Remark: The reservation applies only to the acquisition of an interest in rural land for which authorisation is required, other than land not exceeding two hectares in area and acquired for private residential purposes.
ISRAEL
*List A, Direct investment: In the country concerned by non-residents.
I/A—In the country concerned by non-residents.
Remark: The reservation applies only to:
i) establishment of branches by non-resident providers of investment advice and marketing, portfolio management and pension fund management services;
ii) establishment of branches by non-resident private pension funds;
iii) air transport to the extent that foreign equity participation in an airline company is limited to 49% of its capital;
iv) maritime transport, to the extent that:
a) the acquisition of 49% or more in Israeli flag vessels is reserved for Israeli residents and
b) the establishment in Israel for the purpose of providing port services at ports open to international shipping for the general public requires majority control by Israeli nationals;
v) telecommunication services to the extent that
a) in international communications services, a foreign operator may hold only up to 49% of the controlling interest of a licensee and at least 26% of the control in a licensee must be held by nationals who are residents of Israel;
b) in a domestic licensed fixed line operator the controlling interest must be held by an Israeli individual or a corporation incorporated in Israel in which an Israeli individual holds at least 20% interest;
c) in radio and mobile telephone services, where at least 20% of the shares must be held by Israeli residents;
d) in satellite broadcasting, where at least 26% of the controlling interest in a licensee must be held by nationals who are residents of Israel;
e) in cable broadcasting ,where a) at least 26% of the controlling interest in the licensee must be held by nationals who are residents of Israel and b) a license may not be granted to an applicant in which a foreign government holds shares, unless the Minister of Communications authorises an indirect holding in the licensee of up to 10% by such an applicant; and
f) in commercial television and regional radio, where at least 51% of the controlling interest in the concession must be held by nationals who are residents of Israel;
vi) electricity, where the maximum proportion of investment in a company licensed to transmit, distribute or produce a substantial part of electricity to be held, directly or indirectly, by a non-resident, is subject to a determination by the Minister of National Infrastructures and the controlling interest of the company must be held by a national who is a resident of Israel;
vii) investment in real estate, where the acquisition of land by companies controlled by foreign nationals is subject to the prior approval of the Israel Land Administration Council.
List B, Operations in real estate:
III/Al — Building or purchase in the country concerned by non-residents.
Remark: The reservation applies only to the purchase of land by foreigners, which is subject to the prior approval of the Israel Land Administration Council.
List A, Operations in securities on capital markets:
IV/Cl—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 the laws on inward direct investment and establishment.
ITALY
*List A, Direct investment:
I/A—In the country concerned by non-residents.
Remark: The reservation applies only to:
i) majority participation or controlling interest in companies that publish daily newspapers and periodicals;
ii) licence granted to audiovisual- communications enterprises having their headquarters in a non-EU member country;
iii) majority participation by non-EU residents in companies licensed for television and sound-radio broadcasting, and participation by non-EU residents in companies having no legal personality and licensed for television and sound-radio broadcasting;
iv) airlines established in the country that must be majority owned and effectively controlled by EU states and/or nationals of EU states, unless otherwise provided for through an international agreement to which the EU is a signatory;
v) the purchase by foreigners other than EU residents of a majority interest in Italian flag vessels or of a controlling interest in ship owning companies having their headquarters in Italy;
vi) the purchase of Italian flag vessels used to fish in Italian territorial waters;
vii) the establishment of branches, agencies, etc. of securities investment companies;
viii) the extent that under EU Directive 85/611/EEC, a depository of an undertaking for collective investment in transferable securities (UCITS) must either have its registered office in the same EU country as that of the undertaking or be established in the EU country if its registered office is in another EU country.
JAPAN
List A, Direct investment:
I/A,B — In the country concerned by non-residents.
