サービスの貿易に関する一般協定の第二議定書
SECOND PROTOCOL ON TO THE GENERAL AGREEMENT ON TRADE IN SERVICES
AUSTRALIA
Schedule of Specific Commitments
Supplement 1
Revision
(This is authentic in English only)
AUSTRALIA-SCHEDULE OF SPECIFIC COMMITMENTS
Modes or supply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional
Commitrnents
I. HORIZONTAL COMMITMENTS
ALL SECTORS INCLUDED
IN THIS SCHEDULE
3) Notification and examination under 3) Australia's foreign investment policy
Australia's foreign investment policy guidelines apply to foreign-owned or
guidelines and the Foreign Acquisition and controlled enterprises after establishment
Takeovers Act 1975. In addition to the in Australia
specific foreign investment policy
requirement set out in those parts of this At least two of the directors of a public
Schedule concerning financial services and company must be ordinarily resident in
international shipping, proposals for Australia
foreign interests to invest in the services
identified in the Schedule are examined
under the Government's policy guidelines
without the need to demonstrate economic
judged contrary to the national interest.
The onus for establishing that proposals are
so contrary rests with the Australian
authorities. Investors can expect that
approval will not be withheld from
proposals on national interest grounds other
than in unusual circumstances affecting
Australia's vital interests and development.
AUSTRALIA (continued)
Modes of supply: 1) Cross-border supply 2) Consumption abroad 3) Commercial 4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional
Commitments
Unbound for current and future measures
at the federal, state or local government
levels according fights or preferences to
any indigenous person or organisation in
relation to acquisition, establishment or
operation of any commercial or industrial
undertaking in the service sector. For the
purposes of this Schedule, an indigenous
person means a person of the Aboriginal
race of Australia or a descendant of an
indigenous inhabitant of the Torres Strait
Islands.
Unbound for subsidies for research and
development
AUSTRALIA (continued)
Modes of supply: 1) Cross-border supply 2) Consumption abroad 3) Commercial 4) Presence of natural persons
sector or subsector Limitations on market access Limitations on national treatment Additional
Commitments
7. FINANCIAL SERVICES
Australia undertakes its specific commitments on financial services in accordance with the attached "Understanding on Commitments in Financial Services"
(hereinafter referred to as the "Understanding").
The obligations under the Understanding are addressed in this Schedule additionally to those covered by the provisions of part III of the Agreement and the
Annex on Financial Services. Market access commitments with respect to "cross-border supply" and "consumption abroad" are bound in the Schedule to the
extent of the obligations in paragraphs 3 and 4 of the Understanding.
These specific commitments on financial services are subject to the general limitations contained in the "Horizontal Commitments" section of this Schedule.
A. Insurance and insurance-
related services
(8121, 8129**, 8140)
3) Approval of non-resident life insurers is
restricted to subsidiaries
3) Registered foreign life insurance companies
are required to have a principal officer
resident in Australia
AUSTRALIA (continued)
Modes of supply: 1) Cross-border supply 2) Consumption abroad 3) Commercial 4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional
Commitments
1),3) An authorised insurance company
operating in Australia as a non-incorporated
entity must appoint an Australian resident
as agent of the insurer
3) Most state and Territory Governments 3) Sub-national guarantees are provided to
maintain restrictions, by way of monopolies some State and Territory Insurance Offices
or licensing provisions and associated
controls on premiums and other terms of
policies, in the following areas of
policies, in the following areas of
insurance:
Compulsory Third Party Motor
Vehicle Accident: VIC, WA, TAS,
NT, ACT (monopolies); NSW, QLD,
SA (licensing, premiums/policy terms)
Workers Compensation: VIC, QLD,
SA (monopolies); NSW, WA, TAS
(licensing,premiums/policy terms)
4) The temporary entry of specialists in the
operation of an insurance service supplier
established in Australia is permitted subject
to the terms stipulated in the horizontal
section
AUSTRALIA (continued)
Modes of supply: 1) Cross-border supply 2) Consumption abroad 3) Commercial 4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional
Commitments
B. Banking and other financial 1) The investment at interest in Australia of
services (excluding insurance) official reserves by foreign central banks
(8112,8113,8119,8131, and foreign government monetary
8132,8133,81115-81119, institutions is approved by the Reserve
81199,81319,81321,81323, Bank provided that it obtains assurance
81333,81339) from the investing authority that it will aim
to be a stable holder of the Australian
dollar and that it will consult with the Bank
in the event of significant changes in its
Australian dollar portfolio. Monetary
institutions, responsible for both reserve
assets and commerciai investments, are
permitted to invest in Australia up to a
limit under the same conditions.
1),3) A foreign bank located overseas is able
to offer its services to Australian
enterprises, but it is not allowed to raise
funds in Australia or undertake business
within Australia uniess it is an authorised
bank (or establishes a money market
corporation, subsidiary etc.)
AUSTRALIA (continued)
Modes of supply: 1) Cross-border supply 2) Consumption abroad 3) Commercial 4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional
Commitments
1),3) Dealings in foreign exchange in
Australia must be carried out through a
dealer authorised by the Reserve overseas
banks, and financial institutions
incorporated in Australia with the required
minimum capital base are eligible to seek
authorisation as a foreign exchange dealer.
Foreign banks satisfying prudential
requirements and competition policy
considerations may conduct banking in
Australia. Foreign banks may undertake
banking operations in Australia through an
authorised branch,however, a branch may
not accept "retail" deposits. A foreign
bank wishing to accept "retail" deposits
must seek authorisation as a locally-
incorporated subsidiary for that purpose.
Foreign bank branches may accept deposits
(and other funds) in any amount from
incorporated entities, non-residents and
their own employees. Deposits (and other
funds) may only be accepted from other
sources where the initial deposit (or other
funds) is greater than $250 000. Deposit-
taking outside of this is considered to be
"retail" banking business.
AUSTRALIA (continued)
Modes of supply: 1) Cross-border supply 2) Consumption abroad 3) Commercial 4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional
Commitments
Acquisition, by foreign interests, of control 3) The Commonwealth Bank of Australia, the
of any of Australia's four main banks Australian Industry Development
(Commonwealth Bank of Australia, Corporation, and other Commonwealth
National Australia Bank, Westpac Banking owned entities which may conduct financial
Corporation and Australia and New operations are guaranteed by the
Zealand Banking Group) is not permitted. Commonwealth Government
State and Territory governments reserve the
right to prohibit foreign control of State-
owned or controlled banks. Banks
(resident and non-resident) are prohibited
from holding shares in the Commonwealth
Bank of Australia and other entities may
not hold more than five per cent of its
issued share capital.
Banks operating in Australia, whether
domestically owned or foreign owned with
authorised branch status, may be permitted,
in certain circumstances, to hold up to 75
per cent equity in Authorised Money
Market Dealers(primary dealers). The
Reserve Bank imposes restrictions on
relationships and dealings between
authorised dealers and related banks, in
particular:
AUSTRALIA (continued)
Modes of supply: 1) Cross-border supply 2) Consumption abroad 3) Commercial 4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional
Commitments
authorised dealers must be
independent legal entities and be
separately capitalised;
authorised dealers' transactions with
related entities (defined as parties
which own 12.5 per cent or more of
the authorised dealer) must be carried
out at arm's length and not represent
a disproportionate source of funding
or turnover; and
authorised dealers must provide an
impartial service to all participants in
the money market.
A number of State and Territory
Governments operate central financing
authorities through which the Government's
wholly or party-owned statutory authorities
and business enterprises are obliged to
borrow (and in some cases invest) their
funds, or otherwise obtain certain financial
services:
AUSTRALIA (continued)
Modes of supply: 1) Cross-border supply 2) Consumption abroad 3) Commercial 4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional
Commitments
SA - South Australian Financing
Authority, SA Local Government
Financing Authority
TAS - Tascorp
NSW - Treasury Corporation
VIC - Treasury Corporation of
Victoria
3) The Australian Stock Exchange liquid 3) A majority of the directors of a member
capital requirements for members may have organisation of the Australian Stock
the effect of favouring membership of the Exchange must be Australian residents
Exchange by subsidiaries rather than
branches of foreign companies
An applicant must be a body corporate in
order to obtain approval to conduct a stock
market or a futures market as a stock
exchange or a futures exchange
4) The temporary entry of specialists in the
operation of a financial service supplier
established in Australia is permitted subject
to the terms stipulated in the horizontal
section
BRAZIL
Schedule of Specific Commitments
Supplement 1
Revision
(This is authentic in English only)
BRAZIL - SCHEDULE OF SPECIFIC COMMITMENTS
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or sub-sector Limitations on market access Limitations on national treatment Additional commitments
7. FINANCIAL SERVICES
A All Insurance and
Insurance-Related Services
Insurance on freight (1) Imports can only be insured with established (1) Unbound
(CPC 81293) companies.
(2) Unbound (2) Unbound
(3) The formation of specific type of legal (3) None Brazil will introduce into its
entity is required, in the form of a schedule commitments
Sociedade Anonima, with registered stocks. relating to the participation of
The establishment of new branches and foreign capital in the
subsidiaries of foreign insurance companies, Brazilian insurance market,
as well as increases in the percentage of the within tow years after the
participation of foreign persons and firms in adoption by the National
the capital stock of Brazilian insurance Congress of legislation
institutions with headquarters in Brazil, is permitting such participation.
not permitted.
(4) Unbound except as indicated in the (4) Unbound except as indicated in the
horizontal section. horizontal section.
Life insurance (1) Unbound (1) Unbound
(CPC 81211) (2) Unbound (2) Unbound
(3) Same conditions as in insurance on freight. (3) None
(4) Unbound except as indicated in the (4) Unbound except as indicated in the
horizontal section. horizontal section.
BRAZIL (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or sub-sector Limitations on market access Limitations on national treatment Additional commitments
Medical care (1) Unbound (1) Unbound
( CPC 81291 ) (2) Unbound (2) Unbound
(3) Same conditions as in insurance on freight. (3) None
(4) Unbound except as indicated in the (4) Unbound except as indicated in the
horizontal section. horizontal section.
Property insurance (1) Unbound (1) Unbound
(CPC 81292, CPC 81294 (2) Unbound (2) Unbound
CPC 81295, CPC81296) (3) Same conditions as in insurance on freight. (3) None
(4) Unbound except as indicated in the (4) Unbound except as indicated in the
horizontal section. horizontal section.
Liability insurance (1) Unbound (1) Unbound
( CPC 81297 ) (2) Unbound (2) Unbound
(3) Same conditions as in insurance on freight. (3) None
(4) Unbound except as indicated in the (4) Unbound except as indicated in the
horizontal section. horizontal section.
Reinsurance and (1) Unbound (1) Unbound
retrocession services (2) Unbound (2) Unbound
(CPC 81299) (3) It is of the competence of the Brazilian (3) Unbound Brazil will introduce into is
Institute of Reinsurance (IRB) to accept schedule commitments
mandatory or facultative reinsurance, in relating to the participation of
Brazil or abroad. The distribution by foreign capital in the
insurance institutions of parts of reinsurance Brazilian reinsurance market,
not retained by IRB is also of its within two years after the
competence. adoption by the National
(4) Unbound except as indicated in the (4) Unbound Congress of legislation
horizontal section. permitting such participation.
BRAZIL (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or sub-sector Limitations on market access Limitations on national treatment Additional commitments
Auxiliary services - (1) Unbound (1) Unbound
agencies and brokers (2) Unbound (2) Unbound
(CPC 81401) (3) Foreign nationals may establish themselves (3) None Brazil will introduce into its
as brokers. However, the presence of schedule commitments
foreign capital in domestic brokerage firms relating to the participation of
is restricted, directly or indirectly to 50 per foreign capital in the
cent of the total capital of the domestic firm Brazilian insurance brokerage
and one third of its voting capital. This rule firms, two years after the
does not apply to firms established before adoption by the National
3 July 1986. Congress of legislation
(4) Unbound except as indicated in the (4) Unbound except as indicated in the permitting such participation.
horizontal section. horizontal section.
Auxiliary services - (1) None (1) None
consultancy , actuarial and (2) None (2) None
surveys (3) None (3) None
(CPC 81402, CPC 81404) (4) Unbound except as indicated in the (4) Unbound except as indicated in the
horizontal section. horizontal section.
BRAZIL (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or sub-sector Limitations on market access Limitations on national treatment Additional commitments
B. Banking and Other Financial Institutions
These commitments cover only those activities performed by financial institution, classified as multiple banks, commercial banks, investment banks, consumer
finance companies, housing finance companies, financial leasing companies, brokers and dealers, and each may perform only those activities permitted by the
Conselho Monetario Nacional, the Banco Central de Brasil and/or the Comissao de Valores Mobiliarios. Multiple banks may be formed with a minimum of any tow
of the following portfolios, each corresponding to a commercial bank, an investment bank, a consumer finance company, a housing finance company or a financial
leasing company, and one of the portfolios must correspond to either a commercial bank or an investment bank. Financial instruments, such as securities, futures
and options, when registered for negotiation on an exchange, may not be negotiated in an over-the-counter market. All senior level management must be permanent
residents in Brazil.
- Acceptance of the (1) Unbound (1) Unbound Brazil will introduce into its
following funds from the (2) Unbound (2) Unbound schedule commitments
public, on a wholesale or relating to the participation of
retail basis: foreign capital in Brazilian
financial institutions, within
(1) demand deposits two years after the adoption
(2) time deposits by National Congress of
(3) savings deposits legislation permitting such
destined for participation.
housing finance
BRAZIL (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or sub-sector Limitations on market access Limitations on national treatment Additional commitments
- Lending of all types by (3) The establishment of new branches and (3) None National treatment shall be
financial institutions, subsidiaries of foreign financial institutions, granted to suppliers,
including: as well as increases in the percentage of the established in Brazil, of
participation of foreign nationals and service activities listed in the
(1) consumer credit institutions in the capital stock of Brazilian Annex on Financial Services
(2) mortgage credit financial institutions, is not permitted, except that are not performed by
(3) financing of in connection with the privatization financial institutions and are
commercial programme of public sector financial not recognized as financial
transactions institutions. The number of branches is services according to
Brazil of all foreign banks and of banks domestic regulations, at such
- Financial leasing controlled by foreign nationals and time as these service
- Payment and money institutions is currently limited to the amount activities be subjected to
transmission services existing on 5 October 1988, except for the specific legislation adopted
carried out by financial branches of privatized banks, which are not by the National Congress,
institutions subject to this limitation. therein classified as financial
- Guarantees and services.
commitments
BRAZIL (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or sub-sector Limitations on market access Limitations on national treatment Additional commitments
- Trading for own account (4) Unbound except as indicated in the (4) Unbound except as indicated in the
of for the account of horizontal section horizontal section
customers, whether on an
exchange or in an over-
the-counter market, of the
following:
(1) money market
instruments
(2) foreign exchange
(3) futures and options
(4) exchange rate and
interest rate
instruments
(5) transferable
securities
(6) other negotiable
instruments and
financial assets,
including bullion
BRAZIL (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or sub-sector Limitations on market access Limitations on national treatment Additional commitments
- Participation in public
issues of all kings of
securities, including
underwriting and
placement as agent, and
provision of services
related to such issues
- Brokerage of foreign
exchange
- Portfolio management and
custodial and depository
services
CANADA
Schedule of Specific Commitments
Supplement 1
Revision
(This is authentic in English only)
CANADA - SCHEDULE OF SPECIFIC COMMITMENTS
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
7. FINANCIAL SERVICES
Measures applicable to all Sectors in Financial Services
1. Commitments in this Chapter are undertaken in accordance with Understanding on Commitments in Financial Services
("Understanding").
2. For greater certainty, market access commitments with respect to the "cross-border" and "consumption abroad" supply of services (as
described in paragraphs 2(a) and 2(b) of article 1 of the General Agreement to Trade in Services) apply only to the transactions indicated
in paragraphs 3 and 4 of Market Access of the Understanding. It is understood that paragraph 4 of that section of the Understanding does
not impose any obligation to allow non-resident financial services suppliers to solicit business.
3. The commitments on "commercial presence" are bound according to the Understanding.
4. The commitments on "presence of natural persons" are scheduled in accordance with the Understanding and bound according to the general
limitations applicable to all sectors in this schedule (PartⅠ).
5. Otherwise, the commitments in this Chapter are subject to the general conditions or limitations applicable to all sectors in this schedule.
CANADA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or sub-sector Limitations on market access Limitations on national treatment Additional commitments
(1) None (1) None, other than:
(1) Certain supplies between
members of a closely-related
group of corporations which
includes a financial institution
may be treated as exempt
supplies under value-added
taxes. Imported supplies do
not qualify for this treatment.
(2) Supplies between resident and
non-resident branches or
representative offices of a
financial institution are treated
as supplies between separate
persons for the purposes of
value-added taxes.
(2) None (2) None, other than:
(2) Certain supplies between
members of a closely-related
group of corporations which
includes a financial institution
may be treated as exempt
supplies under value-added
taxes. Imported supplies do
not qualify for this treatment.
CANADA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(2) Supplies between resident and
non-resident branches of
representative offices of a
financial institution are treated
as supplies between separate
persons for purposes of
value-added taxes.
(3) None,other than: (3) None, other than:
Federally-regulated financial The Government of Ontario
institutions having capital in excess of Management Board Directive and
$750 million are required, within five Industrial Development Review
years of having reached the threshold, Process provides for a price
to have 35 per cent of their voting preference of up to 10 per cent for
shares widely-held and listed and Canadian content based on
posted for trading on a Canadian Stock value-added in Canada for certain
Exchange. government purchases. The
Management Board Directive applies
on the basis of the nationality of the
individual service provider.
(1) Certain supplies between
members of a closely-related
group of corporations which
includes a financial institution
may be treated as exempt
supplies under value-added
taxes. Imported supplies do
not qualify for this treatment.
CANADA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(2) Supplies between resident and
non-resident branches or
representative offices of a
financial institution are treated
as supplies between separate
persons for the purposes of
value-added taxes.
(4) See paragraph 4 of headnote on (4) See paragraph 4 of headnote on
Financial Services. Financial Services.
A. Insurance and (1) None, other than: (1) None
Insurance-Related
Services Direct insurance (federal): Services
(CPU 812* + 814 ) must be supplied through a commercial
presence with the exception of marine
(a) Life, accident and insurance.
health insurance (All provinces): Services must be
services supplied through a commercial
(CPC 8121) presence.
(b) Non-life insurance Reinsurance and retrocession(federal):
services Services must be supplied through a
(except deposit commercial presence.
insurance and (All provinces, excluding Alberta):
similar Services must be supplied through a
compensation commercial presence.
schemes)
CANADA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(c) Reinsurance and (2) None, other than. (2) None, other than:
retrocession
(CPC 81299*) Reinsurance and retrocession(federal): Direct insurance other than life.
The purchase of reinsurance services personal accident, sickness or marine
by a Canadian insurer, other than a life insurance (federal): An excise tax
insurer or a reinsurer, from a of 10 per cent is applicable on net
non-resident reinsurer is limited to no premiums paid to non-resident
more than 25 per cent of the risks insurers or exchanges in regard to a
undertaken by the insurer purchasing contract against a risk ordinarily
the reinsurance. within Canada, unless such
insurance in deemed not to be
available in Canada.
Direct insurance (Alberta): A fee
payable to the province of 50 per
cent of the premium paid and
regulatory notification are required
on insurance of risks in the province
by unlicensed insurers.
(3) None, other than: (3) None, other than:
Direct insurance and reinsurance and Direct insurance and reinsurance and
retrocession (federal): The solicitation retrocession (federal): A minimum
of insurance services in Canada can of one half of directors must be
only be effected through: either Canadian citizens ordinarily
resident in Canada or permanent
(1) a corporation incorporated under resident ordinarily resident in
the laws of Canada; Canada.
CANADA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(2) corporation incorporated by or (British Columbia): A majority of
under the laws of another the directors must be resident in
jurisdiction (ⅰ.e, a branch of a Canada and at least one director
foreign corporation); must be resident in British
Columbia.
(3) as association formed on the plan (Ontario): Capital requirements for
known as Lloyds. mutual insurance companies do not
apply to certain mutual insurance
companies incorporated in Ontario.
A controlling number of shares of a (Quebec): Three quarters of
Canadian insurance subsidiary must be directors must be Canadian citizens
held directly by the foreign insurance and a majority must reside in
company incorporated in the Quebec.
jurisdiction where the foreign insurance
company, either directly or through a
subsidiary, principally carries on
business.
A branch of a foreign insurance
company must be established directly
under the foreign insurance company
incorporated in the jurisdiction where
the foreign insurance company, either
directly or through a subsidiary,
principally carries on business.
CANADA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(All provinces): Insurance activities
can only be provided through:
(1) a corporation incorporated under
provincial statutes;
(2) an extra-provincial insurance
corporation, i.e., an insurer
incorporated by or under the
laws of another jurisdiction
(including a federaliy-anthorized
branch of a foreign corporation);
(3) an association formed on the plan
known as Lloyds;
(4) (Ontario): Reciprocal insurance
exchanges.
(Alberta): Subsidiaries of foreign
insurance corporations must be
federally-authorized.
(Quebec): Non-residents can acquire,
either directly or indirectly, no more
than 30 per cent of the voting shares of
any Canadian-controlled and
Quebec-chartered company without
ministerial approval.
CANADA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(Federal): The purchase of reinsurance
services by a Canadian insurer, other
than a life insurer or reinsurer, from a
resident reinsurer is limited to no more
than 75 per cent of the risks
undertaken by the insurer purchasing
the reinsurance.
(British Columbia): Incorporation,
share acquisition or application for
business authorization, control 10 per
cent or more of the votes of the
company, is subject to ministerial
approval.
(Non-life insurance (Ontario):
Reciprocal insurance exchanges must
maintain guarantee fund of ￡50,000
unless an auto or fire insurer has
principal office in Ontario, then
￡25,000 is required.
(Motor vehicle insurance): (Quebec,
Manitoba, Saskatchewan and British
Columbia): Motor vehicles insurance
is provided by public monopoly.
(4) See paragraph 4 of headnote on (4) See paragraph 4 of headnote on
financial Services. Financial Services.
CANADA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(d) Services auxiliary to (1) None, other than: (1) None
insurance (including
broking and agency Intermediation of insurance relating to
services) maritime shipping. commercial
aviation, space launching, international
transit (all provinces): Services must
be supplied through a commercial
presence in the province in which the
service is provided.
Adjustment services (Newfoundland):
Non-resident adjusters must, as a
condition for obtaining a licence, agree
to act through the facilities of an
adjuster, adjusting or broker licensed
under provincial law.
(Ontario and Prince Edward Island):
Non-resident individual adjusters are
prohibited from being adjusters in the
province.
CANADA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(2) None (2) None, other than:
Intermediation of insurance relating
to commercial aviation, space
launching, freight (incl. satellites)
and goods in international transit
(federal): An excise tax of 10 per
cent is applicable on net premiums
aid to non-resident insurers or
against a risk ordinarily within
Canada, unless such insurance is
deemed not to be available in
applicable on net premiums payable
with regard to contract entered
into, through a non-resident broker
or agent, with any insurer authorized
under the laws of Canada or of any province to carry out the business of
insurance.
(3) None, other than: (3) None
(Ontario): No licence is provided to a
corporation to act as an insurance
broker, agency or adjuster if the
majority of the voting rights are in
shares owned by non-residents. A
corporate agency or adjuster or
insurance broker which is majority
CANADA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
non-resident-owned and licensed as
result of grandfathering cannot expand
through purchase of assets or business
or merger or amalgamation with any
other broker, agent or adjuster. No
partnership which is an insurance
agency or adjuster if the head office is
outside Canada or if any partner is
resident outside Canada.
(Newfoundland): Extra-provincial
individual adjusters and representatives
must be sponsored by a resident
Newfoundland company or agency.
(4) See paragraph 4 of headstone on (4) See paragraph 4 of headstone on
Financial Services, and: Financial Services.
(Newfoundland): Extra-provincial
individual adjusters and representatives
must be sponsored by a resident
Newfoundland insurance company or
agency.
CANADA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
B. Banking and Other
Financial Services
(excl. insurance)
(CPC 81115 to
81119 + 813)
(a) Acceptance of (1) None (1) None
deposits and other
repayable funds (2) None (2) None
from the public
(CPC 81115-
81119)
(b) Lending of all (3) None, other than: (3) None, other than:
types, incl., inter
alia, consumer Banks: Foreign banks must Banks: Ministerial approval is
credit, mortgage incorporate subsidiaries in Canada to required for foreign bank
credit, factoring undertake the business of banking. subsidiaries to open more than one
and financing of branch.
commercial No one person (Canadian or foreign
transactions may own more than 10 per cent of any A minimum of one half of the
(CPC 8113) class of shares of a Schedule I bank. directors must be either Canadian
citizens ordinarily resident in Canada
(c) Financial leasing Trust and loan companies (federal and or permanent resident ordinarily
(CPC 8112) all provinces): Federal or provincial resident in Canada.
incorporation is required.
CANADA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Trust and loan companies (federal):
A minimum of one half of the
directors must be either Canadian
citizens ordinarily resident in Canada
or permanent resident ordinarily
resident in Canada.
(d) All payment and (Ontario, Quebec and Manitoba): The (Alberta): At least three quarters of
money direct or indirect acquisition of the directors must be ordinarily
transmission Canadian-controlled companies by resident in Canada.
services foreign persons is restricted to 10 per
(CPC 81339*) cent individually and 25 per cent
collectively.
(e) Guarantees and (Saskatchewan): Individual and (British Columbia): A majority of
commitments collective foreign ownership of the directors must be resident in
(CPC 81199*) Canadian-controlled and provincially Canada and at least one director
incorporated companies can be no must be resident in British
more than 10 per cent of shares. Columbia.
(British Columbia): Incorporations, (Nova Scotia): A majority of
share acquisition or application for directors must be resident in Canada
business authorization, where any and Canadian citizens.
person controls or well control 10 per
cent or more of the votes of the
company, are subject to ministerial
approval.
CANADA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(Ontario): Incorporation or registration (Manitoba and Ontario): Foreign
will be refused unless authorities are persons may not exercise the voting
satisfied that there exists a public rights attached to shares if they are
benefit and advantage for an additional not registered as shareholders in
corporation. Consent to change in respect of the shares.
control or transfers of 10 per cent or
more of voting shares may be refused (Ontario): A majority of directors
if it would be in the public interest to must be Canadian citizens.
do so.
Banks and trust companies (federal): (Quebec): Three quarters of the
A controlling number of shares of a directors must be Canadian citizens
Canadian bank or trust company and a majority must reside in
subsidiary must be held directly by the Quebec.
incorporated in the jurisdiction where Credit unions and caisses popularize
the foreign bank or trust company. (Ontario and Manitoba): Directors
either directly or through a subsidiary, of credit unions must be Canadian
principally carried on business. citizens.
Credit unions, caisses populaires and (British Columbia): Directors and
associations or groups thereof (all sub-directors of credit unions must
provinces): Must incorporate in the be residents of the province.
jurisdictions in which they operate.
CANADA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Mortgage brokers (Ontario): Must (Manitoba): Credit unions and
incorporate under the laws of Canada, caisses populaires are exempt from
Ontario or another province. the corporate capital tax.
Ownership of a corporation by foreign
persons must not exceed 10 per cent (Alberta): Directors of credit unions
individually and 25 per cent must be permanent residents of
collectively of the total number of Canada and three quarters must at
equity shares. all times be ordinarily resident in the
province.
(Nova Scotia): Must incorporate under (Quebec): Directors of caisses
the laws of Canada or Nova Scotia. populaires must have a residence,
place of business or employment in
the territory served by the caisse.
(Alberta): Must maintain a business Community bonds corporations
office in the province. (Saskatchewan, Manitoba):
Directors of Community Bonds
Corporations must be resident of the
province.
CANADA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Loan and investment companies Venture capital corporations (federal
(Quebec): Federal or provincial and all provinces): Tax measures
incorporation. that result in a difference in
treatment with respect to an
Co-operative corporations (Ontario): investment in a venture capital
Must incorporate in Ontario. corporation as prescribed pursuant to
the Income Tax Act of Canada
Lending of all types (Nova Scotia):
Must incorporate under the laws of
Canada or Nova Scotia.
Acceptance of deposits(Quebec): The
acceptance of deposits of public and
para-public institutions is provided by a
public monopoly.
(4) See paragraph 4 of headstone on (4) See paragraph 4 of head note on
Financial Services, and: Financial Services.
Mortgage brokers (Ontario): Must be
permanent residents of Canada.
(Nova Scotia): Must be resident in the
province.
(Alberta): Must be resident in the
province for a minimum of three
months to be registered.
CANADA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(f) Trading for own (1) None, other than: None
account or for
account of Advisory and auxiliary financial
customers whether services (Alberta, British Columbia,
on an exchange, in Nova Scotia, Ontario, Quebec):
an over-the-counter Services must be supplied through a
market or commercial presence in the jurisdiction
otherwise, the in which the adviser is providing
following. advice.
- money market Asset management (Alberta, British
instruments Columbia, Nova Scotia, Ontario,
(cheques, bills, Quebec and Saskatchewan): Services
certificate of must be supplied through a commercial
deposits, etc.) presence in the jurisdiction in which
(CPC 81339*); the service is provided.
- foreign (Quebec): The management of pension
exchange funds of public and para-public
(CPC 81333*); institutions in Quebec is provided by
public monopoly.
- derivative Custodial services: Mutual funds
products incl. which offer securities in Canada must
but not limited use a resident custodian. A non-
to, futures and resident sub-custodian may be used if it
options shareholders equity at least $100
(CPC 81339*) million.
CANADA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
- exchange rate (2) None, other than. (2) None
and interest rate
instruments, Trading in securities and commodity
incl. products futures - persons (all provinces):
such as swaps, There is a requirement to register in
forward rate order to trade through dealers and
agreements, etc. brokers that are neither resident nor
(CPC 81339* ) registered in the province in which the
trade is effected.
- transferable (3) None, other than: (3) None
securities
(CPC 81321* ) Securities dealers and brokers (British Trading in securities and commodity
Columbia, Newfoundland, Ontario, futures and advisory and auxiliary
- other negotiable Saskatchewan, Yukon): Must be financial services - dealers, brokers.
instruments and incorporated, formed or continued and advisers: (Alberta, Ontario.
financial assets, under federal, provincial or territorial Newfoundland, Nova Scotia): A
incl. bullion director or officer of an applicant
(CPC 81339* ) firm must have been a resident of
(Quebec): Only brokerage firms Canada for a period of at least one
incorporated under federal, provincial year prior to the application.
or territorial laws may be member of
the Montreal Exchange.
