RESTRICTED
WORLD TRADE GATS/SC/31/Suppl.1
28July1995
ORGANIZATION(95-2214)
Trade inServices
THE EUROPEAN COMMUNITY
AND ITSMEMBER STATES
Schedule ofSpecific Commitments
Supplement 1
(This isauthentic inEnglish only)
_______________
Thistextreplaces theFinancial Services section contained in:
Pages 61to77ofdocument GATS/SC/31,
pages 24to29ofdocument GATS/SC/7,
pages 23to26ofdocument GATS/SC/33 and
pages 30to32ofdocument GATS/SC/82.EUROPEAN COMMUNITY AND ITSMEMBER STATES -SCHEDULE OFSPECIFIC COMMITMENTS
Modes ofsupply: (1)Cross-border supply (2)Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
FINANCIAL SERVICES SECTOR1
1.TheCommunity anditsMember States undertake commitments onFinancial Services inaccordance withtheprovisions ofthe"Understanding onCommitments
inFinancial Services" (theUnderstanding).
2.These commitments aresubject tothelimitations onmarket access andnational treatment inthe"allsectors" section ofthisschedule andtothose relating tothe
subsectors listed below.
3.Themarket access commitments inrespect ofmodes (1)and(2)apply onlytothetransactions indicated inparagraphs B.3andB.4ofthemarket access section
oftheUnderstanding respectively.
4.Notwithstanding note1.above, themarket access andnational treatment commitments inrespect ofmode (4)onfinancial services arethose inthe"allsectors"
section ofthisschedule, except forSweden inwhich casecommitments aremade inaccordance withtheUnderstanding .
5.Theadmission tothemarket ofnewfinancial services orproducts maybesubject totheexistence of,andconsistency with, aregulatory framework aimed at
achieving theobjectives indicated inArticle 2(a)oftheFinancial Services Annex.
6.Asageneral ruleandinanon-discriminatory manner, financial institutions incorporated inaMember State oftheCommunity must adopt aspecific legal form.
1Unlike foreign subsidiaries, branches established directly inaMember State byanon-Community financial institution arenot,withcertain limited exceptions, subject
toprudentialregulationsharmonizedatCommunitylevelwhichenablesuchsubsidiariestobenefitfromenhancedfacilitiestosetupnewestablishmentsandtoprovidecross-border
services throughout theCommunity. Therefore, suchbranches receive anauthorization tooperate intheterritory ofaMember State under conditions equivalent tothose
applied todomestic financial institutions ofthatMember State, andmayberequired tosatisfy anumber ofspecific prudential requirements suchas,inthecaseofbanking
andsecurities, separate capitalization andother solvency requirements andreporting andpublication ofaccounts requirements or,inthecaseofinsurance, specific guarantee
anddeposit requirements, aseparate capitalization, andthelocalization intheMember State concerned oftheassets representing thetechnical reserves andatleastonethird
ofthesolvency margin. Member States mayapply therestrictions indicated inthisschedule onlywithregard tothedirect establishment from athirdcountry ofacommercial
presence ortotheprovision ofcross-border services from athird country; consequently, aMember State maynotapply these restrictions, including those concerning
establishment, tothird-country subsidiaries established inother Member States oftheCommunity, unless these restrictions canalsobeapplied tocompanies ornationals
ofother Member States inconformity withCommunity law.
GATS/SC/31/Suppl.1
Page1EUROPEAN COMMUNITY AND ITSMEMBER STATES (continued) GATS/SC/31/Suppl.1
Page2
Modes ofsupply: (1)Cross-border supply (2)Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
A.Insurance andInsurance-Related
Services(1)DK: Compulsory airtransport
insurance canbeunderwritten onlyby
firms established intheCommunity.
A:Promotional activity and
intermediation onbehalf ofasubsidiary
notestablished intheCommunity orof
abranch notestablished inAustria
(except forreinsurance andretrocession)
areprohibited.
