RESTRICTED
WORLD TRADE S/FIN/W/12/Add.29
11November 1997
ORGANIZATION(97-4925)
Original: Spanish Committee onTrade inFinancial Services
COMMUNICATION FROM URUGUAY
Initial Offer onFinancial Services
Addendum
Thefollowing communication iscirculated attherequest ofUruguay toMembers ofthe
Committee onTrade inFinancial Services.
_______________
ThisofferreplacesthesectiononFinancialServicesonpages10to13ofdocumentGATS/SC/91.
Thisoffer isconditional andUruguay reserves therighttomodify allorpartofit.S/FIN/W/12/Add.29
Page2URUGUAY
SPECIFIC COMMITMENTS -INITIAL OFFER ONFINANCIAL 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
7.FINANCIAL SERVICES (3)Anysupplier offinancial services
wishing toengage inoperations in
Uruguay maynotdosowithout prior
authorization from thecompetent
authorities. Theapplication maybe
rejected onprecautionary grounds,
including thecurrent stateofthemarket.
A.Insurance andinsurance-
related services
Motor-vehicle insurance
services (81292)(1)Unbound
(2)Unbound
(3)Inorder tohaveacommercial presence
inUruguay, enterprises must be
organized asUruguayan public limited
companies, subject tothelimitations laid
down bytheexisting legislation. This
requirement doesnotapply tothe
reinsurance sector.
(4)Unbound, except asindicated inthe
horizontal section.(1)None
(2)None
(3)None
(4)Unbound, except asindicated in
thehorizontal section.S/FIN/W/12/Add.29
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
Marine, aviation and
other transport insurance
services (81293)(1)Unbound
(2)Unbound
(3)Limitation mentioned formotor-vehicle
insurance services.
(4)Unbound, except asindicated inthe
horizontal section.(1)None
(2)None
(3)None
(4)Unbound, except asindicated in
thehorizontal section.
Freight insurance services
(81294)(1)Unbound
(2)Unbound
(3)Limitation mentioned formotor-vehicle
insurance services.
(4)Unbound, except asindicated inthe
horizontal section.(1)None
(2)None
(3)None
(4)Unbound, except asindicated in
thehorizontal section.
Insurance andpension
consultancy services
(81402)(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal section.(1)None
(2)None
(3)None
(4)Unbound, except asindicated in
thehorizontal section.S/FIN/W/12/Add.29
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
Actuarial services
(81404)(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal section.(1)None
(2)None
(3)None
(4)Unbound, except asindicated in
thehorizontal section.
B.Banking andother
financial services(3)Authorization forenterprises established
abroad tosetupbranches oragencies in
Uruguay toengage infinancial
intermediation activities issubject tothe
requirement thattheirby-laws orstatutes
donotprohibit Uruguayan citizens from
being members ofthemanagement or
board ofdirectors orholding anyother
senior post, employment orposition in
theinstitution, within theterritory of
Uruguay.
Wholesale deposit
services (81115)(1)None
(2)None(1)None
(2)NoneS/FIN/W/12/Add.29
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
(3)Banks wishing tobecome established in
Uruguay must beorganized as
Uruguayan public limited companies with
registered shares orasbranches of
foreign banks.
Forbanks, commercial presence is
subject tothefollowing quantitative limit:
inanyoneyear, thenumber of
authorizations fornewbanks tooperate
maynotexceed 10percentofthe
number intheyearimmediately
preceding.
Thisprovision applies exclusively to
those institutions which aredefined by
thelawasbanks anddoesnotaffect
other financial intermediation enterprises.(3)None
Financial intermediation enterprises
comprise: banks, financial
intermediation cooperatives, finance
houses, offshore financial institutions,
consortium managers andinvestment
banks.S/FIN/W/12/Add.29
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
Banks carry outalltypes offinancial
operations and,together withfinancial
intermediation cooperatives, aretheonly
institutions authorized:
(a)Toaccept current account deposits
andallow them tobedrawn on
against cheques;
(b)toaccept demand deposits;
(c)toaccept termdeposits from
residents.
Finance houses maycarry outall
financial intermediation activities except
those restricted tobanks and
cooperatives, drawing theirresources
exclusively from non-residents.
Offshore financial institutions operate
exclusively withnon-residents.
Consortium management firms arethose
which organize ormanage groups,
associations orconsortiums whose
members contribute funds tobeapplied,
mutually orjointly, forthepurchase of
particular goods orservices.S/FIN/W/12/Add.29
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
Investment banks mayonlyaccept
deposits from andextend loans tonon-
residents forterms ofmore thanone
year; issue negotiable bonds or
debentures; finance theissue oforplace
securities, bonds, debentures, stocks and
shares onbehalf ofnon-financial
enterprises; acquire shares orcapital
interests inenterprises forthepurpose of
launching investment projects or
reorganization, development or
conversion schemes; accept orplace
billslinked withthose enterprises and
carry outbankgirooperations withthem
(except foraccepting current account
deposits); medium andlong-term credits
andloans; provide sureties, bonds,
guarantees andsecurities; dotrustand
commission business; andadvise on
investments andbusiness management.
(4)Unbound, expect asindicated inthe
horizontal section.(4)Unbound, expect asindicated in
thehorizontal section.
Other bankdeposit
services (81116)(1)None
(2)None
(3)Limitation indicated forwholesale deposit
services.
(4)Unbound, expect asindicated inthe
horizontal section.(1)None
(2)None
(3)None
(4)Unbound, expect asindicated in
thehorizontal section.S/FIN/W/12/Add.29
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
Financial leasing services
(81120)(1)None
(2)None
(3)Limitation indicated forwholesale deposit
services.
(4)Unbound, expect asindicated inthe
horizontal section.(1)None
(2)None
(3)None
(4)Unbound, expect asindicated in
thehorizontal section.
Personal instalment loan
services (81132)(1)None
(2)None
(3)Limitation indicated forwholesale deposit
services.
(4)Unbound, expect asindicated inthe
horizontal section.(1)None
(2)None
(3)None
(4)Unbound, expect asindicated in
thehorizontal section.
Credit cardservices
(81133)(1)None
(2)None
(3)Limitation indicated forwholesale deposit
services.
(4)Unbound, expect asindicated inthe
horizontal section.(1)None
(2)None
(3)None
(4)Unbound, expect asindicated in
thehorizontal section.