Insurance and insurance-related services
(i) direct insurance (including co-insurance):
(aa) life;
(bb) non-life;
(ii) reinsurance and retrocession;
(iii) insurance intermediation, such as brokerage and agency;
(iv) services auxiliary to insurance, such as consultancy, actuarial, risk assessment and claim settlement services;
Banking and other financial services (excluding insurance)
(v) acceptance of deposits and other repayable funds from the public;
(vi) lending of all types, including consumer credit, mortgage credit, factoring and financing of commercial transaction;
(vii) financial leasing;
(viii) all payment and money transmission services, including credit, charge and debit cards, travellers cheques and bankers drafts;
(ix) guarantees and commitments;
(x) trading for own account or for account of customers, whether on an exchange, in an over-the-counter market or otherwise, the following:
(aa) money market instruments (including cheques, bills, certificates of deposits);
(bb) foreign exchange;
(cc) derivative products including, but not limited to, futures and options;
(dd) exchange rate and interest rate instruments, including products such as swaps, forward rate agreements;
(ee) transferable securities;
(ff) other negotiable instruments and financial assets, including bullion;
(xi) participation in issues of all kinds of securities, including underwriting and placement as agent (whether publicly or privately) and provision of services related to such issues;
(xii) money broking;
(xiii) asset management, such as cash or portfolio management, all forms of collective investment management, pension fund management, custodial, depositary and trust services;
(xiv) settlement and clearing services for financial assets, including securities, derivative products and other negotiable instruments;
(xv) provision and transfer of financial information, and financial data processing and related software by suppliers of other financial services;
(xvi) advisory, intermediation and other auxiliary financial services on all the activities listed in subparagraphs (v) through (xv), including credit reference and analysis, investment and portfolio research and advice, advice on acquisitions and on corporate restructuring and strategy.
(b) “financial service supplier” means any natural or juridical person of a State Party wishing to supply or supplying financial services but the term “financial service supplier” does not include a public entity;
(c) “public entity” means:
(i) a government, a central bank or a monetary authority of a State Party, or an entity owned or controlled by a State Party, that is principally engaged in carrying out governmental functions or activities for governmental purposes, not including an entity principally engaged in supplying financial services on commercial terms; or
(ii) a private entity, performing functions normally performed by a central bank or monetary authority, when exercising those functions;
(d) “self-regulatory organisation” means a non-governmental body, including any organisation or association, that is recognised by a State Party as a selfregulatory organisation and exercises regulatory or supervisory authority over financial services suppliers by delegation from a State Party, when exercising such authority.
2. National Treatment
1. With regard to payment and clearing systems, in accordance with national treatment, each State Party shall grant to financial service suppliers of another State Party established in its territory on the basis ofits regulatory requirements, access to payment and clearing facilities operated by public entities and to official funding and refinancing facilities available in the normal course of ordinary business. This paragraph is not intended to confer access to a State Partyâs lender of last resort facilities.
2. With regard to self-regulatory organisations, when a State Party requires membership or participation in, or access to, any self-regulatory organisation, in order for financial service suppliers of the other State Party to supply financial services on an equal basis with financial service suppliers of the State Party, or when the State Party provides directly or indirectly such entities, privileges or advantages in supplying financial services, the State Party shall ensure that such entities accord national treatment to financial service suppliers established in the territory of that State Party in the sectors inscribed in its Schedule of Specific Commitments, and subject to any conditions and qualifications set out therein.
3. Transparency
1. Each State Party shall promote regulatory transparency in financial services taking into account:
(a) the work undertaken by the State Parties under the GATS and in other fora relating to trade in financial services;
(b) the importance of regulatory transparency, of identifiable policy objectives and of clear and consistently applied regulatory processes; and
(c) any consultations that the State Parties may have between them.
2. The competent authorities of each State Party shall make available to interested persons domestic requirements and procedures for completing applications relating to the supply of financial services.
