2001/153/EC: Decision No 2/2001 of the EU-Mexico Joint Council of 27 February 2001 implementing Articles 6, 9, 12(2)(b) and 50 of the Economic Partnership, Political Coordination and Cooperation Agreement
Date: 2001-02-27
Institutions: European Union, Joint Council, Mexico
Subjects: Association Council (EU), Mexico, cooperation agreement, cooperation policy, economic cooperation, political cooperation

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DECISION No 2/2001 OF THE EU-MEXICO JOINT COUNCIL

of 27 February 2001

implementing Articles 6, 9, 12(2)(b) and 50 of the Economic Partnership, Political Coordination
and Cooperation Agreement

(2001/153/EC)

THE JOINT COUNCIL,

Having regard to the Economic Partnership, Political Coordi-
nation and Cooperation Agreement between the European
Community and its Member States, of the one part, and the
United Mexican States, of the other part (hereinafter ‘the
Agreement’), and in particular articles 6, 9, 12 and 50 in
conjunction with Article 47 thereof.

Mindful of their rights and obligations under the Marrakesh
Agreement establishing the World Trade Organisation (herein-
after ‘the WTO’).

Whereas:

(1)

Article 4 and 6 of the Agreement provide that the
Joint Council shall decide on the arrangements for a
progressive and reciprocal
trade in
services, in accordance with Article V of the General
Agreement on Trade in Services (hereinafter ‘GATS’).

liberalisation of

(3)

(4)

(5)

isation of investment and related payments between the
Parties.

Article 12 of the Agreement stipulates that the Joint
Council shall adopt measures with a view to ensure an
adequate and effective protection of intellectual property
rights.

Article 50 of the Agreement provides that the Joint
Council shall establish a specific trade or trade related
dispute settlement procedure.

In accordance with Article 60 of the Agreement, upon
entry into force of that Agreement, the Decision 2/2000
of the Joint Council established by the Interim Agree-
ment on trade and trade-related matters between the
European Community, of the one part, and the United
Mexican States, of the other part, is deemed to have
been adopted by the Joint Council established by the
Agreement. That decision implements the objectives
laid down in Articles 5, 10, 11 and 12(2)(a) of the
Agreement,

(2)

Article 9 of the Agreement provides that the Joint
Council shall adopt measures for the progressive liberal-

HAS DECIDED AS FOLLOWS:

TITLE I

GENERAL PROVISIONS

Article 1

Scope of the Decision

The Joint Council hereby lays down the necessary arrange-
ments for implementing the following objectives of
the
Agreement:

(a)

the progressive and reciprocal liberalisation of trade in
services, in conformity with Article V of GATS;

(b)

(c)

the progressive liberalisation of investment and related
payments;

ensuring an adequate and effective protection of the
intellectual property rights, in accordance with the highest
international standards; and

(d)

establishing a dispute settlement mechanism.

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TITLE II

TRADE IN SERVICES

Article 2

Coverage

For the purposes of this Title, trade in services is defined

1.
as the supply of a service:

from the territory of a Party into the territory of the other
Party;

CHAPTER I

GENERAL PROVISIONS

Article 3

Definitions

(a)

(b)

(c)

in the territory of a Party to the service consumer of the
other Party;

For purposes of this Chapter:

by a service supplier of a Party, through commercial
presence in the territory of the other Party;

(d) by a service supplier of a Party, through presence of
natural persons in the territory of the other Party.

(a) A federal, central or subcentral government includes any
non-governmental body in the exercise of any regulatory,
administrative or other governmental authority delegated
to it by that federal, central and sub-central government;

(b)

‘service suppliers’ of a Party means any person of a Party
that seeks to provide or provides a service;

This Title applies to trade in all services sectors with the

2.
exception of:

(c)

‘commercial presence’ means:

(a)

audio-visual services;

(b)

air services,
including domestic and international air
transportation services, whether scheduled or non-sched-
uled, and related services in support of air services, other
than:

(i)

aircraft repair and maintenance services during
which an aircraft is withdrawn from service,

(ii)

the selling and marketing of air transport services,

(i)

(ii)

as regards nationals, the right to set up and manage
undertakings, which they effectively control. This
shall not extend to seeking or taking employment in
the labour market or confer a right of access to the
labour market of another Party,

as regards juridical persons, the right to take up and
pursue the economic activities covered by this
Chapter by means of the setting up and management
of subsidiaries, branches or any other form of
secondary establishment,

(iii) computer reservation system (CRS) services, and

(d)

‘subsidiary’ means a juridical person which is effectively
controlled by another juridical person;

(c) maritime cabotage.

3. Maritime transport and financial services shall be gover-
ned by the provisions laid down in Chapters II and III,
respectively, unless otherwise specified.

Nothing in this Title shall be construed to impose any

4.
obligation with respect to government procurement.

The provisions of this Title shall not apply to subsidies

5.
granted by the Parties.

(e)

a ‘Community juridical person’ or a ‘Mexican juridical
person’ means a juridical person set up in accordance
with the laws of a Member State of the Community or of
Mexico, respectively, and having its registered office,
central administration, or principal place of business in
the territory of the Community or of Mexico, respectively;

Should the juridical person have only its registered
office or central administration in the territory of the
Community or Mexico, respectively,
it shall not be
considered as a Community or a Mexican juridical person,
respectively, unless its operations possess a real and
continuous link with the economy of the Community or
Mexico, respectively;

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(f)

a ‘national’ means a natural person who is a national of
one of the Member States or Mexico according to their
respective national legislations.

services suppliers of the other Party shall be no less favourable
than that accorded to like services suppliers of any third
country.

Article 4

Market Access

2.
Treatment granted under other agreements concluded by
one of the Parties with a third country which have been
notified under Article V of GATS shall be excluded from this
provision.

In those sectors and modes of supply which shall be liberalised
pursuant to the decision provided for in Article 7 (3), and
subject to any reservations stipulated therein, the measures
which a Party shall not maintain or adopt are defined as:

3.
If a Party enters into an agreement of the type referred
to in paragraph 2, it shall afford adequate opportunity to the
other Party to negotiate the benefits granted therein.

(a)

(b)

(c)

(d)

limitations on the number of services suppliers whether
in the form of numerical quotas, monopolies, exclusive
service suppliers or the requirements of an economic
needs test;

limitations on the total value of service transactions or
assets in the form of numerical quotas or the requirement
of an economic needs test;

limitations on the total number of service operations or
on the total quantity of service output expressed in the
terms of designated numerical units in the form of quotas
or the requirement of an economic needs test;

limitations on the total number of natural persons that
may be employed in a particular service sector or that a
service supplier may employ and who are necessary for,
and directly related to, the supply of a specific service in
the form of numerical quotas or a requirement of an
economic needs test;

(e)

limitations on the participation of foreign capital in terms
of maximum percentage limit on foreign shareholding
or the total value of individual or aggregate foreign
investment; and

(f) measures which require specific types of legal entities or
joint ventures through which a service supplier of the
other Party may supply a service.

Article 6

National Treatment

Each Party shall, in accordance with Article 7, grant to
1.
services and service suppliers of the other Party, in respect of
all measures affecting the supply of services, treatment no less
favourable than that it accords to its own like services and
services suppliers.

A Party may meet the requirement of paragraph 1 by
2.
according to services and service suppliers of
the other
Party, either formally identical treatment or formally different
treatment to that it accords to its own like services and service
suppliers.

3.
Formally identical or formally different treatment shall
be considered to be less favourable if it modifies the conditions
of competition in favour of services or service suppliers of the
Party compared to like services or service suppliers of the
other Party.

Article 7

Trade liberalisation

Article 5

Most Favoured Nation Treatment

1.
As provided for in paragraphs 2 to 4, the Parties shall
liberalise trade in services between themselves, in conformity
with Article V of GATS.

1.
Subject to exceptions that may derive from harmonis-
ation of regulations based on agreements concluded by a Party
with a third country providing for mutual recognition in
accordance with Article VII of GATS, treatment accorded to

2.
From the entry into force of this Decision, neither Party
shall adopt new, or more, discriminatory measures as regards
services or service suppliers of the other Party, in comparison
with the treatment accorded to its own like services or service
suppliers.

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3.
No later than three years following the entry into force
of this Decision, the Joint Council shall adopt a decision
providing for the elimination of substantially all remaining
discrimination between the Parties in the sectors and modes of
supply covered by this Chapter (1). That decision shall contain:

(a)

(b)

a list of commitments establishing the level of liberalis-
ation which the Parties agree to grant each other at the
end of a transitional period of ten years from the entry
into force of this Decision;

a liberalisation calendar for each Party in order to reach
at the end of the ten-year transitional period the level of
liberalisation described in subparagraph (a).

4.
Except as provided for in paragraph 2, Articles 4, 5 and
6 shall become applicable in accordance with the calendar and
subject to any reservations stipulated in the Parties’ lists of
commitments provided for in paragraph 3.

2.
Any such agreement shall be in conformity with the
relevant provisions of the WTO Agreement and, in particular,
Article VII of GATS.

CHAPTER II

MARITIME TRANSPORT

Article 10

International Maritime Transport

1.
This Chapter applies to international maritime transport,
including door to door and intermodal transport operations
involving a sea-leg.

5.
The Joint Council may amend the liberalisation calendar
and the list of commitments established in accordance with
paragraph 3, with a view to remove or add exceptions.

The Definitions contained in Article 3 apply to this

2.
Chapter (2).

Article 8

Regulatory carve-out

Each Party may regulate the supply of services in its territory,
in so far as regulations do not discriminate against services
and service suppliers of the other Party, in comparison to its
own like services and service suppliers.

Article 9

Mutual recognition

In principle no later than three years following the entry
1.
into force of this Decision, the Joint Council shall establish the
necessary steps for the negotiation of agreements providing
for the mutual recognition of requirements, qualifications,
licenses and other regulations, for the purpose of the fulfilment,
in whole or in part, by service suppliers of the criteria applied
by each Party for the authorisation, licensing, operation and
certification of service suppliers and, in particular, professional
services.

In view of the existing levels of liberalisation between

3.
the Parties in international maritime transport:

(a)

(b)

the Parties shall continue to effectively apply the principle
of unrestricted access to the international maritime
market and traffic on a commercial and non-discriminat-
ory basis;

each Party shall continue to grant to ships operated by
service suppliers of the other Party treatment no less
favourable than that accorded to its own ships with
regard to, inter alia, access to ports, use of infrastructure
and auxiliary maritime services of the ports, as well as
related fees and charges, customs facilities and the
assignment of berths and facilities for loading and
unloading.

Each Party shall permit to service suppliers of the other
4.
Party to have a commercial presence in its territory under
conditions of establishment and operation no less favourable
than those accorded to its own service suppliers or those of
any third country, whichever are the better, and this in
conformity with the legislation and regulations applicable in
each Party.

(1) The Joint Council may decide to postpone the adoption of the
decision provided for in this paragraph. Should this occur, the
decision shall be adopted not later than one year after the
conclusion of the negotiations mandated by Article XIX of GATS
and in any event within a reasonable timeframe before the end of
the ten-year transitional period.

(2) Notwithstanding Article 3(e), shipping companies established
outside the Community or Mexico and controlled by nationals of
a Member State of the Community or Mexico, respectively, shall
also be beneficiaries of the provisions of this Chapter, if their
vessels are registered in accordance with their respective legis-
lation, in that Member State or in Mexico and carry the flag of a
Member State or Mexico.

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5.
Paragraph 4 shall become applicable in accordance with
the calendar and subject to any reservation stipulated in the
Parties’ list of commitments provided for in Article 7(3).

6.

trading for own account or for account of
customers, whether on an exchange, in an over-
the-counter market or otherwise, the following:

CHAPTER III

FINANCIAL SERVICES

Article 11

Definitions

In accordance with the terms of the Annex on Financial
Services to the GATS and the GATS Understanding on
Commitments in Financial Services,
this
Chapter:

for purposes of

(a)

‘Financial service’ means any service of a financial nature
offered by a financial service supplier of a Party. Financial
services comprise the following activities:

A.

Insurance and insurance-related services:

(a) money market

instruments

(including

cheques, bills, certificates of deposits);

(b)

foreign exchange;

(c)

(d)

derivative products including, but not
limited to, futures and options;

exchange rate and interest rate instru-
ments, including products such as swaps,
forward rate agreements;

(e)

transferable securities;

(f)

other negotiable instruments and financial
assets, including bullion;

7.

participation in issues of all kinds of securities,
including underwriting and placement as agent
(whether publicly or privately) and provision
of services related to such issues;

1.

direct insurance (including co-insurance):

8. money broking;

(a)

life;

(b) non-life;

2.

