TREATIES AND OTHER INTERNATIONAL ACTS SERIES 06-1101

________________________________________________________________________

INVESTMENT

Treaty Between the 

UNITED STATES OF AMERICA

and URUGUAY

Signed at Mar del Plata November 4, 2005

with

Annexes
 

NOTE BY THE DEPARTMENT OF STATE

 Pursuant to Public Law 89—497, approved July 8, 1966

(80 Stat. 271; 1 U.S.C. 113)—

“. . .the Treaties and Other International Acts Series issued

under the authority of the Secretary of State shall be competent

evidence . . . of the treaties, international agreements other than

treaties, and proclamations by the President of such treaties and

international agreements other than treaties, as the case may be, 

therein contained, in all the courts of law and equity and of maritime

jurisdiction, and in all the tribunals and public offices of the

United States, and of the several States, without any further proof

or authentication thereof.”
 

 URUGUAY

 Investment

Treaty signed at Mar del Plata November 4, 2005;

Transmitted by the President of the United States of America

 to the Senate April 4, 2006 (Treaty Doc. 109-9,

 109th Congress, 2d Session);

Reported favorably by the Senate Committee on Foreign Relations

 August 1, 2006 (Senate Executive Report No. 109-17,

 109th Congress, 2d Session);

Advice and consent to ratification by the Senate

 September 12, 2006;

Ratifications exchanged at Montevideo October 2, 2006;

Entered into force November 1, 2006.

With annexes.
TREATY BETWEEN

THE UNITED STATES OF AMERICA AND

THE ORIENTAL REPUBLIC OF URUGUAY

CONCERNING THE ENCOURAGEMENT

AND RECIPROCAL PROTECTION OF INVESTMENT

The United States of America and the Oriental Republic of Uruguay (hereinafter the

"Parties");

Desiring to promote greater economic cooperation between them with respect to

investment by nationals and enterprises of one Party in the territory of the other Party;

Recognizing that agreement upon the treatment to be accorded such investment will

stimulate the flow of private capital and the economic development of the Parties;

Agreeing that a stable framework for investment will maximize effective utilization of

economic resources and improve living standards;

Recognizing the importance of providing effective means of asserting claims and

enforcing rights with respect to investment under national law as well as through international

arbitration;

Desiring to achieve these objectives in a manner consistent with the protection of

health, safety, and the environment, and the promotion of consumer protection and

internationally recognized labor rights;

Having resolved to conclude a Treaty concerning the encouragement and reciprocal

protection of investment;

Have agreed as follows:
SECTION A

Article 1: Definitions

For purposes of this Treaty:

"central level of government" means:

(a) for the United States, the federal level of government; and

(b) for Uruguay, the national government.

"Centre" means the International Centre for Settlement of Investment Disputes ("ICSID")

established by the ICSID Convention.

"Chairman" means the Chairman of the Centre's Administrative Council as provided in

Article 5 of the ICSID Convention.

"claimant" means an investor of a Party that is a party to an investment dispute with the other

Party.

"covered investment" means, with respect to a Party, an investment in its territory of an

investor of the other Party in existence as of the date of entry into force of this Treaty or

established, acquired, or expanded thereafter.

"disputing parties" means the claimant and the respondent.

"disputing party" means either the claimant or the respondent.

"enterprise" means any entity constituted or organized under applicable law, whether or not

for profit, and whether privately or governmentally owned or controlled, including a

corporation, trust, partnership, sole proprietorship, joint venture, association, or similar

organization; and a branch of an enterprise.

"enterprise of a Party" means an enterprise constituted or organized under the law of a

Party, and a branch located in the territory of a Party and carrying out business activities

there.

"existing" means in effect on the date of entry into force of this Treaty.

"freely usable currency" means "freely usable currency" as determined by the International

Monetary Fund under its Articles of Agreement.

"GATS" means the General Agreement on Trade in Services, which is part of the WTO

Agreement.

"government procurement" means the process by which a government obtains the use of or

acquires goods or services, or any combination thereof, for governmental purposes and not

with a view to commercial sale or resale, or use in the production or supply of goods or

services for commercial sale or resale.

"ICSID Additional Facility Rules" means the Rules Governing the Additional Facility for

the Administration of Proceedings by the Secretariat of the International Centre for

Settlement of Investment Disputes.

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"ICSID Convention" means the Convention on the Settlement of Investment Disputes

between States and Nationals of Other States, done at Washington, March 18, 1965.

"Inter-American Convention" means the Inter-American Convention on International

Commercial Arbitration, done at Panama, January 30, 1975.

"investment" means every asset that an investor owns or controls, directly or indirectly, that

has the characteristics of an investment, including such characteristics as the commitment of

capital or other resources, the expectation of gain or profit, or the assumption of risk. Forms

that an investment may take include:

(a) an enterprise;

(b) shares, stock, and other forms of equity participation in an enterprise;

(c) bonds, debentures, other debt instruments, and loans; t, 2

(d) futures, options, and other derivatives;

(e) turnkey, construction, management, production, concession, revenue-sharing,

and other similar contracts;

(f) intellectual property rights;

(g) licenses, authorizations, permits, and similar rights conferred pursuant to

domestic law;3 ' 4 and

(h) other tangible or intangible, movable or immovable property, and related

property rights, such as leases, mortgages, liens, and pledges.

"investment agreement" means a written agreements between a national authority6 of a

Party and a covered investment or an investor of the other Party, on which the covered

investment or the investor relies in establishing or acquiring a covered investment other than

the written agreement itself, that grants rights to the covered investment or investor:

1 Some forms of debt, such as bonds, debentures, and long-term notes, are more likely to have the

characteristics of an investment, while other forms of debt, such as a bank account that does not have a

commercial purpose and is related neither to an investment in the territory in which the bank account

is located nor to an attempt to make such an investment, are less likely to have such characteristics.

2 For purposes of this Treaty, claims to payment that are immediately due and result from the sale of

goods or services are not investments.

3 Whether a particular type of license, authorization, permit, or similar instrument (including a

concession, to the extent that it has the nature of such an instrument) has the characteristics of an

investment depends on such factors as the nature and extent of the rights that the holder has under the

law of the Party. Among the licenses, authorizations, permits, and similar instruments that do not have

the characteristics of an investment are those that do not create any rights protected under domestic

law. For greater certainty, the foregoing is without prejudice to whether any asset associated with the

license, authorization, permit, or similar instrument has the characteristics of an investment.

The term "investment" does not include an order or judgment entered in a judicial or administrative

action.

5 "Written agreement" refers to an agreement in writing, executed by both parties, whether in a single

instrument or in multiple instruments, that creates an exchange of rights and obligations, binding on

both parties under the law applicable under Article 30(2). For greater certainty, (a) a unilateral act of

an administrative or judicial authority, such as a permit, license, or authorization issued by a Party

solely in its regulatory capacity, or a decree, order, or judgment, standing alone; and (b) an

administrative or judicial consent decree or order, shall not be considered a written agreement.

6 For purposes of this definition, "national authority" means an authority at the central level of

government.

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(a) with respect to natural resources that a national authority controls, such as for

their exploration, extraction, refining, transportation, distribution, or sale;

(b) to supply services to the public on behalf of the Party, such as power

generation or distribution, water treatment or distribution, or

telecommunications; or

(c) to undertake infrastructure projects, such as the construction of roads, bridges,

canals, dams, or pipelines, that are not for the exclusive or predominant use

and benefit of the government.

"investment authorization" 7 means an authorization that the foreign investment authority of

a Party grants to a covered investment or an investor of the other Party.

"investor of a non-Party" means, with respect to a Party, an investor that attempts to make,

is making, or has made an investment in the territory of that Party, that is not an investor of

either Party.

"investor of a Party" means a Party or state enterprise thereof, or a national or an enterprise

of a Party, that attempts to make, is making, or has made an investment in the territory of the

other Party; provided, however, that a natural person who is a dual citizen shall be deemed to

be exclusively a citizen of the State of his or her dominant and effective citizenship

"measure" includes any law, regulation, procedure, requirement, or practice.

"national" means:

(a) for the United States, a natural person who is a national of the United States as

defined in Title III of the Immigration and Nationality Act; and

(b) for Uruguay, a natural person possessing the citizenship of Uruguay, in

accordance with its laws.

"New York Convention" means the United Nations Convention on the Recognition and

Enforcement of Foreign Arbitral Awards, done at New York, June 10, 1958.

"non-disputing Party" means the Party that is not a party to an investment dispute.

"person" means a natural person or an enterprise.

"person of a Party" means a national or an enterprise of a Party.

"protected information" means confidential business information or information that is

privileged or otherwise protected from disclosure under a Party's law.

"regional level of government" means, for the United States, a state of the United States, the

District of Columbia, or Puerto Rico. For Uruguay, "regional level of government" is not

applicable, as Uruguay has no government at the regional level.

"respondent" means the Party that is a party to an investment dispute.

"Secretary-General" means the Secretary-General of ICSID.

For greater certainty, actions taken by a Party to enforce laws of general application, such as

competition laws, are not encompassed within this definition.

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"state enterprise" means an enterprise owned, or controlled through ownership interests, by

a Party.

"tax convention" means a convention for the avoidance of double taxation or other

international taxation agreement or arrangement regarding taxes.

"territory" means:

(a) with respect to the United States,

(i) the customs territory of the United States, which includes the 50

states, the District of Columbia, and Puerto Rico;

(ii) the foreign trade zones located in the United States and Puerto Rico;

and

(iii) any areas beyond the territorial seas of the United States within which,

in accordance with international law and its domestic law, the United

States may exercise rights with respect to the seabed and subsoil and

their natural resources.

(b) with respect to Uruguay, the land territory, internal waters, territorial sea, and

air space under its sovereignty, and the exclusive economic zone and the

continental shelf within which it exercises sovereign rights and jurisdiction, in

accordance with international law.

"TRIPS Agreement" means the Agreement on Trade-Related Aspects of Intellectual

Property Rights, which is part of the WTO Agreement. 8

"UNCITRAL Arbitration Rules" means the arbitration rules of the United Nations

Commission on International Trade Law.

"WTO Agreement" means the Marrakesh Agreement Establishing the World Trade

Organization, done on April 15, 1994.

Article 2: Scope and Coverage

1. This Treaty applies to measures adopted or maintained by a Party relating to:

(a) investors of the other Party;

(b) covered investments; and

(c) with respect to Articles 8, 12, and 13, all investments in the territory of the

Party.

2. A Party's obligations under Section A shall apply:

(a) to a state enterprise or other person when it exercises any regulatory,

administrative, or other governmental authority delegated to it by that Party;

and

(b) to the political subdivisions of that Party.

8 For greater certainty, "TRIPS Agreement" includes any waiver in force between the Parties of any

provision of the TRIPS Agreement granted by WTO Members in accordance with the WTO

Agreement.

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3. For greater certainty, this Treaty does not bind either Party in relation to any act or fact that

took place or any situation that ceased to exist before the date of entry into force of this

Treaty.

Article 3: National Treatment

1. Each Party shall accord to investors of the other Party treatment no less favorable than that

it accords, in like circumstances, to its own investors with respect to the establishment,

acquisition, expansion, management, conduct, operation, and sale or other disposition of

investments in its territory.

2. Each Party shall accord to covered investments treatment no less favorable than that it

accords, in like circumstances, to investments in its territory of its own investors with respect

to the establishment, acquisition, expansion, management, conduct, operation, and sale or

other disposition of investments.

3. The treatment to be accorded by a Party under paragraphs 1 and 2 means, with respect to a

regional level of government, treatment no less favorable than the treatment accorded, in like

circumstances, by that regional level of government to natural persons resident in and

enterprises constituted under the laws of other regional levels of government of the Party of

which it forms a part, and to their respective investments.

Article 4: Most-Favored-Nation Treatment

1. Each Party shall accord to investors of the other Party treatment no less favorable than that

it accords, in like circumstances, to investors of any non-Party with respect to the

establishment, acquisition, expansion, management, conduct, operation, and sale or other

disposition of investments in its territory.

2. Each Party shall accord to covered investments treatment no less favorable than that it

accords, in like circumstances, to investments in its territory of investors of any non-Party

with respect to the establishment, acquisition, expansion, management, conduct, operation,

and sale or other disposition of investments.

Article 5: Minimum Standard of Treatment9

1. Each Party shall accord to covered investments treatment in accordance with customary

international law, including fair and equitable treatment and full protection and security.

2. For greater certainty, paragraph 1 prescribes the customary international law minimum

standard of treatment of aliens as the minimum standard of treatment to be afforded to

covered investments. The concepts of "fair and equitable treatment" and "full protection and

security" do not require treatment in addition to or beyond that which is required by that

standard, and do not create additional substantive rights. The obligation in paragraph 1 to

provide:

(a) "fair and equitable treatment" includes the obligation not to deny justice in

criminal, civil, or administrative adjudicatory proceedings in accordance with

the principle of due process embodied in the principal legal systems of the

world; and

9 Article 5 shall be interpreted in accordance with Annex A.

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(b) "full protection and security" requires each Party to provide the level of police

protection required under customary international law.

3. A determination that there has been a breach of another provision of this Treaty, or of a

separate international agreement, does not establish that there has been a breach of this

Article.

4. Notwithstanding Article 14(5)(b), each Party shall accord to investors of the other Party,

and to covered investments, non-discriminatory treatment with respect to measures it adopts

or maintains relating to losses suffered by investments in its territory owing to armed conflict

or civil strife.

5. Notwithstanding paragraph 4, if an investor of a Party, in the situations referred to in

paragraph 4, suffers a loss in the territory of the other Party resulting from:

(a) requisitioning of its covered investment or part thereof by the latter's forces or

authorities; or

(b) destruction of its covered investment or part thereof by the latter's forces or

authorities, which was not required by the necessity of the situation,

the latter Party shall provide the investor restitution, compensation, or both, as appropriate, for

such loss. Any compensation shall be prompt, adequate, and effective in accordance with

Article 6(2) through (4), mutatis mutandis.

6. Paragraph 4 does not apply to existing measures relating to subsidies or grants that would

be inconsistent with Article 3 but for Article 14(5)(b).

Article 6: Expropriation and Compensation m

1. Neither Party may expropriate or nationalize a covered investment either directly or

indirectly through measures equivalent to expropriation or nationalization ("expropriation"),

except:

(a) for a public purpose;

(b) in a non-discriminatory manner;

(c) on payment of prompt, adequate, and effective compensation; and

(d) in accordance with due process of law and Article 5(1) through (3).

2. The compensation referred to in paragraph 1(c) shall:

(a) be paid without delay;

(b) be equivalent to the fair market value of the expropriated investment

immediately before the expropriation took place ("the date of expropriation");

(c) not reflect any change in value occurring because the intended expropriation

had become known earlier; and

(d) be fully realizable and freely transferable.

10 Article 6 shall be interpreted in accordance with Annexes A and B.

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3. If the fair market value is denominated in a freely usable currency, the compensation

referred to in paragraph 1(c) shall be no less than the fair market value on the date of

expropriation, plus interest at a commercially reasonable rate for that currency, accrued from

the date of expropriation until the date of payment.

4. If the fair market value is denominated in a currency that is not freely usable, the

compensation referred to in paragraph 1(c) — converted into the currency of payment at the

market rate of exchange prevailing on the date of payment — shall be no less than:

(a) the fair market value on the date of expropriation, converted into a freely

usable currency at the market rate of exchange prevailing on that date, plus

(b) interest, at a commercially reasonable rate for that freely usable currency,

accrued from the date of expropriation until the date of payment.

5. This Article does not apply to the issuance of compulsory licenses granted in relation to

intellectual property rights in accordance with the TRIPS Agreement, or to the revocation,

limitation, or creation of intellectual property rights, to the extent that such issuance,

revocation, limitation, or creation is consistent with the TRIPS Agreement.

Article 7: Transfers

1. Each Party shall permit all transfers relating to a covered investment to be made freely and

without delay into and out of its territory. Such transfers include:

(a) contributions to capital;

(b) profits, dividends, capital gains, and proceeds from the sale of all or any part of

the covered investment or from the partial or complete liquidation of the

covered investment;

(c) interest, royalty payments, management fees, and technical assistance and

other fees;

(d) payments made under a contract, including a loan agreement;

(e) payments made pursuant to Article 5(4) and (5) and Article 6; and

(f) payments arising out of a dispute.

2. Each Party shall permit transfers relating to a covered investment to be made in a freely

usable currency at the market rate of exchange prevailing at the time of transfer.

3. Each Party shall permit returns in kind relating to a covered investment to be made as

authorized or specified in a written agreement between the Party and a covered investment or

an investor of the other Party.

4. Notwithstanding paragraphs 1 through 3, a Party may prevent a transfer through the

equitable, non-discriminatory, and good faith application of its laws relating to:

(a) bankruptcy, insolvency, or the protection of the rights of creditors;

(b) issuing, trading, or dealing in securities, futures, options, or derivatives;

(c) criminal or penal offenses;

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(d) financial reporting or record keeping of transfers when necessary to assist law

enforcement or financial regulatory authorities; or

(e) ensuring compliance with orders or judgments in judicial or administrative

proceedings.

Article 8: Performance Requirements

I . Neither Party may, in connection with the establishment, acquisition, expansion,

management, conduct, operation, or sale or other disposition of an investment of an investor

of a Party or of a non-Party in its territory, impose or enforce any requirement or enforce any

commitment or undertaking:"

(a) to export a given level or percentage of goods or services;

(b) to achieve a given level or percentage of domestic content;

(c) to purchase, use, or accord a preference to goods produced in its territory, or to

purchase goods from persons in its territory;

(d) to relate in any way the volume or value of imports to the volume or value of

exports or to the amount of foreign exchange inflows associated with such

investment;

(e) to restrict sales of goods or services in its territory that such investment

produces or supplies by relating such sales in any way to the volume or value

of its exports or foreign exchange earnings;

(f) to transfer a particular technology, a production process, or other proprietary

knowledge to a person in its territory; or

(g) to supply exclusively from the territory of the Party the goods that such

investment produces or the services that it supplies to a specific regional

market or to the world market.

2. Neither Party may condition the receipt or continued receipt of an advantage, in connection

with the establishment, acquisition, expansion, management, conduct, operation, or sale or

other disposition of an investment in its territory of an investor of a Party or of a non-Party, on

compliance with any requirement:

(a) to achieve a given level or percentage of domestic content;

(b) to purchase, use, or accord a preference to goods produced in its territory, or to

purchase goods from persons in its territory;

(c) to relate in any way the volume or value of imports to the volume or value of

exports or to the amount of foreign exchange inflows associated with such

investment; or

(d) to restrict sales of goods or services in its territory that such investment

produces or supplies by relating such sales in any way to the volume or value

of its exports or foreign exchange earnings.

11 For greater certainty, a condition for the receipt or continued receipt of an advantage referred to in

paragraph 2 does not constitute a "commitment or undertaking" for the purposes of paragraph 1.

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3. (a) Nothing in paragraph 2 shall be construed to prevent a Party from conditioning

the receipt or continued receipt of an advantage, in connection with an

investment in its territory of an investor of a Party or of a non-Party, on

compliance with a requirement to locate production, supply a service, train or

employ workers, construct or expand particular facilities, or carry out research

and development, in its territory.

(b) Paragraph 1(f) does not apply:

(i) when a Party authorizes use of an intellectual property right in

accordance with Article 31 of the TRIPS Agreement, or to measures

requiring the disclosure of proprietary information that fall within the

scope of, and are consistent with, Article 39 of the TRIPS Agreement;

or

(ii) when the requirement is imposed or the commitment or undertaking is

enforced by a court, administrative tribunal, or competition authority to

remedy a practice determined after judicial or administrative process to

be anticompetitive under the Party's competition laws. I2

(c) Provided that such measures are not applied in an arbitrary or unjustifiable

manner, and provided that such measures do not constitute a disguised

restriction on international trade or investment, paragraphs 1(b), (c), and (f),

and 2(a) and (b), shall not be construed to prevent a Party from adopting or

maintaining measures, including environmental measures:

(i) necessary to secure compliance with laws and regulations that are not

inconsistent with this Treaty;

(ii) necessary to protect human, animal, or plant life or health; or

(iii) related to the conservation of living or non-living exhaustible natural

resources.

(d) Paragraphs 1(a), (b), and (c), and 2(a) and (b), do not apply to qualification

requirements for goods or services with respect to export promotion and

foreign aid programs.

(e) Paragraphs 1(b), (c), (f), and (g), and 2(a) and (b), do not apply to government

procurement.

(f) Paragraphs 2(a) and (b) do not apply to requirements imposed by an importing

Party relating to the content of goods necessary to qualify for preferential

tariffs or preferential quotas.

4. For greater certainty, paragraphs 1 and 2 do not apply to any requirement other than the

requirements set out in those paragraphs.

5. This Article does not preclude enforcement of any commitment, undertaking, or

requirement between private parties, where a Party did not impose or require the commitment,

undertaking, or requirement.

12 The Parties recognize that a patent does not necessarily confer market power.

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Article 9: Senior Management and Boards of Directors

1. Neither Party may require that an enterprise of that Party that is a covered investment

appoint to senior management positions natural persons of any particular nationality.

2. A Party may require that a majority of the board of directors, or any committee thereof, of

an enterprise of that Party that is a covered investment, be of a particular nationality, or

resident in the territory of the Party, provided that the requirement does not materially impair

the ability of the investor to exercise control over its investment.

Article 10: Publication of Laws and Decisions Respecting Investment

1. Each Party shall ensure that its:

(a) laws, regulations, procedures, and administrative rulings of general

application; and

(b) adjudicatory decisions

respecting any matter covered by this Treaty are promptly published or otherwise made

publicly available.

2. For purposes of this Article, "administrative ruling of general application" means an

administrative ruling or interpretation that applies to all persons and fact situations that fall

generally within its ambit and that establishes a norm of conduct but does not include:

(a) a determination or ruling made in an administrative or quasi-judicial

proceeding that applies to a particular covered investment or investor of the

other Party in a specific case; or

(b) a ruling that adjudicates with respect to a particular act or practice.

Article 11: Transparency

1. Contact Points

(a) Each Party shall designate a contact point or points to facilitate

communications between the Parties on any matter covered by this Treaty.

(b) On the request of the other Party, the contact points shall identify the office or

official responsible for the matter and assist, as necessary, in facilitating

communication with the requesting Party.

2. Publication

To the extent possible, each Party shall:

(a) publish in advance any measure referred to in Article 10(1)(a) that it proposes

to adopt; and

(b) provide interested persons and the other Party a reasonable opportunity to

comment on such proposed measures.
3. Notification and Provision of Information

(a) To the maximum extent possible, each Party shall notify the other Party of any

proposed or actual measure that the Party considers might materially affect the

operation of this Treaty or otherwise substantially affect the other Party's

interests under this Treaty.

(b) On request of the other Party, a Party shall promptly provide information and

respond to questions pertaining to any actual or proposed measure referred to

in subparagraph (a), whether or not the other Party has been previously notifie

of that measure.

(c) Any notification, request, or information under this paragraph shall be

provided to the other Party through the relevant contact points.

(d) Any notification or information provided under this paragraph shall be without

prejudice as to whether the measure is consistent with this Treaty.

4. Administrative Proceedings

With a view to administering in a consistent, impartial, and reasonable manner all measures

referred to in Article 10(1)(a), each Party shall ensure that in its administrative proceedings

applying such measures to particular covered investments or investors of the other Party in

specific cases that:

(a) wherever possible, persons of the other Party that are directly affected by a

proceeding are provided reasonable notice, in accordance with domestic

procedures, when a proceeding is initiated, including a description of the

nature of the proceeding, a statement of the legal authority under which the

proceeding is initiated, and a general description of any issues in controversy;

(b) such persons are afforded a reasonable opportunity to present facts and

arguments in support of their positions prior to any final administrative action,

when time, the nature of the proceeding, and the public interest permit; and

(c) its procedures are in accordance with domestic law.

5. Review and Appeal

(a) Each Party shall establish or maintain judicial, quasi-judicial, or administrative

tribunals or procedures for the purpose of the prompt review and, where

warranted, correction of final administrative actions regarding matters covered

by this Treaty. Such tribunals shall be impartial and independent of the office

or authority entrusted with administrative enforcement and shall not have any

substantial interest in the outcome of the matter.

(b) Each Party shall ensure that, in any such tribunals or procedures, the parties to

the proceeding are provided with the right to:

(i) a reasonable opportunity to support or defend their respective positions;

and

(ii) a decision based on the evidence and submissions of record or, where

required by domestic law, the record compiled by the administrative

authority.

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(c) Each Party shall ensure, subject to appeal or further review as provided in its

domestic law, that such decisions shall be implemented by, and shall govern

the practice of, the offices or authorities responsible for the administrative

action at issue.

Article 12: Investment and Environment

1. The Parties recognize that it is inappropriate to encourage investment by weakening or

reducing the protections afforded in domestic environmental laws. 13 Accordingly, each Party

shall strive to ensure that it does not waive or otherwise derogate from, or offer to waive or

otherwise derogate from, such laws in a manner that weakens or reduces the protections

afforded in those laws as an encouragement for the establishment, acquisition, expansion, or

retention of an investment in its territory. if a Party considers that the other Party has offered

such an encouragement, it may request consultations with the other Party and the two Parties

shall consult with a view to avoiding any such encouragement.

2. Nothing in this Treaty shall be construed to prevent a Party from adopting, maintaining, or

enforcing any measure otherwise consistent with this Treaty that it considers appropriate to

ensure that investment activity in its territory is undertaken in a manner sensitive to

environmental concerns.

Article 13: Investment and Labor

1. The Parties recognize that it is inappropriate to encourage investment by weakening or

reducing the protections afforded in domestic labor laws. Accordingly, each Party shall strive

to ensure that it does not waive or otherwise derogate from, or offer to waive or otherwise

derogate from, such laws in a manner that weakens or reduces adherence to the internationally

recognized labor rights referred to in paragraph 2 as an encouragement for the establishment,

acquisition, expansion, or retention of an investment in its territory. If a Party considers that

the other Party has offered such an encouragement, it may request consultations with the other

Party and the two Parties shall consult with a view to avoiding any such encouragement.

2. For purposes of this Article, "labor laws" means each Party's statutes or regulations, t4 or

provisions thereof, that are directly related to the following internationally recognized labor

rights:

(a) the right of association;

(b) the right to organize and bargain collectively;

(c) a prohibition on the use of any form of forced or compulsory labor;

(d) labor protections for children and young people, including a minimum age for

the employment of children and the prohibition and elimination of the worst

forms of child labor; and

(e) acceptable conditions of work with respect to minimum wages, hours of work,

and occupational safety and health.

i3 For the United States, "laws" for purposes of this Article means an act of the United States Congress

or regulations promulgated pursuant to w.) act of the United States Congress that is enforceable by

action of the central level of government.

14 For the United States, "statutes or regulations' . for purposes of this Article means an act of the

United States Congress or regulations promulgated pursuant to an act of the United States Congress

that is enforceable by action of the central level of government.

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3. Nothing in this Treaty shall be construed to prevent a Party from adopting, maintaining, or

enforcing any measure otherwise consistent with this Treaty that it considers appropriate to

ensure that investment activity in its territory is undertaken in a manner sensitive to labor

concerns.

Article 14: Non-Conforming Measures

1. Articles 3, 4, 8, and 9 do not apply to:

(a) any existing non-conforming measure that is maintained by a Party at:

(i) the central level of government, as set out by that Party in its Schedule

to Annex I or Annex III,

(ii) a regional level of government, as set out by that Party in its Schedule

to Annex I or Annex III, or

(iii) a local level of government;

(b) the continuation or prompt renewal of any non-conforming measure referred to

in subparagraph (a); or

(c) an amendment to any non-conforming measure referred to in subparagraph (a)

to the extent that the amendment does not decrease the conformity of the

measure, as it existed immediately before the amendment, with Article 3, 4, 8,

or 9.

2. Articles 3, 4, 8, and 9 do not apply to any measure that a Party adopts or maintains with

respect to sectors, subsectors, or activities, as set out in its Schedule to Annex II.

3. Neither Party may, under any measure adopted after the date of entry into force of this

Treaty and covered by its Schedule to Annex II, require an investor of the other Party, by

reason of its nationality, to sell or otherwise dispose of an investment existing at the time the

measure becomes effective.

4. Articles 3 and 4 do not apply to any measure covered by an exception to, or derogation

from, the obligations under Article 3 or 4 of the TRIPS Agreement, as specifically provided in

those Articles and in Article 5 of the TRIPS Agreement.

5. Articles 3, 4, and 9 do not apply to:

(a) government procurement; or

(b) subsidies or grants provided by a Party, including government-supported loans,

guarantees, and insurance.

Article 15: Special Formalities and Information Requirements

1. Nothing in Article 3 shall be construed to prevent a Party from adopting or maintaining a

measure that prescribes special formalities in connection with covered investments, such as a

requirement that investors be residents of the Party or that covered investments be legally

constituted under the laws or regulations of the Party, provided that such formalities do not

materially impair the protections afforded by a Party to investors of the other Party and

covered investments pursuant to this Treaty.

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2. Notwithstanding Articles 3 and 4, a Party may require an investor of the other Party, or its

covered investment, to provide information concerning that investment solely for

informational or statistical purposes. The Party shall protect any confidential business

information from any disclosure that would prejudice the competitive position of the investor

or the covered investment. Nothing in this paragraph shall be construed to prevent a Party

from otherwise obtaining or disclosing information in connection with the equitable and good

faith application of its law.

Article 16: Non-Derogation

This Treaty shall not derogate from any of the following that entitle an investor of a Party or a

covered investment to treatment more favorable than that accorded by this Treaty:

1. laws or regulations, administrative practices or procedures, or administrative or

adjudicatory decisions of a Party;

2. international legal obligations of a Party; or

3. obligations assumed by a Party, including those contained in an investment

authorization or an investment agreement.

Article 17: Denial of Benefits

1. A Party may deny the benefits of this Treaty to an investor of the other Party that is an

enterprise of such other Party and to investments of that investor if persons of a non-Party

own or control the enterprise and the denying Party:

(a) does not maintain diplomatic relations with the non-Party; or

(b) adopts or maintains measures with respect to the non-Party or a person of the

non-Party that prohibit transactions with the enterprise or that would be

violated or circumvented if the benefits of this Treaty were accorded to the

enterprise or to its investments.

2. A Party may deny the benefits of this Treaty to an investor of the other Party that is an

enterprise of such other Party and to investments of that investor if the enterprise has no

substantial business activities in the territory of the other Party and persons of a non-Party, or

of the denying Party, own or control the enterprise.

Article 18: Essential Security

Nothing in this Treaty shall be construed:

1. to require a Party to furnish or allow access to any information the disclosure of which

it determines to be contrary to its essential security interests; or

2. to preclude a Party from applying measures that it considers necessary for the

fulfillment of its obligations with respect to the maintenance or restoration of

international peace or security, or the protection of its own essential security interests.

- 15 -
Article 19: Disclosure of Information

Nothing in this Treaty shall be construed to require a Party to furnish or allow access to

confidential information, the disclosure of which would impede law enforcement, or

otherwise be contrary to the public interest, or which would prejudice the legitimate

commercial interests of particular enterprises, public or private.

Article 20: Financial Services

1. Notwithstanding any other provision of this Treaty, a Party shall not be prevented from

adopting or maintaining measures relating to financial services for prudential reasons,

including for the protection of investors, depositors, policy holders, or persons to whom a

fiduciary duty is owed by a financial services supplier, or to ensure the integrity and stability

of the financial system.15 Where such measures do not conform with the provisions of this

Treaty, they shall not be used as a means of avoiding the Party's commitments or obligations

under this Treaty.

2. (a) Nothing in this Treaty applies to non-discriminatory measures of general

application taken by any public entity in pursuit of monetary and related credit

policies or exchange rate policies. This paragraph shall not affect a Party's

obligations under Article 7 or Article 8. 16

(b) For purposes of this provision, "public entity" means a central bank or

monetary authority of a Party. 17

3. Where a claimant submits a claim to arbitration under Section B, and the respondent

invokes paragraph 1 or paragraph 2 as a defense, the following provisions shall apply:

(a) The respondent shall, within 120 days of the date the claim is submitted to

arbitration under Section B, submit in writing to the competent financial

authorities 18 of both Parties a request for a joint determination on the issue of

whether and to what extent paragraph 1 or paragraph 2 is a valid defense to the

claim. The respondent shall promptly provide the tribunal, if constituted, a

copy of such request. The arbitration may proceed with respect to the claim

only as provided in subparagraph (d).