3. Where a licence is required for the supply of a financial service, the competent authorities of a State Party shall make the requirements for such a licence publicly available. The period of time normally required to reach a decision concerning an application for a licence should:
(a) be made available to the applicant upon request;
(b) be made publicly available; or
(c) be made available by a combination of both.
4. Application Procedures
1. The competent authorities of each State Party shall process without undue delay applications related to the supply of financial services submitted by service suppliers of other State Parties.
2. If the competent authorities of a State Party require additional information from the applicant in order to process its application, they shall notify the applicant without undue delay.
3. Upon request by the applicant, the competent authorities of a State Party shall provide, without undue delay, information concerning the status of its application.
4. The competent authorities of each State Party shall notify the applicant of the outcome of its application promptly after a decision is taken. In case a decision is taken to deny an application, the reason for the denial shall be made known to the applicant.
5. Where a licence is required for the supply of a financial service and if the applicable requirements are fulfilled, the competent authorities of a State Party shall grant the applicant a licence, within a reasonable period of time after the submission of its application is considered complete under that State Party's domestic laws and regulations.
5. Domestic Regulation
1. Notwithstanding any other provision of Chapters 8 (Trade in Services) and 9 (Investment) of the Agreement, a State Party shall not be prevented from adopting or maintaining measures for prudential reasons, including for:
(a) the protection of investors, depositors, policy-holders, persons to whom a fiduciary duty is owed by a financial service supplier, or any similar financial market participants; or
(b) ensuring the integrity and stability of that State Party's financial system.
2. Where such measures do not conform with Chapters 8 (Trade in Services) and 9 (Investment) of the Agreement, they shall not be used as a means to avoid that State Party's commitments or obligations under Chapters 8 (Trade in Services) and 9 (Investment) of the Agreement.
3. Each State Party shall make its best endeavours to ensure that internationally agreed standards for regulation and supervision in the financial services sector and for the fight against tax evasion and avoidance are implemented and applied in its territory.
4. Nothing in Chapters 8 (Trade in Services) and 9 (Investment) of the Agreement shall be construed to require a State Party to disclose information relating to the affairs and accounts of individual clients and customers or any confidential or proprietary information in the possession of public entities.
6. Mutual Recognition of Prudential Measures
1. A State Party may recognise prudential measures of another State Party in determining how the State Party's measures relating to financial services shall be applied. Such recognition, which may be achieved through harmonisation or otherwise, may be based upon an agreement or arrangement or may be accorded autonomously.
2. A State Party that is a party to an agreement or arrangement such as those referred to in paragraph 1 with a non-Party, whether future or existing, shall afford adequate opportunity for another State Party to negotiate its accession to such agreement or arrangement or to negotiate comparable ones with it, under circumstances in which there would be equivalent regulation, oversight, implementation of such regulation, and, if appropriate, procedures concerning the sharing of information between the parties to the agreement or arrangement. Where a State Party accords recognition autonomously, it shall afford adequate opportunity for another State Party to demonstrate that such circumstances exist.
ANNEX XIV. REFERRED TO IN ARTICLE 8.21. MOVEMENT OF NATURAL PERSONS SUPPLYING SERVICES
1. Scope
This Annex applies to measures by a State Party affecting natural persons of another State Party covered by its Schedule of Specific Commitments.
2. General Principles
This Annex reflects the preferential trade relations between the State Parties, the common objective to facilitate entry, temporary stay and work of natural persons on a mutually advantageous basis and in accordance with the State Parties' Schedules of Specific Commitments, and the need to establish transparent, secure, effective and comprehensive information on, and procedures for, entry, temporary stay and work.
3. Provision of Information
1, In accordance with Article 8.11 (Transparency) of the Agreement, each State Party shall make publicly available information necessary for an effective application for the granting of entry, temporary stay and work in its territory. Such information shall be kept updated.
