RESTRICTED
WORLD TRADE S/FIN/W/12/Add.1/Rev.1
11December 1997
ORGANIZATION(97-5451)
Original: English Committee onTrade inFinancial Services
COMMUNICATION FROM THE EUROPEAN COMMUNITIES
AND THEIR MEMBER STATES
Revised Offer onFinancial Services
Revision
Thefollowing communication iscirculated attherequest oftheEuropean Communities and
theirMember States toMembers oftheCommittee onTrade inFinancial Services.
_____________
TheEuropean Communities andtheirMember States hereby present theirrevised offer for
specific commitments onfinancial services.
Therevised offer contains further improvements, aswellassome limited amendments of
clarificatory nature.
Thisrevised offerisconditional. TheEuropean Communities andtheirMember States retain
therighttomodify orwithdraw allorpartofthespecific commitments onfinancial services andto
listMFN exemptions, depending ontheprogress ofthenegotiations.S/FIN/W/12/Add.1/Rev.1
Page2EUROPEAN COMMUNITIES AND THEIR MEMBER STATES
REVISED OFFER -SPECIFIC COMMITMENTS ONFINANCIAL SERVICES
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
FINANCIAL SERVICES SECTOR1
1. TheCommunities andtheir Member States undertake commitments onFinancial Services inaccordance withtheprovisions ofthe"Understanding on
Commitments inFinancial Services" (theUnderstanding).
2. These commitments aresubject tothelimitations onmarket access andnational treatment inthe"allsectors" section ofthisschedule andtothose relating to
thesubsectors listed below.
3. Themarket access commitments inrespect ofmodes (1)and(2)apply onlytothetransactions indicated inparagraphs B.3andB.4ofthemarket access
section oftheUnderstanding respectively.
4. Notwithstanding note1.above, themarket access andnational treatment commitments inrespect ofmode (4)onfinancial services arethose inthe"all
sectors" section ofthisschedule, except forSweden inwhich casecommitments aremade inaccordance withtheUnderstanding .
5. Theadmission tothemarket ofnewfinancial services orproducts maybesubject totheexistence of,andconsistency with, aregulatory framework aimed at
achieving theobjectives indicated inArticle 2(a)oftheFinancial Services Annex.
6. Asageneral ruleandinanon-discriminatory manner, financial institutions incorporated inaMember State oftheCommunity must adopt aspecific legal
form.
1Unlike foreign subsidiaries, branches established directly inaMember State byanon-Community financial institution arenot,withcertain limited exceptions, subject toprudential
regulations harmonized atCommunity level which enable such subsidiaries tobenefit from enhanced facilities tosetupnewestablishments andtoprovide cross-border services
throughout theCommunity. Therefore, such branches receive anauthorization tooperate intheterritory ofaMember State under conditions equivalent tothose applied todomestic
financial institutions ofthatMember State, andmayberequired tosatisfy anumber ofspecific prudential requirements such as,inthecaseofbanking andsecurities, separate
capitalization andother solvency requirements andreporting andpublication ofaccounts requirements or,inthecaseofinsurance, specific guarantee anddeposit requirements, aseparate
capitalization, andthelocalization intheMember State concerned oftheassets representing thetechnical reserves andatleastonethird ofthesolvency margin. Member States may
apply therestrictions indicated inthisschedule onlywithregard tothedirect establishment from athird country ofacommercial presence ortotheprovision ofcross-border services
from athird country; consequently, aMember State maynotapply these restrictions, including those concerning establishment, tothird-country subsidiaries established inother
Member States oftheCommunity, unless these restrictions canalsobeapplied tocompanies ornationals ofother Member States inconformity withCommunity law.S/FIN/W/12/Add.1/Rev.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
A. Insurance and
Insurance-Related Services(1) A:Promotional activity and
intermediation onbehalf ofasubsidiary
notestablished intheCommunity orofa
branch notestablished inAustria (except
forreinsurance andretrocession) are
prohibited.