CANADA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(g) Participation in Advisory and auxiliary financial
issues of all kinds services (British Columbia): Must be
of securities. incorporated, formed or continued
including under federal, provincial or territorial
underwriting and laws.
placement as agent
(whether publicly Asset management (Quebec): The
or privately and management of pension funds of public
provision of and para-public institutions in Quebec
service related to is provided by a public monopoly.
such issues
(CPC 8132)
(h) Money broking (4) See paragraph 4 of headstone on (4) See paragraph 4 headstone on
(CPC 81339*) Financial Services Financial Services
(i) Asset Trading in securities and commodity
management, such futures and advisory and auxiliary
as cash or financial services - dealers, brokers
portfolio and advisers: (all provinces except
management, all British Columbia): An individual
form of collective applicant for registration is required
investment to have been a resident of Canada
management, for a period of at least one year
pension fund prior to the application and a
management, resident of the province in which
custodial he/she wishes to operate at the date
depository and of application.
trust services
(CPC 8119*,
81323*)
CANADA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(j) Settlement and (Quebec): An individual action as a
clearing services for representative of a dealer or adviser,
financial assets, incl. subject to certain exemptions, must
securities, derivative be a resident of the province.
products, and other
negotiable
instruments
(CPC 81339*,
81319*)
(k) Advisory and other
auxiliary financial
services on all the
activities listed in
Article 5.1(p) of the
Annex on Financial
Services, incl. credit
reference and
analysis, investment
and portfolio
research and advice,
advice on
acquisitions and on
corporate
restructuring and
strategy
(CPC 8131*,8133*)
CANADA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(1) Provision and
transfer of financial
information, and
financial data
processing and
related software by
providers of other
financial services
(CPC 8131*,842*,
843*,844*)
CANADA
List of Article II (MFN) Exemptions
Supplement 1
Revision
(This is authentic in English and French only)
CANADA - LIST OF ARTICLE II(MFN) EXEMPTIONS
Sector or subsector Description of measure Countries to which the Intended duration Conditions creating the need
indicating its inconsistency measure applies for the exemption
with Article II
Insurance preferential access to the All states in the United States Indeterminate Reciprocity
Intermediation: Ontario insurance services
Agency Services market is provided to
non-resident individual US
insurance agents.
Financial Services, Preferential treatment in Quebec Great Britain and Northern Indeterminate Maintenance of existing
including lending of for allocation of licences is Ireland, Republic of Ireland historical preference
all types and trading provided by the Province of
for own account of Quebec to loan and investment
certain securities by companies incorporated under
loan and investment the laws of the Parliament of the
companies. United Kingdom and Ireland for
purposes of obtaining a licence
to carry on business.
CZECH REPUBLIC
Schedule of Specific Commitments
Supplement 1
Revision
(This is authentic in English only)
CZECH REPUBLIC - SCHEDULE OF SPECIFIC COMMITMENTS
Modes of supply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
II. SECTOR - SPECIFIC COMMITMENTS
7. FINANCIAL SERVICES
Measures applicable to all sectors in financial services:
1. Commitments in this Chapter are based on the Agreement on Trade in Services, the Annex on Financial Services and the Understanding on Commitments in
Financial Services.
2. Market access commitments with respect to the "cross-border supply" and "consumption abroad" are bound to the extent of the obligations in para 3 and 4 of
Market Access of the Understanding applying only to individual sectors listed and subject to limitations indicated therein.
3. The purchase and acquisition of financial services by public entities of the Czech Republic are governed in this schedule by article XIII of the Agreement.
4. The admission to the market of new financial services and instruments may be subject to the existence of, and consistency with the domestic regulatory
framework aimed at achieving the objectives indicated in Article 2(a) of the Annex on Financial Services.
5. The commitments on presence of natural persons are bound according to the general limitations applicable to all sectors in this schedule (Part I).
6. Otherwise, the commitments in this chapter are subject to the general conditions or limitations applicable to all sectors in this schedule.
A. Insurance and Insurance-Related Services
(CPC 812)
Compulsory motor third party liability insurance and compulsory air transport insurance are provided by exclusive suppliers. These suppliers act in a manner
consistent with obligations under Article II of the Agreement and specific commitments.
CZECH REPUBLIC (continued)
Modes of supply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(a) Life insurance (1) None other than: (1) None
(CPC 81211)
Commercial presence is required for supply
(b) Non-life insurance of:
(CPC 8129)
- the life insurance of persons with
(c) Reinsurance and permanent residence in the Czech
retrocession Republic,
(d) Services auxiliary to - the insurance of property on the
insurance territory of the Czech Republic,
(CPC 8140, excluding
pension funding: 81402, - the insurance of liability for loss or
81409) damage caused by the activity of natural
and juridical persons on the territory of
the Czech Republic.
(2) None other than: (2) None
Insurance services covered by mode (1)
above may not be purchased abroad.
CZECH REPUBLIC (continued)
Modes of supply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(3) None other than: (3) None
Authorization is required for provision of
insurance services. Foreign nationals may
establish an insurance company with the seat
in the Czech Republic in the form of a joint
stock company or may conduct insurance
business through their subsidiaries or
branches with registered office in the Czech
Republic under the general conditions
established in the Law on Insurance.
Insurance business means insurance activity
including brokerage and reinsurance activity.
Intermediation activity aimed at the
conclusion of insurance contract between
third party and insurance company may be
provided by natural or juridical person only
domiciled in the Czech Republic on behalf
of insurance company having the
authorization of the Insurance Supervisory
Authority.
Intermediation contract aimed at conclusion
of insurance contract by third party with
insurance company may be concluded by
domestic or foreign insurance company only
on the basis of authorization granted by the
Insurance Supervisory Authority.
(4) Unbound except as indicated in horizontal (4) Unbound except as indicated in horizontal
section section
CZECH REPUBLIC (continued)
Modes of supply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
B. Banking and Other
Financial Services
(a) Acceptance of deposits (1) Unbound for services described in (1) None
and other repayable funds subsectors (g),(i) and and for:
from the public
(CPC 81115,81116, - transferable securities (CPU 81321),
81119)
- other negotiable instruments and
financial assets (excl. bullion)
(2) Unbound for services described in (2) None
subsector (i).
(b) Lending of a all types (1),(2) None other than:
(CPC 8113)
Deposit services are confined to domestic
(c) Financial leasing banks and branches of foreign banks on the
(CPC 81120) territory of the Czech Republic.
(d) All payments and money Only domestic banks branches or foreign
transmission services, banks on the territory of the Czech Republic
incl. credit, charge and and persons possessing a foreign exchange
debit cards, travellers licence may trade in foreign exchange
cheques and bankers drafts assets.
CZECH REPUBLIC (continued)
Modes of supply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(e) Guarantees and Non-cash cross-border payments may be
commitments effected only by domestic banks and
branches of foreign banks. Foreign
(f) Trading for own account exchange licence issued by the Czech
or for account of National Bank or Ministry of Finance is
customers, whether on an required in case of Czech residents for:
exchange, in an
over-the-counter market or (a) opening an account abroad by a Czech
otherwise as follows: non-bank resident,
- money market (b) capital payments abroad,
instruments (cheques,
bills, certificates of (c) obtaining financial credit from a
deposits) non-resident and granting financial credit
and guarantees,
- foreign exchange
(CPC 81333) (d) export and import of the Czech currency
(applied also to non-residents),
- exchange rate and
interest rate (e) purchase of foreign securities,
instruments, incl.
products such as (f) issuing all kinds of securities
swaps, forward rate denominated in a foreign currency.
agreements
- transferable securities Foreign exchange assets of Czech residents
(CPC 81321) are required to be deposited with domestic
banks or branches of foreign banks on the
territory of the Czech Republic.
CZECH REPUBLIC (continued)
Modes of supply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
- other negotiable (3) None other than: (3) None
instruments and
financial assets(excl.
bullion)
(g) Participation in issues of Banking services may be provided only by
all kinds of securities, domestic banks or branches of foreign banks
incl. underwriting and authorized by the Czech National Bank in
placement as agent agreement with the Ministry of Finance.
(whether publicly or
privately) and provision of
services related to such
issues
(i) Asset management such as The granting of the authorization is based on
cash or portfolio the consideration of criteria relating, in
management, all forms of particular, to the capital endowment,
collective investment professional qualifications, integrity and
management, pension fund competence of the management and
management, custodial, economic usefulness of the projected bank
depository and trust activities. The criteria are applied
services consistently with GATS. Mortgage loan
services may be provided only by domestic
banks.
(j) Settlement and clearing Private banks may be established as joint
services for financial stock companies only. The purchase of
assets, excl. derivative shares of existing banks is subject to prior
products approval of the Czech National Bank.
CZECH REPUBLIC (continued)
Modes of supply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(k) Provisions and transfer or Securities may be traded publicly only if relevant
financial information and authorization has been granted and prospectus
financial data processing covering the security has been approved by the
suppliers of other financial Ministry of Finance.
The authorization may not be granted if
public trading in securities is in conflict with
the interests of investors, is inconsistent with
the government financial policy or if it does
not conform with the financial market
requirements.
(l) Advisory, intermediation The business of security dealer, stockbroker,
and other auxiliary stock exchange or organizer of an over-the-
financial services on all counter market is subject to authorization of
activities listed in the Ministry of Finance the granting of
subparagraphs above, incl. which is related to the financial market
credit reference and requirements and qualifications, personal
analysis, investment and integrity, management and technical
portfolio research and requirements.
advice, advice on
acquisition and on Settlement and clearing services for all kinds
corporate restructuring of payments are monitored and reviewed by
and strategy the Czech National Bank to ensure their
smooth and economical operation.
(4) Unbound except as indicated in the (4) Unbound except as indicated in the
horizontal section. horizontal section.
EGYPT
Schedule of Specific Commitments
Supplement 1
(This is authentic in English only)
EGYPT - SCHEDULE OF SPECIFIC COMMITMENTS
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
FINANCIAL SERVICES
Measures of specific application:
The main criteria on which the economic needs tests apply are as follows:
A. Insurance Services:
1. Surplus demand to traditional classes of insurance gives new companies an opportunity of working without harmful competition to the market or
financial positions of existing companies and consequently policy holders.
2. Exhausting of 50 per cent of the capacity of the existing companies, which is calculated on the bases of solvency margin, there is a surplus
demand in excess of the capacity which enables a new company to achieve its purposes.
3 Setting up of a new company leads to an increase of total retention in the market; taking into account the technical considerations.
4. The new companies shall introduce new insurance covers.
B. Banking Services:
1. Ratio of total financial assets held by the banking sector to total financial in the economy.
2. Banking density.
3. Ratio of total credit to total deposits.
4. Ratio of number of foreign branches and joint venture banks to total number of banks.
EGYPT (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
C. Other Financial Services
Commercial presence for conducting the activities of other Financial Services (Capital Market Services excluding trading in securities) should be
incorporated in Egypt to take the form of a joint-stock company or a partnership limited by shares.
INSURANCE & INSURANCE RELATED SERVICES
1. Life, health,personal (1) None (1) None
accident
(2) None (2) None
(3) Foreign and joint venture companies (3) None
are allowed only to carry on business
in free zones, provided that their
activities shall be confined to the
transactions carried out in convertible
currencies.
- No maximum limits required on the
foreign shareholding in free zones.
- Economic needs test shall apply to the
inland commercial presence (other
than in free zones) according to the
criteria as stipulated in the horizontal
section.
EGYPT (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
- Foreign insurance companies
branches and agencies are not
allowed.
- Foreign capital equity shall not exceed
49 per cent of the total capital
required for the company (other than
in free zones)
- Legal cessions of the total
transactions must be ceded to
Egyptian Reinsurance Co. according
to the percentages to be decided by
the supervisory authority and 5 per
cent of the Company's treaties to
African Reinsurance Co.
(4) The managing directors should be (4) None
nationals
2. Non-life insurance (1) Unbound (1) Unbound
(2) None (2) None
EGYPT (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(3) Foreign and joint venture companies (3) None
are allowed only to carry on business
in free zones, provided that their
activities shall be confined to the
transactions carried out in convertible
currencies.
- No maximum limits required on the
foreign shareholding in free zones.
- Inland commercial presence, other
than in free zones, will be allowed
within three years from the date of
entry into force of the GATS.
Economic needs test shall apply then;
- Foreign capital equity shall not exceed
49 per cent of the total capital
required for the company (other than
in free zones).
- Foreign insurance Companies
branches and agencies are not
allowed.
EGYPT (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
- Legal cessions of the total transactions
must be ceded to Egyptian
Reinsurance Co. according to the
percentages to be decided by the
supervisory authority and 5 per cent
of the Company's treaties to African
Reinsurance Co.
(4) The managing directors should be (4) None
national
3. Reinsurance and (1) None
retrocession
(2) None
(3) Foreign and joint venture companies
are allowed only to carry on business
in free zones, provided that their
activities shall be confined to the
transactions carried out in convertible
currencies.
EGYPT (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
- No maximum limits required on the (1) None
foreign shareholding in free zones or
inland. (2) None
- Foreign reinsurance companies (3) None
branches and agencies are not
allowed.
- Insurance and reinsurance companies
are not allowed to deal with reinsurers
not listed in the supervisory authority
list;
- Five per cent of the company's
treaties must be ceded to African
Reinsurance Co.
(4) None (4) None
4. Auxiliary services
other than
intermediation:
a Actuarial services (1) Unbound (1) Unbound
(2) Unbound (2) Unbound
EGYPT (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(3) Foreign service supplier must be (3) None
authorized to perform this
profession from a competent
authority in his home country and
registered at the Egyptian register
for that purpose.
(4) None (4) None
b. Consultancy (risk (1) None (1) None
assessment and risk
management only) (2) None (2) None
(1) None (3) None
(4) None (4) None
c. Loss assessment (1) Unbound (1) Unbound
(2) Unbound (2) Unbound
(3) Foreign service supplier must be (3) None
anthorized to perform this
profession from a competent
authority in his home country and
registered at the Egyptian register
for that purpose.
(4) None (4) None
EGYPT (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
d. Liaison offices (1) None (1) None
(2) None (2) None
(3) Commercial presence is bound only (3) None
for public relations and market
research.
(4) None (4) None
5. Intermediation (1) Bound only for life insurance and (1) None
reinsurance services.
(2) Bound only for life insurance and (2) None
reinsurance services.
(3) Unbound (3) Unbound
(4) Unbound (4) Unbound
EGYPT (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
BANKING SERVICES
A. Joint-Venture Banks (1) Unbound (1) Unbound
(JVBs)
(2) Unbound (2) Unbound
- Acceptance of
deposits and other (3) Foreign capital equity in JVBs (3) Foreign service suppliers, in the
form of repayable established after the enactment of context of JVBs are required to offer
forms of repayable Law No. 37/1992 should not exceed on-the-job training for national
funds 51 per cent. employees.
- All types of lending,
including consumer (4) The General Manager should be (4) None
credit, and financing national
of commercial
transactions.
- All payment and
money transmission
services, including
credit, charge and
debit cards, traveller's
cheques and bankers
cheques and bankers
draft.
- Guarantees and
commitments.
EGYPT (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
- Trading for own
account or for
account of customers
in:
a. Money market
instruments
(cheques, bills
and certificate of
deposits);
b. foreign
exchange;
c. securities.
- Participation in share
issues and the
provision of services
related to such issues.
- Money broking.
- Portfolio management
advice.
- Safekeeping of
securities.
EGYPT (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
- Credit reference
services and
- Safe custody services
B. Foreign Bank (1) Unbound (1) Unbound
Branches
(2) Unbound (2) Unbound
Same activities specified
under (A) above. (3) Economic needs test shall apply (3) Branches of foreign banks established
according to criteria as stipulated in after 5 June 1992,, (the date of
the horizontal section. enforcement of Law No. 37 of 1992)
may be licensed to deal in local
currency in addition to foreign
currency dealings, subject to the
satisfaction of minimum capital
requirement and other prudential
measures(Art. 13 of the executive
regulations of the said Law).
(4) None (4) None
C. Representative Offices (1) Unbound (1) Unbound
of Foreign Banks
(R.O.s) (2) Unbound (2) unbound
EGYPT (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(3) Foreign banks which desire to set up (3) Unbound*
representative offices should not have
branches in Egypt.
- Activities of R.O.s should be confined
to conducting studies and potential
investment, acting as liaison with
their head offices and contributing to
solving problems and difficulties that
may encounter their head offices'
correspondents in Egypt.
(4) None (4) None
OTHER FINANCIAL SERVICES
A. SECURITIES
1. Underwriting (1) None (1) None
(2) None (2) None
(3) None (3) None
(4) None (4) None
EGYPT (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
2. Brokerage (1) None (1) None
(2) None (2) None
(3) None (3) None
(4) None (4) None
3. Trading in securities (1) None (1) None
(Buy and Sell by (2) None (2) None
individual or
institution on the (3) None (3) None
stock exchange)
(4) None (4) None
4. Clearing and (1) None (1) None
settlement
(2) None (2) None
(3) None (3) None
(4) None (4) None
5. Marketing and market (1) None (1) None
promotion
(2) None (2) None
(3) None (3) None
(4) None (4) None
EGYPT (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
6. Portfolio and (1) None (1) None
investment
management (2) None (2) None
(3) None (3) None
(4) None (4) None
7. Establishment of (1) None (1) None
collective investment
funds (2) None (2) None
(3) None (3) None
(4) None (4) None
8. Venture capital (1) None (1) None
(2) None (2) None
(3) None (3) None
(4) None (4) None
EGYPT (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
B. FINANCIAL (1) Unbound* (1) Unbound*
LEASING
(2) Unbound* (2) Unbound*
(3) Bound only when rules and (3) Bound only when rules and
regulations of Law No. 95/1995 is regulations of Law No. 95/1995 is
issued. issued.
(4) None (4) None
EUROPEAN COMMUNITY AND ITS MEMBER STATES
Schedule of Specific Commitments
Supplement 1
Revision
(This is authentic in English only)
EUROPEAN COMMUNITY AND ITS MEMBER STATES - SCHEDULE OF SPECIFIC COMMITMENTS
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
FINANCIAL SERVICES SECTOR
1. The community and its Member States undertake commitments of Financial Services in accordance with the provisions of the "Understanding on Commitments
in Financial Services" (the Understanding).
2. These commitments are subject to the limitations on market access and national treatment in the "all sectors" section of this schedule and to those relating to the
subsectors listed below.
3. The market access commitments in respect of modes (1) and (2) apply only to the transactions indicated in paragraphs B.3 and B.4 of the market access section
of the Understanding respectively.
4. Notwithstanding note 1. above, the market access and national treatment commitments in respect of mode (4) on financial services are those in the "all sectors"
section of this schedule, except for Sweden in which case commitments are made in accordance with the Understanding.
5. The admission to the market of new financial services or products may be subject to the existence of, and consistency with, a regulatory framework aimed at
achieving the objectives indicated in Article 2(a) of the Financial Services Annex.
6. As a general rule and in a non-discriminatory manner, financial institutions incorporated in a Member State of the Community must adopt a specific legal form.
Unlike foreign subsidiaries, branches established directly in a Member State by a non-Community financial institution are not, with certain limited exceptions, subject
to prudential regulations harmonized at Community level which enable such subsidiaries to benefit from enhanced facilities to set up new establishments and to provide cross-border
services throughout the Community. Therefore, such branches receive an authorization to operate in the territory of a Member State under conditions equivalent to those
applied to domestic financial institutions of that Member State, and may be required to satisfy a number of specific prudential requirements such as, in the case of banking
and securities, separate capitalization and other solvency requirements and reporting and publication of accounts requirements or, in the case of insurance, specific guarantee
and deposit requirements, a separate capitalization, and the localization in the Member State concerned of the assets representing the technical reserves and at least one third
of the solvency margin. Member States may apply the restriction indicated in this schedule only with regard to the direct establishment from a third country of a commercial
presence or to the provision of cross-border services from a third country; consequently, a Member State may not apply these restrictions, including those concerning
establishment, to third-country subsidiaries established in other Member State of the Community, unless these restrictions can also be applied to companies or nationals
of other Member States in conformity with Community law.
EUROPEAN COMMUNITY AND ITS MEMBER STATES (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
A. Insurance and Insurance-Related (1) DK: Compulsory sir transport A: Higher premium tax is due for
Services insurance can be underwritten only by insurance contracts (except for contracts
firms established in the Community. on reinsurance and retrocession) which
are written by a subsidiary not
A: Promotional activity and established in the Community or by a
intermediation on behalf of a subsidiary branch not established in Austria.
not established in the Community or of Exception from the higher tax can be
a branch not established in Austria granted.
(except for reinsurance and retrocession)
are prohibited.
A: Compulsory air transport liability
can be underwritten only by a subsidiary
established in the Community or by a
branch established in Austria.
DK: No persons or companies
(including insurance companies)may for
business purposes in Denmark assist in
effecting direct insurance for persons
resident in Denmark,for Danish ships
or for property in Denmark,other then
insurance companies licensed by Danish
law or by Danish competent authorities.
D: Compulsory air insurance policies
can be underwritten only by a subsidiary
established in the Community or by a
branch established in Germany.
EUROPEAN COMMUNITY AND ITS MEMBER STATES (continued)
modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
D: If a foreign insurance company has
established a branch in Germany, it may
conclude insurance contracts in
Germany relating to international
transport only through the branch
established in Germany.
E, I: Unbound for the actuarial
profession.
F: Insurance of risks relating to ground
transport may be carried out only by
insurance firms established in the
Community.
I: Insurance of risks relating to c.i.f.
exports by residents in Italy may be
underwritten only by insurance firms
established in the Community.
I: Transport insurance of goods,
insurance of vehicles as such and
liability insurance regarding risks
located in Italy may be underwritten
only by insurance companies established
in the Community. This reservation
does not apply for intentional
transport involving imports into Italy.
EUROPEAN COMMUNITY AND ITS MEMBER STATES (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
FIN: Foreign insurers may without
licence offer only reinsurance and
retrocessions in Finland.
FIN: The supply of insurance broker
services is subject to a permanent place
of business in Finland.
p: Air and maritime transport
insurance, covering goods, aircraft, hull
and liability can be underwritten only by
firms established in the EC; only
persons or companies established in the
EC may act as intermediaries for such
insurance business in Portugal.
S: The supply of direct insurance is
allowed only through an insurance
service supplier authorised in Sweden,
provided that the foreign service
supplier and the Swedish insurance
company belong to the same group of
companies or have an agreement of
cooperation between them.
EUROPEAN COMMUNITY AND ITS MEMBER STATES (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(2) DK: Compulsory air transport insur- (2) A: Higher premium tax is due for
ance can be underwritten only by firms insurance contracts (except for contracts
established in the Community. on reinsurance and retrocession) which
are written by a subsidiary not
A: Promotional activity and established in the Community or by a
intermediation on behalf of a subsidiary branch not established an Austria.
not established in the Community or of Exception from the higher tax can be
a branch not established in Austria granted.
(except for reinsurance and retrocession)
are prohibited.
A: Compulsory air transport liability
insurance can be placed only with
established insurers.
DK: No persons or companies
(including insurance companies) may for
business purposes in Denmark assist in
effecting direct insurance for persons
resident in Denmark, for Danish ships
or for property in Denmark, other than
insurance companies licensed by Danish
law or by Danish competent authorities.
D: Compulsory air insurance policies
can be underwritten only by a subsidiary
established in the Community or by a
branch established in Germany.
EUROPEAN COMMUNITY AND ITS MEMBER STATES (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
D: If a foreign insurance company has
established a branch in Germany, it may
conclude insurance contracts in
Germany relating to international
transport only through the branch
established in Germany.
F: Insurance of risks relating to ground
transport may be carried out only by
insurance firms established in the
Community.
FIN: Obligatory insurances (the
statutory employment pension insurance,
the statutory accident insurance, the
motor third-party liability insurance, the
insurance against treatment injury) have
to be effected in Finland.
I: Insurance of risks relating to c.i.f.
exports by residents in Italy may be
underwritten only by insurance firms
established in the Community.
I: Transport insurance of goods,
insurance of vehicles as such and
liability insurance regarding risks
located in Italy may by underwritten
only by insurance companies established
in the Community. This reservation
does not apply for intentional
transport involving imports into Italy.
EUROPEAN COMMUNITY AND ITS MEMBER STATES (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
P: Air and maritime transport
insurance, covering goods, aircraft, hull
and liability can be underwritten only by
firms established in the EC; only
persons or companies established in the
EC may act as intermediaries for such
insurance business in Portugal.
(3) A: Representative offices and agencies (3) FIN: The general agent of the foreign
of insurers are not allowed to write insurance company shall reside in
insurance contracts. Finland.
GR. E: The right of establishment does S: Insurance undertakings not
not cover the creation of representative incorporated in Sweden are required to
offices or other permanent presence of deposit assets for agencies established
insurance companies, except where such in Sweden.
offices are established as agencies,
branches or head offices. S: Non-life insurance undertakings not
incorporated in Sweden conducting
IRL: The right of establishment does business in Sweden are - instead of
not cover the creation of representative being taxed according to the net result -
offices. subject to taxation based on the
premium income from direct insurance
E: Before establishing a branch or operations.
agency in Spain to provide certain
agency in Spain to provide certain
classes of insurance, a foreign insurer S: A founder of an insurance company
must have been authorized to, operate in shall be a natural person resident in
the same classes of insurance in its Sweden or a legal entity incorporated in
country of origin for at least five years. Sweden.
EUROPEAN COMMUNITY AND ITS MEMBER STATES (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
FIN: Requirements concerning
citizenship and place of residence, form
which an exemption may be granted in
some cases, apply to the founder,
Managing Director, Auditors and
Members of the Board of Directors and
the Supervisory Board of an insurance
company.
Fin: Branches of foreign insurance
companies cannot get a licence in
Finland to carry on statutory insurances
business (the statutory employment
pension insurance, the statutory accident
insurance, the motor third party liability
insurance, the insurance against
treatment injury).
F, E: The establishment of branches is
subject to a special authorization for the
representative of the branch. In the case
of Spain, the conditions to be met are
related to the technical qualification and
good standing of the person.
EUROPEAN COMMUNITY AND ITS MEMBER STATES (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
I: Access to actuarial profession
through natural persons only.
Professional associations (no
incorporation) among natural persons
permitted.
I: The authorization of the
establishment of branches is ultimately
subject to the evaluation of supervisory
authorities.
p: Foreign companies may carry out
insurance intermediation in Portugal
only through a company formed in
accordance with the law of a
Community Member Stage.
P: In order to establish a branch in
Portugal, foreign companies need to
demonstrate prior operational experience
of at least five years.
S: Foreign companies may only
establish as a subsidiary or through a
resident agent.
S: Insurance broking undertakings not
incorporated in Sweden may establish a
commercial presence only through a
branch.
EUROPEAN COMMUNITY AND ITS MEMBER STATES (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(4) Unbound except as indicated in the (4) Unbound except as indicated in the
horizontal section and subject to the horizontal section and subject to the
specific conditions: following specific limitations:
GR: A majority of the members of the DK: The general agent of an insurance
board of directors of a company branch will need to have resided in
established in Greece shall be nationals Denmark for the last two years unless
of one of the Member States of the being a national of one of the Member
Community. States of the Community. The Minister
of Business and Industry may grant
exemption.
DK: Residency requirement for
managers and the members of the board
of directors of a company. However,
the Minister of Business and Industry
may grant exemption from this
requirement. Exemption is granted on
a non-discriminatory basis.
E, I: Residence requirement for
actuarial profession.
EUROPEAN COMMUNITY AND ITS MEMBER STATES (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
B. Banking and Other Financial (1) B: Establishment in Belgium is (1) None
Services required for the provision of investment
(excluding insurance) advisory services.
I: The offer and marketing of services
concerning the distribution to the public,
through telecommunication or other
information means, of information
concerning prices, the volume of
transactions, the offer and demand
conditions relating to the negotiation of
securities dealt in the Italian regulated
market, or in other recognized
markets, requires prior authorization by
the Stock Exchanges Commission
(Consob). This authorization may not be
granted if the authorities determine that
there is a risk that the data provided
may induce the public to error.
I: An establishment (a securities
investment company incorporated in
Italy or a bank subsidiary or branch) is
needed in order to provide investment
research and advice relating to securities
(dealing, issue, underwriting) and asset
management, securities custody and
services regarding mergers,
EUROPEAN COMMUNITY AND ITS MEMBER STATES (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
acquisitions, corporate restructuring,
management buy-outs and venture
capital. Collective asset management
(excluding insurance companies, securities
investment companies with their legal
head office in the EC.
I: Unbound for "promotori di servizi
finanziari"(financial salesmen).
(2) D: Issues of securities denominated in (2) S: Account operating institutions in the
Deutschmarks can be lead managed only VPC register who have not got a
by a credit institution, subsidiary or clearing account with the central bank
branch, established in Germany. (Riksbanken)have to make a certain
deposit.
GR: Establishment is required for the
provision of custodial and depository
services involving the administration of
interest and principal payments due on
securities issued in Greece.
EUROPEAN COMMUNITY AND ITS MEMBER STATES (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
I: An establishment ( a securities
investment company incorporated in
Italy or a bank subsidiary or branch) is
needed in order to provide investment
research and advice relating to securities
(dealing, issue, underwriting) and asset
management, securities custody and
services regarding mergers,
acquisitions, corporate restructuring,
management buy-outs and venture
capital. Collective asset management
(excluding UCITS) is extended to
banks, insurance companies, securities
investment companies with their legal
head office in the EC.
I: Residents in Italy need authorization
to purchase or sell abroad unrefined
gold.
FIN: Payments from governmental
entities (expenses) shall be transmitted
through the Finnish Postal Giro System
or through the Postipankki Ltd.
EUROPEAN COMMUNITY AND ITS MEMBER STATES (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
P: Open-ended investment funds are
required to invest 25 per cent of their
funds in Portuguese Government funds.
The ability of residents in Portugal to
carry out the following operation abroad
is restricted:
- Issue on a foreign market of
domestic securities and negotiable
instruments.
S: Custody, depository and settlement
services, securities registered in the
(Swedish) Securities Register Center
(Vardepapperscentralen VPC SB) can
only be supplied by suppliers who are
account operating institutions. A
prerequisite is that the supplier is
supervised by the (Swedish) Financial
Supervisory Authority.
UK: Sterling issues, including privately
led issues, can be lead managed only by
a firm established in the Community.
EUROPEAN COMMUNITY AND ITS MEMBER STATES (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(3) All Member States: F: In addition to French credit
institutions, issues denominated in
- The establishment of a specialized French francs may be lead managed
management company is required only by French subsidiaries (under
to perform the activities of French law) of non-French banks which
management of unit trusts and are authorized, based on sufficient
investment companies (Articles 6 means and commitments in Paris of the
and 13 of UCITS Directive, candidate French subsidiary of a
85/611/EEC). non-French bank. These conditions
apply to lead banks running the books.
- Only firms having their registered A non-French bank may be, without
office in the Community can act as restrictions or requirement to establish,
depositories of the assets of Jointly-lead or co-lead manager of
investment funds (Articles 8.1 and Eurofranc bond issue.
15.1 of the UCITS Directive,
85/611/EEC).