2. The information referred to in paragraph 1 shall include, in particular, a description of:
(a) all categories of visas and work permits relevant to the entry, temporary stay and work of natural persons covered by this Annex;
(b) requirements and procedures for application for, and issuance of, first-time entry, temporary stay and, where applicable, work permits, including information on documentation required, conditions to be met and method of filing; and
(c) requirements and procedures for application for, and issuance of, renewed temporary stay and, where applicable, work permits.
3. Each State Party shall provide the other State Parties with details of relevant publications or websites where information referred to in paragraph 2 is made available.
4. Should the implementation of paragraph 1 prove not to be practicable for a State Party, that State Party shall provide the information referred to in paragraph 2, as well as any subsequent change thereto, to the other State Parties. In addition, that State Party shall indicate to the other State Parties the contact details of an authority where service suppliers of the other State Parties can, upon request, obtain the information referred to under paragraph 2.
4. Contact Points
Each State Party shall establish contact points to facilitate access for service providers of the other State Parties to the information referred to in Article 3 (Provision of Information). The contact points are:
(a) for Iceland, the Ministry of Foreign Affairs;
(b) for Liechtenstein, the Office for Foreign Affairs;
(c) for Norway, the Directorate of Immigration;
(d) for Switzerland, the State Secretariat for Economic Affairs;
(e) for Argentina, the Ministry of Foreign Affairs, International Trade and Worship;
(f) for Brazil, the Ministry of Foreign Affairs; (g) for Paraguay, the Ministry of Foreign Affairs; and
(h) for Uruguay, the Ministry of Foreign Affairs.
5. Expeditious Application Procedures
1. The competent authorities of each State Party shall expeditiously process applications for granting entry, temporary stay or work permits submitted by service suppliers of other State Parties, including applications for extensions thereof.
2. If the competent authorities of a State Party require additional information from an applicant in order to process its application, they shall notify the applicant without undue delay.
3. Upon request by an applicant, the competent authorities of a State Party shall provide, without undue delay, information concerning the status of its application.
4. The competent authorities of each State Party shall notify the applicant for entry, temporary stay or work permit of the outcome of its application promptly after a decision has been taken. The notification shall include, if applicable, the period of stay and any other terms and conditions.
APPENDIX 1 TO ANNEX XV. ARGENTINA - SCHEDULE OF SPECIFIC COMMITMENTS
This Schedule of Specific Commitments is elaborated on the basis of a positive list approach and based on the International Standard Industrial Classification (ISIC - Rev.3).
The first column of the schedule identifies the sector or sub-sector in which a commitment is undertaken by Argentina. The second column describes limitations on national treatment; other descriptions are also included for the purpose of transparency.
For greater certainty, where no reference is made to a specific sector or sub-sector, it should be interpreted that Argentina is not taking any commitments for that specific sector or sub-sector.
This Schedule of Specific Commitments is based on the assumption that the Agreement shall not interfere with the capacity of Argentina to pursue the objectives of its fiscal policies.
Sector or sub-sector
Limitations on national treatment
I. HORIZONTAL COMMITMENTS
ALL SECTORS
This Schedule of Specific Commitments shall not be construed as imposing any obligation regarding subsidies or grants provided by Argentina, including loans, guarantees and insurance.
ALL SECTORS
Acquisition of land: unbound. Argentina reserves the right to adopt or maintain any measure relating to the acquisition of rural land, real estate containing or adjacent to significant and permanent water courses or lakes, and real estate located in border security areas. In particular, foreign individuals and companies carrying on investment projects with a majority of Argentine personnel can acquire buildings and/or exploitation permits and concessions in Security Areas, only with prior authorisation.
ALL SECTORS
The absolute majority of the directors of a juridical person must reside in Argentina.
ALL SECTORS
In cases of state enterprises subject to privatisation, Argentina reserves the right to establish special share arrangements (such as the retention of "golden shares") and/or to grant preferences in the purchase of shares to the employees of such state enterprise subject to privatisation.
