WORLD TRADE
ORGANIZATIONS/DCS/W/BHR
24 January 2003
(03-0459)
Trade in Services Original:  English
BAHRAIN
Draft consolidated Schedule of Specific Commitments1
Attached is a draft consolidated version of the Schedule of Specific Commitments of Bahrain
in word format.  This document  does not substitute for the legally binding commitments undertaken
by Bahrain in its Schedule of Specific Commitments (GATS/SC/97; GATS/SC/97/Suppl.1)
The draft consolidated version of the Schedule wa s prepared by the Secretariat, at the request
of Members, to facilitate the process of negotiations, including the presentation of initial offers.
                                                          
1 This document has been prepared, in English only, under the Secretariat's own responsibility and without prejudice
to the positions of Members and to their rights and obligations under the WTO.S/DCS/W/BHR
Page 2BAHRAIN - SCHEDULE OF SPECIFIC COMMITMENTS
Mode of Supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
I. HORIZONTAL COMMITMENTS
ALL SECTORS
INCLUDED IN THIS
SCHEDULE
3) Entry is permitted only in the form of a Joint
Stock Company.3) Acquisition of land or property is not allowed.
II. SECTOR SPECIFIC COMMITMENTS
7. FINANCIAL SERVICES
A. All Insurance and
Insurance-Related services
(Offshore only)
(a)  Life, Accident and health
insurance services
(b)  Non-life insurance services
(c) Reinsurance and 
retrocession
(d) Services auxiliary to
insurance (includingbroking and agency
services)1) None
2) None
3) None
4) Unbound1) None
2) None
3) None
4) Unbound
B. Reinsurance and 
Retrocession1) None
2) None3) None
4) Unbound1) None
2) None3) None
4) Unbound
All Sectors Entry is permitted only in the form of a joint
stock companyAcquisition of land or property is not allowed.S/DCS/W/BHR
Page 3Mode of Supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
B  Banking and Other Financial Services (excluding insurance)
The commitments on financial services are made in accordance with the GATS and the Annex on Financial Services.  All the commit ments in this Schedule are subject
to domestic laws of Bahrain, as well as any guidelines, rules, regulations, terms and conditions of the Bahrain Monetary Agency  (BMA) and/or any other relevant 
authority or body in Bahrain, which are consistent with Article VI of the GATS and paragraph 2 of the Annex on Financial Servic es.  In particular, these commitments 
are subject to the Bahrain Monetary Agency Law (Amiri Decree - Law No. (23) of 1973), the Commercial Companies Law (Amiri Decre e - Law No. (28) of 1975), the
Labour Law for the Private Sector (Amiri Decree - Law No. (23) of 1976), the Bahrain Stock Exchange Law (Amiri Decree - Law No.  (4) of 1978), and the Land 
Registration Law (Amiri Decree - Law No. (15) of 1979) as amended from time to time, and to all regulations and directives issu ed pursuant to such laws from time to 
time.  Furthermore, these commitments are subject to the Standard Conditions and Licensing Criteria for each category of licenc e currently offered by the BMA and to 
any restrictions imposed on any such licence including, in particular and unless otherwise permitted by the BMA, restrictions i mposed on Offshore Banking Units 
(OBUs) and Investment Banks (IBs) dealing with residents of Bahrain.
(a) Acceptance of deposits and
other repayable funds from
the public.1) Undertaking this activity (including soliciting
and advertising) in/from Bahrain requires a
licence from the BMA.
2) None3) Unbound save as provided for in the headnote
for Banking and Other Financial Servicesabove and in respect of the measures detailed
below.  Licence required from BMA.1) None
2) None
3) For foreign branches of FCBs, unbound for
sub-branching.
Foreign banks may establish as localsubsidiaries or branches.  Foreign ownershipof locally incorporated banks restricted to
49% if business is to be undertaken "onshore"
Bahrain (i.e. with residents of Bahrain).  100%foreign ownership permitted if business is tobe undertaken "offshore" Bahrain (i.e. withnon-residents of Bahrain).S/DCS/W/BHR
Page 4Mode of Supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
No banking activities to be undertaken by a
limited liability company (WLL).
4) Unbound save as provided for in the headnote
for Banking and Other Financial Servicesabove.4) Unbound save as provided for in the headnote 
for Banking and Other Financial Services above.
(b) Lending of all types,
including consumer credit,mortgage credit, factoringand financing of
commercial transaction.1) As for (a) 1) above for this activity.
2) None3) As for (a) 3) above for this activity.
4) Unbound save as provided for in the headnote
for Banking and Other Financial Servicesabove.1) None
2) None
3) As for (a) 3) above for this activity.  Unbound
for ownership of property in Bahrain.
4) Unbound save as provided for in the headnote
for Banking and Other Financial Servicesabove.
(c) Financial leasing. 1) As for a) 1) above for this activity.
2) None
3) As for (a) 3) above for this activity.4) Unbound save as provided for in the headnote
for Banking and Other Financial Servicesabove.1) None
2) None
3) Unbound4) Unbound save as provided for in the headnote
for Banking and Other Financial Servicesabove.
(d) All payment and money
transmission services,including credit, charge anddebit cards, travellerscheques and bankers drafts.1) As for a) 1) above for this activity.
2) None3) As for (a) 3) above for this activity.4) Unbound save as provided for in the headnote
for Banking and Other Financial Services
above.1) None
2) None3) As for (a) 3) above for this activity.4) Unbound save as provided for in the headnote
for Banking and Other Financial Services 
above.
(e) Guarantees and 
commitments1) As for a) 1) above for this activity.