(b) The competent financial authorities of both Parties shall make themselves

available for consultations with each other and shall attempt in good faith to

make a determination as described in subparagraph (a). Any such

determination shall be transmitted promptly to the disputing parties and, if

constituted, to the tribunal. The determination shall be binding on the tribunal.

15 It iis understood that the term "prudential reasons" includes the maintenance of the safety,

soundness, integrity, or financial responsibility of individual financial institutions.

16 For greater certainty, measures of general application taken in pursuit of monetary and related credit

policies or exchange rate policies do not include measures that expressly nullify or amend contractual

provisions that specify the currency of denomination or the rate of exchange of currencies.

17 It is understood that the term "monetary authority of a Party" includes the finance ministry of a

Party, or its equivalent, where that ministry has responsibilities with respect to monetary and related

credit or exchange rate policies.

18 For purposes of this Article, "competent financial authorities" means, for the United States, the

Department of the Treasury for banking and other financial services, and the Office of the United

States Trade Representative, in coordination with the Department of Commerce and other agencies,

for insurance; and for Uruguay, the Ministerio de Economia y Finanzas, in coordination with the

Banco Central del Uruguay.

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(c) If the competent financial authorities of both Parties, within 120 days of the

date by which they have both received the respondent's written request for a

joint determination under subparagraph (a), have not made a determination as

described in that subparagraph, the tribunal shall decide the issue left

unresolved by the competent financial authorities. The provisions of Section B

shall apply, except as modified by this subparagraph.

(i) In the appointment of all arbitrators not yet appointed to the tribunal,

each disputing party shall take appropriate steps to ensure that the

tribunal has expertise or experience in financial services law or

practice. The expertise of particular candidates with respect to

financial services shall be taken into account in the appointment of the

presiding arbitrator.

(ii) If, prior to the submission of the request for a joint determination in

conformance with subparagraph (a), the presiding arbitrator has been

appointed pursuant to Article 27(3), such arbitrator shall be replaced on

the request of either disputing party and the tribunal shall be

reconstituted consistent with subparagraph (c)(i). If, within 30 days of

the date the arbitration proceedings are resumed under subparagraph

(d), the disputing parties have not agreed on the appointment of a new

presiding arbitrator, the Chairman, on the request of a disputing party,

shall appoint the presiding arbitrator consistent with subparagraph

(c)(i).

(iii) The non-disputing Party may make oral and written submissions to the

tribunal regarding the issue of whether and to what extent paragraph 1

or paragraph 2 is a valid defense to the claim. Unless it makes such a

submission, the non-disputing Party shall be presumed, for purposes of

the arbitration, to take a position on paragraph 1 or paragraph 2 not

inconsistent with that of the respondent.

(d) The arbitration referred to in subparagraph (a) may proceed with respect to the

claim:

(i) 10 days after the date the competent financial authorities' joint

determination has been received by both the disputing parties and, if

constituted, the tribunal; or

(ii) 10 days after the expiration of the 120-day period provided to the

competent financial authorities in subparagraph (c).

4. Where a dispute arises under Section C and the competent financial authorities of one

Party provide written notice to the competent financial authorities of the other Party that the

dispute involves financial services, Section C shall apply except as modified by this paragraph

and paragraph 5.

(a) The competent financial authorities of both Parties shall make themselves

available for consultations with each other regarding the dispute, and shall

have 180 days from the date such notice is received to transmit a report on

their consultations to the Parties. A Party may submit the dispute to arbitration

under Section C only on the expiration of that 180-day period.

(b) Either Party may make any such report available to a tribunal constituted under

Section C to decide the dispute referred to in this paragraph or a similar

dispute, or to a tribunal constituted under Section B to decide a claim arising

out of the same events or circumstances that gave rise to the dispute under

Section C.

- 17 -
5. Where a Party submits a dispute involving financial services to arbitration under Section

C in conformance with paragraph 4, and on the request of either Party within 30 days of the

date the dispute is submitted to arbitration, each Party shall, in the appointment of all

arbitrators not yet appointed, take appropriate steps to ensure that the tribunal has expertise o

experience in financial services law or practice. The expertise of particular candidates with

respect to financial services shall be taken into account in the appointment of the presiding

arbitrator.

6. Notwithstanding Article 11(2), each Party shall, to the extent practicable,

(a) publish in advance any regulations of general application relating to financial

services that it proposes to adopt;

(b) provide interested persons and the other Party a reasonable opportunity to

comment on such proposed regulations.

7. The terms "financial service" or "financial services" shall have the same meaning as in

subparagraph 5(a) of the Annex on Financial Services of the GATS.

Article 21: Taxation

1. Except as provided in this Article, nothing in this Treaty shall apply to taxation measures.

2. Subject to paragraph 7, Article 3 and Article 4 shall apply to all taxation measures, other

than taxation measures relating to direct taxes (which, for purposes of this paragraph, are

taxation measures on income, capital gains, or on the taxable capital of corporations or

individuals, taxes on estates, inheritances, gifts, and generation-skipping transfers), except

that nothing in those Articles shall apply:

(a) any most-favored-nation obligation with respect to an advantage accorded by a

Party pursuant to a tax convention;

(b) to a non-conforming provision of any existing taxation measure;

(c) to the continuation or prompt renewal of a non-conforming provision of any

existing taxation measure;

(d) to an amendment to a non-conforming provision of any existing taxation

measure to the extent that the amendment does not decrease its conformity, at

the time of the amendment, with those Articles;

(e) to the adoption or enforcement of any taxation measure aimed at ensuring the

equitable or effective imposition or collection of taxes (as permitted by GATS

Article XIV(d)); or

(f) to a provision that conditions the receipt, or continued receipt, of an advantage

relating to the contributions to, or income of, a pension trust, fund, or other

arrangement to provide pension or similar benefits, on a requirement that the

Party maintain continuous jurisdiction over such trust, fund, or other

arrangement.

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3. Article 6 shall apply to all taxation measures, except that a claimant that asserts that a

taxation measure involves an expropriation may submit a claim to arbitration under Section B

only if:

(a) the claimant has first referred to the competent tax authorities 19 of both Parties

in writing the issue of whether that taxation measure involves an expropriation

and

(b) within 180 days after the date of such referral, the competent tax authorities of

both Parties fail to agree that the taxation measure is not an expropriation.

4. Subject to paragraph 7, Article 8(2) through (4) shall apply to all taxation measures.

5. Section B shall apply to a taxation measure alleged to be a breach of an investment

authorization or an investment agreement.

6. For greater certainty, Sections B and C shall apply to a taxation measure alleged to be a

breach of Article 3, 4, 6, or 8(2) through (4), to the extent that any such Article applies to

taxation measures under paragraph 2, 3, or 4.

7. Nothing in this Treaty shall affect the rights and obligations of either Party under any tax

convention. In the event of any inconsistency between this Treaty and any such convention,

that convention shall prevail to the extent of the inconsistency. In the case of a tax convention

between the Parties, the competent authorities under that convention shall have sole

responsibility for determining whether any inconsistency exists between this Treaty and that

convention.

Article 22: Entry into Force, Duration, and Termination

1. This Treaty shall enter into force thirty days after the date of exchange of instruments of

ratification. It shall remain in force for a period of ten years and shall continue in force

thereafter unless terminated in accordance with paragraph 2.

2. A Party may terminate this Treaty at the end of the initial ten-year period or at any time

thereafter by giving one year's written notice to the other Party.

3. For ten years from the date of termination, all other Articles shall continue to apply to

covered investments established or acquired prior to the date of termination, except insofar as

those Articles extend to the establishment or acquisition of covered investments.

19 For the purposes of this Article, the "competent tax authorities" means:

(a) for the United States, the Assistant Secretary of the Treasury (Tax Policy),

Department of the Treasury; and

(b) for Uruguay, the Director, Direcciein General Impositiva del Ministerio de Economia

y Finanzas.

-19-
SECTION B

Article 23: Consultation and Negotiation

In the event of an investment dispute, the claimant and the respondent should initially seek to

resolve the dispute through consultation and negotiation, which may include the use of nonbinding, third-party procedures.

Article 24: Submission of a Claim to Arbitration

1. In the event that a disputing party considers that an investment dispute cannot be settled by

consultation and negotiation:

(a) the claimant, on its own behalf, may submit to arbitration under this Section a

claim

(i) that the respondent has breached

(A) an obligation under Articles 3 through 10,

(B) an investment authorization, or

(C) an investment agreement;

and

(ii) that the claimant has incurred loss or damage by reason of, or arising

out of, that breach; and

(b) the claimant, on behalf of an enterprise of the respondent that is a juridical

person that the claimant owns or controls directly or indirectly, may submit to

arbitration under this Section a claim

(i) that the respondent has breached

(A) an obligation under Articles 3 through 10,

(B) an investment authorization, or

(C) an investment agreement;

and

(ii) that the enterprise has incurred loss or damage by reason of, or arising

out of, that breach

provided that a claimant may submit pursuant to subparagraph (a)(i)(C) or (b)(i)(C) a claim

for breach of an investment agreement only if the subject matter of the claim and the claimed

damages directly relate to the covered investment that was established or acquired, or sought

to be established or acquired, in reliance on the relevant investment agreement.

2. At least 90 days before submitting any claim to arbitration under this Section, a claimant

shall deliver to the respondent a written notice of its intention to submit the claim to

arbitration ("notice of intent"). The notice shall specify;

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(a) the name and address of the claimant and, where a claim is submitted on behalf

of an enterprise, the name, address, and place of incorporation of the

enterprise;

(b) for each claim, the provision of this Treaty, investment authorization, or

investment agreement alleged to have been breached and any other relevant

provisions;

(c) the legal and factual basis for each claim; and

(d) the relief sought and the approximate amount of damages claimed.

3. Provided that six months have elapsed since the events giving rise to the claim, a claimant

may submit a claim referred to in paragraph 1:

(a) under the ICSID Convention and the ICSID Rules of Procedure for Arbitration

Proceedings, provided that both the respondent and the non-disputing Party are

parties to the ICSID Convention;

(b) under the ICSID Additional Facility Rules, provided that either the respondent

or the non-disputing. Party is a party to the ICSID Convention;

(c) under the UNCITRAL Arbitration Rules; or

(d) if the claimant and respondent agree, to any other arbitration institution or

under any other arbitration rules.

4. A claim shall be deemed submitted to arbitration under this Section when the claimant's

notice of or request for arbitration ("notice of arbitration"):

(a) referred to in paragraph 1 of Article 36 of the ICSID Convention is received by

the Secretary-General:

(b) referred to in Article 2 of Schedule C of the ICSID Additional Facility Rules is

received by the Secretary-General;

(c) referred to in Article 3 of the UNCITRAL Arbitration Rules, together with the

statement of claim referred to in Article 18 of the UNCITRAL Arbitration

Rules, are received by the respondent; or

(d) referred to under any arbitral institution or arbitral rules selected under

paragraph 3(d) is received by the respondent.

A claim asserted by the claimant for the first time after such notice of arbitration is submitted

shall be deemed submitted to arbitration under this Section on the date of its receipt under the

applicable arbitral rules.

5. The arbitration rules applicable under paragraph 3, and in effect on the date the claim or

claims were submitted to arbitration under this Section, shall govern the arbitration except to

the extent modified by this Treaty.

6. The claimant shall provide with the notice of arbitration:

(a) the name of the arbitrator that the claimant appoints; or

(b) the claimant's written consent for the Chairman to appoint that arbitrator.

-21 -
Article 25: Consent of Each Party to Arbitration

1. Each Party consents to the submission of a claim to arbitration under this Section in

accordance with this Treaty.

2. The consent under paragraph 1 and the submission of a claim to arbitration under this

Section shall satisfy the requirements of:

(a) Chapter II of the ICSID Convention (Jurisdiction of the Centre) and the ICSID

Additional Facility Rules for written consent of the parties to the dispute;

(b) Article II of the New York Convention for an "agreement in writing;" and

(c) Article I of the Inter-American Convention for an "agreement."

Article 26: Conditions and Limitations on Consent of Each Party

1. No claim may be submitted to arbitration under this Section if more than three years have

elapsed from the date on which the claimant first acquired, or should have first acquired,

knowledge of the breach alleged under Article 24(1) and knowledge that the claimant (for

claims brought under Article 24(1)(a)) or the enterprise (for claims brought under Article

24(1)(b)) has incurred loss or damage.

2. No claim may be submitted to arbitration under this Section unless:

(a) the claimant consents in writing to arbitration in accordance with the

procedures set out in this Treaty; and

(b) the notice of arbitration is accompanied,

(i) for claims submitted to arbitration under Article 24(1)(a), by the

claimant's written waiver, and

(ii) for claims submitted to arbitration under Article 24(1)(b), by the

claimant's and the enterprise's written waivers

of any right to initiate or continue before any administrative tribunal or court

under the law of either Party, or other dispute settlement procedures, any

proceeding with respect to any measure alleged to constitute a breach referred

to in Article 24.

3. Notwithstanding paragraph 2(b), the claimant (for claims brought under Article 24(1)(a))

and the claimant or the enterprise (for claims brought under Article 24(1)(b)) may initiate or

continue an action that seeks interim injunctive relief and does not involve the payment of

monetary damages before a judicial or administrative tribunal of the respondent, provided that

the action is brought for the sole purpose of preserving the claimant's or the enterprise's rights

and interests during the pendency of the arbitration.

Article 27: Selection of Arbitrators

1. Unless the disputing parties otherwise agree, the tribunal shall comprise three arbitrators,

one arbitrator appointed by each of the disputing parties and the third, who shall be the

presiding arbitrator, appointed by agreement of the disputing parties.

2. The Chairman shall serve as appointing authority for an arbitration under this Section.

-22-
3. Subject to Article 20(3), if a tribunal has not been constituted within 75 days from the date

that a claim is submitted to arbitration under this Section, the Chairman, on the request of a

disputing party, shall appoint, in his or her discretion, the arbitrator or arbitrators not yet

appointed.

4. For purposes of Article 39 of the ICSID Convention and Article 7 of Schedule C to the

ICSID Additional Facility Rules, and without prejudice to an objection to an arbitrator on a

ground other than nationality:

(a) the respondent agrees to the appointment of each individual member of a

tribunal established under the ICSID Convention or the ICSID Additional

Facility Rules;

(b) a claimant referred to in Article 24(1)(a) may submit a claim to arbitration

under this Section, or continue a claim, under the ICSID Convention or the

ICSID Additional Facility Rules, only on condition that the claimant agrees in

writing to the appointment of each individual member of the tribunal; and

(c) a claimant referred to in Article 24(1)(b) may submit a claim to arbitration

under this Section, or continue a claim, under the ICSID Convention or the

ICSID Additional Facility Rules, only on condition that the claimant and the

enterprise agree in writing to the appointment of each individual member of

the tribunal.

Article 28: Conduct of the Arbitration

1. The disputing parties may agree on the legal place of any arbitration under the arbitral

rules applicable under Article 24(3). If the disputing parties fail to reach agreement, the

tribunal shall determine the place in accordance with the applicable arbitral rules, provided

that the place shall be in the territory of a State that is a party to the New York Convention.

2. The non-disputing Party may make oral and written submissions to the tribunal regarding

the interpretation of this Treaty.

3. The tribunal shall have the authority to accept and consider amicus curiae submissions

from a person or entity that is not a disputing party.

4. Without prejudice to a tribunal's authority to address other objections as a preliminary

question, a tribunal shall address and decide as a preliminary question any objection by the

respondent that, as a matter of law, a claim submitted is not a claim for which an award in

favor of the claimant may be made under Article 34.

(a) Such objection shall be submitted to the tribunal as soon as possible after the

tribunal is constituted, and in no event later than the date the tribunal fixes for

the respondent to submit its counter-memorial (or, in the case of an amendmen

to the notice of arbitration, the date the tribunal fixes for the respondent to

submit its response to the amendment).

(b) On receipt of an objection under this paragraph, the tribunal shall suspend any

proceedings on the merits, establish a schedule for considering the objection

consistent with any schedule it has established for considering any other

preliminary question, and issue a decision or award on the objection, stating

the grounds therefor.

(c) In deciding an objection under this paragraph, the tribunal shall assume to be

true claimant's factual allegations in support of any claim in the notice of

arbitration (or any amendment thereof) and, in disputes brought under the

-23 -
UNCITRAL Arbitration Ruies, the statement of claim referred to in Article 18

of the UNCITRAL Arbitration Rules. The tribunal may also consider any

relevant facts not in dispute.

(d) The respondent does not waive any objection as to competence or any

argument on the merits merely because the respondent did or did not raise an

objection under this paragraph or make use of the expedited procedure set out

in paragraph 5.

5. In the event that the respondent so requests within 45 days after the tribunal is constituted,

the tribunal shall decide on an expedited basis an objection under paragraph 4 and any

objection that the dispute is not within the tribunal's competence. The tribunal shall suspend

any proceedings on the merits and issue a decision or award on the objection(s), stating the

grounds therefor, no later than 150 days after the date of the request. However, if a disputing

party requests a hearing, the tribunal may take an additional 30 days to issue the decision or

award. Regardless of whether a hearing is requested, a tribunal may, on a showing of

extraordinary cause, delay issuing its decision or award by an additional brief period, which

may not exceed 30 days.

6. When it decides a respondent's objection under paragraph 4 or 5, the tribunal may, if

warranted, award to the prevailing disputing party reasonable costs and attorney's fees

incurred in submitting or opposing the objection. In determining whether such an award is

warranted, the tribunal shall consider whether either the claimant's claim or the respondent's

objection was frivolous, and shall provide the disputing parties a reasonable opportunity to

comment.

7. A respondent may not assert as a defense, counterclaim, right of set-off, or for any other

reason that the claimant has received or will receive indemnification or other compensation

for all or part of the alleged damages pursuant to an insurance or guarantee contract.

8. A tribunal may order an interim measure of protection to preserve the rights of a disputing

party, or to ensure that the tribunal's jurisdiction is made fully effective, including an order to

preserve evidence in the possession or control of a disputing party or to protect the tribunal's

jurisdiction. A tribunal may not order attachment or enjoin the application of a measure

alleged to constitute a breach referred to in Article 24. For purposes of this paragraph, an

order includes a recommendation.

9. (a) In any arbitration conducted under this Section, at the request of a disputing

party, a tribunal shall, before issuing a decision or award on liability, transmit

its proposed decision or award to the disputing parties and to the non-disputing

Party. Within 60 days after the tribunal transmits its proposed decision or

award, the disputing parties may submit written comments to the tribunal

concerning any aspect of its proposed decision or award. The tribunal shall

consider any such comments and issue its decision or award not later than 45

days after the expiration of the 60-day comment period.

(b) Subparagraph (a) shall not apply in any arbitration conducted pursuant to this

Section for which an appeal has been made available pursuant to paragraph 10

or Annex E.

10. If a separate multilateral agreement enters into force between the Parties that establishes

an appellate body for purposes of reviewing awards rendered by tribunals constituted pursuant

to international trade or investment arrangements to hear investment disputes, the Parties shall

strive to reach an agreement that would have such appellate body review awards rendered

under Article 34 in arbitrations commenced after the multilateral agreement enters into force

between the Parties.

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Article 29: Transparency of Arbitral Proceedings

1. Subject to paragraphs 2 and 4, the respondent shall, after receiving the following

documents, promptly transmit them to the non-disputing Party and make them available to the

public:

(a) the notice of intent;

(b) the notice of arbitration;

(c) pleadings, memorials, and briefs submitted to the tribunal by a disputing party

and any written submissions submitted pursuant to Article 28(2) and (3) and

Article 33;

(d) minutes or transcripts of hearings of the tribunal, where available; and

(e) orders, awards, and decisions of the tribunal.

2. The tribunal shall conduct hearings open to the public and shall determine, in consultation

with the disputing parties, the appropriate logistical arrangements. However, any disputing

party that intends to use information designated as protected information in a hearing shall so

advise the tribunal. The tribunal shall make appropriate arrangements to protect the

information from disclosure.

3. Nothing in this Section requires a respondent to disclose protected information or to

furnish or allow access to information that it may withhold in accordance with Article 18 or

Article 19.

4. Any protected information that is submitted to the tribunal shall be protected from

disclosure in accordance with the following procedures:

(a) Subject to subparagraph (d), neither the disputing parties nor the tribunal shall

disclose to the non-disputing Party or to the public any protected information

where the disputing party that provided the information clearly designates it in

accordance with subparagraph (b);

(b) Any disputing party claiming that certain information constitutes protected

information shall clearly designate the information at the time it is submitted to

the tribunal;

(c) A disputing party shall, at the time it submits a document containing

information claimed to be protected information, submit a redacted version of

the document that does not contain the information. Only the redacted version

shall be provided to the non-disputing Party and made public in accordance

with paragraph 1; and

(d) The tribunal shall decide any objection regarding the designation of

information claimed to be protected information. If the tribunal determines

that such information was not properly designated, the disputing party that

submitted the information may (i) withdraw all or part of its submission

containing such information, or (ii) agree to resubmit complete and redacted

documents with corrected designations in accordance with the tribunal's

determination and subparagraph (c). In either case, the other disputing party

shall, whenever necessary, resubmit complete and redacted documents which

either remove the information withdrawn under (i) by the disputing party that

first submitted the information or redesignate the information consistent with

the designation under (ii) of the disputing party that first submitted the

information.

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5. Nothing in this Section requires a respondent to withhold from the public information

required to be disclosed by its laws.

Article 30: Governing Law

1. Subject to paragraph 3, when a claim is submitted under Article 24(1)(a)(i)(A) or Article

24(1)(b)(i)(A), the tribunal shall decide the issues in dispute in accordance with this Treaty

and applicable rules of international law.

2. Subject to paragraph 3 and the other terms of this Section, when a claim is submitted under

Article 24(1)(a)(i)(B) or (C), or Article 24(1)(b)(i)(B) or (C), the tribunal shall apply:

(a) the rules of law specified in the pertinent investment authorization or

investment agreement, or as the disputing parties may otherwise agree; or

(b) if the rules of law have not been specified or otherwise agreed:

(i) the law of the respondent, including its rules on the conflict of laws;2°

and

(ii) such rules of international law as may be applicable.

3. A joint decision of the Parties, each acting through its representative designated for

purposes of this Article, declaring their interpretation of a provision of this Treaty shall be

binding on a tribunal, and any decision or award issued by a tribunal must be consistent with

that joint decision.

Article 31: Interpretation of Annexes

1. Where a respondent asserts as a defense that the measure alleged to be a breach is within

the scope of an entry set out in Annex I, II, or III, the tribunal shall, on request of the

respondent, request the interpretation of the Parties on the issue. The Parties shall submit in

writing any joint decision declaring their interpretation to the tribunal within 60 days of

delivery of the request.

2. A joint decision issued under paragraph 1 by the Parties, each acting through its

representative designated for purposes of this Article, shall be binding on the tribunal, and any

decision or award issued by the tribunal must be consistent with that joint decision. If the

Parties fail to issue such a decision within 60 days, the tribunal shall decide the issue.

Article 32: Expert Reports

Without prejudice to the appointment of other kinds of experts where authorized by the

applicable arbitration rules, a tribunal, at the request of a disputing party or, unless the

disputing parties disapprove, on its own initiative, may appoint one or more experts to report

to it in writing on any factual issue concerning environmental, health, safety, or other

scientific matters raised by a disputing party in a proceeding, subject to such terms and

conditions as the disputing parties may agree.

20 The "law of the respondent" means the law that a domestic court or tribunal of proper jurisdiction

would apply in the same case.

-26-
Article 33: Consolidation

1. Where two or more claims have been submitted separately to arbitration under Article

24(1) and the claims have a question of law or fact in common and arise out of the same

events or circumstances, any disputing party may seek a consolidation order in accordance

with the agreement of all the disputing parties sought to be covered by the order or the terms

of paragraphs 2 through 10.

2. A disputing party that seeks a consolidation order under this Article shall deliver, in

writing, a request to the Secretary-General and to all the disputing parties sought to be

covered by the order and shall specify in the request:

(a) the names and addresses of all the disputing parties sought to be covered by th

order;

(b) the nature of the order sought; and

(c) the grounds on which the order is sought.

3. Unless the Secretary-General finds within 30 days after receiving a request under

paragraph 2 that the request is manifestly unfounded, a tribunal shall be established under this

Article.

4. Unless all the disputing parties sought to be covered by the order otherwise agree, a

tribunal established under this Article shall comprise three arbitrators:

(a) one arbitrator appointed by agreement of the claimants;

(b) one arbitrator appointed by the respondent; and

(c) the presiding arbitrator appointed by the Chairman, provided, however, that the

presiding arbitrator shall not be a national of either Party.

5. If, within 60 days after the Secretary-General receives a request made under paragraph 2,

the respondent fails or the claimants fail to appoint an arbitrator in accordance with paragraph

4, the Chairman, on the request of any disputing party sought to be covered by the order, shall

appoint the arbitrator or arbitrators not yet appointed. If the respondent fails to appoint an

arbitrator, the Chairman shall appoint a national of the disputing Party, and if the claimants

fail to appoint an arbitrator, the Chairman shall appoint a national of the non-disputing Party.

6. Where a tribunal established under this Article is satisfied that two or more claims that

have been submitted to arbitration under Article 24(1) have a question of law or fact in

common, and arise out of the same events or circumstances, the tribunal may, in the interest

of fair and efficient resolution of the claims, and after hearing the disputing parties, by order:

(a) assume jurisdiction over, and hear and determine together, all or part of the

claims;

(b) assume jurisdiction over, and hear and determine one or more of the claims,

the determination of which it believes would assist in the resolution of the

others; or

(c) instruct a tribunal previously established under Article 27 to assume

jurisdiction over, and hear and determine together, all or part of the claims,

provided that

- 27 -
(i) that tribunal, at the request of any claimant not previously a disputing

party before that tribunal, shall be reconstituted with its original

members, except that the arbitrator for the claimants shall be appointed

pursuant to paragraphs 4(a) and 5; and

(ii) that tribunal shall decide whether any prior hearing shall be repeated.

7. Where a tribunal has been established under this Article, a claimant that has submitted a

claim to arbitration under Article 24(1) and that has not been named in a request made under

paragraph 2 may make a written request to the tribunal that it be included in any order made

under paragraph 6, and shall specify in the request:

(a) the name and address of the claimant;

(b) the nature of the order sought; and

(c) the grounds on which the order is sought.

The claimant shall deliver a copy of its request to the Secretary-General.

8. A tribunal established under this Article shall conduct its proceedings in accordance with

the UNCITRAL Arbitration Rules, except as modified by this Section.

9. A tribunal established under Article 27 shall not have jurisdiction to decide a claim, or a

part of a claim, over which a tribunal established or instructed under this Article has assumed

jurisdiction.

10. On application of a disputing party, a tribunal established under this Article, pending its

decision under paragraph 6, may order that the proceedings of a tribunal established under

Article 27 be stayed, unless the latter tribunal has already adjourned its proceedings.

Article 34: Awards

1. Where a tribunal makes a final award against a respondent, the tribunal may award,

separately or in combination, only:

(a) monetary damages and any applicable interest; and

(b) restitution of property, in which case the award shall provide that the

respondent may pay monetary damages and any applicable interest in lieu of

restitution.

A tribunal may also award costs and attorney's fees in accordance with this Treaty and the

applicable arbitration rules.

2. Subject to paragraph 1, where a claim is submitted to arbitration under Article 24(1)(b):

(a) an award of restitution of property shall provide that restitution be made to the

enterprise;

(b) an award of monetary damages and any applicable interest shall provide that

the sum be paid to the enterprise; and

(c) the award shall provide that it is made without prejudice to any right that any

person may have in the relief under applicable domestic law.

3. A tribunal may not award punitive damages.

- 28 -
4. An award made by a tribunal shall have no binding force except between the disputing

parties and in respect of the particular case.

5. Subject to paragraph 6 and the applicable review procedure for an interim award, a

disputing party shall abide by and comply with an award without delay.

6. A disputing party may not seek enforcement of a final award until:

(a) in the case of a final award made under the ICSID Convention,

(i) 120 days have elapsed from the date the award was rendered and no

disputing party has requested revision or annulment of the award; or

(ii) revision or annulment proceedings have been completed; and

(b) in the case of a final award under the ICSID Additional Facility Rules, the

UNCTTRAL Arbitration Rules, or the rules selected pursuant to Article

24(3)(d),

(i) 90 days have elapsed from the date the award was rendered and no

disputing party has commenced a proceeding to revise, set aside, or

annul the award; or

(ii) a court has dismissed or allowed an application to revise, set aside, or

annul the award and there is no further appeal.

7. Each Party shall provide for the enforcement of an award in its territory.

8. If the respondent fails to abide by or comply with a final award, on delivery of a request by

the non-disputing Party, a tribunal shall be established under Article 37. Without prejudice to

other remedies available under applicable rules of international law, the requesting Party may

seek in such proceedings:

(a) a determination that the failure to abide by or comply with the final award is

inconsistent with the obligations of this Treaty; and

(b) a recommendation that the respondent abide by or comply with the final award

9. A disputing party may seek enforcement of an arbitration award under the ICSID

Convention, the New York Convention, or the Inter-American Convention regardless of

whether proceedings have been taken under paragraph 8.

10. A claim that is submitted to arbitration under this Section shall be considered to arise out

of a commercial relationship or transaction for purposes of Article I of the New York

Convention and Article I of the Inter-American Convention.

Article 35: Annexes, Protocol, and Footnotes

The Annexes, Protocol, and footnotes to this Treaty shall form an integral part of this Treaty.

- 29 -
Article 36: Service of Documents

Delivery of notice and other documents on a Party shall be made to the place named for that

Party in Annex D.

SECTION C

Article 37: State-State Dispute Settlement

1. Subject to paragraph 5, any dispute between the Parties concerning the interpretation or

application of this Treaty that is not resolved through consultations or other diplomatic

channels shall be submitted on the request of either Party to arbitration for a binding decision

or award by a tribunal in accordance with applicable rules of international law. In the absence

of an agreement by the Parties to the contrary, the UNCITRAL Arbitration Rules shall

govern, except as modified by the Parties or this Treaty.

2. Unless the Parties otherwise agree, the tribunal shall comprise three arbitrators, one

arbitrator appointed by each Party and the third, who shall be the presiding arbitrator,

appointed by agreement of the Parties. If a tribunal has not been constituted within 75 days

from the date that a claim is submitted to arbitration under this Section, the Chairman, on the

request of either Party, shall appoint, in his or her discretion, the arbitrator or arbitrators not

yet appointed.

3. Expenses incurred by the arbitrators, and other costs of the proceedings, shall be paid for

equally by the Parties. However, the tribunal may, in its discretion, direct that a higher

proportion of the costs be paid by one of the Parties.

4. Articles 28(3), 29, 30(1) and (3), and 31 shall apply mutatis mutandis to arbitrations under

this Article.

5. Paragraphs 1 through 4 shall not apply to a matter arising under Article 12 or Article 13.

IN WITNESS WHEREOF, the respective plenipotentiaries have signed this Treaty.

DONE in duplicate at Mar del Plata this 'I II' day of November, 2005, in the English

and Spanish languages, each text being equally authentic.

FOR THE

UNITED STATES OF AMERICA:

FOR THE

ORIENTAL REPUBLIC OF URUG • Y:

-30-
Annex A

Customary International Law

The Parties confirm their shared understanding that "customary international law"

generally and as specifically referenced in Article 5 and Annex B results from a general and

consistent practice of States that they follow from a sense of legal obligation. With regard to

Article 5, the customary international law minimum standard of treatment of aliens refers to

all customary international law principles that protect the economic rights and interests of

aliens.

-31 -
Annex B

Expropriation

The Parties confirm their shared understanding that:

1. Article 6(1) is intended to reflect customary international law concerning the obligation of

States with respect to expropriation.

2. An action or a series of actions by a Party cannot constitute an expropriation unless it

interferes with a tangible or intangible property right or property interest in an investment.

3. Article 6(1) addresses two situations. The first is known as direct expropriation, where an

investment is nationalized or otherwise directly expropriated through formal transfer of title

or outright seizure.

