WORLD TRADE GATS/SC/50/Suppl.1
26February 1998
ORGANIZATION(98-0655)
Trade inServices
MACAU
Schedule ofSpecific Commitments
Supplement 1
(This isauthentic inEnglish only)
____________________
Thistextreplaces theFinancial Services section contained inpages 1to6ofdocument
GATS/SC/50.GATS/SC/50/Suppl.1
Page2MACAU
SCHEDULE OFSPECIFIC COMMITMENTS
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orSub-sector Limitations onMarket Access Limitations onNational Treatment Additional
Commitments
7. FINANCIAL SERVICES
A. AllInsurance and
Insurance-Related Services
(a) Life, accident andhealth
insurance services; and
(b) Non-life insurance services.(1) Unbound
(2) None other thancompulsory insurances,
likethird party liability inrespect of
vehicles andpublicity andpropaganda
materials, employer 'sliability inrespect
ofemployees, professional liability of
travel agents, etc., must bepurchased
from insurers authorised tooperate in
Macau.(1) None
(2) None
(3) None other thanunder theMacau
Insurance Companies Ordinance onlya
corporate entity ispermitted toconduct
insurance business inMacau, after
obtaining thenecessary licence.
Commercial presence maybeintheform
ofalocally incorporated subsidiary,
branch orrepresentative office.
However, arepresentative office isnot
permitted tocarry oninsurance business.
(4) Unbound except fortransfer ofCEO,
alternate CEO, directors, specialists and
other staffwhoarenotavailable inthe
local labour market.(3) None other thanthegeneral-manager of
thebranch ofaninsurer incorporated
overseas must beresident inMacau.
(4) NoneGATS/SC/50/Suppl.1
Page3Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orSub-sector Limitations onMarket Access Limitations onNational Treatment Additional
Commitments
(c) Reinsurance and
retrocession.(1) None
(2) None
(3) None other thanunder theMacau
Insurance Companies Ordinance onlya
corporate entity ispermitted toconduct
reinsurance business inMacau.
Commercial presence ofreinsurers may
beintheform ofalocally incorporated
subsidiary, branch orrepresentative
office. However, arepresentative office
isnotpermitted toretain anyportion of
reinsurance premiums.
(4) Unbound except fortransfer ofCEO,
alternate CEO, directors, specialists and
other staffwhoarenotavailable inthe
local labour market.(1) None
(2) None
(3) None other thanthegeneral-manager of
theauthorised reinsurer hastoberesident
inMacau.
(4) None
(d) Services auxiliary to
insurance (including
broking andagency
services).(1) None, other thaninsurance intermediaries
(brokers, agents andsalesmen) need to
obtain licence prior tocommencement of
business.
(2) None
(3) None other thanonlyacompany canbe
permitted toactasabroker ora
corporate agent.(1) None other thanindividuals (agents and
salesmen) must beresidents inMacau.
(2) None
(3) None other thanthegeneral-manager or
representative ofanoverseas broker firm
orofthecorporate agent must beresident
inMacau.GATS/SC/50/Suppl.1
Page4Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orSub-sector Limitations onMarket Access Limitations onNational Treatment Additional
Commitments
(4) None inrelation toconsultancy services,
lossadjusters andother services which do
notinvolve theselling ofinsurance or
carrying onofinsurance intermediary
business. Unbound forother services in
thissubsector.(4) None
B. Banking andOther
Financial Services
(excluding insurance)
(a) Acceptance ofdeposits and
other repayable funds from
thepublic.(1) Unbound
(2) None
(3) None other thanthatcommercial presence
must taketheform ofbranch or
subsidiary, dulyauthorised tocarry onthe
activities ofabanking institution.
Under thepresent Financial System Act
ofMacau, banks incorporated overseas
mayapply foralicense tooperate afull-
licence oroffshore licence branch or
subsidiary.
Thepresent main authorization criterion
is:
-Adequacy oftheobjectives ofthe
applicant withtheeconomic and
financial policies pursued bythe
local government.(1) None
(2) None
(3) None other than: a)abank incorporated
overseas authorised under theFinancial
System Acttoopen abranch must appoint
achief executive officer andatleast one
alternate CEO, each ofwhom must be
resident inMacau; b)asubsidiary ofa
bank incorporated overseas authorised
under theFinancial System Actmust have
atleast 3directors, twoofwhom must be
residents inMacau.GATS/SC/50/Suppl.1
Page5Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orSub-sector Limitations onMarket Access Limitations onNational Treatment Additional
Commitments
Afull-licence branch orsubsidiary may
apply forauthorization toopen
sub-branches orbranches andtoinstall
ATMs.
Other thanbranch orsubsidiary, abank
incorporated overseas mayapply fora
authorization toopen arepresentative
office. Such office isprohibited from
taking deposits orfrom undertaking any
kindofbanking business.
