RESTRICTED
WORLD TRADE GATS/SC/90/Suppl.1
28July1995
ORGANIZATION
(95-2789)
Trade inServices
THE UNITED STATES OFAMERICA
Schedule ofSpecific Commitments
Supplement 1
(This isauthentic inEnglish only)
____________________
Thistextreplaces theFinancial Services section contained inpages 54to69ofdocument
GATS/SC/90.THE UNITED STATES OFAMERICA -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. INSURANCE: (Limited toInsurance):
1.Commitments inthissubsector areundertaken pursuant tothealternative approach toscheduling commitments setforth intheUnderstanding onCommitments inFinancial
Services.
2.Thissubsector shall beunbound withrespect tomarket access through modes 1and3fortheexpansion ofexisting operations, theestablishment ofanewcommercial
presence (inmode 3only) ortheconduct ofnewactivities.
Direct Insurance
a) Life, Accident, andHealth
Insurance Services (except
workers compensation
insurance)
b) Non-Life Insurance Services1) Government-owned orgovernment-controlled
insurance companies, whether USorforeign,
arenotauthorized toconduct business in:
Alabama, Alaska, Arkansas, California,
Colorado, Connecticut, Delaware, Georgia,
Hawaii, Idaho, Kansas, Kentucky, Maryland,
Nevada, New York (non-life companies are
authorized; lifeandhealth companies arenot),
North Carolina, North Dakota, Oklahoma,
Oregon, Pennsylvania, Rhode Island, South
Dakota, Tennessee, Washington, West Virginia,
Wyoming.1) Aonepercentfederal excise taxisimposed
onalllifeinsurance premiums andafour
percentfederal excise taxisimposed onall
non-life insurance premiums covering US
risks thatarepaidtocompanies not
incorporated under USlaw,except for
premiums thatareearned bysuch companies
through anoffice ordependent agent inthe
United States.
When more than50percentofthevalue of
amaritime vessel whose hullwasbuilt under
federally guaranteed mortgage funds is
insured byanon-US insurer, theinsured
must demonstrate thattheriskwas
substantially firstoffered intheUSmarket.
2) None 2) None
GATS/SC/90/Suppl.1
Page1UNITED STATES OFAMERICA (continued)GATS/SC/90/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
3) Government-owned orgovernment-controlled
insurance companies, whether USorforeign,
arenotauthorized toconduct business in:
Alabama, Alaska, Arkansas, California,
Colorado, Connecticut, Delaware, Georgia,
Hawaii, Idaho, Kansas, Kentucky, Maryland,
Nevada, New York (non-life companies are
authorized; lifeandhealth companies arenot
authorized), North Carolina, North Dakota,
Oklahoma, Oregon, Pennsylvania, Rhode Island,
South Dakota, Tennessee, Washington, West
Virginia, Wyoming.3) None
Branches arenotpermitted toprovide surety
bonds forUSfederal government contracts.
Thefollowing states have nomechanism for
licensing initial entry ofanon-US insurance
company asasubsidiary, unless thatcompany is
already licenced insome other USstate:
Minnesota, Mississippi, andTennessee.UNITED STATES OFAMERICA (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
Thefollowing states have nomechanism for
licensing initial entry ofanon-US insurance
company asabranch, unless thatcompany is
already licenced insome other USstate:
Arkansas, Arizona, Georgia, Hawaii, Kansas,
Minnesota, Nebraska, New Jersey, North
Carolina, Pennsylvania, Tennessee, Utah,
Vermont, Wisconsin, Wyoming, West Virginia.