4. The second situation addressed by Article 6(1) is known as indirect expropriation, where

an action or series of actions by a Party has an effect equivalent to direct expropriation

without formal transfer of title or outright seizure.

(a) The determination of whether an action or series of actions by a Party, in a

specific fact situation, constitutes an indirect expropriation, requires a case-bycase, fact-based inquiry that considers, among other factors:

(i) the economic impact of the government action, although the fact that an

action or series of actions by a Party has an adverse effect on the

economic value of an investment, standing alone, does not establish

that an indirect expropriation has occurred;

(ii) the extent to which the government action interferes with distinct,

reasonable investment-backed expectations; and

(iii) the character of the government action.

(b) Except in rare circumstances, non-discriminatory regulatory actions by a Party

that are designed and applied to protect legitimate public welfare objectives,

such as public health, safety, and the environment, do not constitute indirect

expropriations.

-32-
Annex C

Submission of a Claim To Arbitration

1. An investor of the United States may not submit to arbitration under Section B a claim

that Uruguay has breached an obligation under Articles 3 through 10 either:

(a) on its own behalf under Article 24(1)(a), or

(b) on behalf of an enterprise of Uruguay that is a juridical person that the investor

owns or controls directly or indirectly under Article 24(1)(b),

if the investor or the enterprise, respectively, has alleged that breach of an obligation under

Articles 3 through 10 in proceedings before a court or administrative tribunal of Uruguay.

2. For greater certainty, if an investor of the United States elects to submit a claim of the

type described in paragraph 1 to a court or administrative tribunal of Uruguay, that election

shall be definitive, and the investor may not thereafter submit the claim to arbitration under

Section B.

- 33 -
Annex D

Service of Documents on a Party

United States

Notices and other documents shall be served on the United States by delivery to:

Executive Director (L/EX)

Office of the Legal Adviser

Department of State

Washington, D.C. 20520

United States of America

Uruguay

Notices and other documents shall be served on Uruguay by delivery to:

Director

DirecciOn de Asuntos EconOmicos Internacionales

Ministerio de Relaciones Exteriores

Montevideo,

Uruguay

- 34 -
Annex E

Possibility of a Bilateral Appellate Mechanism

Within three years after the date of entry into force of this Treaty, the Parties shall

consider whether to establish a bilateral appellate body or similar mechanism to review

awards rendered under Article 34 in arbitrations commenced after they establish the appellate

body or similar mechanism.

- 35 -
Annex F

Financial Services

1. In the application of Article 3 to measures relating to financial institutions, the Parties

share the understanding that the treatment that each Party owes under that Article:

(a) to investors of the other Party, means treatment no less favorable than that it

accords to its own investors, in like circumstances, with respect to the

establishment, acquisition, expansion, management, conduct, operation, and

sale or other disposition of financial institutions and investments in financial

institutions in its territory; and

(b) to financial institutions of the other Party and to investments of investors of the

other Party in financial institutions, means treatment no less favorable than tha

it accords to its own financial institutions, and to investments of its own

investors in financial institutions, in like circumstances, with respect to the

establishment, acquisition, expansion, management, conduct, operation, and

sale or other disposition of financial institutions and investments.

2. In the application of Article 4 to measures relating to financial institutions, the Parties

share the understanding that the treatment that each Party owes under that Article to investors

of the other Party, financial institutions of the other Party, and investments of investors of the

other Party in financial institutions means treatment no less favorable than that it accords to

investors, financial institutions, and investments of investors in financial institutions of a

non-Party, in like circumstances, with respect to the establishment, acquisition, expansion,

management, conduct, operation, and sale or other disposition of financial institutions and

investments.

3. For purposes of paragraphs 1 and 2, "financial institution of the other Party" means a

financial institution, including a branch, located in the territory of a Party that is Fontrolled by

persons of the other Party.

4. No claim that a measure relating to an investor of a Party, or a covered investment, in a

financial institution located in the territory of the other Party breaches Article 3 or Article 4

may be submitted to arbitration under Section B. For purposes of this paragraph:

(a) The term "financial institution" means any financial intermediary or other

enterprise that is authorized to do business and regulated or supervised as a

financial institution under the law of the Party in whose territory it is located.

(b) Investment means "investment" as defined in Article 1, except that, with

respect to "loans" and "debt instruments" referred to in that Article:

(i) a loan to or debt instrument issued by a financial institution is an

investment in a financial institution only where it is treated as

regulatory capital by the Party in whose territory the financial

institution is located; and

(ii) a loan granted by or debt instrument owned by a financial institution,

other than a loan to or debt instrument of a financial institution referred

to in subparagraph (b)(i), is not an investment in a financial institution.

- 36 -
5. For greater certainty, nothing in this Treaty shall be construed to prevent the adoption or

enforcement by a Party of measures relating to investors of the other Party, or covered

investments, in financial institutions that are necessary to secure compliance with laws or

regulations that are not inconsistent with this Treaty, including those relating to the prevention

of deceptive and fraudulent practices or that deal with the effects of a default on financial

services contracts, subject to the requirement that such measures are not applied in a manner

which would constitute a means of arbitrary or unjustifiable discrimination between countries

where like conditions prevail, or a disguised restriction on investment in financial institutions

- 37 -
Annex G

Sovereign Debt Restructuring

1. No claim that a restructuring of a debt instrument issued by Uruguay breaches an

obligation under Articles 5 through 10 may be submitted to, or if already submitted continue

in, arbitration under Section B, if the restructuring is a negotiated restructuring at the time of

submission, or becomes a negotiated restructuring after such submission.

2. (a) For purposes of this Annex, 'negotiated restructuring" means the restructuring

or rescheduling of a debt instrument that has been effected through:

(i) a modification of the key payment terms of such debt instrument, as

provided for under the terms of such debt instrument; or

(ii) a debt exchange or other process in which the holders of no less than

the percentage of debt specified in subparagraph (b) have consented to

such debt exchange or other process.

(b) The percentage referred to in subparagraph (a)(ii) shall be the percentage

required to modify the key payment terms of a single series of bonds in the

most recent widely-distributed issue of external sovereign bonds that:

(i) were issued by Uruguay prior to the alleged breach;

(ii) are governed by New York law; and

(iii) permit the modification of the key payment terms by holders of less

than 100 percent of the aggregate principal amount of the debt

outstanding.

3. Notwithstanding Article 24(3) and subject to paragraph 1 of this Annex, an investor of the

United States may not submit a claim under Section B that a restructuring of debt issued by

Uruguay breaches an obligation under Articles 5 through 10 unless 270 days have elapsed

from the date of the events giving rise to the claim.

-38-
Protocol

1. The Parties note that the definition of "state enterprise" in Article 1 is not intended to

expand the meaning of empresa pfiblica as that term is used in the domestic law of Uruguay.

Under such law, an empresa pfiblica must be owned or controlled by the State and regulated

by domestic public law.

2. The Parties confirm their shared understanding that, consistent with general principles of

law applicable to international arbitration, when a claimant submits a claim to arbitration

under Section B, it has the burden of proving all elements of its claim, including the damages

that it alleges were sustained by reason of, or arising out of, the alleged breach. Accordingly,

the Parties further share the understanding that, where a claimant has met its burden of

proving that the respondent has breached an obligation under Section A with respect to an

attempt to make an investment, the only damages that may be awarded are those that the

claimant has proven were sustained in the attempt to make the investment, provided that the

claimant also proves that the breach was the proximate cause of those damages.

3. For greater certainty, the Parties confirm that the list of "legitimate public welfare

objectives" in paragraph 4(b) of Annex B on Expropriation is not exhaustive.

4. Uruguay has provided the following descriptive and explanatory information solely for

purposes of transparency. Under its domestic law, Uruguay conditions investment in certain

sectors on the prior issuance or granting of a concession or authorization by the Government

of Uruguay. Such concessions or authorizations are granted by the Government of Uruguay

on the basis of "legality, opportunity, convenience, or merit" under Uruguayan law, and are

also subject to Uruguay's investment lave, Law No. 16.906, which forbids discrimination on

the basis of nationality.

- 39 -
Annex I

Explanatory Notes

1. The Schedule of a Party to this Annex sets out, pursuant to Article 14 (Non-Conforming

Measures), a Party's existing measures that are not subject to some or all of the obligations

imposed by:

(a) Article 3 (National Treatment);

(b) Article 4 (Most-Favored-Nation Treatment);

(c) Article 8 (Performance Requirements); or

(e) Article 9 (Senior Management and Boards of Directors).

2. Each Schedule entry sets out the following elements:

(a) Sector refers to the sector for which the entry is made;

(b) Obligations Concerned specifies the article(s) referred to in paragraph 1 that,

pursuant to Article 14.1(a) (Non-Conforming Measures), do not apply to the

non-conforming aspects of the law, regulation, or other measure, as set out in

paragraph 3;

(c) Level of Government indicates the level of government maintaining the

scheduled measure(s);

(d) Measures identifies the laws, regulations, or other measures for which the

entry is made. A measure cited in the Measures element:

(i) means the measure as amended, continued, or renewed as of the date of

entry into force of this Treaty, and

(ii) includes any subordinate measure adopted or maintained under the

authority of and consistent with the measure; and

(e) Description provides a general, nonbinding description of the measure for

which the entry is made.

3. In accordance with Article 14.1(a) (Non-Conforming Measures), and subject to Article

14.1(c) (Non-Conforming Measures), the articles of this Treaty specified in the Obligations

Concerned element of an entry do not apply to the non-conforming aspects of the law,

regulation, or other measure identified in the Measures element of that entry.

Annex I - 1
Annex I

Schedule of Uruguay

Sector: Fisheries

Obligations Concerned: National Treatment (Article 3)

Performance Requirements (Article 8)

Senior Management and Boards of Directors (Article 9)

Level of Government: Central

Measures:

Description:

Law No. 13.833, Riquezas del Mar (Articles 4, 5, 8, 22, 23, and

24)

Decree No. 149/997 (Article 56)

Commercial fishing, including marine hunting activities,

performed in internal waters and in the territorial sea within a

distance of 12 miles, measured from the base lines, are reserved

exclusively to licensed Uruguayan-flagged vessels. Such

vessels must be commanded by captains, merchant marine

officials, or fishing masters that are Uruguayan nationals, and at

least 50 percent of the crew of such vessels must be Uruguayan

nationals.

Commercial foreign-flagged vessels are only allowed to fish

and hunt between the 12-mile area referred to in the preceding

paragraph and 200 miles, subject to authorization of the

Executive branch, as recorded in the register maintained by the

DirecciOn Nacional de Recursos Acuaticos.

The processing and marketing of fish may be subject to a

requirement that the fish be totally or partially processed in

Uruguay.

Annex I — Uruguay —1
Sector: Communications — Print Media

Obligations Concerned: Senior Management and Boards of Directors (Article 9)

Level of Government: Central

Measures: Law No. 16.099, Informacion y Comunicaciones (Article 6)

Description: Only an Uruguayan national may be the redactor o gerente

responsable* (the responsible editor or manager) of a

newspaper, magazine, or periodical published in Uruguay.

* Redactor o gerente responsable is the person liable under civil and criminal law for the

content of a particular newspaper, magazine, or periodical.

Annex I — Uruguay — 2
Sector: Communications — Radio and Television

Obligations Concerned: National Treatment (Article 3)

Most-Favored-Nation Treatment (Article 4)

Senior Management and Boards of Directors (Article 9)

Level of Government: Central

Measures: Law No. 16.099, InformaciOn y Comunicaciones (Article 6)

Decree No. 734/978 (Articles 8, 9, and 11)

Description: Free over-the-air television and AM/FM radio broadcasting

services may only be supplied by Uruguayan nationals. All

stockholders of or partners in broadcasting enterprises

supplying such broadcasting services in Uruguay or established

in Uruguay must be Uruguayan nationals domiciled in Uruguay

Senior management, members of the boards of directors, and

the redactor o gerente responsable* (the responsible director or

manager) of broadcasting enterprises must be Uruguayan

nationals.

The redactor o gerente responsable* of a subscriber (cable,

satellite, MMDS) television enterprise must be an Uruguayan

national.

* Redactor o gerente responsable is the person liable under civil and criminal law for the

content of a particular radio or television broadcast, in any form.

Annex I — Uruguay — 3
Sector: Railway Transportation Services

Obligations Concerned: National Treatment (Article 3)

Most-Favored-Nation Treatment (Article 4)

Senior Management and Boards of Directors (Article 9)

Level of Government: Central

Measures:

Description:

Sector Ferroviaria — Marco Juridico Regulatorio, Ministerial

Decree — Official Gazette No. 26.398 of December 5, 2003

(Articles 27 and 28)

In order to provide railway passenger and cargo transportation

services, a railway operator must obtain a license (Licencia de

OperaciOn Ferroviaria) from the Direcci6n Nacional de

Transporte, which issues a resolution granting the license.

Among the requirements for obtaining the license are:

(a) at least 51 percent of the paid-in capital of the railway

operator must be owned by Uruguayan nationals

domiciled in Uruguay or by Uruguayan enterprises that

meet the same requirement for paid-in capital; and

(b) at least 51 percent of the railway operator's board of

directors or managing board must be composed of

Uruguayan nationals domiciled in Uruguay.

Under the Acuerdo sobre Transporte Internacional Terrestre

(ATIT) among the Southern Cone countries, access to

international railway cargo transportation services is accorded,

on the basis of reciprocity, to railway operators of Uruguay.

Annex I — Uruguay — 4
Sector: Road Transportation Services

Obligations Concerned: National Treatment (Article 3)

Senior Management and Boards of Directors (Article 9)

Level of Government: Central

Measures:

Description:

Decree No. 228/991 (Articles 1.1 and 5.1)

Decree No. 230/997 (Article 5.1)

Acuerdo sobre Transporte Internacional Terrestre (Article 22),

as adopted in ResoluciOn del Ministerio de Transporte y Obras

Palicas del 10 de Mayo de 1991, and published in the Official

Gazette of July 8, 1991

Passenger Transportation — The State reserves to itself the

provision of public regular national and international passenger

transportation services (both regularly scheduled and nonregularly scheduled), but grants concessions and permits to

private enterprises. Only Uruguayan nationals or enterprises

may be granted such concessions and permits. Uruguayan

enterprises are those (i) managed, (ii) controlled, and (iii) in

which more than 50 percent of the capital is owned by

Uruguayan nationals domiciled in Uruguay.

Domestic Cargo Transportation — There are no restrictions on

domestic (point-to-point) cargo road transportation services.

International Passenger and Cargo Transportation — Only

enterprises with more than 50 percent of their share capital

owned and effectively controlled by Uruguayan nationals may

provide international cargo and passenger transportation.

Annex I — Uruguay — 5
Sector: Maritime Transportation Services and Ancillary Services

Obligations Concerned: National Treatment (Article 3)

Most-Favored-Nation Treatment (Article 4)

Senior Management and Boards of Directors (Article 9)

Level of Government: Central

Measures:

Description:

Law No. 12.091, NavegaciOn y Comercio de Cabotage (Article

1, 2, 6, 9, 11, 12, and 13)

Law No. 14.106, Ley de RendiciOn de Cuentas y Balance de

Ejecuci6n Presupuestal (Article 309)

Law No. 16.387, Ley de Abanderamiento (Article 18), as

amended by Law No. 16.736, Ley de RendiciOn de Cuentas y

Balance de Ej ecuciOn Presupuestal (Article 321)

Law No. 17.296, Ley de RendiciOn de Cuentas y Balance de

EjecuciOn Presupuestal (Article 263)

Decree-Law No. 14.650, Ley de Fomento de Marina Mercante

(Chapters I, II, and V)

Decree No. 31/994 (Article 2)

Cabotage trade, which covers domestic vessel transportation

services performed between the ports and coastal areas of

Uruguay, including rescue operations, unloading of cargoes,

towing, and other vessel operations performed by ships in

waters within Uruguayan jurisdiction, shall be reserved to

Uruguayan-flagged vessels. Such vessels are exempt from

designated taxes, such as those on equipment, sales, and income

of fleets.

Waivers permitting foreign-flagged vessels to perform cabotage

services may be granted by the Executive branch when

Uruguayan-flagged vessels are not available.

Vessels providing cabotage transportation services within

Uruguay are subject to the following requirements:

(a) if owned by natural persons, vessels must be owned by

Uruguayan nationals domiciled in Uruguay; and

(b) if owned by an enterprise: (i) 51 percent of the owners

of such enterprise must be Uruguayan nationals; (ii) 51

percent of the voting shares must be owned by

Uruguayan nationals; and (iii) the enterprise must be

controlled and managed by Uruguayan nationals.

Uruguayan-flagged vessels shall be qualified to perform

cabotage transportation services if the owners of such vessels

are Uruguayan nationals, and their crews (including the captain)

are composed of at least 50 percent Uruguayan nationals.

Half of all cargo transportation of Uruguayan foreign trade

(imports and exports) is reserved to Uruguayan-flagged vessels,

however, waivers are granted to foreign-flagged vessels to carry

the reserved portion of the foreign trade. Uruguay may impose

restrictions on access to cargo transportation of Uruguayan

foreign trade on the basis of reciprocity.

Annex I — Uruguay — 6
Uruguayan-flagged merchant vessels are entitled to designated

tax exemptions, provided that such vessels fulfill the following

requirements:

(a) if owned by natural persons, vessels must be owned by

Uruguayan nationals domiciled in Uruguay; and

(b) if owned by an enterprise, vessels must be under the

control and direction of Uruguayan nationals.

The crew of Uruguayan merchant vessels must meet the

following requirements:

(a) 50 percent of the crew (including the captain) of vessels

operating under traffic authorized by the competent

authority must be Uruguayan nationals; and

(b) for vessels not operating under traffic authorized by the

competent authority, their Captain, Chief Engineer, and

the Radio Operator or the Chief Officer must be

Uruguayan nationals.

Annex I — Uruguay — 7
Sector: Air Services

Obligations Concerned: National Treatment (Article 3)

Performance Requirements (Article 8)

Senior Management and Boards of Directors (Article 9)

Level of Government: Central

Measures:

Description:

Decree-Law No. 14.305, COdigo Aeronautico (Article 113)

Decree No. 325/974 (Articles 32 and 33)

Decree No. 158/978 (Articles 1 and 2)

Decree No. 39/977 (Article 35)

Reglamentos Aeronauticos Uruguayos, Nos. 61, 63, and 65

Only an empresa nacional de transporte aereo (national air

transportation enterprise) may operate aircraft in domestic air

transportation service (cabotage) and may provide international

scheduled and non-scheduled air transportation services as an

Uruguayan air carrier. Only an empresa nacional de servicios

de trabajo aereo (national air works enterprise) may operate

aircraft in domestic non-transportation air services.

In order to be an empresa nacional de transporte aereo or an

empresa nacional de servicios de trabajo aereo an enterprise

must be 51 percent owned by Uruguayan nationals domiciled in

Uruguay.

All crew and other personnel, including management of an

empresa nacional de transporte are() or an empresa nacional

de servicios de trabajo aereo, must be Uruguayan nationals,

unless otherwise authorized by the DirecciOn Nacional de

AviaciOn Civil e Infraestructura Aeronautica.

Annex I — Uruguay — 8
Annex I

Schedule of the United States

Sector: Atomic Energy

Obligations Concerned: National Treatment (Article 3)

Level of Government: Central

Measures: Atomic Energy Act of 1954, 42 U.S.C. §§ 2011 et seq.

Description: A license issued by the United States Nuclear Regulatory

Commission is required for any person in the United States to

transfer or receive in interstate commerce, manufacture,

produce, transfer, use, import, or export any nuclear "utilization

or production facilities" for commercial or industrial purposes.

Such a license may not be issued to any entity known or

believed to be owned, controlled, or dominated by an alien, a

foreign corporation, or a foreign government (42 U.S.C. §

2133(d)). A license issued by the United States Nuclear

Regulatory Commission is also required for nuclear "utilization

and production facilities," for use in medical therapy, or for

research and development activities. The issuance of such a

license to any entity known or believed to be owned, controlled,

or dominated by an alien, a foreign corporation, or a foreign

government is also prohibited (42 U.S.C. § 2134(d)).

Annex 1— US — 1
Sector: Mining

Obligations Concerned: National Treatment (Article 3)

Most-Favored-Nation Treatment (Article 4)

Level of Government: Central

Measures: Mineral Lands Leasing Act of 1920, 30 U.S.C. Chapter 3A

10 U.S.C. § 7435

Description: Under the Mineral Lands Leasing Act of 1920, aliens and

foreign corporations may not acquire rights-of-way for oil or

gas pipelines, or pipelines carrying products refined from oil

and gas, across on-shore federal lands or acquire leases or

interests in certain minerals on on-shore federal lands, such as

coal or oil. Non-U.S. citizens may own a 100 percent interest in

a domestic corporation that acquires a right-of-way for oil or

gas pipelines across on-shore federal lands, or that acquires a

lease to develop mineral resources on on-shore federal lands,

unless the foreign investor's home country denies similar or like

privileges for the mineral or access in question to U.S. citizens

or corporations, as compared with the privileges it accords to its

own citizens or corporations or to the citizens or corporations of

other countries (30 U.S.C. §§ 181, 185(a)).

Nationalization is not considered to be denial of similar or like

privileges.

Foreign citizens, or corporations controlled by them, are

restricted from obtaining access to federal leases on Naval

Petroleum Reserves if the laws, customs, or regulations of their

country deny the privilege of leasing public lands to citizens or

corporations of the United States (10 U.S.C. § 7435).

Annex I — US — 2
Sector: All Sectors

Obligations Concerned: National Treatment (Article 3)

Most-Favored-Nation Treatment (Article 4)

Level of Government: Central

Measures: 22 U.S.C. §§ 2194 and 2198(c)

Description: The Overseas Private Investment Corporation insurance and

loan guarantees are not available to certain aliens, foreign

enterprises, or foreign-controlled domestic enterprises.

Annex I — US — 3
Sector: Air Transportation

Obligations Concerned: National Treatment (Article 3)

Most-Favored-Nation Treatment (Article 4)

Senior Management and Boards of Directors (Article 9)

Level of Government: Central

Measures:

Description:

49 U.S.C. Subtitle VII, Aviation Programs

14 C.F.R. Part 297 (foreign freight forwarders); 14 C.F.R. Part

380, Subpart E (registration of foreign (passenger) charter

operators)

Only air carriers that are "citizens of the United States" may

operate aircraft in domestic air service (cabotage) and may

provide international scheduled and non-scheduled air service

as U.S. air carriers.

U.S. citizens also have blanket authority to engage in indirect

air transportation activities (air freight forwarding and

passenger charter activities other than as actual operators of the

aircraft). In order to conduct such activities, non-U.S. citizens

must obtain authority from the Department of Transportation.

Applications for such authority may be rejected for reasons

relating to the failure of effective reciprocity, or if the

Department of Transportation finds that it is in the public

interest to do so.

Under 49 U.S.C. § 40102(a)(15), a citizen of the United States

means an individual who is a U.S. citizen; a partnership in

which each member is a U.S. citizen; or a U.S. corporation of

which the president and at least two-thirds of the board of

directors and other managing officers are U.S. citizens, which is

under the actual control of U.S. citizens, and in which at least

seventy-five percent of the voting interest in the corporation is

owned or controlled by U.S. citizens.

Annex I — US — 4
Sector: Air Transportation

Obligations Concerned: National Treatment (Article 3)

Most-Favored-Nation Treatment (Article 4)

Senior Management and Boards of Directors (Article 9)

Level of Government: Central

Measures:

Description:

49 U.S.C., Subtitle VII, Aviation Programs

49 U.S.C. § 41703

14 C.F.R. Part 375

"Foreign civil aircraft" require authority from the Department

of Transportation to conduct specialty air services in the

territory of the United States. In determining whether to grant a

particular application, the Department will consider, among

other factors, the extent to which the country of the applicant's

nationality accords U.S. civil aircraft operators effective

reciprocity.

"Foreign civil aircraft" are aircraft of foreign registry or aircraft

of U.S. registry that are owned, controlled, or operated by

persons who are not citizens or permanent residents of the

United States (14 C.F.R. § 375.1). Under 49 U.S.C. §

40102(a)(15), a citizen of the United States means an individual

who is a U.S. citizen; a partnership in which each member is a

U.S. citizen; or a U.S. corporation of which the president and at

least two-thirds of the board of directors and other managing

officers are U.S. citizens, which is under the actual control of

U.S. citizens, and in which at least seventy-five percent of the

voting interest in the corporation is owned or controlled by U.S.

citizens.

Annex I — US — 5
Sector: Transportation Services — Customs Brokers

Obligations Concerned: National Treatment (Article 3)

Level of Government: Central

Measures: 19 U.S.C. § 1641(b)

Description: A customs broker's license is required to conduct customs

business on behalf of another person. Only U.S. citizens may

obtain such a license. A corporation, association, or partnership

established under the law of any state may receive a customs

broker's license if at least one officer of the corporation or

association, or one member of the partnership, holds a valid

customs broker's license.

Annex I US 6
Sector: All Sectors

Obligations Concerned: National Treatment (Article 3)

Most-Favored-Nation Treatment (Article 4)

Level of Government: Central

Measures:

Description:

Securities Act of 1933,15 U.S.C. §§ 77C(b), 77f, 77g, 77h, 77j,

and 77s(a)

17 C.F.R. §§ 230.251 and 230.405

Securities Exchange Act of 1934,15 U.S.C. §§ 781, 78m,

78o(d), and 78w(a)

17 C.F.R. § 240.12b-2

Foreign firms, except for certain Canadian issuers, may not use

the small business registration forms under the Securities Act of

1933 to register public offerings of securities or the small

business registration forms under the Securities Exchange Act

of 1934 to register a class of securities or file annual reports.

Annex 1 — US — 7
Sector: Communications — Radiocommunications

Obligations Concerned: National Treatment (Article 3)

Level of Government: Central

Measures: 47 U.S.C. § 310

Foreign Participation Order 12 FCC Rcd 23891 (1997)

Description: The United States reserves the right to restrict ownership of

radio licenses in accordance with the above statutory and

regulatory provisions. Radiocommunications consists of all

communications by radio, including broadcasting.

Annex I -- US — 8
Sector: All Sectors

Obligations Concerned: National Treatment (Article 3)

Most-Favored-Nation Treatment (Article 4)

Performance Requirements (Article 8)

Senior Management and Boards of Directors (Article 9)

Level of Government: Regional

Measures: All existing non-conforming measures of all states of the United

States, the District of Columbia, and Puerto Rico

Annex I -- US — 9
Annex II

Explanatory Note

1. The Schedule of a Party to this Annex sets out, pursuant to Article 14 (Non-Conforming

Measures), the specific sectors, subsectors, or activities for which that Party may maintain

existing, or adopt new or more restrictive, measures that do not conform with obligations

imposed by:

(a) Article 3 (National Treatment);

(b) Article 4 (Most-Favored-Nation Treatment);

(c) Article 8 (Performance Requirements); or

(d) Article 9 (Senior Management and Boards of Directors).

2. Each Schedule entry sets out the following elements:

(a) Sector refers to the sector for which the entry is made;

(b) Obligations Concerned specifies the article(s) referred to in paragraph 1 that,

pursuant to Article 14.2 (Non-Conforming Measures), do not apply to the

sectors, subsectors, or activities scheduled in the entry;

(c) Description sets out the scope of the sectors, subsectors, or activities covered

by the entry; and

(d) Existing Measures identifies, for transparency purposes, existing measures

that apply to the sectors, subsectors, or activities covered by the entry.

3. In accordance with Article 14.2 (Non-Conforming Measures), the articles of this Treaty

specified in the Obligations Concerned element of an entry do not apply to the sectors,

subsectors, and activities identified in the Description element of that entry.

Annex II - 1
Annex II

Schedule of Uruguay

Sector: Road, Railway, Airport, and Port Services and Infrastructure

Obligations Concerned:

Description:

National Treatment (Article 3)

Performance Requirements (Article 8)

Senior Management and Boards of Directors (Article 9)

Uruguay reserves the right to adopt or maintain any measure

with respect to the renewal or re-negotiation of existing

concessions relating to road, railway, airport, or port services

and infrastructure.

Annex II — Uruguay —1
Sector: Water and Gas Distribution Services

Obligations Concerned: Performance Requirements (Article 8)

Description: Uruguay reserves the right to adopt or maintain any measure

with respect to concessions relating to water and gas

distribution services, as well as any renewals or re-negotiations

of existing concessions relating to such services.

Annex II — Uruguay — 2
Sector: All Sectors

Obligations Concerned:

Description:

National Treatment (Article 3)

Performance Requirements (Article 8)

Senior Management and Boards of Directors (Article 9)

Uruguay reserves the right to adopt or maintain any measure

that accords rights or preferences to minorities due to social or

economic reasons.

Annex II — Uruguay — 3
Sector: All Sectors

Obligations Concerned:

Description:

National Treatment (Article 3)

Performance Requirements (Article 8)

Senior Management and Boards of Directors (Article 9)

Uruguay reserves the right to adopt or maintain any measure

that limits the transfer or disposal of any interest held in an

existing state enterprise, such that only an Uruguayan national

may obtain such interest. The limitation in the preceding

sentence, however, pertains only to the initial transfer or

disposal of such interest, and not to subsequent transfers or

disposals.

Uruguay reserves the right to adopt or maintain any measure

that limits control of, or imposes requirements on, any new

enterprise created by the transfer or disposal of any interest as

described in the preceding paragraph, such as through measures

relating to the structure of the board of directors, but not

through limitations on the ownership of the interest transferred.

Uruguay also reserves the right to adopt or maintain any

measure related to the nationality of senior management and

members of the board of directors in such new enterprise.

The current subsectors in which there are monopoly state

enterprises are:

Oil refining and importation — AdministraciOn Nacional de

Combustibles, Alcohol y Portland (ANCAP)

Basic Telecommunications — AdministraciOn Nacional de

Telecomunicaciones (ANTEL)

Electricity Distribution — AdministraciOn Nacional de Usinas y

Transmisiones Electricas (UTE)

Water Distribution — AdministraciOn de las Obras Sanitarias

del Estado (OSE)

Annex II — Uruguay — 4
Sector: Postal Services

Obligations Concerned: National Treatment (Article 3)

Description: Uruguay reserves the right to adopt or maintain any measure

that restricts the receipt, processing, transport, or delivery of

periodic invoices provided by state enterprises, including

ANTEL (basic telecommunications), UTE (electricity

distribution), and OSE (water distribution).

Annex II — Uruguay — 5
Sector: Social Services

Obligations Concerned:

Description:

National Treatment (Article 3)

Most-Favored-Nation Treatment (Article 4)

Performance Requirements (Article 8)

Senior Management and Boards of Directors (Article 9)

Uruguay reserves the right to adopt or maintain any measure

with respect to the provision of law enforcement services, and

the following services to the extent they are social services

established or maintained for a public purpose: rehabilitation

and social re-adaptation services, social security or

unemployment benefits, social welfare, public education, publi

training, health, child care, public sewage services, and water

supply services.

Annex II -- Uruguay — 6
Sector: Traditional Events and Festivities

Obligations Concerned: National Treatment (Article 3)

Description: Uruguay reserves the right to adopt or maintain any measure

with respect to the organization and development of events

relating to popular national traditions, such as parades and

Carnaval.

Annex II — Uruguay — 7
Sector: Railway Transportation Services and Ancillary Services

Obligations Concerned: Performance Requirements (Article 8)

Description: Uruguay reserves the right for the Ministerio de Transporte y

Obras Pablicas to adopt or maintain performance requirements

provided that they are "adequate, transparent, and nondiscriminatory" under Uruguayan law.

Existing Measures: Sector Ferroviaria — Marco Juridico Regulatorio, Ministerial

Decree — Official Gazette No. 26.398 of December 5, 2003

Annex II — Uruguay — 8
Sector: All Sectors

Obligations Concerned: Most-Favored-Nation Treatment (Article 4)

Description: Uruguay reserves the right to adopt or maintain any measure

that accords differential treatment to countries under any

bilateral or multilateral international agreement in force or

signed prior to the date of entry into force of this Treaty.

Uruguay reserves the right to adopt or maintain any measure

that accords differential treatment to countries under any

bilateral or multilateral international agreement in force or

signed after the date of entry into force of this Treaty involving

(a) aviation;

(b) fisheries;

(c) maritime matters, including salvage; or

(d) telecommunications.

