RESTRICTED
WORLD TRADE GATS/SC/56/Suppl.1
28July1995
ORGANIZATION(95-2256)
Trade inServices
MEXICO
Schedule ofSpecific Commitments
Supplement 1
(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, in
aggregate, upto30percentof
capital stock. Effective control
oftheenterprise bytheMexican
shareholders isrequired.
(4)Unbound(1)Unbound
(2)Unbound
(3)Individual holdings byforeign
investors maynotexceed 7.5percent
ofcapital stock. Effective control of
theenterprise byMexican
shareholders isrequired.
(4)Unbound
GATS/SC/56/Suppl.1
Page1MEXICO (continued) GATS/SC/56/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
(b)Non-life insurance services
(CPC 8129)(1)Unbound
(2)Unbound
(3)Foreign investors, excluding
governments andgovernment
agencies, mayhold, in
aggregate, upto30percentof
capital stock. Effective control
oftheenterprise byMexican
shareholders isrequired.
(4)Unbound(1)Unbound
(2)Unbound
(3)Individual holdings byforeign
investors maynotexceed 7.5percent
ofcapital stock. Effective control of
theenterprise 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 and
retrocession services
(CPC 81299)(1)Foreign reinsurance companies
mayparticipate inreinsurance
operations. According tothe
applicable regulations, such
companies arerequired to
register withtheSHCP, which
mayauthorize orrefuse
registration.
(2)Unbound
(3)Foreign investors, excluding
governments andgovernment
agencies, mayhold, in
aggregate, upto30percentof
capital stock. Effective control
oftheenterprise byMexican
shareholders isrequired.
Foreign reinsurance companies
mayestablish representative
offices inthecountry, withthe
prior authorization oftheSHCP.
Representative offices offoreign
reinsurance companies,
according totheapplicable
regulations maynotactdirectly
orthrough anintermediary in
reinsurance operations.(1)Bound
(2)Unbound
(3)Individual holdings byforeign
investors maynotexceed 7.5percent
ofcapital stock. Effective control of
theenterprise byMexican
shareholders isrequired.
(4)Unbound
GATS/SC/56/Suppl.1
Page3MEXICO (continued) GATS/SC/56/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
(d)Services auxiliary to
insurance, suchas:
-insurance broking and
agency services
(CPC 81401)(1)Unbound
(2)Unbound
(3)Foreign investors, excluding
governments andgovernment
agencies, mayhold, in
aggregate, upto30percentof
capital stock. Effective control
oftheenterprise byMexican
shareholders isrequired.
(4)Unbound(1)Unbound
(2)Unbound
(3)Individual holdings byforeign
investors maynotexceed 7.5percent
ofcapital stock. Effective control of
theenterprise 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 ofinvestment companies, foreign exchange houses, guarantee institutions (bonding companies) andgeneral
deposit warehouses.
Foreign financial institutions suchasbanks andsecurities firms mayestablish representative offices inthecountry withtheprior authorization of
theSHCP. 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
thepublic
(CPC 81115-81116)(1)Unbound
(2)Unbound
(3)Thisactivity isrestricted to
multiple-banking institutions.
Foreign investors, excluding
governments andgovernment
agencies, mayhold, in
aggregate, upto30percentof
capital stock. Effective control
oftheenterprise byMexican
shareholders isrequired.
According totheapplicable
financial legislation,
representative offices ofbanking
institutions areexcluded from
thisactivity.
(4)Unbound(1)Unbound
(2)Unbound
(3)Individual holdings byforeign
investors inmultiple-banking
institutions maynotexceed
2.5percentofcapital stock.
Effective control oftheenterprise by
Mexican shareholders isrequired.
(4)Unbound
GATS/SC/56/Suppl.1
Page5MEXICO (continued) GATS/SC/56/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
(b)Lending ofalltypes
including consumer credit,
mortgage credit, factoring
andfinancing of
commercial transactions
(CPC 8113)(1)Unbound
(2)Unbound
(3)Multiple-banking institutions
maycarry outlending activities
ofalltypes, including consumer
credit, mortgage credit, credit
discounting andfinancing of
commercial transactions.
Foreign investors, excluding
governments andgovernment
agencies, mayhold, in
aggregate, upto30percentof
capital stock. Effective control
oftheenterprise byMexican
shareholders isrequired.
Limited-purpose financial
institutions maygrant credit toa
specific sector oractivity.
Foreign investors, excluding
governments andgovernment
agencies, mayhold, in
aggregate, upto30percentof
capital stock. Effective control(1)Unbound
(2)Unbound
(3)Individual holdings byforeign
investors inmultiple-banking
institutions maynotexceed
2.5percentofcapital stock.
Effective control oftheenterprise by
Mexican shareholders isrequired.
Individual holdings byforeign
investors inlimited-purpose financial
institutions maynotexceed
7.5percentofcapital stock.
Effective control oftheenterprise by
Mexican shareholders isrequired.