ALL SECTORS
Argentina reserves the right to adopt or maintain any measure aimed at stimulating the development of its least developed regions, borders areas, and at reducing regional inequalities, as well as those necessary to ensure social inclusion and industrial development.
ALL SECTORS
Argentina reserves the right to adopt or maintain any measure relating to the generation of nuclear energy, nuclear fuel production and supply, nuclear materials, treatment and disposal of radioactive waste, and radioisotope and radiation generating facilities.
II. SECTOR-SPECIFIC COMMITMENTS
| Sector or sub-sector | Limitations on national treatment |
| A. AGRICULTURE, HUNTING AND FORESTRY | |
| 01. Agriculture, hunting | None |
| 02. Forestry, logging | None |
| B. FISHING | |
| 05. Fishing, operation of fish hatcheries and fish farms | Argentina reserves the right to adopt or maintain measures related to fishing, aquaculture and related activities, regarding domicile, residence or nationality requirements for natural or juridical persons, in connection with the exploitation of living resources in Argentine internal waters, maritime areas under its jurisdiction and its continental shelf. Argentina also reserves the right to adopt or maintain regulations, including sanctions, with regard to navigation, in maritime areas subject to its jurisdiction, composition of the crew and content (fish caught, equipment and fishing gear) of vessels used in the fishing industry. In particular, Argentina maintains the following measures: (a) exploitation of live maritime resources is only granted to natural persons with residence in Argentina or to juridical persons established according to domestic laws and regulations. (b) foreign flag vessels activity must comply with the terms of Law No. 24.922. Foreign flag vessels are only admitted jointly with one or more companies locally registered, as determined by Law No. 19.550. (c) vessels employed in the fishing industry must be enrolled in the corresponding Argentine registry and raise the Argentine flag. (d) crew members of all fishing vessels must comply with the following requirements: (i) captains and officers must be Argentine nationals, either by birth, option or naturalisation; (ii) 75% of the rest of crew members aboard fishing vessels must be either Argentine nationals or foreigners with more than ten years of permanent residence in Argentina effectively accredited; and (iii) in case the percentage established in paragraph b is not possible due to lack of personnel, foreign personnel may provisionally board until the percentage of Argentine crew is re-established, subject to compliance with all current legal requirements. When Argentine crew members are available, the crew must be completed with them. (e) In case of violation of domestic laws or regulations foreign vessels may, in addition to paying the corresponding penalty, be retained at an Argentine port until payment of fines is complied with or satisfactory guarantees are constituted thereof. |
| C. MINING AND QUARRYING. | For the purposes of transparency, investment in this sector is subject to the terms and conditions specified in the permits, concessions or other rights granted by the relevant mining authority. |
| 10. Mining of coal and lignite; extraction of peat | None |
| 13. Mining of metal ores | None |
| 14. Other mining and quarrying | None |
| D. MANUFACTURING | |
| 15. Manufacture of food products and beverages | None |
| 16. Manufacture of tobacco products. | None |
| 17. Manufacture of textiles | None |
| 18. Manufacture of wearing apparel; dressing and dyeing of fur | None |
| 19. Tanning and None dressing of leather; manufacture of luggage, handbags, harness and footwear | None |
| 20. Manufacture of None wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials | None |
| 21. Manufacture of paper and paper products | None |
| 24. Manufacture of chemicals and chemical products | Law No. 26.334 establishes that, in order to enjoy the benefits listed in Chapters I and II of Law No. 26.093, controlling shareholders of juridical persons producing bioethanol must be Argentine nationals or juridical persons controlled by Argentine nationals. |
| 25. Manufacture of rubber and plastics products. | None |
| 26. Manufacture of other non-metallic mineral products. | None |
| 27. Manufacture of basic metals | None |
| 28. Manufacture of fabricated metal products, except machinery and equipment | None |
| 29. Manufacture of machinery and equipment n.e.c., except for manufacture of weapons and ammunition (class 2927) | None. For the purposes of transparency, investment in class 2911 and group 292 might be subject to measures aimed at fostering the local value chain of this class and group. |
