Financial service means any service of a financial nature. All financial services include all banking and insurance and insurance-related and other Financial Services (excluding insurance), as well as services incidental to or auxiliary a service of a financial nature. Financial services include the following activities:
Insurance and insurance-related
(a) Direct insurance (including co-insurance):
(i) Life insurance;
(ii) Non-life;
(b) Reinsurance and retrocession;
(c) Insurance intermediation, such as brokerage and agency;
(d) Services auxiliary to insurance, such as consultancy, actuarial, risk assessment and claim settlement services.
Banking and other financial services (excluding insurance)
(e) Acceptance of deposits and other repayable funds from the public;
(f) Lending of all types, including personal loans, mortgages, factoring and financing of commercial transactions;
(g) Financial leasing;
(h) All payment and money transmission services, including credit cards, and similar, travellers cheques and bankers drafts;
(i) Guarantees and commitments;
(j) Trading for own account or for account of customers, whether on an exchange, in an over the counter market or otherwise, the following:
(i) Money market instruments (including cheques, bills, certificates of deposit);
(ii) Foreign exchange;
(iii) Derivative products including futures and options;
(IV) Exchange rate and interest rate of monetary instruments, such as swaps, forward rate agreements;
(v) Transferable securities;
(VI) Financial assets and other negotiable instruments, including bullion;
(k) 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;
(l) Money brokering.
(m) Asset management, such as cash or portfolio management, all forms of collective investment, pension fund management, custodial depository and trust services;
(n) Clearing and settlement services for financial assets, securities, including derivative products, and other negotiable instruments;
(o) Provision and transfer of financial information and data processing, financial and related software by suppliers of other financial services;
(p) Advisory and Other Financial Intermediation Services the activities listed in subparagraphs (e) through (o), including credit reference and investment and portfolio analysis, research and advice, advice on acquisitions and on corporate restructuring and strategy;
Professional services means services for its provision requiring specialized post-secondary (9) or equivalent training or experience and which is granted or restricted by a party but does not include services provided by persons engaged in a profession or crew members of merchant ships and aircraft.
Chapter 13. Temporary Entry of Business Persons
Article 13.1. General Principles
1. Further to article 1.2 (objectives), this chapter reflects the preferential trading relationship between the parties; facilitate the mutual goal of the temporary entry of business persons under the provisions of annex 13.3, on a reciprocal basis and of establishing transparent criteria and procedures for temporary entry. It also reflects the need to ensure border security and to protect the domestic labour force and permanent employment in their respective territories.
2. This chapter does not apply to measures regarding nationality, citizenship or permanent residence or employment on a permanent basis.
Article 13.2. General Obligations
1. Each Party shall apply its measures relating to the provisions of this chapter in accordance with article 13.1.1 and in particular the apply expeditiously so as to avoid unduly prejudice or delay trade in goods or services or the conduct of investment activities under this Agreement.
2. For greater certainty, nothing in this chapter shall be construed to prevent a party from applying measures to regulate the temporary entry of natural persons or their temporary stay in their territories, including those measures necessary to protect the integrity of and to ensure the orderly movement of natural persons across the same, provided that such measures are not applied in a manner as to impair or unduly delay trade in goods or services or the conduct of investment activities under this Agreement. The sole fact of requiring a visa for natural persons shall not be regarded as unduly impairing or impairment of trade in goods or services or investment activities under this Agreement.
Article 13.3. Authorisation for Temporary Entry
1. Each Party shall grant temporary entry to business persons in accordance with this chapter, including the provisions contained in annex 13.3-a 13.3-b and annex, and that it is qualified for entry under applicable measures relating to public health and safety and national security.
2. Each Party shall limit the value of fees for processing applications for temporary entry of business persons in a manner consistent with Article 13.2.1.
Article 13.4. Provision of Information
1. Further to article 14.2 (publication), each Party shall:
(a) The other party to provide materials such as will enable it to know measures relating to this chapter; and
(b) No later than three months after the date of Entry into Force Agreement; prepare and publish and make available in its own territory and the other party a consolidated document with materials explaining the requirements for temporary entry, including references to applicable laws and regulations regulations, subject to the provisions of this chapter so that the business persons of the other party may know.
2. Each Party shall collect and maintain and make available to the other party, upon request, in accordance with their national legislation, information concerning the granting of temporary entry of authorisations under this chapter to the other party of business persons who have been issued immigration documentation to include specific information regarding each occupation, profession or activity.
Article 13.5. Committee on Temporary Entry
1. The parties establish a committee of temporary entry, comprising representatives of each party, including migration officials.
2. The Committee shall:
(a) Establish a schedule for its meetings shall take place at least once a year;
(b) Establish procedures to exchange information on measures that affect the temporary entry of business persons under this chapter;
(c) Consider the development of measures to facilitate the temporary entry of business persons in accordance with the provisions of annex 13.3 based on the principle of reciprocity.
(d) Consider the implementation and administration of this chapter; and
(e) Consider the development of common interpretations and criteria for the implementation of this chapter.
