WORLD TRADE GATS/SC/20/Suppl.3
26February 1998
ORGANIZATION(98-0640)
Trade inServices Original: Spanish
COLOMBIA
Schedule ofSpecific Commitments
Supplement 3
(This isauthentic inSpanish only)
_______________
Thistextreplaces thefinancial services section indocument GATS/SC/20/Suppl.1.GATS/SC/20/Suppl.3
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.
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
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.GATS/SC/20/Suppl.3
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.
1.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 commitments applicable toall
thesectors included inthisSchedule.(1)Unbound
(2)Unbound
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments applicable toall
thesectors included inthisSchedule.GATS/SC/20/Suppl.3
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 commitments applicable toall
thesectors included inthisSchedule.(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments applicable toall
thesectors included inthisSchedule.
(c)Insurance
intermediation such as
brokerage andagency(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments applicable toall
thesectors included inthisSchedule.(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments applicable toall
thesectors included inthisSchedule.
(d)Services auxiliary to
insurance, such as
consultancy, actuarial,
riskassessment and
claim settlement
servicesGATS/SC/20/Suppl.3
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
2.Banking andother financial
services (excluding
insurance):
(a)Acceptance ofdeposits
andother repayable
funds from thepublic
(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 commitments applicable toall
thesectors included inthisSchedule.(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments applicable toall
thesectors included inthisSchedule.
(c)Financial leasing
services
(d)Guarantees and
commitments
(e)Trading forown
account orforaccount
ofcustomers, whether
onanexchange orin
anover-the-counter
market, ofthe
instruments mentioned
insubparagraphs (x)
(C),(E)and(F)of
paragraph 5(a)ofthe
Annex onfinancial
services.GATS/SC/20/Suppl.3
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
(f)Participation inissues
ofallkinds of
securities, including
underwriting and
placement asagent
(whether publicly or
privately) andprovision
ofservices related to
such issues.
(g)Money broking
(h)Provision andtransfer
offinancial
information, financial
dataprocessing and
related software by
suppliers ofother
financial services.
(i)Advisory,
intermediation and
other auxiliary financial
services onallthe
activities listed in
subparagraphs (a)to
(h),including credit
reference andanalysis,
investment and
portfolio research and
advice, advice on
acquisitions andon
corporate restructuring
andstrategy.