| 30. Manufacture of office, accounting and computing machinery | None |
| 31. Manufacture of electrical machinery and apparatus n.e.c. | None. For the purposes of transparency, investment in classes 3110 and 3120 might be subject to measures aimed at fostering the local value chain of these classes. |
| 32. Manufacture of tadio, television and communication equipment and apparatus | None |
| 33. Manufacture of medical, precision and optical instruments, watches and clocks | None. For the purposes of transparency, investment in class 3311 might be subject to measures aimed at fostering the local value chain of this class. |
| 34: Manufacture of motor vehicles, trailers and semi-trailers | None. For the purposes of transparency, investment in division 34 might be subject to measures aimed at fostering the local value chain of this division. |
| 35. Manufacture of other transport equipment, except for building and repairing of ships and boats (group 351) | None. For the purposes of transparency, investment in class 3591 might be subject to measures aimed at fostering the local value chain of this class. |
| 36. Manufacture of furniture; manufacturing n.e.c. | None |
| 37. Recycling | None |
| E. PRODUCTION OF ELECTRICITY, GAS, STEAM AND HOT WATER (excluding related services) | |
| For the purposes of transparency, investment in this sector is subject to the terms and conditions specified in the permits, concessions or other rights granted by the relevant authority. | |
| 4010. Production, transmission and distribution of electricity | None, except electricity generated by nuclear energy |
| 4020. Manufacture of gas except petroleum gases and derivatives | None |
APPENDIX 2 TO ANNEX XV. BRAZIL - SCHEDULE OF SPECIFIC COMMITMENTS
This Schedule of Specific Commitments is elaborated on the basis of a positive list approach and based on the International Standard Industrial Classification of all Economic Activities as set out in Statistical Office of the United Nations, Statistical Papers, Series M, No. 4/Rev. 4 (ISIC Rev 4), and covers only non-services sectors and/or activities.
Where no reference is made for a specific sector or sub-sector, it should be interpreted that Brazil is not taking any commitments for that specific sector or sub-sector.
The first column of the schedule identifies the sector or sub-sector in which a commitment is undertaken by Brazil. Limitations on national treatment are described in the second column, where other descriptions, related to either market access or non- discriminatory formalities and requirements, are also included, for the sake of transparency.
I. HORIZONTAL COMMITMENTS
ALL SECTORS
Types of juridical persons
Foreign investors wishing to conduct investment activities as a juridical person in Brazil shall adopt one of the types of juridical person in accordance with Brazil's domestic laws and regulations.
ALL SECTORS
Border areas
In border strips (areas within 150 km from national boundaries) and in some areas (the Amazon Basin, the Mata Atlantica, the Serra do Mar and the Pantanal of Mato Grosso), authorisation is required for some activities, including the following: (a) establishment and exploitation of industrial plants of particular interest for national security; (b) establishment and operation of companies involved in the prospecting, extraction and exploitation of mineral resources and in the supply of hydraulic energy; and (c) establishment of companies involved in rural settlement.
In the aforementioned cases, the respective companies must fulfill the following requirements, among others: 51% of the company's capital must be of Brazilian nationals; management must be by Brazilian nationals, who should be the majority. In case such activities are carried out by only one individual, only Brazilian nationals may be granted special authorisation.
ALL SECTORS
Indigenous areas
Brazil reserves the right to adopt or maintain any measure regarding investment in indigenous lands.
ALL SECTORS
Land acquisition
The acquisition or lease of rural property or the acquisition of any other real estate right over rural property by foreign natural persons, foreign juridical persons or Brazilian juridical persons with foreign participation is subject to specific conditions, limitations and authorisation established under Brazilâs domestic laws and regulations. Unless otherwise provided under Brazil's domestic laws and regulations, the donation of real estate of the union or of the states to foreigners, whether natural or juridical persons, is forbidden.