A:Compulsory airtransport liability
canbeunderwritten onlybyasubsidiary
established intheCommunity orbya
branch established inAustria.
DK: Nopersons orcompanies
(including insurance companies) mayfor
business purposes inDenmark assist in
effecting direct insurance forpersons
resident inDenmark, forDanish ships
orforproperty inDenmark, other than
insurance companies licensed byDanish
laworbyDanish competent authorities.
D:Compulsory airinsurance policies
canbeunderwritten onlybyasubsidiary
established intheCommunity orbya
branch established inGermany.A:Higher premium taxisduefor
insurance contracts (except forcontracts
onreinsurance andretrocession).
Exception from thehigher taxcanbe
granted.EUROPEAN COMMUNITY AND ITSMEMBER STATES (continued)
Modes ofsupply: (1)Cross-border supply (2)Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
D:Ifaforeign insurance company has
established abranch inGermany, itmay
conclude insurance contracts in
Germany relating tointernational
transport onlythrough thebranch
established inGermany.
E,I:Unbound fortheactuarial
profession.
F:Insurance ofrisks relating toground
transport maybecarried outonlyby
insurance firms established inthe
Community.
I:Insurance ofrisks relating toc.i.f.
exports byresidents inItaly maybe
underwritten onlybyinsurance firms
established intheCommunity.
I:Transport insurance ofgoods,
insurance ofvehicles assuch and
liability insurance regarding risks
located inItaly maybeunderwritten
onlybyinsurance companies established
intheCommunity. Thisreservation
does notapply forinternational
transport involving imports intoItaly.
GATS/SC/31/Suppl.1
Page3EUROPEAN COMMUNITY AND ITSMEMBER STATES (continued) GATS/SC/31/Suppl.1
Page4
Modes ofsupply: (1)Cross-border supply (2)Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
FIN: Foreign insurers maywithout
licence offer onlyreinsurances and
retrocessions inFinland.
FIN: Thesupply ofinsurance broker
services issubject toapermanent place
ofbusiness inFinland.
P:Airandmaritime transport
insurance, covering goods, aircraft, hull
andliability canbeunderwritten onlyby
firms established intheEC;only
persons orcompanies established inthe
ECmayactasintermediaries forsuch
insurance business inPortugal.
S:Thesupply ofdirect insurance is
allowed onlythrough aninsurance
service supplier authorised inSweden,
provided thattheforeign service
supplier andtheSwedish insurance
company belong tothesame group of
companies orhave anagreement of
cooperation between them.EUROPEAN COMMUNITY AND ITSMEMBER STATES (continued)
Modes ofsupply: (1)Cross-border supply (2)Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
(2)DK: Compulsory airtransport insur-
ance canbeunderwritten onlybyfirms
established intheCommunity.
A:Promotional activity and
intermediation onbehalf ofasubsidiary
notestablished intheCommunity orof
abranch notestablished inAustria
(except forreinsurance andretrocession)
areprohibited.
A:Compulsory airtransport liability
insurance canbeplaced onlywith
established insurers.
DK: Nopersons orcompanies
(including insurance companies) mayfor
business purposes inDenmark assist in
effecting direct insurance forpersons
resident inDenmark, forDanish ships
orforproperty inDenmark, other than
insurance companies licensed byDanish
laworbyDanish competent authorities.
D:Compulsory airinsurance policies
canbeunderwritten onlybyasubsidiary
established intheCommunity orbya
branch established inGermany.(2)A:Higher premium taxisduefor
insurance contracts (except forcontracts
onreinsurance andretrocession).
Exception from thehigher taxcanbe
granted.
GATS/SC/31/Suppl.1
Page5EUROPEAN COMMUNITY AND ITSMEMBER STATES (continued) GATS/SC/31/Suppl.1
Page6
Modes ofsupply: (1)Cross-border supply (2)Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
D:Ifaforeign insurance company has
established abranch inGermany, itmay
conclude insurance contracts in
Germany relating tointernational
transport onlythrough thebranch
established inGermany.