UScitizenship isrequired formembers ofthe
board ofdirectors oflocally established and
licenced companies inthefollowing states andin
thefollowing shares ornumbers: 100percent
required inLouisiana; three-quarters in
Washington (formutual lifecompanies);
two-thirds required inOklahoma (forstock and
mutual companies) andPennsylvania; amajority
required inCalifornia (formutual insurers
operating asauthorized insurers onlyinthestate
ofCalifornia), Florida (forstock andmutual
insurers), Georgia (forstock andmutual
insurers), Idaho (forstock andmutual insurers),
Indiana, Kansas (forstock insurers), Kentucky,
Mississippi, Ohio (forlegal reserve life
insurers), South Dakota (except ifmore than
1000 persons areentitled tovotefortheboard
ofdirectors andamajority ofthevoters reside
GATS/SC/90/Suppl.1
Page3UNITED STATES OFAMERICA (continued)GATS/SC/90/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
outside thestate, orlessthanonepercentofthe
shares areowned bystate residents), Wyoming
(foraninsurer operating asanauthorized
insurer onlyinWyoming); seven inTennessee
(formutual lifeinsurance companies; three in
Illinois (forstock, mutual, orlegal reserve
insurers) andMissouri (lifeandaccident).UNITED STATES OFAMERICA (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
UScitizenship forincorporators ofinsurance
companies isrequired inthefollowing states and
inthefollowing percentages ornumbers: 100
percentinHawaii, Idaho (forstock ormutual
insurer), Indiana, South Dakota andWashington;
two-thirds inArizona (forstock andmutual
insurers), Georgia (forstock andmutual
insurers); amajority inAlaska, Florida (for
stock andmutual insurers), Kansas (alllife
insurance companies andmutual insurers other
thanlife), Kentucky (formutual orstock
insurers); Montana (stock ormutual insurers),
Wyoming (forreserve stock andmutual
insurers).
State residency isrequired inthefollowing states
fortheorganizing members ofthefollowing
types ofmutual insurance companies: California
(county mutual fireinsurer); Idaho (allmutuals);
Kansas (allmutuals); New Jersey (allmutuals);
Minnesota (township mutuals, farmers mutual
fireinsurance companies); Mississippi (all
mutuals); Montana (farm mutual insurer);
Vermont (firecooperatives); Wyoming (farm
mutual insurer).
GATS/SC/90/Suppl.1
Page5UNITED STATES OFAMERICA (continued)GATS/SC/90/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
Seven ormore UScitizens, amajority ofwhom
areresidents ofthestate, mayorganize a
fraternal benefit society inthefollowing states:
Alaska, Arkansas, California, Delaware,
Florida, Idaho, Illinois, Indiana, Iowa, Kansas,
Kentucky, Maine, Maryland, Michigan,
Minnesota, Mississippi, Missouri, Montana,
Nebraska, New Jersey, Oklahoma (requires 10
ormore UScitizens, amajority ofwhom are
residents ofthestate), Oregon, Pennsylvania,
Virginia, Vermont, Washington, West Virginia
andWyoming.
Twenty-five ormore persons domiciled inthe
state mayorganize adomestic reciprocal insurer
in:Arkansas, California, Delaware, Georgia,
Idaho, Indiana, Kentucky, Maine, Maryland,
Mississippi, Montana, Pennsylvania, Tennessee,
Vermont, Virginia, Washington andWyoming.
4) Unbound, except asindicated inthehorizontal
section4) Unbound, except asindicated inthe
horizontal sectionUNITED STATES OFAMERICA (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
c) Reinsurance &Retrocession 1) Government-owned orgovernment-controlled
insurance companies, whether USorforeign,
arenotauthorized toconduct business in:
Alabama, Alaska, Arkansas, Colorado,
Connecticut, Delaware, Georgia, Hawaii, Idaho,
Kansas, Kentucky, Maryland, Nevada, New
York (non-life companies areauthorized; life
andhealth companies arenot), North Carolina,
North Dakota, Oklahoma, Oregon,
Pennsylvania, Rhode Island, South Dakota,
Tennessee, Washington, West Virginia,
Wyoming.
Insurance companies incorporated inNevada
maypurchase reinsurance onlyfrom aninsurer
admitted toNevada. Unbound forMaine forthe
provision ofreinsurance forworkers '
compensation.1) Aonepercentfederal excise taxisimposed
onallpremiums covering USrisks thatare
paidtocompanies notincorporated under US
law,except forpremiums thatareearned by
such companies through anoffice or
dependent agent intheUnited States.
