RESTRICTED
WORLD TRADE S/FIN/W/12/Add.54
12December 1997
ORGANIZATION(97-5480)
Committee onTrade inFinancial Services Original: Spanish
COMMUNICATION FROM COLOMBIA
Initial Offer onFinancial Services
Addendum
Thefollowing communication iscirculated attherequest ofColombia toMembers ofthe
Committee onTrade inFinancial Services.
_______________
Colombia reserves theright tomodify orwithdraw allorpartofthespecific commitments
andtoinclude MFN exemptions, conditional upontheoutcome ofthenegotiations onfinancial services.
Italsoreserves therighttomake technical modifications andcorrect possible errors andomissions.S/FIN/W/12/Add.54
Page2COLOMBIA
SCHEDULE OFSPECIFIC COMMITMENTS
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
ALL FINANCIAL SERVICES (3)TheGovernment maymake an
authorization fordomestic andforeign
financial entities tooperate inColombia
subject toaneconomic needs test. For
thispurpose, factors such asthepublic
interest andlocal andgeneral economic
andfinancial conditions aretaken into
account.(3)Inthedisposal ofState holdings in
enterprises, special conditions are
offered exclusively toColombian natural
orlegal persons.
(3)Theestablishment ofsuppliers offinancial
services from abroad isonlypermitted in
theform ofaffiliated companies or
subsidiaries. Other forms, particularly
branches, areexcluded. Thesupply ofthe
service must correspond tothepurpose
specifically authorized fortheaffiliated
company orsubsidiary, which must adopt
thecorporate form required byColombian
legislation. Agencies offoreign financial
entities maynotprovide financial services
inColombia
(3)Thesupply offinancial services in
Colombia requires prior Government
authorization. Such authorization is
granted inaccordance withtherelevant
requirements inColombian legislation and
withtheregulatory principles generally
accepted attheinternational level.S/FIN/W/12/Add.54
Page3Modes 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
Inparticular, theauthorization permitting
suppliers offinancial services tooperate in
Colombia issubject toverification bythe
respective Supervisory Department ofthe
character, responsibility andqualifications
ofpersons participating intheoperation as
owners, directors ormanagers.
Inaddition, therelevant Supervisory
Department verifies thattheapplicant
entities have satisfactory controls to
prevent thelaundering ofassets andto
manage risks, andthattheyhave
consolidated supervision inconformity
withgenerally accepted principles inthis
respect attheinternational level.
(A)Insurance andinsurance-
related services
(a)Direct insurance
(including co-
insurance) other than
lifeinsurance(1)Unbound, except forinsurance related to
foreign trade operations, exclusively for
external journeys, i.e.those which begin
orendinaColombian port.
(2)Unbound
(3)None
(4)Unbound, except asindicated inthe
horizontal section ofColombia 's
commitments intheUruguay Round.(1)Unbound
(2)Unbound
(3)None
(4)Unbound, except asindicated inthe
horizontal section ofColombia 's
commitments intheUruguay Round.S/FIN/W/12/Add.54
Page4Modes 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
(b)Reinsurance and
retrocession(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal section ofColombia 's
commitments intheUruguay Round.(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal section ofColombia 's
commitments intheUruguay Round.
(c)Insurance
intermediation such as
brokerage andagency(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal section ofColombia 's
commitments intheUruguay Round.(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal section ofColombia 's
commitments intheUruguay Round.
(d)Services auxiliary to
insurance, such as
consultancy, actuarial,
riskassessment and
claim settlement
services(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal section ofColombia 's
commitments intheUruguay Round.(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal section ofColombia 's
commitments intheUruguay Round.S/FIN/W/12/Add.54
Page5Modes 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
B.Banking andother financial
services, excluding
insurance
(a)Acceptance ofdeposits
andother repayable
funds from thepublic(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal section ofColombia 's
commitments intheUruguay Round.(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal section ofColombia 's
commitments intheUruguay Round.
(b)Lending ofalltypes,
including consumer
credit, mortgage credit,
factoring byfinancial
institutions, and
financing of
commercial
transactions(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal section ofColombia 's
commitments intheUruguay Round.(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal section ofColombia 's
commitments intheUruguay Round.S/FIN/W/12/Add.54
Page6Modes 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
(c)Financial leasing services (1)Unbound
(2)Unbound
(3)None
(4)Unbound, except hasindicated inthe
horizontal section ofColombia 's
commitments intheUruguay Round.(1)Unbound
(2)Unbound
(3)None
(4)Unbound, except hasindicated inthe
horizontal section ofColombia 's
commitments intheUruguay Round.
(d)Guarantees and
commitments(1)Unbound
(2)Unbound
(3)None
(4)Unbound, except hasindicated inthe
horizontal section ofColombia 's
commitments intheUruguay Round.(1)Unbound
(2)Unbound
(3)None
(4)Unbound, except hasindicated inthe
horizontal section ofColombia 's
commitments intheUruguay Round.
(e)Trading forownaccount or
foraccount ofcustomers,
whether onanexchange, in
anover-the-counter market
oftheinstruments
mentioned insubparagraphs
(X)(C),(E)and(F)of
paragraph 5oftheAnnex
onfinancial services.(1)Unbound
(2)Unbound
(3)None
(4)Unbound, except hasindicated inthe
horizontal section ofColombia 's
commitments intheUruguay Round.(1)Unbound
(2)Unbound
(3)None
(4)Unbound, except hasindicated inthe
horizontal section ofColombia 's
commitments intheUruguay Round.S/FIN/W/12/Add.54
Page7Modes 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
(f)Participation inissues ofall
kinds ofsecurities, including
underwriting andplacement
asagent (whether publicly
orprivately) andprovision
ofservices related tosuch
issues.(1)Unbound
(2)Unbound
(3)None
(4)Unbound, except hasindicated inthe
horizontal section ofColombia 's
commitments intheUruguay Round.(1)Unbound
(2)Unbound
(3)None
(4)Unbound, except hasindicated inthe
horizontal section ofColombia 's
commitments intheUruguay Round.
(g)Money broking (1)Unbound
(2)Unbound
(3)None
(4)Unbound, except hasindicated inthe
horizontal section ofColombia 's
commitments intheUruguay Round.(1)Unbound
(2)Unbound
(3)None
(4)Unbound, except hasindicated inthe
horizontal section ofColombia 's
commitments intheUruguay Round.
(h)Provision andtransfer of
financial information, and
financial dataprocessing and
related software bysuppliers
ofother financial services(1)Unbound
(2)Unbound
(3)None
(4)Unbound, except hasindicated inthe
horizontal section ofColombia 's
commitments intheUruguay Round.(1)Unbound
(2)Unbound
(3)None
(4)Unbound, except hasindicated inthe
horizontal section ofColombia 's
commitments intheUruguay Round.S/FIN/W/12/Add.54
Page8Modes 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
(i)Advisory, intermediation
andother auxiliary financial
services onalltheactivities
listed insubparagraphs (a)
to(h),including credit
reference andanalysis,
investment andportfolio
research andadvice, advice
onacquisitions andon
corporate restructuring and
strategy.(1)Unbound
(2)Unbound
(3)None
(4)Unbound, except hasindicated inthe
horizontal section ofColombia 's
commitments intheUruguay Round.(1)Unbound
(2)Unbound
(3)None
(4)Unbound, except hasindicated inthe
horizontal section ofColombia 's
commitments intheUruguay Round.