Remark: The reservation applies only to:
i) acquisitions exceeding a total of 49 per cent of the equity of a Mexican company, which are subject to review if the total value of the assets of that company exceeds US$150 million, which is adjusted annually; (1)
ii) acquisition of land used for agriculture, livestock or forestry purposes; however "T" shares which represent the value of such land may be purchased up to a total of 49 per cent of the value of the land;
iii) investment in:
a) retail trade in gasoline and distribution of liquefied petroleum gas;
b) supply of fuels and lubricants for ships, aircraft and railroad equipment exceeding a total of 49 per cent of equity;
c) construction of oil pipelines and other derivative products and oil and gas drilling exceeding a total of 49 per cent of equity, unless an authorisation is granted;
iv) investment exceeding a total of 49 per cent in fishing, other than aquaculture, in coastal and fresh waters or in the Exclusive Economic Zone;
v) investment in air, maritime and ground transport and related services including cabotage and port services, except:
a) participation up to a total of 49 per cent of equity in scheduled and non-scheduled domestic air transportation service, non-scheduled international air transportation service in air taxi modality, specialized air transportation service, and the administration of air terminals, for the latter, a percentage above 49 per cent is allowed provided an authorisation is granted;
b) participation up to a total of 49 per cent of equity in interior navigation and coastal sailing, except tourist cruises, the exploitation of dredges and other naval devices for ports and in port pilot services for interior navigation, in foreign commerce shipping and port services for interior navigation where participation above 49 per cent may be authorised;
c) railroad related services and participation up to 49 per cent in the capital stock of a_ railway concessionaire enterprise (full ownership may be authorised);
vi) investment in radio and television broadcasting; newspapers for national distribution;
vii) investment by a foreign government or state enterprise in any kind of communications or transports activities or direct or indirect investment by a foreign government or state enterprise, or direct or indirect investment in financial institutions, except for commercial banks, financial holding companies, securities specialists and securities firms where the restriction applies only to investment by entities that exercise governmental authority functions;
viii) in the Restricted Zone, acquisition of real estate by branches established in the country by non-resident enterprises and investment in residential real estate by enterprises with foreign participation incorporated in the country,
ix) investment aircraft building, assembly or repair, in shipbuilding and ship repairs, or in any activity requiring a concession other than railways, except through an enterprise incorporated in Mexico;
x) investment by foreign nationals in legal services! and private education services exceeding 49 per cent of equity, unless an authorisation is granted;
List B Operations in real estate:
III/A1,B— In the country concerned by non-residents.
Remark: The reservation does not apply to:
i) the acquisition by foreign non-residents of real estate outside a 100-kilometre strip alongside the Mexican land border and a 50-kilometre strip inland from the Mexican coast, provided the investor agrees to consider himself Mexican and to refrain from invoking the protection of his government regarding the property thus acquired;
ii) the acquisition by foreign non-residents of real estate through a real estate trust within the zone defined above.
— Building or purchase abroad by residents.
Remark: The reservation applies to the direct acquisition of real estate abroad by an insurance company or by a privately managed pension fund.
List A, Operations in securities on capital markets:
IV/C1, D1—Purchase in the country concerned by nonresidents.
Remark: The reservation applies 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.
— Purchase abroad by residents.
Remark: The reservation applies to the purchase by:
(i) a privately managed pension fund of securities issued abroad which would cause the total of foreign assets to exceed 20 per cent of its assets under management.
(ii) an insurance company of securities on foreign capital markets, with the exception of those traded in regulated financial market which are subject to approval by the supervisory authority in Mexico and should not cause foreign assets to exceed 20% of total assets covering technical provisions.
List B, Operations on money markets:
V/D1—Purchase of money market securities abroad by residents.
Remark: The reservation applies to the purchase by:
(i) a privately managed pension fund of securities issued abroad.
(ii) an insurance company of securities on foreign money markets, with the exception of those traded in regulated financial markets which are subject to approval by the supervisory authority in Mexico and should not cause foreign assets to exceed 20% of total assets covering technical provisions.
List A, Operations in collective investment securities:
VII/B2, D1— Introduction of foreign collective investment securities on a recognised domestic securities market.
– Purchase abroad by residents.
Remark: The reservation applies to purchase by:
i) a privately managed pension fund of foreign private investment funds except for indexed mutual funds and should not cause the total of foreign assets to exceed 20 per cent of its assets under management.
an insurance company of foreign collective investment securities, with the exception of those traded in regulated financial markets which are subject to approval by the supervisory authority in Mexico and should not cause foreign assets to exceed 20% of total assets covering technical provisions.