InTexas, total direct reinsurance ofmutual
lifeinsurance companies maynotbeentered
intowithnon-US companies.
2) Insurance companies incorporated inNevada
maypurchase reinsurance onlyfrom aninsurer
admitted toNevada. Unbound forMaine forthe
provision ofreinsurance forworkers '
compensation.2) None
GATS/SC/90/Suppl.1
Page7UNITED STATES OFAMERICA (continued)GATS/SC/90/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
3) Government-owned orgovernment-controlled
insurance companies, whether USorforeign,
arenotauthorized toconduct business in:
Alabama, Alaska, Arkansas, Colorado,
Connecticut, Delaware, Georgia, Hawaii, Idaho,
Kansas, Kentucky, Maryland, Nevada, New
York (non-life companies areauthorized; life
andhealth companies arenot), North Carolina,
North Dakota, Oklahoma, Oregon,
Pennsylvania, Rhode Island, South Dakota,
Tennessee, Washington, West Virginia,
Wyoming.
Thefollowing states have nomechanism for
licensing initial entry ofanon-US insurance
company asasubsidiary, unless thatcompany is
already licenced insome other USstate:
Minnesota, Mississippi, andTennessee. After a
licence isobtained insome other USstate,
licensing andentry intothestates listed above is
permitted.3) NoneUNITED STATES OFAMERICA (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
Thefollowing states have nomechanism for
licensing initial entry ofanon-US insurance
company asabranch, unless thatcompany is
already licenced insome other USstate:
Arkansas, Arizona, Georgia, Kansas,
Minnesota, Nebraska, New Jersey, North
Carolina, Pennsylvania, Tennessee, Utah,
Vermont, Wisconsin, Wyoming, West Virginia.
After alicence isobtained insome other US
state, licensing andentry intothestates listed
above ispermitted.
4) Unbound, except asindicated inthehorizontal
section4) Unbound, except asindicated inthe
horizontal section
GATS/SC/90/Suppl.1
Page9UNITED STATES OFAMERICA (continued)GATS/SC/90/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
d) Services Auxiliary to
Insurance:
(applicable tosub-sectors i),
ii)andiii)below)1),3) Nonresident licenses arenotissued to
individuals notlicensed inanother USstate
inConnecticut
(producers/adjusters/appraisers/consul-
tants/brokers/reinsurance intermediary),
Colorado (reinsurance intermediary),
California (agents/brokers), Delaware
(broker/agent/reinsurance intermediary),
Georgia (counsellor/adjuster), Florida
(agent/broker), Illinois (producers/
adjusters/reinsurance intermediaries),
Indiana (agent/broker), Kentucky
(agent/broker), Maine (agent/broker),
Maryland (agent/broker/insurance
advisor/reinsurance agent/reinsurance
broker), Mississippi (agent/broker),
Missouri (brokers), Montana (producer 's
license/agent/broker), Nevada
(solicitor/adjuster/property bondsman/bail
solicitor), New Jersey (agent/broker), New
Mexico (bailbondsmen/solicitors/broker
agent)UNITED STATES OFAMERICA (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
Nebraska (producer 'slicense/agent/broker),
New York (reinsurance intermediary), North
Carolina (reinsurance intermediary), Oregon
(adjuster/consultant/reinsurance intermediary),
Pennsylvania (adjuster/solicitor), South Dakota
(agent), Virginia (agents/brokers/consultants),
West Virginia (broker/reinsurance intermediary)
andTexas (agent/broker), Washington
(agent/broker).
GATS/SC/90/Suppl.1
Page11UNITED STATES OFAMERICA (continued)GATS/SC/90/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
i) Brokerage Services11),3) Brokerage licences arenotissued to
non-residents in:South Dakota, Wyoming.