Individual holdings byforeign
investors infinancial factoring
companies maynotexceed
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
maycarry outfactoring
activities. Foreign investors,
excluding governments and
government agencies, mayhold,
inaggregate, upto30percent
ofcapital stock. Effective
control oftheenterprise by
Mexican shareholders is
required.
(4)Unbound (4)Unbound
GATS/SC/56/Suppl.1
Page7MEXICO (continued) GATS/SC/56/Suppl.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 and
government agencies, mayhold,
inaggregate, upto30percent
ofcapital stock. Effective
control oftheenterprise by
Mexican shareholders is
required.
Multiple-banking institutions
mayalsocarry outfinancial
leasing activities. Foreign
investors, excluding governments
andgovernment agencies, may
hold, inaggregate, upto
30percentofcapital stock.
Effective control ofthe
enterprise byMexican
shareholders isrequired.
(4)Unbound(1)Unbound
(2)Unbound
(3)Individual holdings byforeign
investors infinancial leasing
companies maynotexceed 5percent
ofcapital stock. Effective control of
theenterprise byMexican
shareholders isrequired.
Individual holdings byforeign
investors inmultiple-banking
institutions maynotexceed
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 onownor
customers '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,
inaggregate, upto30percent
ofcapital stock. Effective
control oftheenterprise by
Mexican shareholders is
required.
(4)Unbound(1)Unbound
(2)Unbound
(3)Individual holdings byforeign
investors inmultiple-banking
institutions maynotexceed 5percent
ofcapital stock. Effective control of
theenterprise byMexican
shareholders isrequired.
(4)Unbound
GATS/SC/56/Suppl.1
Page9MEXICO (continued) GATS/SC/56/Suppl.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
maycarry outthisactivity.
Foreign investors, excluding
governments andgovernment
agencies, mayhold, in
aggregate, upto30percentof
capital stock. Effective control
oftheenterprise byMexican
shareholders isrequired.
Foreign exchange houses may
alsocarry outthisactivity.
Foreign investors, excluding
governments andgovernment
agencies, mayhold, in
aggregate, upto30percentof
capital stock. Effective control
oftheenterprise byMexican
shareholders isrequired.
(4)Unbound(1)Unbound
(2)Unbound
(3)Individual holdings byforeign
investors inmultiple-banking
institutions maynotexceed
2.5percentofcapital stock.
Effective control oftheenterprise by
Mexican shareholders isrequired.
Individual holdings byforeign
investors inforeign exchange houses
maynotexceed 5percentofcapital
stock. Effective control ofthe
enterprise byMexican shareholders is
required.
(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,
inaggregate, upto30percent
ofcapital stock. Effective
control oftheenterprise by
Mexican shareholders is
required.
(4)Unbound(1)Unbound
(2)Unbound
(3)Individual holdings byforeign
investors insecurities firms and
securities specialists, maynotexceed
5percentofcapital stock. Effective
control oftheenterprise byMexican
shareholders isrequired.
(4)Unbound
GATS/SC/56/Suppl.1
Page11MEXICO (continued) GATS/SC/56/Suppl.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
-other negotiable
instruments and
financial assets,
including bullion
(CPC 81339**)(1)Unbound
(2)Unbound
(3)Multiple banking institutions
maycarry outthisactivity.
Foreign investors, excluding
governments andgovernment
agencies, mayhold, in
aggregate, upto30percentof
capital stock. Effective control
oftheenterprise byMexican
shareholders isrequired.
(4)Unbound(1)Unbound
(2)Unbound
(3)Individual holdings byforeign
investors maynotexceed 2.5percent
ofcapital stock. Effective control of
theenterprise byMexican
shareholders isrequired.
(4)Unbound
(g)Participation inissues ofall
kinds ofsecurities,
including underwriting and
placement asagent (whether
publicly orprivately) and
provision ofservices related
tosuchissues
(CPC 8132)(1)Unbound
(2)Unbound
(3)Securities firms maycarry out
these activities. Foreign
investors, excluding governments
andgovernment agencies, may
hold, inaggregate, upto
30percentofcapital stock.
Effective control ofthe
enterprise byMexican
shareholders isrequired.
(4)Unbound(1)Unbound
(2)Unbound
(3)Individual holdings byforeign
investors insecurities firms, maynot
exceed 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
(h)Money broking
(CPC 813399**)(1)Unbound
(2)Unbound
(3)Multiple-banking institutions
maycarry outthisactivity.
Foreign investors, excluding
governments andgovernment
agencies, mayhold, in
aggregate, upto30percentof
capital stock. Effective control
oftheenterprise byMexican
shareholders isrequired.
(4)Unbound(1)Unbound
(2)Unbound
(3)Individual holdings byforeign
investors inmultiple-banking
institutions maynotexceed
2.5percentofcapital stock.
Effective control oftheenterprise by
Mexican shareholders isrequired.