A: Licensing of branches or I: Representative offices of foreign
subsidiaries of foreign banks may be intermediaries cannot carry out
subject to an economic interest test. promotional activities in the area of
investment in securities.
A: Only members of the Austrian
Stock Exchange may engage in
securities trading at the Stock Exchange.
EUROPEAN COMMUNITY AND ITS MEMBER STATES (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
A: For trading in foreign exchange and
foreign currency authorization of the
Austrian National Bank is required.
A: Mortgage bonds and municipal
bonds may be issued by banks
specialized and authorized for this
activity.
A: For carrying out services of pension
fund management a specialized company
only for this activity and incorporated as
a stock company in Austria is required.
B: With certain exceptions(block
trading), financial institutions may
engage in securities trading only
through stock exchange firms
incorporated in Belgium.
DK: Financial institutions may engage
in securities trading on the Copenhagen
Stock Exchange only through
subsidiaries incorporated in Denmark.
EUROPEAN COMMUNITY AND ITS MEMBER STATES (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
E: Financial institutions may engage in
securities trading in securities listed on
an official stock exchange or in the
government securities market only
through securities firms incorporated in
Spain.
FIN: Acquisition of shares by foreign
owners giving more than one third of
the voting rights of a major Finnish
commercial bank or credit institution
(with more than 1000 employees or with
a turnover exceeding 1000 million Finnish
markka is subject to confirmation by
the Finnish authorities; the
confirmation may be denied only if an
important national interest would be
jeopardized.
EUROPEAN COMMUNITY AND ITS MEMBER STATES (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
FIN: For credit institutions including
banks, requirements concerning
nationality and place of residence, from
which exemptions may be granted,
apply to the founder, the Supervisory
Board and the Board of Management as
well as the Chief General Manager and
auditors.
FIN: Professional intermediation of
securities and derivatives (options and
futures) requires a permanent place of
business in the form of a limited
liability company, a deposit bank, other
credit institution or a branch of a
foreign credit or financial institution.
FIN: Requirements concerning
citizenship and place of residence apply
to the Board of Directors and Managing
Director of a Stock Exchange Brokerage
Firm as well as to a Stock Exchange
Broker.
FIN: Citizenship and residency
requirements for market makers and
brokers on derivative exchange, from
which exemptions may be granted.
EUROPEAN COMMUNITY AND ITS MEMBER STATES (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
FIN: Payments from governmental
entities (expenses) shall be transmitted
through the Finnish Postal Giro System
or through the Postipankki Ltd.
GR: Financial institutions may engage
in the trading of securities listed on the
Athens Stock Exchange only through
stock exchange firms incorporated in
Greece.
GR: For the establishment and
operation of branches a minimum
amount of foreign exchange must be
imported, converted into drachmas and
kept in Greece as long as a foreign bank
continues to operate in Greece:
- Up to four (4) branches this
minimum is currently equal to half
of the minimum amount of share
capital required for a credit
institution to be incorporated in
Greece;
- For the operation of additional
branches the minimum amount of
capital must be equal to the
minimum share capital required for
a credit institution to be
incorporated in Greece.
EUROPEAN COMMUNITY AND ITS MEMBER STATES (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
IRL: In the case of unit trusts,
collective in investment schemes
constituted as variable capital
companies, and investment limited
partnerships (other than undertakings for
collective investment in transferable
securities, UCITS), the
trustee/depositary or management
company is required to be incorporated
in Ireland or in another Member State
of the Community. In the case of an
investment limited partnership, at least
one general partner must be
incorporated in Ireland.
IRL: The right of establishment does
not cover the establishment of
representative offices of foreign banks.
I: A separate incorporation in Italy in
the form of a securities company is
required for firms other than banks
(including foreign banks branches) in
other to provide services related to
securities dealing (including dealing for
EUROPEAN COMMUNITY AND ITS MEMBER STATES (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
the own account or for the account of
customers issue and distribution of
securities, acceptance of sale and
purchase order, investment advice,
asset and portfolio management, and
raising funds from the public by means
of activities which may also be
promotional and carried on in a place
different from the legal head office or
principal administrative establishment of
the issuer, supplier or person marketing
the investment).
I: Clearing and settlement of securities
may be conducted only by the official
clearing system.
I: The public offer of securities (as
provided for under Art. 18 bis of
Law 216/74) other than shares, debt
securities (including convertible debt
securities) can only be made by Italian
limited companies, foreign companies
duly authorized, public bodies or
companies belonging to local authorities
From 1 January 1993 foreign as well as domestic banks may not provide securities dealing for its own account or for the account of customers; however, banks,
including branches of foreign banks, are allowed to deal in Treasury bonds and state-backed securities.
Door-to-door selling.
EUROPEAN COMMUNITY AND ITS MEMBER STATES (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
whose assigned capital is not below
Lit 2 billion.
I: Centralized deposit, custody and
administration services for Government
securities can be provided only by the
Bank of Italy, or by Monte Titoli SpA
for shares, securities of a participating
nature and other bonds traded in a ruled
market.
NL: Only companies incorporated
according to the law and regulations of
an EC Member State may become
members of the Amsterdam Stock S: A founder of a banking company
exchange. shall be a natural person resident in
Sweden or a foreign bank. A founder
of a savings bank shall be natural
person resident in Sweden.
S: A branch of a fund management
company not incorporated in Sweden
may not operate certain collective
investment funds, where the investor
enjoys certain tax benefits
(Allemansfonder).
P: The establishment of non-EC banks
may be subject to an economic needs
test.
EUROPEAN COMMUNITY AND ITS MEMBER STATES (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
P: The services of venture capital,
factoring, close-ended investment fund
management and broker-dealer services
(excluding those provided on the Lisbon
Stock Exchange) may be provided by
credit-institutions or investment firms
incorporated in the Community (if
authorized in their country of origin to
supply those services).
Aforementioned services, when
rendered by other companies, as well as
pension fund management and broker-
dealer services on the LSE, may be
provided only by companies
incorporated in Portugal
UK: The following categories of finan-
cial institutions dealing in Government
debt are required to be incorporated in
the United Kingdom and be separately
capitalized:
- gilt edged market makers (or
GEMMs), which are primary
dealers in gilt-edged Government
debt and through which the
Government operates in executing
Government debt management
policy;
EUROPEAN COMMUNITY AND ITS MEMBER STATES (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
- discount houses which are primary
dealers for Treasury Bills and
other money market instruments,
and through which the Government
operates in executing monetary
policy;
- stock exchange money brokers
(SEMB), which act as
intermediaries between GEMMs
and lenders of gilt-edged stock;
and
- inter-dealer brokers (IDBs), which
act as intermediaries between
GEMMs.
S: Undertakings not incorporated in
Sweden may establish a commercial
presence only through a branch, and in
case of banks, also through a
representative office.
(4) Unbound except as indicated in the (4) Unbound except as indicated in the
horizontal section and subject to the horizontal section and subject to the
specific conditions: specific conditions:
EUROPEAN COMMUNITY AND ITS MEMBER STATES (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
F: Societes d'investissement a capital I: Condition of residence for
fixe: condition of nationality for the "promotori di servizi finanziari"
president of the Board of Directors, the (financial salesmen).
Directors-General and no less than two
thirds of the administrators, and also,
when the securities firm has a
Supervisory Board or Council, for the
members of such board or its
Director-General, and no less than two
supervisory council.
GR: Credit institutions should name at
least two persons who are responsible
for the operations of the institution.
Condition of residency applies to these
persons.
HONG KONG
Schedule of Specific Commitments
Supplement 1
(This is authentic in English only)
HONG KONG - SCHEDULE OF SPECIFIC COMMITMENTS
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
FINANCIAL SERVICES
All Insurance and (1) Unbound (1) Unbound
Insurance-Related Services
(2) None other than that statutory (2) Unbound
Life, accident and health insurances which include third
insurance services party liability in respect of
vehicles and vessels and
Non-life insurance services employer's liability insurance
in respect of employees must
be purchased from an insurer
authorized in Hong Kong.
HONG KONG (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Reinsurance and (3) None other than that under the (3) None other than that an insurer
retrocession Insurance Companies Ordinance, authorized in Hong Kong must
only a company or an association appoint a locally-based chief
of underwriters is permitted to executive.
carry on insurance business. In
the case of the former,
commercial presence must take
the form of a subsidiary, branch
or representative office, although
insurance business may not be
carried out through a
representative office.
(4) Unbound except for intra- (4) Unbound
corporate transfer of general
managers, senior managers and
specialists as set out in the
Attachment.3
3Commitments on presence of natural persons are confined to businesses regulated under Hong Kong banking, securities, insurance and related legislation.
HONG KONG (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Services auxiliary to (1) Unbound (1) Unbound
insurance (including
broking and agency (2) None (2) Unbound
services)
(3) None unless the supply of any (3) None
such services can be regarded as
carrying on or holding oneself out
as carrying on any class of
insurance business in or from
Hong Kong in which case the
limitations as set out under "Life,
accident and health insurance
services, non-life insurance
services, and reinsurance and
retrocession" (above) shall apply.
(4) Unbound except for intra-
corporate transfer of general (4) Unbound
managers, senior managers and
specialists as set out in the
Attachment.3
3Commitments on presence of natural persons are confined to businesses regulated under Hong Kong banking, securities, insurance and related legislation.
HONG KONG (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Banking and Other
Financial Services
(excluding insurance)
Acceptance of deposits and (1) Unbound (1) Unbound
other repayable funds from
the public (2) None (2) Unbound
(3) None other than that commercial (3) None other than that institutions
presence must take the form of a authorised under the Banking
subsidiary, branch or Ordinance must appoint a chief
representative office, subject to executive and not less than one
the following: alternative chief executive, each
of whom is subject to a residence
requirement in Hong Kong.
HONG KONG (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Under existing authorization
criteria, applications for a new
full banking licence from banks
incorporated outside Hong Kong
may be granted for branches
only. Such banks may maintain
offices to which customers have
access for the purpose of banking
business and/or for the arranging
or entering into of any other
financial transactions
HONG KONG (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
in only one building ("Office"
includes automatic teller machines
or similar terminal devices).
Such banks may also maintain no
more than two additional offices
(other than an automatic teller
machine or similar device) to
which customers and others have
access for the purpose of any
other type of business in a
separate building or buildings.
Such offices may consist of not
more than one regional office and
one back office.
HONG KONG (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Limited companies incorporated
in Hong Kong which have been
institutions authorised under the
Banking Ordinance for at least
ten years and are predominantly
beneficially owned by Hong Kong
interests or are otherwise closely
associated and identified with
Hong Kong may also apply for a
new full banking licence.
Banks incorporated overseas may
apply for a licence to operate a
restricted licence bank or a
deposit-taking company. Such
restricted licence banks may
maintain offices to which
customers have access for the
HONG KONG (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
purpose of the taking of deposits
and/or the arranging or entering
into of any other financial
transactions in on!y one building
("Office" includes automatic teller
machines or similar terminal
devices). Such banks may also
maintain no more than two
additional offices (other than an
automatic teller machine or
similar device) to which
customers and others have access
for the purpose of any
HONG KONG (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
other type of business in a
separate building or buildings.
Such offices may consist of not
more than one regional office and
one back office.
Banks incorporated overseas may
also set up representative offices
in Hong Kong, but such offices
are prohibited from taking
deposits or from undertaking
banking business generally.
(4) Unbound except for intra-
corporate transfer of general (4) Unbound
managers, senior managers and
specialists as set out in the
Attachment.3
3Commitments on presence of natural persons are confined to businesses regulated under Hong Kong banking, securities, insurance and related legislation.
HONG KONG (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Lending of all types, (1) Unbound (1) Unbound
including consumer credit,
mortgage credit, factoring (2) None (2) Unbound
and financing of
commercial transaction. (3) None (3) None
(4) Unbound except for intra- (4) Unbound
corporate transfer of general
managers, senior managers and
specialists as set out in the
Attachment.3
3Commitments on presence of natural persons are confined to businesses regulated under Hong Kong banking, securities, insurance and related legislation.
HONG KONG (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
All payment and money (1) Unbound (1) Unbound
transmission services
(2) None (2) Unbound
(3) None (3) None
(4) Unbound except for intra- (4) Unbound
corporate transfer of general
managers, senior managers and
specialists as set out in the
Attachment.3
3Commitments on presence of natural persons are confined to businesses regulated under Hong Kong banking, securities, insurance and related legislation.
HONG KONG (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Trading for own account or (1) Unbound (1) Unbound
for account of customers,
whether on an exchange, in (2) None (2) Unbound
an over-the- counter market
or otherwise the following : (3) None other than the following: (3) None other than that for
dealing in securities or
- Money market Only corporations incorporated commodities futures, there is a
instruments (cheques, in Hong Kong, or natural residence requirement in Hong
bills, certificate of persons born in Hong Kong or Kong in respect of a sole
deposits, etc.) resident in Hong Kong for five proprietor, or, in the case of a
of the preceding seven years, partnership or company, in
- foreign exchange or partnerships composed of respect of at least one partner
such persons, may become or director, who is registered
- derivative products members of the Stock as a dealer.
including futures and Exchange of Hong Kong
options Limited.4
4The residence requirement for memberships can be waived for persons of good reputation with substantial experience of dealing in securities.
HONG KONG (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
- exchange rate and Only corporations incorporated
interest rate instruments, in Hong Kong may become
including products such members of the Hong Kong
as swaps, forward rate Futures Exchange.
agreements, etc.
- transferable securities (4) Unbound except for intra- (4) Unbound
corporate transfer of general
managers, senior managers and
specialists as set out in the
Attachment.3
3Commitments on presence of natural persons are confined to businesses regulated under Hong Kong banking, securities, insurance and related legislation.
HONG KONG (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Participation in issues of all (1) Unbound (1) Unbound
kinds of securities,
including underwriting and (2) None (2) Unbound
placement as agent (whether
publicly or privately) and (3) None (3) None other than that if
provision of services related registration as a dealer is
to such issues. required, as it is in the case of
public issues, the limitations as
for dealers (above) shall apply.
(4) Unbound
(4) Unbound except for infra-
corporate transfer of general
managers, senior managers and
specialists as set out in the
Attachment.3
3commitments on presence of natural persons are confined to businesses regulated under Hong Kong banking, securities, insurance and related legislation.
HONG KONG (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Asset management, such as (1) Unbound (1) Unbound
cash or portfolio
management, all forms of (2) None (2) Unbound
collective investment
management, pension fund (3) None (3) None
management, custodial
depository and trust (4) Unbound except for intra- (4) Unbound
services. corporate transfer of general
managers, senior managers and
specialists as set out in the
Attachment.3
3Commitments on presence of natural persons are confined to businesses regulated under Hong Kong banking, securities, insurance and related legislation.
HONG KONG (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Advisory and other (1) Unbound (1) Unbound
auxiliary financial services
on all the activities listed in (2) None (2) Unbound
subparagraph 5(a)(5) to (15)
of the Annex on Financial (3) None (3) None
Services, including credit
reference and analysis, (4) Unbound except for intra- (4) Unbound
investment and portfolio corporate transfer of general
research and advice, advice managers, senior managers and
on acquisitions and on specialists as set out in the
corporate restructuring and Attachment.3
strategy.
3Commitments on presence of natural persons are confined to businesses regulated under Hong Kong banking, securities, insurance and related legislation.
HONG KONG (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Provision and transfer of (1) None1 (1) Unbound
financial information, and
financial data processing (2) None (2) Unbound
and related software by
providers of other financial (3) None (3) None
services.
(4) Unbound except for intra- (4) Unbound
corporate transfer of general
managers, senior managers and
specialists as set out in the
Attachment.3
1Commitment excludes cross-border supply of international value-added or basic telecommunications services.
3Commitments on presence of natural persons are confined to businesses regulated under Hong Kong banking, securities, insurance and related legislation.
HUNGARY
Schedule of Specific Commitments
Supplement 1
(This is authentic in English only)
HUNGARY - SCHEDULE OF SPECIFIC COMMITMENTS
Modes of supply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
2. HORIZONTAL COMMITMENTS
7. FINANCIAL
SERVICES
All services listed under (3) Insurance, banking and securities activities (3) The treatment permitting establishment
(A) and (B) below should be performed by legally separate through direct branches to be granted to
suppliers of financial services. service providers of the European
Communities would be extended on an
MFN basis when such treatment is
implemented pursuant to the Agreement
establishing an association between Hungry
and the European Communities and their
Member States.
(A) Insurance and
insurance-related
services
(a) Direct insurance (1) Unbound (1) None
(including co- (2) Unbound (2) None
insurance): (3) Establishment of wholly or partly (3) None
foreign-owned insurance companies is
(1) life subject to Government approval.
(2) non-life
With the exception of representative
offices, commercial presence must take the
form of a joint-stock company, insurance
co-operative or insurance association.
(4) Unbound except as indicated in Part 1 (4) Unbound except as indicated in Part 1
HUNGARY (continued)
Modes of supply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(b) Reinsurance and (1) None (1) None
retrocession (2) Unbound (2) None
(3) Establishment of wholly or partly (3) None
foreign-owned insurance companies is
subject to Government approval.
With the exception of representative
offices, commercial presence must take the
form of a joint-stock company, insurance
co-operative or insurance association.
(4) Unbound except as indicated in Part 1 (4) Unbound except as indicated in Part 1
(c) Insurance intermediation, (1) Unbound (1) None
such as brokerage and (2) Unbound (2) None
agency (3) None other than for brokerage commercial (3) None
presence should take the form of a
joint-stock company or a limited liability
company.
(4) Unbound except as indicated in Part 1 (4) Unbound except as indicated in Part 1
(d) Services auxiliary to (1) None (1) None
insurance, such as (2) None (2) None
consultancy, actuarial, (3) None (3) None
risk assessment and (4) Unbound except as indicated in Part 1 (4) Unbound except as indicated in Part 1
claim settlement services
HUNGARY (continued)
Modes of supply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(B) Banking and other (3) (a) The establishment of, or the
financial services acquisition of shares in, a financial
(excluding insurance) institution by foreigners is subject to
the preliminary approval by the
Government, except when the total
foreign participation does not exceed
10 per cent in the registered capital.
(b) With the exception of representative
offices, financial institutions should be
established in the form of joint-stock
company, or, in the case of savings
banks, joint-stock company, savings
co-operative or credit co-operative.
(e) Acceptance of deposits (1) Unbound (1) None
and other repayable (2) Unbound (2) None
funds from the public (3) Services may only be provided by financial (3) None
institutions
(4) Unbound except as indicated in Part 1 (4) Unbound except as indicated in Part 1
(f) Lending of all types, (1) Unbound (1) None
including consumer (2) Unbound (2) None
credit, mortgage, credit, (3) Factoring: None (3) None
factoring and financing Other services: services may only be
of commercial provided by financial institutions
transaction (4) Unbound except as indicated in Part 1 (4) Unbound except as indicated in Part 1
HUNGARY (continued)
Modes of supply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(g) Financial leasing (1) Leasing operations are subject to (1) None
authorization from the National Bank
(2) None (2) None
(3) None (3) None
(4) Unbound except as indicated in Part 1 (4) Unbound except as indicated in Part 1
(h) All payment and money (1) Unbound (1) None
transmission services, (2) Unbound (2) None
including credit, charge (3) None (3) None
and debit cards, (4) Unbound except as indicated in Part 1 (4) Unbound except as indicated in Part 1
travellers cheques and
bankers drafts
(i) Guarantees and (1) Purchasing of such services is subject to (1) None
commitments licensing
(2) Purchasing of such services is subject to (2) None
licensing
(3) Services may only be provided by financial (3) None
institutions
(4) Unbound except as indicated in Part 1 (4) Unbound except as indicated in Part 1
HUNGARY (continued)
Modes of supply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(j) Trading for own account (1) Unbound (1) None
or for account of (2) Unbound (2) None
customers, whether on (3) None other than: If traded for own (3) None
an exchange, in an over- account, services may only be provided by
the-counter market or financial institutions
otherwise, the following: (4) Unbound except as indicated in Part 1 (4) Unbound except as indicated in Part 1
(i) money market
instruments
(including cheques,
bills, certificates of
deposits);
(ii) foreign exchange;
(iii) derivative products
including, but not
limited to, futures
and options;
(iv) exchange rate and
interest rate
instruments,
including products
such as swaps,
forward rate
agreements;
(v) transferable
securities.
HUNGARY (continued)
Modes of supply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(k) Participation in issues of (1) Unbound (1) None
all kinds of securities, (2) Unbound (2) None
including underwriting (3) None (3) None
and placement as agent (4) Unbound except as indicated in Part 1 (4) Unbound except as indicated in Part 1
(whether publicly or
privately and provision
of services related to
such issues)
(l) Money broking (1) Unbound (1) None
(2) Unbound (2) None
(3) Services may only be provided by financial (3) None
institutions
(4) Unbound except as indicated in Part 1 (4) Unbound except as indicated in Part 1
(m) Asset management, such (1) Unbound (1) None
as cash of portfolio (2) Unbound (2) None
management, all forms (3) None other than: custodial services may (3) None
of collective investment only be provided by financial institutions
management, pension (4) Unbound except as indicated in Part 1 (4) Unbound except as indicated in Part 1
fund management,
custodial, depository and
trust services;
(n) Settlement and clearing (1) Unbound (1) None
services for financial (2) Unbound (2) None
assets, including (3) None (3) None
securities, derivative (4) Unbound except as indicated in Part 1 (4) Unbound except as indicated in Part 1
products, and other
negotiable instruments;
HUNGARY (continued)
Modes of supply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(o) Provision and transfer of (1) None (1) None
financial information, (2) None (2) None
and financial data (3) None (3) None
processing and related (4) Unbound except as indicated in Part 1 (4) Unbound except as indicated in Part 1
software by suppliers of
other financial services;
(p) Advisory, intermediation (1) None (1) None
and other auxiliary (2) None (2) None
financial services on all (3) None (3) None
the activities listed in (4) Unbound except as indicated in Part 1 (4) Unbound except as indicated in Part 1
sub-paragraphs (e) to (o),
including credit reference
and analysis, investment
and portfolio research
and advice, advice on
acquisitions and on
corporate restructuring
and strategy
INDIA
Schedule of Specific Commitments
Supplement 1
(This is authentic in English only)
India reserves the right to make technical changes to the Schedule and to correct any errors, omissions or inaccuracies.
INDIA - SCHEDULE OF SPECIFIC COMMITMENTS
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
7. FINANCIAL SERVICES
The commitments in financial services are made in accordance with the General Agreement on Trade in Services and the Annex on Financial Services. All the
commitments are subject to entry requirements, domestic laws, rules and regulations and the terms and conditions of the Reserve Bank of India, Securities and
Exchange Board of India and any other competent authority in India.
A. Insurance and
Insurance-related services
Non-life, limited to (1) Unbound except in the case of insurance (1) Unbound
Insurance of freight of freight, where there is no requirement
Ex. 5(a)(i)(B) that goods in transit to and from India
should be insured with Indian insurance
companies only. Insurance is taken by
the buyer or seller in accordance with the
terms of the contract. This position will
be maintained. Once under a contract the
Indian importer or exporter agrees to
assume the responsibility for insurance
such as in thee case of f.o.b. contracts for
imports into India or c.i.f. contracts for
exports from India, insurance has to be
taken only with an Indian insurance
company.
(2) Unbound (2) Unbound
(3) Unbound (3) Unbound
INDIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(4) Unbound except as indicated in the (4) Unbound except as indicated in the
horizontal section horizontal section
Reinsurance and (1) Reinsurance can be taken with foreign (1) Unbound
retrocession reinsurers to the extent of the residual
5(a)(ii) uncovered risk after obligatory or
statutory placements domestically with
Indian insurance companies. At present
this amounts to 10 per cent of the
premium of the market overall being
reinsured abroad. This will be
maintained.
(2) Reinsurance can be taken with foreign 2) Unbound
reinsurers to the extent mentioned above
(3) Unbound (3) Unbound
(4) Unbound except as indicated in the (4) Unbound except as indicated in the
horizontal section horizontal section
Insurance intermediation, (1) Reinsurance of domestic risks can be (1) Unbound
limited to reinsurance placed with foreign reinsurers through
Ex. 5(a)(iii) overseas brokers, to the extent mentioned
under reinsurance and retrocession
INDIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(2) Same as above (2) Unbound
(3) (i) Overseas brokers are allowed to (3) Unbound
have resident representatives and
representative offices who can
procure reinsurance business from
Indian insurance companies to the
extent mentioned above. They can
also place reinsurance business from
abroad with Indian insurance
companies.
(ii) Except for the business indicated
above, the resident representatives
and representative offices cannot
undertake any other activity in India.
(iii) All expenses of the resident
representatives and representative
offices have to be met by
remittances from abroad and no
income can be received in India
from Indian residents.
INDIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(4) Unbound except as indicated in the (4) Unbound except as indicated in the
horizontal section horizontal section
B. Banking and other
financial services
(excluding insurance)
1.(i) Acceptance of deposits (1) Unbound (1) Unbound
and other repayable
funds from the public (2) Unbound (3) Unbound
5(a)(v)
INDIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(ii) Lending of all types, (3) (i) Only through branch operations of (3) (i) Foreign banks are required to
including consumer a foreign bank licensed and constitute Local Advisory Boards
credit, mortgage, credit supervised as a bank in its home consisting inter alia of
and financing of country. professionals and persons having
commercial transactions expertise in areas such as small-
but excluding factoring (ii) Grant of licence as permissible scale industry and exports. The
Ex. 5(a)(6) under existing laws. Chairman and members of the
Local Advisory Board must be
(iii)All payment and money (iii) A limit of eight licences per year resident Indian nationals except
transmission services both for new entrants and existing for the Chief Executive Officer
including credit, charge banks. who may be a foreign national.
and debit cards, The appointment of Chairman and
travellers cheques and (iv) Banks are allowed to instal ATMs members of the Board requires
bankers' drafts at branches and at other places Reserve Bank of India approval.
5(a)(viii) identified by them. Installation of
ATM at a place other than in
licensed branches is treated as a
new place of
INDIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(iv)Guarantees and business and requires a licence. (ii) Foreign banks are required to
commitments Licences issued for ATMs installed publish consolidated financial
5(a)(ix) by foreign banks will not be statements of the Indian branches as
included in the ceiling of eight at 31 March every year.
(v) Trading for own account licences referred to in item (iii)
of: above.
(a) money market (5) Investments in other financial
instruments services companies by branches of
(b) foreign exchange foreign banks licensed to do banking
(c) transferable business in India individually not to
securities exceed 10 per cent of owned funds
Ex. 5(a)(x)(A)(B)(E) or 30 per cent of the invested
company's capital whichever is
(vi) Portfolio management, lower.
custodial and trust
services
Ex. 5(a)(xiii)
INDIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(vii)Clearing services for (vi) Licences for new foreign banks may
other banks for cheques, be denied when the maximum share
drafts and other of assets in India both on and off
instruments balance sheet of foreign banks to
Ex. 5(a)(xiv) total assets both on and off balance
sheet of the banking system exceeds
15 per cent.
(vii) Foreign banks are subject to
non-discriminatory resource
allocation requirements.
(4) Unbound except as indicated in the (4) Unbound except as indicated in the
horizontal section horizontal section
INDIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
2. Participation in issues of (1) Unbound (1) Unbound
all kinds of securities,
including underwriting (2) Unbound (2) Unbound
and placement as agent
(whether publicly or (3) (1) Foreign banks branches licensed to (3) None
privately) and provision do banking business in India.
of services related to such
issues (2) Through incorporation with foreign
5(a)(xi) equity not exceeding 51 per cent
by financial services companies
(including banks).
(4) Unbound except as indicated in the (4) Unbound except as indicated in the
horizontal section horizontal section
INDIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
3. Stock broking (1) Unbound (1) Unbound
Ex. 5(a)(x)(E)
(2) Unbound (2) Unbound
(3) Through establishment of locally (3) None
incorporated joint venture company with
foreign equity not exceeding 49 per cent.
The foreign equity participation will be
limited to recognized foreign stock
broking companies.
(4) Unbound except as indicated in the (4) Unbound except as indicated in the
horizontal section horizontal section
INDIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
4. Financial consultancy (1) Unbound (1) Unbound
services, i.e. financial
advisory services (2) Unbound (2) Unbound
provided by financial
advisers, etc. to (3) (1) Foreign bank branches licensed to (3) None
customers on financial do banking business in India.
matters, investment and
portfolio research and (2) Through incorporation with foreign
advice, advice on equity not exceeding 51 per cent
acquisitions and on by financial services companies
corporate restructuring (including banks).
and strategy
Ex. 5(a)(xvi) (4) Unbound except as indicated in the
horizontal section (4) Unbound except as indicated in the
horizontal section
INDIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
5. Factoring (1) Unbound (1) Unbound
Ex. 5(a)(vi)
(2) Unbound (2) Unbound
(3) Through incorporation with foreign equity (3) None
not exceeding 51per cent by financial
services companies including banks.
(4) Unbound except as indicated in the (4) Unbound except as indicated in the
horizontal section horizontal section
6. Financial leasing (1) Unbound (1) Unbound
5. (a)(vii)
(2) Unbound (2) Unbound
(3) Through incorporation with foreign equity (3) None
not exceeding 51per cent by financial
services companies (including banks).
(4) Unbound except as indicated in the (4) Unbound except as indicated in the
horizontal section horizontal section
INDIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
7. Venture capital (1) Unbound (1) Unbound
(2) Unbound (2) Unbound
(3) (1) Through incorporation with foreign (3) None
equity not exceeding 51per cent,
by financial companies including
banks.
(2) Funding has to be entirely out of
equity.
(4) Unbound except as indicated in the (4) Unbound except as indicated in the
horizontal section horizontal section
INDONESIA
Schedule of Specific Commitments
Supplement 1
(This is authentic in English only)
INDONESIA - SCHEDULE OF SPECIFIC COMMITMENTS
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
General Conditions on Non-Bank Financial Services Sector/Subsector:
1. Limitation on National Treatment in terms of taxation which is specified in the horizontal measures is not applied on the non-bank financial
services sector/subsector.
2. All market access and national treatment limitations specified in the non-bank financial services sector/subsector will be eliminated by the
year 2020 subject to similar commitment by other Members.
3. The share ownership of foreign services supplier is bound at the prevailing laws and regulations.
4. In addition to the horizontal measures, temporary entry will be granted to technical expert(s)/adviser(s) for no longer than 3 (three) months per
person for any given year.
INDONESIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Non-Life Insurance (1) Unbound (1) Unbound
Services
(CPC 8129) (2) Unbound except if: (2) Unbound
(a) There is no insurance company in
Indonesia, either individually or
group, which could handle the
insurance risks of the object in
question.
(b) There is no insurance company in
Indonesia which want to carry out
an insurance coverage of the object
in question.
(c) The owners of insurance objects in
question are not Indonesian citizens
or Indonesian legal entities.
(3) As specified in the horizontal measures. (3) Higher paid-up capital is required of
foreign service suppliers than of
domestic service suppliers.
(4) Unbound except for director and (4) As specified in the horizontal
technical adviser/expert. measures.
INDONESIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Reinsurance Services (1) None (1) None
(2) Unbound except for service supplier (2) Unbound
which met the capital requirement and
has a good reputation.
(3) As specified in the horizontal measures. (3) Higher paid-up capital is required of
foreign services suppliers than of
domestic service suppliers.
(4) Unbound except for director and (4) As specified in the horizontal
technical adviser/expert. measures.
Life Insurance Services (1) Unbound (1) Unbound
(CPC 8121)
(2) Unbound except if: (2) Unbound
(a) There is no insurance company in
Indonesia, either individually or
group, which could handle the
insurance risks of the object in
question.
(b) There is no insurance company in
Indonesia which wants to carry out
an insurance coverage of the object
in question.
INDONESIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(c) The owners of insurance objects in
question are not Indonesian citizens
or Indonesian legal entities.
(3) As specified in the horizontal measures. (3) Higher paid-up capital is required of
foreign service suppliers than of
domestic service suppliers.
(4) Unbound except for director and (4) As specified in the horizontal
technical adviser/expert. measures.
Insurance Brokerage (1) Unbound (1) Unbound
Services
(CPC 8140) (2) None (2) Unbound
(3) At least one of the directors in the joint (3) Higher paid-up capital is required of
venture should be an Indonesian foreign service suppliers than of
national. domestic service suppliers.
(4) Unbound except for director and (4) As specified in the horizontal
technical adviser/expert. measures.
INDONESIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Reinsurance Brokerage (1) Unbound (1) None
Services
(CPC 8140) (2) None (2) Unbound
(3) As specified in the horizontal measures. (3) Higher paid-up capital is required of
foreign service suppliers than of
domestic service suppliers.
(4) Unbound except for director and (4) As specified in the horizontal
technical adviser/expert. measures.
Financial Lease Services (1) None (1) None
(CPC 81120) (2) None (2) Unbound
(3) As specified in the horizontal measures. (3) Higher paid-up capital is required of
foreign service suppliers than of
domestic service suppliers.
(4) As specified in the horizontal measures. (4) As specified in the horizontal
measures.
INDONESIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Factoring Services (1) Unbound except for international (1) Unbound
(CPC 8113) factoring transaction.
(2) None (2) Unbound
(3) As specified in the horizontal measures. (3) Higher paid-up capital is required of
foreign service suppliers than of
domestic service suppliers.
(4) As specified in the horizontal measures. (4) As specified in the horizontal
measures.
Credit Card Business (1) None (1) None
(Issuer and Agent of
Credit Card) (2) None (2) Unbound
(CPC 8113)
(3) As specified in the horizontal measures. (3) Higher paid-up capital is required of
foreign service suppliers than of
domestic service suppliers.
(4) As specified in the horizontal measures. (4) As specified in the horizontal
measures.
INDONESIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Consumers Finance (1) None (1) None
Services
(CPC 8113) (2) None (2) Unbound
(3) As specified in the horizontal measures. (3) Higher paid-up capital is required of
foreign service suppliers than of
domestic service suppliers.
(4) As specified in the horizontal measures. (4) As specified in the horizontal
measures.
Securities Business
- Trading for own (1) Unbound (1) Unbound
account or for
account of (2) None (2) None
customers, on an
exchange or (3) Through establishment of a securities (3) Higher paid-up capital is required of
over-the-counter broker/dealer, requirements as specified foreign service suppliers than of
market in the horizontal measures, domestic service suppliers.
- Listed shares (4) As specified in the horizontal measures. (4) As specified in the horizontal
- Bonds measures.
INDONESIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Participation in issues of (1) Unbound (1) Unbound
securities, including
underwriting and (2) None (2) None
placement as agent
(whether publicly or (3) Through establishment of a securities (3) Higher paid-up capital is required of
privately), and provision underwriter company, requirements as foreign service suppliers than of
of services related to such specified in the horizontal measures. domestic service suppliers.
issues
(4) As specified in the horizontal measures. (4) As specified in the horizontal
measures.
Portfolio management, all (1) Unbound (1) Unbound
forms of collective
investment management (2) None (2) None
(3) Through establishment of an investment (3) Higher paid-up capital is required of
management company, requirements as foreign service suppliers than of
specified in the horizontal measures. domestic service suppliers.
(4) Unbound except for directors. (4) As specified in the horizontal
measures.
INDONESIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Asset management limited (1) Unbound (1) Unbound
only to investment fund
management (2) None (2) None
(3) Through establishment of an investment (3) Higher paid-up capital is required of
management company, requirements as foreign service suppliers than of
specified in the horizontal measures. domestic service suppliers.
(4) Unbound except for directors. (4) As specified in the horizontal
measures.
Investment advisory (1) Unbound (1) Unbound
services limited only to
investment advisory in (2) None (2) None
capital market
(3) Through establishment of an investment (3) Higher paid-up capital is required of
management company, requirements as foreign service suppliers than of
specified in the horizontal measures. domestic service suppliers.
(4) Unbound except for directors. (4) As specified in the horizontal
measures.
INDONESIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Banking Subsector: General conditions on banking subsector.
1. All market access and national treatment limitation specified in the banking sector/subsector will be eliminated by the year 2020 subject to
similar commitment by other Members.
2. The share ownership of foreign services supplier is bound at prevailing laws and regulation.
3. The terms of the offer in the banking sector are in accordance with the Annex on Financial Services unless otherwise specified.
4. The general conditions and qualifications are an integral part of the offer in the banking sector/subsector.
5. Bound for existing branches of foreign banks at 100 per cent foreign ownership.
6. Foreign bank and joint-venture bank may open 1 (one) sub-branch and 1 (one) auxiliary offices in the cities of Jakarta, Surabaya, Semarang,
Bandung, Medan, Ujung Pandang, Denpasar and Batam Island.
7. In addition to the horizontal measures, temporary entry will be granted to technical expert(s)/adviser(s) of foreign bank and joint-venture bank
for no longer than 3 (three) months per person for any given year.
8. Acquisition of local existing banks is allowed through the purchase of up to 49 per cent of the listed shares of locally incorporated banks listed
in the stock exchange subject to rules and procedures of Capital Market Regulatory Body (BAPEPAM).
9. In conducting transactions specified in this offer, with the exception of the existing branches of foreign banks, foreign services provider must be
in the form of a joint-venture bank locally incorporated in Indonesia with the following requirements:
(a) As specified in the horizontal measures;
(b) Unbound for new licence;
(c) Only bank is permitted to establish joint-venture bank.
10. The Government of Indonesia reserves the rights to establish regulations concerning the paid-up capital requirements for joint-venture banks.
11. The offer is limited to transactions specified in the specific commitments.
INDONESIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Commercial Banking
Business
- Acceptance of (1) Deposits received by banks operated in (1) None
deposits and other Indonesia (including overseas branch
repayable funds offices of the Indonesian banks) is
from the public. subject to government regulation on
foreign commercial borrowing.
(2) None (2) None
(3) As specified in the horizontal measures (3) Bound only in accordance with the
and general conditions on banking horizontal measures and general
subsector. conditions on banking subsector.
(4) (a) For foreign bank branch, only (4) Bound only in accordance with the
executive positions can be assumed horizontal measures and general
by expatriates with limitation that conditions on banking subsector.
at least one of them shall be
Indonesian national.
(b) For the joint-venture bank only f r
the directors can be assumed by the
expatriates in proportion to the
ownership sharing.
INDONESIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
- Lending of all types, (1) None (1) None
including consumer
credit, mortgage, (2) None (2) None
credit, factoring, and
financing of (3) As specified in the horizontal measures (3) Bound only in accordance with the
commercial and general conditions on banking horizontal measures and general
transaction subsector. conditions on banking subsector.
(4) (a) For foreign bank branch, only (4) Bound only in accordance with the
executive positions can be assumed horizontal measures and general
by expatriates with limitation that conditions on banking subsector.
at least one of them shall be
Indonesian national.
(b) For the joint-venture bank only for
the directors can be assumed by the
expatriates in proportion to the
ownership sharing.
INDONESIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
- All payment and (1) None (1) None
money transmission
services, including (2) None (2) None
credit, charge and
debit cards, (3) As specified in the horizontal measures (3) Bound only in accordance with the
travellers cheques and general conditions on banking horizontal measures and general
and bankers drafts subsector. conditions on banking subsector.
(4) (a) For foreign bank branch, only (4) Bound only in accordance with the
executive positions can be assumed horizontal measures and general
by expatriates with limitation that conditions on banking subsector.
at least one of them shall be
Indonesian national.
(b) For the joint-venture bank only for
the directors can be assumed by the
expatriates in proportion to the
ownership sharing.
INDONESIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
- Guarantees and (1) None (1) None
commitments
(2) None (2) None
(3) As specified in the horizontal measures (3) Bound only in accordance with the
and general conditions on banking horizontal measures and general
subsector. conditions on banking subsector.
(4) (a) For foreign bank branch, only (4) Bound only in accordance with the
executive positions can be assumed horizontal measures and general
by expatriates with limitation that conditions on banking subsector.
at least one of them shall be
Indonesian national.
(b) For the joint-venture bank only for
the directors can be assumed by the
expatriates in proportion to the
ownership sharing.
INDONESIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
- Trading for own (1) None (1) None
account or for
account of (2) None (2) None
customers, whether
on an exchange, in (3) As specified in the horizontal measures (3) Bound only in accordance with the
an over-the-counter and general conditions on banking horizontal measures and general
market or otherwise, subsector. conditions on banking subsector.
the following:
(4) (a) For foreign bank branch, only (4) Bound only in accordance with the
- Money market executive positions can be assumed horizontal measures and general
instruments by expatriates with limitation that conditions on banking subsector.
(including at least one of them shall be
cheques, bills, Indonesian national.
certificates of
deposits). (b) For the joint-venture bank only for
the directors can be assumed by the
expatriates in proportion to the
ownership sharing.
- Foreign (1) None (1) None
Exchange
(2) None (2) None
(3) As specified in the horizontal measures (3) Bound only in accordance with the
and general conditions on banking horizontal measures and general
subsector. conditions on banking subsector.
INDONESIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(4) (a) For foreign bank branch, only (4) Bound only in accordance with the
executive positions can be assumed horizontal measures and general
by expatriates with limitation that conditions on banking subsector.
at least one of them shall be
Indonesian national.
(b) For the joint-venture bank only for
the directors can be assumed by the
expatriates in proportion to the
ownership sharing.
- Exchange rate (1) None (1) None
and interest rate
instruments, (2) None (2) None
including
products such as (3) As specified in the horizontal measures (3) Bound only in accordance with the
swaps, forward and general conditions on banking horizontal measures and general
rate agreements subsector. conditions on banking subsector.
(4) (a) For foreign bank branch, only (4) Bound only in accordance with the
executive positions can be assumed horizontal measures and general
by expatriates with limitation that conditions on banking subsector.
at least one of them shall be
Indonesian national.
(b) For the joint-venture bank only for
the directors can be assumed by the
expatriates in proportion to the
ownership sharing.
INDONESIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
- Transferable (1) None (1) None
securities issued
in the money (2) None (2) None
market
(3) As specified in the horizontal measures (3) Bound only in accordance with the
and general conditions on banking horizontal measures and general
subsector. conditions on banking subsector.
(4) (a) For foreign bank branch, only (4) Bound only in accordance with the
executive positions can be assumed horizontal measures and general
by expatriates with limitation that conditions on banking subsector.
at least one of them shall be
Indonesian national.
(b) For the joint-venture bank only for
the directors can be assumed by the
expatriates in proportion to the
ownership sharing.
- Cash (1) None (1) None
management,
custodial and (2) None (2) None
depository
services (3) As specified in the horizontal measures (3) Bound only in accordance with the
and general conditions on banking horizontal measures and general
subsector. conditions on banking subsector.
INDONESIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(4) (a) For foreign bank branch, only (4) Bound only in accordance with the
executive positions can be assumed horizontal measures and general
by expatriates with limitation that conditions on banking subsector.
at least one of them shall be
Indonesian national.
(b) For the joint-venture bank only for
the directors can be assumed by the
expatriates in proportion to the
ownership sharing.
INDONESIA
List of Article II (MFN) Exemptions
Supplement 1
Revision
(This is authentic in English only)
INDONESIA - LIST OF ARTICLE 2(MFN) EXEMPTIONS
Sector or subsector Description of measure Countries to which the Intended duration Conditions creating the need
indicating its inconsistency measure applies for the exemption
with Article 2
Banking services Measures relating to a All countries which adopt Suspended until the end of the To guarantee equal treatment to
joint-venture bank of national reciprocal policies regarding period of 60 days beginning on Indonesian nationals wishing to
and foreign origin under which Indonesia banks. 1 November 1997 as stipulated establish and operate banks
entry of a foreign bank in in the Second Decision on abroad.
Indonesia is allowed on a Financial Services adopted by
reciprocity basis (pursuant to the Council for Trade in
Articles 14(3) of the Ministry of Services on 21 July 1995.
Finance Decrees
No. 220/KMK.017/1993 dated
26 February 1993).
With respect to joint-venture
banks, licences can only be
granted to foreign banks of
countries which adopt reciprocal
policies regarding Indonesian
banks.
REPUBLIC OF KOREA
Schedule of Specific Commitments
Supplement 1
Revision
(This is authentic in English only)
REPUBLIC OF KOREA - SCHEDULE OF SPECIFIC COMMITMENTS
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
ALL SECTORS INCLUDED (3) The acquisition of outstanding (3) The amount of foreign direct (3) Residents who have been
IN THIS SCHEDULE stocks of existing domestic investment must be at least treated as foreigners in
(ALL SECTORS) companies by natural persons or 50 million Won. the Securities Exchange
juridical persons of another member Act are accorded national
is restricted. However, foreign The acquisition of land is treatment in portfolio
portfolio investment in Korean unbound except: investment in Korean
stocks is permitted only for the stocks.
stocks listed on the Korean Stock (i) That the acquisition of land
Exchanges, and individual foreign by companies which are
investors can own up to 3 per cent not deemed as foreign
of each company's total stock, under the Alien Land Law
while aggregate foreign investments is permitted, and
cannot exceed 15 per cent (10 per
cent in the case of two public (i) That the acquisition of land
enterprises: Pohang Iron and Steel by companies which are
Company, Korea Electric Power deemed as foreign under
Corporation) per each company. the Alien Land Law and
branches of foreign
〇 The aggregate and individual company is permitted,
ceilings will be raised in subject to approval or
1996-1997. notification in accordance
with the Alien Land Law,
for the following legitimate
business purposes:
*An asterisk on the CPC (UN Provisional Central Product Classification: statistical Papers series M No. 77,
Department of International Economic and Social Affairs, Statistical Office of the United Nations, New York, 1991)
code number indicates that the corresponding service subsector in this schedule only covers a part or parts of the
service subsector classified under the given CPC code number.
REPUBLIC OF KOREA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
The acquisition of outstanding 〇 land used for
bonds of existing domestic supplying services during
companies by natural persons or the course of normal
juridical persons of another Member business activities;
is restricted except in the following
cases: 〇 land used for housing
senior company personnel
(i) Direct foreign investment is under pertinent laws; and
allowed in non-guaranteed
Convertible Bonds issued by 〇 land used for fulfilling
listed small-and medium sized land-holding requirements
companies. stipulated by pertinent
laws.
(ii) The purchase of government
and public bonds, with interest Eligibility for subsidies,
rates comparable to including tax benefits, may be
international interest rates, is limited to companies which are
allowed in the primary market. established in Korea according
to the pertinent laws.
(iii) Foreign investors are allowed
to make indirect bond Unbound for research and
investment through the development subsidies.
purchase of beneficiary
certificates offered exclusively
to foreigners.
REPUBLIC OF KOREA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
〇 Foreign investors will be
allowed to make indirect bond
investment through the
establishment of a country
fund.
〇 Foreign direct investment
in long-term non-guaranteed
bonds issued by small- and
medium-sized companies will
be allowed in 1997.
The establishment of branches must
be approved in accordance with the
Foreign Exchange Management
Act. In financial services, the
establishment of representative
offices must also be approved in
accordance with the Foreign
Exchange Management Act.
(4) Unbound except for measures (4) Unbound except for measures
affecting the entry and temporary concerning the categories of
stay of natural persons as defined natural persons referred to in
below: the market access column.
REPUBLIC OF KOREA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
A. Natural persons who are The acquisition of land is
employees of firms that supply unbound except that the
services through 100 per cent leasehold right of land is
foreign ownership, joint venture permitted, subject to approval.
companies or branches
established in Korea and who Eligibility for subsidies,
have been in the employ of their including tax benefits, may be
firm for a period of not less limited to residents according to
than one year immediately the pertinent laws.
preceding the date of their
application for admission and
who are one of the following:
(i) Executives - persons within
an organization who
primarily direct the
management of the
organization, exercise wide
latitude in decision-making,
and receive only general
supervision or direction
from higher-level
executives, the board of
directors, or shareholders
of the business. Executives
would not directly perform
tasks related to the actual
supply of a service or
services of the
organization.
REPUBLIC OF KOREA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(ii) Senior Managers - persons
within an organization who
primarily direct the
organization or a
department of the
organization; supervise and
control the work of other
supervisory, professional or
managerial employees;
have the authority to hire
and fire or recommend
hiring, firing or other
personnel actions; and
exercise discretionary
authority over day-to-day
operations. Senior
managers do not include
first-line supervisors,
unless the employees
supervised are
professionals, nor do they
include employees who
primarily perform tasks
necessary for the supply of
the service.
REPUBLIC OF KOREA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(iii) Specialists - persons within
an organization who
possess knowledge at an
advanced level of continued
expertise and proprietary
knowledge on the services,
research equipment,
techniques, or management
of the organization.
B. Natural persons meeting the
criteria of category A(i) or A(ii)
and who are responsible for the
setting up, in Korea, of a
commercial presence of a
service supplier of a Member
when the service supplier has no
representative office, branch or
subsidiary in Korea and the
persons are not engaged in
making direct sales or supplying
services.
REPUBLIC OF KOREA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
C. Natural persons not based in the
territory of Korea and receiving
no remuneration from a source
located within Korea, who are
engaged in activities or
representing a service supplier
for the purpose of negotiating
for the sale of the services of
that supplier when such sales are
not directly made to the general
public and the persons are not
engaged in supplying the
services.
Entry and stay of natural
persons as defined in A is
limited to a period not
exceeding three years that may
be extended if extension is
deemed to be necessary.
Entry and stay of natural
persons as defined in B and C is
limited to a period of 90 days.
REPUBLIC OF KOREA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Natural persons whose entries
and temporary stays are
permitted shall observe the
Immigration Law and the labour
laws. Korea's commitments
regarding temporary movement
of natural persons do not apply
in the case of labour-
management disputes.
7. FINANCIAL SERVICES1
All financial services (1),(2),(3) Korea undertakes a standstill (1),(2),(3) Korea undertakes a
covered by this schedule commitment for limitations on standstill commitment for
including Insurance market access, where specific limitations on national
commitments are undertaken, in treatment, where specific
financial services listed in this commitments are undertaken, in
schedule as of 30 June 1995. financial services listed in this
schedule as of 30 June 1995.
1Subsectors in financial services are classified based on the unit of business establishment. A financial institution must be established for only one business
defined in subsectors (1) through (12), and thus cannot engage in business activities in other subsectors.
REPUBLIC OF KOREA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Cross-border supply of financial
services and supply through
consumer movement may not be
settled in Korean currency.
After the establishment of a
commercial presence, financial
institutions may handle only
transactions, denominated and
settled in Korean currency, with
residents. Approval is required
for transactions denominated or
settled in foreign currency or
transactions with non-residents.
The management and operation
of assets of a financial institution
are restricted. A financial
institution may not own non-
business real estate.
Assets owned by branches must
be kept within the territory of
Korea. The capital of the head
office is not recognized as the
basis for determining the extent
of funding and lending activities
of branches.
REPUBLIC OF KOREA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Interest rates of government-
financed loans,loans
rediscounted by the Bank of
Korea, and short-term deposits
of less than one year (in case of
instalment savings deposits, less
than two years) are regulated.
〇 All deposit rates except for
those on demand deposits and its
equivalents will be liberalized in
1996-1997.
Some new financial products,
including derivatives, are subject
to approval.
〇 With interest rate and foreign
exchange liberalization, such
products will be more widely
allowed, subject to relevant laws
and regulations.
REPUBLIC OF KOREA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
BANKING AND OTHER
FINANCIAL SERVICES
(1) BANKING
BUSINESSES
Following banking (1) Unbound (1) Unbound
services:
(2) Unbound (2) Unbound
(3) .
(i) Deposit and related Only branches of foreign banks
services2 [81115*, which rank among the world's
81116*] top 500 banks in terms of assets
size or representative offices are
(ii) Loan and related permitted.
services3 [81131*,
81132*] 〇 Foreign financial institutions
will be allowed equity
(iii) Payment and participation in existing domestic
money banks in 1996-1997
transmission
services including
credit card
services [81339*]
2Activities in which banks obtain funds from the public by receiving deposits or issuing transferable instruments or other securities.
3Activities, such as loans and bill discounts, in which banks provide funds to the public in order to receive interest.
REPUBLIC OF KOREA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(iv) Settlement and Issuance of debentures is
clearing services4 prohibited.
[81339*]
Foreign exchange position is
(v) Foreign exchange regulated.
services5 [81333*]
〇 The oversold position of spot
(vi) Services auxiliary foreign exchange is 3 per cent of
to banking: the previous month's average
balance of foreign exchange bills
- Sale of bought, US$3 million, or 2 per
commercial cent of capital (whichever is
bills6 [81339*] greatest).
- Sale of trade
- Mutual
instalment
deposit [81132*]
4Settlement and clearing services on notes, bills and cheques by banks according to the Articles of KFTCI.
5Purchase, sale, issuance, remittance and collection of foreign exchange.
6A commercial bill is defined as a bill accompanying commercial transactions.
7A trade bill is defined as a bill issued by exporters based on L/C before shipping export cargo.
REPUBLIC OF KOREA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
- Payment Issuance limit of CDs is limited
guarantees and to the larger of 400 per cent of
commitments capital or 35 billion Won. The
[81339*] maturity of CDs is restricted to
60-270 days, and its minimum
(vii) Trust services8 denomination is restricted to 30
[81192*, 81193] million Won.
〇 The minimum denomination
will be lowered and the maturity
expanded in 1996-1997.
Deposits for specific purposes,
such as housing subscription
deposits, may be handled only
by designated institutions.
< Limitations on loan and related
services >
Foreign currency loans are
restricted with respect to ceiling
and uses.
Mandatory lending to small-and
medium-sized companies are
required.
8Activities where the trustee, having been delegated the authority, manages assets of the truster for the beneficiary.
REPUBLIC OF KOREA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
< Limitations on foreign
exchange services >
Underlying documentation
requirements apply to foreign
exchange transactions.
Underlying documentation
requirements are ex-post
notification in the case of
forward transactions.
In the following cases,
underlying documentation
requirements are exempt:
(i) Forward transactions
between two foreign
currencies.
(ii) Forward transactions
involving the Won and a
foreign currency, valued at
under US$10 million.
REPUBLIC OF KOREA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(iii) Financial futures
transactions in exchanges.
(iv) Financial futures
transactions in the OTC
market, valued at under
US$20 million.
< Limitations on trust services >
Real estate trust business is
prohibited.
Approvals both from the
Monetary Board for engaging in
businesses other than the main
banking businesses and from the
Ministry of Finance and
Economy for handling a trust
business are required, provided
that the head office is licensed in
the home country to handle a
trust business.
REPUBLIC OF KOREA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Except for Specific Money
Trusts, mandatory purchase of
Monetary Stabilization Bond is
required in managing assets of a
trust business.
〇 The purchase ratio will be
lowered in 1996-1997.
(4) Unbound except as indicated in (4) Unbound except as indicated
ALL SECTORS. in ALL SECTORS.
(2) CREDIT CARD
BUSINESSES
Credit card services (1) Unbound (1) Unbound
[81133]
(2) Unbound (2) Unbound
(3) Only representative offices or (3) None
branches of foreign suppliers
which deal exclusively with
credit card services are
permitted.
Lending for credit card members
through such means as card
loans is subject to limitations.
Maximum limits are applied to
various rates such as fees and
interest rates.
REPUBLIC OF KOREA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(4) Unbound except as indicated in (4) Unbound except as indicated
ALL SECTORS. in ALL SECTORS.
(3) FINANCIAL
LEASING
BUSINESSES
Financial leasing (1) Unbound (1) Unbound
services [81120]
(2) Unbound (2) Unbound
(3) Unbound (3) None
(4) Unbound, except as indicated in (4) Unbound, except as indicated
ALL SECTORS. in ALL SECTORS.
Top executive personnel of
each establishment must
reside in Korea.
REPUBLIC OF KOREA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(4) SECURITIES
BUSINESSES
Following services
related to securities:
(i) Dealing [81199*] (1) Unbound (1) Unbound
(ii) Broking [81321*] (2) Unbound (2) Unbound
(iii) Underwriting (3) Only representative offices, (3) Among the three main
[81322*] branches, or joint ventures of businesses, namely (i), (ii),
foreign securities companies and (iii) an operating fund of
whose paid-in capital or at least 5,10 or 15 billion
shareholder's equity is valued at Won is required to engage in
over 50 billion Won or 100 any one, two, or all three of
billion Won, respectively and the above businesses,
which have been in the securities respectively.
business for over 5 years are
permitted.
(iv) securities savings In joint ventures, which must be
[81119*] established as a Chusik Hoesa (a
joint stock corporation), foreign
(v) Credit granting equity participation must be at
[81139*] least 40 per cent but less than
50 per cent.
REPUBLIC OF KOREA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
If there are multiple foreign
shareholders in the joint venture
companies, at least one
shareholder must hold more than
20 per cent of the equity.
Shareholders must meet certain
eligibility criteria. Paid-in
capital of joint ventures must be
at least 50 billion Won.
International financial
organizations may hold less than
5 per cent of the equity.
Equity participation in an
existing domestic securities
company by foreign securities
companies is limited to less than
10 per cent per company and
less than 50 per cent in the
aggregate.
Broking for foreigners is limited
to listed stocks.
Ceilings and operating conditions
are applied to the services listed
under (iv) and (v).
REPUBLIC OF KOREA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(4) Unbound except as indicated in (4) Unbound except as indicated
ALL SECTORS. in ALL SECTORS.
Top executive personnel of
each establishment must
reside in Korea.
(5) SECURITIES
INVESTMENT
TRUST BUSINESSES
Securities investment (1) Unbound (1) Unbound
trust services [81193*]
(2) Unbound (2) Unbound
(3) Only representative offices of (3) None
foreign securities investment
trust companies are permitted.
Equity participation in an
existing domestic securities
investment trust company by
foreign securities investment
trust companies is limited to less
than 5 per cent per foreign
company and less than 10 per
cent in the aggregate.
〇 The maximum limit of equity
participation will be expanded in
1994-1995.
REPUBLIC OF KOREA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(4) Unbound except as indicated in (4) Unbound except as indicated
ALL SECTORS. in ALL SECTORS.
Top executive personnel of
each establishment must
reside in Korea.
(6) INVESTMENT
ADVISORY
BUSINESSES
Investment advisory (1) Unbound (1) Unbound
services [81332]
(2) Unbound (2) Unbound
(3) Only representative offices of (3) None
foreign investment advisory
companies are permitted.
Equity participation in an
existing domestic investment
advisory services company by
foreign investment advisory
companies is limited to less than
5 per cent per foreign company
and less than 10 per cent in the
aggregate.
〇 The maximum limit of equity
participation will be expanded in
1994-1995.
REPUBLIC OF KOREA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(4) Unbound except as indicated in (4) Unbound except as indicated
ALL SECTORS. in ALL SECTORS.
Top executive personnel of
each establishment must
reside in Korea.
INSURANCE AND
INSURANCE-RELATED
SERVICES
(7) LIFE INSURANCE (1) Unbound (1) Unbound
BUSINESSES
(2) Unbound (2) Unbound
Life insurance services
[81211] (3) In joint ventures, multiple (3) None
foreign shareholders are not
allowed, and the foreign share
must exceed 49 per cent.
Shareholders must meet certain
eligibility criteria.
Establishment of a commercial
presence is subject to the
economic needs test.
The recruitment and employment
of insurance professionals,
including sales personnel, are
restricted.
REPUBLIC OF KOREA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(4) Unbound except as indicated in (4) Unbound except as indicated
ALL SECTORS. in ALL SECTORS.
Top executive personnel of
each establishment must
reside in Korea.
(8) NON-LIFE
INSURANCE
BUSINESSES
Non-life insurance (1) Unbound except for marine (1) Unbound
services [8129] export/import cargo and aviation
insurance
(2) Unbound (2) Unbound
(3) Quoting insurance rates from (3) None
abroad is subject to restrictions.
These restrictions do not apply to
aviation insurance.
Only representative offices and
branches of foreign non-life
insurance companies are
permitted.
Foreign equity participation is
limited to only existing domestic
non-life insurance companies.
REPUBLIC OF KOREA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Establishment of a commercial
presence is subject to the
economic needs test.
Duopoly by specialized firms is
maintained in fidelity and surety
insurance.
The recruitment and employment
of insurance professionals,
including sales personnel, are
restricted.
(4) Unbound except as indicated in (4) Unbound except as indicated
ALL SECTORS. in ALL SECTORS.
Top executive personnel of
each establishment must
reside in Korea.
(9) REINSURANCE AND
RETROCESSION
BUSINESSES
Reinsurance and (1) None (1) Ceding insurers are required
retrocession services to reinsure with priority
[81299*] given to reinsurance
companies established in
Korea. The above
requirement does not apply
to aviation insurance.
REPUBLIC OF KOREA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(2) None (2) None
(3) Direct insurance companies may (3) None
participate in the supply of
services subject to the restriction
in section (8) regarding non-life
insurance services.
(4) Unbound except as indicated in (4) Unbound except as indicated
ALL SECTORS. in ALL SECTORS.
Top executive personnel of
each establishment must
reside in Korea.
(10) INSURANCE
BROKING AND
AGENCY
BUSINESSES
Insurance broking and (1) Unbound (1) Unbound
agency services
[81401*] (2) Unbound (2) Unbound
(3) Only exclusive agencies are (3) None
allowed. In the case of life and
non-life insurance services, dual
agency is permitted.
Establishment of a commercial
presence is subject to the
economic needs test.
REPUBLIC OF KOREA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(4) Unbound except as indicated in (4) Unbound except as indicated
ALL SECTORS. in ALL SECTORS.
Top executive personnel of
each establishment must
reside in Korea.
(11) CLAIM
SETTLEMENT
BUSINESSES
Claim settlement (1) Unbound (1) None
services [81403*]
(2) Unbound (2) None
(3) Unbound (3) None
(4) Unbound except as indicated in (4) Unbound except as indicated
ALL SECTORS. in ALL SECTORS.