ALL SECTORS
Regional development
Brazil reserves the right to adopt or maintain any measure aimed at reducing regional inequalities, promoting equitable access to development opportunities across regions in its territory, as well as ensuring social inclusion and rural development.
ALL SECTORS
Subsidies
This Schedule of Specific Commitments shall not be construed as imposing any obligation regarding subsidies or grants provided by Brazil, including loans, guarantees and insurance.
ALL SECTORS
Registration of foreign capital
Foreign capital in Brazil must be registered, under a declaratory and electronic procedure, with the Central Bank of Brazil.
II. SECTOR-SPECIFIC COMMITMENTS
| Sector or Sub-sector | Limitations on National Treatment |
| A. AGRICULTURE, FORESTRY AND FISHING | |
| Crop and animal production, hunting and related service activities (ISIC Rev 4:01). | None |
| Forestry and logging (ISIC Rev 4:02) | None |
| Fishing and aquaculture (ISIC Rev 4:03) | None, except that foreign flagged vessels can only operate in commercial fishing in Brazil (including in its Economic Exclusive Zone) if chartered by juridical persons established in Brazil and granted a governmental authorisation. Fish, fishing products and fishing byproducts of Brazilian vessels or foreign vessels chartered by juridical persons established in Brazil have Brazilian origin. |
| B. MINING AND QUARRYING | |
| Mining of coal and lignite (ISIC Rev 4:05) | For transparency purposes, mineral deposits, whether or not mined, and other mineral resources and hydraulic power potentials belong to the Brazilian state, and the concessionaire owns the product of the mining. Prospecting and exploitation of mineral resources may only be carried out under authorisation or concession by the Brazilian government, by Brazilian nationals or a company organised under Brazil's domestic laws and regulations and having its headquarters and administration in the country. |
| Extraction of crude petroleum and natural gas (ISIC Rev 4:06) | For transparency purposes, prospecting and exploitation of oil deposits, natural gas, and other fluid hydrocarbons are state monopolies that may be operated, under concession or authorisation according to Brazil's domestic laws and regulations, by enterprises organised under Brazil's domestic laws and regulations, with Brazilian headquarters and administration. |
| Mining of metal ores (ISIC Rev 4:07) | For transparency purposes, mineral deposits, whether or not mined, and other mineral resources and hydraulic power potentials belong to the Brazilian state, and the concessionaire owns the product of the mining. Prospecting and exploitation of mineral resources may only be carried out under authorisation or concession by the Brazilian government, by Brazilian nationals or a company organised under Brazil's domestic laws and regulations and having its headquarters and administration in Brazil. |
| Other mining and quarrying (ICSIC Rev 4:08) | For transparency purposes, mineral deposits, whether or not mined, and other mineral resources and hydraulic power potentials belong to the Brazilian state, and the concessionaire owns the product of the mining. Prospecting and exploitation of mineral resources may only be carried out under authorisation or concession by the Brazilian government, by Brazilian nationals or a company organised under Brazil's domestic laws and regulations having its headquarters and administration in Brazil. |
| C. MANUFACTURING | |
| Manufacture of food products (ISIC Rev 4:10) | None |
| Manufacture of beverages (ISIC Rev 4:11) | None |
| Manufacture of tobacco products (ISIC Rev 4:12) | None |
| Manufacture of textiles (ISIC Rev 4:13) | None |
| Manufacture of wearing apparel (ISIC Rev 4:14) | None |
| Manufacture of leather and related products (ISIC Rev 4:15) | None |
| Manufacture of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials (ISIC Rev 4:16) | None |
| Manufacture of paper and paper products (ISIC Rev 4:17). | None |