Annex II — Uruguay — 9
Sector: Ground Transportation

Obligations Concerned: Most-Favored-Nation Treatment (Article 4)

Description: Uruguay reserves the right to adopt or maintain any measure

that accords differential treatment to Mercado Comith del Sur

(MERCOSUR) member countries under any bilateral or

multilateral international agreement relating to ground

transportation and entered into pursuant to its MERCOSUR

commitments after the date of entry into force of this Treaty.

Annex II — Uruguay — 10
Annex II

Schedule of the United States

Sector: Communications

Obligations Concerned: Most-Favored-Nation Treatment (Article 4)

Description: The United States reserves the right to adopt or maintain any

measure that accords differential treatment to persons of other

countries due to application of reciprocity measures or through

international agreements involving sharing of the radio

spectrum, guaranteeing market access, or national treatment

with respect to the one-way satellite transmission of direct-tohome (DTH) and direct broadcasting satellite (DBS) television

services and digital audio services.

Annex II — US — 1
Sector: Communications — Cable Television

Obligations Concerned:

Description:

National Treatment (Article 3)

Most-Favored-Nation Treatment (Article 4)

Senior Management and Boards of Directors (Article 9)

The United States reserves the right to adopt or maintain any

measure that accords equivalent treatment to persons of any

country that limits ownership by persons of the United States in

an enterprise engaged in the operation of a cable television

system in that country.

Annex II — US — 2
Sector: Social Services

Obligations Concerned: National Treatment (Article 3)

Most-Favored-Nation Treatment (Article 4)

Performance Requirements (Article 8)

Senior Management and Boards of Directors (Article 9)

Description: The United States reserves the right to adopt or maintain any

measure with respect to the provision of law enforcement and

correctional services, and the following services to the extent

they are social services established or maintained for a public

purpose: income security or insurance, social security or

insurance, social welfare, public education, public training,

health, and child care.

Annex II — US — 3
Sector:

Obligations Concerned:

Description:

Minority Affairs

National Treatment (Article 3)

Performance Requirements (Article 8)

Senior Management and Boards of Directors (Article 9)

The United States reserves the right to adopt or maintain any

measure according rights or preferences to socially or

economically disadvantaged minorities, including corporations

organized under the laws of the State of Alaska in accordance

with the Alaska Native Claims Settlement Act.

Existing Measures: Alaska Native Claims Settlement Act, 43 U.S.C. §§ 1601 et m.

Annex II — US — 4
Sector: Transportation

Obligations Concerned:

Description:

National Treatment (Article 3)

Most-Favored-Nation Treatment (Article 4)

Performance Requirements (Article 8)

Senior Management and Boards of Directors (Article 9)

The United States reserves the right to adopt or maintain any

measure relating to the provision of maritime transportation

services and the operation of U.S.-flagged vessels, including th

following:

(a) requirements for investment in, ownership and control

of, and operation of vessels and other marine structures,

including drill rigs, in maritime cabotage services,

including maritime cabotage services performed in the

domestic offshore trades, the coastwise trades, U.S.

territorial waters, waters above the continental shelf, and

in the inland waterways;

(b) requirements for investment in, ownership and control

of, and operation of U.S.-flagged vessels in foreign

trades;

(c) requirements for investment in, ownership or control of,

and operation of vessels engaged in fishing and related

activities in U.S. territorial waters and the Exclusive

Economic Zone;

(d) requirements related to documenting a vessel under the

U.S. flag;

(e) promotional programs, including tax benefits, available

for shipowners, operators, and vessels meeting certain

requirements;

(f) certification, licensing, and citizenship requirements for

crew members on U.S.-flagged vessels;

(g) manning requirements for U.S.-flagged vessels;

(h) all matters under the jurisdiction of the Federal Maritime

Commission;

(i) negotiation and implementation of bilateral and other

international maritime agreements and understandings;

limitations on longshore work performed by crew

members;

(k) tonnage duties and light money assessments for entering

U.S. waters; and

(1) certification, licensing, and citizenship requirements for

pilots performing pilotage services in U.S. territorial

waters.

Annex II — US — 5
The following activities are not included in this reservation.

However, the treatment in (b) is conditional upon obtaining

comparable market access in these sectors from Uruguay:

(a) vessel construction and repair; and

(b) landside aspects of port activities, including operation

and maintenance of docks; loading and unloading of

vessels directly to or from land; marine cargo handling;

operation and maintenance of piers; ship cleaning;

stevedoring; transfer of cargo between vessels and

trucks, trains, pipelines, and wharves; waterfront

terminal operations; boat cleaning; canal operation;

dismantling of vessels; operation of marine railways for

drydocking; marine surveyors, except cargo; marine

wrecking of vessels for scrap; and ship classification

societies.

Existing Measures: Merchant Marine Act of 1920, §§ 19 and 27, 46 U.S.C. App.

§ 876 and §§ 883 et seq.

Jones Act Waiver Statute, 64 Stat 1120, 46 U.S.C. App., note

preceding Section 1

Shipping Act of 1916, 46 U.S.C. App. §§ 802 and 808

Merchant Marine Act of 1936, 46 U.S.C. App. §§ 1151 et seq.,

1160-61, 1171 et _seq., 1241(b), 1241-1, 1244, and 1271 et seq.

Merchant Ship Sales Act of 1946, 50 U.S.C. App. § 1738

46 U.S.C. App. §§ 121, 292, and 316

46 U.S.C. §§ 12101 et seq. and 31301 et m.

46 U.S.C. §§ 8904 and 31328(2)

Passenger Vessel Act, 46 U.S.C. App. § 289

42 U.S.C. §§ 9601 et seq.; 33 U.S.C. §§ 2701 et m.; 33 U.S.C.

§§ 1251 et m.

46 U.S.C. §§ 3301 et 3701 et seq., 8103, and 12107(b)

Shipping Act of 1984, 46 U.S.C. App. §§ 1708 and 1712

The Foreign Shipping Practices Act of 1988, 46 U.S.C. App. §

1710a

Merchant Marine Act, 1920, 46 U.S.C. App. §§ 861 et seq.

Shipping Act of 1984, 46 U.S.C. App. §§ 1701 et seq.

Alaska North Slope, 104 Pub. L. 58; 109 Stat. 557

Longshore restrictions and reciprocity, 8 U.S.C. §§ 1101 et seq.

Vessel escort provisions, Section 1119 of Pub. L. 106-554, as

amended

Nicholson Act, 46 U.S.C. App. § 251

Commercial Fishing Industry Vessel Anti-Reflagging Act of

1987, 46 U.S.C. § 2101 and 46 U.S.C. § 12108

43 U.S.C. § 1841

22 U.S.C. § 1980

Intercoastal Shipping Act, 46 U.S.C. App. § 843

46 U.S.C. § 9302, 46 U.S.C. § 8502; Agreement Governing the

Operation of Pilotage on the Great Lakes, Exchange of Notes at

Ottawa, August 23, 1978, and March 29, 1979, TIAS 9445

Magnuson Fishery Conservation and Management Act, 16

U.S.C. §§ 1801 et seq.

19 U.S.C. § 1466

North Pacific Anadramous Stocks Convention Act of 1972, P.L.

102-587; Oceans Act of 1992, Title VII

Tuna Convention Act, 16 U.S.C. §§ 951 et seq.

South Pacific Tuna Act of 1988, 16 U.S.C. §§ 973 et seq.

Annex II — US — 6
Northern Pacific Halibut Act of 1982, 16 U.S.C. §§ 773 et seg.

Atlantic Tunas Convention Act, 16 U.S.C. §§ 971 et seq.

Antarctic Marine Living Resources Convention Act of 1984, 16

U.S.C. §§ 2431 et seg.

Pacific Salmon Treaty Act of 1985, 16 U.S.C. §§ 3631 et m.

American Fisheries Act, 46 U.S.C. § 12102(c) and 46 U.S.C.

§ 31322(a)

Annex II — US — 7
Sector: All

Obligations Concerned: Most-Favored-Nation Treatment (Article 4)

Description: The United States reserves the right to adopt or maintain any

measure that accords differential treatment to countries under

any bilateral or multilateral international agreement in force or

signed prior to the date of entry into force of this Treaty.

The United States reserves the right to adopt or maintain any

measure that accords differential treatment to countries under

any bilateral or multilateral international agreement in force or

signed after the date of entry into force of this Treaty involving

(a) aviation;

(b) fisheries;

(c) maritime matters, including salvage; or

(d) telecommunications.

Annex II — US — 8
Annex III

Explanatory Note

1. (a) The Schedule of a Party to this Annex sets out, pursuant to Article 14 (NonConforming Measures), a Party's existing measures that are not subject to

some or all of the obligations imposed by:

(i) Article 3 (National Treatment);

(ii) Article 4 (Most-Favored-Nation Treatment);

(iii) Article 8 (Performance Requirements); or

(iv) Article 9 (Senior Management and Boards of Directors).

(b) The Schedule of the United States to this Annex sets out headnotes that limit or

clarify the commitments of the United States with respect to the articles

described in subparagraph (a)(i) through (iv).

2. Each Schedule entry sets out the following elements:

(a) Sector refers to the sector for which the entry is made;

(b) Subsector refers to the specific sector for which the entry is made;

(c) Obligations Concerned specifies the article(s) referred to in paragraph 1 that,

pursuant to Article 14.1(a) (Non-Conforming Measures), do not apply to the

non-conforming aspects of the law, regulation, or other measure, as set out in

paragraph 3;

(d) Level of Government indicates the level of government maintaining the

scheduled measure(s);

(e) Measures identifies the laws, regulations, or other measures for which the

entry is made. A measure cited in the Measures element:

(i) means the measure as amended, continued, or renewed as of the date of

entry into force of this Treaty, and

(ii) includes any subordinate measure adopted or maintained under the

authority of and consistent with the measure; and

(f) Description provides a general, nonbinding description of the measure for

which the entry is made.

3. In accordance with Article 14.1(a) (Non-Conforming Measures), and subject to Article

14.1(c) (Non-Conforming Measures), the articles of this Treaty specified in the Obligations

Concerned element of an entry do not apply to the non-conforming aspects of the law,

regulation, or other measure identified in the Measures element of that entry.

Annex III - 1
Annex III

Schedule of Uruguay

Sector: Financial Services

Subsector: Financial Intermediation

(Banking)

Obligations Concerned: National Treatment (Article 3)

Senior Management and Boards of Directors (Article 9)

Level of Government: Central

Measures: Law 15.322, Ley de IntermediaciOn Financiera (Article 8)

Description: Branches or subsidiaries of foreign financial institutions may

not in their by-laws prohibit Uruguayan nationals from

participating on the board of directors, in management, or in

any other position in the institution.

Annex III — Uruguay — 1
Sector: Financial Services

Subsector: Financial Intermediation

(Banking)

Obligations Concerned: National Treatment (Article 3)

Level of Government: Central

Measures: Law 17.613, Ley de Fortalecimiento del Sistema Bancario,

(Article 48)

Description: The maximum amount of bank deposits covered by deposit

insurance may differ depending on whether the deposits are

denominated in Uruguayan pesos or another currency.

Annex III — Uruguay — 2
Sector: Financial Services

Subsector: Insurance

Obligations Concerned: National Treatment (Article 3)

Level of Government: Central

Measures: Law No. 16.426, Ley de DesmonopolizaciOn de Seguros

(Article 1)

Description: Banco de Seguros del Estado is the sole entity permitted to

provide workers' compensation insurance, and as a result it ma

derive a competitive advantage with respect to its overall

operations.

Annex III — Uruguay — 3

,•■■••■■■=mi■ipM.
Sector: Financial Services

Obligations Concerned: National Treatment (Article 3)

Level of Government: Central

Measures: Law No. 15.322, Ley de IntermediaciOn Financiera (Article 19

Law No. 15.903, Ley de RendiciOn de Cuentas y Balance de

Ejecuci6n Presupuestal (Article 453)

Description: The Uruguayan Government and state enterprises may deposit

funds only in the Banco de la Reptiblica Oriental del Uruguay

or the Banco Hipotecario del Uruguay, unless the Executive

branch expressly authorizes an exception.

Annex III — Uruguay — 4
Annex III

Schedule of the United States

Headnotes

1. Commitments in these subsectors under the Treaty are undertaken subject to the

limitations and conditions set forth in these headnotes and in the non-conforming measures

listed below.

2. National treatment commitments in these subsectors are subject to the following

limitations:

(a) National treatment with respect to banking will be provided based upon the

foreign bank's "home state" in the United States, as that term is defined under

the International Banking Act, where that Act is applicable. A domestic bank

subsidiary of a foreign firm will have its own "home state," and national

treatment will be provided based upon the subsidiary's home state, as

determined under applicable law)

(b) National treatment with respect to insurance financial institutions will be

provided according to a non-U.S. insurance financial institution's state of

domicile, where applicable, in the United States. State of domicile is defined

by individual states, and is generally the state in which an insurer either is

incorporated, is organized or maintains its principal office in the United States

Foreign banking organizations are generally subject to geographic and other limitations in the United States on

a national treatment basis. Where such limitations do not conform to national treatment, they have been listed as

non-conforming measures. For purposes of illustration, under this approach, the following situation does not

accord national treatment and would therefore be listed as a non-conforming measure: a foreign bank from a

particular home state is accorded less favorable treatment than that accorded to a domestic bank from that state

with respect to expansion by branching.

Annex III — US — 1
Sector: Financial Services

Subsector: Banking and Other Financial Services (Excluding Insurance)

Obligations Concerned: Senior Management & Boards of Directors (Article 9)

Level of Government: Central

Measures: 12 U.S.C. § 72

Description: All directors of a national bank must be U.S. citizens, except

that the Comptroller of the Currency may waive the citizenship

requirement for not more than a minority of the total number of

directors.

Annex III — US — 2
Sector: Financial. Services

Subsector: Banking and Other Financial Services (Excluding Insurance)

Obligations Concerned: National Treatment (Article 3)

Level of Government: Central

Measures: 12 U.S.C. § 619

Description: Foreign ownership of Edge corporations is limited to foreign

banks and U.S. subsidiaries of foreign banks, while domestic

non-bank firms may own such corporations.

Annex III — US — 3
Sector: Financial Services

Subsector: Banking and Other Financial Services (Excluding Insurance)

Obligations Concerned: National Treatment (Article 3)

Level of Government: Central

Measures: 12 U.S.C. § 1463 et se. & 12 U.S.C. § 1751 et

Description: Federal and state laws do not permit a credit union, savings

bank, or savings association (both of the latter two entities may

be also called thrift institutions) in the United States to be

established through branches of corporations organized under a

foreign country's law.

Annex III — US — 4
Sector: Financial Services

Subsector: Banking and Other Financial Services (Excluding Insurance)

Obligations Concerned: National Treatment (Article 3)

Level of Government: Central

Measures: 12 U.S.C. § 3104(d)

Description: In order to accept or maintain domestic retail deposits of less

than $100,000, a foreign bank must establish an insured

banking subsidiary. This requirement does not apply to a

foreign bank branch that was engaged in insured deposit-taking

activities on December 19, 1991.

Annex III — US — 5
Sector: Financial Services

Subsector: Banking and Other Financial Services (Excluding Insurance)

Obligations Concerned: National Treatment (Article 3)

Level of Government: Central

Measures: 15 U.S.C. §§ 80b-2, 80b-3

Description: Foreign banks are required to register as investment advisers

under the Investment Advisers Act of 1940 to engage in

securities advisory and investment management services in the

United States, while domestic banks* (or a separately

identifiable department or division of the bank) do not have to

register unless they advise registered investment companies.

The registration requirement involves record maintenance,

inspections, submission of reports, and payment of a fee.

* For greater clarity, "domestic banks" include U.S. bank subsidiaries of foreign banks.

Annex III — US — 6
Sector: Financial Services

Subsector: Banking and Other Financial Services (Excluding Insurance)

Obligations Concerned: National Treatment (Article 3)

Level of Government: Central

Measures: 12 U.S.C. §§ 221, 302, 321

Description: Foreign banks cannot be members of the Federal Reserve

System, and thus may not vote for directors of a Federal

Reserve Bank. Foreign-owned bank subsidiaries are not subjec

to this measure.

Annex III — US — 7
Sector: Financial Services

Subsector: Banking and Other Financial Services (Excluding Insurance)

Obligations Concerned: National Treatment (Article 3)

Level of Government: Central

Measures: 12 U.S.C. § 3102(a)(1); 12 U.S.C. § 3103(a); 12 U.S.C. §

3102(d)

Description: Establishment of a federal branch or agency by a foreign bank i

not available in the following states that may prohibit

establishment of a branch or agency by a foreign bank:

• Branches and agencies may be prohibited in Alabama,

Kansas, Maryland, North Dakota, and Wyoming.

• Branches, but not agencies, may be prohibited in

Delaware, Florida, Georgia, Idaho, Louisiana, Mississippi,

Missouri, Oklahoma, Texas, and West Virginia.

Certain restrictions on fiduciary powers apply to federal

agencies.

Note: The cited federal measures provide that certain state law

restrictions shall apply to the establishment of federal branches

or agencies.

Annex III — US — 8
Sector: Financial Services

Subsector: Banking and Other Financial Services (Excluding Insurance)

Obligations Concerned: Most-Favored-Nation Treatment (Article 4)

Level of Government: Central

Measures: 15 U.S.C. § 77jjj(a)(1)

Description: The authority to act as a sole trustee of an indenture for a bond

offering in the United States is subject to a reciprocity test.

Annex III — US — 9
Sector: Financial Services

Subsector: Banking and Other Financial Services (Excluding Insurance)

Obligations Concerned: Most-Favored-Nation Treatment (Article 4)

Level of Government: Central

Measures: 22 U.S.C. §§ 5341-5342

Description: Designation as a primary dealer in U.S. government debt

securities is conditioned on reciprocity.

Annex III — US — 10
Sector: Financial Services

Subsector: Banking and Other Financial Services (Excluding Insurance)

Obligations Concerned: Most-Favored-Nation Treatment (Article 4)

Level of Government: Central

Measures: 15 U.S.C. § 78o(c)

Description: A broker-dealer registered under U.S. law that has its principal

place of business in Canada may maintain its required reserves

in a bank in Canada subject to the supervision of Canada.

Annex III — US —11
Sector: Financial Services

Subsector: Banking and Other Financial Services (Excluding Insurance)

Obligations Concerned: National Treatment (Article 3)

Level of Government: Central

Measures: 12 U.S.C. § 1421 et seg. (Federal Home Loan Banks); 12

U.S.C. § 1451 et m. (Federal Home Loan Mortgage

Corporation; 12 U.S.C. § 1717 et seq. (Federal National

Mortgage Association); 12 U.S.C. § 2011 et m. (Farm Credit

Banks); 12 U.S.C. § 2279aa-1 et m. (Federal Agricultural

Mortgage Corporation); 20 U.S.C. § 1087-2 et seq. (Student

Loan Marketing Association)

Description: The United States may grant advantages, including but not

limited to the following, to one or more of the GovernmentSponsored Enterprises (GSEs) listed above:

• Capital, reserves and income of the GSE are exempt from

certain taxation.

• Securities issued by the GSE are exempt from registration

and periodic reporting requirements under federal securities

laws.

• The U.S. Treasury may, in its discretion, purchase

obligations issued by the GSE.

Annex III — US — 12
Sector: Financial Services

Subsector: Insurance

Obligations Concerned: National Treatment (Article 3)

Level of Government: Central

Measures: 31 U.S.C. § 9304

Description: Branches of foreign insurance companies are not permitted to

provide surety bonds for U.S. Government contracts.

Annex III — US — 13
Sector: Financial Services

Subsector: Insurance

Obligations Concerned: National Treatment (Article 3)

Level of Government: Central

Measures: 46 C.F.R. § 249.9

Description: When more than 50 percent of the value of a maritime vessel

whose hull was built under federally guaranteed mortgage fund

is insured by a non-U.S. insurer, the insured must demonstrate

that the risk was substantially first offered in the U.S. market.

Annex III — US — 14
Sector:

Subsector:

Obligations Concerned:

Financial Services

All

National Treatment (Article 3)

Most-Favored-Nation Treatment (Article 4)

Performance Requirements (Article 8)

Senior Management and Boards of Directors (Article 9)

Regional

All existing non-conforming measures of all states of the United

States, the District of Columbia, and Puerto Rico.

Level of Government:

Measures:

Annex III — US — 15
AMERICA

Y

LA REPUBLICA ORIENTAL

DEL URUGUAY

RELATIVO A LA PROMOCION Y PROTECCION

RECIPROCA DE INVERSIONES

TEXTO DEL TRATADO PAG. 2

ANEXO 1 PAG. 51

ANEXO 11 PAG. 70

ANEXO III PAG. 89
INVERSIONES

Los Estados Unidos de America y la RepUblica Oriental del Uruguay (en lo sucesivo, "las

Partes");

Deseando promover una mayor cooperaciOn econOmica entre ambas naciones, en lo que

retiere a inversiones realizadas por nacionales y empresas de una Parte en el territorio de la

otra Parte;

Reconociendo que el acuerdo sobre el trato que se otorgue a dichas inversiones estimulard

el movimiento de capital privado y el desarrollo econOmico de las Partes;

Conviniendo en que un marco estable para las inversiones maximizard la utilizaciOn eficaz

de los recursos econemicos y mejorard el nivel de vida;

Reconociendo la importancia de proporcionar medios eficaces para la presentacien de

reclamaciones como para hacer valer los derechos relacionados con las inversiones ya sea

al amparo de la legislacien nacional o a traves del arbitraje internacional;

Deseando lograr estos objetivos en forma compatible con la protecciOn de la salud, la

seguridad y el medio ambiente, y la promocien de la protecciOn al consumidor y los

derechos laborales reconocidos internacionalmente;

Habiendo resuelto celebrar un Tratado relativo a la promocien y protecciOn reciproca de

inversiones;

Han acordado lo siguiente:
gqg

"acuerdo de inversion": acuerdo escrito I entre una autoridad nacional 2 de una Parte y una

inversion cubierta o un inversor de la otra Parte, en la cual la inversion cubierta o el

inversor confian en establecer o adquirir una inversion cubierta que no sea el acuerdo

escrito en si mismo, que otorgue derechos a la inversion cubierta o al inversor:

(a) con respecto a los recursos naturales u otros activos controlados por las

autoridades nacionales tanto para su exploraciOn, extracciOn, refineria,

transporte, distribuciOn o yenta;

(b) para proporcionar servicios at ptiblico en nombre de la Parte, tales como

generaciOn o distribuciOn de energia, tratamiento y distribuciOn de agua, o

telecomunicaciones; o

(c) para llevar a cabo proyectos de infraestructura, tales como la construcciOn

de carreteras, puentes, canales, represas, canerias, que no sean para el

exclusivo o predominante use y beneficio del gobierno.

"Acuerdo sobre la OMC": Acuerdo de Marrakech por el que se crea la OrganizaciOn

Mundial del Comercio, de fecha 15 de abril de 1994.

"Acuerdo sobre los ADPIC": Acuerdo sobre los Aspectos de los Derechos de Propiedad

Intelectual relacionados con el Comercio, que forma parte del Acuerdo sobre la OMC. 3

,

'Acuerdo escrito" se retiere a un acuerdo por escrito, otorgado por ambas partes, ya sea en un Unico

documento o en multiples instrumentos, por el cual se establece un intercambio de derechos y obligaciones,

vinculando a ambas partes hajo la ley aplicable prevista en el Articulo 30(2). Para mayor certeza, no se

consideraran acuerdos escritos los siguientes: (a) actos unilaterales de una autoridad administrativa o judicial,

tales como permisos, licencias o autorizaciones otorgadas por una Parte Unicamente dentro de sus potestades

regulatorias, o decretos, Ordenes o sentencias, en si mismas y (b) resoluciones u homologaciones judiciales o

administrativas con consentimiento de las partes, no se consideraran un convenio escrito.

A los efectos de esta definiciOn, " autoridad nacional" significa las autoridades de gobierno de nivel central

3

Para mayor certeza el Acuerdo sobre los ADPIC incluye coda declinaciOn vigente entre las Partes respecto

de cualquiera de las disposiciones del mencionado Acuerdo otorgada por los Miembros de la OMC,

conforme al Convenio de la OMC.
•

"Centro": Centro Internacional para el Arreglo de Diferencias relativas a Inversiones

(CIADI) establecido por la ConvenciOn del CIADI.

"contrataciem publics": proceso mediante el cual un gobierno obtiene el uso de o

adquiere mercancias o servicios, o cualquier combinaciOn de los mismos, con fines

gubernamentales y no con miras a la yenta o reventa comercial, o uso en la producci6n o

suministro de mercancias o servicios para la yenta o reventa comercial.

"Convenciem de Nueva York": ConvenciOn de las Naciones Unidas sobre el

Reconocimiento y EjecuciOn de las Sentencias Arbitrales Extranjeras, celebrada en Nueva

York el 10 de junio de 1958.

"ConvenciOn Interamericana": ConvenciOn Interamericana sobre Arbitraje Comercial

Internacional, celebrada en Panama el 30 de enero de1975.

"Convenio del CIADI": Convenio sobre Arreglo de Diferencias relativas a Inversiones

entre Estados y Nacionales de otros Estados, celebrado en Washington el 18 de marzo de

1965.

"convenio tributario": convenio celebrado para evitar la doble tributaciOn, u otro acuerdo

internacional sobre tributaciOn o arreglo internacional relativo a impuestos.

"demandado": la Parte que es parte de una controversia relativa a una inversion.

"demandante": inversor de una Parte que es parte de una controversia relativa a

inversiones con la otra Parte;

"empresa de una Parte": empresa constituida u organizada conforme a la legislaciOn de

una Parte y una sucursal ubicada en el territorio de una Parte que realiza actividades

comerciales en ese Lugar.

"empresa estatal": empresa de propiedad de una Parte o controlada por los derechos de

propiedad de una Parte;

Para mayor certeza, la presente definiciOn no cubre las acciones iniciadas por una Parte para exigir el

cumplimiento de las leyes de aplicaciOn general, tales como leyes de competencia.
•

"gobierno de nivel central":

(a) para Uruguay, el gobierno de nivel nacional;

(b) y para Estados Unidos, el gobierno de nivel federal.

"gobierno de nivel regional": para Estados Unidos, un estado de los Estados Unidos, el

Distrito de Columbia o Puerto Rico. Para Uruguay, la expresiOn no es aplicable ya que

Uruguay no tiene un gobierno a nivel regional.

"informaciOn protegida": informaciOn comercial confidencial o aquella informaciOn

privilegiada o cuya divulgaciOn estd de otra forma protegida al amparo de la ley de una de

las Partes.

"inversion cubierta": con respecto a una Parte, una inversion en su territorio efectuada

por un inversor de la otra Parte vigente a la fecha de entrada en vigor de este Tratado o

establecida, adquirida o expandida con posterioridad.

"inversion" : todo activo de propiedad de un inversor o controlado por el mismo, directa o

indirectamente, que tenga las caracteristicas de una inversion, incluidas entre otras las

siguientes: compromiso de capitales u otros recursos, expectativa de obtener ganancias o

utilidades, o la presunciOn de riesgo. La inversion puede adoptar diversas formas, a saber:

(a) una empresa;

(b) acciones, capital y otras formas dc participaciOn en el patrimonio de una

empresa;

(c) bonos, obligaciones, otros instrumentos de deuda y prestamos s 6;

5 Es mas probable que algunas formas de deuda, tales como los bonos, obligaciones y pagares a largo plazo,

tengan las caracteristicas de una inversion, mientras que es menos probable que otras formas de deuda, tales

como las cuentas bancarias sin tines comerciales y que no guarden relaciOn ni con inversiones en el territorio

en el cual esta ubicada Ia cuenta, ni con la intenciOn de realizar una inversion en el mismo, tengan tales

caracteristicas.

6 A los efectos del presente Tratado, los reclamos por pagos con vencimiento inmediato y que resultan de Ia

yenta de bienes o servicios no son inversiones.
•

(g) derechos otorgados de conformidad con la legislaciOn interna, tales como

licencias, autorizaciones, permisos 7 8

(h) otros bienes tangibles o intangibles, muebles o inmuebles y los derechos de

propiedad conexos, tales como arrendamientos, hipotecas, garantias reales y

prendas.

"inversor de un pais que no es Parte": respecto de una Parte, un inversor que tiene la

intenciOn de realizar, que estd realizando o que ha realizado una inversion en el territorio

de esa Parte, y que no es un inversor de ninguna de las Partes.

"inversor de una Parte": una Parte o una empresa estatal de la misma, o un nacional o

empresa de dicha Parte, que tiene la intenciOn de realizar, esta realizando o ha realizado

una inversion en el territorio de la otra Parte; en el entendido de que una persona tisica que

goza de doble nacionalidad se considerard exclusivamente ciudadano del Estado de su

nacionalidad dominante y efectiva.

"medida": cualquier ley, regulaciOn, procedimiento, requisito o practica.

moneda de libre uso" : "moneda de libre uso" de acuerdo a la definiciOn dada en los

Articulos del Acuerdo del Fondo Monetario Internacional.

"nacional":

(a ) para los Estados Unidos, una persona tisica nacional de los Estados Unidos,

conforme a la definiciOn dada por el Titulo III de la Ley de Nacionalidad e

InmigraciOn;

(b) para Uruguay, una persona tisica que posee la ciudadania uruguaya, de

acuerdo con sus leyes; y

El determinar si un tipo especial de licencia, autorizaciOn, perrniso o instrumento similar (incluida una

concesiOn, en la medida en que tenga la naturaleza de tal instrumento) tiene las caracteristicas de una

inversion depende de factores tales como Ia naturaleza y alcance de los derechos que posee el titular en virtud

de Ia legislaciOn de la Parte. Entre las licencias, autorizaciones, permisos e instrumentos similares que no

reraten las caracteristicas de una inversion se encuentran aquellos que no generan derechos protegidos por las

leyes locales. Para mayor certeza, lo anterior es sin perjuicio de que un activo asociado con una licencia,

autorizacion, permiso o instntmento similar tenga las caracteristicas de una inversion.

El termino "inversion" no incluye ningim decreto o fallo dictados en causas judiciales o administrativas.
•

"partes contendientes": demandante y demandado.

"persona de una Parte": un nacional o una empresa de una Parte.

"persona": una persona fisica o una empresa

"Presidente": presidente del Consejo Administrativo de acuerdo a lo establecido en el

Articulo 5 del Convenio del CIAD1.

"Reglas de Arbitraje del CNUDMI": Reglas de Arbitraje de la ComisiOn de Naciones

Unidas sobre Derecho Mercantil Internacional.

"Reglas del Mecanismo Complementario del CIADI": Reglamento del Mecanismo

Complementario para la AdministraciOn de Procedimientos por el Secretariado del Centro

Internacional de Arreglo de Diferencias relativas a Inversiones.

"Secretario General": Secretario General del CIADI.

"territorio":

(a) respecto a los Estados Unidos,

(i) el territorio aduanero de Estados Unidos, que incluye los 50 estados,

el Distrito de Columbia y Puerto Rico;

(ii) las zonas de comercio extranjeras ubicadas en los Estados Unidos y

en Puerto Rico; y

(iii) cualquier zona que se encuentre mas alla de los mares territoriales

de los Estados Unidos dentro de la cual, de conformidad con el

derecho internacional y con su legislaciOn interna, los Estados

Unidos podran ejercer derechos en lo que refiere al fondo y al

subsuelo marinos y sus recursos naturales.

(b) respecto a Uruguay, el espacio terrestre, aguas internas, mar territorial y el

espacio axe() bajo su soberania y la zona econOmica exclusiva y la

plataforma continental sobre las cuales ejerce derechos soberanos y

jurisdiction de acuerdo con el derecho internacional.
•

(b) inversiones cubiertas;

(c) con respecto a los Articulos 8, 12, y 13, todas las inversiones en el territorio

de la Parte.

2. Las obligaciones de una Parte descritas en la SecciOn A se aplicaran a:

(a) empresas estatales u otra persona cuando ejerce cualquier autoridad

administrativa, reguladora u otra autoridad gubernamental delegada a la

misma por dicha Parte; y

(b) subdivisiones politicas de dicha Parte.