Top executive personnel of
each establishment must
reside in Korea.
REPUBLIC OF KOREA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(12) ACTUARIAL
BUSINESSES
Actuarial services (1) Unbound (1) None
[81404]
(2) Unbound (2) None
(3) Unbound (3) None
(4) Unbound except as indicated in (4) Unbound except as indicated
ALL SECTORS. in ALL SECTORS.
Top executive personnel of
each establishment must
reside in Korea.
KUWAIT
Schedule of Specific Commitments
Supplement 1
(This is authentic in English only)
KUWAIT - SCHEDULE OF SPECIFIC COMMITMENTS
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
A. Acceptance of deposits and (1) Unbound (1) Unbound
other repayable funds from
the public (2) None (2) None
(3) Unbound except for branches of (3) Unbound except for the case indicated
foreign banks in which the in item (3) in column No. 1 of this
Government of Kuwait, or other subsector.
Kuwaiti financial or banking
institutions are shareholders. A prior
decision of the Council of Ministers
shall be needed for each case.
(4) Unbound except for the case indicated (4) Unbound except for the case indicated
in item (3) hereabove. in item (3) of column No. 1 of this
subsector.
B. Lending of all types (1) Unbound except for the case of (1) Unbound
including, inter alia, participation in syndicated loans
consumer credit, mortgage through the Kuwaiti banks or the
credit, factoring and Kuwaiti investment companies.
financing of commercial
transactions (2) None (2) None
(3) Unbound except for the case indicated (3) Unbound except for the case indicated
in item (3) of column No. 1 of in item (3) in column No. 1 of
subsector A. subsector A.
(4) Unbound except for the case indicated (4) Unbound except for the case indicated
in item (3) of column No. 1 of in item (3) of column No. 1 of
subsector A. subsector A.
KUWAIT (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
C. Financial leasing (1) Unbound (1) Unbound
(2) None (2) None
(3) Unbound except for the following: (3) Unbound except for the cases referred
to in item (3) of column No. 1 of this
- The case referred to in item (3) in subsector.
column No. 1 of subsector A;
- the participation in a Kuwaiti
investment company, provided the
foreign participation (other than GCC
citizens) must not exceed 49% of the
company's capital.
(4) Unbound except for the cases referred (4) Unbound except for the cases
to in item (3) hereabove. indicated in item (3) of column No. 1
of this subsector.
KUWAIT (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
D. All payment and money (1) Unbound (1) Unbound
transmission services
(2) None (2) None
(3) Unbound except for the following: (3) Unbound except for the cases referred
to in item (3) of column No. 1 of this
- The case referred to in item (3) in subsector.
column No. 1 of subsector A;
- the participation in a Kuwaiti
investment company, provided the
foreign participation (other than GCC
citizens) must not exceed 49% of the
company's capital.
(4) Unbound except for the cases referred (4) Unbound except for the cases referred
to in item (3) hereabove. to in item (3) of column No. 1 of this
subsector.
E. Guarantees and (1), (2), (3) and (4) identical to subsector C. (1), (2), (3) and (4) identical to subsector C.
commitments
KUWAIT (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
F. Trading for own account (1), (2), (3) and (4) Identical to subsector C. (1), (2), (3) and (4) Identical to subsector C.
or for account of
customers whether on an
exchange, in an
over-the-counter market or
otherwise, the following:
- money market
instruments (cheques,
bills, certificate of
deposits, etc.)
- foreign exchange
- derivative products
incl., but not limited
to, futures and options
- exchange rate and
interest rate
instruments, incl.
products such as
swaps, forward rate
agreements, etc.
- transferable securities
- other negotiable
instruments and
financial assets, incl.
bullion
KUWAIT (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
G. Participation in issues of (1) Unbound (1) Unbound
all kinds of securities,
incl. underwriting and (2) None (2) None
placement as agent
(whether publicly or (3) Unbound except for the following: (3) Unbound except for the cases referred to in
privately) and provision item (3) in column No. 1 of this subsector.
of service related to such - The case referred to in item (3) in
issues column No. 1 of subsector A;
- the participation in a Kuwaiti investment
company, provided the foreign
participation (other than GCC citizens)
must not exceed 49% of the company's
capital;
- the underwriting and the exchange of
foreign securities (shares, bonds, mutual
funds units, etc.) are permitted in
Kuwait, only after the authorization
licence is issued by the Minister of
Commerce and Industry, and through a
Kuwaiti agent. If that agent is under the
supervision of the Central Bank of
Kuwait, the authorization of this latter is
mandatory.
(4) Unbound except for the cases referred to in (4) Unbound except for the cases referred to in
item (3) hereabove. item (3) of column No. 1 of this subsector.
KUWAIT (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
H. Money broking (1), (2), (3) and (4) identical to subsector C. (1), (2), (3) and (4) identical to subsector C.
I. Asset management, such (1), (2), (3) and (4) identical to subsector C. (1), (2), (3) and (4) identical to subsector C.
as cash or portfolio
management, all forms
of collective investment
management, pension
fund management,
custodial depository and
trust services
J. Settlement and clearing (1) Unbound (1) Unbound
services for financial
assets, incl. securities, (2) None (2) None
derivative products, and
other negotiable (3) Unbound except for the participation in a (3) Unbound except for the case referred to in
instruments Kuwaiti company authorized to exercise the item (3) of column No. 1 of this subsector.
same activity, provided the foreign
participation (other than GCC's citizens)
must not exceed 49% of the company's
capital.
(4) Unbound except for the case referred to in (4) Unbound except for the case referred to in
item (3) hereabove. item (3) of column No. 1 of this subsector.
KUWAIT (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
K. Advisory and other (1), (2), (3) and (4) identical to subsector J. (1), (2), (3) and (4) identical to subsector J.
auxiliary financial
services on all the
activities listed in Article
1B of MTN.TNC/W/50,
incl. credit reference and
analysis, investment and
portfolio research and
advice, advice on
acquisitions and on
corporate restructuring
and strategy
L. Provision and transfer of (1) Unbound except for the provision and (1) Unbound except for the case referred to in
financial information, transfer of financial information supplied item (1) in column No. 1 of this subsector.
and Financial data directly from abroad to the subscribers in
processing and related Kuwait.
software by providers of
other financial services (2) None (2) None
(3) Unbound except for the participation in a (3) Unbound except for the case referred to in
Kuwaiti company authorized to exercise the item (3) of Column No. 1 of this
same activity, provided the foreign subsector.
participation (other than GCC citizens)
must not exceed 49% of the company's
capital.
(4) Unbound except for the cases referred to in (4) Unbound except for the cases referred to in
items (1) and (3) hereabove. items (1) and (3) of column No. 1 of this
subsector.
MALAYSIA
Schedule of Specific Commitments
Supplement 1
(This is authentic in English only)
MALAYSIA - SCHEDULE OF SPECIFIC COMMITMENTS
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
FINANCIAL SERVICES, INCLUDING INSURANCE
Horizontal Commitments Applicable to the Financial Services Sector
The offers in the financial services sector are in accordance with the Framework Agreement on services and the Annex on Financial Services.
The limitations listed under the all-sector horizontal section shall not apply to financial services, unless otherwise indicated.
In respect of offshore banks, commercial banks, merchant banks, offshore insurance and offshore reinsurance companies, insurance companies
and representative offices of commercial banks and merchant banks, the following conditions and limitations on market access and movement of
natural persons shall apply in addition to specific limitations to the activity of each financial service as specified in each offer.
ALL FINANCIAL (3) Limitations on investments as (3) Limitations on land and other
SERVICES contained in the all-sector horizontal immovable property as contained in
section. the all-sector horizontal section.
Unbound for measures affecting
financial services accorded, to any
Bumiputera or to assist development
of any Bumiputera financial
institution to achieve objectives of
the National Development Policy
(NDP).
(4) Limitations in the all-sector horizontal (4) Limitations in the all-sector
section will apply when indicated in horizontal section will apply when
each activity. indicated in each activity.
MALAYSIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
1. Offshore banks, (1),(2) Unbound* (1),(2) Unbound*
offshore insurance
and offshore (3) Entry is confined to Labuan. (3) None
reinsurance
companies Entry is limited to establishment of
a branch or a subsidiary
incorporated in Malaysia.
(4) None (4) None
2. Commercial banks (1),(2) Unbound* (1),(2) Unbound*
and merchant banks
(3) The 14 wholly-foreign owned (3) None except as indicated in the
commercial banks are permitted to finance sector horizontal section
remain wholly-owned by their and in the respective activity listed
existing shareholders. below.
Unbound for new licences.
*Due to lack of technical feasibility.
MALAYSIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Entry is limited to equity
participation by foreign banks in
Malaysian-owned or controlled
commercial banks and merchant
banks and aggregate foreign
shareholding in a commercial bank
or a merchant bank shall not exceed
30 per cent. Shareholders by a
single person individually or jointly
with related persons is limited to a
maximum of 20 per cent.
Acquisition by a foreign bank of an
aggregate of 5 per cent or more of
shareholding in a Malaysian-owned
or controlled commercial bank or
merchant bank must meet the
following criteria:
MALAYSIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(i) The foreign bank has the
ability to facilitate trade and
contribute to financial and
economic development of
Malaysia;
(ii) The country of the foreign
bank has significant trade and
investment interests in
Malaysia; and
(iii) The country of the foreign
bank does not have a
significant representation in the
Malaysian banking industry.
An institution owned or controlled
by a foreign government or an
agency of such government is not
allowed to control a commercial
bank or a merchant bank in
Malaysia.
A commercial bank is not allowed to
acquire any share in another
commercial bank but may acquire
shares in one merchant bank.
A merchant bank is not allowed to
acquire any share in a commercial
bank or another merchant bank.
MALAYSIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Other persons are not permitted to
acquire 5 per cent or more of
shareholding in a commercial bank
or merchant bank if the person
already holds 5 per cent or more of
shareholding in another licensed
financial institution.
Introduction of a new service
products will be permitted subject to
approval which will be based on
prudential criteria.
Entry is also permitted through the
setting up of representative offices.
Representative offices can only
undertake research, exchange of
information and liaison services.
MALAYSIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(4) Unbound except the following: (4) Unbound except for the categories
of natural persons referred to
(a) Unless otherwise specified, under market access.
temporary presence of natural
persons is offered only in
respect of supply through the
mode of commercial presence.
(b) For banks, two senior
managers for each institution
with an aggregate foreign
shareholding exceeding 50 per
cent. A senior manager is an
individual possessing
proprietary knowledge and
authority essential to the
establishment, control and
operation of the services of
the financial service supplier.
(c) Specialists or experts are
subject to market test and
eligibility criteria. Specialists
or experts are individuals who
possess knowledge and
expertise relating to new
products and services,
technique or management of
the financial service supplier.
MALAYSIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(d) Movement of a senior
manager, specialist or expert
can be through intra-corporate
transfers or otherwise.
(e) For a representative office, two
foreign nationals. Only one
foreign national for the two top
posts.
(f) Entry shall be limited to a
maximum period of five years.
3. Insurance companies (1),(2) Unbound* (1),(2) Unbound*
(3) Branches of foreign insurance (3) None except as indicated in the
companies are required to be locally finance sector horizontal section
incorporated and aggregate foreign and in the respective activity listed
shareholding shall not exceed 30 per below.
cent.
MALAYSIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
However, an aggregate foreign
shareholding up to 49 per cent will
be permitted if:
(i) Branches of foreign insurance
companies incorporate locally
and the shareholding structure
of such locally incorporated
companies reflects an aggregate
foreign shareholding of not
more than 49 per cent by
30 June 1998.
(ii) Existing foreign-owned locally
incorporated insurance
companies which restructure to
reflect an aggregate foreign
shareholding of not more than
49 per cent by 30 June 1998.
MALAYSIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Provided, in the event of subsequent
disposal of the 49 per cent or any
part thereof of the foreign
shareholding after 30 June 1998, the
disposal shall be made to Malaysians
and aggregate foreign shareholding
shall not exceed 30 per cent.
Unbound for new licences.
Entry is limited to equity
participation by foreign insurance
companies in existing locally
incorporated insurance companies
and aggregate foreign shareholding
in such company shall no exceed
30 per cent. Shareholding by a
single person individually or jointly
with related persons is limited to a
maximum of 20 per cent.
MALAYSIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Acquisition by a foreign insurance
company of an aggregate of more
than 5 per cent shareholding in a
locally incorporated insurance
company must meet the following
criteria:
(i) The foreign insurance company
has the ability to facilitate trade
and contribute to financial and
economic development of
Malaysia;
(ii) The country of the foreign
insurance company has
significant trade and investment
interests in Malaysia; and
(iii) The country of the foreign
insurance company does not
have a significant
representation in the Malaysian
insurance industry.
MALAYSIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
An insurance company is not
allowed to acquire any share:
(i) In another insurance company
in Malaysia that carries on the
same class of insurance
business as that carried on by
it; or
(ii) In an insurance broking
company.
Other persons holding more than
5 per cent shareholding in an
insurance company are not permitted
to acquire more than 5 per cent
shareholding in:
(i) Another insurance company
carrying on the same class of
insurance business as that
carried on by the insurance
company in which the person
is a shareholder; or
(ii) An insurance broking
company.
MALAYSIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(4) Unbound except the following: (4) Unbound except for the categories
of natural persons referred to
(a) Unless otherwise specified, under market access.
temporary presence of natural
persons is offered only in
respect of supply through the
mode of commercial presence.
(b) One senior manager for each
institution for:
(1) Insurance companies with
foreign shareholding of
more than 30 per cent.
(2) Branches of foreign
insurance companies.
MALAYSIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(c) Two senior managers will be
permitted for each institution
for:
(i) Locally incorporated
insurance companies
where foreign
shareholding does not
exceed 30 per cent.
(ii) Branches of foreign
insurance companies
which incorporate locally
and shareholding
structure of such locally
incorporated companies
reflects an aggregate
foreign shareholding of
not more than 49 per cent
by 30 June 1998.
MALAYSIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(iii) Foreign-owned locally
incorporated insurance
companies which
restructure to reflect an
aggregate foreign
shareholding of not more
than 49 per cent by
30 June 1998.
(iv) Branches of foreign
insurance companies
which incorporate locally
and shareholding
structure of such locally
incorporated companies
reflects an aggregate
foreign shareholding of
not more than 30 per cent
after 30 June 1998.
MALAYSIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(5) Foreign-owned locally
incorporated insurance
companies which
restructure to reflect an
aggregate foreign
shareholding of not more
than 30 per cent after
30 June 1998.
(d) A senior manager is an
individual possessing
proprietary knowledge and
authority essential to the
establishment, control and
operation of the services of the
financial service supplier.
(e) Specialists or experts are
permitted subject to market test
and eligibility criteria.
Specialists or experts are
individuals who possess
knowledge and expertise
relating to new products and
services, technique or
management of the financial
service supplier.
MALAYSIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(f) Movement of a senior manager,
specialist or expert can be through
intra-corporate transfers or
otherwise.
(g) Entry shall be limited to a maximum
period of five years.
A. BANKING AND
OTHER
FINANCIAL
SERVICES
EXCLUDING
INSURANCE
Acceptance of (1) Soliciting, advertising and acceptance (1) None
deposits, and other of deposits in Malaysia are not
repayable funds allowed.
from the public,
wholesale and retail (2) Soliciting and advertising in Malaysia (2) None
for acceptance of deposits are not
allowed.
MALAYSIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(3) Only permitted through a commercial (3) For commercial banks, unbound for
bank, a merchant bank or an offshore branching (including off-premises
bank. ATMs) and networking with ATMs
in Malaysia.
Offshore banks in Labuan are
permitted to accept foreign currency Branching is permitted for merchant
deposits only. banks with an aggregate foreign
shareholding not exceeding
Merchant banks are only permitted to 30 per cent.
accept term deposits from non-
individuals. The minimum amount of
each term deposit shall be as specified
by the Central Bank from time to
time.
With effect from 1 July 1996,
foreign-owned commercial banks will
be permitted to accept foreign
currency deposits from residents
subject to conditions imposed on
designated banks.
(4) Unbound except as indicated in the (4) Unbound except as indicated in
finance sector horizontal section. the finance sector horizontal
section.
MALAYSIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Lending of all types, (1),(2) Financial services associated with (1), (2) None
including consumer lending to residents in any currency
credit, mortgage credit, in excess of an equivalent of
factoring and financing of RM $25 million must be undertaken
commercial transactions jointly with commercial banks or
merchant banks in Malaysia.
(3) Entry as a non-bank for scheduled (3) Foreign-controlled banking
businesses is limited to: institutions in Malaysia are allowed
to extend credit facilities (including
(a) Foreign financial institutions factoring and leasing up to a
through the establishment of a maximum of 40 per cent of the
locally incorporated joint-venture total credit facilities obtained by
company and aggregate foreign non-resident controlled companies
shareholding in such company from banking institutions. The
shall not exceed 30 per cent; or above limitation will be relaxed to
50 per cent in the year 2000.
(b) A representative office.
Provision of factoring services by a For commercial banks, unbound for
commercial bank required the setting branching (including off-premises
up of a separate entity and shareholding ATMs) and networking with ATMs
by a foreign-controlled commercial in Malaysia.
bank shall not exceed 30 per cent.
Branching is permitted for merchant
Merchant banks are not permitted to banks with an aggregate foreign
provide consumer credit and home shareholding not exceeding
mortgages. 30 per cent.
MALAYSIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Only commercial banks are permitted
to provide overdraft facilities.
Offshore banks are permitted to lend in
foreign currencies only.
Representative offices can only
undertake research and liaison services.
(4) For banks, unbound except as indicated (4) For banks, unbound except as
in the finance sector horizontal section. indicated in the finance sector
horizontal section.
For non-banks, unbound except one
foreign national for a management post For non-banks, unbound except for
which is not the CEO post, for each the categories of natural persons
establishment. referred to under market access.
For representative offices of scheduled Residency requirements are required
businesses, two foreign nationals for lending of money.
subject to only one foreign national for
the two top posts.
Entry shall be limited to a maximum
period of five years.
MALAYSIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Financial leasing (1), (2) Leasing services to residents in any (1), (2) None
currency must be undertaken jointly
with leasing companies or merchant
banks in Malaysia.
(3) Entry as a non-bank is limited to: (3) None
(a) Foreign financial institutions
through the establishment of a
locally incorporated joint-venture
company and aggregate foreign
shareholding in such company
shall not exceed 30 per cent; or
(b) A representative office.
Provision of leasing services by a
commercial bank requires the setting up
of a separate entity and shareholding by
a foreign-controlled commercial bank
shall not exceed 30 per cent.
MALAYSIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Aggregate foreign shareholding will be
permitted to be increased to 49 per cent
with effect from 1 July 2000.
Representative offices can only
undertake research and liaison services.
(4) Unbound except two foreign nationals, (4) Unbound except for the categories of
one for management post which is not natural persons referred to under
the CEO post and one technical post, market access.
for each establishment.
For representative offices, two foreign
nationals subject to one foreign national
for the two top posts.
Entry shall be limited to a maximum
period of five years.
MALAYSIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
All payment and money (1), (2) Electronic fund transfer system (1),(2) None
transmission services, requires approval.
namely credit and debit
cards, cheques and (3) Offshore banks are permitted to extend (3) For commercial banks, unbound for
bankers drafts payment and money transmission branching (including off-premises
services to non-residents only. ATMs) and networking with ATMs in
Malaysia.
Only commercial banks are permitted to
issue credit cards, debit cards or Branching is permitted for merchant
provide checking account services. banks with an aggregate foreign
shareholding not exceeding 30 per
Only Malaysian-controlled banks are cent.
permitted to issue, sell or purchase
ringgit travellers cheques. Sale or purchase of travellers cheques
by individuals require citizenship
status.
MALAYSIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Sale or purchase of foreign currency Branching (including dispensers) is
travellers cheques other than by permitted for travellers cheques
commercial banks requires a money companies with foreign shareholding
changer's licence. Entry is limited to not exceeding 30 per cent.
establishment of a locally incorporated
joint-venture company and aggregate
foreign shareholding in such company
shall not exceed 30 per cent.
(4) For banks, unbound except as indicated (4) For banks, unbound except as
in the finance sector horizontal section. indicated in the finance sector
horizontal section.
For non-banks, unbound except one
foreign, national management post For non-banks, unbound except for
which is not the CEO post, for each the categories of natural persons
establishment. referred to under market access.
Entry shall be limited to a maximum
period of five years.
MALAYSIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Charge cards (1), (2) None (1), (2) None
(3) Entry is limited to establishment of a (3) None
company incorporated in Malaysia.
(4) Unbound except two senior managers (4) Unbound except for the categories of
for each establishment. natural persons referred to under
market access.
Entry shall be limited to a maximum
period of five years.
Guarantees and (1), (2) None except banks established in (1), (2) None
commitments. Malaysia may be given the right of first
(Guarantees and refusal.
commitments undertaken
by non-residents are (3) None (3) None
governed by rules
relating to exchange (4) Unbound except as indicated in the (4) Unbound except as indicated in the
control) finance sector and all-sector horizontal finance sector and all-sector
section. horizontal section.
MALAYSIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Money and foreign (1),(2) Broking services, involving Ringgit (1),(2) None
exchange broking Malaysia and financial instruments
services issued in Malaysia must be effected
through authorized dealers and money
and foreign exchange brokers
incorporated in Malaysia.
(3) Entry is limited to equity participation (3) None
in existing institutions and aggregate
foreign shareholding in such institutions
shall not exceed 30 per cent.
(4) Unbound (4) Unbound
MALAYSIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Trading for own account (1) Dealing is limited to contracts traded (1) None
or account of customers on specified exchanges abroad.
in the following:
(2) None (2) None
- money market
instruments (3) Transactions by offshore banks in (3) None
- foreign exchange Labuan must be conducted in foreign
- transferable currencies, except for the sale or
securities purchase of currencies with authorized
- exchange rate and banks in Malaysia.
interest rate
instruments Transactions by offshore banks in
- derivative products, Labuan for own account are limited to
including futures and instruments created and issued abroad.
options
- other negotiable Trading for accounts of customers by
instruments, offshore banks and offshore companies
including bullion in Labuan is confined to non-resident
customers and in instruments created
and issued abroad.
MALAYSIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Trading in shares of Malaysian
companies by offshore banks and
offshore companies in Labuan is
confined to non-resident customers who
are not offshore companies registered
or incorporated in Labuan.
Only commercial banks and offshore
banks are permitted to trade in foreign
currency.
Trading and dealing insecurities and
financial futures an derivative products
other than by designated financial
institutions require establishment of a
locally incorporated joint-venture
company and aggregate foreign
shareholding in such company shall not
exceed 30 per cent.
(4) For banks, unbound except as indicated (4) For banks, unbound except as
in the finance sector horizontal section. indicated in the finance sector
horizontal section.
For non-banks, unbound except as
indicated in the all-sector horizontal For non-banks, unbound except as
section. indicated in the all-sector horizontal
section.
MALAYSIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Services related to the (1), (2) Participation in issues and services (1), (2) None
issues of all kinds of related to such issues requires
securities and placement authorization.
as agents (whether
publicly or privately) (3) Participation by offshore banks in (3) None
(excluding issuing and Labuan is limited to non-resident
rating houses) customers and for issues of securities
outside Malaysia.
Only merchant banks are permitted to
make submissions to the securities
Commission for new issues.
Participation by non-banks requires
establishment of a locally incorporated
joint-venture company and aggregate
foreign shareholding in such company
shall not exceed 30 per cent.
Unbound for appointment as principal
dealers.
(4) For banks, unbound except as indicated (4) For banks, unbound except as
in the finance sector horizontal section. indicated in the finance sector
horizontal section.
For non-banks, unbound except as
indicated in the all-sector horizontal For non-banks, unbound except as
section. indicated in the all-sector horizontal
section.
MALAYSIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Underwriting (1) Commercial presence is required. (1) Unbound*
(2) Authorization is required. (2) None
(3) For non-banks, only licensed dealers (3) None
are permitted to underwrite. Entry is
limited to establishment of a locally
incorporated joint-venture company and
aggregate foreign shareholding in such
company shall not exceed 30 per cent.
Commercial banks are permitted to
underwrite private debt securities only.
(4) For commercial banks and merchant (4) For banks, unbound except as
banks, unbound except as indicated in indicated in the finance sector
the finance sector horizontal section. horizontal section.
For non-banks, unbound except as For non-banks, unbound except as
indicated in the all-sector horizontal indicated in the all-sector horizontal
section. section.
MALAYSIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Asset management as (1) Commercial presence is required. (1) None
follows:
(2) None (2) None
- cash or portfolio
management (3) Custodial and depository services are (3) None
- all forms of limited to scrip based securities.
collective investment
management Asset management by offshore banks
- custodial and and offshore companies is confined to
depository services non-resident customers and foreign
currency assets.
Asset management by offshore banks
and offshore companies in Malaysian
equities or equity-linked investments
are confined to non-resident customers
who are not offshore companies
registered or incorporated in Labuan.
Entry as a non-bank is limited to
establishment of a locally incorporated
joint-venture company and aggregate
foreign shareholding in such company
shall not exceed 30 per cent.
MALAYSIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Provision of asset management services
by a commercial bank requires
establishment of a separate entity and
shareholding by a foreign-controlled
commercial bank shall not exceed
30 per cent.
(4) For commercial banks and merchant (4) For banks, unbound except as
banks, unbound except as indicated in indicated in the finance sector
the finance sector horizontal section. horizontal section.
For non-banks, unbound except as For non-banks, unbound except as
indicated in the all-sector horizontal indicated in the all-sector horizontal
section. section.
Advisory, intermediation (1) Provision of investment and portfolio (1) None
and other auxiliary advice requires commercial presence.
financial services,
including credit reference Services other than investment and
and analysis, investment portfolio advice to residents must be
advice on acquisitions, undertaken jointly with commercial
corporate restructuring banks or merchant banks in Malaysia.
and strategy
(2) Services other than investment and (2) None
portfolio advice to residents must be
undertaken jointly with commercial
banks or merchant banks in Malaysia.
MALAYSIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(3) Entry as a non-bank is limited to: (3) None
(a) Establishment of a locally
incorporated joint-venture
company and aggregate foreign
shareholding in such company
shall not exceed 30 per cent; or
(b) A representative office.
Representative offices (including those
of commercial banks, merchant banks
and securities companies) are permitted
to undertake research, information and
liaison services only.
Representative offices of securities
companies are not permitted to publish
and circulate research work in
Malaysia.
MALAYSIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Offshore banks and offshore companies
in Labuan can only provide services to
non-resident customers.
(4) For banks, unbound except as indicated (4) For banks, unbound except as
in the finance sector horizontal section. indicated in the finance sector
horizontal section.
For non-banks, unbound except as
indicated in the all-sector horizontal For non-banks, unbound except as
section. indicated in the all-sector horizontal
section.
For representative offices, two foreign
nationals subject to only one foreign
national for the two top posts. Entry
shall be limited to a maximum period
of five years.
MALAYSIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Operational headquarters (1), (2) Unbound* (1), (2) Unbound*
(OHQ) for financial
sector. Provides services (3) Only through a locally incorporated (3) None
to commercial and wholly-foreign owned company.
investment banking
institutions in activities A foreign-owned company, a regional
relating to work carried office of a foreign-owned company
out in Malaysia for its which transfers its OHQ services to
offices and related Malaysia, a regional office of a
companies outside foreign-owned company established in
Malaysia, pertaining to Malaysia and a foreign-owned company
general management and which is already incorporated in
administration, business Malaysia, may seek to qualify as an
planning, technical OHQ.
support, marketing
control and sales An OHQ must operate in Malaysia and
promotion planning, fulfil the following criteria:
training and personnel
management, provision of (i) Carry out at least three of the
treasury and fund OHQ service activities;
management services and
research and development (ii) Have a sizeable network of
companies outside Malaysia which
includes the parent company or its
head office and related companies;
MALAYSIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(iii) Have a well established foreign-
owned company which is sizeable
in terms of assets and employees;
(iv) Have a network of companies with
a substantial number of qualified
executives, professionals, technical
and other supporting personnel;
(v) Be able to make decisions
independently without consultation
with its head office or parent
company located outside Malaysia;
(vi) Be able to contribute to the
Malaysian economy by:
(a) Using services such as
legal, accounting etc.
provided by Malaysians;
(b) Creating job opportunities
for Malaysians;
(c) Enabling greater inflow
of foreign funds.
(4) Unbound except as indicated in the (4) None
all-sector horizontal section.
MALAYSIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Securities broking (1) Trades on Malaysian stock exchange (1) None
services comprising: must be transacted through companies
incorporated in Malaysia which are
- broking services; member companies of the exchange.
- credit reference and Promotion in Malaysia of Malaysian
analysis; stocks requires approval.
- investment portfolio Provision of investment advisory
management and services and credit reference services to
advice; and residents requires commercial presence.
- market research
(2) Trades on Malaysian stock exchanges (2) None
must be transacted through companies
incorporated in Malaysia which are
member companies of the exchange.
(3) Entry is limited to recognized foreign (3) None
stock broking companies through:
(1) Equity participation in an existing
stockbroking company; or
MALAYSIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(2) Establishment of a locally
incorporated joint-venture
company with a Malaysian
stockbroking company
and aggregate foreign shareholding in
such company shall not exceed 30 per
cent. The aggregate foreign
shareholding will be permitted to be
increased to 49 per cent with effect
from 1 July 2000, subject to
conditions.
A foreign stockbroking company is
permitted to have shareholding in one
stockbroking company only.
Entry by recognized foreign
stockbroking companies is also
permitted through a representative
office.
MALAYSIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Representative offices are permitted to
undertake research, information and
liaison services only. Representative
offices are not permitted to publish and
circulate research work in Malaysia.
New licences subject to conditions,
including geographical location,
numerical quota and other conditions to
be determined.
(4) Unbound for a stockbroking company, (4) Unbound except for the categories of
except as indicated in the all-sector natural persons referred to under
horizontal section. market access.
For representative offices, two foreign
nationals subject to only one foreign
national for the two top posts. Entry
shall be limited to a maximum period
of five years.
MALAYSIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Commodity futures (1), (2) Trades on any Malaysian (1), (2) None
broking services commodity futures exchange must be
conducted through companies
incorporated in Malaysia which are
member companies of the exchange.
(3) Entry is limited to: (3) None
(1) Establishment of a locally
incorporated joint-venture
company and aggregate foreign
shareholding in such company is
limited to 30 per cent or any
higher percentage as determined by
the relevant authorities; or
(2) A representative office
Representative offices are permitted to
undertake research, information and
liaison services only.
Total membership of the exchange will
be based on economic needs.
(4) Unbound except one foreign national (4) Unbound except for the categories of
for a management post per natural persons referred to under
establishment, subject to market test. market access.
MALAYSIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
3. INSURANCE
SERVICES
Direct insurance (1) Soliciting and advertising in Malaysia (1) None
(non-life) are not allowed.
Other than insurance associated with
goods in international transit, direct
insurance abroad requires approval.