F:Insurance ofrisks relating toground
transport maybecarried outonlyby
insurance firms established inthe
Community.
FIN: Obligatory insurances (the
statutory employment pension insurance,
thestatutory accident insurance, the
motor third-party liability insurance, the
insurance against treatment injury) have
tobeeffected inFinland.
I:Insurance ofrisks relating toc.i.f.
exports byresidents inItaly maybe
underwritten onlybyinsurance firms
established intheCommunity.
I:Transport insurance ofgoods,
insurance ofvehicles assuch and
liability insurance regarding risks
located inItaly maybeunderwritten
onlybyinsurance companies established
intheCommunity. Thisreservation
does notapply forinternational
transport involving imports intoItaly.EUROPEAN COMMUNITY AND ITSMEMBER STATES (continued)
Modes ofsupply: (1)Cross-border supply (2)Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
P:Airandmaritime transport
insurance, covering goods, aircraft, hull
andliability canbeunderwritten onlyby
firms established intheEC;only
persons orcompanies established inthe
ECmayactasintermediaries forsuch
insurance business inPortugal.
(3)A:Representative offices andagencies
ofinsurers arenotallowed towrite
insurance contracts.
GR,E:Theright ofestablishment does
notcover thecreation ofrepresentative
offices orother permanent presence of
insurance companies, except where such
offices areestablished asagencies,
branches orhead offices.
IRL: Theright ofestablishment does
notcover thecreation ofrepresentative
offices.
E:Before establishing abranch or
agency inSpain toprovide certain
classes ofinsurance, aforeign insurer
must have been authorized tooperate in
thesame classes ofinsurance inits
country oforigin foratleast fiveyears.(3)FIN: Thegeneral agent oftheforeign
insurance company shall reside in
Finland .
S:Insurance undertakings not
incorporated inSweden arerequired to
deposit assets foragencies established
inSweden.
S:Non-life insurance undertakings not
incorporated inSweden conducting
business inSweden are-instead of
being taxed according tothenetresult -
subject totaxation based onthe
premium income from direct insurance
operations.
S:Afounder ofaninsurance company
shall beanatural person resident in
Sweden oralegal entity incorporated in
Sweden.
GATS/SC/31/Suppl.1
Page7EUROPEAN COMMUNITY AND ITSMEMBER STATES (continued) GATS/SC/31/Suppl.1
Page8
Modes ofsupply: (1)Cross-border supply (2)Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
FIN: Requirements concerning
citizenship andplace ofresidence, from
which anexemption maybegranted in
some cases, apply tothefounder,
Managing Director, Auditors and
Members oftheBoard ofDirectors and
theSupervisory Board ofaninsurance
company.
FIN: Branches offoreign insurance
companies cannot getalicence in
Finland tocarry onstatutory insurances
business (thestatutory employment
pension insurance, thestatutory accident
insurance, themotor third party liability
insurance, theinsurance against
treatment injury).
F,E:Theestablishment ofbranches is
subject toaspecial authorization forthe
representative ofthebranch. Inthecase
ofSpain, theconditions tobemetare
related tothetechnical qualification and
good standing oftheperson.EUROPEAN COMMUNITY AND ITSMEMBER STATES (continued)
Modes ofsupply: (1)Cross-border supply (2)Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
I:Access toactuarial profession
through natural persons only.
Professional associations (no
incorporation) among natural persons
permitted.
I:Theauthorization ofthe
establishment ofbranches isultimately
subject totheevaluation ofsupervisory
authorities.
P:Foreign companies maycarry out
insurance intermediation inPortugal
onlythrough acompany formed in
accordance withthelawofa
Community Member State.
P:Inorder toestablish abranch in
Portugal, foreign companies need to
demonstrate prior operational experience
ofatleast fiveyears.
S:Foreign companies mayonly
establish asasubsidiary orthrough a
resident agent.
