivatives, when there is an underlying transaction that must be channelled through the foreign exchange market and parties have agreed on effective delivery;
(viii) the transfer of foreign currency on behalf of a foreign agent, when this negotiation has been agreed upon with the FEMI, to be paid into this account in Colombian pesos, in accordance with applicable regulations for the settlement of derivatives; and
(ix) sales of foreign currency to companies which manage systems for the settlement and clearing of foreign currency on the part of foreign agents acting as liquidity providers.
-Funds on deposit may only be used for: (i) payment in domestic currency of goods for export; (ii) purchase of housing and for mortgage loans; (iii) purchase of foreign currency to transfer it abroad;
(iv) implement the transactions authorized to multilateral credit entities,
(v) purchase of stocks on the public stock market as a foreign investment;
(vi) settle derivative contracts by authorised foreign agents; and
(vii) purchase of foreign currency from companies that manage systems for settling and clearing foreign currency on the part of foreign agents acting as liquidity providers.
List B, XI/B1,
—Operations by residents of accounts with non-resident financial B2 institutions.
Remark: The reservation applies only to deposits by insurance companies that would cause foreign assets to have a share in technical reserves greater than 40%, by managers pension and severance funds that would cause foreign assets bonds to represent an amount greater than the limits established for them in Decree 2555, as amended by Decree 857 of 2011.
Costa Rica
List A Direct investment:
I/A - In the country concerned by non-residents.
Remark: The reservation applies only to:
i. concessions and permits of use for land for business purposes in the maritime-terrestrial zone, coastal urban areas and border areas for non-residents and foreign- owned or controlled companies;
ii. investment in road transport to the extent that freight transport between two points within the territory of Costa Rica may only be provided by Costa Rican nationals, or enterprises incorporated in Costa Rica, which are at least 51% owned and effectively controlled or managed by Costa Rican nationals;
iii. mining to the extent that:
a. 75% of the members of metallic mining co-operatives must be Costa Rican nationals;
b. concessions may not be granted to foreign governments or leaders of foreign governments;
iv. commercial electricity generation by enterprises with 65% or more of foreign ownership;
v. joint ventures with the Public Services Company of Heredia (ESPH), is limited to a maximum of 49% foreign capital stock;
vi. private security, surveillance and investigations services, as well as private security training schools;
vii. media and advertising agencies, except through an enterprise incorporated in Costa Rica as a sole proprietorship/personal company (sociedad personal) or an enterprise of capital with nominative stock;
viii. public accounting firms, which must be locally incorporated, and majority owned by Certified Public Accountants;
ix. the establishment of branches of non-resident financial institutions, including insurance and financial intermediaries, except for banks, collective investment funds portfolio management services, collective investment fund managers, reinsurance intermediaries, insurance and reinsurance companies and their auxiliary services.
List B, Operations in real estate:
III/A1, B1
- Building or purchase in the country concerned by non-residents.
Remark: The reservation applies to granting of concessions and permits for the use of state-owned land in the maritime-terrestrial zones, coastal urban areas and border areas for non-residents and foreign-owned or controlled companies.
-Building or purchase abroad by residents.
Remark: The reservation applies to the acquisition abroad of real estate by resident banks, savings and credit cooperatives, non-bank financial institutions and pension funds.
List A, Operations in securities on capital markets:
IIV/C1, D1- Purchase in the country concerned by non-residents.
Remark: The reservation applies only to the purchase of shares and other securities of a participating nature, which may be affected by laws on inward direct investment.
-Purchase abroad by residents:
Remark: The reservation applies to the purchase of:
i) foreign securities and other financial instruments for private pension funds, that would represent more than 25% of the fund's total assets;
ii) real estate-backed securities for resident banks, savings and credit cooperatives, and non-bank financial institutions.
List B
V/D1 Operations on money markets:
Purchase abroad by residents:
Remark: The reservation applies to the purchase of:
i) foreign securities and other financial instruments for private pension funds, that would represent more than 25% of the fund's total assets;
ii) real estate-backed securities for resident banks savings and credit cooperatives, and non-bank financial institutions.
List B
VI/D1 Other operations in negotiable instruments and non-securitised claims:
-Purchase abroad by residents:
Remark: The reservation applies only to private pension funds for the purchase of foreign financial instruments that would represent more than 25% of the fund's total assets.
List A VIII(i)/B
Credits directly linked with international commercial transactions or with the rendering of international services:
-Credits granted by residents to non-residents: Remark: The reservation only applies to non-bank financial institutions, which cannot grant credit to non-residents.
List B VIII(ii)/B
Credits directly linked with international commercial transactions or with the rendering of international services:
-Credits granted by residents to non-residents: Remark: The reservation only applies to non-bank financial institutions, which cannot grant credit to non-residents.
List B IX/B Financial credits and loans:
- Credits and loans granted by residents to non-residents: Remark: The reservation applies only to non-bank financial institutions, which cannot grant credit to non-residents;
List A X(i&ii)/A2 X(i)/B2 Sureties, guarantees and financial back-up facilities:
-Sureties and guarantees granted by residents in favour of non- residents.
Remark: The reservation applies only to:
i) the encumbrance of shares and quotas of locally incorporated media or advertising agency company in favour of corporations with bearer shares, foreign enterprises or foreign nationals;
ii) non-bank financial institutions.
- Financial back-up facilities granted by residents in favour of non- residents.
Remark: The reservation applies only to non-bank financial institutions.
List B Financial back-up facilities:
X(ii)/B2 - Financial back-up facilities granted by residents in favour of non- residents.
Remark: The reservation applies only to non-bank financial institutions.
List B Operations in foreign exchange:
XIV/A2,A3 —In the country concerned by non-residents:
Remark: The reservation applies only to the sale or exchange of foreign currency derivatives and structured products.
CZECH REPUBLIC
List A, Direct investment:
VA—In the country concerned by non-residents.
Remark: The reservation applies to:
i) the purchase of real estate comprising the agricultural land fund and forests by branches of non-resident enterprises;
ii) the operation of a branch as a "mortgage bank" to the extent that a "mortgage bank" is an institution authorised to issue mortgage securities on domestic markets, which is reserved to financial institutions incorporated under domestic law;