Approval will be granted if
underwriting capacity and skill are not
available in Malaysia.
(2) Other than insurance associated with (2) None
goods in international transit, direct
insurance abroad requires approval.
Approval will be granted if
underwriting capacity and skill are not
available in Malaysia.
MALAYSIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(3) Only permitted through insurance (3) Branching is permitted for insurance
companies. companies with aggregate foreign
shareholding not exceeding
Offshore insurance companies in 30 per cent.
Labuan are not permitted to accept
direct insurance of Malaysian risks. Branching is also permitted for:
(1) Branches of foreign insurance
companies which incorporate
locally and shareholding
structure of such locally
incorporated companies reflects
an aggregate foreign
shareholding of not more than
49 per cent by 30 June 1998.
MALAYSIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(2) Foreign-owned locally
incorporated insurance
companies which restructure to
reflect an aggregate foreign
shareholding of not more than
49 per cent by 30 June 1998.
Unbound for special assistance to
Malaysian-owned insurance
companies to promote their
development.
(4) Unbound except as indicated in the (4) Unbound except as indicated in the
finance sector horizontal section. finance sector horizontal section.
MALAYSIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Direct insurance (life) (1), (2) Unbound (1), (2) Unbound
(3) Only permitted through insurance (3) Branching is only permitted for
companies. insurance companies with aggregate
foreign shareholding not exceeding
Investment-linked insurance business 30 per cent.
and new life insurance products
provided by insurance companies Branching is also permitted for:
require approval, which will be based
on prudential criteria. (1) Branches of foreign insurance
companies which incorporate
Offshore insurance companies in locally and shareholding
Labuan are not permitted to underwrite structure of such locally
life insurance of Malaysian residents. incorporated companies reflects
an aggregate foreign
shareholding of not more than
49 per cent by 30 June 1998.
MALAYSIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(2) Foreign-owned locally
incorporated insurance
companies which restructure to
reflect an aggregate foreign
shareholding of not more than
49 per cent by 30 June 1998.
Unbound for special assistance to
Malaysian-owned insurance
companies to promote their
development.
(4) Unbound except as indicated in the (4) Unbound except as indicated in the
finance sector horizontal section. finance sector Horizontal section.
MALAYSIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Reinsurance and (1),(2) Outward reinsurance is permitted (1),(2) Voluntary cession up to 30 per
retrocession only if local capacity is not cent if each class of non-life
(life and non-life) available. reinsurance business to the
Malaysian National Reinsurance
Berhad.
Unbound for fiscal incentives to
promote reinsurance in Malaysia.
(3) Unbound for new licences for life (3) Obligation on all insurers other
reinsurance. than offshore insurance and
offshore reinsurance companies
Seven new licences for non-life to optimize national retention
reinsurance business will be issued capacity before any outward
within 10 years ending reinsurance.
30 June 2005.
Unbound for measure granting
For the seven new licences, entry special position to Malaysian
is through the establishment of: National Reinsurance Berhad.
(a) branches; or
(b) locally incorporated
joint-venture companies.
MALAYSIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
The issue of the seven new
licences shall be subject to:
(i) Priority being given to foreign
reinsures/foreign joint-venture
partners from the top 100
world reinsures, and which
meet one of the following
criteria:
(a) Have representative
offices in Malaysia which
are established with the
Central Bank's approval;
or
(b) Have long presence in
Asia and ability to
procure sufficient
business for their
branch/joint-venture
company; or
(c) Are from countries or
regions having no
representation in
Malaysia, provided they
bring in special expertise.
MALAYSIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(ii) Priority being given to:
(a) Foreign reinsures
intending to base their
regional headquarters in
Kuala Lumpur.
(b) Joint-venturers having
business plans to operate
regionally.
(iii) The licensed branch/
joint-venture company
undertaking to comply with
the national objectives of
achieving optimum retention
of local risks, local
participation in the
management of the licensee
and transfer of technical
expertise to the local market.
MALAYSIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(iv) Aggregate foreign
shareholding in the
joint-venture company not
exceeding 49 per cent.
(v) Priority being given to
joint-venture with local
partners which:
(a) Are capitalized with
minimum shareholders'
funds of at least
RM3 billion; or
(b) Are leading institutions
with diversified business
activities within its
group; or
(c) Have good track record
of managing a substantial
insurance portfolio.
MALAYSIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Entry is also permitted through
equity participation in the existing
locally incorporated reinsurance
company and aggregate foreign
shareholding shall not exceed
30 per cent.
Entry as an offshore reinsurance
company is confined to Labuan.
(4) Unbound except for: (4) Unbound except as indicated in
the finance sector horizontal
(a) Two senior managers for each section.
institution. A senior manager
is an individual possessing For offshore reinsurance
proprietary knowledge and companies, unbound except as
authority essential to the indicated in the finance sector
establishment, control and horizontal section.
operation of the services of
the financial service supplier.
MALAYSIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(b) Specialists or experts are
permitted subject to market
test and eligibility criteria.
specialists or experts are
individuals who possess
knowledge and expertise
relating to new products and
services, technique or
management of the financial
service supplier.
(c) Movement of a senior
manager, specialist or expert
can be through intra-corporate
transfers or otherwise.
(d) Entry shall be limited to a
maximum period of five
years.
For offshore reinsurance
companies, unbound except as
indicated in the finance sector
horizontal section.
MALAYSIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Insurance intermediation (1),(2) Direct insurance broking services (1),(2) None
insurance broking can only be provided to offshore
(excluding agency) companies in Labuan.
Reinsurance broking is permitted.
(3) Only permitted through offshore (3) None
insurance brokers
Entry is limited to the
establishment of offshore branches
or offshore subsidiaries in Labuan.
Only broking of direct insurance
products of offshore insurance
companies in Labuan is permitted.
Only broking of reinsurance of
Malaysian risks is permitted.
(4) Unbound except as indicated in the (4) Unbound except as indicated in
finance sector horizontal section. the finance sector horizontal
section.
MALAYSIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Insurance intermediation (1),(2) Insurance underwriting and (1),(2) None
insurance underwriting insurance management is not
and insurance allowed.
management
(3) Insurance underwriting and (3) None
insurance management is only
permitted through offshore
insurance underwriting manager
and offshore insurance manager
respectively.
Entry is limited to the
establishment of offshore branches
or offshore subsidiaries in Labuan.
An offshore insurance
underwriting manager and an
offshore insurance manager can
only provide services to offshore
insurance companies in Labuan.
(4) Unbound except as indicated in the (4) Unbound except as indicated in
finance sector horizontal section. the finance sector horizontal
section.
MALAYSIA (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Services auxiliary to (1) Actuarial services can only be (1) None
insurance, as follows: provided to offshore insurance
companies and offshore
(a) Consultancy reinsurance companies in Labuan.
(excludes insurance
agency services to (2) None (2) None
insurance industry)
(3) Limited to the establishment of: (3) None
(b) Actuarial risk
assessment (1) Locally incorporated
companies;
(c) Risk management
(3) Branches; or
(d) Maritime loss
adjusting (3) Partnerships.
Offshore companies are not
permitted to provide services to
Malaysian residents.
(4) Unbound except as indicated in the (4) Unbound except as indicated in
finance sector horizontal section. the finance sector horizontal
section.
NORWAY
Schedule of Specific Commitments
Supplement 1
Revision
(This is authentic in English only)
NORWAY - SCHEDULE OF SPECIFIC COMMITMENTS
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
I. SECTOR-SPECIFIC COMMITMENTS
7. FINANCIAL SERVICES
Norway is undertaking commitments in financial services in accordance with the "Understanding on Commitments in Financial Services" and subject to Annex 2 and
the Ministerial Decision on Financial Services. The following restrictions and limitations apply:
A. Insurance and Insurance- (1) Intermediation through an authorized (1) None
Related Services broker of non-life insurance to an insurer
established in a state which is not a
contracting party to the Agreement on
the European Economic Area and not
authorized to operate in Norway as a
company or a branch, is limited to
marine and transport insurance, insurance
related to offshore exploration activities
or insurance contracts regarding domestic
companies with an activity of at least 10
man years or annual sales of at least
NKr 50 million.
Active supply in Norway of other
insurance services requires a commercial
presence in a state which is a contracting
party to the Agreement on the European
Economic Area.
2) None (2) None
NORWAY (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsection Limitations on market access Limitations on national treatment Additional commitments
(3) Insurance broker activity must be (3) In order to establish a Norwegian
organized as a joint stock company. subsidiary partly owned by a foreign
(Remark: This requirement is under insurance company, the other owners
revision.) must be foreign insurance companies
or Norwegian financial institutions.
Foreigners other than foreign financial
institutions may not supply insurance In Norwegian insurance companies the
services in Norway through a subsidiary manager, at least half the members of
or a branch. For subsidiaries or the board of directors, half the
branches of financial institutions not members of the corporate assembly
established in a state which is a and half the members of the committee
contracting party to the Agreement on of representatives must be permanent
the European Economic Area, a residents of Norway and have resided
separation requirement applies between there for the last two years. This
life insurance, non-life insurance and requirement does not apply to citizens
credit risk insurance. of a state which is a contracting party
to the Agreement on the European
No single or coordinated group of Economic Area when residing in such
investors may acquire more than 10 per state. The Ministry of Industry and
cent of the share capital in an existing Energy may grant exemptions from
Norwegian insurance company. The these rules.
Ministry of Finance may in special
circumstances make exemptions from this
limitation on single investor ownership in
an insurance company.
(4) Unbound except as indicated in the (4) Unbound except as indicated in the
horizontal section. horizontal section.
NORWAY (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
B. Bank and Other Financial (1) Active supply in Norway of services (1) None
Services(excluding related to banking, financing, securities
insurance) brokerage(buying and selling of
securities on behalf of customers,
marketing or underwriting of securities)
and units of collective investment funds
requires a commercial presence in a state
which is a contracting party to the
Agreement on the European Economic
Area.
Financial service suppliers not
established in a state which is a
contracting party to the Agreement on
the European Economic Area may not
lead manage public offerings
denominated in Norwegian kroner on the
Norwegian capital market.
The access to depository and custodial
services related to registration of
securities in the Norwegian Registry of
Securities, is only available to authorized
institutions established in Norway.
NORWAY (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(2) Registration of securities, as stated in the (2) None
Act relating to the Registry of Securities
regulating the book-entry registration
system for paperless securities, is subject
to a monopoly.
(3) Commercial banks, securities firms and (3) In Norwegian commercial banks,
management companies for collective securities brokerage firms and
investment funds incorporated in Norway management companies for collective
must be organized as joint stock investment funds, the manager, at least
companies. half the members of the board of
directors and half the members of the
Establishment in Norway of branches of committee of representatives must be
banks, financing undertakings, securities permanent residents of Norway and
brokerage firms and management have resided there for the last two
companies for collective investment funds years. This requirement does not
established in a state which is not a apply to citizens of a state which is a
contracting party to the Agreement on contracting party to the Agreement on
the European Economic Area, is not the European Economic Area when
permitted. (Remark: This provision is residing in such state.
proposed to be abolished, subject to
parliamentary approval.) In savings banks and financing
undertakings which are not organized
as joint stock companies, the members
NORWAY (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
In order for one or more foreign banks of decision-making bodies must be
to be permitted to establish a new citizens of states which are contracting
Norwegian commercial bank, one single parties to the Agreement on the
foreign bank must own more than 50 per European Economic Area and
cent of the share capital in the new bank. permanently residing in such states.
No single or coordinated group of
investors may acquire more than 10 per
cent of the share capital of commercial
banks or more than 10 per cent of the
equity certificates of saving banks. The
Ministry of Finance may in special
circumstances make exemptions from this
limitation on single investor ownership in
such institutions.
(4) Unbound except as indicated in the (4) Unbound except as indicated in the
horizontal section. horizontal section.
PAKISTAN
Schedule of Specific Commitments
Supplement 1
Revision
(This is authentic in English only)
PAKISTAN-SCHEDULE OF SPECIFIC COMMITMENTS
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
FINANCIAL SERVICES
A. Insurance and
insurance-related
services:
Insurance: Life (1) Unbound (1) Unbound
insurance
(CPC No. 81211) (2) Unbound (2) Unbound
(3) Maximum of 25 per cent of foreign (3) Unbound
shareholding in existing life insurance
companies.
Foreign equity in new life insurance
companies permitted up to 51 per
cent.
(4) Unbound except as indicated under (4) Unbound except as indicated under
horizontal measures. horizontal measures.
Reinsurance services (1) Unbound (1) Unbound
Reinsurance services
and retrocession (2) None (2) None
(CPC No. 81299)
(3) Unbound (3) Unbound
(4) Unbound except as indicated under (4) Unbound except as indicated under
horizontal measures. horizontal measures.
PAKISTAN (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
B. Financial services
(excluding insurance)
I. Banking (1) Unbound (1) Unbound
(a) Acceptance of deposits (2) Unbound (2) Unbound
and other repayable
funds from the public (3) (i) Foreign banks/financial (3) (i) Foreign banks and financial
institutions permitted to accept institutions controlling
(b) Lending of all types deposits and other repayable management of a locally
including consumer funds from public through incorporated subsidiary required
credit, mortgage, incorporating a local public to retain their shareholding in
factoring, credit and limited company with foreign their name for a minimum
financing of equity ownership not exceeding period of 10 years, whereafter
commercial transaction 50 per cent. A foreign shares can be transferred after
bank/financial institution or its taking prior permission in
(c) All payment and money holding company will be writing from the central bank.
transmission services permitted to set up only one local
including traveller subsidiary. (ii) Lending by banks to companies
cheques and bankers' controlled by non-residents is
draft (but excluding (ii) Prior permission in writing of the subject to the borrowing
credit, charge, and central bank will be required by entitlements of the foreign
debit cards) any person for holding beneficial companies as determined by
ownership of 5 per cent or more foreign exchange rules
(d) Guarantees and of the paid-up capital of any applicable from time to time.
commitments bank/financial institution.
PAKISTAN (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(e) Trading, for own (iii) Representation of foreign
account only, of: nationals on the Board of
Directors will be allowed in
- money market proportion to their shareholding.
instruments;
(iv) Foreign banks presently
- foreign exchange; operating in Pakistan will be
given adequate time-frame to
- transferable convert their branches into
securities; locally-incorporated subsidiaries.
- other negotiable (v) Banks incorporated in Pakistan
instruments. permitted to undertake all
payment and money transmission
(f) Participation in issues services.
of all kinds of securities
including only public The issue, sale and purchase of
underwriting and foreign currency and traveller
placement as agent and cheques is allowed to commercial
provision of services banks licensed as Authorized
related to such issues Dealers.
(g) Money broking Locally-incorporated
joint-venture companies with
(h) Settlement and clearing foreign institution's shareholding
services for negotiable not exceeding 50 per cent of the
instruments (cheques, total paid-up capital, granted
bills and promissory licence to undertake sale and
notes only) purchase of foreign currency
and traveller cheques.
PAKISTAN (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Transmission of permissible
funds including foreign currency
can be effected only through
authorized banking channels.
(vi) No limitation on banks
incorporated in Pakistan in
respect of guarantees and
commitments enforceable in
Pakistan.
Guarantees and commitments in
foreign currency and those
undertaken in favour or on behalf
of non-residents to be governed
by foreign exchange laws.
(vii) Only banks including investment
banks incorporated in Pakistan
permitted to arrange and
participate in any public issue
and underwriting of securities up
to 30 per cent of the total
paid-up capital of the issuer or
30 per cent of their respective
paid-up capital whichever is less.
(viii) Only commercial banks
incorporated in Pakistan allowed
to operate in call money market.
PAKISTAN (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(ix) All commercial banks are
required to be members of the
clearing system operated by
central bank to effect inter-bank
settlements.
(4) Unbound except as indicated under (4) Unbound except as indicated under
horizontal measures. horizontal measures.
II. Leasing (1) Unbound (1) Unbound
(2) Unbound (2) Unbound
(3) Foreign leasing companies will be (3) None
permitted to set up subsidiary leasing
companies in Pakistan with
shareholding not exceeding 51 per
cent of the total capital to undertake
operational leasing including
cross-border leasing. Resource
mobilization from the domestic market
to be governed by the same rules and
regulations as applicable to domestic
mobilization of resources.
(4) Unbound except as indicated under (4) Unbound except as indicated under
horizontal measures. horizontal measures.
PAKISTAN (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
III.Asset Management: the (1) Unbound (1) Unbound
following only:
(2) Unbound (2) Unbound
(a) Cash or portfolio
management; (3) (i) Banks incorporated in Pakistan (3) None
can undertake portfolio
(b) All forms of management services through
collective their locally-incorporated
investment subsidiaries set up for the
management; and purpose with shareholding in
such subsidiaries not to exceed
(c) Custodial and 51 per cent.
depository
services. (ii) Management of foreign currency
assets will be governed by the
foreign exchange regulations
applicable from time to time.
(4) Unbound except as indicated under (4) Unbound except as indicated under
horizontal measures. horizontal measures.
IV. Financial and (1) Unbound (1) Unbound
investment advisory
services (2) Unbound (2) Unbound
PAKISTAN (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(3) Banks incorporated in Pakistan will be (3) None
permitted to undertake financial and
investment advisory services through
subsidiary companies set up for this
purpose with shareholding up to
100 per cent provided that
transactions undertaken/services
provided by such subsidiaries do not
create any financial obligations
whether contingent or otherwise on
the balance sheet of the holding
company or otherwise.
(4) Unbound except as indicated under (4) Unbound except as indicated under
horizontal measures. horizontal measures.
THE PHILIPPINES
Schedule of Specific Commitments
Supplement 1
Revision
(This is authentic in English only)
PHILIPPINES - SCHEDULE OF SPECIFIC COMMITMENTS
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
FINANCIAL SERVICES
The commitments in financial services are in accordance with the General Agreement on Trade in Services and its Annex on Financial Services.
All subsectors (3) The appropriate regulatory authority
in the Philippines shall determine
whether public interest and economic
conditions justify authorization for
the establishment of commercial
presence or expansion of existing
operations in banking and other
financial services in the Philippines.
For foreign financial institutions with
internationally recognized standing,
such determination shall include a
demonstrated capacity to contribute
to the attainment of Philippine
development objectives particularly in
the promotion of trade, investments
and appropriate technology transfer;
and the country of incorporation has
strategic trade and investment
relations with the Philippines.
PHILIPPINES (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
In banking, the Monetary Board shall
ensure that at all times seventy per cent
(70%) of the resources or assets of the
Philippine banking system is held by
domestic banks which are at least
majority-owned by Filipinos.
(3),(4) Limitations listed in the horizontal
section shall also apply.
Banking and other financial
services (excluding
Insurance)
Commercial banking
- Acceptance of deposits (1) Commercial presence is required (1) None
and other repayable
funds from the public (2) None (2) None
- Lending of all types, (3) I. Forms of commercial presence (3) A foreign bank, widely-owned and
including consumer publicly listed, may avail itself of
credit, mortgage credit, (a) Establishment of foreign bank only one form of commercial presence
and financing of branches. Bound for ten (10) new at a time. However, this shall not
commercial transaction licences for the period 1995-2000. preclude secondary investment in the
Full banking authority to new and equity of a locally incorporated bank
existing foreign bank branches. not exceeding thirty per cent (30%) of
voting stock or forty per cent (40%)
upon approval by the President of the
Philippines.
PHILIPPINES (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
- All payment and money Each foreign bank shall be allowed to
transmission services, establish a maximum of four (4)
including credit, charge branches, with the first two (2) of
and debit cards, these branches at locations of its
travellers cheques and choice and the remaining two (2)
bankers drafts branches at locations designated by
the Monetary Board.
- Guarantees and
commitments The prescribed capital ratio shall
consist of the permanently assigned
- Trading for own account capital and "net due to" account not
or for account of exceeding the equivalent of four (4)
customers, whether on times the amount of permanently
an exchange, in an assigned capital. The permanently
over-the-counter market assigned capital and fifteen per cent
or otherwise, the (15%) of the required "net due to"
following: account shall be inwardly remitted and
converted into Philippine currency.
- money market
instruments (bank's (b) Acquisition of up to forty-nine per
own promissory cent (49%) of the voting stock of an
notes, repurchase existing domestic bank.
agreements, and
certificates of (c) Investing in up to forty-nine per cent
assignment/ (49%) of the voting stock of a new
participation with locally incorporated banking
recourse) subsidiary.
- foreign exchange
PHILIPPINES (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
- derivative products The majority of the members of the
including, but not Board of Directors of a locally
limited to, futures incorporated bank shall be citizens of
and options the Philippines.
- exchange rate and For foreign service suppliers other
interest rate than banks, aggregate share in the
instruments, voting stock of a locally incorporated
including products bank shall be limited to thirty per cent
such as swaps, (30%) or up to forty per cent (40%)
forward rate upon approval by the President of the
agreements; and Philippines. Shareholding in a locally
incorporated bank must not exceed
- other allowable twenty per cent (20%) for an
negotiable individual and thirty per cent (30%)
instruments and for a corporation.
financial assets
PHILIPPINES (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
- Participation in issues of 2. Scope of operations
all kinds of securities,
including underwriting Prior authority is required for the
and placement as agent following:
(whether publicly or
privately) and provision - acceptance of deposit substitutes
of services related to and other repayable funds from
such issues the public;
- Asset management, - guarantees and commitments;
such as cash or
portfolio management, - performance of trust, investment
all forms of collective management and other fiduciary
investment management, functions.
custodial, depository
and trust services Underwriting (firm and best efforts
basis) may be performed only by
commercial banks with expanded
commercial banking authority.
(4) None (4) A non-Filipino citizen employed as
officer or assigned to do technical
functions shall have two Filipino
understudies.
PHILIPPINES (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Investment houses: (1) Commercial presence is required (1) None
- Purchase and sell, (2) None (2) None
distribute or arrange to
distribute on a (3) Must be organized as a stock (3) None
guaranteed basis corporation
securities of other
corporations Subject to foreign equity limitation of
forty-nine per cent (49%)
- Participate as soliciting
dealer or selling group The majority of the members of the
member in tender Board of Directors shall be citizens of
offers, block sales, or the Philippines
exchange offering of
securities An investment house is not allowed to
engage in banking operations
- Deal in options, rights
or warrants relating to Prior authority is required for the
securities performance of quasi-banking
functions
- Act as financial
consultant, investment (4) None (4) None
adviser or broker
Act as portfolio
manager/financial agent
- Design pension, profit-
sharing and other
employee benefits plans
PHILIPPINES (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Financial advisory services (1) None (1) None
as follows:
(2) None (2) None
- credit reference and
analysis (3) Required to be organized as a (3) None
commercial bank, or an investment
- investment and house, or a non-bank financial
portfolio research and intermediary
advice
For commercial banks, all limitations
mentioned under mode 3 above for
commercial banks shall apply
For investment houses, all limitations
mentioned under mode 3 above for
investment houses shall apply
Foreign equity participation is bound
at forty per cent (40%) for non-bank
financial intermediary
(4) None (4) A non-Filipino citizen employed as
officer or assigned to do technical
functions shall have two Filipino
understudies.
PHILIPPINES (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Factoring (1) Commercial presence is required (1) None
(2) None (2) None
(3) Must be performed by a financing (3) None
company only, organized either as a
corporation or general partnership.
Subject to foreign equity limitation of
forty per cent (40%)
Membership of non-Filipino citizens in
the Board of Directors is limited to
one-third of the Board's total
membership in the case of a
corporation; no foreign managing
partners in the case of a general
partnership.
(4) None (4) A non-Filipino citizen employed as
officer or assigned to do technical
functions shall have two Filipino
understudies.
PHILIPPINES (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Financial leasing (1) Commercial presence is required (1) None
(2) None (2) None
(3) Must be performed by a financing (3) None
company only, organized either as a
corporation or general partnership.
Subject to foreign equity limitation of
forty per cent (40%)
Membership of non-Filipino citizens in
the Board of Directors is limited to
one third of the Board's total
membership in the case of a
corporation; no foreign managing
partners in the case of a general
partnership.
(4) None (4) A non-Filipino citizen employed as
officer or assigned to do technical
functions shall have two Filipino
understudies.
PHILIPPINES (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Money broking and (1) Commercial presence is required (1) None
foreign exchange broking
(2) None (2) None
(3) Required to be organized as a (3) None
commercial bank or a non-bank
financial intermediary
For commercial banks, all other
limitations mentioned in mode 3 above
for commercial banks shall apply.
Foreign equity participation is bound
at forty per cent (40%) for non-bank
financial intermediary.
(4) None (4) A non-Filipino citizen employed as
officer or assigned to do technical
functions shall have two Filipino
understudies.
PHILIPPINES (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Credit card services (1) Commercial presence is required (1) None
(2) None (2) None
(3) Required to be organized as a (3) None
commercial bank or a non-bank
financial intermediary.
For commercial banks, all other
limitations mentioned under mode 3
above for commercial banks shall
apply.
Foreign equity participation is bound
at forty per cent (40%) for non-bank
financial intermediary .
(4) A non-Filipino citizen employed as
(4) None officer or assigned to do technical
functions shall have two Filipino
understudies.
Promotion and provision of (1) Commercial presence is required. (1) None
information by a
representative office about (2) None (2) None
the services or products
offered by a foreign bank (3) None (3) None
(4) None (4) None
PHILIPPINES (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Securities (1) Commercial presence is required (1) None
dealership/brokerage
(2) None (2) None
- Trading for own
account or for account (3) Required to be organized as an (3) None
of customers, whether investment house or as a securities
in an exchange, in an broker/dealer corporation or
over-the-counter market partnership.
or otherwise, the
following: For investment houses, all other
limitations mentioned under mode (3)
- Equities and its above for investment houses shall
derivative products such apply.
as warrants and options
For securities broker/dealer - must be
- Transferable securities a member of the stock exchange.
Membership is limited to 200.
Underwriting is allowed only on
best-efforts basis.
(4) None (4) None
PHILIPPINES (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Participation in issues of (1) Commercial presence is required (1) None
all kinds of securities,
including underwriting (2) None (2) None
and placement as agent
(whether publicly or (3) Required to be organized as an (3) None
privately) and provision Investment House or as a securities
of services related to broker/dealer corporation or
such issues partnership
For investment houses, all other
limitations mentioned under mode 3
above for investment houses shall
apply.
For securities broker/dealer - must be
a member of the stock exchange.
Membership is limited to 200.
Underwriting is allowed only on best-
effort basis.
(4) None (4) None
Performance of the (1) Commercial presence is required (1) None
functions of stock
transfer agent such as (2) None (2) None
but not limited to
monitoring the issuance (3) Must be organized either as a (3) None
and transfer of stock corporation or partnership with at least
certificates one certified public accountant duly
licensed in the Philippines.
(4) None (4) None
PHILIPPINES (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Transactions of an (1) Commercial presence is required (1) None
issuer primarily engaged
in the business of (2) None (2) None
investing, reinvesting or
trading in securities (3) Must be performed by an investment (3) None
company.
Foreign equity participation is bound
at forty per cent (40%)
All members of the Board of Directors
must be citizens of the Philippines.
(4) None (4) None
Sale of contracts for the (1) Commercial presence is required (1) None
payment of benefits or
performance of future (2) None (2) None
services such as life,
education, pension and (3) Foreign equity participation is bound (3) None
internment plans at forty per cent (40%)
(4) None (4) None
PHILIPPINES (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Insurance (3), (4) Limitations listed in the all-sector
horizontal section and all
All subsectors financial services section shall
apply.
(3) Limitations in market access
listed in the specific sub-sectors
below shall not apply to existing
wholly or majority foreign-owned
authorized* insurance/reinsurance
companies and to those
insurance/reinsurance companies
that will be permitted entry for
the period October 1994-
October 1996 under the terms
and conditions of Department of
Finance Order No. 100 and
100-A.
(4) Qualified Non-Filipino citizens
may be employed for technical
positions only within the first five
(5) years of operation of the
enterprise, their stay not to
exceed five (5) years upon entry.
Each employed non-Filipino
citizen shall have at least two (2)
Filipino understudies.
*The company which had been issued a licence or a certificate of authority by the Insurance Commission
to transact business in the Philippines prior to 1 October 1994.
PHILIPPINES (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Life insurance as follows: (1) Risks located in the Philippines shall (1) Unbound
be insured with the companies
- Ordinary authorized* to transact business in
- Group the Philippines
- Industrial
- Health and (2) Same as (1) above (2) Unbound
accident
- Annuities (3) Market access is limited to: (3) None
a. Acquisition of up to forty per
cent (40%) of the voting stock
of an existing domestic
insurance company.
b. Investing in up to forty per
cent (40%) of the voting stock
of a new locally incorporated
insurance company.
Participation of non-Filipino citizens
in the Board of Directors of a locally
incorporated insurance company is
limited to one-third of the Board's
total membership.
(4) None (4) None
*Authorized means the company has been issued a licence or a certificate of authority by the
Insurance Commission to transact business in the Philippines.
PHILIPPINES (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
General non-life, as follows: (1) Risks located in the Philippines shall (1) Unbound
be insured with the companies
- fire and authorized* to transact business in
allied risks/ the Philippines
earthquakes/
shock/typhoons/ (2) Same as (1) above (2) Unbound
floods/tidal wave
(3) Market access is limited to: (3) None
- marine
ocean marine/ (a) Acquisition of up to forty per
inland marine/ cent (40%) of the voting stock
marine hull/ of an existing domestic
aviation insurance company.
- casualty (b) Investing in up to forty per
motor car/health cent (40%) of the voting stock
and accident/ of a new locally incorporated
burglary/ insurance company.
engineering
miscellaneous Participation of non-Filipino citizens
in the Board of Directors of a locally
- suretyship incorporated insurance company is
fidelity/surety limited to one third of the Board's
bonds total membership.
(4) None (4) None
*Authorized means the company has been issued a licence or a certificate of authority by the
Insurance Commission to transact business in the Philippines.
PHILIPPINES (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Insurance auxiliary services, (1) Commercial presence is required (1) Unbound
as follows:
(2) None (2) None
- actuarial
consultancies (3) Subject to foreign equity limitation of (3) None
forty per cent (40%)
- average adjustors
Participation of non-Filipino citizens
in the Board of Directors of domestic
companies is limited to one third of
the Board's total membership.
(4) None (4) None
Reinsurance/ (1) Priority cessions to authorized (1) None
retrocession insurance/reinsurance companies.
Foreign unauthorized reinsurers
should be represented by resident
agents duly registered with the
Insurance Commission.
Ten per cent (10%) of total insurance
cessions to foreign unauthorized
reinsurers should be ceded to the
National Reinsurance Corporation of
the Philippines.
PHILIPPINES (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(2) Same as (1) above (2) None
(3) Market access is limited to: (3) None
(a) Acquisition of up to forty per
cent (40%) of the voting stock of
an existing domestic reinsurance
company.
(b) Investing in up to forty per cent
(40%) of the voting stock of a
new locally incorporated
reinsurance company.