S:Insurance broking undertakings not
incorporated inSweden mayestablish a
commercial presence onlythrough a
branch.
GATS/SC/31/Suppl.1
Page9EUROPEAN COMMUNITY AND ITSMEMBER STATES (continued) GATS/SC/31/Suppl.1
Page10
Modes ofsupply: (1)Cross-border supply (2)Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
(4)Unbound except asindicated inthe
horizontal section andsubject tothe
specific conditions:
GR: Amajority ofthemembers ofthe
board ofdirectors ofacompany
established inGreece shall benationals
ofoneoftheMember States ofthe
Community.(4)Unbound except asindicated inthe
horizontal section andsubject tothe
following specific limitations:
DK: Thegeneral agent ofaninsurance
branch willneed tohave resided in
Denmark forthelasttwoyears unless
being anational ofoneoftheMember
States oftheCommunity. TheMinister
ofBusiness andIndustry maygrant
exemption.
DK: Residency requirement for
managers andthemembers oftheboard
ofdirectors ofacompany. However,
theMinister ofBusiness andIndustry
maygrant exemption from this
requirement. Exemption isgranted on
anon-discriminatory basis.
E,I:Residence requirement for
actuarial profession.EUROPEAN COMMUNITY AND ITSMEMBER STATES (continued)
Modes ofsupply: (1)Cross-border supply (2)Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
B.Banking andOther Financial
Services
(excluding insurance)(1)B:Establishment inBelgium is
required fortheprovision ofinvestment
advisory services.
I:Theoffer andmarketing ofservices
concerning thedistribution tothepublic,
through telecommunication orother
information means, ofinformation
concerning prices, thevolume of
transactions, theoffer anddemand
conditions relating tothenegotiation of
securities dealt intheItalian regulated
market, orinother recognized
markets, requires prior authorization by
theStock Exchanges Commission
(Consob). Thisauthorization maynotbe
granted iftheauthorities determine that
there isariskthatthedataprovided
mayinduce thepublic toerror.
I:Anestablishment (asecurities
investment company incorporated in
Italy orabank subsidiary orbranch) is
needed inorder toprovide investment
research andadvice relating tosecurities
(dealing, issue, underwriting) andasset
management, securities custody and
services regarding mergers,(1)None
GATS/SC/31/Suppl.1
Page11EUROPEAN COMMUNITY AND ITSMEMBER STATES (continued) GATS/SC/31/Suppl.1
Page12
Modes ofsupply: (1)Cross-border supply (2)Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
acquisitions, corporate restructuring,
management buy-outs andventure
capital. Collective asset management
(excluding UCITS) isextended to
banks, insurance companies, securities
investment companies withtheir legal
head office intheEC.
I:Unbound for"promotori diservizi
finanziari" (financial salesmen).
(2)D:Issues ofsecurities denominated in
Deutschmarks canbeleadmanaged only
byacredit institution, subsidiary or
branch, established inGermany.
GR: Establishment isrequired forthe
provision ofcustodial anddepository
services involving theadministration of
interest andprincipal payments dueon
securities issued inGreece.(2)S:Account operating institutions inthe
VPC register whohave notgota
clearing account withthecentral bank
(Riksbanken) have tomake acertain
deposit.EUROPEAN COMMUNITY AND ITSMEMBER STATES (continued)
Modes ofsupply: (1)Cross-border supply (2)Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
I:Anestablishment (asecurities
investment company incorporated in
Italy orabank subsidiary orbranch) is
needed inorder toprovide investment
research andadvice relating tosecurities
(dealing, issue, underwriting) andasset
management, securities custody and
services regarding mergers,
acquisitions, corporate restructuring,
management buy-outs andventure
capital. Collective asset management
(excluding UCITS) isextended to
banks, insurance companies, securities
investment companies withtheir legal
head office intheEC.
I:Residents inItaly need authorization
topurchase orsellabroad unrefined
gold.