| Printing and reproduction of recorded media (ISIC Rev 4:18) | For transparency purposes, participation of foreigners, or Brazilians who have been naturalized for less than 10 years, in the capital stock of news companies may not exceed thirty percent of the total capital and voting capital of these companies and shall only occur indirectly through a legal entity organised in accordance with Brazil's domestic laws and regulations and with headquarters in the country. Editorial responsibility is reserved to Brazilians born or naturalized for more than ten years. As specified in the cover sheet, commitments herein cover only non-services activities. |
| Manufacture of coke and refined petroleum products (ISIC Rev 4:19) | For transparency purposes, the refining of Brazilian or foreign oil; the importation and exportation of products and basic byproducts; the sea transportation of crude oil of Brazilian origin or of basic oil byproducts produced in Brazil as well as the transportation by pipeline, the wholesale distribution and retail sale of crude oil, its byproducts and natural gas are State monopolies that may be operated, under concession or authorisation according to Brazil's domestic laws and regulations, by enterprises organised under Brazil's domestic laws and regulations, with Brazilian headquarters and administration. |
| Manufacture of chemicals and chemical products (ISIC Rev 4:20) | Unbound for enrichment of uranium and thorium ores and production of fuel elements for nuclear reactors (ISIC Rev 4:2011). |
| Manufacture of pharmaceuticals, medicinal chemical and botanical products (ISIC Rev 4:21) | None |
| Manufacture of rubber and plastics products (ISIC Rev 4:22) | None |
| Manufacture of other non-metallic mineral products (ISIC Rev 4:23) | None |
| Manufacture of basic metals (ISIC Rev 4:24) | None |
| Manufacture of fabricated metal products, except machinery and equipment (ISIC Rev 4:25) | Unbound for manufacture of nuclear reactors (ISIC Rev 4:2513). |
| Manufacture of computer, electronic and optical products (ISIC Rev 4:26) | None |
| Manufacture of electrical equipment (ISIC Rev 4:27) | None |
| Manufacture of machinery and equipment n.e.c. (ISIC Rev 4:28) | None |
| Manufacture of motor yehicles, trailers and semi-trailers (ISIC Rev 4:29) | None |
| Manufacture of other transport equipment (ISIC Rev 4:30) | None |
| Manufacture of furniture (ISIC Rev 4:31) | None |
| Other manufacturing (ISIC Rev 4:32) | None |
| D. ELECTRICITY, GAS, STEAM AND AIR CONDITIONING SUPPLY | |
| Electric power generation, transmission and distribution (ISIC Rev 4:351) | Electric power distribution: unbound. Electric power generation and transmission: none, except for the harnessing of nuclear power potentials. For transparency purposes, the harnessing of hydraulic power potentials requires authorisation or concession by the Brazilian Government and may only be carried out by Brazilian nationals or a company incorporated under Brazil's domestic laws and regulations. |
APPENDIX 3 TO ANNEX XV. PARAGUAY - SCHEDULE OF SPECIFIC COMMITMENTS
This Schedule of Specific Commitments for the non-services sectors is elaborated based on a positive list approach and based on the International Standard Industrial Classification (ISIC - Rev.3).
Where no reference is made for a specific sector or sub-sector, it should be interpreted that Paraguay is not taking any commitments for that specific sector or sub- sector.
For greater certainty, the commitments of Paraguay under the Agreement do not extend to investment protection, such provisions are treated in investment protection agreements.
I. HORIZONTAL COMMITMENTS
ALL SECTORS
Paraguay reserves the right to establish special share arrangements (such as the retention of "golden shares") and to grant preferences in the purchase of shares to the employees of state companies subject to privatisation.
ALL SECTORS
Acquisition of land, or residence requirements, applicable to foreign investors, unbound in border areas (50 km in land frontiers).
ALL SECTORS
Paraguay reserves the right to maintain or adopt any measure or disposition with the purpose of statistical controls of foreign investment registration and its transferences, after the entry into force of the Agreement.
ALL SECTORS