Remark: The reservation applies only to:
i) investment in the following sectors:
a) primary industry related to agriculture, forestry and fisheries;
b) mining;
c) oil;
d) leather and leather products manufacturing; ii) investment in air transport; iii) investment in maritime transport;
iv) foreign capital participation, direct and/or indirect, in Nippon Telegraph and Telephone Corporation (NTT) must be less than one-third.
— Abroad by residents.
Remark: The reservation applies only to investments in an enterprise engaged in fishing regulated by international treaties to which Japan is a party or fishing operations coming under the Japanese Fisheries Law.
KOREA
List A, Direct investment:
I/A—In the country concerned by non-residents.
Remark: The reservation applies only to:
i) investment in primary sectors, as follows:
a) the growing of rice and barley;
b) cattle husbandry and the wholesale selling of meat except if foreign investors hold less than 50 per cent of the share capital;
c) fishing in internal waters, the territorial sea and the Exclusive Economic Zone (EEZ) if foreign investors hold 50 per cent or more of the share capital;
d) nuclear power generation; electric power transmission, electric power distribution and supply via state enterprises if foreign investors hold 50 per cent or more of the share capital or a foreign investor would become the single largest shareholder;
ii) establishment of financial institutions, as follows:
a) branches of mutual savings and finance companies, short-term investment and finance companies, credit information companies and merchant banks;
b) subsidiaries or joint ventures providing credit information services, when foreign investors, other than foreign financial institutions, own 50 per cent or more of the companiesâ shares; as well as acquisitions bringing foreign ownership by investors other than foreign financial institutions at or above 50 per cent of the share capital of such a company;
iii) investment in the transport sector, as follows:
a) airline companies if foreign investors hold 50 per cent or more of the share capital;
b) shipping companies engaged in cabotage, except those transporting passengers and/or cargoes between the ROK and the DPRK if foreign investors hold less than 50 per cent of the share capital;
iv) investment in the communications sector, as follows:
a) news agencies if foreign investors hold 25 per cent or more of the share capital;
b) enterprises publishing newspapers if foreign investors hold 30 per cent or more of the share capital;
c) enterprises publishing periodicals if foreign investors hold 50 per cent or more of the share capital;
d) broadcasting companies, except if foreign investors hold 33 per cent or less of the share capital of a satellite broadcasting operator and if foreign investors hold 49 per cent or less in a program provider that is not engaged in multi-genre programming or news reporting, in a cable system operator, and in a signal transmission network business operator;
e) facilities-based telecommunications companies, if foreign investors hold more than 49 per cent of the share capital;
v) investment in designated resident public-sector utilities in the process of privatisation, in cases where the investment in question would bring individual or aggregate holdings of foreign investors above the respective percentages of a firm's outstanding shares allowed by the relevant laws.
List B, Operations in real estate:
III/B1— Building or purchase abroad by residents.
Remark: The reservation applies only to the acquisition of real estate by an insurance company which would cause the sum of its assets denominated in foreign currency to exceed 30 per cent of its total assets.
Operations in securities on capital markets: Issue through placing or public sale of domestic bonds or other debt securities (original maturity of one year or more) on a foreign capital market.
Remark: The reservation applies only to the extent that a levy is charged on Korean financial institutionsâ foreign currency non-deposit liabilities with a remaining maturity of one year or less.
—Purchase in the country concerned by non-residents.
Remark: The reservation applies only to the purchase of listed shares issued by designated resident public-sector utilities in the process of privatisation in cases where the investment in question would bring individual or aggregate holdings of foreign investors above the respective percentages of a firm's outstanding shares allowed by the relevant laws and to the purchase of securities not quoted on a recognised securities market which may be affected by laws on inward direct investment and establishment.
—Purchase abroad by residents.
Remark: The reservation applies to the purchase by an insurance company of securities issued on a foreign financial market or in foreign currency on the domestic market which would cause the sum of its assets denominated in foreign currency to exceed 30 per cent of its total assets.
List B, Operations on money markets:
V/A1, D1, D4—Issue through placing or public sale of domestic securities or other instruments (original maturity of less than one year) on a foreign money market.