Brokerage licences areissued to
non-residents foronlycertain lines of
insurance in:Alabama (allexcept life,
accident &health), Arkansas (property,
casualty, surety &marine), California,
Louisiana (property &casualty), New
Mexico (property &casualty).
Allstates require in-state residency for
surplus lines brokers.
2) None
4) Unbound, except asindicated inthehorizontal
section.1),3) Higher licence feesfornon-residents
maybecharged in:Alaska, Arizona,
Arkansas, California, Georgia, Hawaii,
Indiana, Kansas, Louisiana, Maine,
Maryland, Massachusetts, Montana,
Nebraska, Nevada, New Hampshire,
New Jersey, New Mexico, North
Carolina, North Dakota, Ohio,
Oklahoma, Pennsylvania, Rhode Island,
South Carolina, Utah, Vermont.
2) None
4) Unbound, except asindicated inthe
horizontal section.
1.Fortransparency purposes, itshould benoted thatbrokerage firms cangenerally offer services inmost states byobtaining licences as"brokers" andinother states byobtaining licences
tooperate as"agents". Brokerage licences arenotissued inFlorida, Iowa, Kentucky, Michigan, Minnesota, Mississippi, Oregon, Tennessee, Texas, Virginia, West Virginia, Wisconsin.UNITED STATES OFAMERICA (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
ii) Agency Services1),3) Agency licences areissued tonon-residents
foralloronlycertain lines ofinsurance in:
California, Florida (general lines, life&
health), Hawaii (property &operations),
Kentucky (general lines, life&health),
Louisiana (life&health), New Mexico (life
&health), Ohio (allexcept life&casualty),
Oregon, Rhode Island (allexcept general
lines).
Allstates require in-state residency for
surplus lines agents.
2) None
4) Unbound, except asindicated inthehorizontal
section1),3) Higher licence feesfornon-residents
maybecharged in:Alaska, Arizona,
Arkansas, California, Florida, Georgia,
Hawaii, Indiana, Iowa, Kansas,
Kentucky, Louisiana, Maine, Maryland,
Massachusetts, Mississippi, Montana,
Nebraska, Nevada, New Hampshire,
New Jersey, New Mexico, North
Dakota, Oklahoma, Pennsylvania,
Rhode Island, South Carolina, South
Dakota, Tennessee, Utah, Vermont,
Wisconsin, Wyoming.
2) None
4) Unbound, except asindicated inthe
horizontal section
GATS/SC/90/Suppl.1
Page13UNITED STATES OFAMERICA (continued)GATS/SC/90/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
iii) Consultancy, Actuarial, Risk
Assessment, andClaim
Settlement Services1),3) Licenses arenotissued tononresidents in:
Alabama (adjuster, solicitor, service
representative), Arizona (adjuster,
solicitor), California (adjuster, insurance
analyst, motor clubagents, bail
bondsman), Florida (customer
representative), Georgia (counselor,
adjuster), Hawaii (adjuster, solicitor), Idaho
(solicitor), Indiana (bail bondsmen),
Kentucky (adjuster), Maryland (adjuster),
Michigan (adjuster), Montana (adjuster),
Nevada (solicitor, adjuster, property
bondsman), New Jersey (consultant,
adjuster), New Mexico (solicitor), North
Carolina (limited representatives, adjusters,
motor vehicle damage appraisers,
professional bondsmen, runners), Oklahoma
(bail license), Oregon, Pennsylvania (motor
vehicle damage appraiser), Washington
(solicitor, adjuster), West Virginia
(adjuster, solicitor), andWyoming
(adjuster, solicitor).1),3) In-state residency isrequired for
licensure in:California (foradjusters;
andforlifeanddisability insurance
analysts), Georgia (forinspection when
notaccompanied byalicenced resident
adjuster), Illinois (fornon-resident
public adjusters whoarelicenced ina
state which does notpermit equal
treatment toIllinois residents),
Mississippi (forindependent adjusters),
andNevada (forappraisers and
adjusters).UNITED STATES OFAMERICA (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
UScitizenship isrequired forlicensure in:
Alabama (foragents, brokers, solicitors,
managing general agents andservice
representatives), Idaho (foragents, brokers,
solicitors andsurplus lines brokers),
Missouri (forbrokers), Nebraska (for
brokers), New Mexico (forsolicitors and
bailbondsmen), Ohio (forsurplus lines
brokers) andOklahoma (forbaillicense).