FIN: Payments from governmental
entities (expenses) shall betransmitted
through theFinnish Postal Giro System
orthrough thePostipankki Ltd.
GATS/SC/31/Suppl.1
Page13EUROPEAN COMMUNITY AND ITSMEMBER STATES (continued) GATS/SC/31/Suppl.1
Page14
Modes ofsupply: (1)Cross-border supply (2)Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
P:Open-ended investment funds are
required toinvest 25percentoftheir
funds inPortuguese Government funds.
Theability ofresidents inPortugal to
carry outthefollowing operation abroad
isrestricted:
-issue onaforeign market of
domestic securities andnegotiable
instruments .
S:Custody, depository andsettlement
services, securities registered inthe
(Swedish) Securities Register Centre
(Vardepapperscentralen VPC SB)can
onlybesupplied bysuppliers whoare
account operating institutions. A
prerequisite isthatthesupplier is
supervised bythe(Swedish) Financial
Supervisory Authority.
UK: Sterling issues, including privately
ledissues, canbeleadmanaged onlyby
afirmestablished intheCommunity.EUROPEAN COMMUNITY AND ITSMEMBER STATES (continued)
Modes ofsupply: (1)Cross-border supply (2)Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
(3)AllMember States:
-Theestablishment ofaspecialized
management company isrequired
toperform theactivities of
management ofunittrusts and
investment companies (Articles 6
and13ofUCITS Directive,
85/611/EEC).
-Only firms having their registered
office intheCommunity canactas
depositories oftheassets of
investment funds (Articles 8.1and
15.1 oftheUCITS Directive,
85/611/EEC).
A:Licensing ofbranches or
subsidiaries offoreign banks maybe
subject toaneconomic interest test.
A:Only members oftheAustrian
Stock Exchange mayengage in
securities trading attheStock Exchange.F:Inaddition toFrench credit
institutions, issues denominated in
French francs maybeleadmanaged
onlybyFrench subsidiaries (under
French law)ofnon-French banks which
areauthorized, based onsufficient
means andcommitments inParis ofthe
candidate French subsidiary ofa
non-French bank. These conditions
apply toleadbanks running thebooks.
Anon-French bank maybe,without
restrictions orrequirement toestablish,
jointly-lead orco-lead manager of
Eurofranc bond issue.
I:Representative offices offoreign
intermediaries cannot carry out
promotional activities intheareaof
investment insecurities.
GATS/SC/31/Suppl.1
Page15EUROPEAN COMMUNITY AND ITSMEMBER STATES (continued) GATS/SC/31/Suppl.1
Page16
Modes ofsupply: (1)Cross-border supply (2)Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
A:Fortrading inforeign exchange and
foreign currency authorization ofthe
Austrian National Bank isrequired.
A:Mortgage bonds andmunicipal
bonds maybeissued bybanks
specialized andauthorized forthis
activity.
A:Forcarrying outservices ofpension
fund management aspecialized company
onlyforthisactivity andincorporated as
astock company inAustria isrequired.
B:With certain exceptions (block
trading), financial institutions may
engage insecurities trading only
through stock exchange firms
incorporated inBelgium.
DK: Financial institutions mayengage
insecurities trading ontheCopenhagen
Stock Exchange onlythrough
subsidiaries incorporated inDenmark.EUROPEAN COMMUNITY AND ITSMEMBER STATES (continued)
Modes ofsupply: (1)Cross-border supply (2)Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
E:Financial institutions mayengage in
securities trading insecurities listed on
anofficial stock exchange orinthe
government securities market only
through securities firms incorporated in
Spain.
FIN: Acquisition ofshares byforeign
owners giving more thanonethird of
thevoting rights ofamajor Finnish
commercial bank orcredit institution
(with more than1000 employees orwith
aturnover exceeding 1000 million
Finnish markka orwithabalance sheet
totalexceeding 1000 million Finnish
markka) issubject toconfirmation by
theFinnish authorities; the
confirmation maybedenied onlyifan
important national interest would be
jeopardized.