3. Para mayor certeza, el presente Tratado no compromete a las partes con actos o hechos

ocurridos, o situaciones que hayan dejado de existir con anterioridad a la fecha de entrada

en vigor del mismo.

Articulo 3: Trato Nacional

1. Cada Parte otorgard a los inversores de la otra Parte un trato no menos favorable que el

clue otorgue, en circunstancias similares, a sus propios inversores en lo que refiere al

establecimiento, adquisiciOn, expansion, administraciOn, conducciOn, operaciOn y yenta u

otra forma de disposiciOn de las inversiones en su territorio.

2. Cada Parte otorgard a las inversiones cubiertas un trato no menos favorable que el que

otorga, en circunstancias similares, a las inversiones en su territorio de sus propios

inversores en lo que refiere al establecimiento, adquisiciOn, expansion, administraciOn,

conducciOn, operaciOn y yenta u otra forma de disposiciOn de las inversiones.

3. El trato otorgado por una Parte conforme a los parrafos 1 y 2 significa, respecto a un

gobierno de nivel regional, un trato no menos favorable que el trato que ese gobierno de

nivel regional otorgue, en circunstancias similares, tanto a las personas fisicas residentes en

como a las empresas constituidas conforme a la legislaciOn de otros niveles regionales de

gobierno de la Parte de la que forma parte, y a sus inversiones.

Alh
2. Cada Parte otorgard a las inversiones cubiertas un trato no menos favorable que el que

otorgue, en circunstancias similares, a las inversiones en su territorio de inversores de

cualquier pais que no sea Parte, en lo que refiere at establecimiento, adquisiciOn,

expansiOn, administraciOn, conducciOn, operaciOn y yenta u otra forma de disposiciOn de

inversiones.

Articulo 5. Nivel Minimo de Trato 9

1. Cada Parte otorgard a las inversiones cubiertas un trato acorde con el derecho

internacional consuetudinario, incluido el trato justo y equitativo, asi como protecciOn y

seguridad plenas.

•

2. Para mayor certeza, el parrafo I prescribe que el nivel minimo de trato a los extranjeros

segan el derecho internacional consuetudinario es el nivel minimo de trato a ser otorgado a

las inversiones cubiertas. Los conceptos de "trato justo y equitativo" y "protecciOn y

seguridad plenas" no requieren un trato adicional o Inas and de aqua exigido por ese nivel,

y no crean derechos substantivos adicionales. La obligaciOn en el *rat .° 1 de otorgar:

(a) "trato justo y equitativo" incluye la obligaciOn de no denegar justicia en

procedimientos criminales, civiles, o contencioso administrativos, de

acuerdo con el principio del debido proceso incorporado en los principales

sistemas legales del mundo; y

(b) "protecciOn y seguridad plenas" exige a cada Parte proporcionar el nivel de

protecciOn policial que es exigido por el derecho internacional

consuetudinario.

3. La determinaciOn de que se ha violado otra disposiciOn de este Tratado, o de otro

acuerdo internacional, no establece que se ha violado el presente Articulo.

4. Sin perjuicio de lo dispuesto en el Articulo 14(5)(b) cada Parte otorgard a los inversores

de la otra Parte, y a las inversiones cubiertas, un trato no discriminatorio con respect° a las

medidas que adopte o mantenga con relaciOn a las perdidas sufridas por inversiones en su

territorio debido a conflictos armados o contiendas civiles.

/I 9 El Articulo 5 se interpretard de acuerdo con lo dispuesto en el Anexo A.
•

(b) la destruccien de la totalidad o parte de su inversion cubierta por las fuerzas

o autoridades de esta Ultima Parte, cuando tal destrucciOn no resultara

indispensable;

esta Ultima Parte restituird o compensard, o ambas, at inversor, segim corresponda, por

dicha perdida. Tal compensaciOn se efectuard en forma rdpida, adecuada y efectiva,

conforme a to dispuesto por el Articulo 6 (2) a (4), mutatis mutandis.

6. El pdrrafo 4 no se aplica a las medidas existentes relativas a los subsidios o cesiones que

fueran incompatibles con el Articulo 3, con excepciOn del Articulo 14 (5)(b).

Articulo 6: ExpropiaciOn e IndemnizaciOn i°

I. Ninguna Parte expropiard ni nacionalizard una inversion cubierta, directa ni

indirectamente mediante la aplicaciOn de medidas equivalentes a la expropiaciOn o

nacionalizaciOn ("expropiaciOn") salvo que sea:

(a) por causa de utilidad pUblica;

(b) de manera no discriminatoria;

(c) mediante el pago pronto, adecuado y efectivo de la indemnizaciOn;

(d) de confbrmidad con el debido proceso legal y con el Articulo 5 (1) a (3).

2. La indemnizaci6n a que hace referencia el parrafo 1(c) debera:

(a) ser abonada sin demora;

(b) ser equivalente at valor justo de mercado de la inversion expropiada

inmediatamente antes de efectuada la expropiaciOn ("fecha de

expropiaciOn");

(c) no reflejar ningim cambio en el valor debido a que la intenciOn de expropiar

haya sido conocida con antelaciOn; y

10 El Articulo 6 se interpretard de acuerdo con lo dispuesto en los Anexos A y B.
•

del pago.

4. Si el valor justo de mercado esta denominado en una moneda que no es de libre uso, la

indemnizaciOn a que hace referencia el parrafo 1 (c ) - convertida a la moneda del pago al

tipo de cambio vigente en el mercado a la fecha del pago - no sera inferior a:

(a) el valor justo de mercado a la fecha de la expropiaciOn, convertida a una

moneda de libre uso al tipo de cambio vigente en el mercado en esa fecha,

mds

(b) los intereses, a una tasa comercialmente razonable para esa moneda de libre

uso, acumulados desde la fecha de la expropiaciOn hasta la fecha del pago.

5. Este articulo no se aplica a la expediciOn de licencias obligatorias otorgadas en virtud de

derechos de propiedad intelectual conforme con el ADPIC, o a la revocaciOn, limitaciOn o

creaciOn de dichos derechos en la medida que dicha expediciOn, revocaciOn, limitaciOn o

creaciOn sea compatible con el ADPIC.

Articulo 7: Transferencias

I . Cada Parte permitird que todas las transferencias relacionadas con una inversion cubierta

se realicen libremente y sin demora desde y hacia su territorio. Dichas transferencias

incluyen:

(a) aportes de capital;

(b) utilidades, dividendos, ganancias de capital, e ingresos resultantes de la

yenta de la totalidad o parte de la inversion cubierta o de la liquidaciOn

total o parcial de la inversion cubierta;

(c) intereses, pagos por regalias, comisiones por concepto de administraciOn,

asistencia tecnica y otras;

(d) pagos realizados conforme a un contrato, incluido un contrato de prestamo;

(e) pagos efectuados de conformidad con el Articulo 5 (4) y (5) y el Articulo 6;
•

3. Las Partes pennitirdn que las transferencias de ganancias en especie relacionadas con

una inversion cubierta se realicen conforme a la autorizaciOn o especificaciOn prevista en

un acuerdo escrito celebrado entre la Parte y la inversion cubierta o un inversor de la otra

Parte.

4. Sin perjuicio de los parrafos 1 a 3, una Parte podrd impedir la realizaciOn de una

transferencia, por medio de la aplicaciOn justa, no discriminatoria y de buena fe de sus

leyes relativas a:

(a) quiebra, insolvencia o protecciOn de los derechos de los acreedores;

(b) envision, comercializaciOn u operaciones de valores, futuros, opciones o

derivados;

(c) delitos penales;

(d) informes financieros o registros de transferencias cuando sea necesario para

colaborar con las autoridades encargadas de exigir el cumplimiento de las

normas legales o con las autoridades financieras regulatorias; o

(e) garantizar el cumplimiento de Ordenes o fallos en procedimientos judiciales

o administrativos.

Articulo 8: Requisitos de Desempetio

1. En lo que respecta a la creaciOn, adquisiciOn, expansion, administraciOn, conducciOn,

operaciOn o yenta u otra forma de disposici6n de inversiones de un inversor de una Parte o

de un pais que no sea Parte en su territorio, ninguna de las Partes podrd imponer ni exigir

ningian requisito ni exigir compromisos u obligaciones en cuanto a: I I

(a) exportar un determinado nivel o porcentaje de mercancias o servicios;

(b) alcanzar un determinado grado o porcentaje de contenido nacional;

(c) adquirir, utilizar u otorgar preferencia a mercancias producidas en su

territorio, o adquirir mercancias de personas en su territorio;

Para mayor certeza, una condiciOn para recibir o continuar recibiendo en forma continuada una ventaja de

las mencionadas en el parrafo 2 no constituye un " compromiso u obligaciOn" a los efectos del parrafo I
•

al volumen o valor de sus exportaciones o a las ganancias que generen en

divisas;

transferir a una persona en su territorio tecnologia, procesos de producciOn,

u otros conocimientos de su propiedad; o

(g) suministrar en exclusividad desde el territorio de la Parte las mercancias

producidas por tal inversion o los servicios prestados por la misma a un

mercado regional especifico o al mercado mundial.

2. Ninguna de las Partes podra condicionar la recepciOn de una ventaja o que se continue

recibiendo la misma, con relaciOn al establecimiento, adquisiciOn, expansion,

administraciOn, conducciOn, operaciOn, o yenta o cualquier otra forma de disposiciOn de

una inversion en su territorio por parte de un inversor de un pais Parte o que no sea Parte,

al cumplimiento de cualquiera de los siguientes requisitos:

(a) alcanzar un determinado grado o porcentaje de contenido nacional;

(b) adquirir, utilizar u otorgar preferencia a mercancias producidos en su

territorio, o adquirir mercancias de personas en su territorio;

(c) relacionar, en cualquier forma, el volumen o valor de las importaciones con

el volumen o valor de las exportaciones, o con el monto de las entradas de

divisas asociadas con dicha inversion; o

(d) restringir las yentas en su territorio de las mercancias o servicios que tal

inversion produce o presta, relacionando de cualquier manera dichas yentas

al volumen o valor de sus exportaciones o a las ganancias que generen en

divisas.

3.

(a) Nada de lo dispuesto en el pdrrafo 2 se interpretard como impedimento para

que una Parte condicione la recepciOn de una ventaja o la continuaciOn de

su recepciOn, en relaciOn con una inversion en su territorio por parte de un

inversor de un pais Parte o que no sea Parte, al cumplimiento de un

requisito que le exija ubicar la producciOn, suministrar servicios, capacitar o

emplear trabajadores, construir o ampliar instalaciones particulares, o llevar

a cabo investigaciOn y desarrollo, en su territorio.
compatibles con el Articulo 39 del ADPIC; o

(ii) cuando el requisito es impuesto o la obligaciOn o el compromiso son

exigidos por un tribunal judicial o administrativo o una autoridad de

competencia, con el fin de remediar una practica que, luego de un

procedimiento judicial o administrativo, ha sido calificada como

anticompetitiva conforme a las leyes de competencia de la Parte l2

(c) Siempre que dichas medidas no se apliquen de manera arbitraria o

injustificada, o no constituyan una restricciOn encubierta al comercio o

inversion internacionales, los parrafos 1(b), (c) y (t), y los parrafos 2(a) y

(b) no se interpretardn en el sentido de impedir a una Parte adoptar o

mantener medidas, incluidas las de naturaleza ambiental:

(i) necesarias para asegurar el cumplimiento de leyes y regulaciones

•

que no sean incompatibles con las disposiciones de este Tratado;

(ii) necesarias para proteger la vida o salud humana, animal o vegetal; o

(iii) relativas a la preservaciOn de recursos naturales no renovables vivos

o no.

(d) Los parrafos 1(a), (b) y (c), y los pdrrafos 2(a) y (b) no se aplicaran a los

requisitos de calificaciOn de las mercancias y servicios con respecto a

programas de promociOn a las exportaciones y de ayuda externa.

(e) Los parrafos 1(b), (c), (0 y (g), y los parrafos 2(a) y (b) no se aplicardn a la

contrataciOn

(0 Los pdrratbs 2(a) y (b) no se aplicaran a los requisitos impuestos por una

Parte importadora con respect° al contenido de las mercancias, necesario

para calificar para aranceles o cuotas preferenciales.

4. Para mayor certeza, los parrafos I y 2 no se aplican a ningim otro requisito distinto a los

sefialados en esos pdrratbs.

Las Partes reconocen que una patente no confiere necesariamente poder de mercado.
•

1. Ninguna Parte podra exigir que una empresa de esa Parte, en tanto se trate de una

inversion cubierta, designe a individuos de alguna nacionalidad en particular para ocupar

puestos de alta direcciOn.

2. Una Parte podra exigir que la mayoria de los miembros de un directorio o de cualquier

comite de tal directorio, de una empresa de esa Parte que sea una inversion cubierta, sea de

una nacionalidad en particular o sea residente en el territorio de la Parte, siempre que el

requisito no menoscabe significativamente la capacidad del inversor para ejercer el control

de su inversion.

Articulo 10: PublicaciOn de Leyes y Resoluciones Relacionadas con las Inversiones

I . Cada Parte garantizard que:

(a) sus leyes, reglamentaciones, procedimientos y resoluciones administrativas

de aplicacien general y

(c) sus fallos

relativos a cualquier asunto comprendido en este Tratado se publiquen sin demora o de otra

forma se pongan a disposiciOn

2. A los efectos del presente Articulo "resoluciOn administrativa de aplicaciOn general"

significa una resolucien o interpretaciOn administrativa que se aplica a todas las personas y

situaciones de hecho comprendidas en este ambito y que establecen una norma de conducta

pero que no incluye:

(a) una deten-ninaciOn o resolucien tomada en procedimientos administrativos

o cuasi-judiciales que se aplica a determinada inversion cubierta o inversor

de la otra Parte en un caso en particular; o

(b) una resoluciOn que se adopta con respecto a un acto o prdctica en particular.

Articulo 11: Transparencia

1. Puntos de contacto

(a) Cada Parte designard un punto de contacto para facilitar las

comunicaciones entre las Partes sobre cualquier asunto comprendido en este

Tratado.
En la medida de lo posible, cada Parte:

(a) publicard por adelantado cualquier medida mencionada en el Articulo

10(I)(a) que se proponga adoptar; y

(b) brindard a las personas interesadas y a la otra Parte oportunidad razonable

para comentar sobre las medidas propuestas.

3. NotificaciOn y suministro de intOrmaciOn

(a) Cada Parte notificard a la otra Parte, dentro de lo posible, toda medida

vigente o propuesta que la Parte considere que pudiera afectar

sustancialmente la aplicaciOn del presente Tratado, o de otro modo afectar

sustancialmente los intereses de la otra Parte dentro del marco del mismo.

(b) Una Parte, a solicitud de la otra Parte, proporcionard informaciOn y

responders rapidamente a sus preguntas relacionadas con cualquier medida

real o propuesta mencionada en el subparrafo (a), independientemente de si

la otra Parte fue previamente notificada sobre esa medida.

(c) Toda notificaciOn, solicitud o infon-naciOn prevista en el presente ptirratb

sera proporcionada a la otra Parte a traves de los puntos de contacto

pertinentes.

(d) Cualquier notificaciOn o infonnaciOn proporcionada conforme al presente

parrafo se realizard sin perjuicio de la compatibilidad con el presente

Tratado.

4. Procedimientos administrativos

Con el fin de administrar en forma compatible, imparcial y razonable todas las medidas a

que hace referencia el Articulo 10(1 )(a), cada Parte garantizarA que, en sus procedimientos

administrativos donde se apliquen tales medidas a inversiones cubiertas o inversores en

particular de la otra Parte en casos especificos:

(a) siempre que sea posible, las personas de la otra Parte que se vean

directamente afectadas por un procedimiento, reciban conforme a las

disposiciones internas, aviso razonable del inicio del mismo, incluidas una

descripciOn de su naturaleza, la exposiciOn del fundamento juridico

conforme al cual el procedimiento es iniciado y una descripciOn general de

todas las cuestiones controvertidas;
•

5. Revision y ApelaciOn

(a) Cada Parte establecera o mantendra tribunales o procedimientos judiciales,

cuasi-judiciales, o administrativos a los efectos de la pronta revision y,

cuando se justifique, la correccien de las acciones administrativas

detinitivas relacionadas con los asuntos comprendidos en este Tratado.

Estos tribunales serdn imparciales y no tendrOn relaciOn de dependencia ni

con la oficina ni con la autoridad encargada de la aplicaciOn administrativa

de la ley, y no tendrän interes sustancial en el resultado del asunto.

(b) Cada Parte garantizara que, ante dichos tribunales o en esos procedimientos,

las partes tengan derecho a:

(j) una oportunidad razonable para sustentar o defender sus respectivas

posturas; y

(ii) una resolucien fundada en las pruebas y presentacien

de registros o, en los casos que su legislacien interna asi lo requiera,

en el expediente compilado por la autoridad administrativa.

(c) Cada Parte garantizath, sujeto a apelaciOn o revision ulterior segiin disponga su

legislaciOn interna, que dichas resoluciones sean puestas en ejecuciOn por, y

rijan las actuaciones de la dependencia o autoridad responsables de la acciOn

administrativa que es objeto de la decision.

Articulo 12: Inversion y Medio Ambiente

1. Las Partes reconocen que es inapropiado promover el comercio o la inversion mediante

el debilitamiento o reduccien de la protecciOn contemplada en su legislaciOn ambiental

interna l3 . En consecuencia, cada Parte procurard asegurar que no declina ni de otra forma

deroga, ni ofrece declinar ni de otra forma derogar tal legislacien de manera que se debilite

13 Para los Estados Unidos, " legislaciOn", a los efectos del presente Articulo significa cualquier ley del

Congreso de los Estados Unidos o reglamentaciones promulgadas conforme a una ley del Congreso de los

Estados Unidos exigible mediante acciones del gobierno a nivel central.
•

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las Partes de adoptar, mantener o hacer cumplir cualquier medida de otra forma compatible

con este Tratado que consideren pertinente para asegurar que la actividad de inversiones en

su territorio sea realizada en atenci6n a los problemas ambientales.

Articulo 13: Inversion y LegislaciOn Laboral

I. Las Partes reconocen que es inapropiado promover inversiones mediante el

debilitamiento o reducci6n de la protecci6n contempladas en su legislaciOn laboral interna.

En consecuencia, cada Parte procurard asegurar que no declinard ni derogard, ni ofrecerd

declinar o derogar dicha legislaciOn de manera que se debilite o reduzca su adhesion a los

derechos laborales internacionalmente reconocidos serialados en el parrafo 2 como una

forma de incentivar el establecimiento, adquisiciOn, expansion o retenciOn de una inversion

en su territorio. Si una Parte considera que la otra Parte ha ofrecido tal incentivo, podrd

solicitar consultas con la otra Parte y ambas Partes realizaran consultas con el fin de

evitarlo.

2. A los efectos del presente Articulo, legislaciOn laboral significa las leyes o

reglamentos" de cada Parte, o disposiciones de las mismas, que esten directamente

relacionadas con los siguientes derechos laborales intemacionalmente reconocidos:

(a) derecho de asociaciOn;

(b) derecho de organizaciOn y negociaciOn colectiva;

(c) prohibiciOn del use de cualquier forma de trabajo forzoso u obligatorio;

(d) leyes de protecciOn laboral para nirios y jOvenes, detemiinaciOn de una

edad minima para el empleo de 'linos y prohibiciOn y eliminaciOn de las

peores forams de trabajo infantil; y

(e) condiciones aceptables de trabajo en lo que respecta a salarios minimos,

horas de trabajo y seguridad y salud ocupacional.

3. Nada de to dispuesto en el presente Tratado se interpretard como un impedimento para

las Partes de adoptar, mantener o hacer cumplir cualquier medida de otra forma compatible

I4 Para los Estados Unidos, " legislaciOn", a los efectos del presente Articulo signitica cualquicr ley del

Congreso de los Estados Unidos o reglamentaciones promulgadas conforme a una ley del Congreso de los

Estados Unidos exigible mediante acetones del gobierno a nivel central.
•

I. Los Articulos 3, 4, 8, y 9, no se aplican a:

(a) ninguna medida disconforme existente que sea mantenida por una Parte en:

(i) el gobierno de nivel central, tal como to estipula dicha Parte en su

Lista incluida en los Anexos 1 o 111,

(ii) un gobierno de nivel regional, tal como to estipula dicha Parte en su

Lista incluida en los Anexos 1 o III, o

(iii) un gobierno de nivel local de una Parte,

(b) la continuaciOn o pronta renovaciOn de cualquier medida disconforme a que

refiere el subparrafo (a); o

(d) la modificaciOn de cualquier medida disconforme a que se refiere el

subpdrrafo (a) siempre que dicha modificaciOn no disminuya la

conformidad de la medida, tal y como estaba en vigor inmediatamente antes

de la modificaciOn, con los Articulos 3, 4, 8, y 9.

2. Los Articulos 3, 4, 8, y 9, no se aplican a ninguna medida que una Parte adopte o

mantenga, en relaciOn con los sectores, subsectores o actividades, tal como se indica en su

Lista del Anexo II.

3. Ninguna Parte, de conformidad con cualquier medida adoptada despues de la fecha de

entrada en vigor de este Tratado y comprendida en su Lista del Anexo 11, podrd exigir a un

inversor de la otra Parte, por razOn de su nacionalidad, que venda o disponga de alguna

otra manera de una inversion existente at momento en que la medida cobre vigencia.

4. Los Articulos 3 y 4, no se aplican a ninguna medida que constituya una excepciOn o

derogaciOn de las obligaciones previstas por los Articulos 3 y 4 del Acuerdo de los ADP1C,

conforme a to especificamente establecido en tales Articulos y en el Articulo 5 del citado

Acuerdo.

5. Los Articulos 3, 4 y 9, no se aplican a:

(a) contrataciOn o
1. Nada de lo dispuesto en el Articulo 3 se interpretard en el sentido de impedir a una Parte

adoptar o mantener una medida que prescribe formalidades especiales conexas a una

inversion cubierta, tales como el requisito de que los inversores sean residentes de la Parte

o que las inversiones cubiertas se constituyan conforme a las leyes y regulaciones de la

Parte, siempre que dichas formalidades no menoscaben significativamente la protecciOn

otorgada por una Parte a un inversor de la otra Parte o a inversiones cubiertas de

conformidad con el presente Tratado.

2. No obstante lo dispuesto en los Articulos 3 y 4, una Parte podra exigir a un inversor de

la otra Parte o su inversion cubierta, que proporcione infonnaciOn referente a esa inversion,

exclusivamente con fines informativos o estadisticos. La Parte protegerd tal informaciOn

comercial confidencial de cualquier divulgaciOn que pudiera afectar negativamente la

situaciOn competitiva del inversor o de la inversion cubierta. Nada de lo dispuesto en este

pdrrafo se interpretard como un impedimento para que una Parte obtenga o divulgue

• informaciOn referente a la aplicaciOn equitativa y de buena fe de su legislaciOn interna.

Articulo 16: No DerogaciOn

El presente Tratado no se derogard por ninguna de las normal que se establecen a

continuaciOn que facultan a un inversor de una Parte o a la inversion cubierta a recibir un

trato mas favorable que el otorgado por este Tratado.

1. leyes o reglamentaciones, procedimientos y prdcticas administrativas, o

sentencias o resoluciones administrativos de una Parte;

2. obligaciones legales internacionales de una Parte; o

3. obligaciones asumidas por una Parte, incluidas aquellas contempladas en la

autorizaciOn de inversion o en un acuerdo de inversion.

Articulo 17: DenegaciOn de Beneficios

1. Una parte podth denegar los beneficios de este Tratado a un inversor de la otra Parte que

sea una empresa de la otra Parte y a las inversiones de dicho inversor, si personas de ese

pais que no es Parte son las propietarias o tienen el control de la empresa y la Parte

denegante:

(a) no mantiene relaciones diplomaticas con el pais que no es Parte; o
sea una empresa de esa otra Parte y a las inversiones de dicho inversor si la empresa no

realiza actividades comerciales significativas en el territorio de la otra Parte y personas del

pais que no es Parte, o de la Parte que deniega los beneficios, son las propietarias o tienen

el control de la empresa.

Articulo 18: Seguridad Esencial

Ninguna disposiciOn de este Tratado se interpretarzi en el sentido de:

1. exigir a una Parte a proporcionar ni permitir el acceso a informaciOn cuya

divulgaciOn considere contraria a sus intereses esenciales en materia de

seguridad; o

S

2. impedir a una Parte aplicar medidas que considere necesarias para el

cumplimiento de sus obligaciones con respecto al mantenimiento y

restauraciOn de la paz y la seguridad internacionales, o para proteger sus

intereses esenciales en materia de seguridad.

Articulo 19: Divulgaciem de Informaciem

Ninguna disposiciOn de este Tratado se interpretara en el sentido de exigir a una Parte que

proporcione o permita el acceso a informaciOn cuya divulgaciOn impediria hacer cumplir la

ley o de otra fonna fuera contraria al inter6s pablico, o puede perjudicar los intereses

comerciales legitimos de empresas particulares, ya sea pilblicas o privadas.

Articulo 20: Servicios Financieros

1. Sin perjuicio de las dernas disposiciones de este Tratado, una Parte no estarzi impediria

de adoptar o mantener medidas relacionadas con los servicios financieros por motivos

cautelares, incluidas la protecciOn de inversores, depositantes, tenedores de pOlizas o

personas con las que un proveeclor de servicios financieros tenga contraida una obligaciOn

fiduciaria, o para garantizar la integridad y estabilidad del sistema financier° I 5 . Cuando

tales medidas no se ajusten a las disposiciones de este Tratado, las mismas no se utilizaran

como medio de eludir los compromisos u obligaciones contraidos por la Parte dentro del

marco del presente.

15 Se entiende que la expresiOn "motivos cautelares" incluye el mantenimiento de la seguridad, seriedad,

Alb integridad, o responsabilidad financiera de las instituciones financieras individuales.
AI

A los efectos de Ia presente clausula, "entidad y6blica" significa un banco

central o una autoridad monetaria de una Parte. I

3. Cuando un demandante presente una reclamaciOn a ser sometida a arbitraje conforme a

la Secci6n B, y el demandado invoca el parrafo 1 o parrafo 2 como defensa, se aplicaran

las siguientes disposiciones:

(a) Dentro de los 120 dias de sometido la reclamaciOn a arbitraje conforme a la

SecciOn B, el demandado presentard por escrito a las autoridades financieras

competentes" de ambas Partes una solicitud para que deten-ninen en forma

conjunta en que medida son de aplicaciOn los parrafos 1 o 2 como defensa

valida de la reclamaciOn. El demandado proporcionard de inmediato al

tribunal, si estuviere constituido, una copia de dicha solicitud. El arbitraje

podra realizarse respecto a la reclamaciOn imicamente de confon -nidad con

lo previsto en el subparrafo (d)

(b) Las autoridades financieras competentes de ambas Partes se ponen a

disposiciOn para consultas a ser efectuadas entre si e intentaran de buena to

tomar la decision conforme a lo dispuesto en el subparrafo (a). Tal decision

sera transmitida de inmediato a las panes contendientes, y si estuviera

constituido, al tribunal. La misma sera obligatoria para el tribunal.

(c) Si las autoridades financieras competentes de ambas Partes, dentro de los

120 dias siguientes a la fecha en la cual ambas recibieron la solicitud escrita

del demandado respecto de la determinaciOn conjunta prevista en el

subparrafo (a) no han tornado dicha deten-ninaciOn conforme a lo dispuesto

en dicho subparrafo, el tribunal decidird el tema no resuelto por las

autoridades financieras competentes. Se aplicaran las disposiciones de Ia

SecciOn B, con excepciOn de las moditicaciones estipuladas por el presente

subparrafo.

1t' Para mayor certeza, las medidas de aplicaciOn general tomadas en atenciOn a politicas monetarias y de

credit() conexas o cambiarias no incluyen medidas que expresamente anulan o moditican las disposiciones

contractuales que especifican la moneda de denominaciOn o el tipo de cambio de moneda.

Queda entendido que la expresiOn "autoridad monetaria de una Parte" incluye el Ministerio de Finanzas de

una Parte o su equivalente, cuando dicho Ministerio tiene responsabilidades respecto de las politicas

monetarias y de credit° relacionadas o de tipo de cambio.

1 8 A los efectos del presente Articulo, "autoridades financieras competentes" significa, para los Estados

Unidos, el Department of Treasury para servicios bancarios y demas servicios financieros, y la Office of the

United States Trade Representative, en coordinaciOn con el Department ofrommerce y demas agendas, para

el seguro: y para Uruguay, el Ministerio de Economia y Finanzas en coordinacicin con el Banco Central del

Uruguay.

(b)
•

presidente del tribunal.

(ii) Si previo a la presentaci6n de la solicitud de una decisi6n conjunta

segim lo dispuesto por el subpdrrafo (a), el presidente del tribunal ha

sido designado confon-ne al Articulo 27 (3), dicho arbitro sera

sustituido a solicitud de cualquiera de las partes contendientes y el

tribunal se volvera a constituir conforme al subparrafo (c)(i). Si,

dentro de los 30 dias siguientes a la fecha en que el proceso arbitral

es retomado confonne al subparrafo (d), las partes contendientes no

han convenido en la designaciOn de un nuevo presidente del

tribunal, el Presidente, a solicitud de una de las partes contendientes,

designard al presidente del tribunal arbitral de acuerdo con lo

dispuesto por el subparrafo (c)(i).

(iii) La Parte no contendiente podrit presentar consideraciones en forma

oral o escrita con respecto al tema de si y en que medida el parrafo 1

o el parrafo 2 constituye una defensa \tali& de la reclamaciOn. A

menos que presente tales consideraciones, se presumird que la parte

no contendiente, a los efectos del arbitraje, asume una posiciOn

sobre el parrafo 1 o parrafo 2 no incompatible con la del

demandado.

(d) El arbitraje a que hace referencia el subparrafo (a) podra proceder con

respecto a la reclamaciOn:

(i) 10 dias despues de la fecha en que tanto las partes contendientes

como el tribunal, si estuviere constituido, hayan recibido la

detenninaciOn conjunta de las autoridades financieras competentes.

(ii) 10 dias despues de vencido el plazo de 120 dias otorgado a las

autoridades financieras competentes en el subparrafo (c).

Alb
•

(a) Las autoridades tinancieras competentes de ambas partes se pondrdn a

disposiciOn para efectuar consultas entre si respecto de la controversia, y

contaran con un plazo de 180 dias a partir de la fecha en que la notificaciOn

es recibida para transmitir un infon-ne sobre sus consultas a las Partes. Una

Parte podrd someter la controversia a arbitraje conforme a la Secci6n C

imicamente cuando haya expirado el plazo de 180 dias.

(b) Cualquiera de las Partes podni poner tales infonnes a disposiciOn de un

tribunal constituido conforme a la SecciOn C para resolver la controversia

citada en el presente parrafo o una controversia similar, o bien de un

tribunal constituido conforme a la SecciOn B para resolver una reclamaciOn

resultante de los mismos hechos o circunstancias que dieron origen a la

controversia citada en la SecciOn C.

5. Cuando una Parte somete a arbitraje una controversia que involucra servicios financieros

conforme a la SecciOn C de acuerdo con lo establecido por el *rat .° 4, y a solicitud de

cualquiera de las Partes en un plazo de 30 dias a partir de la fecha en que la controversia es

sometida a arbitraje, cada Parte, al designar todos los drbitros aun no designados, tomard

las medidas necesarias para asegurar que el tribunal entiende o tiene experiencia en materia

de legislaciOn o prktica financiera. Los conocimientos de los candidatos respecto a los

servicios financieros seran tornados en cuenta a la hora de designar el presidente del

tribunal.

6. Sin perjuicio del Articulo 11(2), cada Parte, en la medida de lo posible:

(a) publicath por adelantado cualquier reglamentaciOn de aplicaciOn general

relacionada con servicios financieros que pretenda adoptar;

(b) proporcionath a las partes interesadas y a la otra Parte una oportunidad

razonable para comentar sobre las reglamentaciones propuestas.

7. Las expresiones "servicios financieros" o "servicio financiero" tendran el mismo

significado que el asignado en el subpArrafo 5(a) del Anexo a Servicios Financieros del

AGCS.

