Page 5  WT/Let/1167  
 FEDERATIVE REPUBLIC OF BRAZIL  
SCHEDULE OF SPECIFIC  COMMITMENTS  
Modes of supply:        1)    Cross -border supply     2)    Consumption abroad       3)    Commercial presence      4)    Presence of natural persons  
Sector or Sub -sector  Limitations on Market Access  Limitations on National Treatment  Additional 
Commitments  
7. FINANCIAL SERVICES  
 
A. All insurance and 
insurance -related 
services  
 
- Life insurance.  
 
- Insurance on freight.  
 
- Property insurance.  
 
- Medical care insurance.  
 
- Liability insurance.  
 
- Body, machinery and 
civil liability insurance 
for vessels.  
  
 
 
 
 
 
1) Unbound except for:  
- insurance  on freight: none. 
However, commercial presence 
is required for contracts on, 
and any liability arising from, 
imported goods.  
 
- body, machinery and civil 
liability insurance may be 
authorized for vessels 
registered in the Brazilian 
Special Registry (REB),  
depending on internal supply 
conditions.  
 
2) Unbound.  
 
3) Incorporation under Brazilian law, in 
the form of a “sociedade anônima”, 
and the enactment of a Presidential 
decree, are required.  
 
4) Unbound except as indicated in the 
horizontal section.   
 
 
 
 
 
1) None for:  
- insurance on freight, except for 
contracts on, and any liability 
arising from, imported goods;  
 
- body, machinery and civil 
liability insurance may be 
authorized for vessels 
registered in the Brazilian 
Special Registry (REB).  
 
 Unbound for o ther services.  
 
 
 
2) Unbound.  
 
3) None.  
 
 
 
 
4) Unbound except as indicated in the 
horizontal section.  
    Page 6  WT/Let/1167  
 Modes of supply:        1)    Cross -border supply     2)    Consumption abroad       3)    Commercial presence      4)    Presence of natural persons  
Sector or Sub -sector  Limitations on Market Access  Limitations on National Treatment  Additional 
Commitments  
-  Work accident 
insurance.  
 1) Unbound.  
 
2) Unbound.  
 
3) The National Social Security Institute 
(INSS) is the sole authorized 
supplier.  
 
4) Unbound except as indicated in the 
horizontal section.  
 1) Unbound.  
 
2) Unbound.  
 
3) Unbound.  
 
 
 
4) Unbound.  
 Brazil will undertake 
commitments regarding 
commercial presence in 
the work accident 
insurance market within 
two years after the 
adoption by the 
National Congress of 
legislation regulating 
such presence.  
 
-  Reinsurance and 
retrocession.  
 1) Unbound.  
 
2) Unbound.  
 
3) Reinsurers shall be organized as a 
“sociedade anônima”, and shall not 
engage in any other business 
activity, including direct insurance . 
 
4) Unbound except as indicated in the 
horizontal section.  
 1) Unbound.  
 
2) Unbound.  
 
3) Unbound.  
 
 
 
 
4) Unbound.     Page 7  WT/Let/1167  
 Modes of supply:        1)    Cross -border supply     2)    Consumption abroad       3)    Commercial presence      4)    Presence of natural persons  
Sector or Sub -sector  Limitations on Market Access  Limitations on National Treatment  Additional 
Commitments  
-  Auxiliary 
services - agencies and 
brokers.  
 1) Unbound.  
 
2) Unbound.  
 
3) For legal persons, incorporation 
under Brazilian law is required.  
 
4) Unbound except as indicated in the 
horizontal section.  
 1) Unbound.  
 
2) Unbound.  
 
3) None.  
 
 
4) Unbound except as indicated in the 
horizontal section.  
  
-  Auxiliary 
services - consultancy, 
actuarial and surveys.  
 1) None.  
 
2) None.  
 
3) None.  
 
4) Unbound except as indicated in the 
horizontal section.  
 1) None.  
 
2) None.  
 
3) None.  
 
4) Unbound except as indicated in the 
horizontal section.  
  
B.  Banking and other financial services  
 
For the purpose of these commitments, financial institutions are defined as multiple banks, commercial banks, investment bank s, consumer finance 
companies, real estate finance companies, leasing companies, brokers and dealers. Each may perform only those a ctivities permitted by the National 
Monetary Council, the Central Bank and/or the Securities Commission. Financial instruments, such as securities, futures and o ptions, when registered 
for negotiation on an exchange, can not be traded in an over -the-counte r market. All members of senior level management of financial services 
suppliers must be permanent residents in Brazil.  Representative offices may not engage in commercial business.  
   Page 8  WT/Let/1167  
 Modes of supply:        1)    Cross -border supply     2)    Consumption abroad       3)    Commercial presence      4)    Presence of natural persons  
Sector or Sub -sector  Limitations on Market Access  Limitations on National Treatment  Additional 
Commitments  
B.1) Services provided by 
financial institutions  
 
-  Acceptance of the 
following funds from the 
public:  
 
 (i) demand deposits;  
 
 (ii) time deposits;  
 
 (iii) savings deposits 
destined for housing 
finance.  
 
-  Lending of all types, 
including:  
 
 (i) consumer credit;  
 
 (ii) mortgage credit;  
 1) Unbound.  
 
2) Unbound.  
 