(4)Unbound
GATS/SC/56/Suppl.1
Page13MEXICO (continued) GATS/SC/56/Suppl.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
(i)Asset management, suchas
cashorportfolio
management, allforms of
collective investment
management, andtrust
services
(CPC 81323*)(1)Unbound
(2)Unbound
(3)Investment companies maycarry
outactivities suchasasset
management, cashorportfolio
management andcollective
investment management.
Foreign investors, excluding
governments andgovernment
agencies, mayhold, in
aggregate, upto30percentof
capital stock. Effective control
oftheenterprise byMexican
shareholders isrequired.(1)Unbound
(2)Unbound
(3)Individual holdings byforeign
investors ininvestment companies
maynotexceed 7.5percentofcapital
stock. Effective control ofthe
enterprise byMexican shareholders is
required.
Individual holdings byforeign
investors inmanagement companies of
investment companies maynotexceed
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
Management companies of
investment companies carry out
theadministration ofinvestment
trusts. Foreign investment,
excluding governments and
government agencies, mayhold,
inaggregate, upto30percent
ofcapital stock. Effective
control oftheenterprise by
Mexican shareholders is
required.
Multiple-banking institutions
mayprovide trustservices.
Foreign investors, excluding
governments andgovernment
agencies, mayhold, in
aggregate, upto30percentof
capital stock. Effective control
oftheenterprise byMexican
shareholders isrequired.
(4)UnboundIndividual holdings byforeign
investors inmultiple-banking
institutions maynotexceed
2.5percentofcapital stock.
Effective control oftheenterprise by
Mexican shareholders isrequired.
(4)Unbound
GATS/SC/56/Suppl.1
Page15MEXICO (continued) GATS/SC/56/Suppl.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
(k)Advisory andother
auxiliary financial services,
including credit reporting
andanalysis, investment
andportfolio research and
advice, advice on
acquisitions andon
corporate restructuring and
strategy
(CPC 81332)(1)Unbound
(2)Unbound
(3)Credit information companies
(Credit Bureaus) maycarry out
credit reporting activities.
Foreign investors, excluding
governments andgovernment
agencies, mayhold, in
aggregate, upto30percentof
capital stock. Effective control
oftheenterprise byMexican
shareholders isrequired.
Investment consultants maycarry
outactivities suchasanalysis,
investment andportfolio research
andadvice, advice on
acquisitions andoncorporate
restructuring andstrategy.
Foreign investors, excluding
governments andgovernment
agencies mayhold, inaggregate,
upto30percentofcapital
stock. Effective control ofthe
enterprise byMexican
shareholders isrequired.
(4)Unbound(1)Unbound
(2)Unbound
(3)Individual holdings byforeign
investors inCredit Bureaus maynot
exceed 7.5percentofcapital stock.
Effective control oftheenterprise by
Mexican shareholders isrequired.
Individual holdings byforeign
investors ininvestment consultancies
maynotexceed 7.5percentofcapital
stock. Effective control ofthe
enterprise byMexican shareholders is
required.
(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.Others
Holding companies (1)Unbound
(2)Unbound
(3)Foreign investors, excluding
governments andgovernment
agencies, mayhold, in
aggregate, upto30percentof
capital stock. Effective control
oftheenterprise byMexican
shareholders isrequired.
(4)Unbound(1)Unbound
(2)Unbound
(3)Individual holdings byforeign
investors maynotexceed 2.5percent
ofcapital stock. Effective control of
theenterprise byMexican
shareholders isrequired.
(4)Unbound
Guarantee institutions (1)Unbound
(2)Unbound
(3)Foreign investors, excluding
governments andgovernment
agencies, mayhold, in
aggregate, upto30percentof
capital stock. Effective control
oftheenterprise byMexican
shareholders isrequired.
(4)Unbound(1)Unbound
(2)Unbound
(3)Individual holdings byforeign
investors maynotexceed 7.5percent
ofcapital stock. Effective control of
theenterprise byMexican
shareholders isrequired.
(4)Unbound
GATS/SC/56/Suppl.1
Page17MEXICO (continued) GATS/SC/56/Suppl.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
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, in
aggregate, upto30percentof
capital stock. Effective control
oftheenterprise byMexican
shareholders isrequired.
(4)Unbound(1)Unbound
(2)Unbound
(3)Individual holdings byforeign
investors maynotexceed 7.5percent
ofcapital stock. Effective control of
theenterprise 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
General deposit warehouses (1)Unbound
(2)Unbound
(3)Foreign investors, excluding
governments andgovernment
agencies, mayhold, in
aggregate, upto30percentof
capital stock. Effective control
oftheenterprise byMexican
shareholders isrequired.
(4)Unbound(1)Unbound
(2)Unbound
(3)Individual holdings byforeign
investors maynotexceed 7.5percent
ofcapital stock. Effective control of
theenterprise byMexican
shareholders isrequired.
(4)Unbound
GATS/SC/56/Suppl.1
Page19