(4) Unbound except fortransfer ofCEO,
alternate CEO, directors, specialists and
other staffwhoarenotavailable inthe
local labour market.(4) None
(b) Lending ofalltypes,
including inter alia,
consumer credit, mortgage
credit, factoring and
financing ofcommercial
transaction.(1) Unbound
(2) None
(3) None other thanthatcommercial presence
must taketheform ofanauthorised credit
institution.
(4) Unbound except fortransfer ofCEO,
alternate CEO, directors, specialists and
other staffwhoarenotavailable inthe
local labour market.(1) None
(2) None
(3) None other than: a)abank incorporated
overseas authorised under theFinancial
System Acttoopen abranch must appoint
achief executive officer andatleast one
alternate CEO, each ofwhom must be
resident inMacau; b)asubsidiary ofa
bank incorporated overseas authorised
under theFinancial System Actmust have
atleast 3directors, twoofwhom must be
residents inMacau.
(4) NoneGATS/SC/50/Suppl.1
Page6Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orSub-sector Limitations onMarket Access Limitations onNational Treatment Additional
Commitments
(c) Financial leasing. (1) Unbound
(2) None
(3) None other thanthatcommercial presence
must taketheform ofanauthorised credit
institution, oralocally incorporated
financial leasing company.(1) None
(2) None
(3) None other than: a)abank incorporated
overseas authorised under theFinancial
System Acttoopen abranch must appoint
achief executive officer andatleast on
alternate CEO, each ofwhom must be
resident inMacau; b)asubsidiary ofa
bank incorporated overseas orafinancial
leasing company authorised under
Financial System Actmust have atleast 3
directors, twoofwhom must beresidents
inMacau.
(4) Unbound except fortransfer ofCEO,
alternate CEO, directors, specialists and
other staffwhoarenotavailable inthe
local labour market.(4) NoneGATS/SC/50/Suppl.1
Page7Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orSub-sector Limitations onMarket Access Limitations onNational Treatment Additional
Commitments
(d) Allpayment andmoney
transmission services.(1) Unbound
(2) None
(3) None other thanthatcommercial presence
must taketheform of:a)anauthorised
branch ofabank incorporated overseas or
locally incorporated bank; b)an
authorised locally incorporated cash
remittance company.
(4) Unbound except fortransfer ofCEO,
alternate CEO, directors, specialists and
other staffwhoarenotavailable inthe
local labour market.(1) None
(2) None
(3) None other than: a)abank incorporated
overseas authorised under theFinancial
System Acttoopen abranch must appoint
achief executive officer andatleast one
alternate CEO, each ofwhom must be
resident inMacau; b)asubsidiary ofa
bank incorporated overseas authorised
under theFSA must have atleast 3
directors, twoofwhom must beresidents
inMacau; c)alocally incorporated cash
remittance company authorised under the
FSA must have onegeneral-manager
resident inMacau.
(4) NoneGATS/SC/50/Suppl.1
Page8Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orSub-sector Limitations onMarket Access Limitations onNational Treatment Additional
Commitments
(e) Guarantees and
commitments.(1) None
(2) None
(3) None other thanthatcommercial presence
must taketheform ofabranch or
subsidiary, dulyauthorised tocarry onthe
activities ofacredit institution.
(4) Unbound except fortransfer ofCEO,
alternate CEO, directors, specialists and
other staffwhoarenotavailable inthe
local labour market.(1) None
(2) None
(3) None other than: a)abank incorporated
overseas authorised under theFinancial
System Acttoopen abranch must appoint
achief executive officer andatleast one
alternate CEO, each ofwhom must be
resident inMacau; b)asubsidiary ofa
bank incorporated overseas authorised
under theFSA must have atleast 3
directors, twoofwhom must beresidents
inMacau;
(4) NoneGATS/SC/50/Suppl.1
Page9Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orSub-sector Limitations onMarket Access Limitations onNational Treatment Additional
Commitments
(f) Trading forownaccount or
foraccount ofcustomers,
whether onanexchange, in
anover-the-counter market
orotherwise, thefollowing:
-Money market
instruments (cheques,
bills, certificates of
deposits, etc.).
-Foreign exchange.
-Derivative products,
including butnot
limited to,futures and
options.
-Exchange rateand
interest rate
instruments, including
products such as
swaps, forward rate
agreements, etc.
-Transferable securities.
-Other negotiable
instruments and
financial assets,
including bullion.(1) Unbound
(2) None
(3) None other thanthatcommercial presence
must taketheform ofabranch or
subsidiary, dulyauthorised tocarry onthe
activities ofacredit institution.
