RESTRICTED
WORLD TRADE GATS/SC/56/Suppl.1/Rev.1
4October 1995
ORGANIZATION(95-2911)
Trade inServices
MEXICO
Schedule ofSpecific Commitments
Supplement 1
Revision
(This isauthentic inSpanish only)
_______________
This textreplaces theFinancial Services section contained inpages 33to41of
document GATS/SC/56.MEXICO -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
7.Financial Services
A.Allinsurance andinsurance-
related services
(a)Life, accident andhealth
insurances services
(CPC 81211)(1) Unbound
(2) Unbound
(3) Foreign investors, excluding
governments andgovernment
agencies, mayhold, inaggregate,
upto30percentofcapital stock.
Effective control oftheenterprise
bytheMexican shareholders is
required.
(4) Unbound(1) Unbound
(2) Unbound
(3) Individual holdings byforeign investors
maynotexceed 7.5percentofcapital
stock. Effective control oftheenterprise
byMexican shareholders isrequired.
(4) Unbound
GATS/SC/56/Suppl.1/Rev.1
Page1MEXICO (continued) GATS/SC/56/Suppl.1/Rev.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
(b) Non-life insurance services
(CPC 8129)(1) Unbound
(2) Unbound
(3) Foreign investors, excluding
governments andgovernment
agencies, mayhold, inaggregate,
upto30percentofcapital stock.
Effective control oftheenterprise
byMexican shareholders is
required.
(4) Unbound(1) Unbound
(2) Unbound
(3) Individual holdings byforeign investors
maynotexceed 7.5percentofcapital
stock. Effective control oftheenterprise
byMexican shareholders isrequired.
(4) UnboundMEXICO (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) Reinsurance andretrocession
services
(CPC 81299)(1) Foreign reinsurance companies may
participate inreinsurance
operations. According tothe
applicable regulations, such
companies arerequired toregister
withtheSHCP, which may
authorize orrefuse registration.
(2) Unbound
(3) Foreign investors, excluding
governments andgovernment
agencies, mayhold, inaggregate,
upto30percentofcapital stock.
Effective control oftheenterprise
byMexican shareholders is
required.
Foreign reinsurance companies may
establish representative offices in
thecountry, withtheprior
authorization oftheSHCP.
Representative offices offoreign
reinsurance companies, according to
theapplicable regulations maynot
actdirectly orthrough an
intermediary inreinsurance
operations.
(4) Unbound(1) None
(2) Unbound
(3) Individual holdings byforeign investors
maynotexceed 7.5percentofcapital
stock. Effective control oftheenterprise
byMexican shareholders isrequired.
(4) Unbound
GATS/SC/56/Suppl.1/Rev.1
Page3MEXICO (continued) GATS/SC/56/Suppl.1/Rev.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
(d) Services auxiliary to
insurance, such as:
-insurance broking and
agency services
(CPC 81401)(1) Unbound
(2) Unbound
(3) Foreign investors, excluding
governments andgovernment
agencies, mayhold, inaggregate,
upto30percentofcapital stock.
Effective control oftheenterprise
byMexican shareholders is
required.
(4) Unbound(1) Unbound
(2) Unbound
(3) Individual holdings byforeign investors
maynotexceed 7.5percentofcapital
stock. Effective control oftheenterprise
byMexican shareholders isrequired.
(4) Unbound
B. Banking andother financial services (excluding insurance andpension funds).
Mexican financial intermediaries inwhich foreign investment isallowed include: multiple-banking institutions (commercial banks), securities firms, securities
specialists, limited-purpose financial institutions, financial factoring companies, financial leasing companies, investment companies, management companies of
investment companies, foreign exchange houses, guarantee institutions (bonding companies) andgeneral deposit warehouses.
Foreign financial institutions such asbanks andsecurities firms mayestablish representative offices inthecountry withtheprior authorization oftheSHCP.
Such offices maynotactasfinancial intermediaries.
According totheapplicable legislation, foreign investment isnotpermitted incredit unions, savings andloancompanies ordevelopment banks.MEXICO (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
(a) Acceptance ofdeposits and
other repayable funds from the
public
(CPC 81115-81116)(1) Unbound
(2) Unbound
(3) Thisactivity isrestricted to
multiple-banking institutions.
Foreign investors, excluding
governments andgovernment
agencies, mayhold, inaggregate,
upto30percentofcapital stock.
Effective control oftheenterprise
byMexican shareholders is
required.