A:Compulsory airinsurance canbe
underwritten onlybyasubsidiary
established intheCommunity orbya
branch established inAustria.
DK: Compulsory airtransport insurance
canbeunderwritten onlybyfirms
established intheCommunity.(1) A:Higher premium taxisduefor
insurance contracts (except forcontracts
onreinsurance andretrocession) which
arewritten byasubsidiary notestablished
intheCommunity orbyabranch not
established inAustria. Exception from
thehigher taxcanbegranted.
DK: Nopersons orcompanies (including
insurance companies) mayforbusiness
purposes inDenmark assist ineffecting
direct insurance forpersons resident in
Denmark, forDanish ships orfor
property inDenmark, other than
insurance companies licensed byDanish
laworbyDanish competent authorities.
D:Compulsory airinsurance policies can
beunderwritten onlybyasubsidiary
established intheCommunity orbya
branch established inGermany.S/FIN/W/12/Add.1/Rev.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
D:Ifaforeign insurance company has
established abranch inGermany, itmay
conclude insurance contracts inGermany
relating tointernational transport only
through thebranch established in
Germany.
E,I:Unbound fortheactuarial
profession.
FIN: Only insurers having their head
office intheEuropean Economic Area or
having their branch inFinland mayoffer
insurance services asreferred toin
sub-paragraph 3(a)oftheUnderstanding.
FIN: Thesupply ofinsurance broker
services issubject toapermanent place of
business intheEuropean Economic Area.
F:Insurance ofrisks relating toground
transport maybecarried outonlyby
insurance firms established inthe
Community.S/FIN/W/12/Add.1/Rev.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
I:Insurance ofrisks relating toc.i.f.
exports byresidents inItaly maybe
underwritten onlybyinsurance firms
established intheCommunity.
I:Transport insurance ofgoods,
insurance ofvehicles assuch andliability
insurance regarding risks located inItaly
maybeunderwritten onlybyinsurance
companies established intheCommunity.
Thisreservation does notapply for
international transport involving imports
intoItaly.
P:Airandmaritime transport insurance,
covering goods, aircraft, hullandliability
canbeunderwritten onlybyfirms
established intheEC;onlypersons or
companies established intheECmayact
asintermediaries forsuch insurance
business inPortugal.
S:Thesupply ofdirect insurance is
allowed onlythrough aninsurance service
supplier authorised inSweden, provided
thattheforeign service supplier andthe
Swedish insurance company belong tothe
same group ofcompanies orhave an
agreement ofcooperation between them.S/FIN/W/12/Add.1/Rev.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
(2) A:Promotional activity and
intermediation onbehalf ofasubsidiary
notestablished intheCommunity orofa
branch notestablished inAustria (except
forreinsurance andretrocession) are
prohibited.
A:Compulsory airinsurance canbe
underwritten onlybyasubsidiary
established intheCommunity orbya
branch established inAustria.
DK: Compulsory airtransport insurance
canbeunderwritten onlybyfirms
established intheCommunity.
DK: Nopersons orcompanies (including
insurance companies) mayforbusiness
purposes inDenmark assist ineffecting
direct insurance forpersons resident in
Denmark, forDanish ships orfor
property inDenmark, other than
insurance companies licensed byDanish
laworbyDanish competent authorities.
D:Compulsory airinsurance policies can
beunderwritten onlybyasubsidiary
established intheCommunity orbya
branch established inGermany.(2) A:Higher premium taxisduefor
insurance contracts (except forcontracts
onreinsurance andretrocession) which
arewritten byasubsidiary notestablished
intheCommunity orbyabranch not
established inAustria. Exception from the
higher taxcanbegranted.S/FIN/W/12/Add.1/Rev.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:Ifaforeign insurance company has
established abranch inGermany, itmay
conclude insurance contracts inGermany
relating tointernational transport only
through thebranch established in
Germany.
F:Insurance ofrisks relating toground
transport maybecarried outonlyby
insurance firms established inthe
Community.
I:Insurance ofrisks relating toc.i.f.
exports byresidents inItaly maybe
underwritten onlybyinsurance firms
established intheCommunity.