3.

4.

reinsurance and retrocession;

insurance inter-mediation, such as brokerage
and agency; and

services auxiliary to insurance, such as con-
sultancy, actuarial, risk assessment and claim
settlement services.

B.

Banking and other financial services (excluding
insurance):

1.

2.

3.

4.

acceptance of deposits and other repayable
funds from the public;

lending of all types, including consumer credit,
mortgage credit, factoring and financing of
commercial transaction;

financial leasing;

all payment and money transmission services,
including credit, charge and debit cards, travel-
lers cheques and bankers drafts;

5.

guarantees and commitments;

9.

asset management, such as cash or portfolio
management, all forms of collective investment
management, pension fund management, cus-
todial, depository and trust services;

10.

settlement and clearing services for financial
assets, including securities, derivative products,
and other negotiable instruments;

11. provision and transfer of financial information,
and financial data processing and related
software by suppliers of other financial services;

12. advisory,

intermediation and other auxiliary
financial services on all the activities listed
in subparagraphs (1) through (11), including
credit reference and analysis, investment and
portfolio research and advice, advice on acqui-
sitions and on corporate restructuring and
strategy.

(b)

(c)

‘Financial service supplier’ means any juridical person of
a Party authorised to supply financial services. The term
‘financial service supplier’ does not include a public entity.

‘New financial service’ means a service of a financial
nature,
including services related to existing and new
products or the manner in which a product is delivered,

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that is not supplied by any financial service supplier in
the territory of a Party but which is supplied in the
territory of the other Party.

(d)

‘Public entity’ means:

1. A government, a central bank or a monetary auth-
ority, of a Party, or an entity owned or controlled by
a Party, that is principally engaged in carrying out
governmental functions or activities for govern-
mental purposes, not including an entity principally
engaged in supplying financial services on commer-
cial terms; or

2. A private entity, performing functions normally
performed by a central bank or monetary authority,
when exercising those functions.

(e)

‘Commercial presence’ means a juridical entity within a
Party’s territory for the supply of
financial services
and includes wholly or partly owned subsidiaries, joint
ventures, partnerships, franchising operations, branches,
agencies, representative offices or other organisations.

(b)

(c)

(d)

limitations on the total value of financial service trans-
actions or assets in the form of numerical quotas or the
requirement of an economic test;

limitations on the total number of service operations or
on the total quantity of service output expressed in the
terms of designated numerical units in the form of quotas
or the requirement of an economic needs test;

limitations on the total number of natural persons that
may be employed in a particular financial service sector
or that a financial service supplier may employ and who
are necessary for, and directly related to, the supply of a
specific financial service in the form of numerical quotas
or a requirement of an economic needs test; and

(e)

limitations on the participation of foreign capital
in
the terms of maximum percentage limit on foreign
shareholding or the total value of individual or aggregate
foreign investment.

Article 13

Article 12

Cross-border provision of financial services

Establishment of financial service suppliers

1.
Each Party shall allow the financial service suppliers of
the other Party to establish a commercial presence in its
territory.

Each Party may require a financial service supplier of the
2.
other Party to incorporate under its own law or impose terms
and conditions on establishment that are consistent with the
other provisions of this Chapter.

3.
No Party may adopt new measures as regards to the
establishment and operation of financial service suppliers of
the other Party, which are more discriminatory than those
applied on the date of entry into force of this Decision.

Each party shall allow the cross-border provision of

1.
financial services.

2.
No Party may adopt new measures as regards to the
cross-border provision of financial services by financial service
suppliers of the other Party which are more discriminatory as
compared to those applied on the date of entry into force of
this Decision.

3. Without prejudice to other means of prudential regu-
lation of the cross-border provision of financial services, a
Party may require the registration of cross-border financial
service suppliers of the other Party.

4.

No Party shall maintain or adopt the following measures:

(a)

limitations on the number of financial service suppliers
whether in the form of numerical quotas, monopolies,
exclusive financial service suppliers or the requirements
of an economic needs test;

4.
Each Party shall permit persons located in its territory to
purchase financial services from financial service suppliers of
the other Party located in the territory of that other Party. This
obligation does not require a Party to permit such suppliers to
do business or carry on commercial operations; or to solicit,
market or advertise their activities in its territory. Each
Party may define the meaning of ‘doing business’, ‘carry on
commercial operations’,
‘market’ and ‘advertise’ for
purposes of this obligation.

‘solicit’,

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Article 14

National treatment

Article 17

Commitments

Each Party shall grant to the financial service suppliers
1.
of the other Party, including those already established in its
territory on the date of entry into force of this Decision,
it accords to its
treatment no less favourable than that
own like financial service suppliers with respect
to the
establishment, acquisition, expansion, management, conduct,
operation and sale or other disposition of commercial oper-
ations of financial service suppliers in its territory.

2. Where a Party permits the cross-border provision of a
financial service it shall accord to the financial service suppliers
of the other Party treatment no less favourable than that it
accords to its own like financial service suppliers with respect
to the provision of such a service.

Article 15

Most favoured nation treatment

1.
Each Party shall accord to financial service suppliers of
the other Party treatment no less favourable than it accords to
the like financial service suppliers of a non Party.

2.
Treatment granted under other agreements concluded by
one of the Parties with a third country which have been
notified under Article V of GATS shall be excluded from this
provision.

If a Party enters into an agreement of the type referred
3.
to in paragraph 2, it shall afford adequate opportunity to the
other Party to negotiate the benefits granted therein.

Article 16

Key personnel

1.
No Party may require a financial service supplier of the
other Party to engage individuals of any particular nationality
as senior managerial or other key personnel.

2.
No Party may require that more than a simple majority
of the board of directors of a financial service supplier of the
other Party be composed of nationals of the Party, persons
residing in the territory of the Party, or a combination thereof.

Nothing in this Chapter shall be construed to prevent a

1.
Party to apply:

(a)

(b)

any existing measure inconsistent with Articles 12 to 16
which is listed on Annex I; or

an amendment to any discriminatory measure referred to
in subparagraph (a) to the extent that the amendment
does not increase the inconsistency of the measure with
Articles 12 to 16, as it existed immediately before the
amendment.

The measures listed in Annex I shall be reviewed by the
2.
Special Committee on Financial Services established under
Article 23, with a view to propose to the Joint Council their
modification, suspension or elimination.

3.
No later than three years following the entry into force
of this Decision, the Joint Council shall adopt a decision
providing for the elimination of substantially all remaining
discrimination. That decision shall contain a list of commit-
ments establishing the level of liberalisation which the Parties
agree to grant each other.

Article 18

Regulatory carve out

Each Party may regulate the supply of financial services, in so
far as regulations do not discriminate against financial service
or financial service suppliers of the other Party in comparison
to its own like financial services and financial service suppliers.

Article 19

Prudential carve out

Nothing in this Chapter shall be construed to prevent a
1.
Party from adopting or maintaining reasonable measures for
prudential reasons, such as:

(a)

the protection of investors, depositors, financial market
participants, policy-holders, policy-claimants, or persons
to whom a fiduciary duty is owed by a financial service
supplier;

(b)

the maintenance of the safety, soundness, integrity or
financial responsibility of financial service suppliers; or

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(c)

ensuring the integrity and stability of a Party’s financial
system.

2.
These measures shall not be more burdensome than
necessary to achieve their aim, and shall not discriminate
the other Party in
against
comparison to its own like financial service suppliers.

financial service suppliers of

Nothing in this Chapter shall be construed to require a
3.
Party to disclose information relating to the affairs and
accounts of
individual consumers or any confidential or
proprietary information in the possession of public entities.

Article 21

New financial services

Each Party shall permit a financial service supplier of the other
Party to provide any new financial service of a type similar to
those services that the Party permits its own financial service
suppliers to provide under its domestic law in like circum-
stances. A Party may determine the juridical form through
which the service may be provided and may require authoris-
ation for the provision of the service. Where such authorisation
is required, a decision shall be made within a reasonable time
and the authorisation may only be refused for prudential
reasons.

Article 20

Effective and transparent regulation

Article 22

Data processing

Each Party shall make its best endeavours to provide in
1.
advance to all
interested persons any measure of general
application that the Party proposes to adopt in order to allow
an opportunity for such persons to comment on the measure.
Such measure shall be provided:

Each Party shall permit a financial service supplier of the
1.
other Party to transfer information in electronic or other form,
into and out of its territory, for data processing where such
processing is required in the ordinary course of business of
such financial service supplier.

(a)

by means of an official publication; or

(b)

in other written or electronic form.

2.
As far as the transfer of personal data is concerned, each
Party shall adopt adequate safeguards to the protection of
privacy and fundamental rights, and freedom of individuals in
accordance with Article 41 of the Agreement.

2.
Each Party’s appropriate financial authority shall make
available to interested persons its requirements for completing
applications relating to the supply of financial services.

On the request of an applicant, the appropriate financial
3.
authority shall
its
inform the applicant of
application. If such authority requires additional information
from the applicant, it shall notify the applicant without undue
delay.

the status of

4.
Each Party shall make its best endeavours to ensure that
the Basle Committee’s ‘Core Principles for Effective Banking
Supervision’, the International Association of Insurance Super-
visors’
‘Key Standards for Insurance Supervision’ and the
International Organisation of Securities Commissions’ ‘Objec-
tives and Principles of Securities Regulation’ are implemented
and applied in its territory.

5.
The Parties also take note of the ‘Ten Key Principles for
Information Exchange’ promulgated by the Finance Ministers
of the G7 Nations, and undertake to consider to what extent
they may be applied in bilateral contacts.

Article 23

Special Committee on Financial Services

1.
The Joint Council hereby establishes a Special Committee
on Financial Services. The Special Committee shall be compo-
sed of representatives of the Parties. The principal representa-
tive of each Party shall be an official of the Party’s authority
responsible for financial services set out in Annex II.

2.

The functions of the Special Committee shall include:

(a)

supervising the implementation of this Chapter;

(b)

(c)

considering issues regarding financial services that are
referred to it by a Party;

considering the application of measures listed by either
in order to propose to the Joint
Party in Annex I
Council its modification, suspension or elimination, as
appropriate;

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(d)

reviewing the provisions contained in this Chapter at
such a time as either of the Parties may grant a third party
more favourable access to its financial services market
pursuant
to the conclusion of a regional economic
integration agreement compatible with Article V of
GATS, with a view to proposing consequent modifi-
cations to this Chapter to the Joint Council; and

(e)

considering implementation of Article 16 of the Agree-
ment.

3.
The Special Committee shall meet once a year on a date
and with an agenda agreed in advance by the Parties. The office
of chairman shall be held alternately. The Special Committee
shall report to the Joint Committee the results of each annual
meeting.

Article 24

Consultations

1.
A Party may request consultations with the other Party
regarding any matter arising under this Chapter. The other
Party shall give sympathetic consideration to the request. The
Parties shall report the results of their consultations to the
Special Committee on Financial Services at its annual meeting.

Consultations under this Article shall include officials of

2.
the authorities specified in Annex II.

Nothing in this Article shall be construed to require
3.
financial authorities participating in consultations to disclose
information or take any action that would interfere with
individual regulatory, supervisory, administrative or enforce-
ment matters.

4. Where a Party requires information for supervisory
purposes concerning a financial service supplier in the other
the Party may approach the competent
Party’s territory,
financial authority in the other Party’s territory to seek the
information.

Article 25

Dispute settlement

Arbitrators appointed to panels established in accordance with
Title V for disputes on prudential issues and other financial
matters shall have the necessary expertise relevant to the
specific financial service under dispute, as well as expertise or
experience in financial services law or practice, which may
include the regulation of financial institutions.

Article 26

Specific exceptions

Nothing in this Chapter shall be construed to prevent a
1.
Party, including its public entities, from exclusively conducting
or providing in its territory activities or services forming part
of a public retirement plan or statutory system of social
security, except when those activities may be carried out by
financial service suppliers in competition with public entities
or private institutions.

Nothing in this Chapter applies to activities conducted
2.
by a central bank or monetary authority or by any other public
entity in pursuit of monetary or exchange rate policies.

3.
Nothing in this Chapter shall be construed to prevent a
Party, including its public entities, from exclusively conducting
or providing in its territory activities or services for the account
or with the guarantee or using the financial resources of the
Party, or its public entities.

CHAPTER IV

GENERAL EXCEPTIONS

Article 27

Exceptions

The provisions of this Title are subject to the exceptions

1.
contained in this Article.

