RESTRICTED
WORLD TRADE GATS/SC/28/Suppl.1
28July1995
ORGANIZATION
(95-2205 )
Trade inServices
DOMINICAN REPUBLIC
Schedule ofSpecific Commitments
(This isauthentic inSpanish only)
____________________
This textreplaces theFinancial Services section contained inpages 29to32of
document GATS/SC/28.DOMINICAN REPUBLIC -SCHEDULE OFSPECIFIC COMMITMENTS
Modes ofsupply: (1)Cross-border supply (2)Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Wholesale deposit services
(CPC 81115)
Other bankdeposit services
(CPC 81116)
Other deposit services
(CPC 81119)(1)Unbound
(2)Unbound
(3)Inaddition tothehorizontal
measures which apply toall
sectors, itisnecessary to
submit afeasibility study
justifying theeconomic need
fortheestablishment ofthe
requesting enterprise inthe
Dominican Republic.
Theequity participation of
foreign investors inbanks
established orwishing to
establish themselves inthe
Dominican Republic is
restricted to49percentofthe
subscribed andpaid-up capital.(1)Unbound
(2)Unbound
(3)Inorder foraforeign bankwhich is
notalready established inthecountry
toestablish abranch oragency inthe
Dominican Republic itmust submit
thefollowing documents:
-Itsmemorandum andarticles of
association inthecountry of
origin;
-thelegalauthorization justifying
itsexistence inthecountry of
origin;
-evidence thatthebankcanlegally
establish branches oragencies, in
conformity withitsarticles and
thelawsofthecountry oforigin;
-thename ofthelegal
representative orrepresentatives
entrusted withtheadministration
ofthebranch oragency inthe
Dominican Republic;
GATS/SC/28/Suppl.1
Page1DOMINICAN REPUBLIC (continued)GATS/SC/28/Suppl.1
Page2
Modes ofsupply: (1)Cross-border supply (2)Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Corporations setupin
accordance withthelawsofthe
Dominican Republic expressly
andexclusively toengage in
banking business andthe
branches oragencies offoreign
banking institutions duly
authorized forsuchoperations
inthecountry oforigin must
submit anapplication tothe
Monetary Board oftheCentral
Bank oftheDominican
Republic through theOffice of
theSuperintendent ofBanks.
Establishment intheDominican
Republic requires compliance
withtherules ofbanking and
prudent management adopted
bytheMonetary Board.-astatement showing thecapital
andreserves allocated tothe
branch foritsownoperations;
-theGovernment Order
authorizing theinstitution to
establish domicile inthe
Dominican Republic.DOMINICAN REPUBLIC (continued)
Modes ofsupply: (1)Cross-border supply (2)Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Aminimum ofRD$75 million
ofsubscribed andpaid-up
capital isrequired, plusa
minimum ofRD$15 million in
reserves, inorder toopen
commercial banks authorized to
offer multiple services. These
amounts maybemodified by
theMonetary Board.
With respect tolegalreserves,
thelevelspecified bythe
Monetary Board must beheld
incashintheCentral Bank.
(4)Unbound, except asindicated
inthehorizontal section(4)Unbound, except asindicated inthe
horizontal section
Central bankdeposit services
(CPC 81111)
Central bankreserve management
services (CPC 81113)(1)None
(2)Unbound
(3)Unbound
(4)Unbound, except asindicated
inthehorizontal section(1)None
(2)Unbound
(3)Unbound
(4)Unbound, except asindicated inthe
horizontal section
GATS/SC/28/Suppl.1
Page3DOMINICAN REPUBLIC (continued)GATS/SC/28/Suppl.1
Page4
Modes ofsupply: (1)Cross-border supply (2)Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Mortgage loanservices
(CPC 81131)(1)None, except thatDominican
residents must register credit
operations withtheCentral
Bank.
(2)Unbound
(3)Participation offoreign share-
holders restricted to49percent
ofthecapital subscribed and
paidup.
(4)Unbound, except asindicated
inthehorizontal section(1)None, except thatforeign natural or
legalpersons require aGovernment
Order.
(2)Unbound
(3)Unbound
(4)Unbound, except asindicated inthe
horizontal section
Personal instalment loanservices
(CPC 81132)(1)None, except thatDominican
residents must register credit
operations withtheCentral
Bank.(1)UnboundDOMINICAN REPUBLIC (continued)
Modes ofsupply: (1)Cross-border supply (2)Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
(2)Unbound
(3)Participation offoreign
shareholders restricted to
49percentofthecapital
subscribed andpaidup.
(4)Unbound, except asindicated
inthehorizontal section(2)Unbound
(3)Unbound
(4)Unbound, except asindicted inthe
horizontal section
Credit cardservices
(CPC 81133)(1)None
(2)None
(3)Authorization required from the
International Department ofthe
Central Bank.
(4)Unbound, except asindicated
inthehorizontal section(1)None
(2)None
(3)Unbound
(4)Unbound, except asindicated inthe
horizontal section
GATS/SC/28/Suppl.1
Page5DOMINICAN REPUBLIC (continued)GATS/SC/28/Suppl.1
Page6
Modes ofsupply: (1)Cross-border supply (2)Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Closed-end investment trust
services
(CPC 81191)
Open-ended investment andother
unittrustservices
(CPC 81193)(1)Unbound
(2)Unbound
(3)None, except asindicated in
thehorizontal section
(4)Unbound, except asindicated
inthehorizontal section(1)Unbound
(2)Unbound
(3)Unbound
(4)Unbound, except asindicated inthe
horizontal section
Financial leasing services with
option tobuyandfactoring
(CPC 81120)
Insurance (including reinsurance)
andpension fundservices, except
compulsory social security services
(CPC 812)
Services auxiliary toinsurance and
pension funding
(CPC 814)(1)Unbound
(2)Unbound
(3)Foreign equity participation up
to49percentofthecapital
permitted.
(4)Unbound, except asindicated
inthehorizontal section(1)Unbound
(2)Unbound
(3)Unbound
(4)Unbound, except asindicated inthe
horizontal sectionDOMINICAN REPUBLIC (continued)
Modes ofsupply: (1)Cross-border supply (2)Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Property unittrustservices
(CPC 81192)(1)Unbound
(2)Unbound
(3)Restricted toinvestment in
tourist-trade andresidential
properties.
(4)Unbound, except asindicated
inthehorizontal section(1)Unbound
(2)Unbound
(3)Unbound
(4)Unbound, except asindicated inthe
horizontal section
Services related tosecurities
markets
(CPC 8132)(1)Unbound
(2)Unbound
(3)None, except asindicated in
thehorizontal section
(4)Unbound, except asindicated
inthehorizontal section(1)Unbound
(2)Unbound
(3)Unbound
(4)Unbound, except asindicated inthe
horizontal section
GATS/SC/28/Suppl.1
Page7