GATS/SC/31/Suppl.1
Page17EUROPEAN COMMUNITY AND ITSMEMBER STATES (continued) GATS/SC/31/Suppl.1
Page18
Modes ofsupply: (1)Cross-border supply (2)Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
FIN: Forcredit institutions including
banks, requirements concerning
nationality andplace ofresidence, from
which exemptions maybegranted,
apply tothefounder, theSupervisory
Board andtheBoard ofManagement as
wellastheChief General Manager and
auditors.
FIN: Professional intermediation of
securities andderivatives (options and
futures) requires apermanent place of
business intheform ofalimited
liability company, adeposit bank, other
credit institution orabranch ofa
foreign credit orfinancial institution.
FIN: Requirements concerning
citizenship andplace ofresidence apply
totheBoard ofDirectors andManaging
Director ofaStock Exchange Brokerage
Firm aswellastoaStock Exchange
Broker.
FIN: Citizenship andresidency
requirements formarket makers and
brokers onderivative exchange, from
which exemptions maybegranted.EUROPEAN COMMUNITY AND ITSMEMBER STATES (continued)
Modes ofsupply: (1)Cross-border supply (2)Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
FIN: Payments from governmental
entities (expenses) shall betransmitted
through theFinnish Postal Giro System
orthrough thePostipankki Ltd.
GR: Financial institutions mayengage
inthetrading ofsecurities listed onthe
Athens Stock Exchange onlythrough
stock exchange firms incorporated in
Greece.
GR:Fortheestablishment and
operations ofbranches aminimum
amount offoreign exchange must be
imported, converted intodrachmas and
keptinGreece aslongasaforeign bank
continues tooperate inGreece:
-Uptofour(4)branches this
minimum iscurrently equal tohalf
oftheminimum amount ofshare
capital required foracredit
institution tobeincorporated in
Greece;
-Fortheoperation ofadditional
branches theminimum amount of
capital must beequal tothe
minimum share capital required for
acredit institution tobe
incorporated inGreece.
GATS/SC/31/Suppl.1
Page19EUROPEAN COMMUNITY AND ITSMEMBER STATES (continued) GATS/SC/31/Suppl.1
Page20
Modes ofsupply: (1)Cross-border supply (2)Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
IRL: Inthecaseofunittrusts,
collective investment schemes
constituted asvariable capital
companies, andinvestment limited
partnerships (other thanundertakings for
collective investment intransferable
securities, UCITS), thetrustees or
depository ormanagement company is
required tobeincorporated inIreland or
inanother Member State ofthe
Community. Inthecaseofan
investment limited partnership, atleast
onegeneral partner must be
incorporated inIreland.
IRL: Theright ofestablishment does
notcover theestablishment of
representative offices offoreign banks.
I:Aseparate incorporation inItaly in
theform ofasecurities company is
required forfirms other thanbanks
(including foreign banks branches) in
order toprovide services related to
securities dealing (including dealing forEUROPEAN COMMUNITY AND ITSMEMBER STATES (continued)
Modes ofsupply: (1)Cross-border supply (2)Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
theownaccount orfortheaccount of
customers2issue anddistribution of
securities, acceptance ofsaleand
purchase orders, investment advice,
asset andportfolio management, and
raising funds from thepublic bymeans
ofactivities which mayalsobe
promotional3andcarried oninaplace
different from thelegal head office or
principal administrative establishment of
theissuer, supplier orperson marketing
theinvestment).
I:Clearing andsettlement ofsecurities
maybeconducted onlybytheofficial
clearing system.
I:Thepublic offer ofsecurities (as
provided forunder Art.18bisof
Law216/74) other thanshares, debt
securities (including convertible debt
securities) canonlybemade byItalian
limited companies, foreign companies
dulyauthorized, public bodies or
companies belonging tolocal authorities
2From 1January 1993 foreign aswellasdomestic banks maynotprovide securities dealing foritsownaccount orfortheaccount ofcustomers; however, banks,
including branches offoreign banks, areallowed todealinTreasury bonds andState-backed securities.