Article 13.6. Settlement of Disputes
1. A Party may not initiate proceedings under article 16.5 (intervention of administering the Commission) regarding a refusal of authorisation of temporary entry in accordance with this chapter or a particular case arising under article 13.2 unless:
(a) The case concerns a recurrent practice; and
(b) The person affected business have exhausted the available administrative remedies regarding the particular matter.
2. The remedies referred to in paragraph 1 (b) shall be deemed to be exhausted if the competent authority has issued a final decision within 1 year after the initiation of an administrative procedure and resolution has been delayed for reasons that are not attributable to the business person affected.
Article 13.7. Relationship to other Chapters
1. Except as provided in this chapter and initial provisions) (chapters 1, 2 (General definitions), 15 (Administration of the Agreement), 16 (Dispute Settlement) (General provisions), 19 and 20 (Final provisions), and articles 14.1 contact points (14), (publication), article 14.3 (notification and provision of information) and Administrative Proceedings (14.4), no provision of this Agreement shall impose any obligation on a Party regarding its immigration measures.
2. Nothing in this chapter shall be construed to impose obligations or commitments with respect to other chapters of this Agreement.
Article 13.8. Transparency In the Development and Implementation of Regulations (1)
1. Further to chapter 13 (transparency), each Party shall maintain or establish appropriate mechanisms for responding to inquiries from interested persons regarding its regulations relating to the temporary entry of business persons.
2. Each Party shall, within a reasonable period not exceeding 45 days after considering the application of temporary entry is complete under its domestic laws and regulations, inform the applicant of the decision concerning the application. At the request of the applicant, the Party shall provide without undue delay information concerning the status of the application.
Article 13.9. Definitions
For the purposes of this chapter:
Temporary entry means business entry by a person of one party to the territory of the other party without the intent to establish permanent residence;
Immigration measure means any law, regulation or procedure affecting the Entry and Sojourn of aliens;
National has the same meaning as the term "natural person having the nationality of a Party" as defined in Article 2.1 (Definitions of General Application);
The business person means a national of a party who is engaged in trade in goods or services or investment activities in the other party;
Professional means a national of a party who engages in a specialised occupation requiring:
(a) The theoretical and practical application of a specialized body of knowledge; and
(b) A post secondary degree, requiring four years, or the equivalent of such a degree) as a minimum for entry into the occupation; and
technician: means the national of a Party who carries out a specialized occupation that requires:
(a) The theoretical and practical application of a specialized body of knowledge; and
(b) A post secondary degree or technical requiring two years, or the equivalent of such a degree) as a minimum for entry into the occupation.
Chapter 14. Transparency
Article 14.1. Contact Points
1. Each Party shall designate a contact point to facilitate communications between the parties on any matter covered by this Agreement.
2. At the request of the other party, the contact point shall indicate the office or official responsible for the matter and provide the required support to facilitate communication with the requesting party.
Article 14.2. Publicity
1. Each Party shall ensure that its laws, regulations, procedures and administrative rulings of general application relating to any matter covered by this Agreement are promptly published or otherwise made available in such a manner as to enable interested persons and the other party are aware of them.
2. To the extent possible, each Party shall:
(a) It shall publish in advance any measure referred to in paragraph 1 that it proposes to adopt; and
(b) Provide interested persons and the other party a reasonable opportunity to comment on such proposed measures.
Article 14.3. Notification and Provision of Information
1. Each Party shall notify the other party to the extent possible, any existing or proposed measure that the Party considers might materially affect the operation of this Agreement or otherwise substantially affect the other party interests under this Agreement.
2. A Party, at the request of the other Party shall promptly provide information and respond to questions pertaining to any existing or proposed measure, whether or not there has been notified to the other Party on Prior that measure.
3. Any notification or information provided under this article shall be without prejudice to whether the measure is consistent with this Agreement.
Article 14.4. Administrative Procedures
With a view to administering in a manner consistent and impartial manner and all reasonable measures of general application affecting matters covered by this agreement, each Party shall ensure that in its Administrative Proceedings applying measures referred to in article 14.2 With respect to persons, in particular goods or services of the other party in specific cases that:
(a) Wherever possible, the persons of the other party that are directly affected by a proceeding are in accordance with domestic law, reasonable notice of the initiation of the same, including a description of the nature, the statement of the legal authority under which the proceeding is initiated and a general description of any issues in controversy;
(b) When the time, the nature of the proceeding and the public interest, permit such persons a reasonable opportunity to present facts and arguments in support of their positions prior to any final administrative action; and
(c) Its procedures are in accordance with the national legislation of that Party.
Article 14.5. Review and Challenge
1. Each Party shall establish or maintain judicial tribunals or procedures or administrative nature for the purpose of the prompt review and, where warranted, the correction of final administrative actions regarding matters covered by this Agreement. Such tribunals shall be
Fair and not linked with the office or authority entrusted with administrative and enforcement shall not have any substantial interest in the outcome of the matter.
