RESTRICTED
WORLD TRADE GATS/SC/78/Suppl.1
28July1995
ORGANIZATION
(95-2780)
Trade inServices
SOUTH AFRICA
Schedule ofSpecific Commitments
Supplement 1
(This isauthentic inEnglish only)
____________________
Thistextreplaces theFinancial Services section contained inpages 18to21ofdocument
GATS/SC/78.SOUTH AFRICA -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
A. AllInsurance and
Insurance Related
Services
a) Direct lifeinsurance
(CPC 8121 +)
b) Direct non-life insurance
(CPC 8129 +)1) Unbound, except forreinsurance contracted
abroad
2) Unbound1) Unbound, except forreinsurance contracted
abroad
2) Unbound
c) Reinsurance
(CPC 81299 +)3) Totransact business inSouth Africa,
insurers (foreign anddomestically
controlled) must beincorporated asa
public company orregistered asaforeign
public company interms oftheCompanies
Act,andalsoregistered interms ofthe
Insurance Act3) None
d) Insurance intermediation
andauxiliary services
(CPC 8140)Theacquisition ofshares oranyother
interest (byaresident ornon-resident) ina
registered insurer resulting intheholding
of25percentormore ofthevalue ofall
theshares orother interest inthatbusiness,
requires thewritten approval ofthe
Registrar ofInsurance
GATS/SC/78/Suppl.1
Page1SOUTH AFRICA (continued)GATS/SC/78/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
4) Unbound except asindicated inthe
horizontal section4) Unbound except asindicated inthe
horizontal section, andthattheexecutive
chairman, public officer andmajority of
directors must beresident inSouth Africa
B. Banking andOther
Financial Services
(Excluding Insurance)
a) Acceptance ofdeposits
andother repayable
funds from thepublic
(CPC 81115 to81119)
b) Lending ofalltypes,
including, inter alia,
consumer credit,
mortgage credit,
factoring andfinancing
ofcommercial
transactions
(CPC 8113)1) Unbound
2) Unbound, except forprovision andtransfer
offinancial information andfinancial data
processing
3) Corporate membership offinancial
exchanges isunrestricted, except inthe
caseoftheJohannesburg Stock Exchange.
Foreign non-bank organizations wishing to
obtain acontrolling interest inalocal bank
arerequired toestablish adomestic public
company1) Unbound
2) Unbound, except forprovision andtransfer
offinancial information andfinancial data
processing
3) Branches ofnon-resident banks inSouth
Africa must maintain aminimum balance
ofR1million onthedeposit accounts of
natural persons
c) Financial leasing
(CPC 8112)SOUTH AFRICA (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) Allpayments andmoney
transmission services,
including credit, charge
anddebit cards,
travellers cheques and
bank drafts
(CPC 81339 +)
e) Guarantees and
commitments
(CPC 81199 +)4) Unbound except asindicated inthe
horizontal section, andthatmembership of
theJohannesburg Stock Exchange is,inthe
caseofnatural persons, restricted toSouth
African citizens4) Unbound except asindicated inthe
horizontal section
f) Trading forownaccount
orforaccount of
customers thefollowing:
(i)money market
instruments
(CPC 81339 +)
(ii)foreign exchange
(CPC 81333)
(iii)derivative products
(CPC 81339 +)
(iv)exchange rateand
interest rate
instruments
(CPC 81339 +)
GATS/SC/78/Suppl.1
Page3SOUTH AFRICA (continued)GATS/SC/78/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
(v)transferable
securities
(CPC 81321+)
(vi)other negotiable
instruments
(CPC 81339 +)
g) Participation inissues of
allkinds ofsecurities,
including underwriting
andplacement asagent
(CPC 8132 +)
h) Money broking
(CPC 81339 +)
i) Asset management, such
ascashorportfolio
management, allforms
ofcollective investment
management, pension
fund management,
custodial depository and
trustservices
(CPC 8119 +and
81323 +)SOUTH AFRICA (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
k) Advisory andother
auxiliary financial
services onallthe
activities listed in
Articles 1Bof
MTN.TNC/W/150
(CPC 8131 +and
8133 +)
l) Provision andtransfer of
financial information,
andfinancial data
processing andrelated
software byproviders of
other financial services
(CPC 8131 +)
Coding: Numbers indicated ineach sectoral commitment arereferences totheServices Sectoral Classification List(MTN.GNS/W/120) -W120, andtheUN
Provisional Central Product Classification of1991 -CPC.
+Partofitem
*Unbound duetolackoftechnical feasibility
GATS/SC/78/Suppl.1
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