(4) Unbound except fortransfer ofCEO,
alternate CEO, directors, specialists and
other staffwhoarenotavailable inthe
local labour market.(1) None
(2) None
(3) None other than: a)abank incorporated
overseas authorised under theFinancial
System Acttoopen abranch must appoint
achief executive officer andatleast one
alternate CEO, each ofwhom must be
resident inMacau; b)asubsidiary ofa
bank incorporated overseas authorised
under theFSA must have atleast 3
directors, twoofwhom must beresidents
inMacau;
(4) NoneGATS/SC/50/Suppl.1
Page10Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orSub-sector Limitations onMarket Access Limitations onNational Treatment Additional
Commitments
(g) Participation inissues ofall
kinds ofsecurities,
including under-writing
andplacement asagent
(whether ofservice related
tosuch issues publicly or
privately) andprovision of
services related tosuch
issues.(1) None
(2) None
(3) None other thanthatcommercial presence
must taketheform ofabranch or
subsidiary, dulyauthorised tocarry onthe
activities ofacredit institution.
(4) Unbound except fortransfer ofCEO,
alternate CEO, directors, specialists and
other staffwhoarenotavailable inthe
local labour market.(1) None
(2) None
(3) None other than: a)abank incorporated
overseas authorised under theFinancial
System Acttoopen abranch must appoint
achief executive officer andatleast one
alternate CEO, each ofwhom must be
resident inMacau; b)asubsidiary ofa
bank incorporated overseas authorised
under theFSA must have atleast 3
directors, twoofwhom must beresidents
inMacau;
(4) NoneGATS/SC/50/Suppl.1
Page11Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orSub-sector Limitations onMarket Access Limitations onNational Treatment Additional
Commitments
(h) Money broking. (1) None
(2) None
(3) None other thanthatcommercial presence
must taketheform ofabranch or
subsidiary, dulyauthorised tocarry onthe
activities ofacredit institution.
(4) Unbound except fortransfer ofCEO,
alternate CEO, directors, specialists and
other staffwhoarenotavailable inthe
local labour market.(1) None
(2) None
(3) None other than: a)abank incorporated
overseas authorised under theFinancial
System Acttoopen abranch must appoint
achief executive officer andatleast one
alternate CEO, each ofwhom must be
resident inMacau; b)asubsidiary ofa
bank incorporated overseas authorised
under theFSA must have atleast 3
directors, twoofwhom must beresidents
inMacau;
(4) NoneGATS/SC/50/Suppl.1
Page12Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orSub-sector Limitations onMarket Access Limitations onNational Treatment Additional
Commitments
(i) Asset management, such as
cashorportfolio
management, allforms of
collective investment
management, pension fund
management, custodial,
depository andtrust
services.(1) Unbound
(2) None
(3) None other thanthatcommercial presence
must taketheform ofabranch or
subsidiary, dulyauthorised tocarry out
theactivities ofacredit institution.
(4) Unbound except fortransfer ofCEO,
alternate CEO, directors, specialists and
other staffwhoarenotavailable inthe
local labour market.(1) None
(2) None
(3) None other than: a)abank incorporated
overseas authorised under theFinancial
System Acttoopen abranch must appoint
achief executive officer andatleast one
alternate CEO, each ofwhom must be
resident inMacau; b)asubsidiary ofa
bank incorporated overseas authorised
under theFSA must have atleast 3
directors, twoofwhom must beresidents
inMacau;
(4) NoneGATS/SC/50/Suppl.1
Page13Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orSub-sector Limitations onMarket Access Limitations onNational Treatment Additional
Commitments
(j) Settlement andclearing
services forfinancial assets,
including securities,
derivatives products, and
other negotiable
instruments.(1) Unbound
(2) None
(3) None other thanthatcommercial presence
must taketheform ofabranch or
subsidiary, dulyauthorised tocarry out
theactivities ofacredit institution.
(4) Unbound except fortransfer ofCEO,
alternate CEO, directors, specialists and
other staffwhoarenotavailable inthe
local labour market.(1) None
(2) None
(3) None other than: a)abank incorporated
overseas authorised under theFinancial
System Acttoopen abranch must appoint
achief executive officer andatleast one
alternate CEO, each ofwhom must be
resident inMacau; b)asubsidiary ofa
bank incorporated overseas authorised
under theFSA must have atleast 3
directors, twoofwhom must beresidents
inMacau;
(4) None
(k) Advisory andother
auxiliary financial services
onalltheactivities listed in
5(a)subparagraphs (v)to
(xv), oftheAnnex on
Financial Services,
including credit reference
andanalysis, investment
andportfolio research and
advice, advice on
acquisitions andon
corporate restructuring and
strategy.(1) None
(2) None
(3) None
(4) None(1) None
(2) None
(3) None
(4) NoneGATS/SC/50/Suppl.1
Page14Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orSub-sector Limitations onMarket Access Limitations onNational Treatment Additional
Commitments
(l) Provision andtransfer of
financial information, and
financial dataprocessing
andrelated software by
providers ofother financial
services.(1) None
(2) None
(3) None
(4) None(1) None
(2) None
(3) None
(4) None