3Door-to-door selling.
GATS/SC/31/Suppl.1
Page21EUROPEAN COMMUNITY AND ITSMEMBER STATES (continued) GATS/SC/31/Suppl.1
Page22
Modes ofsupply: (1)Cross-border supply (2)Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
whose assigned capital isnotbelow
Lit2billion.
I:Centralized deposit, custody and
administration services forGovernment
securities canbeprovided onlybythe
Bank ofItaly, orbyMonte Titoli SpA
forshares, securities ofaparticipating
nature andother bonds traded inaruled
market.
NL: Only companies incorporated
according tothelawandregulations of
anECMember State maybecome
members oftheAmsterdam Stock
Exchange.
P:Theestablishment ofnon-EC banks
maybesubject toaneconomic needs
test.S:Afounder ofabanking company
shall beanatural person resident in
Sweden oraforeign bank. Afounder
ofasavings bank shall beanatural
person resident inSweden.
S:Abranch ofafund management
company notincorporated inSweden
maynotoperate certain collective
investment funds, where theinvestor
enjoys certain taxbenefits
(Allemansfonder).EUROPEAN COMMUNITY AND ITSMEMBER STATES (continued)
Modes ofsupply: (1)Cross-border supply (2)Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
P:Theservices ofventure capital,
factoring, close-ended investment fund
management andbroker-dealer services
(excluding those provided ontheLisbon
Stock Exchange) maybeprovided by
credit-institutions orinvestment firms
incorporated intheCommunity (if
authorized intheir country oforigin to
supply those services).
Aforementioned services, when
rendered byother companies, aswellas
pension fund management andbroker-
dealer services ontheLSE, maybe
provided onlybycompanies
incorporated inPortugal.
UK:Thefollowing categories offinan-
cialinstitutions dealing inGovernment
debtarerequired tobeincorporated in
theUnited Kingdom andbeseparately
capitalized:
-giltedged market makers (or
GEMMs), which areprimary
dealers ingilt-edged Government
debtandthrough which the
Government operates inexecuting
Government debtmanagement
policy;
GATS/SC/31/Suppl.1
Page23EUROPEAN COMMUNITY AND ITSMEMBER STATES (continued) GATS/SC/31/Suppl.1
Page24
Modes ofsupply: (1)Cross-border supply (2)Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
-discount houses which areprimary
dealers forTreasury Bills and
other money market instruments,
andthrough which theGovernment
operates inexecuting monetary
policy;
-stock exchange money brokers
(SEMBs), which actas
intermediaries between GEMMs
andlenders ofgilt-edged stock;
and
-inter-dealer brokers (IDBs), which
actasintermediaries between
GEMMs.
S:Undertakings notincorporated in
Sweden mayestablish acommercial
presence onlythrough abranch, andin
caseofbanks, alsothrough a
representative office.
(4)Unbound except asindicated inthe
horizontal section andsubject tothe
specific conditions:(4)Unbound except asindicated inthe
horizontal section andsubject tothe
following specific limitations:EUROPEAN COMMUNITY AND ITSMEMBER STATES (continued)
Modes ofsupply: (1)Cross-border supply (2)Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
F:Sociétés d'investissement àcapital
fixe: condition ofnationality forthe
president oftheBoard ofDirectors, the
Directors-General andnolessthantwo
thirds oftheadministrators, andalso,
when thesecurities firmhasa
Supervisory Board orCouncil, forthe
members ofsuch board orits
Director-General, andnolessthantwo
thirds ofthemembers ofthe
supervisory council.
GR: Credit institutions should name at
least twopersons whoareresponsible
fortheoperations oftheinstitution.
Condition ofresidency applies tothese
persons.I:Condition ofresidence for
"promotori diservizi finanziari"
(financial salesmen).
GATS/SC/31/Suppl.1
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