2) None
4) Unbound, except asindicated inthehorizontal
section.2)None
4)Unbound, except asindicated inthehorizontal
section
GATS/SC/90/Suppl.1
Page15UNITED STATES OFAMERICA (continued)GATS/SC/90/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
B. FINANCIAL SERVICES (LIMITED TOBANKING AND OTHER FINANCIAL SERVICES AND EXCLUDING INSURANCE):
1.Commitments inthese subsectors areundertaken inaccordance withtheUnderstanding onCommitments inFinancial Services (theUnderstanding). Specifically, market
access commitments under modes (a)-(d) assetforth inparagraph 2ofArticle IoftheAgreement areundertaken onlywithrespect totheUnderstanding andparagraph 1of
Article XVIoftheAgreement.
2.Thissubsector shall beunbound withrespect tomarket access through modes 1and3fortheexpansion ofexisting operations, theestablishment ofanewcommercial
presence (inmode 3only) ortheconduct ofnewactivities.
3.National treatment commitments aresubject tothefollowing limitation: National treatment willbeprovided according totheforeign bank's"home State" intheUnited
States, where applicable, asthatterm isdefined under theInternational Banking Act.1
4.Service suppliers choosing tosupply aservice through ajuridical person constituted under thelaws oftheUnited States aresubject tonon-discriminatory limitations
onjuridical form.2
5.Itisunderstood thatparagraph 4oftheUnderstanding does notrequire thatnon-resident financial service suppliers bepermitted tosolicit business, andno
commitment tosuch solicitation isundertaken.
1.Foreign banking organizations aregenerally subject togeographic limitations intheUnited States onanational treatment basis. Where geographic limits donotconform tonational
treatment, theyhavebeenreserved asmarket access restrictions. Forpurposes ofillustration, under thisapproach thefollowing situations donotaccord national treatment andaretherefore
scheduled aslimitations: 1)where aforeign bank from aparticular home State isaccorded lessfavorable treatment thanthataccorded toadomestic bank from thatState withrespect to
expansion bybranching, and2)where aforeign bank istreated lessfavorably thanadomestic bank holding company from theforeign bank'shome State withrespect toexpansion through
acquisition orestablishment ofabank subsidiary.
2.Forexample, partnerships andsoleproprietorships aregenerally notacceptable juridical forms fordepository financial institutions intheUnited States.UNITED STATES OFAMERICA (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
AllSubsectors, except as
specifically provided below
1),2),3) Michigan limits, according tothecountry of
their home charters, thebanks inwhich corporate
credit unions mayplace deposits.1) None
2) None
GATS/SC/90/Suppl.1
Page17UNITED STATES OFAMERICA (continued)GATS/SC/90/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
3) Alldirectors ofanational bank must becitizens
unless anational bank isanaffiliate or
subsidiary ofaforeign bank, inwhich caseonly
amajority oftheboard need becitizens.
Foreign ownership ofEdge corporations is
limited toforeign banks andUSsubsidiaries of
foreign banks, while domestic non-bank firms
mayownsuch corporations.
Federal andstate lawdonotpermit acredit
union, savings bank, home loanorthrift
business intheUnited States tobeprovided
through branches ofcorporations organized
under aforeign country 'slaw.
Inorder toaccept ormaintain domestic retail
deposits oflessthan$100,000, aforeign bank
must establish aninsured banking subsidiary.