Subject to the requirement that such measures are not
2.
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
trade in services, nothing in this Title shall be construed to
prevent the adoption or enforcement by any Party of measures:

(a)

necessary to protect public morals or to maintain public
order and public security;

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

(c)

necessary to secure compliance with laws or regulations
which are not inconsistent with the provisions of this
Title including those relating to:

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(i)

(ii)

the prevention of deceptive and fraudulent practices
or to deal with the effects of a default on services
contracts;

the privacy of

the protection of
individuals in
relation to the processing and dissemination of
personal data and the protection of confidentiality
of individual records and accounts;

(iii)

safety;

(d)

inconsistent with the objective of Article 6 and 14,
provided that the difference in treatment is aimed at
ensuring the effective or equitable imposition or collec-

tion of direct taxes in respect of services or service
suppliers of the other Party.

3.
The provisions of this Title shall not apply to the Parties’
respective social security systems or to activities in the territory
of each Party, which are connected, even occasionally, with
the exercise of official authority.

4.
Nothing in this Title shall prevent a Party from applying
its laws, regulations and requirements regarding entry and
stay, work, labour conditions, and establishment of natural
persons (1) provided that, in so doing, it does not apply them
in a manner as to nullify or impair the benefits accruing to the
other Party under the terms of a specific provision of this Title.

TITLE III

INVESTMENT AND RELATED PAYMENTS

Article 28

Definitions

2.
Restrictions on payments related to investments in the
services sector which have been liberalised in accordance with
Title II of this Decision shall be eliminated according to the
same timetable.

this Title,

For the purpose of

investment made in
1.
accordance with the laws of the Parties means direct invest-
ment,
investment in real estate and purchase and sale of
any kind of securities, as defined in the OECD Codes of
Liberalisation.

Payments covered by this Title are those related to an

2.
investment.

Article 29

Payments related to investment

1. Without prejudice to Articles 30 and 31, restrictions on
payments related to investment between the Parties shall be
progressively eliminated. The Parties undertake not to intro-
duce any new restrictions on payments related to direct
investment from the entry into force of this Decision.

(1) In particular, a Party may require that natural persons must
possess the necessary academic qualifications and/or professional
experience specified in the territory where the service is supplied,
for the sector of activity concerned.

Article 30

Exchange rate policy and monetary policy difficulties

1. Where, in exceptional circumstances, payments related
to investment between the Parties cause, or threaten to cause,
serious difficulties for the operation of the exchange rate policy
or monetary policy of a Party, that Party may take safeguard
measures that are strictly necessary for a period not exceeding
six months. The application of safeguard measures may be
extended through their formal reintroduction.

2.
The Party adopting the safeguard measure shall inform
the other Party forthwith and present, as soon as possible, a
time schedule for their removal.

Article 31

Balance of payments difficulties

1. Where one or more Member States or Mexico is in
serious balance of payments difficulties, or under imminent
threat thereof, the Community or the Member State concerned,
or Mexico, as the case may be, may adopt restrictive measures
with regard to payments, including transfers of proceeds from
the total or partial
liquidation of direct investment. Such
measures shall be equitable, non-discriminatory, in good faith,
of limited duration and may not go beyond what is necessary
to remedy the balance of payments situation.

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The Community or the Member State concerned, or
2.
Mexico, as the case may be, shall
inform the other Party
forthwith and present, as soon as possible, a time schedule for
their removal. Such measures shall be taken in accordance
with other international obligations of the Party concerned,
including those under the WTO Agreement and the Articles of
Agreement of the International Monetary Fund.

Article 32

Transfers

The liquidation and transfer abroad of any direct investment
made in Mexico by Community residents or in the Community
by Mexican residents, and of any profits stemming therefrom,
shall not be affected by the provisions of Article 30.

Article 33

Investment promotion between the Parties

The Community and its Member States, within the scope of
their respective competences, and Mexico shall aim to promote
an attractive and stable environment for reciprocal investment.
Such promotion should take the form, in particular, of:

(a) mechanisms for information about and identification and
legislation and oppor-
investment

dissemination of
tunities;

(b) development of a legal framework favourable to invest-
ment on both sides, particularly through the conclusion,
where appropriate, by the Member States of the Com-
munity and Mexico of bilateral agreements promoting
and protecting investment and preventing double tax-
ation;

(c)

development of uniform and simplified administrative
procedures; and

(d) development of mechanisms for joint investments, in
particular with the small and medium enterprises of both
Parties.

Article 34

International commitments on investment

The Community and its Member States, within the scope
of
their
their respective competences, and Mexico recall
international commitments with regard to investment, and
especially the OECD Codes of Liberalisation and OECD
National Treatment Instrument.

Article 35

Review clause

With the view of the objective of progressive liberalisation of
investment, the Community and its Member States, and Mexico
affirm their commitment
legal
framework, the investment climate and the flow of investment
between their territories consistent with their commitments in
international investment agreements not later than three years
after the entry into force of this Decision.

to review the investment

TITLE IV

INTELLECTUAL PROPERTY

Article 36

(d)

International Convention for the Protection of Per-
formers, Producers of Phonograms and Broadcasting
Organisations (Rome, 1961); and

Multilateral Conventions on Intellectual Property

1.
The Community and its Member States, on the one hand,
and Mexico on the other hand, confirm their obligations
arising from the following multilateral conventions:

(e)

Patent Cooperation Treaty (Washington, 1970, amended
in 1979 and modified in 1984).

(a) Agreement on Trade-related Aspects of Intellectual Prop-

erty Rights (TRIPs Agreement, 1994);

(b)

Paris Convention for the Protection of Industrial Property
(Stockholm Act, 1967);

(c) Berne Convention for the Protection of Literary and

Artistic Works (Paris Act, 1971);

2.
The Parties confirm the importance they attach to the
obligations arising from the International Convention for the
Protection of New Varieties of Plants, 1978 (1978 UPOV
Convention), or the International Convention for the Protec-
tion of New Varieties of Plants, 1991 (1991 UPOV Conven-
tion).

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3.
At the entry into force of this Decision, the Member
States of the Community and Mexico will have acceded to the
Nice Agreement concerning the International Classification of
Goods and Services for the purposes of the Registration of
Marks (Geneva, 1977 and amended in 1979).

4. Within 3 years of the entry into force of this Decision
the Members States of the Community and Mexico will
have acceded to the Budapest Treaty of the International
Recognition of the Deposit of Microorganisms for the Purposes
of Patent Procedure (1977, modified in 1980).

5.
The Parties shall make every effort to complete the
necessary procedures for their accession to the following
multilateral conventions at the earliest possible opportunity:

(a)

the WIPO Copyright Treaty (Geneva, 1996); and

(b)

the WIPO Performances and Phonogram Treaty (Geneva,
1996).

TITLE V

DISPUTE SETTLEMENT

CHAPTER I

SCOPE AND COVERAGE

Article 37

Scope and coverage

The provisions of this Title shall apply with respect to
1.
any matter arising from this Decision or from Articles 4, 5, 6,
7, 8, 9, 10 and 11 of the Agreement (hereinafter the ‘covered
legal instruments’).

2.
By way of exception, the arbitration procedure laid down
in Chapter III shall not be applicable in the case of disputes
concerning Article 9(2), 31(2) last sentence, 34 and 36 of this
Decision.

CHAPTER II

CONSULTATION

Article 38

Consultation

3.
The Joint Committee shall convene within 30 days of
delivery of the request and shall endeavour to resolve the
dispute promptly by means of a decision. That decision shall
specify the implementing measures to be taken by the Party
concerned, and the period of time to do so.

CHAPTER III

ARBITRATION PROCEDURE

Article 39

Establishment of an arbitration panel

In case a Party considers that a measure applied by the
1.
other Party violates the covered legal instruments and such
matter has not been resolved within 15 days after the Joint
Committee has convened pursuant to Article 38(3) or 45 days
after the delivery of the request for a Joint Committee meeting,
either Party may request in writing the establishment of an
arbitration panel.

The requesting Party shall state in the request the measure
2.
and indicate the provisions of the covered legal instruments
that it considers relevant, and shall deliver the request to the
other Party and to the Joint Committee.

1.
The Parties shall at all times endeavour to agree on the
interpretation and application of the covered legal instruments
and shall make every attempt
through cooperation and
consultations to arrive to a mutually satisfactory resolution of
any matter that might affect their operation.

Article 40

Appointment of arbitrators

2.
Each Party may request consultations within the Joint
Committee with respect to any matter relating to the appli-
cation or interpretation of the covered legal instruments or
any other matter that it considers might affect their operation.

1.
The requesting Party shall notify the other Party of the
appointment of an arbitrator, and propose up to 3 candidates
to serve as a chair. The other Party must then appoint a second
arbitrator within 15 days, and propose up to 3 candidates to
serve as a chair.

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Both Parties shall endeavour to agree on the chair within

2.
15 days after the second arbitrator has been appointed.

5.
The complaining Party may withdraw its complaint at
any time before the final report has been issued. Such
withdrawal is without prejudice to its right to introduce a new
complaint regarding the same issue at a later point in time.

The date of establishment of the arbitration panel shall

3.
be the date on which the chair is appointed.

4.
If a Party fails to appoint its arbitrator pursuant to
paragraph 1, such arbitrator shall be selected by lot from the
candidates proposed. If the Parties are unable to agree on the
chair within the time period referred to in paragraph 2, it shall
be selected by lot within one week from the candidates
proposed.

5.
If an arbitrator dies, withdraws or is removed, a replace-
ment shall be selected within 15 days in accordance with the
selection procedure followed to select him or her. In such a
case, any time period applicable to the arbitration panel
proceeding shall be suspended for a period beginning on the
date the arbitrator dies, withdraws or is removed and ending
on the date the replacement is selected.

Article 41

Panel reports

1.
The arbitration panel should, as a general rule, submit an
initial report containing its findings and conclusions to
the Parties not later than three months from the date of
establishment of the arbitration panel. In no case should it do
so later than five months from this date. Any Party may submit
written comments to the arbitration panel on its initial report
within 15 days of presentation of the report.

The arbitration panel shall present to the Parties a final

2.
report within 30 days of presentation of the initial report.

3.
In cases of urgency, including those involving perishable
goods, the arbitration panel shall make every effort to issue its
final report to the Parties within three months from the date
of establishment of the arbitration panel. In no case should it
do so later than four months. The arbitration panel may give a
preliminary ruling on whether a case is urgent.

All decisions of the arbitration panel,

4.
including the
adoption of the final report and of any preliminary ruling,
shall be taken by majority vote, each arbitrator having one
vote.

Article 42

Implementation of panel reports

Each Party shall be bound to take the measures involved

1.
in carrying out the final report referred to in Article 41(2).

2.
The Party concerned shall inform the other Party within
30 days after the final report has been issued of its intentions
in respect of its implementation.

The Parties shall endeavour to agree on the specific

3.
measures that are required for implementing the final report.

The Party concerned shall promptly comply with the
4.
final report. If it is impracticable to comply immediately, the
Parties shall endeavour to agree on a reasonable period of time
to do so. In the absence of such agreement, either Party may
request the original arbitration panel to determine the length
of the reasonable period of time, in light of the particular
circumstances of the case. The ruling of the arbitration panel
shall be given within 15 days from that request.

5.
The Party concerned shall notify to the other Party the
measures adopted in order to implement the final report
before the expiry of the reasonable period of time determined
in accordance with paragraph 4. Upon that notification, any
of the Parties may request the original arbitration panel to rule
on the conformity of those measures with the final report. The
ruling of the arbitration panel shall be given within 60 days
from that request.

6.
If the Party concerned fails to notify the implementing
the reasonable period of
measures before the expiry of
time determined in accordance with paragraph 4, or if the
arbitration panel rules that the implementing measures notified
by the Party concerned are inconsistent with the final report,
such Party shall, if so requested by the complaining Party,
enter into consultations with a view to agree on a mutually
acceptable compensation.
If no such agreement has been
reached within 20 days from the request, the complaining
Party shall be entitled to suspend only the application of
benefits granted under the covered legal instruments equivalent
to those affected by the measure found to violate the covered
legal instruments.

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7.
In considering what benefits to suspend, a complaining
Party should first seek to suspend benefits in the same sector
or sectors as that affected by the measure that the panel has
found to violate the covered legal instruments. A complaining
Party that considers it is not practicable or effective to suspend
benefits in the same sector or sectors may suspend benefits in
other sectors.

suspension of benefits should be terminated or modified. The
ruling of the arbitration panel shall be given within 30 days
from the date of that request.

The rulings provided for in paragraphs 4, 5, 8 and 10

11.
shall be binding.