List B, IX/B Financial credits and loans:
i) a privately managed pension fund.
an insurance company to non-residents, with the exception of those granted to non-resident borrowers in regulated financial markets which are subject to approval by the supervisory authority in Mexico and should not cause foreign assets to exceed 20% of total assets covering technical provisions.
List A, Operation of deposit accounts:
XI/A2 —By non-residents in foreign currency with resident institutions.
Remark: The reservation applies only to:
i) non-residents other than enterprises having an address in Mexico;
ii) term deposit accounts of non-residents with resident banks.
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.
i) a privately managed pension fund, with the exception of deposits of funds abroad by foreign banks regulated by eligible countries and have a credit rating at least equal to investment grade. Such deposits should not cause the total of foreign assets to exceed 20 per cent of its assets under management.
ii) an insurance company, with the exception of deposits of funds in foreign financial institutions that are subsidiaries of Mexican financial institutions which are subject to approval by the supervisory authority in Mexico. Such deposits should not cause the total of foreign assets to exceed 20 per cent of total assets covering technical provisions.
NETHERLANDS
List A, Direct investment:
I/A—In the country concerned by non-residents.
Remark: The reservation applies only to:
i) 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;
ii) ownership of Netherlands flag vessels, unless the investment is made by shipping companies incorporated under the law of an EU country and having their actual place of management in the Netherlands;
iii) 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.
NEW ZEALAND
List A, Direct investment:
I/A —In the country concerned by non-residents.
Remark: The reservation applies only to:
i) acquisition of 25 per cent or more of any class of shares or voting power in a New Zealand company where the consideration for the transfer, or the value of the assets, exceeds NZ$ 10 million, unless an authorisation is granted;
ii) commencement of business operations, or acquisition of an existing business, in New Zealand, where the total expenditure to be incurred in setting up or acquiring that business exceeds NZ$ 10 million, unless an authorisation is granted;
iii) acquisition, regardless of dollar value, of 25 per cent or more of any class of shares or voting power in a New Zealand company engaged in:
- commercial fishing; and
- rural land;
iv) any acquisition, regardless of dollar value, of assets used, or proposed to be used, in a business engaged in any of the activities listed in iii) above;
v) the registration of vessels to engage in maritime transport activities, except through an enterprise incorporated in New Zealand;
vi) telecommunications to the extent that no person who is not a New Zealand national shall have a relevant interest in more than 49.9 per cent of the total voting shares in Telecom Corporation of New Zealand Limited for the time being without, and except in accordance with the terms of, the prior written approval of the Kiwi Shareholder;
vii) the establishment of branches of foreign banks and insurers.
List B, Operations in real estate:
III/A1—In the country concerned by non-residents.
Remark: The reservation applies only to the purchase by foreigners (irrespective of their place of residence) of rural farmland, scenic reserve land and offshore islands.
List A, Operations in securities on capital markets:
IV/C1—Purchase in the country concerned by non-residents.
Remark: The reservation applies only to the purchase of class A shares in Air New Zealand which are reserved to New Zealand nationals.
NORWAY
*List A, Direct investment:
I/A—Int he country concerned by non-residents.
Remark: The reservation applies only to:
i) investment in enterprises engaged in the exploration of minerals unless all members of the board of directors are Norwegian nationals;
ii) establishment of branches of foreign banks;
iii) establishment of branches of securities brokerage firms or management companies for collective investment funds;
iv) investment in air transport, except through a limited liability company in which at least two-thirds of the capital is Norwegian;
v) investment in the accountancy sector exceeding 49 per cent, and in the legal sector, by non-residents;
vi) ownership of Norwegian flag vessels, except a) through a partnership or joint stock company where Norwegian citizens own at least 60 per cent of the capital, b) by registering the vessel in the Norwegian International Ship Register under the applicable conditions;
vii) investment in a registered fishing vessel bringing foreign ownership of the vessel above 40 per cent;
viii) investment in a nationally operating broadcasting corporation
bringing foreign ownership above one-third of the corporation's share capital.
List B, Operations in real estate:
III/Al1 —In the country concerned by non-residents.
Remark: The reservation applies only to the acquisition of secondary residences by non-residents.
List A, Operations in securities on capital markets:
IV/C1— 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 and establishment.
POLAND
List A, Direct investment:
I/A —In the country concerned by non-residents.