2. Each Party shall ensure that, before such tribunals or procedures the parties have the right to:
(a) A reasonable opportunity to defend or support their respective positions; and
(b) A decision based on the evidence and submissions, or in cases where required by its domestic law, on the record compiled by the administrative authority.
3. Each Party shall ensure subject to further appeal or review as provided in its domestic legislation, that such decisions are implemented by delivery and govern the practice of the office or authority with respect to the administrative action that is the subject of the decision.
Article 14.6. Definition
For the purposes of this chapter:
Administrative Ruling of general application means an administrative ruling or interpretation that applies to all persons and that fact generally fall within its scope and establishing a standard of conduct, but does not include:
(a) A determination or ruling made in an administrative proceeding that applies to persons, in particular goods or services of the other party in a specific case; or
(b) A ruling that adjudicates with respect to a particular act or practice.
Chapter 15. Administration of the Agreement
Article 15.1. The Administrative Commission
1. The Parties shall establish the Committee, composed of representatives referred to in annex 15.1.1, or persons designated by them.
2. The Management Committee shall have the following functions:
(a) To ensure the fulfillment and correct application of the provisions of this Agreement;
(b) To monitor the implementation of the Agreement and evaluate the results obtained in its application;
(c) Seek to resolve disputes that may arise regarding the interpretation or application of this Agreement;
(d) Supervise the work of all committees and working groups established under this Agreement and recommend appropriate actions;
(e) Determining the amount of remuneration and expenses that will be paid to the arbitrators.
(f) Take note of the reports of the Joint Committee for Cooperation and labour migration, set out in the memorandum of understanding on labour migration and cooperation between the Republic of Chile and the Republic of Peru;
(g) Consider any other matter that may affect the operation of this Agreement;
(h) Follow-up of policies and practices of prices in specific sectors to detect cases that would lead to significant distortions in bilateral trade; (i)
(i) Monitoring mechanisms to exports applied by the parties in order to detect possible distortions to competition arising from their application and Promote harmonisation of the same, as the release of reciprocal trade; and
(j) Establishing mechanisms and bodies that ensure the active participation of representatives of business sectors.
3. The Commission may: administering
(a) Establish and delegate responsibilities to committees and working groups;
(b) Progress in the implementation of the objectives of this Agreement through the adoption of any change in accordance with annex 15.1.3:
(i) The schedule of tariff relief in accordance with Article 3.2;
(ii) The rules of origin;
(iii) Revise, amend and update the additional notes of the present Agreement, contribute to trade liberalization.
(c) To seek the advice of non-governmental persons or groups;
(d) To approve and modify the model rules of procedure referred to in article 16.10 (model rules of procedure); and
(e) If the parties so agree, take any other action in the exercise of its functions.
4. The Management Committee shall establish its rules and procedures. All decisions of the administrative commission shall be taken by mutual agreement.
5. The Management Committee shall meet at least once a year in regular session. The regular meetings of the administrative commission shall be chaired successively by each party.
Article 15.2. Coordinators of the Free Trade Agreement
Each Party shall designate a coordinator who will work together in preparations for Commission meetings and shall administering appropriate follow-up to decisions of the Commission.
Chapter 16. Settlement of Disputes
Article 16.1. General Provision
The Parties shall at all times endeavour to agree on the interpretation and application of this Agreement, and shall make every effort to reach a mutually satisfactory resolution of any matter that might affect its operation.
Article 16.2. Scope
Unless this agreement provides otherwise, the dispute settlement provisions of this chapter shall apply:
(a) For the avoidance or the settlement of disputes between the parties concerning the interpretation or application of this Agreement and protocols and instruments entered into under the same;
(b) Where a Party considers that an actual or proposed measure of the other party is or would be inconsistent with the obligations of this Agreement or that the other party has breached otherwise in respect of the obligations under this agreement; or
(c) Where a Party considers that an actual or proposed measure of another party does not contravene the provisions of this Agreement, nullifies or impairs benefits that could reasonably have expected to receive under chapter 3 (trade in goods), chapter 4 (rules of origin), chapter 5 (customs procedures and trade facilitation); Chapter 10 (Technical Barriers to Trade); and chapter 12 (cross-border trade in services).
Article 16.3. Choice of Forum
1. Disputes regarding the same matter under this Agreement and under the WTO Agreement and in another trade agreement to which both parties are party, shall be subject to the dispute settlement mechanisms of one of these forums, at the choice of the complaining party.
2. Once the complaining party has initiated a dispute settlement procedure under article 16.6 under the WTO agreement or another trade agreement to which both parties are a party (1), the Forum selected shall be exclusive of the other.
Article 16.4. Consultations
1. Any Party may request in writing to the other party for consultations regarding any existing or proposed measure to be inconsistent with this Agreement.
2. Any request for consultations shall indicate the reasons for the request including identification of the actual or proposed measure and noting the legal basis of the complaint.
3. The Party to which it was addressed to the request for consultations shall respond in writing within 7 days after the date of its receipt.