8.
The complaining Party shall notify the other Party of the
benefits which it intends to suspend no later than 60 days
before the date on which the suspension is due to take effect.
Within 15 days from that notification, any of the Parties may
request the original arbitration panel to rule on whether the
benefits which the complaining Party intends to suspend are
equivalent to those affected by the measure found to violate
the covered legal
instruments, and whether the proposed
suspension is in accordance with paragraphs 6 and 7. The
ruling of the arbitration panel shall be given within 45 days
from that request. Benefits shall not be suspended until the
arbitration Panel has issued its ruling.

9.
The suspension of benefits shall be temporary and shall
only be applied by the complaining Party until the measure
found to violate the covered legal
instruments has been
withdrawn or amended so as to bring it into conformity with
the covered legal instruments, or the Parties have reached
agreement on a resolution of the dispute.

At the request of any of the Parties,

10.
the original
arbitration panel shall rule on the conformity with the final
report of any implementing measures adopted after the
suspension of benefits and, in light of such ruling, whether the

Article 43

General provisions

Any time period mentioned in this Title may be extended

1.
by mutual agreement of the Parties.

2.
Unless the Parties otherwise agree, the arbitration panel
proceedings shall be conducted in accordance with the Model
Rules of Procedure set out in Annex III. The Joint Committee
may amend the Model Rules of Procedure.

3.
Arbitration proceedings established under this Title
will not consider issues relating to each Party’s rights and
obligations under the WTO.

4.
Recourse to the dispute settlement provisions of this
Title shall be without prejudice to any possible action in
including dispute settlement action.
the WTO framework,
However, where a Party has, with regard to a particular
matter, instituted a dispute settlement proceeding under either
Article 39(1) of this Title or the WTO Agreement, it shall not
institute a dispute settlement proceeding regarding the same
matter under the other forum until such time as the first
proceeding has ended. For purposes of this paragraph, dispute
settlement proceedings under the WTO Agreement are deemed
to be initiated by a Party’s request for a panel under Article 6
of the Understanding on Rules and Procedures Governing the
Settlement of Disputes of the WTO.

SPECIFIC DUTIES OF THE JOINT COMMITTEE WITH RESPECT TO TRADE AND OTHER
TRADE RELATED MATTERS

TITLE VI

Article 44

(c)

undertake consultations pursuant to Article 38(2) and (3);

1.

The Joint Committee shall:

(a)

supervise the implementation and proper operation of
this Decision, as well as of any other decision concerning
trade and other trade related matters (1);

(b) oversee the further elaboration of the provisions of this

Decision;

(d)

carry out any functions assigned to it under this Decision
or under any other decision concerning trade or trade
related matters;

(e)

assist the Joint Council in the performance of its functions
regarding trade and other trade related matters;

(f)

supervise the work of all the special committees estab-
lished under this Decision; and

(1) The Parties understand that ‘trade and other trade related matters’
includes any matter arising under this Decision and Titles III
through V of the Agreement.

(g)

report annually to the Joint Council.

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2.

(a)

The Joint Committee may:

set up any special committees or bodies to deal with
matters falling within its competence, and determine their
composition and duties, and how they shall function;

(b) meet at any time by agreement of the Parties;

(c)

consider any issues regarding trade and other trade related
matters, and take appropriate action in the exercise of its
functions; and

(d)

take decisions or make recommendations on trade and
other
in accordance with
related matters,
Article 48(2) of the Agreement.

trade

3. When the Joint Committee meets in order to perform
any of the tasks conferred upon it by this Decision, it shall be
composed of representatives of the members of the Council of
the European Union and of the European Commission, on the
one hand, and of representatives of the Government of Mexico,
on the other, with a responsibility for trade and trade related
matters, normally at senior civil servant level.

TITLE VII

FINAL PROVISIONS

Article 45

Entry into force

Article 46

Annexes

The Annexes to this Decision, including the Appendixes to
those Annexes, are an integral part thereof.

Done at Brussels, 27 February 2001.

This Decision shall enter into force on the first day of the
month following that in which it is adopted by the Joint
Council.

For the Joint Council

The President
J. CASTAN˜ EDA

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ANNEX I

(Referred to in Article 17)

PART A

COMMUNITY AND ITS MEMBER STATES

1.

2.

3.

The application of Chapter III to the Community and its Member States is subject to the limitations on market
access and national treatment scheduled by the European Communities and its Member States in the ‘all sectors’
section of their GATS schedule and to those relating to the sub-sectors listed below.

The market access commitments in respect of modes (1) and (2) apply only to the transactions indicated in
paragraphs B.3 and B.4 of the market access section of the ‘Understanding on Commitments in Financial
Services’ respectively.

Unlike foreign subsidiaries, branches established directly in a Member State by a Mexican financial institution
are not, with certain limited exceptions, subject to prudential regulations harmonised at Community level
which enable such subsidiaries to benefit from enhanced facilities to set up new establishments and to provide
cross-border services throughout the Community. Therefore, such branches receive an authorisation to operate
in the territory of a Member State under conditions equivalent to those applied to domestic financial institutions
of that Member State, and may be required to satisfy a number of specific prudential requirements such as, in
the case of banking and securities, separate capitalisation and other solvency requirements and reporting and
publication of accounts requirements or, in the case of insurance, specific guarantee and deposit requirements,
a separate capitalisation, and the localisation in the Member State concerned of the assets representing the
technical reserves and at least one third of the solvency margin. Member States may apply the restrictions
indicated in this schedule only with regard to the direct establishment from a Mexican of a commercial presence
or to the provision of cross-border services from Mexico; consequently, a Member State may not apply these
restrictions, including those concerning establishment, to Mexican subsidiaries established in other Member
States of the Community, unless these restrictions can also be applied to companies or nationals o f other
Member States in conformity with Community Law.

Sector or subsector

Mode of supply subject
to reserve

Description of the measure

A. Insurance

and 1) Cross border supply

Insurance-Related Ser-
vices

A: Promotional activity and intermediation on behalf
of a subsidiary not established in the Community or
of a branch not established in Austria (except for
reinsurance and retrocession) are prohibited.

A: Compulsory air insurance can be underwritten
only by a subsidiary established in the Community
or by a branch established in Austria.

A: Higher premium tax is due for insurance contracts
(except for contracts on reinsurance and retrocession)
which are written by a subsidiary not established in
the Community or by a branch not established in
Austria. Exception from the higher tax can be granted.

DK: Compulsory air transport
insurance can be
underwritten only by firms established in the Com-
munity.

DK: No persons or companies (including insurance
companies) may for business purposes in Denmark
assist in effecting direct insurance for persons resident

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Sector or subsector

Mode of supply subject
to reserve

Description of the measure

in Denmark, for Danish ships or for property in
Denmark, other than insurance companies licensed
by Danish law or by Danish competent authorities.

D: Compulsory air insurance policies can be under-
written only by a subsidiary established in the
Community or by a branch established in Germany.

D: If a foreign insurance company has established a
branch in Germany,
it may conclude insurance
contracts in Germany relating to international trans-
port only through the branch established in Germany.

I: Unbound for the actuarial profession.

FIN: Only insurers having their head office in the
European Economic Area or having their branch in
Finland may offer insurance services as referred to in
sub-paragraph 3(a) of the Understanding.

FIN: The supply of
insurance broker services is
subject to a permanent place of business in the
European Economic Area.

F: Insurance of risks relating to ground transport may
be carried out only by insurance firms established in
the Community.

I:
Insurance of risks relating to c.i.f. exports by
residents in Italy may be underwritten only by
insurance firms established in the Community.

I: Transport insurance of goods, insurance of vehicles
as such and liability insurance regarding risks located
in Italy may be underwritten only by insurance
companies established in the Community. This reser-
vation does not apply for international transport
involving imports into Italy.

P: Air and maritime transport insurance, covering
goods, aircraft, hull and liability can be underwritten
only by firms established in the EC; only persons
or companies established in the EC may act as
intermediaries for such insurance business in Por-
tugal.

S: The supply of direct insurance is allowed only
through an insurance service supplier authorised in
Sweden, provided that the foreign service supplier
and the Swedish insurance company belong to the
same group of companies or have an agreement of
cooperation between them.

2) Consumption abroad

A: Promotional activity and intermediation on behalf
of a subsidiary not established in the Community or
of a branch not established in Austria (except for
reinsurance and retrocession) are prohibited.

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Sector or subsector

Mode of supply subject
to reserve

Description of the measure

A: Compulsory air insurance can be underwritten
only by a subsidiary established in the Community
or by a branch established in Austria.

A: Higher premium tax is due for insurance contracts
(except for contracts on reinsurance and retrocession)
which are written by a subsidiary not established in
the Community or by a branch not established in
Austria. Exception from the higher tax can be granted.

DK: Compulsory air transport
insurance can be
underwritten only by firms established in the Com-
munity.

DK: No persons or companies (including insurance
companies) may for business purposes in Denmark
assist in effecting direct insurance for persons resident
in Denmark, for Danish ships or for property in
Denmark, other than insurance companies licensed
by Danish law or by Danish competent authorities.

D: Compulsory air insurance policies can be under-
written only by a subsidiary established in the
Community or by a branch established in Germany.

D: If a foreign insurance company has established a
branch in Germany,
it may conclude insurance
contracts in Germany relating to international trans-
port only through the branch established in Germany.

F: Insurance of risks relating to ground transport may
be carried out only by insurance firms established in
the Community.

Insurance of risks relating to c.i.f. exports by
I:
residents in Italy may be underwritten only by
insurance firms established in the Community.

I: Transport insurance of goods, insurance of vehicles
as such and liability insurance regarding risks located
in Italy may be underwritten only by insurance
companies established in the Community. This reser-
vation does not apply for international transport
involving imports into Italy.

P: Air and maritime transport insurance, covering
goods, aircraft, hull and liability can be underwritten
only by firms established in the EC; only persons
or companies established in the EC may act as
intermediaries for such insurance business in Por-
tugal.

3) Commercial presence

A: The licence for branch offices of foreign insurers
has to be denied if the insurer, in the home country,
does not have a legal form corresponding or compar-
able to a joint stock company or a mutual insurance
association.

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Sector or subsector

Mode of supply subject
to reserve

Description of the measure

B: Any public bid to acquire Belgian securities made
by or on behalf of a person, company or institution
outside the jurisdiction of one of the Member States
of the European Community shall be submitted to
the authorisation of the Minister of Finance.

E: Before establishing a branch or agency in Spain to
provide certain classes of insurance, a foreign insurer
must have been authorised to operate in the same
classes of insurance in its country of origin for at
least five years.

E, GR: The right of establishment does not cover the
creation of representative offices or other permanent
presence of insurance companies, except where such
offices are established as agencies, branches or head
offices.

FIN: The managing director, at least one auditor and
at least one half of the promoters and members of
the board of directors and the supervisory board of
an insurance company shall have their place of
residence in the European Economic Area, unless the
Ministry of Social Affairs and Health has granted an
exemption.

FIN: Foreign insurers cannot get a licence in Finland
as a branch to carry on statutory social insurances
(statutory pension insurance,
statutory accident
insurance).

FIN: The general agent of the foreign insurance
company shall have his place of residence in Finland,
unless the company has its head office in the
European Economic Area.

F: The establishment of branches is subject to a
special authorisation for the representative of the
branch.

I: Access to actuarial profession through natural
persons only. Professional associations (no incorpor-
ation) among natural persons permitted.

I: The authorisation of the establishment of branches
is ultimately subject to the evaluation of supervisory
authorities.

IRL: The right of establishment does not cover the
creation of representative offices.

P: Foreign companies may carry out insurance inter-
mediation in Portugal only through a company
formed in accordance with the law of a Community
Member State.

P: In order to establish a branch in Portugal, foreign
companies need to demonstrate prior operational
experience of at least five years.

S: Insurance broking undertakings not incorporated
in Sweden may establish a commercial presence only
through a branch.

S: Non-life insurance undertakings not incorporated
in Sweden conducting business in Sweden are —
instead of being taxed according to the net result —
subject to taxation based on the premium income
from direct insurance operations.

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Sector or subsector

Mode of supply subject
to reserve

Description of the measure

S: A founder of an insurance company shall be a
natural person resident in the European Economic
Area or a legal entity incorporated in the European
Economic Area.

4) Presence of natural per- Unbound except as indicated in the horizontal section

sons

and subject to the following specific limitations:

A: The management of a branch office must consist
of two natural persons resident in Austria.

DK: The general agent of an insurance branch will
need to have resided in Denmark for the last two
years unless being a national of one of the Member
States of the Community. The Minister of Business
and Industry may grant exemption.

DK: Residency requirement for managers and the
members of the board of directors of a company.
However, the Minister of Business and Industry may
grant exemption from this requirement. Exemption
is granted on a non-discriminatory basis.

