RESTRICTED
WORLD TRADE GATS/SC/77/Suppl.1/Rev.1
4October 1995
ORGANIZATION
(95-2901)
Trade inServices
SLOVAK REPUBLIC
Schedule ofSpecific Commitments
Supplement 1
Revision
(This isauthentic inEnglish only)
____________________
This textreplaces theFinancial Services section contained inpages 24to30of
document GATS/SC/77.SLOVAK REPUBLIC -SCHEDULE OFSPECIFIC COMMITMENTS
Modes ofsupply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
7. FINANCIAL SERVICES
Measures applicable toallsectors infinancial services:
(1) Commitments inthisChapter arebased ontheAgreement onTrade inServices, theAnnex onFinancial Services andtheUnderstanding onCommitments
inFinancial Services.
(2) Market access commitments withrespect tothe"cross-border supply" and"consumption abroad" arebound totheextent oftheobligations in
paragraphs 3and4ofMarket Access oftheUnderstanding onlytoindividual sectors listed andsubject tolimitations indicated below.
(3) Thepurchase oracquisition offinancial services bypublic entities oftheSlovak Republic isgoverned inthisSchedule byArticle XIIIoftheAgreement.
(4) Theadmission tothemarket ofnewfinancial services andinstruments maybesubject totheexistence of,andconsistency withthedomestic regulatory
framework aimed atachieving theobjectives indicated inArticle 2aoftheAnnex onFinancial Services.
(5) Thecommitments onpresence ofnatural persons arebound according tothegeneral limitations applicable toallsectors inthisSchedule (Part I).
(6) Otherwise, thecommitments inthisChapter aresubject tothegeneral conditions orlimitations applicable toallsectors inthisSchedule.
A. AllInsurance andInsurance-Related Services (CPC 812)
Thefollowing insurance services areprovided byexclusive suppliers:
Compulsory motor third party liability insurance, compulsory airtransport insurance, theliability insurance ofemployer against injury oroccupational
disease have tobeeffected through theSlovak Insurance Company. Thebasic health insurance andpension fund schemes areconfined totheGeneral
Health Company. These exclusive service suppliers actinamanner consistent withobligations under Article IIoftheGATT andspecific commitments.
GATS/SC/77/Suppl.1/Rev.1
Page1SLOVAK REPUBLIC (continued) GATS/SC/77/Suppl.1/Rev.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) Lifeinsurance
(CPC 8121)
(b) Non-life insurance
(CPC 8129)
(c) Reinsurance and
retrocession
(CPC 81299)
(d) Insurance intermediation
(CPC 8140)(1)None other than:
Commercial presence isrequired for
supply of:
- thelifeinsurance ofpersons with
permanent residence intheSlovak
Republic;
- theinsurance ofproperty onthe
territory oftheSlovak Republic;
- theinsurance ofliability forlossor
damage caused bytheactivity of
natural persons andjuridical persons
ontheterritory oftheSlovak
Republic;
- airandmaritime transport insurance,
covering goods, aircraft, hulland
liability.(1)None
(2)Insurance services covered bymode (1)
except insurance ofairandmaritime
transport, covering goods, aircraft, hull
andliability above maynotbepurchased
abroad.(2)NoneSLOVAK REPUBLIC (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)Licence isrequired forprovision of
insurance services. Foreign national may
establish aninsurance company withthe
seatintheSlovak Republic intheform of
ajoint stock company ormayconduct
insurance business through their
subsidiaries withregistered office inthe
Slovak Republic under thegeneral
conditions established intheLawon
Insurance. Insurance business means
insurance activity including brokerage and
reinsurance activity.(3)Themajority ofthemanagement board of
aninsurance company hastobedomiciled
intheSlovak Republic.
Intermediation activity aimed atthe
conclusion ofinsurance contract between
third party andinsurance company maybe
provided bynatural orjuridical person
onlydomiciled intheSlovak Republic for
thebenefit oftheinsurance company
having thelicence oftheInsurance
Supervisory Authority.
GATS/SC/77/Suppl.1/Rev.1
Page3SLOVAK REPUBLIC (continued) GATS/SC/77/Suppl.1/Rev.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
Intermediation contract aimed at
conclusion ofinsurance contract bythird
party withinsurance company maybe
concluded bydomestic orforeign
insurance company onlyonthebasis of
licence granted bytheInsurance
Supervisory Authority.
Thefinancial resources ofspecific
insurance funds oflicensed insurance
operators derived from insuring or
reinsuring policy holders withresidence or
registered office intheSlovak Republic
must bedeposited inaresident bank inthe
Slovak Republic andmaynotbe
transferred abroad.
(4)Unbound except asindicated inhorizontal
section.(4)Unbound except asindicated inhorizontal
section.