Thisrequirement does notapply toaforeign
bank branch thatwasengaged ininsured
deposit-taking activities onDecember 19,1991.3) Foreign banks arerequired toregister under
theInvestment Advisers Actof1940 to
engage insecurities advisory andinvestment
management services intheUnited States,
while domestic banks areexempt from
registration. Theregistration requirement
involves record maintenance, inspections,
submission ofreports andpayment ofafee.
Foreign banks cannot bemembers ofthe
Federal Reserve System, andthusmaynot
votefordirectors ofaFederal Reserve
Bank. Foreign-owned bank subsidiaries are
notsubject tothismeasure.
Branch, agency andrepresentative offices of
foreign banks arerequired tobecharged for
thecostofFederal Reserve examinations.UNITED STATES OFAMERICA (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) Unbound forinitial entry byestablishment or
acquisition ofstate chartered orlicensed banks
asindicated inthefollowing forms: California
(branch; alsosavings andloanassociation);
Connecticut (bank orholding company; also
credit union); Georgia (agency); Illinois
(branch); Kentucky (subsidiary); Louisiana
(agency); Massachusetts (subsidiary orbranch);
Michigan (agency); North Carolina (subsidiary,
branch, agency, orrepresentative office);
Pennsylvania (anydeposit-taking or
representative bank office); Texas (agency);
Washington (branch, agency, orrepresentative
office). Thelimitations inthisparagraph donot
apply toinitial establishment oracquisition ofa
national bank subsidiary, branch oragency bya
foreign person thatdoes notalready have a
banking presence intheUnited States, orto
interstate expansion.
GATS/SC/90/Suppl.1
Page19UNITED STATES OFAMERICA (continued)GATS/SC/90/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
Thefollowing states areunbound forthe
specified activities: Indiana (establishment of
service offices byforeign-owned credit unions);
Iowa (activities offoreign-owned savings and
loanassociations; foreign-owned bank ortrust
company acting asfiduciary; useofsatellite
banking terminals).UNITED STATES OFAMERICA (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
Initial entry orexpansion byaforeign person
(butnotadomestic person) through acquisition
orestablishment ofacommercial bank
subsidiary isprohibited orotherwise limited in
thefollowing states: Alabama; Arizona;
Arkansas; California (limit onforeign non-bank
ownership ofinternational banking corporation);
Colorado; Delaware; Indiana; Kansas;
Louisiana; Maryland; Michigan; Minnesota;
Mississippi; Montana; Nebraska; Nevada; New
Jersey; North Carolina; North Dakota; Ohio;
Oklahoma; Oregon; Pennsylvania; South
Carolina; Tennessee; Vermont; Virginia;
Washington; West Virginia; Wisconsin;
Wyoming. Thelimitations inthisparagraph do
notapply toestablishment oracquisition ofa
national bank subsidiary byaforeign person that
does notalready have abanking presence inthe
United States.
Thefollowing states limit initial entry or
expansion byaforeign person through
acquisition orestablishment ofthefollowing
entities: Delaware (savings andloan
associations); Ohio (savings andloan
associations; savings banks; credit unions);
GATS/SC/90/Suppl.1
Page21UNITED STATES OFAMERICA (continued)GATS/SC/90/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
Tennessee (savings andloanassociations;
savings banks; credit unions; trust companies);
Washington (savings andloanassociations;
savings banks; credit unions; trust companies).
Theboards ofdirectors ofdepository financial
institutions organized under thefollowing states '
laws aresubject tocitizenship requirements of
uptothespecified proportions: Alabama (all);
Colorado (3/4); District ofColumbia (all);
Florida (majority); Georgia (all); Indiana (3/4);
Iowa (majority); Kentucky (all); Louisiana (3/5);
Massachusetts (3/4); Mississippi (all); Missouri
(all); New Hampshire (majority); New Jersey
(all); New Mexico (3/4); New York (all;applies
alsototrustees ofmutual savings bank or
savings andloanassociations, andto
committees ofcredit unions); North Carolina
(3/4); North Dakota (majority); Ohio (3/4);
Oklahoma (majority); Oregon (majority);
Pennsylvania (all); South Dakota (3/4);
Tennessee (3/4); Vermont (2/3); Virginia
(majority); Wisconsin (2/3).UNITED STATES OFAMERICA (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
Citizenship isalsorequired fortheincorporators
ororganizers ofdepository financial institutions
organized under state law. Residence within a
state mayalsobe
required fordirectors, incorporators, organizers,
orexecutive committee members ofdepository
financial institutions organized under state law.
