RESTRICTED
WORLD TRADE GATS/SC/20/Suppl.1
28July1995
ORGANIZATION(95-2258)
Trade inServices
COLOMBIA
Schedule ofSpecific Commitments
Supplement 1
(This isauthentic inSpanish only)
_______________
This textreplaces theFinancial Services section contained inpages 37to42of
document GATS/SC/20.COLOMBIA -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
Thecontent ofColombia 'sschedule onfinancial services isunderstood tobecovered bythefollowing indications: (A)Regarding thethirdmode of
supply, onlytheestablishment ofacompany intheform ofanaffiliated company orsubsidiary ispermitted andother forms, inparticular branches,
areexcluded. Thisdoesnotprevent theoperation ofrepresentative offices, which maynotprovide financial services inColombia. Thecommercial
presence shallbecarried outinaccordance withthepurpose specifically authorized fortheaffiliated company orsubsidiary concerned, andthelatter
shalladopt thelegalstatus required bytheColombian regulations. Constitutional provisions require prior government authorization fortheexercise
offinancial, stock market andinsurance activities inaccordance withthecriteria andrequirements contained intheinternational investment law,the
basic lawonthefinancial system, thebasic lawonthestock market andtheexchange law,(forforeign-exchange offices), which donotdiscriminate
against companies withforeign capital supplying financial services. (B)Forthefourth mode ofsupply, theentry andtemporary stayofnatural
persons inthefollowing categories ispermitted: managers, legalrepresentatives andtechnical specialists, provided these persons aresupplying their
services inenterprises having acommercial presence inColombia. Thefollowing definitions areestablished forthese purposes: Managers:
directors oftheenterprise andother executives whohavetheauthority tomanage thecompany 'sassets andeconomic activities. Usually this
category includes members oftheboard ofdirectors, advisors, presidents, vice-presidents andassistant directors. Legal representatives: These are
theenterprise 'sauthorized representatives withrespect tothirdparties; theysignandperform alltheactions andcontracts forthefulfilment ofits
objects. Inthiscapacity theyrepresent theenterprise before anyState authority. Technical specialists: These areexecutives withoutstanding
expertise inspecific technical matters ofdirect importance totheenterprise 'soperations andobjects.
GATS/SC/20/Suppl.1
Page1COLOMBIA (continued) GATS/SC/20/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
(A)Insurance and
insurance-related
services
(a)Direct insurance
(including
co-insurance)
(i)Lifeinsurance
(ii)Non-life
insurance
services(1)Unbound, except forthefollowing:
(a)insurance concerning foreign-trade
operations, exclusively forexternal
journeys, i.e.those which begin or
endinaColombian port;
(b)insurance forforeign travel for
Colombian residents, exclusively
forthejourney.
(2)Unbound
(3)None
(4)Unbound, except asindicated in
paragraph (B)intheintroductory note
tothissector.(1)Unbound
(2)Unbound
(3)None
(4)Unbound, except asindicated in
paragraph (B)intheintroductory note
tothissector.
(b)Reinsurance and
retrocession(1)None
(2)None
(3)None
(4)Unbound, except asindicated in
paragraph (B)intheintroductory note
tothissector.(1)None
(2)None
(3)None
(4)Unbound, except asindicated in
paragraph (B)intheintroductory note
tothissector.COLOMBIA (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
(c)Insurance
intermediation, such
asbrokerage and
agency(1)Unbound
(2)Unbound
(3)None
(4)Unbound, except asindicated in
paragraph (B)intheintroductory note
tothissector.(1)Unbound
(2)Unbound
(3)None
(4)Unbound, except asindicated in
paragraph (B)intheintroductory note
tothissector.
(d)Services auxiliary to
insurance, suchas
consultancy,
actuarial, risk
assessment andclaim
settlement services(1)Unbound
(2)Unbound
(3)None
(4)Unbound, except asindicated in
paragraph (B)intheintroductory note
tothissector.(1)Unbound
(2)Unbound
(3)None
(4)Unbound, except asindicated in
paragraph (B)intheintroductory note
tothissector.
GATS/SC/20/Suppl.1
Page3COLOMBIA (continued) GATS/SC/20/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
(B)Banking andother
financial services,
excluding insurance
Includes alltheactivities
inthedefinitions in
paragraphs (5)(a)(v) to
5(a)(xvi) oftheAnnex on
financial services.(1)Unbound
(2)Unbound
(3)None
(4)Unbound, except asindicated in
paragraph (B)intheintroductory note
tothissector.(1)Unbound
(2)Unbound
(3)None
(4)Unbound, except asindicated in
paragraph (B)intheintroductory note
tothissector.