E, I: Residence requirement for actuarial profession.

GR: A majority of the members of the board of
directors of a company established in Greece shall
be nationals of one of the Member States of the
Community.

B: Establishment
provision of investment advisory services.

in Belgium is required for the

IRL: The provision of investment services or invest-
ment advice requires either (I) authorisation in Ire-
land, which normally requires that the entity be
incorporated or be a partnership or a sole trader, in
each case with a head/registered office in Ireland
(authorisation may not be required in certain cases,
e.g. where a third country service provider has no
commercial presence in Ireland and the service is not
provided to private individuals), or (II) authorisation
in another Member State in accordance with the EC
Investment Services Directive.

I: Unbound for ‘promotori di servizi
(financial salesmen).

finanziari’

D: Issues of securities denominated in Deutschmarks
can be lead managed only by a credit institution,
subsidiary or branch, established in Germany.

FIN: Payments from governmental entities (expenses)
shall be transmitted through the Finnish Postal Giro
System, which is maintained by the Postipankki Ltd.
Exemption from this requirement may be granted on
special reason by the Ministry of Finance.

GR: Establishment
is required for the provision
of custodial and depository services involving the
administration of interest and principal payments
due on securities issued in Greece.

and Other 1) Cross Border supply

B. Banking
Financial
(excluding insurance)

Services

2) Consumption abroad

2) Consumption abroad

3) Commercial presence

12.3.2001

EN

Official Journal of the European Communities

L 70/27

Sector or subsector

Mode of supply subject
to reserve

Description of the measure

UK: Sterling issues, including privately led issues, can
be lead managed only by a firm established in the
European Economic Area.

sons

All Member States:

3) Commercial presence
4) Presence of natural per- — The establishment of a specialised management
company is required to perform the activities
of management of unit trusts and investment
companies (Articles 6 and 13 of UCITS Directive,
85/611/EEC).

— Only firms having their registered office in the
Community can act as depositories of the assets
of investment funds (Articles 8.1 and 15.1 of the
UCITS Directive, 85/611/EEC).

A: Only members of the Austrian Stock Exchange
may engage in securities
the Stock
Exchange.

trading at

A: For trading in foreign exchange and foreign
currency authorisation of the Austrian National Bank
is required.

A: Mortgage bonds and municipal bonds may be
issued by banks specialised and authorised for this
activity.

A: For carrying out services of pension fund manage-
ment a specialised company only for this activity and
incorporated as a stock company in Austria is
required.

B: Any public bid to acquire Belgian securities made
by or on behalf of a person, company or institution
outside the jurisdiction of one of the Member States
of the European Community shall be submitted to
the authorisation of the Minister of Finance.

DK: Financial institutions may engage in securities
trading on the Copenhagen Stock Exchange only
through subsidiaries incorporated in Denmark.

FIN: At least one half of the founders, the members
of the board of directors, the supervisory board and
the delegates, the managing director, the holder of
the procuration and the person entitled to sign in the
name of the credit institution shall have their place
of residence in the European Economic Area, unless
the Ministry of Finance grants an exemption. At least
one auditor shall have his place of residence in the
European Economic Area.

FIN: The broker (individual person) on derivative
exchange shall have his place of residence in the
European Economic Area. Exemption from this
requirement may be granted under the conditions set
by the Ministry of Finance.

FIN: Payments from governmental entities (expenses)
shall be transmitted through the Finnish Postal Giro
System, which is maintained by the Postipankki Ltd.
Exemption from this requirement may be granted on
special reason by the Ministry of Finance.

F: In addition to French credit institutions, issues
denominated in French francs may be lead managed
only by French subsidiaries (under French law) of
non-French banks which are authorised, based on
sufficient means and commitments in Paris of the

L 70/28

EN

Official Journal of the European Communities

12.3.2001

Sector or subsector

Mode of supply subject
to reserve

Description of the measure

candidate French subsidiary of a non-French bank.
These conditions apply to lead banks running the
books. A non-French bank may be, without restric-
tions or requirement to establish, jointly-lead or co-
lead manager of Eurofranc bond issue.

GR: Financial institutions may engage in the trading
of securities listed on the Athens Stock Exchange
only through stock exchange firms incorporated in
Greece.

GR: For the establishment and operations of branches
a minimum amount of foreign exchange must be
imported, converted into drachmas and kept
in
Greece as long as a foreign bank continues to operate
in Greece:

— Up to four (4) branches this minimum is currently
equal to half of the minimum amount of share
capital required for a credit institution to be
incorporated in Greece;

— For the operation of additional branches the
minimum amount of capital must be equal to the
minimum share capital required for a credit
institution to be incorporated in Greece.

IRL: In the case of collective investment schemes
constituted as unit trusts and variable capital com-
panies (other than undertakings for collective invest-
ment in transferable securities, UCITS), the trustee/de-
positary and management company is required to be
incorporated in Ireland or in another Member State
of the Community. In the case of an investment
limited partnership, at least one general partner must
be incorporated in Ireland.

IRL: To become a member of a stock exchange in
Ireland, an entity must either (I) be authorised in
Ireland, which requires that it be incorporated or be
a partnership, with a head/registered office in Ireland,
or (II) be authorised in another Member State in
accordance with the EC Investment Services Directive.

IRL: The provision of investment services or invest-
ment advice requires either (I) authorisation in Ire-
land, which normally requires that the entity be
incorporated or be a partnership or a sole trader, in
each case with a head/registered office in Ireland (the
supervisory authority may also authorise branches of
third country entities), or (II) authorisation in another
Member State in accordance with the EC Investment
Services Directive.

I: The public offer of securities (as provided for under
Article 18 of Law 216/74) other than shares, debt
securities (including convertible debt securities) can
only be made by Italian limited companies, foreign
companies duly authorised, public bodies or com-
panies belonging to local authorities whose assigned
capital is not below Lit 2 billion.

12.3.2001

EN

Official Journal of the European Communities

L 70/29

Sector or subsector

Mode of supply subject
to reserve

Description of the measure

I: Centralised deposit, custody and administration
services can be provided only by the Bank of Italy for
Government securities, or by Monte Titoli SpA for
shares, securities of a participating nature and other
bonds traded in a regulated market.

I:
In the case of collective investment schemes
other than harmonised UCITS under the directive
85/611/EEC, the trustee/depositary is required to be
incorporated in Italy or in another Member State of
the European Community, being established through
a branch in Italy. Only banks, insurance companies,
securities investment companies having their legal
head office in the European Community may carry
out activity of pension fund resources management.
Management companies (closed-end funds and real
estate funds) are also required to be incorporated in
Italy.

I: In providing the activity of door-to-door selling,
intermediaries must utilise authorised financial sales-
men resident within the territory of a Member State
of the European Communities.

I: Clearing and settlement of securities may be
conducted only by the official clearing system. A
company authorised by the Bank of Italy in agree-
ment with Consob could be entrusted with the
activity of clearing, up to the final settlement of
securities.

I: Representative offices of foreign intermediaries
cannot carry out activities aimed at providing invest-
ment services.

P: The establishment of non-EC banks is subject to
an authorisation issued, on a case-by-case basis, by
the Minister of Finance. The establishment has to
contribute to increase the national banking system’s
efficiency or has to produce significant effects on the
internationalisation of the Portuguese economy.

P: The services of venture capital may not be provided
by branches of venture capital companies having
their head office in a non-EC country. Broker-dealer
services on the Lisbon Stock Exchange may be
provided by broker and dealer companies incorpor-
ated in Portugal or by branches of investment firms
authorised in another EC country and authorised in
their home country to provide those services. Broker
and dealer
in the Oporto Derivatives
Exchange and in the OTC market may not be
provided by branches of non-EC broker/dealer com-
panies.

services

Pension fund management may be provided only by
companies incorporated in Portugal and by insurance
companies established in Portugal and authorised to
take up the life insurance business.

UK: Inter-dealer brokers, which are a category of
financial institutions dealing in Government debt, are
required to be established in the European Economic
Area and separately capitalised.

S: Undertakings not incorporated in Sweden may
establish a commercial presence only through a
branch, and in case of banks, also through a represen-
tative office.

L 70/30

EN

Official Journal of the European Communities

12.3.2001

Sector or subsector

Mode of supply subject
to reserve

Description of the measure

S: A founder of a banking company shall be a natural
person resident in the European Economic Area or a
foreign bank. A founder of a savings bank shall be a
natural person resident in the European Economic
Area.

4) Presence of natural per- Unbound except as indicated in the horizontal section

sons

and subject to the following specific limitations:

F: Sociétés d’ investissement à capital fixe: condition
of nationality for the president of the Board of
Directors, the Directors-General and no less than two
thirds of the administrators, and also, when the
securities firm has a Supervisory Board or Council,
for the members of such board or its Director-
General, and no less than two thirds of the members
of the supervisory Council.

GR: Credit institutions should name at least two
persons who are responsible for the operations of
the institution. Condition of residency applies to
these persons.

I: Condition of residence within the territory of a
Member State of the European Communities for
‘promotori di servizi finanziari’ (financial salesmen).

12.3.2001

EN

Official Journal of the European Communities

L 70/31

Part B

MEXICO

Sector or subsector

Mode of supply subject
to reserve

Description of the measure

FINANCIAL SERVICES

A) All

insurance
insurance-related
vices

and
ser-

(a) Life, accident and
insurance

health
services
(CPC 8121)

(b) Non-life insurance

services
(CPC 8129)

Establishment, Cross Bor- Established insurance companies may carry out
insurance and insurance-related services. Foreign
der
investors may hold up to 49 per cent of the paid-up
capital. Foreign investment by governments and
official agencies is not allowed. Effective control of
the enterprise by the Mexican shareholders
is
required. This percentage limit does not apply to
investments in foreign financial affiliates as such term
is defined in, and subject to terms and conditions
under the Affiliates Section.

(c) Reinsurance
retrocession
vices
(CPC 81299*)

and Establishment, Cross Bor- This activity may be carried out by established
insurance institutions. Foreign investors may hold up
ser- der
to 49 per cent of
the paid-up capital. Foreign
investment by governments and official agencies is
not allowed. Effective control of the enterprise by the
Mexican shareholders is required. This percentage
limit does not apply to investments in foreign
financial affiliates as such term is defined in, and
subject to terms and conditions under the Affiliates
Section.

Foreign reinsurance companies may participate in
reinsurance operations. According to the applicable
regulations, such companies are required to register
with the Ministry of Finance and Public Credit (SHCP),
which may authorise or refuse registration.

Foreign reinsurance companies, which are enrolled
in the register kept by the SHCP, may establish
representative offices in the country with the prior
authorisation of the SHCP. Representative offices of
foreign reinsurance companies, according to the
applicable regulations, may not act directly or
through an intermediary in direct insurance oper-
ations.

der

insurance such as:

(d) Services auxiliary to Establishment, Cross Bor- Foreign investors may hold up to 49 per cent of the
paid-up capital. The National Foreign Investment
Commission (CNIE) can authorise a greater percent-
age. Foreign investment by governments and official
agencies is not allowed. Effective control of the
enterprise by the Mexican shareholders is required.

— insurance brok-
ing and agency
services
(CPC 8140)

Currently, under the insurance law, it is prohibited to
contract with foreign companies:

1) Insurance of persons when the person is located
in Mexico at the time the contract is celebrated;

L 70/32

EN

Official Journal of the European Communities

12.3.2001

Sector or subsector

Mode of supply subject
to reserve

Description of the measure

2) Insurance of hulls of ships or airships and of any
class of vehicles, against risks proper to the
maritime and transport class of insurance, when
these ships, airships or vehicles are registered in
Mexico or are property of persons resident in
Mexico;

3) Credit insurance, when the insured is subject to

the Mexican legislation;

4) Insurance against civil

liability, derived from

events that may occur in Mexico; and

5) Other classes of insurance against risks that may
occur in Mexican territory. Insurance contracted
abroad by non-residents to cover their persons or
their vehicle risks during their temporary visit to
the Mexican territory are not subject to these
restrictions.

The SHCP can make an exemption in the following
cases:

1. Foreign insurers, with a previous authorisation
from the SHCP and complying with the require-
ments that it establishes, may enter into insurance
contracts in Mexican territory to cover risks that
occur in foreign territory in which they are
authorised to provide insurance services. Only in
these cases, foreign insurers are exempt from the
restriction related to offering (soliciting) insurance
in Mexico.

the
The SHCP with the previous opinion of
National Bonding and Insurance Commission
(CNSF), can revoke such authorisation, when it is
considered that the interests of the insurance
customers are endangered, previous hearing of
the insurance company affected; and

2. When no authorised insurance company can or
deems convenient to carry out a certain proposed
insurance operation, the SHCP, prior verification
of these circumstances, may discretionary grant a
specific authorisation so that it may be contracted
directly with a foreign insurer or through a local
insurance company.

and

B) Banking
financial
(excluding insurance)

other Establishment, Cross Bor- This activity is restricted to established commercial
banks. Foreign investment by persons exercising
governmental functions is not allowed.

services der

(a) Acceptance

of
deposits and other
repayable
funds
from the public
(CPC 81115-81119)

In accordance with the applicable financial
legis-
lation, representative offices of banking institutions
are excluded from this activity.