According totheapplicable financial
legislation, representative offices of
banking institutions areexcluded
from thisactivity.
(4) Unbound(1) Unbound
(2) Unbound
(3) Individual holdings byforeign investors in
multiple-banking institutions maynot
exceed 2.5percentofcapital stock.
Effective control oftheenterprise by
Mexican shareholders isrequired.
(4) Unbound
GATS/SC/56/Suppl.1/Rev.1
Page5MEXICO (continued) GATS/SC/56/Suppl.1/Rev.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
(b) Lending ofalltypes including
consumer credit, mortgage
credit, factoring andfinancing
ofcommercial transactions
(CPC 8113)(1) Unbound
(2) Unbound
(3) Multiple-banking institutions may
carry outlending activities ofall
types, including consumer credit,
mortgage credit, credit discounting
andfinancing ofcommercial
transactions. Foreign investors,
excluding governments and
government agencies, mayhold, in
aggregate, upto30percentof
capital stock. Effective control of
theenterprise byMexican
shareholders isrequired.
Limited-purpose financial
institutions maygrant credit toa
specific sector oractivity. Foreign
investors, excluding governments
andgovernment agencies, mayhold,
inaggregate, upto30percentof
capital stock. Effective control(1) Unbound
(2) Unbound
(3) Individual holdings byforeign investors in
multiple-banking institutions maynot
exceed 2.5percentofcapital stock.
Effective control oftheenterprise by
Mexican shareholders isrequired.
Individual holdings byforeign investors in
limited-purpose financial institutions may
notexceed 7.5percentofcapital stock.
Effective control oftheenterprise by
Mexican shareholders isrequired.
Individual holdings byforeign investors in
financial factoring companies maynot
exceed 7.5percentofcapital stock.
Effective control oftheenterprise by
Mexican shareholders isrequired.MEXICO (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
oftheenterprise byMexican
shareholders isrequired.
Financial factoring companies may
carry outfactoring activities.
Foreign investors, excluding
governments andgovernment
agencies, mayhold, inaggregate,
upto30percentofcapital stock.
Effective control oftheenterprise
byMexican shareholders is
required.
(4) Unbound (4) Unbound
GATS/SC/56/Suppl.1/Rev.1
Page7MEXICO (continued) GATS/SC/56/Suppl.1/Rev.1
Page8
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) Financial leasing services
(CPC 8112)(1) Unbound
(2) Unbound
(3) Financial leasing companies may
carry outfinancial leasing activities.
Foreign investors, excluding
governments andgovernment
agencies, mayhold, inaggregate,
upto30percentofcapital stock.
Effective control oftheenterprise
byMexican shareholders is
required.
Multiple-banking institutions may
alsocarry outfinancial leasing
activities. Foreign investors,
excluding governments and
government agencies, mayhold, in
aggregate, upto30percentof
capital stock. Effective control of
theenterprise byMexican
shareholders isrequired.
(4) Unbound(1) Unbound
(2) Unbound
(3) Individual holdings byforeign investors in
financial leasing companies maynot
exceed 5percentofcapital stock.
Effective control oftheenterprise by
Mexican shareholders isrequired.
Individual holdings byforeign investors in
multiple-banking institutions maynot
exceed 2.5percentofcapital stock.
Effective control oftheenterprise by
Mexican shareholder isrequired.
(4) UnboundMEXICO (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
(f) Trading onownorcustomers '
account onstock exchange,
over-the-counter orotherwise,
in:
-money market
instruments (cheques,
bills, certificates of
deposit, etc.)
(CPC 81339**)(1) Unbound
(2) Unbound
(3) Securities firms andsecurities
specialists maycarry outthis
activity. Foreign investors,
excluding governments and
government agencies, mayhold, in
aggregate, upto30percentof
capital stock. Effective control of
theenterprise byMexican
shareholders isrequired.
(4) Unbound(1) Unbound
(2) Unbound
(3) Individual holdings byforeign investors in
multiple-banking institutions maynot
exceed 5percentofcapital stock.
Effective control oftheenterprise by
Mexican shareholders isrequired.
(4) Unbound
GATS/SC/56/Suppl.1/Rev.1
Page9MEXICO (continued) GATS/SC/56/Suppl.1/Rev.1
Page10
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
-foreign exchange
(CPC 81333)(1) Unbound
(2) Unbound
(3) Multiple-banking institutions may
carry outthisactivity. Foreign
investors, excluding governments
andgovernment agencies, mayhold,
inaggregate, upto30percentof
capital stock. Effective control of
theenterprise byMexican
shareholders isrequired.