I:Transport insurance ofgoods,
insurance ofvehicles assuch andliability
insurance regarding risks located inItaly
maybeunderwritten onlybyinsurance
companies established intheCommunity.
Thisreservation does notapply for
international transport involving imports
intoItaly.S/FIN/W/12/Add.1/Rev.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
P:Airandmaritime transport insurance,
covering goods, aircraft, hullandliability
canbeunderwritten onlybyfirms
established intheEC;onlypersons or
companies established intheECmayact
asintermediaries forsuch insurance
business inPortugal.
(3) A:Thelicence forbranch offices of
foreign insurers hastobedenied ifthe
insurer, inthehome country, does not
have alegal form corresponding or
comparable toajoint stock company ora
mutual insurance association.
B:Anypublic bidtoacquire Belgian
securities made byoronbehalf ofa
person, company orinstitution outside the
jurisdiction ofoneoftheMember States
oftheEuropean Community shall be
submitted totheauthorisation ofthe
Minister ofFinance.
E:Before establishing abranch or
agency inSpain toprovide certain classes
ofinsurance, aforeign insurer must have
been authorized tooperate inthesame
classes ofinsurance initscountry of
origin foratleast fiveyears.(3)FIN: Thegeneral agent ofthe
foreign insurance company shall have his
place ofresidence inFinland, unless the
company hasitshead office inthe
European Economic Area.
S:Non-life insurance undertakings not
incorporated inSweden conducting
business inSweden are-instead ofbeing
taxed according tothenetresult -subject
totaxation based onthepremium income
from direct insurance operations.
S:Afounder ofaninsurance company
shall beanatural person resident inthe
European Economic Area oralegal entity
incorporated intheEuropean Economic
Area.S/FIN/W/12/Add.1/Rev.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
E,GR: Theright ofestablishment does
notcover thecreation ofrepresentative
offices orother permanent presence of
insurance companies, except where such
offices areestablished asagencies,
branches orhead offices.
FIN: Themanaging director, atleast one
auditor andatleast onehalfofthe
promoters andmembers oftheboard of
directors andthesupervisory board ofan
insurance company shall have their place
ofresidence intheEuropean Economic
Area, unless theMinistry ofSocial
Affairs andHealth hasgranted an
exemption.
FIN: Foreign insurers cannot getalicence
inFinland asabranch tocarry on
statutory social insurances (statutory
pension insurance, statutory accident
insurance).S/FIN/W/12/Add.1/Rev.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
F:Theestablishment ofbranches is
subject toaspecial authorization forthe
representative ofthebranch.
I:Access toactuarial profession through
natural persons only. Professional
associations (noincorporation) among
natural persons permitted.
I:Theauthorization oftheestablishment
ofbranches isultimately subject tothe
evaluation ofsupervisory authorities.
IRL: Theright ofestablishment does not
cover thecreation ofrepresentative
offices.
P:Foreign companies maycarry out
insurance intermediation inPortugal only
through acompany formed inaccordance
withthelawofaCommunity Member
State.
P:Inorder toestablish abranch in
Portugal, foreign companies need to
demonstrate prior operational experience
ofatleast fiveyears.S/FIN/W/12/Add.1/Rev.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
S:Foreign companies mayonlyestablish
asasubsidiary orthrough aresident
agent.
S:Insurance broking undertakings not
incorporated inSweden mayestablish a
commercial presence onlythrough a
branch.
(4) Unbound except asindicated inthe
horizontal section andsubject tothe
specific conditions:
GR: Amajority ofthemembers ofthe
board ofdirectors ofacompany
established inGreece shall benationals of
oneoftheMember States ofthe
Community.(4)Unbound except asindicated inthe
horizontal section andsubject tothe
following specific limitations:
A:Themanagement ofabranch office
must consist oftwonatural persons
resident inAustria.
DK: Thegeneral agent ofaninsurance
branch willneed tohave resided in
Denmark forthelasttwoyears unless
being anational ofoneoftheMember
States oftheCommunity. TheMinister of
Business andIndustry maygrant
exemption.
DK: Residency requirement formanagers
andthemembers oftheboard ofdirectors
ofacompany. However, theMinister of
Business andIndustry maygrant
exemption from thisrequirement.
Exemption isgranted ona
non-discriminatory basis.
E,I:Residence requirement foractuarial
profession.S/FIN/W/12/Add.1/Rev.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
B.Banking andOther Financial
Services
(excluding insurance)(1)2
B:Establishment inBelgium isrequired
fortheprovision ofinvestment advisory
services.
I:Unbound for"promotori diservizi
finanziari" (financial salesmen).
IRL: Theprovision ofinvestment
services orinvestment advice requires
either (I)authorisation inIreland, which
normally requires thattheentity be
incorporated orbeapartnership orasole
trader, ineach casewithahead/registered
office inIreland (authorisation maynotbe
required incertain cases, e.g.where a
third country service provider hasno
commercial presence inIreland andthe
service isnotprovided toprivate
individuals), or(II)authorisation in
another Member State inaccordance with
theECInvestment Services Directive.
(2)3
D:Issues ofsecurities denominated in
Deutschmarks canbeleadmanaged only
byacredit institution, subsidiary or
branch, established inGermany.(1)None
(2)None
2I:Provision andtransfer offinancial information andfinancial dataprocessing entailing trading offinancial instruments maybeprohibited where theprotection ofinvestors is
likely tobeseriously prejudiced. Only authorised banks andinvestment firms must comply withconduct ofbusiness rules inproviding investment advice concerning financial instruments
andadvice toundertakings oncapital structure, industrial strategy andrelated matters, andadvice andservice relating tomergers andacquisition ofundertakings. Advisory activity
should notinclude asset management.
3I:Authorised persons enabled toconduct collective asset management aredeemed responsible foranyinvestment activity conducted bytheir delegated advisers (Collective asset
management, excluding UCITS).S/FIN/W/12/Add.1/Rev.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
FIN: Payments from governmental entities
(expenses) shall betransmitted through the
Finnish Postal Giro System, which is
maintained bythePostipankki Ltd.
Exemption from thisrequirement maybe
granted onspecial reason bytheMinistry
ofFinance.
GR:Establishment isrequired forthe
provision ofcustodial anddepository
services involving theadministration of
interest andprincipal payments dueon
securities issued inGreece.
UK:Sterling issues, including privately
ledissues, canbeleadmanaged onlybya
firmestablished intheEuropean
Economic Area.
(3)AllMember States:
-Theestablishment ofaspecialized
management company isrequired to
perform theactivities ofmanagement of
unittrusts andinvestment companies
(Articles 6and13ofUCITS Directive,
85/611/EEC).
-Only firms having their registered office
intheCommunity canactasdepositories
oftheassets ofinvestment funds (Articles
8.1and15.1 oftheUCITS Directive,
85/611/EEC).(3)F:Inaddition toFrench credit
institutions, issues denominated inFrench
francs maybeleadmanaged onlyby
French subsidiaries (under French law)of
non-French banks which areauthorized,
based onsufficient means and
commitments inParis ofthecandidate
French subsidiary ofanon-French bank.
These conditions apply toleadbanks
running thebooks. Anon-French bank
maybe,without restrictions or
requirement toestablish, jointly-lead or
co-lead manager ofEurofranc bond issue.S/FIN/W/12/Add.1/Rev.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
A:Only members oftheAustrian Stock
Exchange mayengage insecurities trading
attheStock Exchange.
A:Fortrading inforeign exchange and
foreign currency authorization ofthe
Austrian National Bank isrequired.
A:Mortgage bonds andmunicipal bonds
maybeissued bybanks specialized and
authorized forthisactivity.
A:Forcarrying outservices ofpension
fund management aspecialized company
onlyforthisactivity andincorporated asa
stock company inAustria isrequired.
B:Anypublic bidtoacquire Belgian
securities made byoronbehalf ofa
person, company orinstitution outside the
jurisdiction ofoneoftheMember States
oftheEuropean Community shall be
submitted totheauthorisation ofthe
Minister ofFinance.I:Representative offices offoreign
intermediaries cannot carry outactivities
aimed atproviding investment services.
S:Afounder ofabanking company shall
beanatural person resident inthe
European Economic Area oraforeign
bank. Afounder ofasavings bank shall
beanatural person resident inthe
European Economic Area.
S:Abranch ofafund management
company notincorporated inSweden may
notoperate certain collective investment
funds (Allemansfonder), where the
investor enjoys certain taxbenefits.S:Restrictions
concerning theoperation
ofcertain collective
investment funds
(Allemansfonder) by
branches offund
management companies
inSweden arecurrently
reviewed. TheSwedish
Government intends to
propose theabolition of
such restrictions in1998.
Subject totheadoption of
thenecessary legislative
amendment by
Parliament, Sweden will
remove therelevant
limitation under the
national treatment
column.S/FIN/W/12/Add.1/Rev.1
Page15Modes 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
DK: Financial institutions mayengage in
securities trading ontheCopenhagen
Stock Exchange onlythrough subsidiaries
incorporated inDenmark.
E:Financial institutions mayengage in
securities trading insecurities listed onan
official stock exchange orinthe
government securities market onlythrough
securities firms incorporated inSpain.
FIN: Atleast onehalfofthefounders, the
members oftheboard ofdirectors, the
supervisory board andthedelegates, the
managing director, theholder ofthe
procuration andtheperson entitled tosign
inthename ofthecredit institution shall
have their place ofresidence inthe
European Economic Area, unless the
Ministry ofFinance grants anexemption.
Atleast oneauditor shall have hisplace of
residence intheEuropean Economic Area.S/FIN/W/12/Add.1/Rev.1
Page16Modes 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
FIN: Thebroker (individual person) on
derivative exchange shall have hisplace of
residence intheEuropean Economic Area.
Exemption from thisrequirement maybe
granted under theconditions setbythe
Ministry ofFinance.
FIN: Payments from governmental entities
(expenses) shall betransmitted through the
Finnish Postal Giro System, which is
maintained bythePostipankki Ltd.
Exemption from thisrequirement maybe
granted onspecial reason bytheMinistry
ofFinance.
GR: Financial institutions mayengage in
thetrading ofsecurities listed onthe
Athens Stock Exchange onlythrough stock
exchange firms incorporated inGreece.S/FIN/W/12/Add.1/Rev.1
Page17Modes 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
GR:Fortheestablishment andoperations
ofbranches aminimum amount offoreign
exchange must beimported, converted
intodrachmas andkeptinGreece aslong
asaforeign bank continues tooperate in
Greece:
-Uptofour(4)branches thisminimum is
currently equal tohalfoftheminimum
amount ofshare capital required fora
credit institution tobeincorporated in
Greece;
-Fortheoperation ofadditional branches
theminimum amount ofcapital must be
equal totheminimum share capital
required foracredit institution tobe
incorporated inGreece.
I:Inproviding theactivity ofdoor-to-door
selling, intermediaries must utilize
authorized resident financial salesmen.S/FIN/W/12/Add.1/Rev.1
Page18Modes 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:Clearing andsettlement ofsecurities
maybeconducted onlybytheofficial
clearing system. Acompany authorized by
theBank ofItaly inagreement with
Consob could beentrusted withthe
activity ofclearing, uptothefinal
settlement ofsecurities.
I:Thepublic offer ofsecurities (as
provided forunder Art.18ofLaw
216/74) other thanshares, debtsecurities
(including convertible debtsecurities) can
onlybemade byItalian limited
companies, foreign companies duly
authorized, public bodies orcompanies
belonging tolocal authorities whose
assigned capital isnotbelow Lit2billion.
