Language selection

Search

Canada-Colombia Free Trade Agreement

Annex III Canada

Financial Services Non-Conforming Measures

1. The Schedule of Canada to this Annex sets out:

2. Each reservation in Section I sets out the following elements

3. Each reservation in Section II sets out the following elements:

4. In the interpretation of a reservation in Section I, all elements of the reservation shall be considered. A reservation shall be interpreted in the light of the relevant provisions of the Chapter against which the reservation is taken. To the extent that:

5. In the interpretation of a reservation in Section II, all elements of the reservation shall be considered. The Description element shall prevail over all other elements.

6. Where Canada maintains a measure that requires that a service supplier be a citizen, permanent resident, or resident of its territory as a condition to the supply of a service in its territory, a Schedule entry for that measure taken with respect to Article 1102, 1103, 1104, or 1105 shall operate as a Schedule entry with respect to Article 803 (Investment - National Treatment), 804 (Investment - Most-Favored-Nation Treatment), or 807 (Investment - Performance Requirements) to the extent of that measure.

Top of page

Schedule of Canada

Headnotes

1. Commitments under this Agreement, in the sub-sectors listed in this Schedule, are undertaken subject to the limitations and conditions set forth in these headnotes and in the Schedule below.

2. To clarify the commitment of Canada with respect to Article 1104, juridical persons supplying financial services and constituted under the laws of Canada are subject to non-discriminatory limitations on juridical form Footnote 1

Schedule of Canada

Section – I

Sector:
Financial Services

Sub-sector:
Insurance

Type of Reservation:
Cross-Border Trade (Article 1105)

Level of Government:
National

Measures:
Insurance Companies
Act, S.C. 1991, c. 47
Reinsurance (Canadian Companies) Regulations
, SOR/92-298
Reinsurance (Foreign Companies) Regulations, SOR/92-302

Descripción:
The purchase of reinsurance services by a Canadian insurer, other than a life insurer or a reinsurer, from a non-resident reinsurer is limited to no more than 25 percent of the risks undertaken by the insurer purchasing the reinsurance.

Top of page

Section - II

Sector:
Financial Services

Sub-sector:
Banking and Other Financial Services (Excluding Insurance)

Type of Reservation:
Right of Establishment (Article 1104)
National Treatment (Article 1102)

Level of Government:
National

Description:
Canada reserves the right to adopt or maintain any measure requiring that a foreign bank establish as a subsidiary in order to accept or maintain retail deposits of less than CDN$150,000.

Sector:
Financial Services

Sub-sector:
Banking and Other Financial Services (Excluding Insurance)

Type of Reservation:
Right of Establishment (Article 1104)
National Treatment (Article 1102)

Level of Government:
National

Description:
Canada reserves the right to adopt or maintain any measure requiring that foreign banks that have been authorized to establish a branch in Canada be members of the Canadian Payments Association. Canada also reserves the right to adopt or maintain any measure prohibiting foreign lending branches from being members of the Canadian Payments Association.

Top of page

Sector:
Financial Services

Sub-sector:
All

Type of Reservation:
Most-Favoured-Nation Treatment (Article 1103)

Level of Government:
National and Sub-national

Description:
Canada reserves the right to adopt or maintain any measure relating to securities services that accords differential treatment to countries under any bilateral or multilateral international agreement in force or signed prior to the date of entry into force of this Agreement.

Canada reserves the right to adopt or maintain any measure relating to securities services that accords differential treatment to a country under any future bilateral or multilateral international agreement.

Top of page

Section - III

Specific Commitment Regarding Portfolio Management

1. Subject to paragraph 2, Canada shall allow a financial institution organized outside its territory to provide the following services to a collective investment scheme located in its territory:

2.This commitment is subject to Article 1101, paragraph 3 of Article 1105 and the Appendix to this Section.

3. This commitment is also subject to Canada’s right to:

4. Notwithstanding paragraph 1, Canada may require a collective investment scheme located in Canada to retain ultimate responsibility for the management of the collective investment scheme or the funds that it manages.

5. For purposes of this commitment, in Canada collective investment scheme means investment funds or fund management companies regulated or registered under provincial securities laws and regulations.

Top of page

Appendix

1. Canada's commitment in subsection III (A) applies at the sub-national level only to the following provinces or territories and subject to paragraph 2:

Alberta
British Columbia
Manitoba
New Brunswick
Quebec
Ontario
Saskatchewan

2. The commitment in respect of any of the provinces or territories listed in paragraph 1 does not apply to any existing reservation of any of those provinces or territories, the continuation or prompt renewal of any such measure or any amendment to any such measure to the extent that the amendment does not decrease the conformity of the measure, as it existed upon the entry into force of this Agreement, with the commitment.

3. Not later than four years following the entry into force of this Agreement, the Parties shall consult on the liberalization of cross-border trade in portfolio management services, further to that set out in this specific commitment. In such consultations, the Parties shall determine whether Canada’s specific commitment shall be maintained or further liberalized.

Top of page
Date Modified: