WORLD TRADE GATS/SC/78/Suppl.3
26February 1998
ORGANIZATION(98-0776)
Trade inServices
SOUTH AFRICA
Schedule ofSpecific Commitments
Supplement 3
(This isauthentic inEnglish only)
____________________
Thistextreplaces thefinancial services section contained indocument GATS/SC/78/Suppl.1.GATS/SC/78/Suppl.3
Page2SOUTH AFRICA
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 andInsurance
Related Services
(a) Direct lifeinsurance
(CPC 8121 +)
(b) Direct non-life insurance
(CPC 8129 +)
(c) Reinsurance
(CPC 81299 +)
(d) Insurance intermediation
andauxiliary services
(CPC 8140)(1) Unbound
(2) None
(3) Allinsurers/reinsurers (andinsurers on
whose behalf policies aresold) need tobe
incorporated asapublic company in
South Africa andregistered withthe
supervisory authority tocarry on
insurance business inSouth Africa.
Theacquisition ofshares oranyother
interest (byaresident ornon-resident) in
aregistered insurer resulting inthe
holding of25percentormore ofthe
value ofalltheshares orother interest in
thatbusiness, requires thewritten
approval oftheRegistrar ofInsurance.
Theexecutive chairman, public officer
andthemajority ofdirectors must be
resident inSouth Africa.
Lifeinsurance actuaries must alsobe
resident inSouth Africa.
(4) Unbound, except asindicated inthe
horizontal section.(1) Unbound
(2) None
(3) None
(4) Unbound, except asindicated inthe
horizontal section.GATS/SC/78/Suppl.3
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
B. Banking andother Financial
Services
(a) Accepting ofdeposits and
other repayable funds from
thepublic
(CPC 81115 to81119)(1) Unbound
(2) Unbound, except forprovision and
transfer offinancial information and
financial dataprocessing.(1) Unbound
(2) Unbound
(b) Lending ofalltypes,
including, inter alia,
consumer credit, mortgage
credit, factoring and
financing ofcommercial
transactions
(CPC 8113)
(c) Financial Leasing
(CPC 8112)
(d) Allpayments andmoney
transmission services,
including credit, charge and
dedit cards, travellers
cheques andbank drafts
(CPC 81339 +)
(e) Guarantees and
commitments
(CPC 81199 +)(3) Dealings inforeign exchange inSouth
Africa must becarried outthrough a
dealer authorised bytheSAReserve
Bank. Only banks registered tooperate
inSouth Africa withtherequired
minimum capital baseareeligible toseek
authorization asaforeign exchange
dealer.
Companies involved inasset management,
collective investment schemes and
custodial services forsecurities and
financial instruments (including equities
andbonds) need tobeincorporated as
public companies inSouth Africa and
registered withthesupervisory authority
tocarry onbusiness inSouth Africa.
Trading fortheaccount ofcustomers ona
licensed exchange requires separately
capitalised incorporation inSouth Africa
asapublic orprivate company and
registration withtherelevant supervising
authority.
(4) Unbound, except asindicated inthe
horizontal section.(3) Branches ofbanks notincorporated in
South Africa must maintain aminimum
balance ofR1million onthedeposit
accounts ofnatural persons.
(4) Unbound, except asindicated inthe
horizontal section.GATS/SC/78/Suppl.3
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
(f) Trading forownaccount or
foraccount ofcustomers
thefollowing:
(i)Money markets
instruments
(CPC 81339+)
(ii)Foreign exchange
(CPC 81333)
(iii)Derivative products
(CPC 81339 +)
(iv)Exchange rateand
interest rate
instruments
(CPC 81339 +)
(v)Transferable securities
(CPC 81321 +)
(vi)Other negotiable
instruments
(CPC 81339 +)
(g) Participation inissues ofall
kinds ofsecurities,
including underwriting and
placement asanagent
(CPC 8132 +)
(h) Money broking
(CPC 81339 +)GATS/SC/78/Suppl.3
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
(i) Asset management, such as
cashorportfolio
management, allforms of
collective investment
management, custodial
depository andtrust
services
(CPC 8119 +and81323+)
(j) Settlement andclearing
services forfinancial assets,
including securities,
derivative products and
other negotiable instruments
(k) Provision andtransfer of
financial information, and
financial dataprocessing
andrelated software by
providers ofother financial
services
(CPC 8131+)
(l) Advisory andother
auxiliary financial services
onalltheactivities listed in
subparagraphs (v)through
(xv)ofparagraph 5.(a) of
theAnnex onFinancial
Services.
(CPC 8131+ and8133+)