(b) Lending of all types, Establishment, Cross Bor- Established commercial banks may carry out lending
activities of all types,
including consumer credit,
mortgage credit, credit discounting and financing
of commercial transactions. Foreign investment by
persons exercising governmental functions is not
allowed.

including consumer der
credit,
mortgage
credit, factoring and
financing of finan-
cial transactions
(CPC 8113)

In accordance with the applicable financial
legis-
lation, representative offices of banking institutions
are excluded from this activity.

12.3.2001

EN

Official Journal of the European Communities

L 70/33

Sector or subsector

Mode of supply subject
to reserve

Description of the measure

— Development

Banks

Establishment, Cross Bor- Foreign investments in development banks and credit
unions are not allowed.
der

— Credit Unions

The following activities are reserved solely to Mexican
development banks:

(a) acting as custodians of securities and cash funds
deposited by or in the administrative or judiciary
authorities, and acting as custodian of goods that
have been seized according to Mexican measures;
and

(b) managing the savings funds, retirement plans and
any other funds or property of the personnel of
the Ministry of National Defence, Ministry of
Navy and the Mexican armed forces, and per-
forming other financial activities pertaining to
the financial resources of such personnel.

— Savings
Loan
panies

— Limited
financial
tution

and Establishment, Cross Bor- Foreign investment by persons exercising govern-

Com- der

mental functions is not allowed.

scope Establishment, Cross Bor- Established limited scope financial institutions may
carry out only one of the financing activities such as
insti- der
personal credit, consumer credit, mortgage credit or
commercial credit. Foreign investors may hold up to
49 per cent of capital stock. Foreign investment by
persons exercising governmental functions is not
allowed. This percentage limit does not apply to
investments in foreign financial affiliates as such term
is defined in, and subject to terms and conditions
under the Affiliates Section.

der

ing companies

— Financial factor- Establishment, Cross Bor- Established financial factoring companies may carry
out factoring activities. Foreign investors may hold
up to 49 per cent of the paid-up capital. Foreign
investment by persons exercising governmental func-
tions is not allowed. Effective control of the enterprise
by the Mexican shareholders is required. This percent-
age limit does not apply to investments in foreign
financial affiliates as such term is defined in, and
subject to terms and conditions under the Affiliates
Section.

(c) Financial leasing ser- Establishment, Cross Bor- Established financial

vices
(CPC 8112)

der

leasing companies may carry
out financial leasing activities. Foreign investors may
hold up to 49 per cent of paid-up capital. Foreign
investment by persons exercising governmental func-
tions is not allowed. Effective control of the enterprise
by the Mexican shareholders is required. This percent-
age limit does not apply to investments in foreign
financial affiliates as such term is defined in, and
subject to terms and conditions under the Affiliates
Section.

— Commercial

banks

Establishment, Cross Bor- Established commercial banks may also carry out
financial
leasing activities. Foreign investment by
der
persons exercising governmental functions is not
allowed.

L 70/34

EN

Official Journal of the European Communities

12.3.2001

Sector or subsector

Mode of supply subject
to reserve

Description of the measure

(d) Trading on own or Establishment, Cross Bor- Established securities firms and established securities
specialists may carry out this activity. Foreign invest-
ment by persons exercising governmental functions
is not allowed.

a

customers’ account der
on
stock
exchange, over-the-
counter or other-
wise, in:

— Money market
instruments
(checks,
certificates
deposit, etc.)
(CPC 81339**)

bills,
of

— Foreign

exchange
(CPC 81333)

Establishment, Cross Bor- Established commercial banks may carry out this
activity. Foreign investment by persons exercising
der
governmental functions is not allowed.

— Foreign

exchange firms

Establishment, Cross Bor- Established foreign exchange firms may also carry
out this activity. Foreign investors may hold up to
der
49 per cent of the paid-up capital. Foreign investment
by persons exercising functions of authority is not
allowed. Effective control of the enterprise by the
Mexican shareholders is required. This percentage
limit does not apply to investments in foreign
financial affiliates as such term is defined in, and
subject to terms and conditions under the Affiliates
Section.

— Transferable
securities
(CPC 81321*)

Establishment, Cross Bor- Established securities firms and established securities
specialists may carry out this activity. Foreign invest-
der
ment by persons exercising governmental functions
is not allowed.

nego- Establishment, Cross Bor- Established commercial banks may carry out this
activity. Foreign investment by persons exercising
instru- der
governmental functions is not allowed.

— Other
tiable
ments and finan-
assets,
cial
including
bul-
lion
(CPC 81339**)

(e) Participation in issu- Establishment, Cross Bor- Established securities firms and established securities
specialists may carry out this activity. Foreign invest-
ment by persons exercising governmental functions
is not allowed.

es of all kinds of der
securities, including
underwriting
and
placement as agent
(whether publicly or
privately and pro-
services
vision of
related
such
issues
(CPC 8132)

to

(f) Money broking
(CPC 81339**)

— Commercial
banks

Establishment, Cross Bor- Established commercial banks may carry out this
activity. Foreign investment by persons exercising
der
governmental functions is not allowed.

12.3.2001

EN

Official Journal of the European Communities

L 70/35

Sector or subsector

Mode of supply subject
to reserve

Description of the measure

such as cash or port- der
folio management,
all forms of collec-
investment
tive
management, pen-
sion fund manage-
ment, and trust ser-
vices
(CPC 81323*)

(g) Asset management, Establishment, Cross Bor- Established investment companies may carry out
activities such as asset management, cash or portfolio
management and all forms of collective investment
management. Foreign investors may hold up to
49 per cent of overhead capital. Foreign investment
by persons exercising governmental functions is not
allowed. Effective control of the enterprise by the
Mexican shareholders is required. This percentage
limit does not apply to investments in foreign
financial affiliates as such term is defined in, and
subject to terms and conditions under the Affiliates
Section.

panies of invest- der
ment companies

— Managing com- Establishment, Cross Bor- Established managing companies of investment com-
panies may carry out the administration of invest-
ment companies. Foreign investors may hold up to
49 per cent of the capital stock. Foreign investment
by persons exercising governmental functions is not
allowed. Effective control of the enterprise by the
Mexican shareholders is required. This percentage
limit does not apply to investments in foreign
financial affiliates as such term is defined in, and
subject to terms and conditions under the Affiliates
Section.

— Pension

management
companies

der

fund Establishment, Cross Bor- Established pension fund management companies
may carry out pension fund management activities.
Foreign investors may hold up to 49 per cent of
the capital stock. Foreign investment by persons
exercising governmental functions is not allowed.
Effective control of the enterprise by the Mexican
shareholders is required. This percentage limit does
not apply to investments in foreign financial affiliates
as such term is defined in, and subject to terms and
conditions under the Affiliates Section.

The following activities are reserved solely to Mexican
development banks:

(a) acting as custodians of securities and cash funds
deposited by or in the administrative or judiciary
authorities, and acting as custodian of goods that
have been seized according to Mexican measures;
and

(b) managing the savings funds, retirement plans and
any other funds or property of the personnel of
the Ministry of National Defence, Ministry of
Navy and the Mexican armed forces, and per-
forming other financial activities pertaining to
the financial resources of such personnel.

— Commercial

banks

Establishment, Cross Bor- Established commercial banks may carry out this
activity. Foreign investment by persons exercising
der
governmental functions is not allowed.

— Securities firms Establishment, Cross Bor- Established securities firms and established securities
specialists may carry out this activity. Foreign invest-
ment by persons exercising governmental functions
is not allowed.

and
specialists

securities der

L 70/36

EN

Official Journal of the European Communities

12.3.2001

Sector or subsector

Mode of supply subject
to reserve

Description of the measure

(h) Advisory and other Establishment, Cross Bor-

financial der
auxiliary
services,
including
credit reporting and
analysis, investment
and
portfolio
research and advice,
advice on acqui-
sitions and on cor-
porate restructuring
and strategy
(CPC 8133)

Investment consultants may carry out activities such
as investment and portfolio analysis, research and
advice, advice on acquisitions and on corporate
restructuring and strategy. Foreign investors may
hold up to 49 per cent of the capital stock. Foreign
investment by persons exercising governmental func-
tions is not allowed. Effective control of the enterprise
by Mexican shareholders is required.

— Credit
mation
panies

infor- Establishment, Cross Bor- Established credit
com- der

information companies (Credit
Bureaus) may carry out credit reporting activities.
Foreign investors may hold up to 49 per cent of
the paid-up capital stock. Effective control of the
enterprise by the Mexican shareholders is required.
The CNIE can authorise a greater percentage. Foreign
investment by persons exercising governmental func-
tions is not allowed.

C) Others

— Holding companies

Establishment, Cross Bor- Foreign investment by persons exercising govern-
der

mental functions is not allowed.

— Guarantee
tutions

der

insti- Establishment, Cross Bor- Established guarantee institutions may carry out
guarantee services. Foreign investors may hold up to
49 per cent of the paid-up capital of established
guarantee institutions. Foreign investment by govern-
ments and official agencies is not allowed. Effective
control of the enterprise by the Mexican shareholders
is required. This percentage limit does not apply to
investments in foreign financial affiliates as such term
is defined in, and subject to terms and conditions
under the Affiliates Section.

Currently, under the guarantee law, it is prohibited
to contract with foreign companies guarantees to
assure acts of persons that must fulfill obligations in
Mexican territory, except in re-guarantee operations
and when they are received as surety by Mexican
guarantee institutions.

The guarantee operations celebrated in violation of
the previously mentioned will not produce any legal
effect.

However, when none of the established guarantee
institutions, estimates convenient to practice certain
proposed operations,
the SHCP, previous confir-
mation of these circumstances, can discretionally
authorise the person to contract the service with a
foreign guarantee institution, directly or through a
Mexican guarantee institution.

12.3.2001

EN

Official Journal of the European Communities

L 70/37

Sector or subsector

Mode of supply subject
to reserve

Description of the measure

It is prohibited to carry out intermediation activities
in those operations mentioned above, and also, in
guarantee operations granted in an ordinary and
onerous way by a natural or legal person, different to
authorised guarantee institutions.

Re-guarantee

Establishment, Cross Bor- This activity may be carried out through established
guarantee institutions. Foreign investors may hold up
der
to 49 per cent of
the paid-up capital. Foreign
investment by governments and official agencies is
not allowed. Effective control of the enterprise by the
Mexican shareholders is required. This percentage
limit does not apply to investments in foreign
financial affiliates as such term is defined in, and
subject to terms and conditions under the Affiliates
Section.

Foreign re-guarantee companies may participate in
re-guarantee operations. According to the applicable
regulations, these institutions must register with the
SHCP, which may authorise or refuse registration.

General
houses

der

deposit ware- Establishment, Cross Bor- Foreign investors may hold up to 49 per cent of the
paid-up capital of the established general deposit
warehouses. Foreign investment by persons exercis-
ing governmental functions is not allowed. Effective
control of the enterprise by the Mexican shareholders
is required. This percentage limit does not apply to
investments in foreign financial affiliates as such term
is defined in, and subject to terms and conditions
under the Affiliates Section.

AFFILIATES SECTION

Sector or subsector

Mode of supply subject
to reserve

Description of the measure

Commercial Banks

Securities Firms

Establishment, Cross Bor-
der

the sum of

the authorised capital of

If
foreign
financial affiliates, measured as a percentage of the
aggregate net capital of all financial institutions of
such type in Mexico, reaches the percentage set forth
in the chart in this paragraph for such type of
institutions, then Mexico shall have the right, once
until 1 January 2004 to freeze such aggregate capital
percentage at its then existing level.

Commercial Banks 25 %

Securities Firms 30 %

If applied, such a restriction will have a duration not
to exceed a period of three years.

Until 1 January 2004, Mexico may deny a license to
establish a foreign financial affiliate if the sum of the
authorised capital of all foreign financial affiliates of
the same type exceeds the applicable percentage limit
described in the prior chart.