3) The establishment of new branches 
and subsidiaries of foreign financial 
institutions, as well as increases in 
the participation of foreign persons in 
the capital of financial institutions 
incorporated under Brazilian law, is 
only permitted when subject to a 
case-by-case authorization by the 
Executive Branch, by means of a 
Presidential decree.  Applying 
investors may be required to fulfil 
specific conditions. Foreign persons 
may participate in the privatization 
program of public sector financial 
institutions and  in each case 
commercial presence will be granted, 
also by means of a Presidential 
decree.  Otherwise, commercial 
presence is not allowed.  
 1) Unbound.  
 
2) Unbound.  
 
3) None.  
 For factoring services , 
national treatment shall 
be granted in 
commercial presen ce, if 
these services are 
defined as financial 
services in future 
legislation adopted by 
the National Congress.  
 
 (iii) financing of 
commercial 
transactions.  
 
 
 
 
 
 
  For those banks established within 
Brazil before October 5th, 1988, the 
aggregate number  of branches is 
limited to that existing on that date. 
For those banks authorized to 
operate in Brazil after that date, the 
number of branches is subject to the 
conditions set out, in each case, at 
the time authorization is granted.  
     Page 9  WT/Let/1167  
 Modes of supply:        1)    Cross -border supply     2)    Consumption abroad       3)    Commercial presence      4)    Presence of natural persons  
Sector or Sub -sector  Limitations on Market Access  Limitations on National Treatment  Additional 
Commitments  
- Financial leasing.  
 
-  Payment and money 
transmission services   
  Financial institutions, unless 
otherwise specified, shall take the 
form of a “sociedade anônima” when 
incorporated under Brazilian law.  
   
-  Guarantees and 
commitments.  
 
- Trading for own account 
or for the account of 
customers, whether on 
an exchange or in an 
over-the-counter 
market, of the 
following:  
 
 (i) money market 
instruments;  
 
 (ii) foreign exchange;  
 
 (iii) futures, options and 
swaps referenced in 
bullion and in price 
indexes;  
 4) Unbound, except as indicated in the 
horizontal section.  
 4) Unbound, except as indicated in the 
horizontal section.   
 (iv) exchange rate and 
interest rate 
instruments, including 
swaps;  
 
 (v) transferable 
securities;  
      Page 10  WT/Let/1167  
 Modes of supply:        1)    Cross -border supply     2)    Consumption abroad       3)    Commercial presence      4)    Presence of natural persons  
Sector or Sub -sector  Limitations on Market Access  Limitations on National Treatment  Additional 
Commitments  
 (vi) other  negotiable 
instruments and 
financial assets, 
including bullion.  
 
-  Participation in public 
offerings of securities, 
including underwriting 
and placement as agent, 
and provision of 
services related to such 
offers.  
 
-  Money brokerage.  
 
-  Asset management, 
management of 
collective investments 
and custodial and 
depository services.  
    
-  Settlement and clearing 
services for securities 
and derivatives.  
 
-  Advisory services, 
investment and portfolio 
research and advice and 
credit analysis.  
      Page 11  WT/Let/1167  
 Modes of supply:        1)    Cross -border supply     2)    Consumption abroad       3)    Commercial presence      4)    Presence of natural persons  
Sector or Sub -sector  Limitations on Market Access  Limitations on National Treatment  Additional 
Commitments  
B.2) Services provided by 
non-financial institutions  
 
(i) Trading for own account 
or for the account of 
customers, whether on 
an exchange or in a 
regulated 
over-the-counter 
market, of securities 
and derivatives.  
  
 
 
1) Unbound.  
 
2) Unbound.  
 
3) None except  that: 
 
- legal persons must be 
incorporated under Brazilian 
law; 
  
 
 
1) Unbound.  
 
2) Unbound.  
 
3) None.  
 
 
  
(ii) Clearing services for 
securities and 
derivatives.  
 
(iii) Public offerings of 
securities in a regulated 
over-the-counter 
market.  
 
(The securities and derivatives 
in the three sub -sectors listed 
above are the following:  
 
- corporate shares, 
debentures, secured 
bonds, founder’s shares, 
coupons of these 
securities, and 
subscription warrants;  
-  securities certificates of 
deposit;  
 - only legal persons may provide 
the services listed in items ii 
and iii;  
 
- clearing services shall be 
provided by “sociedades 
anônimas”.  
 
4) Unbound, except as indicated in the 
horizontal section.  
  
 
 
 
 
 
 
 
4) Unbound, except as indicated in the 
horizontal secti on.    Page 12  WT/Let/1167  
 Modes of supply:        1)    Cross -border supply     2)    Consumption abroad       3)    Commercial presence      4)    Presence of natural persons  
Sector or Sub -sector  Limitations on Market Access  Limitations on National Treatment  Additional 
Commitments  
- indices representing 
corporate shares 
portfolios;  
- securities options, 
forwards and futures 
contracts;  
- commercial paper 
issued by public 
companies, except 
financial institutions, 
securities brokers, 
securities dealers, and 
leasing companies;  
- securities subscription 
rights;  
- securities subscription 
receipts;  
- corporate shares 
certificates of deposit;  
- shares of real estate 
investment funds;  
- non-standardized 
options;  
- audio -visual 
certificates.)  
    
(iv) Advisory services, 
investment and portfolio 
research and advice and 
credit analysis.  
 
(v) Portfolio management of 
investment funds 
subject to the regulation 
of the Securities 
Commission.     
__________