RESTRICTED
WORLD TRADE S/FIN/W/12/Add.27/Rev.1
10December 1997
ORGANIZATION(97-5432)
Original: Spanish Committee onTrade inFinancial Services
COMMUNICATION FROM COSTA RICA
Initial Offer onFinancial Services
Revision
Thefollowing communication iscirculated attherequest ofCosta RicatoMembers ofthe
Committee onTrade inFinancial Services.
_______________
Costa Ricasubmits itsrevised offer onfinancial services. Thisoffer widens Costa Rica's
commitments forservices ofprovision andtransfer offinancial information, without anylimitation
ofmarket access ornational treatment formodes ofsupply 1,2and3,andincludes commitments on
financial leasing services.
Thisofferisconditional andCosta Ricareserves therighttomodify orwithdraw allorpart
ofthespecific commitments onfinancial services andtolistMFN exemptions atanytimeupto
12December 1997, aswellastomake suchtechnical corrections asitdeems necessary.S/FIN/W/12/Add.27/Rev.1
Page2COSTA RICA
SCHEDULE OFSPECIFIC COMMITMENTS INTHE FINANCIAL SECTOR
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
Thedefinition andscope ofthesectors andsubsectors inthisSchedule ofCommitments aretobeunderstood asbeing consistent withthedefinition
andscope established byCosta Rican lawforeachsector orsubsector.
Forallsectors andsubsectors
included inthisSchedule:Formode ofsupply (3),onlythe
establishment ofcompanies intheform of
affiliated companies orsubsidiaries is
permitted, andother forms areexcluded,
particularly branches. Thisdoesnotprevent
theoperation ofrepresentative offices,
which maynotprovide financial services in
Costa Rica. Thecommercial presence shall
becarried outinaccordance withthe
purpose specifically authorized forthe
affiliated company orsubsidiary concerned,
which must adopt thecorporate form
required bytheCosta Rican legalsystem for
thatpurpose.
Banking andother financial services (excluding insurance):
(a)Acceptance ofdeposits and
other repayable funds from
thepublic.1.Unbound
2.Unbound
3.None
4.Unbound, except asindicated inthe
horizontal section1.Unbound
2.Unbound
3.None
4.Unbound, except asindicated in
thehorizontal sectionS/FIN/W/12/Add.27/Rev.1
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
(b)Lending ofalltypes,
including, interalia,
consumer credit, mortgage
credit, factoring and
financing ofcommercial
transactions.1.Unbound
2.Unbound
3.None
4.Unbound, except asindicated inthe
horizontal section1.Unbound
2.Unbound
3.None
4.Unbound, except asindicated
inthehorizontal section
(c)Credit cardservices:
services consisting inthe
financing ofthepurchase of
products using credit cards
orother types ofplastic
money.1.Unbound
2.Unbound
3.None
4.Unbound, except asindicated inthe
horizontal section1.Unbound
2.Unbound
3.None
4.Unbound, except asindicated
inthehorizontal section
(d)Provision andtransfer of
financial information, and
financial dataprocessing and
related software by
providers ofother financial
services.1.None
2.None
3.None
4.Unbound, except asindicated inthe
horizontal section1.None
2.None
3.None
4.Unbound, except asindicated
inthehorizontal sectionS/FIN/W/12/Add.27/Rev.1
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
Financial leasing services 1.Unbound
2.Unbound
3.None, except thatcommercial banks and
non-bank finance companies maynot
provide financial leasing services, since
there arelegalrestrictions onthe
acquisition ofmovable andimmovable
property bysuchentities.
4.Unbound, except asindicated inthe
horizontal section1.Unbound
2.Unbound
3.None
4.Unbound, except asindicated
inthehorizontal section