L 70/38

EN

Official Journal of the European Communities

12.3.2001

Sector or subsector

Mode of supply subject
to reserve

Description of the measure

Commercial Banks

Establishment, Cross Bor- Payments System Protection
der

1. If the sum of the authorised capital of foreign
commercial bank affiliates (as such term is above
mentioned), measured as a percentage of
the
aggregate capital of all commercial banks in
Mexico, reaches 25 percent, Mexico may request
consultations with the other Party on the potential
adverse effects arising from the presence of com-
mercial banks of the other Party in the Mexican
market and the possible need for remedial action,
including further temporary limitations on market
participation. The consultations shall be com-
pleted expeditiously.

2. In considering the potential adverse effects, the

Parties shall take into account:

(a) the threat that the Mexican payments system
may be controlled by non-Mexican persons;

(b) the effects foreign commercial banks estab-
lished in Mexico may have on Mexico’s ability
to conduct monetary and exchange rate policy
effectively; and

(c) the adequacy of the Financial Services Chapter
in protecting the Mexican payments system.

All financial services

Establishment, Cross Bor- Mexico shall retain discretion to approve, on a case-
by-case basis, any affiliation of a commercial bank
der
or securities firm with a commercial or industrial
corporation that is established in Mexico, if Mexico
determines that such affiliation is harmless and, in
the case of commercial banks, either (a) not substan-
the
tial, or (b)
commercial or industrial corporation account for at
least 90 per cent of its annual income worldwide,
and the non-financial activities of such commercial
or industrial corporation are of a type that Mexico
determines to be acceptable. Affiliation with a non-
resident commercial or industrial corporation that is
not established in Mexico will not be a reason for
denial of an application to establish or acquire a
commercial bank or securities firm in Mexico.

the financial-related activities of

All financial services

Establishment, Cross Bor- Mexico may adopt measures that limit investors
(together with its affiliates) to establish no more than
der
one institution of the same type in Mexico.

In determining what types of operations an investor
of another Party is engaged in for purposes of the
preceding paragraph, all types of insurance shall be
considered to be only one type of financial service;
but both life and non-life insurance operations may
be conducted either by a single or separate foreign
financial affiliates.

12.3.2001

EN

Official Journal of the European Communities

L 70/39

Sector or subsector

Mode of supply subject
to reserve

Description of the measure

Non-bank investors of another Party shall be permit-
ted to establish one or more limited scope financial
institutions in Mexico to provide separately consumer
lending, commercial lending, mortgage lending or
credit card services on terms no less favourable than
those applied to like domestic firms under Mexican
measures. Mexico may permit lending services closely
related to the principal authorised business of a
limited scope financial institution to be carried out
by that institution. Such institutions shall be provided
the opportunity to raise funds in the securities market
for business operations subject to normal terms and
conditions. Mexico may restrict such limited scope
financial institutions from taking deposits.

All financial services

All financial services

Establishment, Cross Bor- Mexico may restrict any foreign financial affiliate
from establishing agencies, branches, or other direct
der
or indirect subsidiaries in the territory of any other
country.

Establishment, Cross Bor- Mexico may adopt measures that limit eligibility to
establish a foreign financial affiliate in Mexico to an
der
investor of another Party that is, directly or through
any of its affiliates, engaged in the same general type
of financial services in the territory of the other Party.

An investor of another Party that is authorised to
establish or acquire, and establishes or acquires, a
commercial bank or securities firm in Mexico may
also establish a financial holding company in Mexico,
and thereby establish or acquire other types of
financial institutions in Mexico, under the terms of
Mexican regulations.

Insurance

Establishment, Cross Bor- The activities and operations of the existing Mexican
governmental insurance programs conducted by Ase-
der
guradora Mexicana, S.A. or Aseguradora Hidalgo,
S.A. (including insurance for government employees,
agencies,
instrumentalities and public entities) are
excluded from Articles of Establishment, Cross Bor-
der and National Treatment for so long as such firm
is controlled by the Government of Mexico and for a
commercially reasonable time after such govern-
mental control ceases.

All financial services

Establishment, Cross Bor-
der

In order to avoid impairment of the conduct of
Mexico’s monetary and exchange rate policies, cross-
border financial service providers of another Party
shall not be permitted to provide financial services
into the territory of Mexico or to residents of Mexico,
and residents of Mexico may not purchase financial
services from cross-border financial service providers
of another Party, if such transactions are denominated
in Mexican pesos.

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ANNEX II

(Referred to in Article 27)

AUTHORITIES RESPONSIBLE FOR FINANCIAL SERVICES

PART A

For the Community and its Member States

European Commission

DG Internal Market

Belgium

Ministry of Finance

Denmark

Ministry of Economic Affairs

Germany

Ministry of Finance

200, Rue de la Loi
B-1049 Brussels

Ministère des Finances
12, rue de la Loi
B-1000 Brussels

Ved Stranden 8
DK-1061 Copenhagen K

Bundesministerium für Finanzen
Postfach 13 08
D-53003 Bonn

France

Ministry of Economy, Finance Ministère de l’économie, des finances et de l’industrie
139, rue de Bercy
and Industry
F-75572 Paris

Ireland

Department of Finance

Italy

Ministry of Treasury

Luxembourg

Ministry of Finance

Netherlands

Ministry of Finance

Austria

Ministry of Finance

Greece

Spain

Portugal

Finland

Ministry of Finance

Treasury

Ministry of Finance

Ministry of Finance

Department of Finance
Upper Merrion Street
IRL-Dublin 2

Ministero del Tesoro
Via XX Settembre 97
I-00187 Roma

Ministère des Finances
3, rue de la Congrégation
L-2931 Luxembourg

Treasury
Postbus 20201
NL-2500 EE Den Haag

Hummelpfortgasse 4-8
Postfach 2
A-1015 Wien

37, Panepistimiou Street
GR-10165 Athens

Directora General del Tesoro y Politica Financiera
Paseo del Prado 6-6a Planta
SP-28071 Madrid

Av. Infante D. Henrique, 5
P-1140/009 Lisboa

PO Box 286
FI-00171 Helsinki

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Sweden

Ministry of Finance

United Kingdom

H. M. Treasury

Finansdepartementet
SE-10333 Stockholm

Treasury Chambers
Parliament Street
UK-London SW1P 3AG

PART B

For Mexico, the Secretarı´a de Hacienda y Crédito Pu´ blico

Mexico

Direccio´ n General de Banca y Ahorro

Direccio´ n General de Seguros y Valores

Insurgentes Sur, 826 Piso P.H.
Col. del Valle, Deleg. Benito Jua´rez, C.P. 03100
México, D.F.

Insurgentes Sur, 795 Piso 6
Col. Na´poles, Deleg. Benito Jua´rez, C.P. 03810
México, D.F.

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ANNEX III

(Referred to in Article 43)

MODEL RULES OF PROCEDURE

Definitions

1.

In these rules:

‘adviser’ means a person retained by a party to advise or assist the Party in connection with the arbitration
panel proceeding;

‘complaining Party’ means any Party that requests the establishment of an arbitration panel under Chapter III
of Title V of the Decision;

‘arbitration panel’ means an arbitration panel established pursuant to Chapter III of Title V of the Decision;

‘representative of a Party’ means an employee of a government department or agency or of any other
government entity of a Party;

2.

The Parties may designate a specialised entity to administer the dispute settlement proceedings.

3.

Unless the Parties otherwise agree, the Parties shall meet with the arbitration panel within 15 days of the date
of establishment of the arbitration panel in order to determine matters such as:

(a)

(b)

remuneration and expenses that will be paid to the arbitrators which normally shall conform to the WTO
standards;

the administration of proceedings, where the Parties have not designated a specialised entity pursuant to
rule 2; and

(c)

such other matters that the Parties deem appropriate.

Qualification of Arbitrators

4.

Arbitrators should be selected with a view to ensuring the independence and impartiality of the members, a
sufficiently diverse background and a wide spectrum of experience. Arbitrators shall serve in their individual
capacities and not as government representatives, nor as representatives of any organisation. They shall comply
with a code of conduct established in Appendix I.

Terms of reference

5.

Unless the Parties otherwise agree within 20 days from the date of the delivery of the request for the
establishment of the arbitration panel, the terms of reference shall be:

‘To examine, in the light of the relevant provisions of the covered legal instruments, the matter referred to the
Joint Committee (as set out in the request for a Joint Committee meeting), and to rule on the consistency of the
measures at issue with the covered legal instruments.’

6.

The Parties shall promptly deliver any agreed terms of reference to the arbitration panel.

Written submissions and other documents

7. Where the Parties have designated an entity pursuant to rule 2, a Party or the arbitration panel, respectively,
shall deliver any request, notice, written submissions or other document to that entity. An entity designated
under rule 2 that receives a written submission shall forward it to the recipients by the most expeditious means
practicable.

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8. Where the Parties have not designated an entity pursuant to rule 2, a Party or the arbitration panel, respectively,
shall deliver any request, notice, written submission or other document in accordance with the agreement
reached under rule 3.

9.

A Party shall, to the extent practicable, provide a copy of the document in magnetic format.

10. Unless otherwise agreed pursuant to rule 3 a Party shall provide a copy of each of its written submissions for

the other Party and each of the arbitrators.

11. A complaining Party shall deliver its initial written submission no later than 25 days after the date of
establishment of the arbitration panel. The Party complained against shall deliver its written counter-submission
no later than 20 days after the date of delivery of the initial written submission.

12. Unless otherwise agreed pursuant to rule 3 in the case of any request, notice or other document related to the
arbitration panel proceeding that is not covered by rule 10 or 11, the Party shall deliver to the other Party and
to each of the arbitrators a copy of the document by facsimile or other means of electronic transmission.

13. Minor errors of a clerical nature in any request, notice, written submission or other document related to the

arbitration panel proceeding may be corrected by delivery of a new document clearly indicating the changes.

14.

If the last day for delivery of a document falls on a legal holiday or on any other day on which the offices are
closed by order of the government or by force majeure, the document may be delivered on the next business
day.

Operation of arbitration panels

15. The chair of the arbitration panel shall preside at all of its meetings. An arbitration panel may delegate to the

chair authority to make administrative and procedural decisions.

16. Except as otherwise provided in these rules, the arbitration panel may conduct its business by any means,

including by telephone, facsimile transmissions or computer links.

17. Only arbitrators may take part in the deliberations of the arbitration panel but the arbitration panel may permit

assistants, administration personnel, interpreters or translators to be present during such deliberations.

18. Where a procedural question arises that is not covered by these rules, an arbitration panel may adopt an

appropriate procedure that is not inconsistent with the Decision.

19. When the arbitration panel considers there is a need to modify any time period applicable in the proceeding or
to make any other procedural or administrative adjustment in the proceeding, it shall inform the Parties in
writing of the reasons for the modification or adjustment with an estimate of the period or adjustment needed.

Hearings

20. Where the Parties have designated an entity pursuant to rule 2, the chair shall fix the date and time of the
hearing in consultation with the Parties, the other members of the arbitration panel and such entity. That entity
shall notify in writing to the Parties of the date, time and location of the hearing.

21. Where the Parties have not designated an entity pursuant to rule 2, the chair shall fix the date and time of the
hearing in consultation with the Parties and the other members of the arbitration panel, in accordance with the
agreement reached under rule 3. The Parties shall be notified in writing of the date, time and location of the
hearing in accordance with the agreement reached under rule 3.

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22. Unless the Parties otherwise agree the hearing shall be held in Brussels, where the complaining Party is Mexico,

or in Mexico City, where the complaining Party is the Community.

23. The arbitration panel may convene additional hearings if the Parties so agree.

24. All arbitrators shall be present at hearings.

25. The following persons may attend a hearing:

(a)

representatives of a Party;

(b)

advisers to a Party, provided that they do not address the arbitration panel and provided further that
neither they nor their employers, partners, business associates or family members have a financial or
personal interest in the proceeding;

(c)

administration personnel, interpreters, translators and court reporters; and

(d)

arbitrators’ assistants.

26. No later than five days before the date of a hearing, each Party shall deliver a list of the names of those persons
who will make oral arguments or presentations at the hearing on behalf of that Party and of other representatives
or advisers who will be attending the hearing.

27. The hearing shall be conducted by the arbitration panel in the following manner, ensuring that the complaining

Party and the Party complained against are afforded equal time:

A r g u m e n t

(a) Argument of the complaining Party.

(b) Argument of the Party complained against.

R e b u t t a l A r g u m e n t

(a)

Reply of the complaining Party.

(b)

Counter-reply of the Party complained against.

28. The arbitration panel may direct questions to either Party at any time during a hearing.

29. Where the Parties have designated an entity pursuant to rule 2, such entity shall arrange for a transcript of each
hearing to be prepared and shall, as soon as possible after it is prepared, deliver a copy of the transcript to the
Parties and the arbitration panel.