Articulo 21: TributaciOn

1. Con excepciOn de to dispuesto por el presente Articulo, nada de lo establecido en este

Tratado se aplicara a medidas tributarias.
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aplicaran a:

(a) ninguna obligaciOn de naci6n Inas favorecida con respecto a una ventaja

concedida por una Parte en virtud de un convenio tributario;

(b) una disposiciOn disconforme contenida en una medida tributaria existente;

(c) la continuaciOn o pronta renovaciOn de una medida disconforme de

cualquier medida tributaria existente;

(d) una modificaciOn de una disposiciOn disconforme contenida en una medida

tributaria existente en tanto que dicha modificaciOn no disminuya su

conformidad con dichos articulos, at momento de la modificaciOn;

(e) la adopciOn o imposiciOn de una medida tributaria tendiente a asegurar la

aplicaciOn o recaudaciOn de impuestos de manera equitativa o efectiva

(segim to permitido por el Articulo XIV(d) del AGCS); o

(t) una disposiciOn que condicione la recepciOn o recepciOn continuada de una

ventaja con relaciOn a las contribuciones o las rentas de un fideicomiso de

pension, fondo u otro acuerdo que establezca beneficios de retiro o

similares, con la condiciOn de que la Parte mantenga jurisdicciOn

pen-nanente sobre dicho fideicomiso, fondo u otro acuerdo.

3. El Articulo 6 se aplicard a todas las medidas tributarias, exceptuado el caso en que

cuando un demandante afirme que una medida tributaria implica expropiaciOn podra

someter el reclamo a arbitraje conforrne a la SecciOn B, ianicamente si:

(a) el demandante ha presentado por escrito en primer lugar a las autoridades

impositivas competentes de ambas (Panes la cuestiOn de si la medida

impositiva implica una expropiaciOn; 1 y

(b) dentro de los 180 dias siguientes a la fecha de dicha presentaciOn, las

autoridades impositivas competentes de ambas Partes no han acordado que

la medida impositiva no constituye una expropiaciOn.

4. Sujeto a lo dispuesto por el parrafo 7, el Articulo 8(2) a (4) se aplicara a todas las

medidas impositivas.

19 A los efectos del presente Articulo, "autoridades impositivas competentes" significa: (a) para los Estados

Unidos, el Assistant Secretary of the Treasury (Tax Policy). Department of Treasury; y (b) para Uruguay el

Director, DirecciOn General Impositiva del Ministerio de Economia y Finanzas.
7. Nada de lo establecido en el presente Tratado afectard los derechos y obligaciones de

cada Parte previstas en cualquier convenio tributario. En caso de registrarse

incompatibilidades entre este Tratado y un convenio de dicha naturaleza, prevalecerd ese

convenio dentro del alcance de la incompatibilidad. En el caso de un convenio tributario

entre las Partes, las autoridades competentes previstas en el mismo, tendrdn la exclusiva

responsabilidad de determinar si existe incompatibilidad entre el presente Tratado y dicho

convenio.

Articulo 22: Entrada en Vigor, DuraciOn y TerminaciOn

1. Este Tratado entrard en vigor treinta dias despues del intercambio de instrumentos de

ratification. Tendrd una vigencia de diez arios y continuard vigente a partir de entonces, a

menos que sea terminado de conformidad con el parrafo 2. •

2. Una Parte podrd terminar este Tratado al final del period° inicial de 10 arios o en

cualquier momento despuês de esa fecha, dando aviso previo por escrito a la otra Parte con

una antelaciOn de un

3. Durante los diez alms posteriores a la fecha de termination, todos los demds Articulos

continuaran siendo de aplicaciOn a las inversiones cubiertas, establecidas o adquiridas con

anterioridad a la fecha de termination, except() en la medida en que dichos Articulos

abarquen el establecimiento o la adquisiciOn de inversiones cubiertas.

SECCION B

Articulo 23: Consultas y NegociaciOn

En caso de una controversia relativa a una inversion, el demandante y el demandado deben

en primer lugar intentar solucionar la controversia mediante consultas y negociaciOn, lo

que podria incluir la aplicaciOn de procedimientos con intervention de terceros de canicter

no obligatorio.

Articulo 24: Sometimiento de una ReciamaciOn a Arbitraje

1. En el caso que una parte contendiente considere que una controversia relativa a una

inversion no puede ser resuelta por medio de consultas y negociaciOn:
•

(B) una autorizaciOn de inversion, o

(C) un acuerdo de inversion, y

(ii) que el demandante ha sufrido perdidas o dalios en virtud de

dicha violaciOn o como consecuencia de esta; y

(b) el demandante, por los intereses de una empresa del demandado que sea

persona juridica de propiedad del demandante o que este bajo su control

directo o indirecto, podra, de contbnnidad con esta SecciOn, someter a

arbitraje una reclamaciOn en razOn de:

(i) que el demandado ha violado:

(A) una obligaciOn prevista por los Articulos 3 a 10,

(B) una autorizaciOn de inversion, o

(C) un acuerdo de inversion, y

(ii) que la empresa ha sufrido perdidas o datios en virtud de dicha

violaciOn o como consecuencia de la misma.

en el entendido de que un demandante pueda someter, conforme a los subparrafos (a)(i)(C)

o (b)(i)(C), una reclamaciOn por violaciOn de un acuerdo de inversion imicamente si la

cuestiOn o los daiios que se reclaman refieren directamente a la inversion cubierta que fue

establecida o adquirida o que se solicitaba fuera establecida o adquirida, en el marco del

acuerdo de inversion pertinente.

2. Por lo menos 90 dias antes de someter una reclamaciOn a arbitraje conforme a la

presente SecciOn, el demandante entregard al demandado una notificaciOn escrita de su

intenciOn de someter la reclamaciOn a arbitraje ("notificaciOn de intenciOn"). En la

notificaciOn se especificard:

(a) el nombre y la direcciOn del demandante y, en el caso de que la reclamaciOn

se someta por los intereses de la empresa, el nombre, direcciOn y Lugar de

constituciOn de la misma;

a
(d) la reparaciOn solicitada y el monto aproximado de los dailos reclamados.

3. En tanto hayan transcurrido seis meses desde que tuvieron lugar los hechos que

motivaron la reclamaciOn, el demandante podra someter la reclamaciOn a que refiere el

parrafo 1:

(a) de conformidad con el Convenio del CIADI y con las Reglas de

Procedimiento para Procedimientos Arbitrales del CIADI, siempre que

tanto el demandado como la Parte no contendiente sean parte del Convenio

del CIADI;

(b) de conformidad con las Reglas del Mecanismo Complementario del CIADI,

siempre que el demandado o la Parte no contendiente, sean parte del

Convenio del CIADI; •

(c) de conformidad con las Reglas de Arbitraje de la CNUDMI; o

(d) si el demandante y el demandado asi acuerdan, a cualquier otro Organ° de

arbitraje o de conformidad con cualesquiera otras reglas de arbitraje.

4. Una reclamaciOn se considerani sometida a arbitraje confonne a esta SecciOn cuando la

notificaciOn o la solicitud de arbitraje ("notificaciOn de arbitraje") del demandante prevista

por el :

(a) a que refiere el parrafo 1 del Articulo 36 del Convenio del CIADI sea

recibida por el Secretario General;

(b) a que refiere el Articulo 2 del Anexo C de las Reglas del Mecanismo

Complementario del CIADI sea recibida por el Secretario General;

(c) a que se refiere el Articulo 3 de las Reglas de Arbitraje de la CNUDMI,

conjuntamente con el escrito de demanda a que refiere el Articulo 18 de las

Reglas de Arbitraje de la CNUDMI, sea recibida por el demandado; o

(d) a que refiera cualquier instituci6n arbitral o cualesquiera otras reglas de

arbitraje escogida en virtud del parrafo 3(d), sea recibida por el demandado.
la fecha en que la reclamaciOn o reclamaciones fueron sometidas a arbitraje conforme a

esta SecciOn, reginin el arbitraje salvo en la medida en que sean modificadas por este

Tratado.

6. El demandante proporcionard en la notificaciOn de arbitraje:

(a) el nombre del arbitro designado por el demandante; o

(b) el consentimiento escrito del demandante para que el Presidente designe

dicho arbitro.

Articulo 25: Consentimiento de Cada Una de las Partes al Arbitraje

1. Cada Parte consiente en someter una reclamaciOn a arbitraje, con arreglo a esta Seccien

y de conformidad con este Tratado.

2. El consentimiento a que se refiere el parrath 1 y el sometimiento de la reclamaciOn a

arbitraje conforme a esta Secci6n cumpliran con los requisitos serialados en:

(a) el Capitulo II del Convenio del CIADI (JurisdicciOn del Centro) y las

Reglas del Mecanismo Complementario del CIADI en lo relativo al

consentimiento por escrito de las partes en la controversia;

(b) el Articulo 11 de la Convencien de Nueva York en lo relativo al "acuerdo

por escrito"; y

(c) el Articulo I de la ConvenciOn Interamericana en lo relativo a un "acuerdo".

Articulo 26: Condiciones y Limitaciones al Consentimiento de las Partes

1. Ninguna reclamaciOn podra someterse a arbitraje, conforme a esta Seccien, si han

transcurrido mas de tres arios a partir de la fecha en que el demandante por primera vez

tuvo o debie haber tenido conocimiento del incumplimiento alegado, conforme al Articulo

24 (1) y de que el demandante (por las reclamaciones entabladas en virtud del articulo 24

(1)(a)), o la empresa (por las reclamaciones entabladas en virtud del articulo 24(1)(b)) han

sufrido perdidas o darios.

2. Ninguna reclamaciOn podra someterse a arbitraje conforme a esta SecciOn a menos que:

Ik
•

a

sometidas a arbitraje en virtud del articulo 24( I )(a),

(ii) de las renuncias por escrito del demandante y de la empresa, para las

reclamaciones sometidas a arbitraje en virtud del articulo 24(1)(b),

de cualquier derecho a iniciar o continuar ante un tribunal judicial o administrativo sujeto a

la legislaciOn de cualquiera de las Partes, u otros procedimientos de soluciOn de

controversial, cualquier acciOn relacionada con medidas respecto de las cuales se sostiene

que constituyen un incumplimiento previsto en el Articulo 24.

3. Sin perjuicio del parrafo 2(b), el demandante (en las reclamaciones entabladas en virtud

del articulo 24(1)(a)) y el demandante o la empresa (en las reclamaciones entabladas en

virtud del articulo 24(1)(b)) podra iniciar o continuar una acciOn en que se procure la

aplicaciOn de una orden provisional de desagravio y que no implique el pago de dalios

monetarios ante un tribunal judicial o administrativo del demandado, siempre que la acciOn

se interponga con el Onico fin de preservar los derechos e intereses del demandante o de la

empresa mientras se desarrolla el arbitraje.

Articulo 27: SelecciOn de los Arbitros

1. A menos que las partes contendientes convengan otra cosa, el tribunal estara integrado

por tres arbitros, un arbitro designado por cada una de las partes contendientes y el tercero,

que sera el arbitro presidente, designado por acuerdo entre las partes contendientes.

2. El Presidente sera la autoridad que designard a los arbitros para un procedimiento de

arbitraje bajo esta Secci6n.

3. Sujeto al articulo 20(3), en el caso que un tribunal no se constituya dentro de un plazo de

75 dias a partir de la fecha en que la reclamaciOn es sometida a arbitraje conforme a la

presente SecciOn, el Presidente, a solicitud de una parte contendiente, designard, a su

discreciOn, el arbitro o arbitros que aan no hubieran sido designados.

4. A los efectos del articulo 39 del Convenio del CIADI y del Articulo 7 de la Parte C de

las Reglas del Mecanismo Complementario del CIADI, y sin perjuicio de objetar a un

arbitro por motivos ajenos a la nacionalidad:

(a) el demandado acepta la designaciOn de cada uno de los miembros del

tribunal establecido de conformidad con el Convenio del CIADI o con las

Reglas del Mecanismo Complementario del CIADI;
I

(c) el demandante a que hace referencia el Articulo 24(1)(b) podrd someter una

reclamaciOn a arbitraje conforme a esta SecciOn, o continuar una

reclamaciOn de conformidad con el Convenio del CIADI o las Reglas del

Mecanismo Complementario del CIADI, imicamente con la condiciOn de

que el demandante y la empresa manifiesten su consentimiento por escrito

sobre la designaciOn de cada uno de los miembros del tribunal.

Articulo 28: Procedimiento de Arbitraje

I. Las partes contendientes podran acordar la sede legal donde habra de celebrarse un

arbitraje conforme a las reglas de arbitraje aplicables establecidas en el Articulo 24(3). Si

las partes contendientes no logran un acuerdo, el tribunal determinard dicha sede de

conformidad con las reglas de arbitraje aplicables, siempre que el lugar se encuentre en el

territorio de un Estado parte de la ConvenciOn de Nueva York.

2. La Parte no contendiente podrd presentar cornunicaciones orales o escritas ante el

tribunal con respecto a la interpretaci6n de este Tratado.

3. El tribunal tendra autoridad para aceptar y considerar presentaciones milieus curiae que

provengan de una persona o entidad que no sea parte contendiente.

4. Sin perjuicio de la facultad del tribunal para conocer otras objeciones como cuestiones

preliminares, un tribunal entenderd y determinara como cuestiOn preliminar cualquier

objeciOn del demandado en el sentido que, como cuestiOn de derecho, la reclamaciOn

sometida no es una reclamaciOn respecto de la cual se pueda dictar un laudo thvorable para

el demandante de acuerdo con el articulo 34.

(a) Dicha objeciOn se presentard al tribunal tan pronto como sea posible luego

de su constituciOn, y en ningim caso con posterioridad a la fecha que el

tribunal fije para que el demandado presente su contestaciOn de la demanda

(o en el caso de una modificaciOn de la notificaciOn de arbitraje, la fecha

que el tribunal fije para que el demandado presente su respuesta a la

modificaciOn).

(b) Al recibir una objeciOn conforme al presente pan-afo, el tribunal suspenders

toda actuaciOn sobre cuestiones de Tondo, establecerd un cronograma para la

consideraciOn de la objeciOn compatible con cualquier otro cronograma que

haya establecido para la consideraciOn de otras cuestiones preliminares, y

dictard una decision o laudo sobre dicha objeciOn, exponiendo los

fundamentos.
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de Arbitraje de la CNUDMI. El tribunal podrd considerar tambien cualquier

otro hecho relevante que no sea objeto de controversia.

(d) El demandado no renuncia a formular una objeciOn con respecto a la

competencia o a cualquier argumento de fondo, simplemente porque haya

fon-nulado o no una objeciOn conforme a este parratb, o haga use del

procedimiento expedito establecido en el parratb 5.

5. En el caso de que el demandado asi to solicite, dentro de los 45 dias siguientes a Ia

constituciOn del tribunal, este decidird, sobre bases expeditas, acerca de una objeciOn

prevista por el pdrrafo 4 o cualquier otra objeciOn en el sentido de que la controversia no se

enmarca dentro de la competencia del tribunal. El tribunal suspenderd toda actuaciOn sobre

cuestiones de fondo y dictard, a mss tardar 150 dias despues de la fecha de la solicitud, una

decision o laudo sobre dicha objeciOn u objeciones, exponiendo sus fundamentos. Sin

embargo, si una parte contendiente solicita una audiencia, el tribunal podrd disponer de 30

dias adicionales para dictar la decision o laudo. Independientemente de si se ha solicitado o

no una audiencia, el tribunal podra, demostrando un motivo extraordinario, retrasar la

emisiOn de su decision o laudo por un breve period° adicional, el cual no podra exceder de

30 dias.

6. Cuando el tribunal decide acerca de Ia objeciOn presentada por un demandado conforme

a los parraths 4 O 5, podra, si se justifica, conceder a la parte contendiente vencedora costas

y honorarios razonables en que haya incurrido al presentar la objeciOn u oponerse a esta.

Al determinar si dicho laudo es justificado, el tribunal considerard si la reclamaciOn del

demandante o la objeciOn del demandado eran futiles , y concederd a las panes

contendientes una oportunidad razonable para tbrmular comentarios.

7. El demandado no declarard como defensa, reconvenciOn o derecho compensatorio o por

cualquier otro motivo que, en virtud de un seguro o contrato de garantia, el demandante ha

recibido o recibird indemnizaciOn u otra compensaciOn por la totalidad o una parte de los

presuntos

8. El tribunal podrd ordenar una medida provisional de protecciOn para preservar los

derechos de una parte contendiente, o para garantizar la plena efectividad en el ejercicio de

Ia competencia del tribunal, incluida una orden para preservar las pruebas que se

encuentran en poder o bajo el control de una parte contendiente o para proteger la

competencia del tribunal. El tribunal no podrd ordenar el embargo o impedir la aplicaciOn

de una medida que se alega constituye una violaciOn mencionada en el articulo 24. A los

fines de este *raft), la orden incluye una recomendaciOn.
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comunicada dicha propuesta, las partes contendientes podrAn presentar al

tribunal comentarios escritos relativos a cualquier aspect() de su propuesta

de decisiOn o laudo. El tribunal considerath dichos comentarios y dictara su

decision o laudo a mAs tardar a los 45 dias siguientes al vencimiento del

plazo de 60 dias para presentar comentarios.

(b) El subparrafo (a) no se aplicara a un arbitraje realizado conforme a esta

SecciOn respecto del cual se haya presentado una apelaciOn en virtud del

parrafo 10 o el Anexo E.

10. Si entre las Partes entrara en vigor un tratado multilateral independiente en el que se

estableciere un Organ° de apelaciOn con el objetivo de revisar los laudos dictados por

tribunales constituidos conforme a acuerdos internacionales de comercio o de inversion

para entender en controversias de inversion, las Partes procuratin llegar a un acuerdo para

que dicho Organo de apelaciOn revise los laudos dictados conforme al Articulo 34 en los

arbitrajes iniciados con posterioridad a la entrada en vigor del tratado multilateral para las

Partes.

Articulo 29: Transparencia de los procedimientos arbitrates

I. Con sujeciOn a los parratbs 2 y 4, el demandado, despues de recibir los siguientes

documentos, los remitird sin demora a la Parte no contendiente y los pondrd a disposiciOn

del pnblico:

(a) la notiticaciOn de intenciOn;

(b) la notificaciOn de arbitraje;

(c) los alegatos, las demandas y los escritos presentados al tribunal por una parte

contendiente y cualquier comunicaciOn escrita presentada de contbrmidad

con el articulo 28(2) y (3) y el Articulo 33;

(d) las actas o transcripciones de las audiencias del tribunal, cuando esten

disponibles; y

(e) las Ordenes, los laudos y las decisiones del tribunal.

a
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3. Nada de lo dispuesto en esta Secci6n requiere que el demandado divulgue infonnaciOn

protegida o proporcione o permita el acceso a informaciOn que pueda retener de

conformidad con el Articulo 18 o con el Articulo 19.

4. La informaciOn protegida que es presentada ante el tribunal sera protegida de

divulgaciOn de acuerdo con los siguientes procedimientos:

(a) sujeto al subparrafo (d), ni las partes contendientes ni el tribunal revelaran a

la Parte no contendiente o al 011ie.° informaciOn protegida cuando la parte

contendiente que proporciona la infonnaciOn la consigne claramente de esa

manera, de acuerdo con el subparratb (b);

(b) la parte contendiente que reclame que determinada inforrnaciOn constituye

informaciOn protegida, la clasificard claramente al moment() de ser

presentada al tribunal;

(c) una parte contendiente, al presentar un documento que contiene

infonnaciOn considerada protegida, deberd proporcionar una version

redactada del documento que no contenga dicha informaciOn. Solo la

version redactada sera proporcionada a la Parte no contendiente y sera

pliblica de acuerdo al parrafb 1; y

(d) el tribunal decidird acerca de cualquier objeci6n en relaciOn con la

clasificaciOn de informaciOn considerada protegida. Si el Tribunal

determina que dicha infonnaciOn no fue adecuadamente clasificada, la parte

contendiente que presentO la informaciOn podra:

(i) retirar toda o parte de su presentaciOn que contiene tal intbrmaciOn;

0

(ii) convenir en volver a presentar documentos completos y redactados

con clasificaciones corregidas de acuerdo con la detenninaciOn del

tribunal y con el subparratb (c).

En cualquier caso, la otra parte contendiente debera, siempre que sea necesario, volver a

presentar documentos completos y redactados, que o hien quiten la intbrmaciOn retirada de

conformidad con el inciso (i) por la parte contendiente que presentO la informaciOn en

primer lugar, o bien reclasifiquen la informaciOn de forma compatible con la clasificaciOn

realizada de conformidad con el inciso (ii) de la parte contendiente que presentO la

infonnaciOn en primer lugar.

5. Nada de lo dispuesto en esta SecciOn exige al demandado negar acceso pliblico a

informaciOn que, de acuerdo a su legislaciOn, debe ser divulgada.
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2. Sujeto al párrath 3 y los otros terminos de esta SecciOn, cuando, conforme at Articulo

24(1)(a)(i)(B) o (C) o al Articulo 24(1)(b)(i)(B) o (C), una reclamaciOn es sometida a

arbitraje:

(a) el tribunal aplicard las normas legates establecidas en el acuerdo de

inversion o en la autorizaciOn de inversion pertinentes, o de acuerdo a lo

convenido por las partes contendientes;

(b) si las normas legates no han silo especificadas o acordadas de otra manera:

(i) el tribunal aplicard Ia legislaeiOn del demandado (incluidas sus

normas sobre los contlictos de leyes) 20 ; y

(ii) aquellas normas del derecho internacional que sean aplicables.

3. Una decision conjunta de las Partes, en la que cada una actila a traves de su

representante designado a los efectos de este articulo, en Ia que ellas declaran su

interpretacthn de una disposiciOn de este Tratado, sun obligatoria para el tribunal, y toda

decision o laudo emitido por un tribunal debera ser compatible con dicha decision

conjunta.

Articulo 31: Interpretachin de los Anexos

1. Cuando un demandado atirma como defensa que la medida cuestionada esta

comprendida dentro del alcance de uno de los items del Anexo I, II o III, el tribunal

solicitard -a peticiOn del demandado- la interpretaciOn de las Partes sobre el asunto. Las

Partes presentaran at tribunal por escrito una decisiOn conjunta donde incluirim su

interpretaciOn, dentro de los 60 dias siguientes a la entrega de la solicitud.

2. Una decision conjunta emitida por las Partes conforme at *rat .° 1, actuando cada una a

traves de su representante designado a los efectos de este Articulo, sera obligatoria para el

tribunal y cualquier decision o laudo emitido por el tribunal debera ser compatible con esa

decision conjunta. Si las partes no emitieran dicha decision en un plazo de 60 dias, el

tribunal decidird sobre el asunto.

20 La "legislaciOn del demandado" significa la ley que un tribunal judicial o administrativo de la competencia

adecuada, aplicaria en el mismo caso.
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relativa a temas ambientales, de salud, de seguridad u otros temas cientificos planteados

por una parte contendiente en un proceso, sujeto a los terminos y condiciones que las

partes contendientes acuerden.

Articulo 33: AcumulaciOn de Procedimientos

1. En los casos en que dos o mas reclamaciones, conforme al Articulo 24(1) hayan sido

sometidas a arbitraje por separado y tales reclamaciones planteen en comim una cuestiOn

de hecho o de derecho y resultan de los mismos hechos o circunstancias, cualquiera de las

partes contendientes podra solicitar la obtenciOn de una orden de acumulaciOn de

procedimientos con la aprobaciOn de todas las partes contendientes que se pretende abarcar

por dicha orden o los terminos de los parraths 2 a 10.

2. La parte contendiente que solicite obtener una orden de acumulaciOn confon -ne al

presente Articulo, entregard una solicitud por escrito al Secretario General y a todas las

partes contendientes respecto de las cuales se pretende obtener la orden de acumulaciOn y

especificard en la misma lo siguiente:

(a) los nombres y direcciones de todas las partes contendientes respecto de las

cuales se solicita la orden de acumulaciOn;

(b) la naturaleza de la orden de acumulaciOn solicitada; y

(c) los fundamentos en que se basa la solicitud.

3. A menos que el Secretario General determine, dentro del plazo de 30 dias de recibida

una solicitud conforme al parrafo 2, que la misma es manifiestamente infundada, se

establecerd un tribunal en virtud de este Articulo.

4. A menos que todas las partes contendientes respecto de las cuales se solicita obtener la

orden de acumulaciOn convengan de otro modo, el tribunal que se establezca bajo este

Articulo se integrard por tres arbitros:

(a) un arbitro designado por acuerdo de los demandantes;

(b) un arbitro designado por el demandado; y

(c) el arbitro presidente designado por el Presidente, en el entendido de que no

podrd ser nacional de ninguna de las Partes.
parte contendiente, y en caso de que los demandantes no designen un arbitro, el Presidente

designard a un nacional de la Parte no contendiente.

6. En el caso de que el tribunal establecido bajo este articulo constate que se hubieren

presentado a arbitraje dos o mas reclamaciones conforme at articulo 24(1), que plantean en

comim una cuestiOn de hecho o de derecho, y que surgen de los mismos hechos o

circunstancias, el tribunal podrd, en procura de alcanzar una resoluciOn justa y eficiente de

las reclamaciones y luego de escuchar a las partes contendientes, por orden:

(a) asumir competencia, conocer y decidir conjuntamente, sobre todas o una

parte de las reclamaciones;

(b) asumir competencia, conocer y decidir respecto de una o mds de las

reclamaciones, cuya decisiOn considera que contribuiria a la resoluciOn de • las demas; o

(c) instruir a un tribunal previamente establecido conforme al Articulo 27 a que

asuma competencia, conozca y decida conjuntamente, sobre la totalidad o

una parte de las reclamaciones, siempre que:

(i) ese tribunal, a solicitud de cualquier demandante que no haya sido

anteriormente parte contendiente ante dicho tribunal, se reconstituya

con sus miembros originales, con la salvedad de que el arbitro por la

parte de los demandantes sera designado conforme a los pdrratbs

4(a) y 5; y

(ii) ese tribunal decida si ha de repetirse alguna audiencia anterior.

7. En el caso en que se haya establecido un tribunal conforme a este Articulo, el

demandante que haya sometido una reclamaciOn a arbitraje conforme al Articulo 24(1), y

que no este nombrado en una solicitud formulada conforme at parratb 2, podrã solicitar al

tribunal por escrito ser incluido en cualquier orden que se adopte conforme al pdrrafo 6, y

especificard en la solicitud:

(a) el nombre y direcciOn del demandante;

(b) la naturaleza de la orden solicitada, y

(c) los fundamentos en que se basa la solicitud de la orden.
•

9. Un tribunal establecido conforme al Articulo 27 no tendra competencia para resolver

una reclamaciOn, o parte de la misma, respecto de la cual un tribunal establecido o

instruido conforme al presente Articulo haya asumido competencia.

10. A solicitud de una parte contendiente, un tribunal establecido conforme at presente

Articulo podra, en espera de su decision conforme at pari-alo 6, disponer que las

actuaciones de un tribunal establecido conforme al Articulo 27 se aplacen, a menos que

este Ultimo tribunal ya las hubiera suspendido.

Articulo 34: Laudos

1. Cuando un tribunal dicte un laudo definitivo en contra del demandado, el tribunal podra

otorgar, por separado o en forma combinada, nnicamente:

(a) darios pecuniarios y los intereses que procedan; y

(b) restituciOn de la propiedad, en cuyo caso el laudo dispondra que el

demandado podra pagar darios pecuniarios mas los intereses que procedan,

en lugar de la restituciOn.

Un tribunal tambien podra adjudicar las costas y honorarios de abogados de conformidad

con este Tratado y con las reglas de arbitraje aplicables.

2. Sujeto al parrafo 1, cuando se someta a arbitraje una reclamaciOn bajo el Articulo

24(1)(b):

(a) un laudo que estipule la restituciOn de la propiedad, dispondra que la

restituciOn se otorgue a la empresa;

(b) un laudo que estipule darios pecuniarios y los intereses que procedan,

dispondra que la suma se pague a la empresa; y

(c) el laudo dispondra su ejecuciOn sin perjuicio de cualquier derecho que una

persona pueda tener sobre la reparaciOn, conforme at derecho interno

aplicable.

3. Un tribunal no podra ordenar el pago de darios de cal -deter punitivo.

4. Un laudo dictado por un tribunal sera obligatorio solo para las partes contendientes y

imicamente respecto del caso concreto.
•

del CIADI:

(i) hayan transcurrido 120 dias a partir de la fecha en que se dictO el

laudo y ninguna de las partes contendientes haya solicitado su

revision o anulaciOn; o

(ii) hayan concluido los procedimientos de revision o anulaciOn; y

(b) en el caso de un laudo definitivo dictado de conformidad a las Reglas del

Mecanismo Complementario del CIADI, las Reglas de Arbitraje de la

CNUDMI y las normas escogidas de conformidad con articulo 24(3)(d):

(i) hayan transcurrido 90 dias desde la fecha en que se dictO el laudo y

ninguna de las partes contendientes haya iniciado una acciOn para

revisarlo, revocarlo o anularlo; o

(ii) un tribunal haya desechado o admitido una solicited de revision,

revocaciOn o anulaciOn del laudo y no existan instancias ulteriores

de apelaciOn.

7. Cada Parte dispondra la debida ejecuciOn de un laudo en su territorio.

8. Si el demandado incumple o no acata un laudo definitivo, una vez presentada una

peticiOn de la Parte no contendiente, se establecerd un tribunal conforme al Articulo 37.

Sin perjuicio de otras reparaciones disponibles en el marco de las reglas aplicables de

derecho internacional, la Parte que formula la peticiOn podra solicitar en dichos

procedimientos:

(a) una determinaciOn en el sentido de que el incumplimiento o el no

acatamiento del laudo definitivo es incompatible con las obligaciones de

este Tratado; y

(b) una recomendaciOn en el sentido de que el demandante cumpla o acate el

laudo definitivo.

9. Una parte contendiente podrd procurar la ejecuciOn de un laudo arbitral bajo el

Convenio del CIADI, la ConvenciOn de Nueva York, o la ConvenciOn Interamericana,

independientemente de que se hayan seguido o no las acciones contempladas en el parrafo

8.
•

Los Anexos, el Protocolo, y las notas al pie de este Tratado constituyen parte integrante del

mismo.

Articulo 36: Entrega de Documentos

La entrega de la notificaciOn y otros documentos a una parte, se realizard en el lugar

designado por ella en el Anexo D.

SECCION C

Articulo 37: SoluciOn de Controversias entre Estados

1. Sujeto al parrath 5, toda controversia entre las Partes sobre la interpretaciOn o aplicaciOn

de este Tratado, que no haya sido resuelta por la via de consultas u otros canales

diplomdticos, sera sometida a arbitraje -a solicitud de cualquiera de las Partes- con el fin de

que un tribunal emita una decision o laudo vinculante con arreglo a las reglas de derecho

internacional aplicables. A menos que las Partes acuerden lo contrario, se aplicaran las

Reglas de Arbitraje de la CNUDMI, salvo en la medida de lo que las Partes o este Tratado

modifiquen.

2. A menos que las Partes convengan de otro modo, el tribunal estard integrado por tres

arbitros, un arbitro designado por calla Parte y el tercero, que sera el arbitro presidente,

designado por acuerdo entre las Partes. Si dentro de los 75 dias siguientes a la presentaciOn

de la reclamaciOn a arbitraje bajo esta Secciem, no se ha constituido el tribunal, el

Presidente, a solicitud de una de las Partes, designara a su discreciem, el arbitro o arbitros

que aim no hubieran sido designados.

3. El pago de los gastos en que incurran los arbitros y otros costos del procedimiento, sera

dividido entre las Partes en proporciones iguales. Sin embargo, el tribunal podra, a su

discreciem, dictaminar que una proporciOn mayor de los costos sea de cargo de una de las

Partes.

4. Los Articulos 28(3), 29, 30(1) y 31 se aplicaran mutatis mutandis a los arbitrajes

previstos por este Articulo.
EN TESTIMONIO DE LO CUAL, los respectivos plenipotenciarios han suscrito este

Tratado.

