RESTRICTED
WORLD TRADE S/FIN/W/12/Add.44
5December 1997
ORGANIZATION(97-5358)
Committee onTrade inFinancial Services Original: Spanish
COMMUNICATION FROM THE DOMINICAN REPUBLIC
Initial Offer onFinancial Services
Addendum
Thefollowing communication iscirculated attherequest oftheDominican Republic tothe
members oftheCommittee onTrade inFinancial Services.
________________
TheGovernment oftheDominican Republic reserves itsrighttomodify orwithdraw allor
partofthisoffer depending ontheoutcome ofthenegotiations.
Themaintenance ofthisofferwilldepend onthesubmission bytheotherparticipating Members
ofoffers containing atleastthesamelevelofmarket-access andnational treatment commitments based
onthemost-favoured-nation principle.S/FIN/W/12/Add.44
Page 2DOMINICAN REPUBLIC
CONDITIONAL OFFER OFFINANCIAL SERVICES
Modes ofsupply: (1)Cross-border supply (2)Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Wholesale deposit services
(CPC 81115)
Other bank deposit services
(CPC 81116)
Other deposit services
(CPC 81119)(1)Unbound
(2)Unbound
(3)Inaddition tothehorizontal
measures which apply toall
sectors, itisnecessary tosubmit a
feasibility study justifying the
economic need forthe
establishment oftherequesting
enterprise intheDominican
Republic.
Theequity participation offoreign
investors inbanks established or
wishing toestablish themselves in
theDominican Republic is
restricted to49percentofthe
subscribed andpaid-up capital.
Corporations setupinaccordance
withthelaws oftheDominican
Republic expressly andexclusively
toengage inbanking business and
thebranches oragencies of
foreign banking institutions duly
authorized forsuch operations in
thecountry oforigin must submit
anapplication totheMonetary
Board oftheCentral Bank ofthe
Dominican Republic through the
Office oftheSuperintendent of
Banks.(1)Unbound
(2)Unbound
(3)Inorder foraforeign bank which isnot
already established inthecountry to
establish abranch oragency inthe
Dominican Republic itmust submit the
following documents:
-Itsmemorandum andarticles of
association inthecountry oforigin;
-thelegal authorization justifying its
existence inthecountry oforigin;
-evidence thatthebank canlegally
establish branches oragencies, in
conformity withitsarticles andthe
laws ofthecountry oforigin;
-thename ofthelegal representative
orrepresentatives entrusted withthe
administration ofthebranch or
agency intheDominican Republic;
-astatement showing thecapital and
reserves allocated tothebranch for
itsownoperations;
-theGovernment Order authorizing
theinstitution toestablish domicile in
theDominican Republic.S/FIN/W/12/Add.44
Page 3Modes ofsupply: (1)Cross-border supply (2)Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Establishment intheDominican
Republic requires compliance with
therules ofbanking andprudent
management adopted bythe
Monetary Board.
Aminimum ofRD$75 million of
subscribed andpaid-up capital is
required, plusaminimum of
RD$15 million inreserves, in
order toopen commercial banks
authorized tooffer multiple
services. These amounts maybe
modified bytheMonetary Board.
With respect tolegal reserves, the
level specified bytheMonetary
Board must beheldincashinthe
Central Bank.
(4)Unbound, except asindicated in
thehorizontal section.(4)Unbound, except asindicated inthe
horizontal section.
Central bank deposit services
(CPC 81111)
Central bank reserve management
services (CPC 81113)(1)None
(2)Unbound
(3)Unbound
(4)Unbound, except asindicated in
thehorizontal section.(1)None
(2)Unbound
(3)Unbound
(4)Unbound, except asindicated inthe
horizontal section.S/FIN/W/12/Add.44
Page 4Modes ofsupply: (1)Cross-border supply (2)Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Financial leasing services withoption
tobuyandfactoring
(CPC 81120)
Insurance (including reinsurance) and
pension fund services, except
compulsory social security services
(CPC 812)(1)Unbound
(2)Unbound
(3)Unbound, except asindicated in
thehorizontal section.
(4)Unbound, except asindicated in
thehorizontal section.(1)Unbound
(2)Unbound
(3)Unbound
(4)Unbound, except asindicated inthe
horizontal section.
Mortgage loanservices
(CPC 81131)(1)None, except thatDominican
residents must register credit
operations withtheCentral Bank.
(2)Unbound
(3)Participation offoreign share-
holders restricted to49percentof
thecapital subscribed andpaidup.
(4)Unbound, except asindicated in
thehorizontal section.(1)None, except thatforeign natural or
legal persons require aGovernment
Order.
(2)Unbound
(3)Unbound
(4)Unbound, except asindicated inthe
horizontal section.S/FIN/W/12/Add.44
Page 5Modes ofsupply: (1)Cross-border supply (2)Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Personal instalment loanservices
(CPC 81132)(1)None, except thatDominican
residents must register credit
operations withtheCentral Bank.
(2)Unbound
(3)Participation offoreign
shareholders restricted to
49percentofthecapital
subscribed andpaidup
(4)Unbound, except asindicated in
thehorizontal section.(1)Unbound
(2)Unbound
(3)Unbound
(4)Unbound, except asindicted inthe
horizontal section.
Credit cardservices
(CPC 81133)(1)None
(2)None
(3)Authorization required from the
International Department ofthe
Central Bank.
(4)Unbound, except asindicated in
thehorizontal section.(1)None
(2)None
(3)Unbound
(4)Unbound, except asindicated inthe
horizontal section.
Closed-end investment trust services
(CPC 81191)
Open-ended investment andother unit
trust services
(CPC 81193)(1)Unbound
(2)Unbound
(3)None, except asindicated inthe
Securities Exchange Lawandin
thehorizontal section.
(4)Unbound, except asindicated in
thehorizontal section.(1)Unbound
(2)Unbound
(3)Unbound
(4)Unbound, except asindicated inthe
horizontal section.S/FIN/W/12/Add.44
Page 6Modes ofsupply: (1)Cross-border supply (2)Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Property unittrustservices
(CPC 81192)(1)Unbound
(2)Unbound
(3)Restricted toinvestment intourist-
trade andresidential properties.
(4)Unbound, except asindicated in
thehorizontal section.(1)Unbound
(2)Unbound
(3)Unbound
(4)Unbound, except asindicated inthe
horizontal section.
Services related tosecurities markets
(CPC 8132)
Services auxiliary toinsurance and
pension funding
(CPC 814)(1)Unbound
(2)Unbound
(3)None, except asindicated inthe
horizontal section.
(4)Unbound, except asindicated in
thehorizontal section.(1)Unbound
(2)Unbound
(3)Unbound
(4)Unbound, except asindicated inthe
horizontal section.