Participation of non-Filipino citizens
in the Board of Directors of a locally
incorporated reinsurance company is
limited to on third of the Board's
total membership.
(4) None (4) None
THE PHLIPPINES
List of Article II (MFN) Exemptions
Supplement 1
(This is authentic in English only)
THE PHILIPPINES - LIST OF ARTICLE Ⅱ (MFN) EXEMPTIONS
Sector or subsector Description of measure Countries to which the Intended duration Conditions creating the need
indicating its inconsistency measure applies for the exemption
with Article 2
Commercial banking Authorization for financial All countries Indefinite To ensure Philippine financial
service suppliers of another service suppliers are accorded
Member to establish commercial full market access and national
presence or expand existing treatment in the financial service
operations in commercial market of another Member
banking in the Philippines shall
be subject to a reciprocity test
POLAND
Schedule of Specific Commitments
Supplement 1
(This is authentic in English only)
POLAND - SCHEDULE OF SPECIFIC COMMITMENTS
Modes of supply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
7. FINANCIAL
SERVICES*
A. All insurance and 1) Unbound except for the reinsurance and the 1) Unbound except for the reinsurance
insurance related services retrocession. In the reinsurance and the and the retrocession.
retrocession the minimum part of a premium to
- Insurance and related be retained in Poland may not be less than 20%.
services:
2) Unbound except for the reinsurance and the 2) Unbound except for the reinsurance
- direct insurance retrocession. In the reinsurance and the and the retrocession.
(including coinsurance): retrocession the minimum part of a premium to
- life, be retained in Poland may not be less than 20%.
- non-life;
3) Establishment only in a form of joint stock 3) None
- reinsurance and company except for brokerage and agency
retrocession; services where horizontal measures apply.
Foreign participation in the insurance company
- brokerage cannot be lower than 50 per cent of the minimal
(CPC 812** except guarantee fund. A permit is required for the
81212, 81299; 81401, acquisition of shares or rights resulting from
81402**) shares of any company which is shareholder of
at least 15% of shares of insurance company.
Insurance funds and company own assets have to
be invested in Poland and cannot be transferred
abroad. Head of a brokerage company should
meet qualifications of insurance broker.
Residency requirement for insurance brokers and
agents.
* Prudential regulations in the financial sector are being elaborated in Poland. They may require alteration of the presently existing rules as well as preparation of the
new laws. Their application will be done in accordance with the provisions of the Annex on Financial Services, paragraph 2 - Domestic Regulation sub-paragraph 1.
POLAND (continued)
Modes of supply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
4) Unbound except for horizontal measures. 4) None
Residency requirement for insurance brokers and
agents.
B. Banking and Other
Financial Services
Banking services: 1) Unbound 1) Unbound
- Acceptance of deposits 2) Unbound 2) Unbound
and other repayable
funds 3) Establishment of a bank only in a form of joint 3) None
(CPC 81115-81119) stock company. System of permits in relation to
establishment of all banks based on prudential
- Lending of all types grounds. Nationality requirement for some - at
(CPC 8113) least one - of the bank executives.
- All payment and money 4) Unbound except for horizontal measures. 4) None
transmission services Nationality requirement for some - at least one -
(CPC 81339**) of the bank executives.
- Guarantees and
commitments
(excluding guarantees
and commitments of the
State Treasury)
(CPC 81199**)
POLAND (continued)
Modes of supply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Other financial services: 1) Unbound 1) Unbound
- Participation in issues of 2) Unbound 2) Unbound
all kinds of securities
(excluding treasury 3) Establishment only in a form of joint stock 3) None
bonds), including company. Residency requirement for brokers and
underwriting and securities advisors.
placement as agent
(whether publicly or 4) Unbound except for horizontal measures. 4) None
privately) and provision Residency requirement for brokers and securities
of services related to advisors.
such issues
- In relation to transferable
securities trading for own
account or for account of
customers, whether on
an exchange, in an over-
the-counter market or
otherwise
(CPC 8132** except
81329)
POLAND (continued)
Modes of supply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
- Mutual funds services
(CPC 81323**)
- Advisory and other
auxiliary services to
financial services
included into this
schedule
(CPC 8133** except
81333, 81339)
- Provision and transfer of 1) Requirement to use the public telecommunication 1) None
financial information, network, or the network of other authorized
and financial data operator, in the case of cross-border provision of
processing and related these services
software by suppliers of
other financial services 2) Requirement to use the public telecommunication 2) None
network, or the network of other authorized
operator, in the case of cross-border
consumption of these services
3) Requirement to use the public 3) None
telecommunication network or the network of
other authorized operator in the case of
cross-border provision and/or consumption of
these services
4) Unbound except for horizontal measures 4) None
SINGAPORE
Schedule of Specific Commitments
Supplement 1
Revision
(This is authentic in English only)
SINGAPORE - SCHEDULE OF SPECIFIC COMMITMENTS
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
A. Insurance and insurance-related services
The commitments on financial services are made in accordance with the General Agreement on Trade in Services (GATS) and the Annex on
Financial Services. All the commitments in this Schedule are subject to entry requirements, domestic laws, guidelines, rules and regulations,
terms and conditions of the Monetary Authority of Singapore (MAS) or any other relevant authority or body in Singapore, as the case may be,
which are consistent with Article 6 of the GATS and paragraph 2 of the Annex on Financial Services.
(a) Life insurance (1) Unbound (1) Unbound
services including
annuity, disability (2) None (2) None
income, accident and
health insurance (3) Unbound for foreign acquisition of (3) None
services equity stakes in locally-owned
insurance companies. Unbound for
issuance of new insurance licences
and establishment of new
representative offices.
(4) Unbound except as indicated in the (4) Unbound except as indicated in
horizontal section. the horizontal section.
SINGAPORE (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(b) Non-life insurance (1) Unbound (1) Unbound
services including
disability income, (2) None except for compulsory (2) None
accident and health insurance of Motor Third Party
insurance and contracts Liability and Workmen's
of fidelity bonds, Compensation which can be
performance bonds or purchased only from licensed
similar contracts of insurance companies in Singapore.
guarantee
(3) Unbound for foreign acquisition of (3) None
equity stakes in locally-owned
insurance companies. Unbound for
issuance of new insurance licences
and establishment of new
representative offices.
(4) Unbound except as indicated in the (4) Unbound except as indicated in
horizontal section. the horizontal section.
SINGAPORE (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(c) Reinsurance and (1) None (1) None
retrocession
(2) None (2) None
(3) Reinsurance companies can (3) None
establish as branches or
subsidiaries. Existing
representative offices must upgrade
to branches or subsidiaries, subject
to MAS' criteria for upgrading, by
1 January 1997.
(4) Unbound except as indicated in the (4) Unbound except as indicated in
horizontal section. the horizontal section.
(d) Insurance (1) Unbound (1) Unbound
intermediation
comprising broking (2) Agents are not allowed to act for (2) None
and agency services unregistered insurers. With the
exception of reinsurance risks and
risks insured by protection and
indemnity clubs, brokers can only
place domestic risks outside
Singapore with the approval of
MAS.
(3) Unbound (3) Unbound
(4) Unbound except as indicated in the (4) Unbound except as indicated in
horizontal section. the horizontal section.
SINGAPORE (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(e) Services auxiliary to (1) None (1) None
insurance comprising
actuarial, loss (2) None (2) None
adjustors, average
adjustors and (3) None (3) None
consultancy services
(4) Unbound except as indicated in the (4) Unbound except as indicated in
horizontal section. the horizontal section.
B. Banking and other financial services
The commitments on financial services are made in accordance with the GATS and the Annex on Financial Services. All the commitments in
this Schedule are subject to entry requirements, domestic laws, guidelines, rules and regulations, terms and conditions of MAS or any other
relevant authority or body in Singapore, as the case may be, which are consistent with Article 6 of the GATS and paragraph 2 of the Annex
on Financial Services.
SINGAPORE (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(a) Acceptance of deposits (1) Unbound (1) Unbound
and other repayable
funds from the public (2) None (2) None
(3) Only institutions approved as (3) Commercial banks
banks, merchant banks and finance
companies can accept deposits. Foreign banks can operate from
only one office (excluding
Where a foreign financial back-office operations). They
institution is subject to legislation cannot establish off-premise
in its home country which requires ATMs and ATM networking and
that institution to confer lower new sub-branches. Unbound for
priority to depositors of its foreign provision of all electronic
offices vis-a-vis the home country banking services.
depositors in receivership or
winding-up proceedings, the MAS Location of banks and relocation
may exercise appropriate of banks and sub-branches
differentiated measures against that require prior approval from
foreign financial institution in MAS.
Singapore to safeguard the interest
of the Singapore office's Banks, with MAS' approval, can
depositors. operate foreign currency savings
accounts only for non-residents.
SINGAPORE (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Establishment and operation of Restricted banks can only accept
foreign banks, merchant banks and foreign currency fixed deposits
finance companies are also subject from and operate current
to the limitations listed under accounts for residents and
activities B(a) to B(l) and the non-residents. For Singapore
following limitations: dollar deposits, they can only
accept fixed deposits of
Commercial banks S$250,000 or more per deposit.
No new full and restricted banks. Offshore banks can accept
New foreign banks may only foreign currency fixed deposits
establish as offshore bank branches from residents and
or representative offices. non-residents. For Singapore
Representative offices cannot dollar deposits, they can only
conduct business or act as agents. accept fixed deposits of
S$250,000 or more per deposit
A single/related group of foreign from non-residents.
shareholders can only hold up to
5 per cent of a local bank's shares.
Aggregate foreign ownership of
each domestic bank's shares has
been increased from 20 per cent to
40 per cent.
SINGAPORE (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Merchant banks Merchant banks
Foreign banks and merchant banks Merchant banks can operate
may establish as merchant bank from only one office (excluding
subsidiaries or merchant bank back-office operations).
branches. Location and relocation of
merchant banks require MAS'
prior approval.
Merchant banks can, with MAS'
authorization, raise foreign
currency funds from residents
and non-residents, operate
foreign currency savings
accounts for non-residents and
raise Singapore dollar funds
from their shareholders and
companies controlled by their
shareholders, banks, other
merchant banks and finance
companies.
SINGAPORE (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Finance companies Finance companies
No new finance companies. Location of finance companies
Unbound for foreign acquisition of and relocation of sub-branches
shares in finance companies and require MAS' prior approval.
transfer or sale of foreign Foreign-owned finance
shareholdings in existing finance companies cannot establish
companies to foreign parties. All off-premise ATMs, ATM
finance companies, local and networking and new sub-
foreign-owned, can only conduct branches.
Singapore dollar business.
(4) Unbound except as indicated in the (4) Unbound except as indicated in
horizontal section. the horizontal section.
(b) Lending of all types (1) Unbound (1) None
including consumer
credit, mortgage (2) None (2) None
credit, factoring and
financing of (3) (i) Credit and charge cards may (3) Each offshore bank's lending in
commercial transaction be issued by card issuers Singapore dollars to residents
approved by MAS subject to shall not exceed S$100m in
MAS' guidelines. aggregate.
SINGAPORE (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(ii) Singapore dollar loans by Offshore banks should not use
local and foreign-owned their related merchant banks to
financial institutions, to circumvent the S$100m lending
non-residents, non-resident limit.
controlled companies and to
residents for use outside Unbound for establishment of
Singapore require MAS' off-premise cash dispensing
prior approval. machines for credit and charge
cards.
(iii) Establishment of credit
companies which do not
conduct activities requiring
MAS' approval is allowed.
(4) Unbound except as indicated in the (4) Unbound except as indicated in
horizontal section. the horizontal section.
(c) Financial leasing (1) None (1) None
(2) None (2) None
(3) None except as indicated for (3) None except as indicated for
activity B(b) above. activity B(b) above.
(4) Unbound except as indicated in the (4) Unbound except as indicated in
horizontal section. the horizontal section.
SINGAPORE (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(d) Payment and money (1) Unbound (1) Unbound
transmission services,
including credit, (2) None (2) None
charge and debit cards,
travellers cheques and (3) Remittance shops, except where (3) None
bankers drafts the remittance business is
conducted by banks and merchant
banks, are required to be majority
owned by Singapore citizens.
Bankers' drafts can only be issued
by banks.
Only the following can issue stored
value cards:
- a bank in Singapore licensed by
MAS; and
- a juridical person for the
payment only of goods or
services or both goods and
services provided by that
person.
The limitations indicated in B(b)(3)
above also apply to the activities
listed in B(d).
(4) Unbound except as indicated in the (4) Unbound except as indicated in
horizontal section. the horizontal section.
SINGAPORE (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(e) Guarantees and (1) None (1) None
commitments
(2) None (2) None
(3) None except for the limitations (3) None
indicated in activity A(b) for
insurance companies providing
contracts of fidelity bonds,
performance bonds or similar
contracts of guarantee, and
B(b)(3)(2) above.
(4) Unbound except as indicated in the (4) Unbound except as indicated in
horizontal section. the horizontal section.
(f) Trading for own (1) Unbound except for trading in (1) None
account or for account products listed in B(f) for own
of customers, whether account. Trading in money market
on an exchange, in an instruments, foreign exchange, as
over-the-counter well as exchange rate and interest
market or otherwise, rate instruments can be conducted
the following: with financial institutions only.
- money market (2) None (2) None
instruments
(including cheques, (3) Banks and merchant banks are (3) None except as indicated for
bills, certificates of required to set up separate activity B(b) above.
deposits) subsidiaries to trade financial
futures for customers.
SINGAPORE (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
- foreign exchange Financial futures brokers can
establish as branches or
- derivative subsidiaries. They can only trade
products, including in financial futures products listed
financial futures on SINEX.
and options
The offer of derivative products by
- exchange rate and both local and foreign-owned
interest rate financial institutions under MAS'
instruments, supervision are subject to MAS'
including swaps prior approval and conditions
and forward rate which include the following:
agreements
- the product has been offered by
- transferable the financial institution in other
securities internationally-reputable
financial centres and the
- other negotiable supervisory authorities of those
instruments and centres agree to the offer of
financial assets, such products in their markets;
including bullion
- the financial institution's parent
supervisor and its head office
must be aware and have no
objection to the offer of such
products in the Singapore
branch/subsidiary; and
SINGAPORE (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
- MAS is satisfied that the
financial institution has and
continues to have the financial
strength and adequate internal
controls to trade in these
products.
Moneychangers, except where the
moneychanging business is
conducted by banks and merchant
banks, are required to be majority
owned by Singapore citizens.
(4) Unbound except as indicated in the (4) Unbound except as indicated in
horizonal section. the horizontal section.
SINGAPORE (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(g) Participation in issues (1) Unbound except for participation in (1) None
of all kinds of issues of securities for own
securities, including account, and underwriting and
underwriting and placement of securities through
placement as agent and stockbroking companies, banks or
provision of service merchant banks in Singapore.
related to such issues
(2) None (2) None
(3) Foreign stockbroking companies (3) None except as indicated for
can establish only as non-members activity B(b) above.
of the Stock Exchange of
Singapore (SES). Representative
offices cannot conduct business or
act as agents. Unbound for new
membership on SES and for
foreign acquisition of new and
existing equity interests in SES
member companies.
SINGAPORE (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Unbound for new international
memberships. International
members can deal in foreign
securities and SES-quoted securities
with non-residents and resident
companies which are substantially
or beneficially owned by
non-residents. They can also deal
with residents in foreign currency
denominated securities quoted on
SES. For Singapore dollar
denominated securities quoted on
SES, they can deal with residents
only for transactions above S$5m
each.
Banks' and merchant banks'
membership on SES must be held
through subsidiaries.
Unbound for new primary and
registered dealers of Singapore
Government Securities.
(4) Unbound except as indicated in the (4) Unbound except as indicated in
horizontal section. the horizontal section.
SINGAPORE (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(h) Money broking (1) Unbound (1) Unbound
(2) None (2) None
(3) Unbound for new money brokers. (3) None
(4) Unbound except as indicated in the (4) Unbound except as indicated in
horizontal section. the horizontal section.
(i) Asset management, (1) Unbound (1) Unbound
such as cash or
portfolio management, (2) None (2) None
all forms of collective
investment (3) Asset management companies, (3) None
management, pension custodial depositories, and trust
fund management, services companies can establish as
custodial depository branches or subsidiaries. Only the
and trust services Central Depositary Pte Ltd is
authorized to provide securities
custodial depository services under
the scripless trading system.
(4) Unbound except as indicated in the (4) Unbound except as indicated in
horizontal section. the horizontal section.
SINGAPORE (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(j) Settlement and clearing (1) Unbound, except for the provision (1) Unbound
services for financial of settlement and clearing services
assets, including for financial assets which are listed
securities, derivative on overseas exchanges only.
products and other
negotiable instruments (2) None (2) None
(3) Unbound. The settlement and (3) Unbound
clearing services for securities,
financial futures and Singapore
dollar cheques and interbank funds
transfer are provided by the Stock
Exchange of Singapore, the
Singapore International Monetary
Exchange and Banking Computer
Services Pte Ltd, respectively.
(4) Unbound except as indicated in the (4) Unbound except as indicated in
horizontal section. the horizontal section.
SINGAPORE (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(k) Advisory and other (1) Commercial presence is required (1) None
auxiliary financial for provision of investment and
services, including portfolio research and advice to the
credit reference and public.
analysis, investment
and portfolio research (2) None (2) None
and advice, advice on
acquisitions and on (3) Investment advisers can establish as (3) None
corporate restructuring branches, subsidiaries or
and strategy representative offices.
Representative offices cannot
conduct business or act as agents.
(4) Unbound except as indicated in the (4) Unbound except as indicated in
horizontal section. the horizontal section.
SINGAPORE (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(l) Provision and transfer (1) Unbound, except for the provision (1) Unbound
of financial of financial information to financial
information, and institutions by providers, such as
financial data Reuters and Bloomberg.
processing and related
software by providers (2) Unbound (2) Unbound
of other financial
services (3) Only provision of financial (3) None
information to financial institutions
by providers, such as Reuters and
Bloomberg, is allowed. Provision
of financial data processing
services to banks and merchant
banks is subject to domestic laws
on protection of confidentiality of
information of customers of banks
and merchant banks.
(4) Unbound except as indicated in the (4) Unbound except as indicated in
horizontal section. the horizontal section.
SINGAPORE
List of Article II (MFN) Exemptions
Supplement 1
(This is authentic in English only)
SINGAPORE - MFN EXEMPTIONS IN THE FINANCIAL SERVICES SECTOR1
Sector or subsector Description of measure Countries to which the Intended duration Conditions creating the
indicating its inconsistency measure applies need for the exemption
with Article 2
1. Reinsurance and Exception granted to ASEAN ASEAN ASEAN Re has committed To promote greater
retrocession Reinsurance Corporation itself to increase its paid-up cooperation among
(ASEAN Re), a private-sector capital when its premium ASEAN in the reinsurance
venture with equal income increases. Presently, sector.
shareholders from the six ASEAN Re writes a
ASEAN countries, to be relatively small amount of
established with a paid-up business.
capital of S$6 million instead
of the minimum S$ 10 million
stipulated in the Insurance
Act. Other than this, ASEAN
Re is subject to the same rules
and regulations applied to all
reinsurers in Singapore.
1Supplementary information provided for transparency
The Stock Exchange of Singapore(SES)and the Singapore International Monetary Exchange(SIMEX)have established trading linkages with the exchanges of some countries
to facilitate the trading of securities and futures. The establishment of trading linkages is a commercial decision of the SES and SIMEX.
SINGAPORE (CONTINUED)
Sector or subsector Description of measure Countries to which the Intended duration Conditions creating the
indicating its inconsistency measure applies need for the exemption
with Article 2
2. Banking and other Under a currency Brunei Indefinite, until either country The currency
financial services interchangeability agreement terminates the agreement. interchangeability
between Singapore and agreement was entered
Brunei, the currency issuing into in 1967 arising from
authorities of Singapore and special historical and
Brunei would: economic ties between
Singapore and Brunei.
- Accept from banks, notes
and coins issued by the
other issuing authority, at
par and without charge
and to exchange such
notes and coins into the
currency of the country
concerned; and
- arrange for repatriation at
the expense of the
respective currency
issuing authority, the
notes and coins issued by
the other currency issuing
authority and to receive at
par the equivalent in any
agreed currency.
SLOVAK REPUBLIC
Schedule of Specific Commitments
Supplement 1
Revision
(This is authentic in English only)
SLOVAK REPUBLIC - SCHEDULE OF SPECIFIC COMMITMENTS
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
7. FINANCIAL SERVICES
Measures applicable to all sectors in financial services:
(1) Commitments in this Chapter are based on the Agreement on Trade in Services, the Annex on Financial Services and the Understanding on Commitments
in Financial Services.
(2) Market access commitments with respect to the "cross-border supply" and "consumption abroad" are bound to the extent of the obligations in
paragraphs 3 and 4 of Market Access of the Understanding only to individual sectors listed and subject to limitations indicated below.
(3) The purchase or acquisition of financial services by public entities of the Slovak Republic is governed in this Schedule by Article 8 of the Agreement.
(4) The admission to the market of new financial services and instruments may be subject to the existence of, and consistency with the domestic regulatory
framework aimed at achieving the objectives indicated in Article 2a of the Annex on Financial Services.
(5) The commitments on presence of natural persons are bound according to the general limitations applicable to all sectors in this Schedule (Part 1).
(6) Otherwise, the commitments in this Chapter are subject to the general conditions or limitations applicable to all sectors in this Schedule.
A. All Insurance and Insurance-Related Services (CPC 812)
The following insurance services are provided by exclusive suppliers:
Compulsory motor third party liability insurance, compulsory air transport insurance, the liability insurance of employer against injury or occupational
disease have to be effected through the Slovak Insurance Company. The basic health insurance and pension fund schemes are confined to the General
Health Company. These exclusive service suppliers act in a manner consistent with obligations under Article 2 of the GATT and specific commitments.
SLOVAK REPUBLIC (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(a) Life insurance (1) None other than: (1) None
(CPC 8121)
Commercial presence is required for
(b) Non-life insurance supply of:
(CPC 8129)
- the life insurance of persons with
(c) Reinsurance and permanent residence in the Slovak
retrocession Republic;
(CPC 81299)
- the insurance of property on the
(d) Insurance intermediation territory of the Slovak Republic;
(CPC 8140)
- the insurance of liability for loss or
damage caused by the activity of
natural persons and juridical persons
on the territory of the Slovak
Republic;
- air and maritime transport insurance,
covering goods, aircraft, hull and
liability.
(2) Insurance services covered by mode (1) (2) None
except insurance of air and maritime
transport, covering goods, aircraft, hull
and liability above may not be purchased
abroad.
SLOVAK REPUBLIC (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(3) Licence is required for provision of (3) The majority of the management board of
insurance services. Foreign national may an insurance company has to be domiciled
establish an insurance company with the in the Slovak Republic.
seat in the Slovak Republic in the form of
a joint stock company or may conduct
insurance business through their
subsidiaries with registered office in the
Slovak Republic under the general
conditions established in the Law on
Insurance. Insurance business means
insurance activity including brokerage and
reinsurance activity.
Intermediation activity aimed at the
conclusion of insurance contract between
third party and insurance company may be
provided by natural or juridical person
only domiciled in the Slovak Republic for
the benefit of the insurance company
having the licence of the Insurance
Supervisory Authority.
SLOVAK REPUBLIC (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Intermediation contract aimed at
conclusion of insurance contract by third
party with insurance company may be
concluded by domestic or foreign
insurance company only on the basis of
licence granted by the Insurance
Supervisory Authority.
The financial resources of specific
insurance funds of licensed insurance
operators derived from insuring or
reinsuring policy holders with residence or
registered office in the Slovak Republic
must be deposited in a resident bank in the
Slovak Republic and may not be
transferred abroad.
(4) Unbound except as indicated in horizontal (4) Unbound except as indicated in horizontal
section. section.
B. Banking and Other (1) Unbound for services described in (1) Unbound
Financial Services subsectors (g) and (j) and for:
- transferable securities (CPC 81321)
- other negotiable instruments and
financial assets (excl. bullion).
SLOVAK REPUBLIC (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(a) Acceptance of deposits and (1), (2) None other than: (1), (2) None
other repayable funds from
the public () Deposit services are confined to the
(CPC 81115 - CPC 81119) domestic banks and branches of
foreign banks in the Slovak Republic
(b) Lending of all types
(CPC 8113) (ii) Only authorized domestic banks,
branches of foreign banks in the
(c) Financial leasing Slovak Republic and persons
(CPC 81120) possessing, a foreign exchange
licence may trade in foreign
(d) All payments and money exchange assets
transmission services
(CPC 81339) (iii) Non-cash cross-border payments
may be effected only by domestic
(e) Guarantees and banks and branches of foreign
commitments banks in the Slovak Republic
(CPC 81199)
(iv) Foreign exchange licences issued by
(f) Trading for own account the National Bank of Slovakia are
or for account of required for:
customers, whether on an
exchange, in an over-the- (a) opening an account abroad by
counter market or a Slovak non-bank resident;
otherwise as follows:
(b) capital payment abroad;
(c) obtaining financial credit from
a foreign exchange non-
resident;
SLOVAK REPUBLIC (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(d) export and import of Slovak
currency and securities
denominated in this currency
and securities denominated in
this currency.
(1) money market instruments (v) Foreign exchange assets are required
(cheque, bills, certificates, to be deposited with an authorized
deposits, etc.) domestic bank or branch of a foreign
(CPC 81339) bank in the Slovak Republic.
(ii) foreign exchange (3) Banking services may be provided only by (3) A minimum of one-third of the Board of
(CPC 81333) domestic banks or branches of foreign Directors must be citizens of the Slovak
banks authorized by the National Bank of Republic.
(iii)exchange rate and interest Slovakia in the agreement with the
rate instruments, etc. Ministry of Finance.
including products such as
swaps, forward rate The granting of authorization is based on
agreements, etc. the consideration of criteria relating, in
(CPC 81339) particular, to capital endowment (financial
strength), professional qualifications,
integrity and competence of the
management and economic usefulness of
the projected bank activities. Private
banks may be established as joint stock
companies only. The purchase of shares
of existing bank is subject to prior
approval of the National Bank of Slovakia.
(4) Unbound except as indicated in horizontal (4) Unbound except as indicated in horizontal
section. section.
SLOVAK REPUBLIC (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(4) transferable securities (1) Unbound (1) Unbound
(CPC 81321)
(2) None (2) None
(5) other negotiable
instruments and financial
assets (excl. bullion)
(CPC 81339)
(g) Participation in issues of
all kinds of securities (3) Securities may be traded publicly only if (3) None
(CPC 8132) relevant authorization has been granted and
prospectus covering the security has been
(j) Settlement and clearing approved by the Ministry of Finance. The
services for financial assets authorization may not be granted if public
(excl. derivative products) trading in securities is in conflict with the
(CPC 81319, CPC 81339) interests of investors, is inconsistent with
the Government financial policy or if it
(k) Advisory and other does not conform with the requirements of
auxiliary financial the financial market. The business of
services on all the security dealer, stockbroker or organizer
activities listed in of an over-the-counter market is subject to
sub-paragraphs above, authorization of the Ministry of Finance.
incl. credit reference and
analysis, investment and Settlement and clearing services for all
portfolio research and kinds of payments go through Center of
advice, advice on Securities - SCP (Clearing and Settlement
acquisitions and on House for Securities). Cash part clearing
corporate restructuring and settlement goes through Banking
and strategy (CPC 8131) Clearing and Settlement House - BZCS
(where the National Bank of Slovakia is
major shareholder).
SLOVAK REPUBLIC (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(l) Provision and transfer of (4) Unbound except as indicated in horizontal (4) Unbound except as indicated in horizontal
financial information and section. section.
financial data
processing and related
software by providers of
other financial services
(CPC 8131)
SOLOVAK REPUBLIC
List of Article II (MFN) Exemptions
Supplement 1
(This is authentic in English only)
SLOVAK REPUBLIC - LIST OF ARTICLE 2 (MFN) EXEMPTIONS
Sector or subsector Description of measure Countries to which the Intended duration Conditions creating the need
indicating its inconsistency measure applies for the exemption
with Article 2
Financial Services* Authorization for a service All countries concerned Indefinite To obtain equal market access
supplier of another Member to possibilities for Slovak services
establish a commercial presence providers
or conduct new activities may be
denied in cases when Slovak
suppliers are denied such access
and treatment in the country of
origin of service supplier
concerned
Note: * The Slovak Republic shall remove the condition of the reciprocal treatment after adoption of the new Act on Banks.
SOUTH AFRICA
Schedule of Specific Commitments
Supplement 1
(This is authentic in English only)
SOUTH AFRICA - SCHEDULE OF SPECIFIC COMMITMENTS
Modes of supply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
7. FINANCIAL SERVICES
A. All Insurance and
Insurance Related
Services
a) Direct life insurance 1) Unbound, except for reinsurance contracted 1) Unbound, except for reinsurance contracted
(CPC 8121 +) abroad abroad
b) Direct non-life insurance 2) Unbound 2) Unbound
(CPC 8129 +)
c) Reinsurance 3) To transact business in South Africa, 3) None
(CPC 81299 +) insurers (foreign and domestically
controlled) must be incorporated as a
public company or registered as a foreign
public company in terms of the Companies
Act, and also registered in terms of the
Insurance Act
d) Insurance intermediation The acquisition of shares or any other
and auxiliary services interest (by a resident or non-resident) in a
(CPC 8140) registered insurer resulting in the holding
of 25 per cent or more of the value of all
the shares or other interest in that business,
requires the written approval of the
Registrar of Insurance
SOUTH AFRICA (continued)
Modes of supply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
4) Unbound except as indicated in the 4) Unbound except as indicated in the
horizontal section horizontal section, and that the executive
chairman, public officer and majority of
directors must be resident in South Africa
B. Banking and Other
Financial Services
(Excluding Insurance)
a) Acceptance of deposits 1) Unbound 1) Unbound
and other repayable
funds from the public 2) Unbound, except for provision and transfer 2) Unbound, except for provision and transfer
(CPC 81115 to 81119) of financial information and financial data of financial information and financial data
processing processing
b) Lending of all types, 3) Corporate membership of financial 3) Branches of non-resident banks in South
including, inter alia, exchanges is unrestricted, except in the Africa must maintain a minimum balance
consumer credit, case of the Johannesburg Stock Exchange. of R 1 million on the deposit accounts of
mortgage credit, Foreign non-bank organizations wishing to natural persons
factoring and financing obtain a controlling interest in a local bank
of commercial are required to establish a domestic public
transactions company
(CPC 8113)
c) Financial leasing
(CPC 8112)
SOUTH AFRICA (continued)
Modes of supply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
d) All payments and money 4) Unbound except as indicated in the 4) Unbound except as indicated in the
transmission services, horizontal section, and that membership of horizontal section
including credit, charge the Johannesburg Stock Exchange is, in the
and debit cards, case of natural persons, restricted to South
travellers cheques and African citizens
bank drafts
(CPC 81339 +)
e) Guarantees and
commitments
(CPC 81199 +)
f) Trading for own account
or for account of
customers the following:
(i) money market
instruments
(CPC 81339 +)
(ii) foreign exchange
(CPC 81333)
(iii) derivative products
(CPC 81339 +)
(iv) exchange rate and
interest rate
instruments
(CPC 81339 +)
SOUTH AFRICA (continued)
Modes of supply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(5) transferable
securities
(CPC 81321+)
(6) other negotiable
instruments
(CPC 81339 +)
g) Participation in issues of
all kinds of securities,
including underwriting
and placement as agent
(CPC 8132 +)
h) Money broking
(CPC 81339 +)
i) Asset management, such
as cash or portfolio
management, all forms
of collective investment
management, pension
fund management,
custodial depository and
trust services
(CPC 8119 + and
81323 +)
SOUTH AFRICA (continued)
Modes of supply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
k) Advisory and other
auxiliary financial
services on all the
activities listed in
Articles 1B of
MTN.TNC/W/150
(CPC 8131 + and
8133 +)
l) Provision and transfer of
financial information,
and financial data
processing and related
software by providers of
other financial services
(CPC 8131 +)
Coding: Numbers indicated in each sectoral commitment are references to the Services Sectoral Classification List (MTN.GNS/W/120) - W 120, and the UN
Provisional Central Product Classification of 1991 - CPC.