Foreign exchange houses mayalso
carry outthisactivity. Foreign
investors, excluding governments
andgovernment agencies, mayhold,
inaggregate, upto30percentof
capital stock. Effective control of
theenterprise byMexican
shareholders isrequired.
(4) Unbound(1) Unbound
(2) Unbound
(3) Individual holdings byforeign investors in
multiple-banking institutions maynot
exceed 2.5percentofcapital stock.
Effective control oftheenterprise by
Mexican shareholders isrequired.
Individual holdings byforeign
investors inforeign exchange houses
maynotexceed 5percentofcapital
stock. Effective control oftheenterprise
byMexican shareholders isrequired.
(4) UnboundMEXICO (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
-transferable securities
(CPC 81321*)(1) Unbound
(2) Unbound
(3) Securities firms andsecurities
specialists maycarry outthis
activity. Foreign investors,
excluding governments and
government agencies, mayhold, in
aggregate, upto30percentof
capital stock. Effective control of
theenterprise byMexican
shareholders isrequired.
(4) Unbound(1) Unbound
(2) Unbound
(3) Individual holdings byforeign investors in
securities firms andsecurities specialists,
maynotexceed 5percentofcapital
stock. Effective control oftheenterprise
byMexican shareholders isrequired.
(4) Unbound
-other negotiable
instruments andfinancial
assets, including bullion
(CPC 81339**)(1) Unbound
(2) Unbound
(3) Multiple banking institutions may
carry outthisactivity. Foreign
investors, excluding governments
andgovernment agencies, mayhold,
inaggregate, upto30percentof
capital stock. Effective control of
theenterprise byMexican
shareholders isrequired.
(4) Unbound(1) Unbound
(2) Unbound
(3) Individual holdings byforeign investors
maynotexceed 2.5percentofcapital
stock. Effective control oftheenterprise
byMexican shareholders isrequired.
(4) Unbound
GATS/SC/56/Suppl.1/Rev.1
Page11MEXICO (continued) GATS/SC/56/Suppl.1/Rev.1
Page12
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
(g) Participation inissues ofall
kinds ofsecurities, including
underwriting andplacement as
agent (whether publicly or
privately) andprovision of
services related tosuch issues
(CPC 8132)(1) Unbound
(2) Unbound
(3) Securities firms maycarry outthese
activities. Foreign investors,
excluding governments and
government agencies, mayhold, in
aggregate, upto30percentof
capital stock. Effective control of
theenterprise byMexican
shareholders isrequired.
(4) Unbound(1) Unbound
(2) Unbound
(3) Individual holdings byforeign investors in
securities firms, maynotexceed
5percentofcapital stock. Effective
control oftheenterprise byMexican
shareholders isrequired.
(4) Unbound
(h) Money broking
(CPC 813399**)(1) Unbound
(2) Unbound
(3) Multiple-banking institutions may
carry outthisactivity. Foreign
investors, excluding governments
andgovernment agencies, mayhold,
inaggregate, upto30percentof
capital stock. Effective control of
theenterprise byMexican
shareholders isrequired.
(4) Unbound(1) Unbound
(2) Unbound
(3) Individual holdings byforeign investors in
multiple-banking institutions maynot
exceed 2.5percentofcapital stock.
Effective control oftheenterprise by
Mexican shareholders isrequired.
(4) UnboundMEXICO (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
(i) Asset management, such as
cashorportfolio management,
allforms ofcollective
investment management, and
trust services
(CPC 81323*)(1) Unbound
(2) Unbound
(3) Investment companies maycarry out
activities such asasset management,
cashorportfolio management and
collective investment management.
Foreign investors, excluding
governments andgovernment
agencies, mayhold, inaggregate,
upto30percentofcapital stock.
Effective control oftheenterprise
byMexican shareholders is
required.(1) Unbound
(2) Unbound
(3) Individual holdings byforeign investors in
investment companies maynotexceed
7.5percentofcapital stock. Effective
control oftheenterprise byMexican
shareholders isrequired.
Individual holdings byforeign investors in
management companies ofinvestment
companies maynotexceed 7.5percentof
capital stock. Effective control ofthe
enterprise byMexican shareholders is
required.
GATS/SC/56/Suppl.1/Rev.1
Page13MEXICO (continued) GATS/SC/56/Suppl.1/Rev.1
Page14
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
Management companies of
investment companies carry outthe
administration ofinvestment trusts.