Citizenship isrequired toengage inspecified
activities inthefollowing states: Arizona
(collection agency); Indiana (collection agency);
Illinois (safe deposits); Nevada (collection
agency); Rhode Island (member ofmutual
savings bank).
GATS/SC/90/Suppl.1
Page23UNITED STATES OFAMERICA (continued)GATS/SC/90/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
Establishment ofadirect branch oragency bya
foreign bank islimited asspecified inthe
following states:
State branch licence subject tospecified
limitations --California (notrust/fiduciary
powers); Illinois (restricted toChicago business
district); Massachusetts; Oregon; Pennsylvania;
Washington (limited trust/fiduciary powers and
restricted tooneoffice perbank). These
limitations donotapply toFederal branches.
State branch licence notavailable, butstate
agency licence isinIdaho andMichigan.
Nostate branch oragency licence available --
Arizona; Arkansas; Colorado; Indiana; Iowa;
Maine; Minnesota; Montana; Nebraska; Nevada;
New Hampshire; New Mexico; North Dakota;
Ohio; Oklahoma; Rhode Island; South Carolina;
South Dakota; Tennessee; Utah; Vermont;
Virginia; Wisconsin. These limitations donot
apply toFederal offices.3) Texas allows pre-judgment seizure remedies
andcivildiscovery requests tobeapplied
against foreign bank agencies, while
subsidiaries areexempt.
Thefollowing states require direct branches
oragencies offoreign banks toregister
under securities broker-dealer orinvestment
adviser measures, while bank subsidiaries of
foreign banks areexempt from such
registration tothesame extent asdomestic
banks incorporated inthestate: Alabama;
Arizona; Arkansas; California; Connecticut;
Delaware; District ofColumbia; Georgia;
Idaho; Illinois; Iowa; Kansas; Kentucky;
Louisiana; Maine; Maryland; Mississippi;
Missouri; Montana; Nebraska; New
Hampshire; New Jersey; New Mexico; New
York; North Carolina; Ohio; Oklahoma;
Pennsylvania; South Dakota; Tennessee;
Texas; Vermont; Washington. These
limitations donotapply toFederally licenced
branches oragencies.UNITED STATES OFAMERICA (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
Branch licence notavailable butagency licence
is,subject toanyspecified limitations --
Delaware (state licence limited tooneoffice per
bank andcannot operate inamanner likely to
result inasubstantial detriment toexisting bank;
nofiduciary powers); Florida (available onlyto
aforeign bank withatleast $25million in
capital orthatisoneoffivelargest banks inits
home country); Georgia (available onlyto
foreign bank withatleast $50million inexcess
ofliabilities; nofiduciary andlimited other
powers); Hawaii (foreign bank must have $10
billion inassets andbeatleast 10years old;
limited fiduciary powers); Louisiana (limited to
parishes withmore than350,000 residents);
Mississippi; Missouri (nofiduciary powers);
Oklahoma (foreign bank must have atleast $25
million incapital or,inter alia, beoneoffive
largest banks initshome country; special asset
maintenance/capital equivalency rules apply, as
doother restrictions); Texas (oneoffice only,
limited tocounties withatleast 1.5million
residents; nofiduciary powers).Thefollowing states require direct branches
oragencies offoreign banks, butnotbank
subsidiaries offoreign banks, toregister or
obtain licences inorder toengage inthe
following activities: Arkansas (selling
checks; mortgage transactions); California
(selling payment instruments); Delaware
(sale orcashing ofchecks, drafts, money
orders; motor vehicle financing;
transportation ofmoney/valuables); Georgia
(mortgage lending/brokerage); Indiana
(money transmission; loanbrokerage);
Kansas (money transmission); Maryland
(selling payment instruments, traveler 's
checks); Massachusetts (check
selling/cashing; foreign transmittal agencies;
motor vehicle financing; insurance premium
financing; retail instalment sales/servicing;
residential realestate mortgage financing);
North Carolina (selling checks); Oklahoma
(selling checks); Pennsylvania (mortgage
banking/brokerage); Tennessee (money
transmission; residential lending/brokerage;
industrial loanandthrift activities); Texas
(currency
GATS/SC/90/Suppl.1
Page25UNITED STATES OFAMERICA (continued)GATS/SC/90/Suppl.1
Page26
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
exchange ortransmission --does notapply
toTexas agencies; selling checks); Virginia
(mortgage lending/brokerage; money
transmission; saleofmoney orders; check
cashing); Wisconsin (selling checks).