B.Banking andOther
Financial Services(1)Unbound forservices described in
subsectors (g)and(j)andfor:
- transferable securities (CPC 81321)
- other negotiable instruments and
financial assets (excl. bullion).(1)UnboundSLOVAK REPUBLIC (continued)
Modes ofsupply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
(a)Acceptance ofdeposits and
other repayable funds from
thepublic
(CPC 81115 -CPC 81119)
(b)Lending ofalltypes
(CPC 8113)
(c)Financial leasing
(CPC 81120)
(d)Allpayments andmoney
transmission services
(CPC 81339)
(e)Guarantees and
commitments
(CPC 81199)
(f)Trading forownaccount
orforaccount of
customers, whether onan
exchange, inanover-the-
counter market or
otherwise asfollows:(1),(2)None other than:
(i) Deposit services areconfined tothe
domestic banks andbranches of
foreign banks intheSlovak Republic
(ii) Only authorized domestic banks,
branches offoreign banks inthe
Slovak Republic andpersons
possessing, aforeign exchange
licence maytrade inforeign
exchange assets
(iii) Non-cash cross-border payments
maybeeffected onlybydomestic
banks andbranches offoreign
banks intheSlovak Republic
(iv) Foreign exchange licences issued by
theNational Bank ofSlovakia are
required for:
(a) opening anaccount abroad by
aSlovak non-bank resident;
(b) capital payment abroad;
(c) obtaining financial credit from
aforeign exchange non-
resident;(1),(2) None
GATS/SC/77/Suppl.1/Rev.1
Page5SLOVAK REPUBLIC (continued) GATS/SC/77/Suppl.1/Rev.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) export andimport ofSlovak
currency andsecurities
denominated inthiscurrency
andsecurities denominated in
thiscurrency.
(i)money market instruments
(cheque, bills, certificates,
deposits, etc.)
(CPC 81339)
(ii)foreign exchange
(CPC 81333)
(iii)exchange rateandinterest
rateinstruments, etc.
including products such as
swaps, forward rate
agreements, etc.
(CPC 81339)(v) Foreign exchange assets arerequired
tobedeposited withanauthorized
domestic bank orbranch ofaforeign
bank intheSlovak Republic.
(3)Banking services maybeprovided onlyby
domestic banks orbranches offoreign
banks authorized bytheNational Bank of
Slovakia intheagreement withthe
Ministry ofFinance.
Thegranting ofauthorization isbased on
theconsideration ofcriteria relating, in
particular, tocapital endowment (financial
strength), professional qualifications,
integrity andcompetence ofthe
management andeconomic usefulness of
theprojected bank activities. Private
banks maybeestablished asjoint stock
companies only. Thepurchase ofshares
ofexisting bank issubject toprior
approval oftheNational Bank ofSlovakia.
(4)Unbound except asindicated inhorizontal
section.(3)Aminimum ofone-third oftheBoard of
Directors must becitizens oftheSlovak
Republic.
(4)Unbound except asindicated inhorizontal
section.SLOVAK REPUBLIC (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
(iv)transferable securities
(CPC 81321)
(v)other negotiable
instruments andfinancial
assets (excl. bullion)
(CPC 81339)
(g)Participation inissues of
allkinds ofsecurities
(CPC 8132)
(j)Settlement andclearing
services forfinancial assets
(excl. derivative products)
(CPC 81319, CPC 81339)
(k)Advisory andother
auxiliary financial
services onallthe
activities listed in
sub-paragraphs above,
incl. credit reference and
analysis, investment and
portfolio research and
advice, advice on
acquisitions andon
corporate restructuring
andstrategy (CPC 8131)(1)Unbound
(2)None
(3)Securities maybetraded publicly onlyif
relevant authorization hasbeen granted and
prospectus covering thesecurity hasbeen
approved bytheMinistry ofFinance. The
authorization maynotbegranted ifpublic
trading insecurities isinconflict withthe
interests ofinvestors, isinconsistent with
theGovernment financial policy orifit
does notconform withtherequirements of
thefinancial market. Thebusiness of
security dealer, stockbroker ororganizer
ofanover-the-counter market issubject to
authorization oftheMinistry ofFinance.
Settlement andclearing services forall
kinds ofpayments gothrough Center of
Securities -SCP(Clearing andSettlement
House forSecurities). Cash partclearing
andsettlement goes through Banking
Clearing andSettlement House -BZCS
(where theNational Bank ofSlovakia is
major shareholder).(1)Unbound
(2)None
(3)None
GATS/SC/77/Suppl.1/Rev.1
Page7SLOVAK REPUBLIC (continued) GATS/SC/77/Suppl.1/Rev.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
(l)Provision andtransfer of
financial information and
financial data
processing andrelated
software byproviders of
other financial services
(CPC 8131)(4)Unbound except asindicated inhorizontal
section.(4)Unbound except asindicated inhorizontal
section.