Foreign investment, excluding
governments andgovernment
agencies, mayhold, inaggregate,
upto30percentofcapital stock.
Effective control oftheenterprise
byMexican shareholders is
required.
Multiple-banking institutions may
provide trust services. Foreign
investors, excluding governments
andgovernment agencies, mayhold,
inaggregate, upto30percentof
capital stock. Effective control of
theenterprise byMexican
shareholders isrequired.
(4) UnboundIndividual holdings byforeign investors in
multiple-banking institutions maynot
exceed 2.5percentofcapital stock.
Effective control oftheenterprise by
Mexican shareholders isrequired.
(4) UnboundMEXICO (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
(k) Advisory andother auxiliary
financial services, including
credit reporting andanalysis,
investment andportfolio
research andadvice, advice on
acquisitions andoncorporate
restructuring andstrategy
(CPC 81332)(1) Unbound
(2) Unbound
(3) Credit information companies
(Credit Bureaus) maycarry out
credit reporting activities. Foreign
investors, excluding governments
andgovernment agencies, mayhold,
inaggregate, upto30percentof
capital stock. Effective control of
theenterprise byMexican
shareholders isrequired.
Investment consultants maycarry
outactivities such asanalysis,
investment andportfolio research
andadvice, advice onacquisitions
andoncorporate restructuring and
strategy. Foreign investors,
excluding governments and
government agencies mayhold, in
aggregate, upto30percentof
capital stock. Effective control of
theenterprise byMexican
shareholders isrequired.
(4) Unbound(1) Unbound
(2) Unbound
(3) Individual holdings byforeign investors in
Credit Bureaus maynotexceed
7.5percentofcapital stock. Effective
control oftheenterprise byMexican
shareholders isrequired.
Individual holdings byforeign investors in
investment consultancies maynotexceed
7.5percentofcapital stock. Effective
control oftheenterprise byMexican
shareholders isrequired.
(4) Unbound
GATS/SC/56/Suppl.1/Rev.1
Page15MEXICO (continued) GATS/SC/56/Suppl.1/Rev.1
Page16
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. Others
Holding companies (1) Unbound
(2) Unbound
(3) Foreign investors, excluding
governments andgovernment
agencies, mayhold, inaggregate,
upto30percentofcapital stock.
Effective control oftheenterprise
byMexican shareholders is
required.
(4) Unbound(1) Unbound
(2) Unbound
(3) Individual holdings byforeign investors
maynotexceed 2.5percentofcapital
stock. Effective control oftheenterprise
byMexican shareholders isrequired.
(4) Unbound
Guarantee institutions (1) Unbound
(2) Unbound
(3) Foreign investors, excluding
governments andgovernment
agencies, mayhold, inaggregate,
upto30percentofcapital stock.
Effective control oftheenterprise
byMexican shareholders is
required.
(4) Unbound(1) Unbound
(2) Unbound
(3) Individual holdings byforeign investors
maynotexceed 7.5percentofcapital
stock. Effective control oftheenterprise
byMexican shareholders isrequired.
(4) UnboundMEXICO (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
Re-guarantee institutions (1) Foreign re-guarantee companies
mayparticipate inre-guarantee
operations. According tothe
applicable regulations, these
institutions must register withthe
SHCP, which mayauthorize or
refuse registration.
(2) Unbound
(3) Thisactivity maybecarried out
through guarantee companies.
Foreign investors, excluding
governments andgovernment
agencies, mayhold, inaggregate,
upto30percentofcapital stock.
Effective control oftheenterprise
byMexican shareholders is
required.
(4) Unbound(1) None
(2) Unbound
(3) Individual holdings byforeign
investors maynotexceed 7.5percentof
capital stock. Effective control ofthe
enterprise byMexican shareholders is
required.
(4) Unbound
GATS/SC/56/Suppl.1/Rev.1
Page17MEXICO (continued) GATS/SC/56/Suppl.1/Rev.1
Page18
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
General deposit warehouses (1) Unbound
(2) Unbound
(3) Foreign investors, excluding
governments andgovernment
agencies, mayhold, inaggregate,
upto30percentofcapital stock.
Effective control oftheenterprise
byMexican shareholders is
required.
(4) Unbound(1) Unbound
(2) Unbound
(3) Individual holdings byforeign investors
maynotexceed 7.5percentofcapital
stock. Effective control oftheenterprise
byMexican shareholders isrequired.
(4) Unbound