I:Centralized deposit, custody and
administration services canbeprovided
onlybytheBank ofItaly forGoverment
securities, orbyMonte Titoli SpAfor
shares, securities ofaparticipating nature
andother bonds traded inaregulated
market.S/FIN/W/12/Add.1/Rev.1
Page19Modes 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:Inthecaseofcollective investment
schemes other thanharmonized UCITS
under thedirective 85/611/EEC, the
trustee/ depositary isrequired tobe
incorporated inItaly orinanother
Member State oftheEuropean
Community, being established through a
branch inItaly. Only banks, insurance
companies, securities investment
companies having their legal head office
intheEuropean Community maycarry
outactivity ofpension fund resources
management. Management companies
(closed-end funds andrealestate funds)
arealsorequired tobeincorporated in
Italy.
IRL: Inthecaseofcollective investment
schemes constituted asunittrusts and
variable capital companies (other than
undertakings forcollective investment in
transferable securities, UCITS), the
trustee/depositary andmanagement
company isrequired tobeincorporated in
Ireland orinanother Member State ofthe
Community. Inthecaseofaninvestment
limited partnership, atleast onegeneral
partner must beincorporated inIreland.S/FIN/W/12/Add.1/Rev.1
Page20Modes 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
IRL: Tobecome amember ofastock
exchange inIreland, anentity must either
(I)beauthorised inIreland, which
requires thatitbeincorporated orbea
partnership, withahead/registered office
inIreland, or(II)beauthorised inanother
Member State inaccordance withtheEC
Investment Services Directive.
IRL: Theprovision ofinvestment
services orinvestment advice requires
either (I)authorisation inIreland, which
normally requires thattheentity be
incorporated orbeapartnership orasole
trader, ineach casewithahead/registered
office inIreland (thesupervisory authority
mayalsoauthorise branches ofthird
country entities), or(II)authorisation in
another Member State inaccordance with
theECInvestment Services Directive.
P:Theestablishment ofnon-EC banks is
subject toanauthorisation issued, ona
case-by-case basis, bytheMinister of
Finance. Theestablishment hasto
contribute toincrease thenational banking
system 'sefficiency orhastoproduce
significant effects onthe
internationalisation ofthePortuguese
economy.S/FIN/W/12/Add.1/Rev.1
Page21Modes 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
P:Theservices ofventure capital may
notbeprovided bybranches ofventure
capital companies having their head office
inanon-EC country. Broker-dealer
services ontheLisbon Stock Exchange
maybeprovided bybroker anddealer
companies incorporated inPortugal orby
branches ofinvestment firms authorised in
another ECcountry andauthorised intheir
home country toprovide those services.
Broker anddealer services intheOporto
Derivatives Exchange andintheOTC
market maynotbeprovided bybranches
ofnon-EC broker/dealer companies.
Pension fund management maybe
provided onlybycompanies incorporated
inPortugal andbyinsurance companies
established inPortugal andauthorised to
takeupthelifeinsurance business.
UK: Inter-dealer brokers, which area
category offinancial institutions dealing in
Government debt, arerequired tobe
established intheEuropean Economic
Area andseparately capitalised.
S:Undertakings notincorporated in
Sweden mayestablish acommercial
presence onlythrough abranch, andin
caseofbanks, alsothrough a
representative office.S/FIN/W/12/Add.1/Rev.1
Page22Modes 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)Unbound except asindicated inthe
horizontal section andsubject tothe
specific conditions:
F:Sociétés d'investissement àcapital fixe:
condition ofnationality forthepresident
oftheBoard ofDirectors, the
Directors-General andnolessthantwo
thirds oftheadministrators, andalso,
when thesecurities firmhasaSupervisory
Board orCouncil, forthemembers of
such board oritsDirector-General, andno
lessthantwothirds ofthemembers ofthe
supervisory Council.
GR:Credit institutions should name at
least twopersons whoareresponsible for
theoperations oftheinstitution. Condition
ofresidency applies tothese persons.(4)Unbound except asindicated inthe
horizontal section andsubject tothe
following specific limitations:
I:Condition ofresidence for"promotori
diservizi finanziari" (financial salesmen).