HECHO en Mar del Plata, el dia de noviembre de 2005, en dos originates igualmente

autenticos, en idioma ingles e idioma

C,..4-/A 4-0

•

POR LOS ESTADOS UNIDOS

DE AMERICA
Las Partes contirman su comUn entendimiento acerca de que "derecho internacional

consuetudinario" generalmente y como refiere especificamente el Articulo 5 y el Anexo B

resulta de una practica general y constante seguida por los Estados a la que se asigna

catheter legal y obligatorio. Con relaciOn al Articulo 5, el nivel minim° de trato a

extranjeros en el derecho internacional consuetudinario retiere a todos los principios de

derecho internacional consuetudinario que protegen los derechos e intereses econOmicos de

los extranjeros.

•
•

Las Partes confinnan su comim entendimiento de que:

1. El Articulo 6(1) procura reflejar el derecho internacional consuetudinario referido a la

obligaciOn de los Estados con relaciOn a la expropiaciOn.

2. Una acciOn o una serie de acciones de una Parte no podth constituir una expropiaciOn a

menos que interfiera con un derecho de propiedad tangible o intangible o con los intereses

de propiedad en una inversion.

3. El Articulo 6(1) comprende dos situaciones. La primera se conoce como expropiaciOn

directa, en donde una inversion es nacionalizada o directamente expropiada de otra forma,

mediante la transferencia formal del titulo o mediante confiscaciOn plena.

4. La segunda situaciOn comprendida en el Articulo 6 ( I ) se conoce como expropiaciOn

indirecta, en donde una acciOn o una serie de acciones realizadas por una Parte tienen un

efecto equivalents al de la expropiaciOn directa sin mediar una transferencia formal del

titulo o una confiscaciOn plena.

(a) La determinaciOn de si una acciOn o una serie de acciones de una Parte en

una situaci6n de hecho especifica, constituye o no una expropiaciOn

indirecta, requiere una investigaciOn de los hechos, caso por caso que

considere entre otros factores:

(i) el impacto econOmico de la acciOn gubernamental, aunque el hecho

de que una acciOn o una serie de acciones de una Parte tenga un

efecto adverso sobre el valor econOmico de una inversion, por si

solo, no determina que tuvo lugar una expropiaciOn indirecta;

(ii) la medida en que la acciOn gubernamental intertiere con

expectativas inequivocas y razonables basadas en la inversion; y

(iii) el catheter de la acciOn gubernamental.

(b) Salvo en circunstancias ocasionales, no constituyen expropiaciones

indirectas las acciones regulatorias no discriminatorias a cargo de una Parte

que son diseiladas y aplicadas para proteger objetivos legitimos de bienestar

piablico, tales como la salud pUblica, la seguridad y el medio ambiente.
1. Un inversor de los Estados Unidos no podra someter a arbitraje conforme a la SecciOn

B, una reclamacik alegando que Uruguay incurri6 en violacik de una obligaciOn prevista

por los Articulos 3 a 10, ya sea:

(a) en nombre propio bajo el Articulo 24(1)(a), o

(b) por los intereses de una empresa uruguaya que sea una persona juridica que

el inversor posee o controla directa o indirectamente conforme al Articulo

24(1)(b),

si el inversor o la empresa, respectivamente, ha alegado esa violacik de la obligaciOn

conforme a los Articulos 3 a 10 en procesos realizados ante un tribunal judicial o

administrativo en Uruguay.

2. Para mayor certeza, si un inversor de los Estados Unidos opta por someter una

reclamaciOn del tipo descrito en el parrafo I ante un tribunal judicial o administrativo

uruguayo, dicha opciOn sera definitiva, y el inversor no podra posteriormente presentar la

reclamaciOn a arbitraje bajo la SecciOn B.
Estados Unidos

Las notificaciones y demas documentos se entregaran a:

Executive Director (L/EX)

Office of the Legal Adviser

Department of State

Washington, D.C. 20520

United States of America

Uruguay

•

Las notificaciones y dermas documentos se entregardn a:

Director

DirecciOn de Asuntos EconOmicos lnternacionales

Ministerio de Relaciones Exteriores

Montevideo,

Uruguay
analizathn la posibilidad de establecer un Organ° bilateral de apelaciOn o un mecanismo

similar, para revisar laudos dictados bajo el Articulo 34, en arbitrajes iniciados luego de

haberse establecido dicho Organo de apelaciOn o mecanismo similar.

•

Al■
conforme a ese Articulo:

(a) a inversores de la otra Parte, implica un tratamiento no menos favorable

que el que concede a sus propios inversores, en circunstancias similares,

con respecto al establecimiento, adquisiciOn, expansion, administraciOn,

conduccien, operacien y yenta u otra forma de disposiciOn de instituciones

financieras e inversiones en instituciones financieras en su territorio; y

(b) a instituciones financieras de la otra Parte y a inversiones de inversores de

la otra Parte en instituciones financieras, implica un tratamiento no menos

favorable que el que concede a sus propias instituciones financieras, y a

inversiones de sus propios inversores en instituciones financieras en

circunstancias similares, con respecto al establecimiento, adquisicien,

• expansion, administraciOn, conducciOn, operaciOn y yenta u otra forma de

disposiciOn de instituciones financieras e inversiones.

2. En aplicaciOn del Articulo 4 a medidas relativas a instituciones financieras, las Partes

afirman su comim entendimiento de que el tratamiento que cada Parte debe otorgar

conforme a ese Articulo a los inversores de la otra Parte, instituciones financieras de la otra

Parte e inversiones de inversores de la otra Parte en instituciones financieras, implica un

trato no menos favorable que el que concede a inversores, instituciones financieras e

inversiones de inversores en instituciones financieras de una no-Parte, en circunstancias

similares, con respecto al establecimiento, adquisiciOn, expansion, administraciOn,

conducciOn, operaciOn y yenta u otra forma de disposiciOn de instituciones financieras e

inversiones.

3. A los fines de los parrafos I y 2, "instituciOn financiera de la otra Parte" significa una

institution financiera, incluida una sucursal, ubicada en el territorio de una Parte, que es

controlada por personas de la otra Parte.

4. Ninguna reclamaciOn en el sentido de que una medida- relativa a un inversor de una

Parte, o una inversion cubierta en una instituciOn financiera ubicada en el territorio de la

otra Parte viola el Articulo 3 o el Articulo 4 podra ser presentada a arbitraje bajo la SecciOn

B. A los fines de este parrafo:

(a) El teri-nino "institucien financiera" significa un intermediario financiero u

otra empresa que este autorizada para realizar negocios y sea regulada o

supervisada como una instituciOn financiera segim la legislaciOn de la Parte

en cuyo territorio esta ubicada.
•

tratada como capital para fines regulatorios por la Parte en cuyo

territorio se ubica la instituciOn financiera; y

(ii) un prestamo concedido por o un instrumento de deuda propiedad de

una instituciOn financiera, distinto de un prestamo o instrumento de

deuda de una instituciOn financiera a que refiere el subpdrrath (b)(i),

no es una inversion en una instituciOn financiera.

5. Para mayor certeza nada en este Tratado sera interpretado en el sentido de impedir la

adopciOn o la implementaciOn por una Parte de medidas relativas a inversores de la otra

Parte, o inversiones cubiertas en instituciones financieras que son necesarias para asegurar

el cumplimiento de las leyes y reglamentos no incompatibles con este Tratado, incluidas

aquellas relativas a la prevenciOn de practicas engatiosas y fraudulentas o que abordan los

efectos de un incumplimiento de contratos de servicios financieros, sujeto al requisito de

que dichas medidas no se apliquen de manera que pudiera constituir una forma de

discriminaciOn arbitraria o injustificada entre paises donde prevalecen condiciones

similares, o una restricciOn encubierta a la inversion en instituciones financieras.
•

1. Ninguna reclamation en el sentido de que una reestructuraciOn de un instrumento de

deuda emitido por Uruguay viola una obligation bajo los Articulos 5 a 10 podrá someterse

a arbitraje, o en caso de ya haberse sometido continue el mismo, conforme a la Secciem B,

si se trata de una reestructuraciOn negociada al tiempo en que fue sometida a arbitraje, o

que posteriormente deviene una reestructuraciOn negociada.

2.

(a) Para los fines de este Anexo, "reestructuraciOn negociada" significa la

reestructuraciem o reprogramaciOn de un instrumento de deuda que se ha

efectuado a traves de:

(i) una modificaciem de los tenninos principales de pago de dicho

instrumento de deuda, como previsto en las condiciones del mismo;

o,

(ii) un canje de deuda u otro proceso en el cual los tenedores de no

menos del porcentaje de deuda especiticada en el subpdrrafo (b) han

consentido en dicho canje de deuda u otro proceso.

(b) El porcentaje a que retiere el subparrafo (a)(ii) sera el porcentaje requerido

para modificar los terminos principales de pago de una serie Unica de bonos

en el marco de la rinds reciente y ampliamente distribuida emisiOn de bonos

externos soberanos que:

(i) fuera hecha por Uruguay antes de la presunta violaciOn;

(ii) se rige por la legislation de Nueva York; y

(iii) permita la modificaciem por parte de los tenedores de menos del

100% del monto principal acumulado del saldo adeudado.

3. Sin perjuicio del Articulo 24 (3) y sujeto al pdrrath 1 de este Anexo, un inversor de los

Estados Unidos no podni someter una reclamaciOn conforme a la SecciOn B alegando que

una reestructuraciOn de deuda emitida por Uruguay viola una obligaciOn bajo los Articulos

5 a 10, a menos que hayan transcurrido 270 dias de la fecha en que se generaron los

cventos que dan origen a la reclamaciOn.
•

utilizada en la legislaciOn interna uruguaya. De conthnnidad con dicha legislaciOn, una

"empresa debe ser propiedad del Estado o ser controlada por este y estar regulada

por el derecho publico interno.

2. Las Partes confirman que comparten el entendido que, de acuerdo con los principios

generales de derecho aplicables al arbitraje internacional, cuando un demandante somete

una reclamaciOn a arbitraje bajo la SecciOn B, tiene la carga probatoria de todos los

elementos de la reclamaciOn, incluidos los datios que alega fueron ocasionados por la

presunta violaciOn o ser consecuencia de esta. En este sentido, las Partes comparten

tambien el entendido de que cuando el demandante ha probado que el demandado ha

violado una obligaciOn bajo la SecciOn A con respecto a una intenciOn de realizar una

inversion, los Calicos danos que podran otorgarse, son aquellos que el demandante haya

probado que fueron provocados en la intenciOn de realizar la inversion, siempre que el

demandante tambien pruebe que la violaciOn fue la causa inmediata de dichos daiios.

3. Para mayor certeza, las Partes confirman que la lista de "objetivos legitimos de bienestar

piblico" en el pdrratb 4(b) del Anexo B sobre ExpropiaciOn, no es exhaustiva.

4. Uruguay proporcionO la siguiente informaciOn descriptiva y explicativa, solamente a los

efectos de transparencia. Bajo legislaciOn interna, Uruguay supedita la inversion en ciertos

sectores a la previa emisiOn o autorizaciOn de una concesiOn o autorizaciOn por el

Gobierno del Uruguay. Dichas concesiones o autorizaciones son otorgadas por el Gobierno

del Uruguay de conformidad con la legislaciOn uruguaya, sobre la base de "legalidad,

oportunidad, conveniencia o merito", y estan tambien sujetas a la Ley uruguaya de

Inversiones, Ley No. 16.906, la que prohibe la discriminaciOn en ten-ninos de

nacionalidad.

JAL
•

1. La Lista de una Parte contenida en este Anexo establece, de conformidad con el Articulo 14

(Medidas Disconformes), las medidas existentes en una Parte que no estan sujetas a algunas o a

todas las obligaciones impuestas por:

(a) Articulo 3 (Trato Nacional);

(b) Articulo 4 (Trato de la NaciOn Mas Favorecida);

(c) Articulo 8 (Requisitos de Desemperio); o

(e) Articulo 9 (Altos Ejecutivos y Directorios).

2. Cada item de Ia Lista abarca los siguientes elementos:

(a) Sector se refiere al sector para el cual se incluye el item;

(b) Obligaciones Afectadas especifica la o las obligaciones a que refiere el parrafo 1

que, de acuerdo al Articulo 14.1(a) (Medidas Disconformes), no se aplica a los

aspectos disconformes de Ia ley, reglamento u otra medida como expuesto en el

parrafo 3;

(c) Nivel de Gobierno indica el Nivel de Gobierno que mantiene la o las medidas

incluidas en Ia Lista;

(d) Medidas identitica las leyes, reglamentos u otras medidas en virtud de las cuales

se lista el item. Una medida citada bajo este elemento:

(i) significa la medida que fuera modificada, prorrogada o renovada a Ia

fecha de entrada en vigor de este Tratado, e

(ii) incluye cualquier medida subordinada, que sea adoptada o mantenida y

que se rija y sea compatible con Ia medida; y

ANEXO I — 1
3. De acuerdo con los Articulos 14.1(a) (Medidas Disconformes), y sujeto al Articulo 14.1(c)

(Medidas Disconformes), los articulos de este Tratado que se especifican en el subtitulo

Obligaciones Afectadas no aplican a los aspectos disconformes de la ley, el reglamento u

otra medida identificada bajo el subtitulo Medidas de dicho item.

•
Sector: Pesca

Obligaciones Afectadas: Trato Nacional (Articulo 3)

Requisitos de Desempeno (Articulo 8)

Altos Ejecutivos y Directorios (Articulo 9)

Nivel de Gobierno: Central

•

Ley N° 13.833, Ley de Riquezas del Mar (Articulos 4, 5, 8, 22,

23 y 24)

Decreto N° 149/997 (Articulo 56)

La realizaciOn de actividades de pesca y caza acuatica de

catheter comercial que se realicen en aguas interiores y en el

Mar Territorial dentro de una zona de doce millas de extension,

medida a partir de las lineas de base, queda reservada

exclusivamente a los buques de bandera uruguaya, debidamente

habilitados. Tales buques deberan estar comandados por

capitanes, oficiales de la marina mercante o maestros de pesca

que sewn nacionales uruguayos, y por lo menos el 50% de la

tripulaciOn de dichos buques debeth estar compuesta por

nacionales uruguayos.

Los buques comerciales de bandera extranjera solo podthn

explotar los recursos vivos existentes entre el area de doce

millas mencionadas en el párrafo precedente y doscientas millas

marinas, sujeto a autorizaciOn del Poder Ejecutivo, segUn consta

en el registro llevado por la DirecciOn Nacional de Recursos

Acuaticos.

El procesamiento y la comercializaciOn de pescado podthn estar

sujetos al requisito de que el pescado sea total o parcialmente

procesado en Uruguay.

ANEXO I — URUGUAY - 1

Medidas:

DescripciOn:
Obligaciones Afectadas: Altos Ejecutivos y Directorios (Articulo 9)

Nivel de Gobierno: Central

Medidas: Ley No. 16.099 "InfonnaciOn y Comunicaciones" (Articulo 6)

DescripciOn: Unicamente un nacional uruguayo podrit desempenarse como el

redactor o gerente responsable* de un diario, revista o

publicaciOn periOdica que se publique en Uruguay.

* Redactor o gerente responsable es la persona responsable ante la ley civil o penal del contenido

de un diario, revista o periOdico en particular. •

ANEXO I — URUGUAY - 2
Trato de la NaciOn MAs Favorecida (Articulo 4)

Altos Ejecutivos y Directorios (Articulo 9)

Nivel de Gobierno: Central

Medidas:

DescripciOn:

Ley N° 16.099, Ley de InformaciOn y Comunicaciones

(Articulo 6)

Decreto N° 734/978 (Articulos 8, 9 y 11)

Los servicios de radiodifusiOn aerea abierta en ondas AM/FM,

solamente podran ser surninistrados por nacionales de Uruguay.

Todos los accionistas o socios de empresas de radiodifusiOn que

suministran servicios de radiodifusiOn en Uruguay o que estim

establecidas en Uruguay, deben ser nacionales de Uruguay, con

domicilio en Uruguay.

• Los altos ejecutivos, tniembros de los Directorios y el redactor

o gerente responsable* de empresas de radiodifusiOn deben ser

nacionales uruguayos.

El redactor o gerente responsable* de una empresa de television

para abonados (cable, satelite, MMDS), debe ser nacional

uruguayo.

* Redactor o gerente responsable es la persona responsable ante la ley civil o penal por el

contenido de una emisora de radio o television (en cualquiera de sus formas).

ANEXO I — URUGUAY- 3
Obligaciones Afectadas: 

()

Trato de la NaciOn Mas Favorecida (Articulo 4)

Altos Ejecutivos y Directorios (Articulo 9)

Nivel de Gobierno: Central

Medidas:

DescripciOn:

•

Sector Ferroviario — Marco Juridico Regulatorio, Decreto

Ministerial — Diario Oficial N° 26.398 de 5 de diciembre de

2003 (Articulos 27 y 28)

A fin de suministrar servicios de transporte ferroviario de carga

y pasajeros, un operador ferroviario debera obtener previamente

la correspondiente Licencia de OperaciOn Ferroviaria de la

DirecciOn Nacional de Transporte, que dictarã Ia resoluciOn

que concede la licencia. Entre los requisitos para la obtenciOn

de la Licencia de OperaciOn Ferroviaria figuran:

a) Al menos 51% del capital integrado debe ser propiedad de

nacionales uruguayos domiciliados en Uruguay, o de

empresas uruguayas que cumplen tambien esa condiciOn

relativa al capital integrado; y

b) Al menos 51% del Directorio u otros altos ejecutivos de Ia

empresa operadora de transporte ferroviario debeni estar

integrado por nacionales uruguayos, domiciliados en

Uruguay.

En virtud del Acuerdo sobre Transporte Internacional Terrestre

(ATIT) entre los paises del Cono Sur, el acceso al transporte

ferroviario internacional de cargas se otorga sujeto a

reciprocidad con los operadores ferroviarios de Uruguay.

ANEXO I — URUGUAY- 4
jy ()

Nivel de Gobierno: Central

Medidas:

DescripciOn:

•

•

Decretos N° 228/991 (Articulos I. I y 5.1)

Decreto N° 230/997 (Articulo 5.1)

Acuerdo sobre Transporte Internacional Terrestre (Articulo

22), adoptado en ResoluciOn del Ministerio de Transporte y

Obras Pablicas de 10 de mayo de 1991, publicada en el Diario

Oficial de 8 de julio de 1991.

Transporte de pasajeros: El Estado se reserva la provision de los

servicios de transporte pUblico regular nacional e internacional,

(servicios programados y no programados), pero otorga

concesiones y permisos a empresas privadas. Los

concesionarios deben ser personas fisicas o empresas

uruguayas. Se consideran empresas uruguayas, aquellas en las

que (i) mils del 50% del capital es propiedad, (ii) est6 dirigido

por o (iii) esta controlado por, nacionales uruguayos

domiciliados en Uruguay.

Transporte domestico de carga: No existen restricciones para

los servicios internos de transporte terrestre de carga (punto a

punto).

Transporte internacional de carga y pasajeros: Solamente

empresas en las que mils del 50% de su capital accionario sea

de propiedad de y este efectivamente controlado por nacionales

uruguayos, podran realizar el transporte internacional de carga y

de pasajeros.

ANEXO I- URUGUAY-5
Nivel de Gobierno: Central

•

Leyes N' 12.091, Ley de NavegaciOn y Comercio de Cabotajc

(Articulos 1, 2, 6, 9, 11, 12 y 13)

Ley N° 14.106, Ley de RendiciOn de Cuentas y Balance de

EjecuciOn Presupuestal (Articulo 309)

Ley N° 16.387, Ley de Abanderamiento (Articulo 18),

modificado por la ley N° 16.736, Ley de RendiciOn de Cuentas

y Balance de EjecuciOn Presupuestal (Articulo 321)

Ley 1\1`) 17.296, Ley de RendiciOn de Cuentas y Balance de

EjecuciOn Presupuestal (Articulo 263)

Decreto Ley 1\1° 14.650, Ley de Fomento de Marina Mercante

(Capitulos I, II y V)

Decreto N° 31/994 (Articulo 2)

El comercio de cahotaje, que comprende el servicio interno de

transporte por barco, realizado entre los puertos y zonal

costeras de Uruguay, incluidas las operaciones de rescate, alijo,

remolque y otras operaciones navieras realizadas por buques en

aguas dentro de la jurisdiction uruguaya, quedan reservadas a

los buques de bandera nacional. Dichos buques estan exentos de

los impuestos designados, tales como aquellos que gravan los

equipos, yentas e ingresos de las flotas.

El Poder Ejecutivo podra otorgar excepciones que permiten a

buques de terceras banderas realizar servicios de cabotaje,

cuando no esten disponibles buques de bandera nacional.

Los buques que realicen servicios de cahotaje dentro del

Uruguay estaran sujetos a los siguientes requisitos:

a) en el caso de ser propiedad de personas fisicas, los buques

deben ser propiedad de nacionales de Uruguay y estos deben

estar domiciliados en Uruguay; y

ANEXO I — URUGUAY — 6

Medidas:

DescripeiOn:
ppgy; () 

empresa deberA estar controlada y dirigida por nacionales

uruguayos.

Los buques de bandera uruguaya estaran autorizados para

realizar servicios de cabotaje si los propietarios de tales buques

son nacionales uruguayos, y su tripulaciem, incluida el capitim,

esta compuesta con por lo menos 50% de personal uruguayo.

La mitad de todo el transporte de carga del comercio exterior

uruguayo (importaciones y exportaciones) esta reservada para

los buques de bandera uruguaya, no obstante excepciones son

otorgadas a buques de bandera extranjera para que transporten

la parte reservada del comercio exterior uruguayo. Uruguay

podra imponer restricciones respecto del acceso de transporte de

carga del comercio exterior uruguayo sobre Ia base de

reciprocidad.

Excepciones impositivas son otorgadas a buques mercantes de

bandera uruguaya siempre que dichos buques cumplan con los

siguientes requisitos:

a) si son de propiedad de personas fisicas, los buques deben ser

propiedad de nacionales uruguayos domiciliados en

Uruguay;

b) si son propiedad de una empresa, los buques deberim estar

bajo el control y direcciem de nacionales uruguayos.

Las tripulaciones de los buques mercantes uruguayos deberan

cumplir con los siguientes requisitos:

a) el 50% de la tripulaciOn (incluido el capitan) de los buques

que operan conforme a una autorizaciOn de trafico otorgada

por las autoridades competentes debe ser de nacionalidad

uruguaya.

b) en los casos de buques que no operan bajo la autorizaciem de

tr6fico otorgada por Ia autoridad competente, el Capinin, el

lngeniero Jefe, el Operador de Radio o el Oficial en Jefe

deben ser nacionales uruguayos.

ANEXO I — URUGUAY — 7
qp()

Altos Ejecutivos y Directorios (Articulo 9)

Nivel de Gobierno: Central

•

Medidas:

DescripciOn:

Decreto Ley N° 14.305, COdigo AeronAutico (Articulo 113)

Decreto N° 325/974 (Articulos 32 y 33)

Decreto N° 158/978 (Articulo s 1 y 2)

Decreto N° 39/977 (Articulo 35)

Reglamentos Aeronauticos Uruguayos N° 61, 63 y 65

Unicamente empresas nacionales de transporte aereo podnin

operar aeronaves en servicios aereos domesticos (cabotaje) y

podrim realizar servicios aereos internacionales regulares y no

regulares en calidad de transportista aereo uruguayo. Solamente

empresas nacionales de servicios de trabajo aereo podthn

operar aeronaves en servicios aereos domesticos que no

involucran transporte.

A los efectos de ser una empresa nacional de transporte aereo o

una empresa nacional de servicios de trabajo aereo, el 51'3/0 de

tales empresas deberA ser de propiedad de nacionales

uruguayos, domiciliados en Uruguay.

Toda la tripulaciOn y el personal, incluido la gerencia de una

empresa nacional de transporte aereo o una empresa nacional de

servicios de trabajo aereo deberit estar compuesta por

nacionales de Uruguay, a menos que la DirecciOn Nacional de

AviaciOn Civil e lnfraestructura Aeronautica autorice lo

contrario.

•

ANEXO I — URUGUAY- 8
Sector: Energia atOmica

Obligaciones Afectadas: Trato nacional (Articulo 3)

Nivelo de Gobierno: Central

Medidas: Atomic Energy Act of 1954, 42 U.S.C. §§ 2011 et seq.

•

DescripciOn Se requiere una licencia expedida por la United States Nuclear

Regulatory Commission para que cualquier persona en los

Estados Unidos transfiera o reciba en operaciones de comercio

interestatal, fabrique, produzca, transfiera, utilise, importe, o

exporte, "instalaciones de utilizaciOn o producciOn" nuclear con

fines comerciales o industriales. Dicha licencia no podra ser

expedida a ninguna entidad que sea, o se estima que sea,

propiedad de, este controlada por o dominada por un extranjero,

una sociedad comercial, o un gobierno extranjero (42 U.S.C. §

2133 (d)). Tambien se requiere una licencia expedida por la

United States Nuclear Regulatory Commission para

"instalaciones de utilizaciOn o producciOn" nuclear, para use en

terapias medicas o actividades de investigaciOn y desarrollo.

Asimismo estit prohibida la expediciOn de este tipo de licencias

a una entidad que sea, o se estime que sea, propiedad de, este

controlada por o dominada por un extranjero, una sociedad

comercial extranjera, o un gobierno extranjero (42 U.S.C. §

2134 (d)).

ANEXO I — ESTADOS UNIDOS -1
()

Nivelo de Gobierno Central

Medidas: Mineral Lands Leasing Act of 1920, 30 U.S.C. Capitulo 3A, 10

U.S.C. § 7435

DescripciOn

•

De conformidad con la Mineral Lands Leasing Act of 1920, los

extranjeros y las sociedades comerciales extranjeras no podrim

adquirir derechos de paso para oleoductos, gaseoductos, o

tuberias que transporten productos refinados de petrOleo y gas,

a traves de tierras federates, ni adquirir arrendamientos o

participaciOn en determinados minerales en tierras federates,

tales como carbon o petrOleo. Los ciudadanos no

estadounidenses podrAn ser propietarios del 100 por ciento de

una sociedad comercial nacional que obtenga el derecho de

paso para oleoductos o gasoductos a traves de las tierras

federates o que adquiera un arrendamiento para explotar

recursos minerales en tierras federates, salvo que el pais del

inversor niegue privilegios similares o equivalentes para el

mineral o el acceso en cuestiOn a los ciudadanos o sociedades

comerciales estadounidenses, en comparaciOn con los

privilegios que concede a sus propios ciudadanos o sociedades

comerciales o a los ciudadanos o sociedades comerciales de

otros paises. (30 U.S.C. §§ 181, 185 (a))

La nacionalizaciOn no es considerada como una denegaciOn de

privilegios similares o equivalentes.

Se restringe la obtenciOn de acceso a los arrendamientos

federates de las Naval Penwletan Reserves por parte de los

ciudadanos extranjeros o las sociedades comerciales controladas

por ellos, si las leyes, costumbres o reglamentos de su pais

niegan privilegios de arrendamiento de terrenos pilblicos a

ciudadanos o sociedades comerciales estadounidenses. (10

U.S.C. § 7435).

ANEXO I- ESTADOS UNIDOS - 2
()

Nivelo de Gobierno Central

Medidas: 22 U.S.C. §§ 2194, 2198(c)

DescripciOn Ciertos extranjeros, empresas extranjeros, o empresas

constituidas localmente pero controladas por extranjeros, no

podrim disponer de los seguros y garantias de prestamo de la

Overseas Private Investment Corporation.

•

ANEXO 1— ESTADOS UNIDOS- 3
()

Altos Ejecutivos y Directorios (Articulo 9)

Nivelo de Gobierno Central

Medidas:

DescripciOn

•

49 U.S.C. Subtitulo VII, Aviation Programs

14 C.F.R. Parte 297 (agentes extranjeros de transporte de

carga);

14 C.F.R. Parte 380, Subparte E (registro de operadores

extranjeros de fletamento (de pasajeros)).

Onicamente empresas de transporte aereo que sean "ciudadanas

de los Estados Unidos" podrAn operar aeronaves para realizar

servicios aereos domesticos (cabotaje) y podrãn realizar

servicios aereos internacionales regulares y no regulares como

empresas de transporte aereo estadounidense.

Los ciudadanos estadounidenses tambien cuentan con autoridad

general para realizar actividades indirectas de transporte aereo

(transporte aereo de carga y actividades de tletamento de

pasajeros sin ser operadores efectivos de la aeronave). Para

realizar tales actividades, los ciudadanos no estadounidenses

debethn obtener autorizaciem del Departamento de Transporte

(Department of Transportation). Las solicitudes de autorizaciOn

podrim ser rechazadas en virtud de la inexistencia de

reciprocidad efectiva, o si el Departamento de Transporte

entiende que median razones de interes

Conforme a lo establecido en 49 U.S.0 § 40102(a)(15), un

ciudadano estadounidense es un individuo con ciudadania

estadounidense; una sociedad ("partnership") en la cual cada

miembro sea ciudadano estadounidense; o una sociedad

comercial ("corporation") estadounidense cuyo presidente y al

menos dos terceras partes del Directorio y otros funcionarios de

alta direcciOn sean ciudadanos de los Estados Unidos, que este

bajo el control efectivo de ciudadanos estadounidenses y que al

menos el 75 por ciento de las acciones con derecho a voto en la

sociedad comercial sea propiedad o este controlado por

ciudadanos de los Estados Unidos.

ANEXO I — ESTADOS UNIDOS — 4
Altos Ejecutivos y Directorios (Articulo 9)

Nivelo de Gobierno Central

Medidas:

DescripciOn

•

49 U.S.C, Subtitulo VII, Aviation Programs

49 U.S.C. § 41703

14 C.F.R. Parte 375

Las "aeronaves civiles extranjeras" requieren autorizaciOn del

Departamento de Transporte para realizar servicios aereos

especializados en el territorio de los Estados Unidos. Para

determinar si ha de concederse una autorizaciOn en particular, el

Departamento considerara, además de otros factores, la medida

en que el pais de nacionalidad del solicitante otorga a los

operadores de aeronaves civiles estadounidenses reciprocidad

efectiva.

Las "aeronaves civiles extranjeras" son aeronaves registradas en

el extranjero o en los Estados Unidos que son propiedad de,

estan controladas por o son operadas por personas que no son

ciudadanos o residentes permanentes de los Estados Unidos (14

C.F.R. § 375.1).

Conforme a 49 U.S.C. § 40102 (a)(15), un ciudadano de los

Estados Unidos es un individuo con ciudadania estadounidense;

una sociedad en la cual cada miembro sea ciudadano

estadounidense; o una sociedad comercial estadounidense cuyo

presidente y al menos dos terceras partes del Directorio y otros

funcionarios de alta direcciOn sean ciudadanos de los Estados

Unidos, que este bajo el control efectivo de ciudadanos

estadounidenses y que al menos el 75 por ciento de las acciones

con derecho a voto en la sociedad comercial sea propiedad o

este controlado por ciudadanos de los Estados Unidos.

ANEXO I — ESTADOS UNIDOS - 5
Nivelo de Gobierno Central

Medidas: 19 U.S.C. § 1641(b)

DescripciOn Se requiere una licencia de agente de aduanas para realizar

operaciones aduaneras en nombre de otra persona. Solamente

los ciudadanos estadounidenses podrdn obtener tal licencia. Una

sociedad comercial, asociaciOn o sociedad establecida de

confonnidad con la legislaciOn de cualquier estado podrã recibir

una licencia de agente de aduanas si al menos un directivo de la

sociedad comercial o la asociaciOn, o un miembro de la

sociedad, posee una licencia de agente de aduanas vigente.

•

ANEXO I — ESTADOS UNIDOS - 6
Nivel de Gobierno: Central

•

Medidas:

DescripciOn:

Securities Act of 1933, 15 U.S.C. §§ 77C(b), 77f, 77g, 77h, 77j

y 77s(a)

17 C.F.R. §§ 230.251 y 230.405

Securities Exchange Act of 1934, 15 U.S.C. §§ 781, 78m, 78o(d)

y 78w(a)

17 C.F.R. § 240.12b-2

Las empresas extranjeras, con excepci6n de algunas emisoras

canadienses, no podran utilizar los formularios de registro de

pequena empresa, bajo la Securities Act of 1933, para registrar

ofertas pdblicas de titulos valores, o los formularios de registro

de pequefias empresas conforme al Securities Exchange Act of

1934, para registrar una clase de valores o para presentar

informes anuales.