Remark: The reservation applies only to:
i) the operation of a branch as a “mortgage bank” to the extent that a “mortgage bank” is defined under Polish law as an institution authorised to issue mortgage securities on domestic markets, and thereby reserved to financial institutions incorporated under domestic law;
ii) the provision of asset management services by branches of non- resident investors to domestic pension funds;
iii) the acquisition of land reserved for agriculture or forests, and acquisition of water areas, unless authorisation is granted;
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) investment in a broadcasting company bringing foreign ownership of the share capital above 33 per cent;
vi) investment in an enterprise operating in the gambling and betting sector, except through an enterprise incorporated in Poland in which foreign ownership of the capital is 49 per cent or less;
vii) investment in a registered vessel, except through an enterprise incorporated in Poland;
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.
Operations in real estate:
—In the country concerned by non-residents.
List B,
III/A1, B1
Remark: The reservation does not apply to the acquisition of apartments, or to foreigners having resided in Poland for at least 5 years.
List A,
IV/B1, C1, D1 Operations in securities on capital markets:
– Issue through placing or public sale of foreign securities on the domestic capital market.
Remark: The reservation applies only to mortgage debt securities.
– Purchase of securities 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 regulations on foreign direct investment.
– Purchase abroad by residents.
Remark: The reservation applies to the purchase of securities issued by non-residents if these assets are to form more than 30 per cent of the cover of the technical reserves of the assets representative of the liabilities of a privately managed occupational pension fund.
List B, Operations on money markets:
V/D1 —Purchase abroad by residents.
Remark: The reservation applies to the purchase of securities issued by non-residents if the assets in question are to form more than 30 per cent of the cover of the technical reserves of the assets representative of the liabilities of a privately managed occupational pension fund.
List B, Other operations in negotiable instruments on non-securitised claims:
VI/D1 —Purchase abroad by residents.
Remark: The reservation applies to operations in instruments and claims on a foreign market if the assets in question are to form more than 30 per cent of the cover of the technical reserves of the assets representative of the liabilities of a privately managed occupational 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-residents if the assets in question are to form more than 30 per cent of the cover of the technical reserves of the assets representative of the liabilities of a privately managed occupational pension fund.
List B, Financial credits
IX/B – Credits and loans granted by residents to non-residents.
Remark: The reservation applies to credits and loans granted by a privately managed occupational pension fund.
List B, Operation of deposit accounts:
XI/B1, B2 – By residents in domestic currency with non-resident institutions.
Remark: The reservation applies to deposits held with non-resident financial institutions by a privately managed occupational pension fund.
– By residents in foreign currency with non-resident institutions.
Remark: The reservation applies to deposits held with non-resident financial institutions by a privately managed occupational pension fund.
PORTUGAL
List A, Direct investment:
I/A —In the country concerned by non-residents.
Remark: The reservation applies only to:
i) establishment of branches of credit institutions or financial companies owned or controlled by non-EU investors;
ii) establishment of agencies of non-EU foreign insurers, for which a special deposit and financial guarantee are required, and whose parent company must have been authorised to exercise such an activity for at least five years;
iii) ownership of Portuguese flag vessels other than through an enterprise incorporated in Portugal or in an EU country;
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) establishment of travel agencies by non-EU investors except through an enterprise incorporated in Portugal;
vi) establishment of branches of non-EU insurance undertakings, to the extent that the parent company of the branch has to have been incorporated for more than five years;
vii) 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.
List A, Operations in securities on capital markets:
IV/ C1—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.
SLOVAK REPUBLIC
List A, Direct investment:
I/A—In the country concerned by non-residents.
Remark: The reservation applies only to:
i) the operation of lotteries and similar games by branches of non- resident entities;
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;
iii) 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.
List B, Operations in real estate:
III/A1—In the country concerned by non-residents.
Remark: The reservation only applies for agricultural land.
List B, Operations in securities on capital markets:
IV/C1—– 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 regulations on inward direct investment in air transport and operations in lotteries and similar games.
SLOVENIA
List A, Direct investment:
I/A— In the country concerned by non-residents.
Remark: The reservation applies only to:
i) investment in financial services to the extent that under 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) majority ownership by non-EU residents of a Slovenian flag maritime vessel, unless the operator is an EU national;
iii) majority ownership of an air company by non-EU residents. Operations in real estate: â In the country concerned by non-residents.
Remark: The reservation applies only to non-residents who are not nationals of a member country.
List A, Operations in securities on capital markets:
III/A—Purchase in the country concerned by non-residents.