RESTRICTED
WORLD TRADE GATS/SC/40/Suppl.1
28July1995
ORGANIZATION
(95-2238)
Trade inServices
HUNGARY
Schedule ofSpecific Commitments
Supplement 1
(This isauthentic inEnglish only)
________________
This textreplaces theFinancial Services section contained inpages 21to26of
document GATS/SC/40.HUNGARY -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
II. HORIZONTAL COMMITMENTS
7. FINANCIAL
SERVICES
Allservices listed under
(A)and(B)below(3) Insurance, banking andsecurities activities
should beperformed bylegally separate
suppliers offinancial services.(3) Thetreatment permitting establishment
through direct branches tobegranted to
service providers oftheEuropean
Communities would beextended onan
MFN basis when such treatment is
implemented pursuant totheAgreement
establishing anassociation between
Hungary andtheEuropean Communities
andtheir Member States.
(A) Insurance and
insurance-related
services
(a)Direct insurance
(including co-
insurance):
(i)life
(ii)non-life(1) Unbound
(2) Unbound
(3) Establishment ofwholly orpartly
foreign-owned insurance companies is
subject toGovernment approval.
With theexception ofrepresentative
offices, commercial presence must takethe
form ofajoint-stock company, insurance
co-operative orinsurance association.
(4) Unbound except asindicated inPartI(1) None
(2) None
(3) None
(4) Unbound except asindicated inPartI
GATS/SC/40/Suppl.1
Page1HUNGARY (continued)GATS/SC/40/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
(b) Reinsurance and
retrocession(1) None
(2) Unbound
(3) Establishment ofwholly orpartly
foreign-owned insurance companies is
subject toGovernment approval.
With theexception ofrepresentative
offices, commercial presence must takethe
form ofajoint-stock company, insurance
co-operative orinsurance association.
(4) Unbound except asindicated inPartI(1) None
(2) None
(3) None
(4) Unbound except asindicated inPartI
(c) Insurance intermediation,
such asbrokerage and
agency(1) Unbound
(2) Unbound
(3) None other thanforbrokerage commercial
presence should taketheform ofa
joint-stock company oralimited liability
company.
(4) Unbound except asindicated inPartI(1) None
(2) None
(3) None
(4) Unbound except asindicated inPartI
(d) Services auxiliary to
insurance, such as
consultancy, actuarial,
riskassessment and
claim settlement services(1) None
(2) None
(3) None
(4) Unbound except asindicated inPartI(1) None
(2) None
(3) None
(4) Unbound except asindicated inPartIHUNGARY (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)(3) (a)Theestablishment of,orthe
acquisition ofshares in,afinancial
institution byforeigners issubject to
thepreliminary approval bythe
Government, except when thetotal
foreign participation does notexceed
10percentintheregistered capital.
(b)With theexception ofrepresentative
offices, financial institutions should be
established intheform ofjoint-stock
company, or,inthecaseofsavings
banks, joint-stock company, savings
co-operative orcredit co-operative.
(e) Acceptance ofdeposits
andother repayable
funds from thepublic(1) Unbound
(2) Unbound
(3) Services mayonlybeprovided byfinancial
institutions
(4) Unbound except asindicated inPartI(1) None
(2) None
(3) None
(4) Unbound except asindicated inPartI
(f) Lending ofalltypes,
including consumer
credit, mortgage, credit,
factoring andfinancing
ofcommercial
transaction(1) Unbound
(2) Unbound
(3) Factoring: None
Other services: services mayonlybe
provided byfinancial institutions
(4) Unbound except asindicated inPartI(1) None
(2) None
(3) None
(4) Unbound except asindicated inPartI
GATS/SC/40/Suppl.1
Page3HUNGARY (continued)GATS/SC/40/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
(g) Financial leasing (1) Leasing operations aresubject to
authorization from theNational Bank
(2) None
(3) None
(4) Unbound except asindicated inPartI(1) None
(2) None
(3) None
(4) Unbound except asindicated inPartI
(h) Allpayment andmoney
transmission services,
including credit, charge
anddebit cards,
travellers cheques and
bankers drafts(1) Unbound
(2) Unbound
(3) None
(4) Unbound except asindicated inPartI(1) None
(2) None
(3) None
(4) Unbound except asindicated inPartI
(i) Guarantees and
commitments(1) Purchasing ofsuch services issubject to
licensing
(2) Purchasing ofsuch services issubject to
licensing
(3) Services mayonlybeprovided byfinancial
institutions
(4) Unbound except asindicated inPartI(1) None
(2) None
(3) None
(4) Unbound except asindicated inPartIHUNGARY (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
(j) Trading forownaccount
orforaccount of
customers, whether on
anexchange, inanover-
the-counter market or
otherwise, thefollowing:
(i)money market
instruments
(including cheques,
bills, certificates of
deposits);
(ii)foreign exchange;
(iii)derivative products
including, butnot
limited to,futures
andoptions;(1) Unbound
(2) Unbound
(3) None other than: Iftraded forown
account, services mayonlybeprovided by
financial institutions
(4) Unbound except asindicated inPartI(1) None
(2) None
(3) None
(4) Unbound except asindicated inPartI
(iv)exchange rateand
interest rate
instruments,
including products
such asswaps,
forward rate
agreements;
(v)transferable
securities.
GATS/SC/40/Suppl.1
Page5HUNGARY (continued)GATS/SC/40/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
(k) Participation inissues of
allkinds ofsecurities,
including underwriting
andplacement asagent
(whether publicly or
privately) andprovision
ofservices related to
such issues(1) Unbound
(2) Unbound
(3) None
(4) Unbound except asindicated inPartI(1) None
(2) None
(3) None
(4) Unbound except asindicated inPartI
(l) Money broking (1) Unbound
(2) Unbound
(3) Services mayonlybeprovided byfinancial
institutions
(4) Unbound except asindicated inPartI(1) None
(2) None
(3) None
(4) Unbound except asindicated inPartI
(m) Asset management, such
ascashofportfolio
management, allforms
ofcollective investment
management, pension
fund management,
custodial, depository and
trustservices;(1) Unbound
(2) Unbound
(3) None other than: custodial services may
onlybeprovided byfinancial institutions
(4) Unbound except asindicated inPartI(1) None
(2) None
(3) None
(4) Unbound except asindicated inPartI
(n) Settlement andclearing
services forfinancial
assets, including
securities, derivative
products, andother
negotiable instruments;(1) Unbound
(2) Unbound
(3) None
(4) Unbound except asindicated inPartI(1) None
(2) None
(3) None
(4) Unbound except asindicated inPartIHUNGARY (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
(o) Provision andtransfer of
financial information,
andfinancial data
processing andrelated
software bysuppliers of
other financial services;(1) None
(2) None
(3) None
(4) Unbound except asindicated inPartI(1) None
(2) None
(3) None
(4) Unbound except asindicated inPartI
(p) Advisory, intermediation
andother auxiliary
financial services onall
theactivities listed in
sub-paragraphs (e)to(o),
including credit reference
andanalysis, investment
andportfolio research
andadvice, advice on
acquisitions andon
corporate restructuring
andstrategy(1) None
(2) None
(3) None
(4) Unbound except asindicated inPartI(1) None
(2) None
(3) None
(4) Unbound except asindicated inPartI
GATS/SC/40/Suppl.1
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