+ Part of item
* Unbound due to lack of technical feasibility
SWITZERLAND
Schedule of Specific Commitments
Supplement 1
Revision
(This is authentic in English only)
SWITZERLAND - SCHEDULE OF SPECIFIC COMMITMENTS
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
7. FINANCIAL SERVICES
Commitments on banking, securities and insurance services in accordance with the "Understanding on Commitments in Financial Services"
(hereafter "Understanding") and subject to limitations and conditions as contained in Part 1 (horizontal commitments) and as listed below. It is
understood that paragraph B.4 of the "Understanding" does not impose any obligation to allow non-resident financial services suppliers to solicit
business.
Insurance and Monopoly rights as indicated in
Insurance-Related paragraph B.1 of the "Understanding":
Services a public monopoly on fire and natural
damage insurance on buildings exists
in 19 cantons (Zurich, Berne,
Lucerne, Nidwalden, Glaris, Zoug,
Fribourg, Soleure, Bale-Ville,
Bale-Campagne, Shaffhouse, Argovie,
St-Gall, Grisons, Appenzell Rhodes
Exterieures, Thurgovie, Vaud,
Neuchatel, Jura). In the cantons of
Nidwalden and Vaud, the public
monopoly on fire and natural damage
insurance covers also movable
property located in the buildings.
SWITZERLAND (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(1) Transactions as indicated in paragraph (1) Acquisition of real estate by
B:3 of the "Understanding": the foreigners is limited as indicated in
underwriting of aircraft liability Part 1; in addition the following
insurance requires a commercial specific restrictions apply: foreign or
presence in Switzerland. foreign-controlled insurance
companies are authorized to acquire
property that serves as a security for
mortgage loans in case of bankruptcy
or liquidation on condition that the
acquirer sells the property within two
years from date of acquisition;
foreign or foreign-controlled
insurance companies are authorized
to invest in real estate, provided the
total value of the buyer's property
does not exceed the technical
reserves necessary for the company's
Swiss activities, according to Swiss
law.
(2) Transactions as indicated in paragraph (2) None
B.4 of the "Understanding": the
underwriting of aircraft liability
insurance requires a commercial
presence in Switzerland.
SWITZERLAND (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(3) Commercial presence does not cover (3) A minimum of three years of
the setting up of representative offices; experience in the direct insurance
for insurance companies incorporated business in the head office country is
in Switzerland, the legal form of a required; acquisition of real estate
joint-stock company by foreigners is limited as indicated
(Aktiengesellschaft, societe anonyme) in Part 1; in addition the following
or a mutual association specific restrictions apply: foreign or
(Genossenschaft, societe cooperative) foreign-controlled insurance
is required; for branches of foreign companies are authorized to acquire
insurance companies, the legal form of property that serves as a security for
the insurance company in the head mortgage loans in case of bankruptcy
office country must be comparable to or liquidation on condition that the
a Swiss joint-stock company or to a acquirer sells the property within two
Swiss mutual association; years from date of acquisition;
participation in the basic health foreign or foreign-controlled
insurance scheme requires health insurance companies are authorized
insurance suppliers to be organized in to invest in real estate, provided the
one of the following legal entities: total value of the buyer's property
association (Verein, association), does not exceed the technical
mutual association, foundation reserves necessary for the company's
(Stiftung, fondation) or joint-stock Swiss activities, according to Swiss
company; no new health insurance law.
supplier shall be recognized for
participation in the basic health
scheme until 31 December 1995;
SWITZERLAND (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
participation in the statutory pension
funds scheme (Berufsvorsorge/
prevoyance professionnelle) requires
pension funds to be organized in the
form of a mutual association or a
foundation.
(4) Unbound except as indicated in Part 1 (4) Unbound except as indicated in Part 1
Banking and Other Monopoly rights as indicated in
Financial Services paragraph B.1 of the "Understanding":
(excluding insurance) two mortgage bonds issuance institutes
have been granted a monopoly for the
issuance of specific mortgage bonds
("Schweizer Pfandbrief"); only Swiss
cantonal banks and Swiss-controlled
banks whose mortgage loans amount
to at least 60 per cent of the balance
sheet can be members of these two
institutes; the issue of other
mortgage-backed bonds is not affected
by this regulation.
SWITZERLAND (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(1*) Membership in stock and options and (1) Acquisition of real estate by
futures exchanges requires a foreigners is limited as indicated in
commercial presence in Switzerland; Part 1; in addition the following
participation in settlement and clearing specific restriction applies: foreign
networks is subject to a commercial or foreign-controlled banks are
presence in Switzerland; mutual funds authorized to acquire property that
(collective investment funds) have to serves as a security for mortgage
be lead-marketed through banks loans in case of bankruptcy or
having a commercial presence in liquidation on condition that the
Switzerland; Swiss franc denominated acquirer sells the property within two
issues can be lead-managed only by a years from date of acquisition; the
bank having a commercial presence issue of foreign collective investment
(registered office or branch office) in funds is subject to stamp duty.
Switzerland.
(2) Swiss franc denominated issues can be (2) None
lead-managed only by a bank having a
commercial presence (registered office
or branch office) in Switzerland.
*Are covered not only transactions indicated in paragraph B.3 of the "Understanding" but the whole range of banking and other financial services transactions (excluding
insurance).
SWITZERLAND (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(3) Commercial presence of foreign (3) Acquisition of real estate by
financial institutions is subject to foreigners is limited as indicated in
specific licensing requirements relating Part 1; in addition the following
to the name of firm and the specific restriction applies: foreign
regulations on financial institutions in or foreign-controlled banks are
the country of origin; commercial authorized to acquire property that
presence may be denied to financial serves as a security for mortgage
institutions whose ultimate loans in case of bankruptcy or
shareholders and/or beneficial owners liquidation on condition that the
are persons of a non-GATS Member; acquired sells the property within two
representative offices can neither years from date of acquisition.
conclude or deal business nor act as an
agent.
(4) Unbound except as indicated in Part 1 (4) Unbound except as indicated in Part 1
SWITZERLAND
List of Article II (MFN) Exemptions
Supplement 1
Revision
(This is authentic in English only)
SWITZERLAND - LIST OF ARTICLE 2 (MFN) EXEMPTIONS
Sector or subsector Description of measure indicating Countries to which the Intended duration Conditions creating the need
its inconsistency with Article 2 measure applies for the exemption
Banking and Other To allow persons established in the Principality of Liechtenstein Indefinite Measures ensuing from the
Financial Services Principality of Liechtenstein, without monetary union between
(excluding insurance) requiring a commercial presence in Switzerland and the Principality
Switzerland, to participate in of Liechtenstein.
settlement and clearing networks and
to lead-manage Swiss franc
denominated issues.
THAILAND
Schedule of Specific Commitments
Supplement 1
Revision
(This is authentic in English only)
THAILAND - SCHEDULE OF SPECIFIC COMMITMENTS
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
7. FINANCIAL
SERVICES
A. Insurance including
reinsurance and
retrocession
(a) Life insurance services (1) None (1) None
(CPC 81211)
(2) None (2) Life insurance premium is tax
deductible up to a certain amount for
holders of policies issued by local
companies.
(3) (a) Foreign equity participation limited (3) None
to 25 per cent of registered share
capital.
(b) New establishment is subject to
licence approved by the Minister
with the consent of the Cabinet.
(4) Only senior managerial personnel, (4) None
specialists and technical assistants with the
approval of the Insurance Commissioner.
With regard to the scope of operation and types of financial services that can be provided, each
type of financial
institution will be permitted to operate the sector or subsector of banking and other financial
services only to the
that their respective governing legislation permit them to do so.
THAILAND (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(b) Non-life insurance (1) Unbound except for international marine, (1) Unbound
services aviation and transit and all classes of
(CPC 8129) reinsurance.
(2) None (2) None
(3) (a) Foreign equity participation limited (3) None
to 25 per cent of registered share
capital.
(b) New establishment is subject to
licence approved by the Minister
with the consent of the Cabinet.
(4) Only senior managerial personnel, (4) None
specialists and technical assistants with the
approval of the Insurance Commissioner.
(d) Services auxiliary to (1) Unbound (1) Unbound
insurance (excluding
pension funding (2) Unbound (2) Unbound
services)
(3) Foreign equity participation not to exceed (3) No limitations as long as foreign equity
Insurance broking and 25 per cent. participation does not exceed 25 per
agency services cent.
(CPC 81401) (4) (a) Only senior managerial personnel,
(Brokers shall not specialists and technical assistants (4) None
induce, advise or do with the approval of the Insurance
any acts so as to cause Commissioner
any person to enter into
insurance contracts with (b) Unbound for individual broker and
insurers abroad, except agent.
for reinsurance
contracts)
THAILAND (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Insurance consultancy (1) None (1) None
services excluding
pension consulting (2) None (2) None
services
(CPC 81402) (3) None other than that indicated in the (3) No limitations as long as foreign equity
horizontal section participation does not exceed 49 per
cent.
(4) Only senior managerial personnel, (4) None
specialists and technical assistants with the
approval of the Insurance Commissioner.
Average and loss (1) None (1) None
adjustment services
(CPC 81403) (2) None (2) None
(3) None other than that indicated in the (3) No limitations as long as foreign equity
horizontal section participation does not exceed 49 per
cent.
(4) Only senior managerial personnel, (4) None
specialists and technical assistants with the
approval of the Insurance Commissioner.
Actuarial services (1) None (1) None
(CPC 81404)
(2) None (2) None
(3) None other than that indicated in the (3) No limitations as long as foreign equity
horizontal section participation does not exceed 49 per
cent.
(4) Only senior managerial personnel, (4) None
specialists and technical assistants with the
approval of the Insurance Commissioner.
THAILAND (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Services auxiliary to
financial intermediation
other than to insurance
and pension funding
services
Credit card services
(CPC 81133) (1) None (1) None
(Mobilizing funds from
the public is prohibited, (2) None (2) None
unless licensed under a
financial law) (3) (a) As indicated in B(3)(j) below. (3) No limitations as long as foreign equity
participation does not exceed 49 per
(b) Financial institutions must obtain cent.
prior approval from the Bank of
Thailand.
(4) As indicated in the horizontal section. (4) None
Financial consultancy (1) Unbound (1) None
services
(CPC 81332) (2) None (2) None
(3) None other than that indicated in the (3) No limitations as long as foreign equity
horizontal section participation does not exceed 49 per
cent.
(4) As indicated in the horizontal section. (4) None
THAILAND (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
B. Banking and other
financial services
(excluding insurance)
Acceptance of deposits (1) None for financial advisory and financial (1) None
and other payable funds data processing. Unbound for all other
from the public services.
Lending of all types, (2) None for financial advisory and financial (2) None
including consumer data processing. Unbound for all other
credit, mortgage credit, services.
factoring and financing
of commercial (3) (a) Representative office of banks (3) (a) Representative office of banks
transactions
None None
(b) Foreign bank branches (b) Foreign bank branches
THAILAND (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Financial leasing I. Bound for existing foreign bank None for existing foreign bank
branches under present shareholding branches. Unbound to grant new
Payment and money structure. Unbound to grant new licence except in (d)4.
transmission services licence except in (d)4.
including credit, charge
and debit cards, II. ATM operations permitted under the
travellers cheques and following conditions only:
bankers drafts
(i) joining ATM pools operated by
Guarantees and Thai banks; or
commitments
(ii) operation within own premises or
Trading for own sharing the facilities with other
account, or for account commercial banks in Thailand.
of customers in the
following:
(a) money market
instruments
THAILAND (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(b) foreign exchange III. By 1997, existing foreign banks which
already have branches in Thailand will
(c) exchange rate and each be permitted to open no more than
interest rate two additional branches under terms
instruments and conditions to be announced.
(d) transferable IV. None for participation in cheque
securities clearing and settlement system.
Participation in issues of (c) Locally incorporated banks
all kinds of securities, (c) Locally incorporated banks
including underwriting I. Market access limited to share
and placement as agents acquisition of existing banks and not None.
(whether publicly or more than five other new banks the
privately) and provision licences of which will be granted by
of services related to 1997 only.
such issues
II. Maximum foreign equity participation
limited to 25 per cent of paid-up
registered capital. Combined
shareholding of an individual and
his/her related persons not to exceed 5
per cent of bank's paid-up registered
capital.
THAILAND (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Asset management as III. At least three-fourths of the directors
follows: must be Thai nationality.
- cash or portfolio (d) International banking facility1
management (d) International banking facility
- collective I. Licences required from the Ministry
investment of Finance. None.
management
- custodial and II. Bound for those Bangkok
depository services International Banking Facility
(BIBF) licences granted to foreign
Advisory, banks and still effective in
intermediation and other May 1994.
auxiliary financial
services III. Bound for those Provincial
International Banking Facility
Provision and transfer (PIBF) licences as granted to foreign
of financial information, banks in January 1995.
and financial data
processing and related IV. Not more than seven foreign banks
software with BIBF licence in 2 above will
be granted full-branch licence by
1997 under terms and conditions to
be announced.
1IBF units permitted to operate only the banking and investment banking business as specified in the Ministerial Order issued on 16 September 1992, and Notification
of the Bank of Thailand dated 14 December 1993.
THAILAND (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
V. A limited number of BIBF licences
to be granted to new foreign banks
by 1997 under terms and conditions
to be announced.
VI. Foreign banks with BIBF licence in
2 above will each be granted to
open no more than two additional
PIBF by 1997.
(e) Finance companies and credit foncier (e) Finance companies and credit foncier
companies companies
I. None for representative offices. None.
II. Market access limited to share
acquisition the acquisition of shares
of existing companies only.
Unbound for new licences.
III. Maximum foreign equity
participation limited to 25 per cent
of paid-up registered capital.
Combined shareholding of an
individual and his/her related
persons not to exceed 10 per cent.
IV. At least three-fourths of the
directors must be Thai nationality.
(f) Securities companies
Securities brokerage, securities dealing, (f) Securities companies
investment advisory service and securities
underwriting: None.
THAILAND (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
I. None for representative offices.
II. Market access limited to share
acquisition of existing companies
only. Unbound for new licence.
III. Maximum foreign equity
participation limited to 49 per cent
of paid-up registered capital.
IV. At least one-half of the directors
must be Thai national.
(g) Asset management companies
Collective investment schemes:
I. None for representative offices.
THAILAND (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
II. Market access limited to share
acquisition of existing companies
and not more than five other new
licences will be granted to
companies which meet Securities
and Exchange Commission (SEC)
prudential requirement (excluding a
licence that will be granted to a
wholly-owned subsidiary set up by
the Stock Exchange of Thailand
(SET) to operate the Thai trust fund
scheme).
III. Maximum foreign equity
participation limited to 25 per cent
of paid-up registered capital during
the first five years after the licences
have been granted.
IV. At least three-fourths of the
directors must be Thai national.
V. After five years, maximum foreign
equity participation limited to 49 per
cent of paid-up registered capital,
and at least one-half of the directors
must be Thai nationals.
THAILAND (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(h) Financial leasing services (h) Financial leasing services
Can only be provided by leasing companies None.
which are subject to maximum foreign
equity participation of 49 per cent of paid-
up registered capital, or by finance
companies which are subject to maximum
foreign equity participation of 25 per cent
of paid-up registered capital.
(i) Factoring services (i) Factoring services
Can only be provided by factoring None.
companies which are subject to maximum
foreign equity participation of 49 per cent
of paid-up registered capital, or by finance
companies which are subject to maximum
foreign equity participation of 25 per cent
of paid-up registered capital.
(j) Credit, charge and debit cards
Credit, charge and debit cards can only be
provided by companies which are subject to
maximum foreign equity participation of 49
per cent of paid-up registered capital or
locally incorporated banks and foreign bank
branches.
The conduct of businesses under (h), (i)
and (j) will be subject to licensing and
regulations to be announced.
THAILAND (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(4) Limitations on the number of foreign (4) None
personnel per foreign bank office:
(a) two persons for banks operating as
representative office
(b) six persons for each full-licensed
branch
(c) four persons for each BIBF branch
(d) two persons for each PIBF branch
(e) eight persons for banks operating as
full-licensed and BIBF branch.
For finance companies:
(a) two persons for a representative office
(b) maximum of four directors permitted for
finance companies
For securities companies and asset
management companies:
two persons for a representative office
THAILAND
List of Article II (MFN) Exemptions
Supplement 1
(This is authentic in English only)
THAILAND - LIST OF ARTICLE Ⅱ (MFN) EXEMPTIONS
Sector or subsector Description of measures Countries to which the Intended duration Conditions creating the need
indicating its inconsistency measure applies for the exemption
with Article Ⅱ
Banking and other Differential treatments would All countries Indefinite1 To promote balanced
financial services be accorded to financial liberalization in financial
service suppliers of other services between Thailand and
members on a reciprocal basis. other members.
27 July 1995
1The Government of Thailand has no intention to apply MFN Exemption List during the interim
period.
TURKEY
Schedule of Specific Commitments
Supplement 1
(This is authentic in English only)
TURKEY - SCHEDULE OF SPECIFIC COMMITMENTS
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
7. FINANCIAL SERVICES
1. Turkey undertakes commitments on Financial Services in accordance with the provisions of the "Understanding on Commitments in Financial
Services" (the Understanding).
2. The market access commitments in respect of modes (1) and (2) apply only to the transactions indicated in paragraphs 3 and 4 of the market
access section of the Understanding respectively.
3. The admission to the market of new financial services or products may be subject to the existence of, and consistency with, a regulatory
framework aimed at achieving the objectives indicated in Article 2.1 of the Financial Services Annex.
Measures applicable to all sectors in financial services
Banking Establishment of a bank which has to
be in the form of a joint-stock company
and opening of the first branch of a
foreign bank require authorization from
the Council of Ministers.
Foreign banks wishing to establish
branches or representative offices must
not be prohibited from performing
banking operations in their country of
origin or in the countries where they
operate.
According to the Banks Act, lending
limits for the branches of foreign banks
are based on branch capital rather than
worldwide capital.
TURKEY (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
The establishment of domestic or
foreign banks as well as the first
branch of a non-resident bank are
subject to the same amount of
minimum capital requirement.
Acquisition or transfer of the shares
representing a ratio equal or higher
than 5, 20, 33 and 50 per cent of the
capital is subject to the authorization of
the Undersecretariat of Treasury.
Insurance In order to be established in Turkey, Branch managers of foreign insurance
insurance and reinsurance companies and reinsurance companies must reside
have to be founded in the form of a in Turkey.
joint-stock or a mutual company.
Foreign insurance and reinsurance Foreign commercial presence or
companies may open a branch as well. presence of foreign natural persons
Establishment of insurance and regarding services auxiliary to
reinsurance companies or opening of a insurance is permitted only for
branch of a foreign insurance or a consultancy and risk management
reinsurance company is subject to prior services.
permission of the Ministry of State.
Following the establishment, operation
licence from Undersecretariat of
Treasury must be obtained in order to
start insurance or reinsurance business.
TURKEY (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
A foreign insurance or reinsurance
company wishing to open a branch in
Turkey must not be prohibited from
operating in its country of origin or in
the other countries where it operates.
Establishment is subject to a minimum
paid-in capital requirement as well.
Acquisition or transfer of shares
representing 10, 20, 33, 50 per cent or
higher of the capital is subject to the
authorization of Undersecretariat of
Treasury.
Engaging of natural persons in
brokerage business or establishment of
an insurance and reinsurance broker
company or opening of a branch of a
foreign insurance and reinsurance
broker company in Turkey is subject to
prior permission and obtaining
operation licence from Undersecretariat
of Treasury. Such a firm must be
founded in the form of a joint-stock or
a limited liability company, and must
possess the required minimum paid-in
capital.
TURKEY (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Insurance and reinsurance
intermediaries have to reside in
Turkey.
Securities market For the establishment of capital market Establishment of branches and
institutions the permission of the representative offices of foreign
Capital Market Board is required. If non-bank intermediary institutions is
banks or insurance companies apply to not permitted.
the Board to form a mutual fund, the
opinion of the Undersecretariat of
Treasury has to be obtained to finalize
the applications. Establishment of
branches and agencies by non-bank
intermediary institutions established in
Turkey also requires the Board's
permission.
Intermediary institutions and investment
corporations can only be established in
the form of a joint-stock company.
Additionally, operations of all capital
market institutions are subject to the
permission of the Board. While giving
such permission, the Board issues
"Authorization Certificates" for the
activities to be carried out by each
institution.
TURKEY (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
Non-bank financial
institutions
A. Financial leasing Financial leasing companies can only The minimum paid-in capital required
companies be established in the form of a for opening a branch by a foreign
joint-stock company. leasing company is more than that of
establishing a company.
Establishment of and opening a branch
of a leasing company as well as
opening a branch of a foreign leasing
company are required prior permission
of the Ministry of State to which the
Undersecretariat of Treasury is
attached.
A minimum paid-in capital is required
for the establishment of a leasing
company and for the opening a branch
by a foreign leasing company.
Foreign financial leasing companies
may open branches in Turkey provided
that they are authorized to deal in
financial leasing in their home country
or in the countries where they operate.
TURKEY (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
B. Factoring and Factoring companies and consumer
consumer credit credit companies must be established in
companies the form of a joint-stock company.
For the establishment of these
companies, prior permission of the
Undersecretariat of Treasury must be
obtained and minimum paid-in capital
is required.
C. Authorized institutions In order to engage in activities as an
(foreign exchange authorized institution, the permission of
dealers) the Undersecretariat of Treasury must
be obtained.
Authorized institutions must be
incorporated in the form of a
joint-stock company. Establishment of
an authorized institution and opening a
branch of foreign legal entities
performing similar activities
necessitates a minimum capital
requirement which is an equal amount
for both residents and non-residents.
TURKEY (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
D. Precious metals Precious metals intermediaries (banks,
exchange authorized institutions, precious metals
intermediary institutions and the
branches which shall be established in
Turkey of similar institutions abroad)
can only operate in Istanbul Gold
Exchange. In order to engage in
activities as precious metals
intermediaries, the permission of the
Undersecretariat of Treasury must be
obtained.
Precious metals intermediary
institutions must be incorporated in the
form of a joint-stock company.
TURKEY (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
A. Insurance and
insurance related
services
(a) Direct insurance
(1) Non-life (1), (2) Unbound except: (1), (2) None
(a) The hull insurance of aircraft,
helicopters and ships which
are purchased through a
foreign loan or leased through
a financial leasing contract
from abroad, provided that
the insurance period is limited
to the term of the credit or
leasing contract.
(b) Marine liability insurance.
(c) Transportation insurance of
imported and exported goods.
(d) Individual accident, sickness
and motor vehicle insurance
during any travel abroad.
TURKEY (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(3) None (3) Compulsory traffic insurance of
publicly owned motor vehicles
can only be done by those
insurance companies whose
majority of paid-in capital
belongs to Turkish citizens.
(4) None (4) None
(2) Life (1), (2) None (1), (2) None
(3) None (3) A certain per cent of paid
insurance premium is deducted
from gross wages and corporate
income in order to determine real
individual and corporate taxable
income. However, this deduction
is not made for premiums paid to
branches of foreign insurance
companies.
(4) None (4) None
TURKEY (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(b) Reinsurance and (1), (2) Non-life insurance premiums, (1), (2) None
retrocession after holding the retention, are
subject to a certain per cent
compulsory ceding to Milli
Reinsurance Co. If the total
retention ratio of the insurance
company reaches to 75 per cent,
compulsory ceding is cancelled.
(3) None (3) None
(4) None (4) None
(c) Insurance (1), (2) Unbound for dependent (1), (2) None
intermediation intermediaries (agencies,
producers). Dependent
intermediaries can act only on
behalf of insurance companies
authorized to operate in Turkey.
(3) Insurance and reinsurance brokers (3) None
and fully authorized agencies can
only engage in insurance related
business.
(4) Unbound except administrative and (4) None
technical personnel.
TURKEY (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(d) Services auxiliary to (1), (2) None except adjusters. (1), (2) Adjusters have to be Turkish
insurance citizens.
(3) None (3) None
(4) None except adjusters. (4) Adjusters have to be Turkish
citizens.
B. Banking and other
financial services
(e) Acceptance of deposit (1), (2) None (1), (2) None
(3) No real person or legal entity (3) None
other than those authorized under
the Banks Act or under specific
laws may accept deposits.
(4) None (4) None
TURKEY (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(f) Lending of all types
(i) Consumer credit (1),(2) None (1),(2) None
(3) Banks and consumer credit (3) None
companies may lend consumer
credits.
(4) None (4) None
(ii) Factoring (1),(2) None (1),(2) None
(3) Banks and factoring companies can (3) None
engage in factoring activities.
(4) None (4) None
(iii) Mortgage credit (1),(2) None (1),(2) None
and financing of
commercial (3) Banks can engage in trading of (3) None
transactions these activities.
(4) None (4) None
TURKEY (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(g) Financial leasing (1), (2) Leasing contracts related to (1), (2) Regarding cross-border
cross-border leasing transactions leasing transactions, the annual
must be permitted by the rent may not be less than the
Undersecretariat of Treasury. Turkish Lira equivalent of
US$25,000.
(3) Financial leasing companies can (3) None
engage in financial leasing
transactions.
(4) None (4) None
(h) All payment and (1), (2) None (1), (2) None
money transmission
services (3) Transfers of foreign exchange (3) None
abroad must be carried out through
the banking system.
(4) None (4) None
(i) Guarantees and (1), (2) None except that performance (1), (2) None
commitments bonds with the transactions
specified in the State Tender Law
must be obtained from a bank
operating in Turkey.
(3) None (3) None
(4) None (4) None
TURKEY (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(j) Trading for own
account or for account
of customer
(i) Money market (1),(2) None (1),(2) None
instruments
(3) Capital Market Institutions* can (3) None
engage in trading of money market
instruments.
(4) None (4) None
(ii) Foreign exchange (1),(2) None (1),(2) None
(3) Banks and authorized institutions (3) None
can engage in foreign exchange
trading
(4) None (4) None
(iii) Derivative (1),(2) None (1),(2) None
products
(3) Banks can engage in trading of (3) None
these activities.
(4) None (4) None
*According to the Capital Market Law, capital market institutions are specified as follows:
(a) Banks and non-bank intermediary institutions.
(b) Investment Corporations.
(c) Mutual Funds.
(d) Other capital market institutions permitted to operate in the capital market such as clearing and custodial houses, rating and auditing institutions, etc.
TURKEY (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(iv) Exchange rate (1),(2) None (1),(2) None
and interest rate
instruments (3) Banks can engage in trading of (3) None
these instruments. Capital Market
institutions other than banks,
authorized to act as intermediaries
for the contracts regarding
financial indicators, capital market
instruments, commodities and
precious metals, can also engage in
trading of these instruments.
(4) None (4) None
TURKEY (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(v) Transferable (1), (2) None (1), (2) None
securities
(3) The Capital Market Institutions can (3) None
engage in trading of transferable
securities.
(4) None (4) None
(vi) Other negotiable (1), (2) None (1), (2) None
instruments and
financial assets, (3) The capital market institutions can (3) None
including bullion engage in trading of these
instruments and assets. However,
precious metals intermediaries can
engage in trading of bullion.
(4) None (4) None
(k) Underwriting and (1), (2) None (1), (2) None
placement
(3) Banks and non-bank intermediary (3) None
institutions can provide
underwriting and placement
services for the securities to be
issued after being registered by the
Capital Market Board.
(4) None (4) None
(l) Money broking (1), (2), (3), (4) See headnote (3) on
Financial Services.
TURKEY (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(m) Asset management (1),(2) None (1),(2) None
portfolio management
(3) Banks and intermediary institutions (3) None
can provide these services.
(4) None (4) None
(i) Collective (1),(2) None (1),(2) None
investment
management (3) Mutual funds and investment (3) None
corporations can engage in
collective investment management.
(4) The majority of the members of (4) None
the board of directors of an
investment corporation must have
Turkish nationality.
(ii) Pension fund (1),(2), (3), (4) See headnote (3) on
management Financial Services.
(iii) Custodial, (1),(2) None (1),(2) None
depository and
trust services (3) Banks and non-bank intermediary (3) None
institutions operating in capital
market can provide custodial
services for their customers'
securities, until their buying-selling
orders are realized.
(4) None (4) None
TURKEY (continued)
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or subsector Limitations on market access Limitations on national treatment Additional commitments
(n) Settlement and (1),(2) None (1),(2) None
clearing services
(3) Only the clearing house established (3) None
within the Stock Exchange of
Istanbul provides these services.
(4) None (4) None
(o) Provision and transfer (1),(2) None (1),(2) None
of financial
information (3) None (3) None
(4) None (4) None
(p) Advisory, (1),(2) None (1),(2) None
intermediation and
other auxiliary (3) Intermediation and intermediary (3) None
services services can be provided by banks
and intermediary institutions.
(4) None (4) None
TURKEY
List of Article II (MFN) Exemptions
Supplement 1
(This is authentic in English only)
TURKEY - LIST OF ARTICLE Ⅱ (MFN) EXEMPTIONS
Sector or subsector Description of measure Countries to which the Intended duration Conditions creating the
indicating its inconsistency measure applies need for the exemption
with Article Ⅱ
Financial Services Should national banks All countries. Indefinite. Desire to ensure equal
wishing to open branches in treatment to Turkish banks
Banking the countries whose banks in the other countries.
have already opened or will
open branches in Turkey, are
forced to meet stricter
conditions which they will be
subject to under the
legislation of those countries,
or which are to be made
stricter afterwards, than
those imposed in the Turkish
Banks Act, foreign banks
compliance with the same
conditions and the annulment
of the permissions of those
failing to comply with such
condition should be required.
with such condition should
be required.