30. Where the Parties have not designated an entity pursuant to rule 2, a transcript of each hearing shall be
prepared in accordance with the agreement reached under rule 3 and shall, as soon as possible after it is
prepared, be delivered to the Parties and the arbitration panel.

31. The arbitration panel may at any time during a proceeding address questions in writing to one or both Parties.
The arbitration panel shall deliver the written questions to the Party or Parties to whom the questions are
addressed.

32. A Party to whom the arbitration panel addresses written questions shall deliver a copy of any written reply.
Each Party shall be given the opportunity to provide written comments on the reply within five days after the
date of delivery.

33. Within 10 days after the date of the hearing, each Party may deliver a supplementary written submission

responding to any matter that arose during the hearing.

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Rules of interpretation and burden of proof

34. Arbitration panels shall interpret the provisions of the covered legal instruments in accordance with rules of

customary international public law.

35. A Party asserting that a measure of the other Party is inconsistent with the provisions of the covered legal

instruments shall have the burden of establishing such inconsistency.

36. A Party asserting that a measure is subject to an exception under the covered legal instruments shall have the

burden of establishing that the exception applies.

Confidentiality

37. The Parties shall maintain the confidentiality of the panel’s hearings, deliberations and initial report, and all

written submissions to and communications with the arbitration panel.

Ex parte contacts

38. The arbitration panel shall not meet or contact one Party in the absence of the other Party.

39. No arbitrator may discuss an aspect of the subject matter of the proceeding with a Party or both Parties in the

absence of the other arbitrators.

Role of Experts

40. On request of a Party or on its own initiative, the arbitration panel may seek information and technical advice
from any person or body that it deems appropriate, provided that the Parties so agree and subject to such terms
and conditions as the Parties may agree.

41. Where in accordance with rule 40 a request is made for a written report of an expert, any time period applicable
to the arbitration panel proceeding shall be suspended for a period beginning on the date of delivery of the
request and ending on the date the report is delivered to the arbitration panel.

Arbitration Panel Reports

42. Unless the Parties otherwise agree, the arbitration panel shall base its report on the submissions and arguments

of the Parties and on any information before it pursuant to rule 40.

43. After considering written comments to the initial report by the Parties, the arbitration panel, on its own

initiative or on the request of either Party, may:

(a)

request the views of either Party;

(b)

reconsider its report; and

(c) make any further examination that it considers appropriate.

44. Arbitrators may furnish separate opinions on matters not unanimously agreed. No arbitration panel may, either
in its initial report or its final report, disclose which arbitrators are associated with majority or minority
opinions.

Cases of Urgency

45.

In cases of urgency, the arbitration panel shall appropriately adjust the time periods for submission of the initial
report and comments by the Parties to such report.

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Translation and interpretation

46. Where the Parties have designated an entity pursuant to rule 2, a Party shall, within a reasonable period of time
before it delivers its initial written submission in an arbitration panel proceeding, advise such entity in writing
of the language in which its written and oral submissions will be made.

47. Where the Parties have not designated an entity pursuant to rule 2, a Party shall advise in writing of the
language in which its written and oral submissions will be made, no later than at the meeting provided for in
rule 3.

48. Each Party shall arrange for, and bear the costs of, the translation of its written submissions into the language
chosen by the other Party in accordance with rule 46 or 47. Upon request of a Party that has filed a submission,
the arbitration panel may suspend the proceeding for the time necessary to allow that Party to complete the
translation.

49. The Parties shall arrange for the interpretation of oral submissions into the language chosen by both Parties.

50. Arbitration panel reports shall be issued in the language or languages chosen by the Parties in accordance with

rule 46 or 47.

51. The costs incurred to prepare a translation of an arbitration report shall be borne equally by the Parties.

52. Any Party may provide comments on a translated version of a document that is prepared in accordance with

these rules.

Computation of time

53. Where anything under the Decision or these rules is to be done, or the arbitration panel requires anything to
be done, within a number of days after, before or of a specified date or event, the specified date or the date on
which the specified event occurs shall not be included in calculating that number of days.

54. Where, by reason of the operation of rule 14 a Party receives a document on a date other than the date on
which the same document is received by the other Party any period of time the calculation of which is
dependent on such receipt shall be calculated from the date of receipt of the last such document.

Other proceedings

55. These rules shall apply to the proceedings established under paragraphs 4, 5, 8 and 10 of Article 42 of Title V

except that:

(a)

(b)

(c)

(d)

the Party making a request under paragraph 4 of Article 42 shall deliver its initial written submission
within 3 days after the date the request is submitted and the responding Party shall deliver its written
counter-submission within 4 days after the date of delivery of the initial written submission;

the Party making a request under paragraph 5 of Article 42 shall deliver its initial written submission
within 10 days after the date the request is submitted and the responding Party shall deliver its written
counter-submission within 20 days after the date of delivery of the initial written submission;

the Party making a request under paragraph 8 of Article 42 shall deliver its initial written submission
within 10 days after the date the request is submitted and the responding Party shall deliver its written
counter-submission within 15 days after the date of delivery of the initial written submission; and

the Party making a request under paragraph 10 of Article 42 shall deliver its initial written submission
within 5 days after the date the request is submitted and the responding Party shall deliver its written
counter-submission within 10 days after the date of delivery of the initial written submission.

56.

If appropriate, the arbitration panel shall fix the time limit for delivering any further written submissions,
including rebuttal written submissions, so as to provide each Party with the opportunity to make an equal
number of written submissions subject to the time limits for arbitration panel proceedings set out in the
Decision and these rules.

57. Unless the Parties disagree, the arbitration panel may decide not to convene a hearing.

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Appendix I

CODE OF CONDUCT

Definitions

A.

In this Code of Conduct,

‘assistant’ means a person who, under the terms of appointment of a member, conducts research or provides
support for the member;

‘candidate’ means an individual who is under consideration for appointment as a member of an arbitration
panel pursuant to paragraph 1 of Article 40 of Title V;

‘member’ means a member of an arbitration panel constituted pursuant to paragraph 1 of Article 39 of Title V;

‘Party’ means a Party to the Agreement;

‘proceeding’, unless otherwise specified, means an arbitration panel proceeding under this Title;

‘staff’, in respect of a member, means persons under the direction and control of the member, other than
assistants.

B.

Any reference made in this Code of Conduct to a paragraph or Title is a reference to the appropriate paragraph,
Annex or Title on Dispute Settlement under the Decision.

I.

Responsibilities to the Process

Every candidate, member and former member shall avoid impropriety and the appearance of impropriety and shall
observe high standards of conduct so that the integrity and impartiality of the dispute settlement process is preserved.

II. Disclosure Obligations

[Introductory Note:

The governing principle of this Code of Conduct is that a candidate or member must disclose the existence of any interest,
relationship or matter that is likely to affect the candidate’s or member’s independence or impartiality or that might reasonably
create an appearance of impropriety or an apprehension of bias. An appearance of impropriety or an apprehension of bias is
created where a reasonable person, with knowledge of all the relevant circumstances that a reasonable inquiry would disclose,
would conclude that a candidate’s or member’s ability to carry out the duties with integrity, impartiality and competence is
impaired.

These disclosure obligations, however, should not be interpreted so that the burden of detailed disclosure makes it impractical for
persons in the legal or business community to serve as members, thereby depriving the Parties and participants of the services of
those who might be best qualified to serve as members. Thus, candidates and members should not be called upon to disclose
interests, relationships or matters whose bearing on their role in the proceeding would be trivial.

Throughout the proceeding, candidates and members have a continuing obligation to disclose interests, relationships and matters
that may bear on the integrity or impartiality of the dispute settlement process.

This Code of Conduct does not determine whether or under what circumstances the Parties will disqualify a candidate or member
from being appointed to, or serving as a member of, arbitration panel or committee on the basis of disclosures made.]

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A.

A candidate shall disclose any interest, relationship or matter that is likely to affect the candidate’s independence
or impartiality or that might reasonably create an appearance of impropriety or an apprehension of bias in the
proceeding. To this end, a candidate shall make all reasonable efforts to become aware of any such interests,
relationships and matters.

The candidate shall disclose such interests, relationships and matters by completing an Initial Disclosure
Statement provided by the Joint Committee and sending it to Joint Committee.

Without limiting the generality of the foregoing, candidates shall disclose the following interests, relationships
and matters:

(1)

any financial interest of the candidate:

(a)

in the proceeding or in its outcome; and

(b)

in an administrative proceeding, a domestic court proceeding or another arbitration panel or
committee proceeding that involves issues that may be decided in the proceeding for which the
candidate is under consideration;

(2)

any financial interest of the candidate’s employer, partner, business associate or family member:

(a)

in the proceeding or in its outcome; and

(b)

in an administrative proceeding, a domestic court proceeding or another arbitration panel or
committee proceeding that involves issues that may be decided in the proceeding for which the
candidate is under consideration;

(3)

any past or existing financial, business, professional, family or social relationship with any interested
parties in the proceeding, or their counsel, or any such relationship involving a candidate’s employer,
partner, business associate or family member; and

(4)

public advocacy or legal or other representation concerning an issue in dispute in the proceeding or
involving the same goods.

B.

Once appointed, a member shall continue to make all reasonable efforts to become aware of any interests,
relationships or matters referred to in Section A and shall disclose them. The obligation to disclose is a
continuing duty which requires a member to disclose any such interests, relationships and matters that may
arise during any stage of the proceeding.

The member shall disclose such interests, relationships and matters by communicating them in writing to the
Joint Committee for consideration by the Parties.

III. The Performance of Duties by Candidates and Members

A.

A candidate who accepts an appointment as a member shall be available to perform, and shall perform, a
member’s duties thoroughly and expeditiously throughout the course of the proceeding.

B.

A member shall carry out all duties fairly and diligently.

C.

A member shall comply with this Title and the applicable Model Rules of Procedure established in Annex III or
any other.

D. A member shall not deny other members the opportunity to participate in all aspects of the proceeding.

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E.

F.

A member shall consider only those issues raised in the proceeding and necessary to a decision and shall not
delegate the duty to decide to any other person, except as provided in the Model Rules of Procedure established
in Annex III or other applicable rules.

A member shall take all reasonable steps to ensure that the member’s assistant and staff comply with Parts I, II
and VI of this Code of Conduct.

G.

A member shall not engage in ex parte contacts concerning the proceeding.

H.

A candidate or member shall not communicate matters concerning actual or potential violations of this Code
of Conduct unless the communication is to the Joint Committee or is necessary to ascertain whether that
candidate or member has violated or may violate the Code.

IV.

Independence and Impartiality of Members

A.

B.

C.

A member shall be independent and impartial. A member shall act in a fair manner and shall avoid creating an
appearance of impropriety or an apprehension of bias.

A member shall not be influenced by self-interest, outside pressure, political considerations, public clamour,
loyalty to a Party or fear of criticism.

A member shall not, directly or indirectly, incur any obligation or accept any benefit that would in any way
interfere, or appear to interfere, with the proper performance of the member’s duties.

D. A member shall not use the member’s position on the arbitration panel or committee to advance any personal
or private interests. A member shall avoid actions that may create the impression that others are in a special
position to influence the member. A member shall make every effort to prevent or discourage others from
representing themselves as being in such a position.

E.

F.

A member shall not allow past or existing financial, business, professional, family or social relationships or
responsibilities to influence the member’s conduct or judgment.

A member shall avoid entering into any relationship, or acquiring any financial interest, that is likely to affect
the member’s impartiality or that might reasonably create an appearance of impropriety or an apprehension of
bias.

V. Duties in Certain Situations

A.

A former member shall avoid actions that may create the appearance that the member was biased in carrying
out the member’s duties or would benefit from the decision of the arbitration panel or committee.

VI. Maintenance of Confidentiality

A.

B.

A member or former member shall not at any time disclose or use any non-public information concerning the
proceeding or acquired during the proceeding except for the purposes of the proceeding and shall not, in any
case, disclose or use any such information to gain personal advantage or advantage for others or to affect
adversely the interest of another.

A member shall not disclose an arbitration panel report issued under this Title prior to its publication by the
Joint Committee. A member or former member shall not at any time disclose which members are associated
with majority or minority opinions in a proceeding under this Title.

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C.

A member or former member shall not at any time disclose the deliberations of an arbitration panel or
committee, or any member’s view, except as required by law.

VII. Responsibilities of Assistants and Staff

Parts I (Responsibilities to the Process), II (Disclosure Obligations) and VI (Maintenance of Confidentiality) of this
Code of Conduct apply also to assistants and staff.