2) None3) As for a) 3) above for this activity.4) Unbound save as provided for in the headnote
for Banking and Other Financial Services
above.1) None
2) None3) As for a) 3) above for this activity.4) Unbound save as provided for in the headnote
for Banking and Other Financial Services
above.S/DCS/W/BHR
Page 5Mode of Supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
(f) Trading for own account or
for account of customers
- money market instruments
(including cheques, bills,certificates of deposits)
- foreign exchange1) Unbound for equity and other securities listed
on the BSE.  Licence required from BMA ifactivity is undertaken in/from Bahrain forcustomers' account.1) Unbound
- derivative products
including, but not limitedto, futures and options
- exchange rate and interest
rate instruments, includingproducts such as swaps,forward rate agreements
- transferable securities2) Unbound for equity and other securities listed
on the BSE.
3) As for a) 3) above for this activity.
Transactions on the Bahrain Stock Exchange
(BSE) must be through a licensed Stock
Broker.  Transactions for listed Bonds andWarrants can be done OTC.  Stock Brokersand Market Makers for securities on the2) Unbound
3) None (except as indicated in the Market Access
Column).
- other negotiable
instruments and financialassets, including bullion.Bahrain Stock Exchange must be either
Bahraini nationals (individuals or locallyincorporated companies with a minimum of51% Bahraini ownership) and be resident inBahrain, or be branches of foreign companies
undertaking such business in international
securities..
A Money Broker must be locally incorporatedwith 51% Bahraini ownership and requires alicence from the BMA.
4) Unbound save as provided for in the headnote
for Banking and Other Financial Servicesabove.4) Unbound save as provided for in the headnote
for Banking and Other Financial Servicesabove.S/DCS/W/BHR
Page 6Mode of Supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
(g) Participation in issues of all
kinds of securities,including underwriting andplacement as agent(whether publicly orprivately) and provision of
services related to such
issues.1) Unbound for equity and other securities listed
on the BSE.  Licence required from BMA ifactivity is undertaken in/from Bahrain forcustomers' account.
2) Unbound for equity and other securities listed
on the BSE.
3) Licence required from BMA if activity is
undertaken in/from Bahrain.  Unbound forequity and other securities listed on the BSE.
4) Unbound save as provided for in the headnote
for Banking and Other Financial Servicesabove.1) Unbound
2) Unbound
3) None (except as indicated in Market Access
column).
4) Unbound save as provided for in the headnote
for Banking and Other Financial Servicesabove.
(h) Money broking. 1) None
2) None3) Licence required from BMA.  A Money
Broker must be locally incorporated with 51%Bahraini ownership.
4) Unbound save as provided for in the headnote
for Banking and Other Financial Services
above.1) None
2) None3) None (except as indicated in Market Access
column).
4) Unbound save as provided for in the headnote
for Banking and Other Financial Services
above.
(i) Asset management, such as
cash or portfolio
management, all forms of
collective investmentmanagement, pension fundmanagement, custodial,depository and trustservices.1) As for a) 1) above for this activity.  Unbound
for BSE listed equity and other securities.
2) Unbound for BSE listed equity and other
securities.
3) Licence required from the BMA.
For depository services in respect of BSElisted equity and other securities, approvalrequired from the BSE.1) Unbound
2) Unbound
3) No limited liability companies (WLLs) can
undertake making investments on behalf ofthird persons.
4) Unbound save as provided for in the headnote
for Banking and Other Financial Servicesabove.4) Unbound save as provided for in the headnote
for Banking and Other Financial Servicesabove.S/DCS/W/BHR
Page 7Mode of Supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
(j) Settlement and clearing
services for financial assets,including securities,derivative products, andother negotiableinstruments.1) Unbound for BD cheques, must be through
BMA.  For BSE listed equity and othersecurities, must be through BSE.
2) Unbound for BD cheques, must be through
BMA.  For BSE listed equity and othersecurities, must be through BSE.
3) Unbound for BD clearing.
4) Unbound save as provided for in the headnote
for Banking and Other Financial Servicesabove.1) None (except as indicated in Market Access
column).
2) None (except as indicated in Market Access
column).
3) None (except as indicated in Market Access
column).
4) Unbound save as provided for in the headnote
for Banking and Other Financial Servicesabove.
(k) Provision and transfer of
financial information, andfinancial data processingand related software bysuppliers of other financialservices.1) Unbound for BSE listed equity and other
securities.
2) Unbound for BSE listed equity and other
securities.
3) Unbound for BSE listed equity and other
securities.  Licence from the Ministry of
Cabinet Affairs and Information and the
Ministry of Transportation required forprovision and transfer of financialinformation.  Confidentiality requirements forbanks' customers set by the Agency apply.
4) Unbound save as provided for in the headnote
for Banking and Other Financial Servicesabove.1) Unbound for BSE listed equity and other
securities.
2) Unbound for BSE listed equity and other
securities.
3) None (except as indicated in the market access
columns).
4) Unbound save as provided for in the headnote 
for Banking and Other Financial Services above.S/DCS/W/BHR
Page 8Mode of Supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
(l) Advisory, intermediation
and other auxiliaryfinancial services on all theactivities listed insubparagraphs a) through k)above, including credit
reference and analysis,
investment and portfolioresearch and advice, adviceon acquisitions and oncorporate restructuring andstrategy.1) As for a) 1) above for this activity.
2) None3) Investment Advisers and Representative
Offices require licence to undertake activitiesin/from Bahrain.  Credit referencing agenciesshould adhere to requirements for
confidentiality set by the BMA for banks'
customers.
4) Unbound save as provided for in the headnote
for Banking and Other Financial Servicesabove.1) None
2) None3) None
4) Unbound save as provided for in the headnote
for Banking and Other Financial Servicesabove.
__________