Nobranch orstate agency licence available --
Wyoming.
Nobranch oragency licence available --
Alabama; Kansas; Maryland; New Jersey; North
Dakota; West Virginia.Thefollowing states restrict various
commodities transactions byforeign bank
branches andagencies, butnotbyother
depository financial institutions: Arizona;
Idaho; Indiana; Iowa; Maine; Mississippi;
Missouri; Nebraska; New Hampshire;
Washington.
Offers andsales ofsecurities toforeign bank
branches andagencies inthefollowing states
aresubject toregistration/disclosure
requirements thatdonotapply ifthe
transaction involves other financial
institutions: Illinois; Indiana; Louisiana;
Montana; Nebraska; New Jersey; North
Dakota; Tennessee; Texas (applies to
branches andagencies ofallforeign financial
institutions).UNITED STATES OFAMERICA (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
Representative offices offoreign banks arenot
permitted inthefollowing states, orarelimited
asspecified: Arizona; Arkansas; Colorado;
Hawaii (foreign bank must have $10billion in
assets andbeatleast 10years old); Kansas;
Kentucky; Michigan; Mississippi; Montana;
Nevada; New Hampshire; New Jersey; North
Dakota; Ohio; Oklahoma (foreign bank must
have atleast $10million incapital or,inter alia,
beoneofthefivelargest banks initshome
country; special asset maintenance/capital
equivalency requirements mayapply); Oregon;
Rhode Island; South Carolina; South Dakota;
Tennessee; Utah; Vermont; Virginia; West
Virginia; Wisconsin; Wyoming. Other states
require incorporation ofrepresentative offices.
4) Unbound, except asindicated inthehorizontal
section.4) Unbound, except asindicated inthe
horizontal section.
GATS/SC/90/Suppl.1
Page27UNITED STATES OFAMERICA (continued)GATS/SC/90/Suppl.1
Page28
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
Trading ofSecurities and
Derivative Products andServices
Related Thereto; Participation in
Securities Issues1),2),3)
Federal lawprohibits theoffer orsaleof
futures contracts ononions, options contracts on
onions, andoptions onfutures contracts on
onions intheUnited States, andservices related
thereto.
Unbound fortheauthority toactasasoletrustee
ofanindenture forabond offering intheUnited
States.
Unbound withrespect totheuseofsimplified
registration andperiodic reporting forms for
securities issued bysmall business corporations.
4) Unbound, except asindicated inthehorizontal
section.1),3)
None (except asnoted intheheadnote
above)
4) Unbound, except asindicated inthe
horizontal section.
Participation inIssues of
Government Debt Securities1),2)None 1),2)None
3) Unbound forthegranting orcontinuation of
Federal Reserve designation asaprimary dealer
inUSgovernment debt.
4) Unbound, except asindicated inthe
horizontal section.3) None (except asnoted intheheadnote
above)
4) Unbound, except asindicated inthe
horizontal section.