ANEXO I — ESTADOS UNIDOS - 7
Nivelo de Gobierno.

Central

Medidas: 47 U.S.0 § 310

Foreign Participation Order 12 FCC Red 23891 (1997)

•

DescripciOn Los Estados Unidos se reservan el derecho de restringir la

propiedad de licencias de radio de acuerdo con las disposiciones

legales y reglamentarias precedentemente mencionadas. Se

consideran radiocomunicaciones, todas las comunicaciones por

radio, incluida la radiodifusiOn.

ANEXO I — ESTADOS UNIDOS - 8

•
g

()

Trato de naciOn mas favorecida (Articulo 4)

Requisitos de desempeno (Articulo 8)

Altos ejecutivos y Directorios (Articulo 9)

Nivel de Gobierno Regional

Medidas: Todas las medidas disconformes existentes de todos los estados

de los Estados Unidos, el Distrito de Columbia, y Puerto Rico.

ANEXO I — ESTADOS UNIDOS - 9
1. La Lista de una Parte contenida en el este Anexo incluye, de conformidad con el Articulo 14

(Medidas Disconformes), los sectores, subsectores o actividades especificas respecto de los cuales

dicha Parte puede mantener las medidas existentes o adoptar medidas nuevas o mas restrictivas,

que no se ajustan a las obligaciones impuestas por:

(a) Articulo 3 (Trato Nacional);

(b) Articulo 4 (Trato de la NaciOn Mas Favorecida);

(c) Articulo 8 (Requisitos de Desempeno) o

(d) Articulo 9 (Altos Ejecutivos y Directorios).

Cada item de la Lista incluye los siguientes elementos:

• (a) Sector se refiere al sector para el cua I se incluye el item.;

(b) Obligaciones Afectadas especifica la o las obligaciones a que refiere el párrafo I

que, de acuerdo al Articulo 14.2 (Medidas Disconformes) no se aplican a los

sectores, subsectores o actividades anotadas en el item;

(c) DescripciOn establece el alcance de los sectores, subsectores o actividades

cubiertas por el item; y

(d) Medidas Existentes identifica, a los efectos de transparencia, las medidas

vigentes que se aplican a los sectores, subsectores o actividades cubiertas por el

item.

3. De conformidad con el Articulo 14.2 (Medidas Discontbrmes), los articulos del presente Tratado

especificados bajo el titulo de Obligaciones Afectadas de un item no se aplican a los sectores,

subsectores o actividades identificadas bajo el subtitulo DescripciOn de dicho item.

ANEXO - 1

AI
Sector:

Obligaciones Afectadas:

DescripciOn:

Servicios e infraestructura de carreteras, vias ferreas,

aeropuertos y puertos

Trato Nacional (Articulo 3)

Requisitos de Desempao (Articulo 8)

Altos Ejecutivos y Directorio (Articulo 9)

Uruguay se reserva el derecho de adoptar o mantener cualquier

medida respecto de la renovaciOn o re- negociaciOn de los

servicios de concesiOn existentes relacionados con los servicios

e infraestructura de carreteras, vias ferreas, aeropuertos y

puertos.

•

ANEXO H — URUGUAY - I
DescripciOn: Uruguay se reserva el derecho de adoptar o mantener cualquier

medida respecto a las concesiones relacionados con los

servicios de distribuciOn de agua y gas, asi como la renovaciem

o renegociaciOn de las concesiones existentes de tales servicios.

•

ANEXO H — URUGUAY - 2

ilk
DescripciOn:

qp()

Altos Ejecutivos y Directorio (Articulo 9)

Uruguay se reserva el derecho de adoptar o mantener cualquier

medida relacionada con el otorgamiento de derechos o

preferencias a minorias debido a razones sociales o econOmicas.

ANEXO II — URUGUAY - 3
DescripciOn:

•

Requisitos de Desempefio (Articulo 8)

Altos Ejecutivos y Directorio (Articulo 9)

Uruguay se reserva el derecho de adoptar o mantener cualquier

medida que limite la transferencia o disposiciOn de cualquiera

de los derechos mantenidos sobre una empresa estatal

existente, de manera que Unicamente un nacional uruguayo

pueda recibirlos. No obstante, la chiusula precedente se refiere

nnicamente a la transferencia o disposiciOn inicial de tales

derechos, y no a transferencias o disposiciones subsiguientes.

Uruguay se reserva el derecho de adoptar o mantener cualquier

medida que limite el control de o imponga requisitos sobre

cualquier empresa nueva creada por la transferencia o

disposiciOn de cualquier derecho conforme a lo establecido en

el pArrafo precedente a traves de medidas relacionadas con la

integraciOn del Directorio, pero no mediante limitaciones en la

propiedad de los derechos transferidos. Uruguay tambien se

reserva la facultad de adoptar o mantener cualquier medida que

refiera a la nacionalidad de los altos ejecutivos y miembros del

Directorio en dicha nueva empresa.

Los subsectores actuates en los que existe monopolio estatal son

los siguientes:

ImportaciOn y refinaciOn de petrOleo - AdministraciOn Nacional

de Combustibles, Alcohol y Portland (ANCAP)

Telecomunicaciones bâsicas - AdministraciOn Nacional de

Telecomunicaciones (ANTEL)

DistribuciOn de electricidad - AdministraciOn Nacional de

Usinas y Transmisiones Electricas (UTE)

DistribuciOn de agua - AdministraciOn de las Obras Sanitarias

del Estado (OSE)

ANEXO 11— URUGUAY - 4
DescripciOn: Uruguay se reserva el derecho de adoptar o mantener cualquier

medida que restrinja la recepciOn, procesamiento, transporte y

entrega de facturas periOdicas proporcionadas por empresas

estatales, incluidas las siguientes:

Telecomunicaciones basicas (ANTEL)

DistribuciOn de electricidad (UTE)

DistribuciOn de agua (OSE)

ANEXO 11— URUGUAY - 5

•

al■
•

DescripciOn:

()

Requisitos de Desempefio (Articulo 8)

Altos Ejecutivos y Directorio (Articulo 9)

Uruguay se reserva el derecho de adoptar o mantener medidas

relacionadas con servicios encargados del cumplimiento de las

leyes, y los servicios que se indican a continuaciOn, en la

medida en los mismos sean servicios sociales creados o

mantenidos con objetivo piablico, a saber: servicios de

rehabilitaciOn y readaptaciOn social, pensioner o seguros de

desempleo, bienestar social, educaciOn pUblica, capacitaciOn

salud, protecciOn a la infancia y servicios de

saneamiento publico y servicio de suministro de aqua.

ANEXO II — URUGUAY - 6
DescripciOn: Uruguay se reserva el derecho de adoptar o mantener cualquier

medida referida a la organizaciOn y desarrollo de eventos

relacionados con las tradiciones nacionales populares, tales

como destiles y Carnaval.

•

ANEXO II — URUGUAY - 7
DescripciOn:

Medidas Existentes:

Uruguay reserva al Ministerio de Transporte y Obras

el derecho de adoptar o mantener los requisitos de desempefio,

en la medida en que estos sean adecuados, transparentes y no

discriminatorios, conforme a la legislaciOn uruguaya.

Sector Ferroviario -- Marco Juridico Regulatorio, Decreto

Ministerial — Diario Oficial N° 26.398 de 5 de diciembre de

2003.

•

ANEXO II — URUGUAY - 8
DescripciOn: Uruguay se reserva el derecho a adoptar o mantener cualquier

medida que otorgue un trato diferencial a paises al amparo de

cualquier acuerdo internacional, bilateral o multilateral, vigente

o firmado con anterioridad a Ia entrada en vigor del presente

Tratado.

Uruguay se reserva el derecho a adoptar o mantener cualquier

medida que otorgue un trato diferencial a paises al amparo de

cualquier acuerdo internacional, bilateral o multilateral, vigente

o suscrito con posterioridad a Ia fecha de entrada en vigor del

presente Tratado en materia de:

(a) aviaciOn;

(b) pesca;

(c) asuntos maritimos, incluyendo salvataje; o

(d) telecomunicaciones.

ANEXO II — URUGUAY - 9
DescripciOn:

Uruguay se reserva el derecho de adoptar o mantener cualquier

medida que otorgue un trato diferencial a los paises del

Mercado Comtln del Sur (MERCOSUR) al amparo de cualquier

acuerdo bilateral o multilateral relacionado con el transporte

terrestre que se suscriba con posterioridad a la lecha de entrada

en vigor del presente Tratado conforme a sus compromisos en

virtud del MERCOSUR.

•

ANEXO 11— URUGUAY - 10
Sector: Comunicaciones

Obligaciones Afectadas: Trato de NaciOn Mas Favorecida (Articulo 4)

Descripciem: Estados Unidos se reserva el derecho de adoptar o mantener

cualquier medida que otorgue un trato diferencial a personas de

otros paises debido a la aplicaciOn de medidas de reciprocidad o

a traves de acuerdos internacionales que involucren compartir el

espectro de radio, que garanticen el acceso al mercado, o el

trato nacional con respecto a transmisiones satelitales

unidireccionales sean de television directa al hogar (DTH), de

radiodifusiOn directa (DBS) de servicios de televisiOn y

servicios digitales de audio.

•

ANEXO II — ESTADOS UNIDOS - 1
•

DescripciOn:

Trato de NaciOn MAs Favorecida (Articulo 4)

Altos Ejecutivos y Directorios (Articulo 9)

Estados Unidos se reserva el derecho de adoptar o mantener

cualquier medida que otorgue un trato equivalente a personas de

cualquier pais que limite los derechos de propiedad de personas

de los Estados Unidos en una empresa vinculada a operaciones

de television por cable en dicho pais.

ANEXO II — ESTADOS UNIDOS - 2
•

DescripciOn:

()

Requisitos de Desempelio (Articulo 8)

Altos Ejecutivos y Directorios (Articulo 9)

Estados Unidos se reserva el derecho de adoptar o mantener

cualquier medida relacionada con el cumplimiento de las leyes

y servicios correccionales asi como de los siguientes servicios,

siempre que se trate de servicios sociales creados o mantenidos

por razones de interes pensiones o seguros de

desempleo, seguridad social, bienestar social, educaciOn

capacitaciOn publics, salud y atenciOn infantil.

ANEXO II — ESTADOS UNIDOS - 3
DescripciOn:

Requisitos de desempeno (Articulo 8)

Altos ejecutivos y directorios (Articulo 9)

Estados Unidos se reserva el derecho de adoptar o mantener

cualquier medida que otorgue derechos o preferencias a las

minorias social o econOmicamente en desventaja, incluidas las

sociedades organizadas al amparo de las leyes del Estado de

Alaska de acuerdo con la "Alaska Native Claims Settlement

Act".

Medidas Existentes: Alaska Native Claims Settlement Act, 43 U.S.C. §§ 1601 et _sect

ANEXO II — ESTADOS UN IDOS - 4

•
DescripciOn:

()

Requisitos de Desempeno (Articulo 8)

Altos Ejecutivos y Directorios (Articulo 9)

Estados Unidos se reserva el derecho de adoptar o mantener

cualquier medida relacionada con el suministro de servicios de

transporte maritimo y Ia operaciem de buques con bandera

estadounidense, incluidas las siguientes:

a) requisitos para inversion en, propiedad, control y

operaciOn de naves y otras estructuras marinas, incluidos

equipos de pertbraciOn, en servicios maritimos de

cabotaje, incluidos servicios de cabotaje Ilevados a cabo

mar adentro, en la costa, en aguas territoriales de Estados

Unidos, en aguas sobre la plataforma continental, y en

vias maritimas internas;

b) requisitos para inversion en, propiedad o control y

operaciOn de embarcaciones de bandera estadounidense en

comercio exterior;

c) requisitos para la inversion en, propiedad o control y

operaciOn de embarcaciones vinculadas a Ia pesca y

actividades conexas en aguas territoriales de Estados

Unidos y en la Zona EconOmica Exclusiva;

d) requisitos relacionados a la documentaciOn de una nave de

bandera estadounidense;

e) programs de promociOn, incluidos beneficios fiscales,

para armadores, operadores y naves que cumplen con

determinados requisitos;

f) requisitos de certificaciOn, licencias y ciudadania para los

miembros de la tripulaciem de naves de bandera

estadounidense;

g) requisitos para dotar de tripulaciOn a naves de bandera

estadounidense;

ANEXO II — ESTADOS UNIDOS — 5
Medidas Existentes:

i) 

gpy 

acuerdos maritimos bilaterales e internacionales;

j) limitaciones a trabajos costeros realizados por miembros

de la tripulaciOn;

k) aranceles por tonelaje e impuestos menores por ingreso a

aguas estadounidenses;

I) requisitos de certificaciOn, licencias y ciudadania para

pilotos que realicen servicios de pilotaje en aguas

territoriales estadounidenses.

Las siguientes actividades no estan incluidas en esta excepciOn.

No obstante, el trato previsto en el literal (b) esta condicionado

a la obtenciOn a un acceso al mercado comparable en estos

sectores desde Uruguay:

(a) construcciOn y reparaciOn de buques; y

(h) aspectos terrestres de las actividades portuarias; incluida la

operaciOn y mantenimiento de muelles; carga y descarga

de buques directamente a y desde tierra, manejo de carga

marina; operaciOn y mantenimiento de muelles; limpieza

de buques; estiba; pasaje de carga entre buques y

camiones, trenes, tuberias y atracaderos; operaciones en

terminates portuarias; limpieza de barcos; operaciOn en

canales; desarmado de buques; operaciones con rieles

marinos para muelles secos; inspectores marinos, except()

carga; destrucciOn de buques para desguase; sociedades

clasificadoras de buques.

Merchant Marine Act of 1920, §§ 19 and 27, 46 U.S.C. App.

§ 876 and §§ 883 et seq.

Jones Act Waiver Statute, 64 Stat 1120, 46 U.S.C. App., note

preceding Section 1

Shipping Act of 1916, 46 U.S.C. App. §§ 802 and 808

Merchant Marine Act of 1936, 46 U.S.C. App. §§ 1151 et se. ., g

1160-61, 1171 et seq., 1241(b), 1241-1, 1244, and 1271 et seq.

ANEXO II — ESTADOS UNIDOS - 6
•

§§ ()

Passenger Vessel Act, 46 U.S.C. App. § 289

42 U.S.C. §§ 9601 et sec .; 33 U.S.C. §§ 2701 et 33 U.S.C.

§§ 1251 et

46 U.S.C. §§ 3301 et st..,2g., 3701 et 8103, and 12107(b)

Shipping Act of1984, 46 U.S.C. App. §§ 1708 and 1712

The Foreign Shipping Practices Act of 1988, 46 U.S.C. App. §

1710a

Merchant Marine Act, 1920, 46 U.S.C. App. §§ 861 et

Shipping Act of 1984, 46 U.S.C. App. §§ 1701 et seq.

Alaska North Slope, 104 Pub. L. 58; 109 Stat. 557

Longshore restrictions and reciprocity, 8 U.S.C. §§ 1101 et seq.

Vessel escort provisions, Section 1119 of Pub. L. 106-554, as

amended

Nicholson Act, 46 U.S.C. App. § 251

Commercial Fishing Industry Vessel Anti-Wagging Act of

1987, 46 U.S.C. § 2101 and 46 U.S.C. § 12108

43 U.S.C. § 1841

22 U.S.C. § 1980

Intercoastal Shipping Act, 46 U.S.C. App. § 843

46 U.S.C. § 9302, 46 U.S.C. § 8502; Agreement Governing the

Operation of Pilotage on the Great Lakes, Exchange of Notes at

Ottawa, August 23, 1978, and March 29, 1979, TIAS 9445

Magnuson Fishery Conservation and Management Act, 16

U.S.C. §§ 1801 et seq.

19 U.S.C. § 1466

North Pacific Anadramous Stocks Convention Act of 1972, P.L.

102-587; Oceans Act of 1992, Title VII

Tuna Convention Act, 16 U.S.C. §§ 951 et

South Pacific Tuna Act of 1988, 16 U.S.C. §§ 973 et seq.

Northern Pacific Halibut Act of 1982, 16 U.S.C. §§ 773 et m.

Atlantic Tunas Convention Act, 16 U.S.C. §§ 971 et m.

Antarctic Marine Living Resources Convention Act of 1984, 16

U.S.C. §§ 2431 et sect

Pacific Salmon Treaty Act of 1985, 16 U.S.C. §§ 3631 et

American Fisheries Act, 46 U.S.C. § 12102(c) and 46 U.S.C.

§ 31322(a)

ANEXO II — ESTADOS UNIDOS -7
DescripciOn:

Estados Unidos se reserva el derecho de adoptar y inantener

cualquier medida que otorgue un trato diferencial a paises en

virtud de cualquier acuerdo internacional bilateral o multilateral

vigente o suscrito previo a la fecha de entrada en vigor de este

Tratado.

Estados Unidos se reserva el derecho de adoptar y mantener

cualquier medida que otorgue un trato diferencial a paises en

virtud de cualquier acuerdo internacional bilateral o multilateral

vigente o suscrito con posterioridad a la fecha de entrada en

vigor del presente Tratado en materia de:

(a) aviation;

(b) pesca;

(c) asuntos maritimos, incluyendo salvamento;

• (d) telecomunicaciones.

ANEXO II — ESTADOS UNIDOS -8
1. (a) La Lista de una Parte correspondiente al presente Anexo incluye, contbrme al

Articulo 14 (Medidas Disconformes), la lista de las medidas existentes de una Parte que no estAn

sujetas a alguna o todas las obligaciones impuestas por:

(i) Articulo 3 (Trato Nacional);

(ii) Articulo 4 (Trato de la NaciOn Mas Favorecida);

(iii) Articulo 8 (Requisitos de Desempeiio); o

(iv) Articulo 9 (Altos Ejecutivos y Directorios).

(b) La Lista de los Estados Unidos correspondiente al presente Anexo incluye los notas

introductorias que limitan o aclaran las obligaciones de los Estados Unidos con respecto a las

obligaciones descritas en las clLusulas (i)-(iv) del subpArrafo (a).

2. Cada item de la lista de las Medidas Disconformes descrito en el parrafo 1 (a) establece los

siguientes elementos:

(a) Sector se refiere al sector para el cual se establece el item.

(b) Subsector se refiere al sector especifico para el cual se establece el item;

(c) Obligaciones Afectadas especifica Ia o las obligaciones a que refiere el Offal° 1 que,

conforme al Articulo 14.1(a) (Medidas Disconformes) no se aplican a los aspectos disconformes de

Ia ley, reglamentaciOn u otra medida conforme a lo dispuesto por el parratb 3;

(d) Nivel de Gobierno indica el nivel de gobierno manteniendo Ia o las Medidas incluidas en

las listas;

(e) Medidas identifica las leyes, reglamentaciones o demas Medidas respecto de las cuales se

incluye el item. Una medida citada dentro de las Medidas:

(i) significa la medida, modificada, continuada o renovada a Ia fecha de Ia entrada en

vigor del presente Tratado; y

ANEXO 111 —1
(I) DescripciOn establece una descripciOn general no obligatoria de la medida para Ia cual se

incluye el item.

3. De conformidad con los Articulos 14.1(a) (Medidas Disconformes), y sujeto al Articulo

14.1(c) (Medidas Disconformes), los articulos del presente Tratado que se especifican en

las Obligaciones Afectadas de un item no se aplican a los aspectos disconformes de la ley,

reglamentaciOn u otra medida identificada bajo el elemento Medidas de dicho item

ANEXO 111 - 2

•
Sector: Servicios financieros

Subsector: IntermediaciOn financiera (actividad bancaria)

Obligaciones Afectadas: Trato Nacional (Articulo 3)

Altos Ejecutivos y Directorio (Articulo 9)

Nivel de Gobierno: Central

Medidas: Ley N° 15.322, Ley de IntennediaciOn Financiera (Articulo 8)

DescripciOn: Las sucursales o subsidiarias de instituciones financieras

extranjeras no podrAn en virtud de sus estatutos prohibir a los

nacionales uruguayos participar en los Directorios, o en la

administraciOn, o en cualquier otro cargo de la instituciOn.

•

ANEXO III — URUGUAY - 1
Obligaciones Afectadas: Trato Nacional (Articulo 3)

Nivel de Gobierno: Central

Medidas: Ley N° 17.613, Ley de Fortalecimiento del Sistema Bancario

(Articulo 48)

•

Descripcicin: El monto maxim° de los depOsitos bancarios cubiertos por

seguros de depOsito podrii variar dependiendo de si los

dep6sitos estAn denominados en pesos uruguayos o en otra

moneda.

ANEXO III — URUGUAY - 2
Obligaciones Afectadas: Trato Nacional (Articulo 3)

Nivel de Gobierno: Central

Medidas: Ley N° 16.426, Ley de DesmonopolizaciOn de los Seguros

(Articulo 1)

DescripciOn: El Banco de Seguros del Estado podrã derivar una ventaja de

competencia respecto a la totalidad de sus operaciones por el

hecho de ser la Unica entidad autorizada a proporcionar seguros

por accidentes de trabajo.

•

ANEXO III — URUGUAY - 3
Nivel de Gobierno: Central

Medidas: Ley N° 15.322, Ley de IntermediaciOn Financiera (Articulo 19)

Ley N° 15.903, Ley de RendiciOn de Cuentas y Balance de

EjecuciOn Presupuestal (Articulo 453)

•

Descripcbin: Las empresas estatales y gubernamentales uruguayas podran

depositar fondos Unicamente en el Banco de la Repithlica

Oriental del Uruguay o en el Banco Hipotecario del Uruguay,

a menos clue el Poder Ejecutivo autorice una excepciOn en

forma expresa.

ANEXO III — URUGUAY - 4
1. Los compromisos en estos Subsectores previstos en el Acuerdo son asumidos sujeto a las

limitaciones y condiciones establecidas en las notas introductorias y en las Medidas

disconformes que se incluyen a continuaciOn

2. Los compromisos de trato nacional de estos Subsectores estan sujetos a las siguientes

limitaciones:

(a) Trato nacional con respecto a la actividad bancaria se proporcionara segOn el

"estado de origen" del banco extranjero en los Estados Unidos, conforme a la

definiciOn de dicha expresiOn dada por la Ley Bancaria Internacional (International

Banking Act), cuando la misma es aplicable. Un banco local subsidiario de una

firma extranjera tendra su propio "estado de origen", y el trato nacional sera

proporcionado segan el "estado de origen" de la subsidiaria, conforme lo •

determina la ley aplicable. I

(b) El trato nacional respecto a instituciones tinancieras de seguros se otorgara

conforme al domicilio del estado de la instituciOn financiera de seguros extranjera

no estadounidense, cuando sea aplicable, en los Estados Unidos. El domicilio del

estado esta definido por los estados individuales y en general es el estado en el

cual un asegurador o bien estã constituido, organizado o mantiene su sede principal

en los Estados Unidos.

ANEXO III — ESTADOS UNIDOS - 1

Las organizaciones bancarias extranjeras en general estan sujetas a limitaciones geograficas y de otro tipo

en los Estados Unidos tomando sobre la base de un trato nacional. Cuando dichas limitaciones son

disconformes con el trato nacional, las mismas se incluyen como Medidas disconformes. A efectos

ilustrativos, de acuerdo con este enfoque, la siguiente situaciOn no otorga trato nacional y, en

consecuencia, deberia incluirse en lista de Medidas disconformes: a un banco extranjero se le otorga un

trato menos favorable que el otorgado a un banco local de dicho estado con respecto a la expansion por

sucursales.
g

Obligaciones Afectadas: Altos Ejecutivos y Directorios (Articulo 9)

Nivel de Gobierno: Central

Medidas: 12 U.S.C. § 72

DescripciOn: Todos los directores de un banco nacional deberan ser

ciudadanos de los Estados Unidos, con la salvedad de que el

Controlador de la Moneda podra eximir de este requisito de

ciudadania a no Inas de una minoria del nitmero total de

directores.

•

ANEXO III — ESTADOS UN IDOS - 2
g

Obligaciones Afectadas: Trato Nacional (Articulo 3)

Nivel de Gobierno: Central

Medidas: 12 U.S.C. § 619

DescripciOn: La propiedad por parte de extranjeros de las corporaciones Edge

(instituciones financieras autorizadas a realizar ciertas

transacciones internacionales) esta limitada a los bancos

extranjeros y subsidiarias estadounidenses de bancos

extranjeros, mientras clue instituciones no bancarias locales

podran ser las propietarias de tales compafilas.

•

ANEXO 111— ESTADOS UNIDOS - 3
g)

Obligaciones Afectadas: Trato Nacional (Articulo 3)

Nivel de Gobierno: Central

Medidas: 12 U.S.C. § 1463 et seq. & 12 U.S.C. § 1751 et seq.

DescripciOn: La legislaciOn federal y estatal no permite que los servicios de

bancos de credit°, bancos o asociaciones de ahorro (las dos

ultimas entidades pueden tambien ser llamadas instituciones de

ahorro) sean suministrados en Estados Unidos a traves de

sucursales de corporaciones organizadas al amparo de la

legislaciOn de un pais extranjero.

•

ANEXO III — ESTADOS UNIDOS - 4
g)

Obligaciones Afectadas: Trato Nacional (Articulo 3)

Nivel de Gobierno: Central

Medidas: 12 U.S.C. § 3104(d)

DescripciOn: Un banco extranjero debera establecer una subsidiaria bancaria

asegurada para aceptar o mantener cuentas de depOsito

nacionales individuales con saldos inferiores a $100,000

Mares. Este requisito no se aplica a una sucursal de un banco

extranjero que recibiera depOsitos asegurados al 19 de

diciembre de 1991.

•

AN EXO HI — ESTADOS UNIDOS - 5
•

g)

Obligaciones Afectadas: Trato Nacional (Articulo 3)

Nivel de Gobierno: Central

Medidas: 15 U.S.C. §§ 80b-2, 80b-3

DescripciOn: Se exige a los bancos extranjeros que se registren como

asesores de inversion de acuerdo a la Ley de Asesores de

Inversiones de 1940 (Investment Advisers Act of 1940) a los

efectos de proporcionar servicios de asesoria en materia de

valores y de administraciOn de inversiones en Estados Unidos,

en tanto que los bancos nacionales* (o un departamento o

division del banco identificable en forma separada) estim

exentos del requisito de registro, a menos que asesoren a

companias de inversion registradas. El requisito de registro

implica mantener el registro, realizar inspecciones, presenter

informes, y abonar una tarifa.

* Para mayor claridad, "bancos locales" incluye las subsidiarias estadounidenses de los bancos

extranj eros.

ANEXO HI — ESTADOS UNIDOS - 6
Subsector: 

y (

seguros)

Obligaciones Afectadas: Trato Nacional (Articulo 3)

Nivel de Gobierno: Central

Medidas: 12 U.S.C. §§ 221, 302, 321

DescripciOn: Los bancos extranjeros no pueden ser miembros del Sistema de

la Reserva Federal (Federal Reserve System), y por lo tanto, no

pueden votar por miembros del consejo de un Banco de la

Reserva Federal. Las subsidiarias de bancos extranjeros no

estan sujetas a esta medida.

•

ANEXO III — ESTADOS UN IDOS - 7
los Seguros)

Obligaciones Afectadas: Trato Nacional (Articulo 3)

Nivel de Gobierno: Central

Medidas: 12 U.S.C. § 3102(a)(1); 12 U.S.C. § 3103(a); 12 U.S.C. §

3102(d)

DescripciOn: Los bancos extranjeros no podran establecer sucursales o

agencias federates en los Estados que se indican a continuaciOn,

los cuales podran prohibir el establecimiento de tales sucursales

o agencias por parte de bancos extranjeros.

• Las sucursales y agencias podran ser prohibidas en

Alabama, Kansas, Maryland, North Dakota y Wyoming.

• Las sucursales, pero no las agencias, podran ser prohibidas

en Delaware, Florida, Georgia, Idaho, Louisiana, Mississippi,

Missouri, Oklahoma, Texas y West Virginia.

Ciertas restricciones relativas a poderes fiduciarios se aplican a

las agencies federates.

Nota: Las medidas federates citadas establecen que algunas restricciones estatales se aplicaran al

establecimiento de sucursales o agencias federates.

AN EXO III — ESTADOS UN IDOS - 8
g

Obligaciones Afectadas: Trato de NaciOn MAs Favorecida (Articulo 4)

Nivel de Gobierno: Central

Medidas: 15 U.S.C. § 77jjj(a)(1)

DescripciOn: La facultad para actuar corno tiduciario Unico de certiticados de

emisiOn de bonos en Estados Unidos esta sujeta a una prueba de

reciprocidad.

•

ANEXO III — ESTADOS UNIDOS - 9
g)

Obligaciones Afectadas: Trato de NaciOn MAs Favorecida (Articulo 4)

Nivel de Gobierno: Central

Medidas: 22 U.S.C. §§ 5341-5342

DescripciOn: La designaciOn de agente principal en garantias de deudas

gubernamentales de los EEUU esta condicionada a la

reciprocidad.

•

ANEXO III — ESTADOS UNIDOS - 10
seguros)

Obligaciones Afectadas: Trato de NaciOn Mas Favorecida (Articulo 4)

Nivel de Gobierno: Central

Medidas: 15 U.S.C. § 78o(c)

DescripciOn: Un corredor-agente registrado conforme a la legislaciOn de los

Estados Unidos que tiene su sede principal de negocios en

Canada podra mantener sus reservas requeridas en un banco en

Canada sujeto a la supervision de Canada.

•

ANEXO III — ESTADOS UNIDOS - 11
g)

Obligaciones Afectadas: Trato Nacional (Articulo 3)

Nivel de Gobierno: Central

Medidas: 12 U.S.C. § 1421 et seq. (Federal Home Loan Banks); 12

U.S.C. § 1451 et seq. (Federal Home Loan Mortgage

Corporation; 12 U.S.C. § 1717 et seq. (Federal National

Mortgage Association); 12 U.S.C. § 2011 et seq. (Farm Credit

Banks); 12 U.S.C. § 2279aa-1 et seq. (Federal Agricultural

Mortgage Corporation); 20 U.S.C. § 1087-2 et seq. (Student

Loan Marketing Association)

DescripciOn: Los Estados Unidos podrAn otorgar ventajas, incluidos, entre

otros, a una o más de las Empresas Patrocinadas por el

Gobierno [Government —Sponsored Enterprises] (GSEs) que se

indican a continuaciOn:

• el capital, las reservas y rentas de las GSEs estiin exentos de

ciertos impuestos.

• los titulos emitidos por la GSE estAn exentos del requisito de

registro y declaraciones periOdicas establecidos en las leyes

federales de titulos valores.

• El Tesoro de los Estados Unidos podrii, a su discreciOn,

comprar obligaciones emitidos por la GSE.

ANEXO III — ESTADOS UNIDOS - 12
Obligaciones Afectadas: Trato Nacional (Articulo 3)

Nivel de Gobierno: Central

Medidas: 31 U S C & 9304

DescripciOn: Las sucursales de las companias de seguros extranjeras no estan

autorizadas a proporcionar surety bonds para contratos del

Gobierno de los Estados Unidos.

•

ANEXO III — ESTADOS UNIDOS - 13
Obligaciones Afectadas: Trato Nacional (Articulo 3)

Nivel de Gobierno: Central

Medidas: 46 C.F.R. § 249.9

DescripciOn: Cuando Inds del 50% del valor de un buque maritimo cuyo

casco ha sido construido al amparo de fondos hipotecarios con

garantia federal es asegurado por un asegurador no

estadounidense, el asegurado debe demostrar que el riesgo fue

sustancialmente ofrecido en primer lugar al mercado

estadounidense.

•

ANEXO 111 — ESTADOS UNIDOS - 14
Subsector: Todos

Obligaciones Afectadas: Trato Nacional (Articulo 3)

Trato de NaciOn MAs Favorecida (Articulo 4)

Requisitos de Desempeno (Articulo 8)

Altos Ejecutivos y Directorio (Articulo 9)

Nivel de Gobierno: Regional

Medidas: Todas las medidas disconformes existentes de todos los estados

de los Estados Unidos, el Distrito de Columbia y Puerto Rico.

•

ANEXO III — ESTADOS UNIDOS - 15