1E9Ct5D

a) Limited activities. In the economic activities and companies mentioned below, foreigninvestment is limited to the indicated percentages, which cannot be surpassedunder any circumstances, except through the mechanism of neutral investment,which is discussed in Point 1.5 of this chapter:• Up to 10 percent: producers’ cooperatives;• Up to 25 percent:• National air transport;• Air taxi transport;• Specialized air transport;• Up to 49 percent:• Insurance companies;• Bonding companies;• Money exchange firms;• Public bonded warehouses;• Financial leasing companies;• Factoring companies;• Special-purpose financial institutions;• The companies referred to in Article 12 bis of the Securities Market Law(Ley del Mercado de Valores);• Pension fund management companies;• Companies manufacturing and selling explosives, firearms, cartridges, munitions,or fireworks, not including the acquisition and utilization of explosivesfor industrial and extractive activities or the preparation of explosive mixturesfor the carrying out of such activities;• Printing and publishing of newspapers for circulation exclusively in nationalterritory;• Series “T” shares of companies owning agricultural, livestock, and forestrylands (series “T” shares only represent capital contributed in agricultural,livestock, or forestry lands, or capital to be used for the acquisition of suchlands);• Fishing operations in fresh and coastal waters and in the exclusive economiczone, not including aquaculture;• Comprehensive port administration;• Port pilotage services to ships for interior navigation operations, accordingto the applicable law;• Shipping companies engaged in the commercial exploitation of ships forinterior navigation and cabotage, except for tourist cruise ships and theexploitation of dredgers and naval artefacts for port construction, conservationand operation;45Foreign Investment Regulation