Remark: The reservation applies only to the extent that a levy is charged on Korean financial institutionsâ foreign currency non-deposit liabilities with a remaining maturity of one year or less.
—Purchase of money market securities abroad by residents.
Remark: The reservation only applies to the purchase of securities denominated in domestic currency and to purchase by an insurance company of securities issued on a foreign financial market or in foreign currency on the domestic market which would cause the sum of its assets denominated in foreign currency to exceed 30 per cent of its total assets.
—Borrowing through other money market instruments.
Remark: The reservation applies only to the extent that a levy is charged on Korean financial institutionsâ foreign currency non-deposit liabilities with a remaining maturity of one year or less.
List B, Other operations in negotiable instruments and non-securitised claims:
VI/A1—Issue through placing or public sale of domestic instruments and claims on a foreign financial market.
Remark: The reservation applies only to the extent that a levy is charged on Korean financial institutionsâ foreign currency non-deposit liabilities with a remaining maturity of one year or less.
List A, Operations in collective investment securities:
VII/D1—Purchase abroad by residents.
Remark: The reservation applies to purchase by an insurance company of securities issued on a foreign financial market or in foreign currency on the domestic market which would cause the sum of its assets denominated in foreign currency to exceed 30 per cent of its total assets.
List B, IX/A Financial Credits and Loans:
—Credits and loans granted by non-residents to residents.
Remark: The reservation applies only to the extent that a levy is charged on Korean financial institutionsâ foreign currency non-deposit liabilities with a remaining maturity of one year or less.
List A, Sureties, guarantees and financial back up facilities:
X/A2 —Sureties and guarantees granted by residents in favour of non-residents.
Remark: The reservation applies only to the extent that a levy is charged on Korean financial institutionsâ foreign currency non-deposit liabilities with a remaining maturity of one year or less.
List B, Operation of deposit accounts:
XI/B2—By residents in foreign currency with non-resident institutions.
Remark: The reservation applies to the operation of deposit accounts by an insurance company whose sum assets denominated in foreign currency exceeds 30 per cent of its total assets.
List B, Operations in foreign exchange:
XII/B—Abroad by residents
Remark: The reservation applies only to the extent that banks may not hold foreign exchange derivative positions in excess of the maximum percentage of equity.
LATVIA
List A, - Direct investment:
I/A—In the country concerned by non-residents.
Remark : The reservation applies only to :
i) Air transport services, for which an operating license can be granted only to enterprises which must be majority owned and effectively controlled by EU and/or nationals of EU, unless otherwise provided for through an international agreement to which the EU is a signatory.
ii) Private security and surveillance services, majority ownership except by investors of an EU country. The reservation on private security and surveillance services will cease to apply on 31 December 2019;
iii) The extent that under EU Directive 2009/65/EC, a depository of an undertaking for collective investment in transferable securities (UCITS) must either have its registered office in the same EU country as that of the undertaking or be established in the EU country if its registered office is in another EU country.
List A, VIII(i)/ B Credits directly linked with international commercial transactions or with the rendering of international services:
i) In cases where a resident participates in the underlying commercial or service transaction.
List B, VIII(ii)/ B B. Credits granted by residents to non-residents.
Remark: The reservation applies to the extent that authorities may impose higher minimum capitalisation requirements on banks maintaining loans to non-residents of over 5% of total assets.
ii) In cases where no resident participates in the underlying commercial or service transaction.
B. Credits granted by residents to non-residents.
Remark: The reservation applies to the extent that authorities may impose higher minimum capitalisation requirements on banks maintaining loans to non-residents of over 5% of total assets.
List B, IX/B - Financial credits and loans:
B. Credits and loans granted by residents to non-residents.
Remark: The reservation applies to the extent that authorities may impose higher minimum capitalisation requirements on banks maintaining loans to non-residents of over 5% of total assets.
List A, - Operation of deposit accounts:
XI/A - Operation by non-residents of account with resident institutions.
Remark: The reservation applies to the extent that authorities may impose a higher minimum liquidity ratio and a higher minimum capital requirement on banks maintaining deposits of non-residents of over 20% of total assets.
LITUANIA
List A, Direct investment:
I/A - In the country concerned by non-residents.
Remark: The reservation applies only to:
i) air transport services, for which an operating license can only be granted to enterprises which are majority owned and effectively controlled by EU Member States and/or nationals of EU Member States, unless otherwise provided for through an international agreement to which the EU is a signatory;
ii) acquisition of a Lithuanian flag vessel, except if the ship owner is a Lithuanian natural person or an enterprise incorporated in Lithuania;
iii) the extent that under EU Directive 2009/65/EC, a depository of an undertaking for collective investment in transferable securities (UCITS) must either have its registered office in the same EU Member State as that of the undertaking or be established in the EU Member State if its registered office is in another EU Member State;
iv) the extent that a depository of a pension fund can only be a bank having the right to provide investment services in Lithuania or in an EU Member State and having its registered office or branch established in Lithuania.
List A, Operations in securities on capital markets:
IV/D1 - Purchase abroad by residents.
Remark: the reservation applies only to the extent that:
i) pension funds may not invest more than 5% of net assets in covered bonds issued by anon-EU credit institution.
ii) collective investment in transferable securities (UCITS) may not invest more than 5% of net assets in covered bonds issued by a non-EU credit institution.
LUXEMBOURG
*List A, Direct investment:
I/A—In the country concerned by non-residents.
Remark: The reservation applies only to:
i) the extent that under EU Directive 85/611/EEC, a depository of an undertaking for collective investment in transferable securities (UCITS) must either have its registered office in the same EU country as that of the undertaking or be established in the EU country if its registered office is in another EU country;
ii) airlines established in the country that must be majority owned and effectively controlled by EU states and/or nationals of EU states, unless otherwise provided for through an international agreement to which the EU is a signatory
List B, Operations in real estate:
III/B1—Building or purchase abroad by residents.
Remark: The reservation applies to the acquisition of real estate situated outside the EU if the assets in question are to form part of the cover of the technical provisions of a private pension fund.
List A, Operations in securities on capital markets:
IV/D1—Purchase abroad by residents.
Remark: The reservation applies to the purchase of securities issued by non-EU residents if the assets in question are to form more than 5 per cent of the cover of the technical provisions of a private pension fund.
List B, Operations on money markets:
V/D1—Purchase of money market securities abroad by residents.
Remark: The reservation applies to the purchase of securities issued by non-EU residents if the assets in question are to form more than 5 per cent of the cover of the technical provisions of a private pension fund.
List B, Other operations in negotiable instruments and non-securitised claims:
VI/D1—Purchase abroad by residents.
Remark: the reservation applies to purchase of or swap operations in instruments and claims issued by non-EU residents if the assets in question are to form more than 5 per cent of the cover of the technical provisions of a private pension fund.
List A, Operations in collective investment securities:
VII/D1— Purchase abroad by residents.
Remark: The reservation applies to the purchase of securities issued by non-EU residents if the assets in question are to form more than 5 per cent of the cover of the technical provisions of a private pension fund.
List B, Financial credits and loans:
IX/B—Credits and loans granted by residents to non-residents.
Remark: The reservation applies to credits and loans granted to non- resident borrowers, if these assets are to form part of the cover of the technical provisions of a private pension fund.
List B, Operation of deposit accounts:
XI/B1, B2 —By residents in domestic currency with non-resident institutions.
—By residents in foreign currency with non-resident institutions.
Remark: The reservation applies to deposits held with financial institutions established outside the EU if these assets are to form part of the technical provisions of a private pension fund.
MEXICO
List A, Direct investment:
I/A—In the country concerned by non-residents.