RESTRICTED
WORLD TRADE GATS/SC/66/Suppl.1/Rev.1
4October 1995
ORGANIZATION(95-2912)
Trade inServices
NORWAY
Schedule ofSpecific Commitments
Supplement 1
Revision
(This isauthentic inEnglish only)
_____________________
This textreplaces theFinancial Services section contained inpages 31to35of
document GATS/SC/66.NORWAY -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
I. SECTOR-SPECIFIC COMMITMENTS
7. FINANCIAL SERVICES
Norway isundertaking commitments infinancial services inaccordance withthe"Understanding onCommitments inFinancial Services" andsubject toAnnex 2and
theMinisterial Decision onFinancial Services. Thefollowing restrictions andlimitations apply:
A. Insurance andInsurance-
Related Services(1) Intermediation through anauthorized
broker ofnon-life insurance toaninsurer
established inastate which isnota
contracting party totheAgreement on
theEuropean Economic Area andnot
authorized tooperate inNorway asa
company orabranch, islimited to
marine andtransport insurance, insurance
related tooffshore exploration activities
orinsurance contracts regarding domestic
companies withanactivity ofatleast 10
manyears orannual sales ofatleast
NKr50million.(1) None
Active supply inNorway ofother
insurance services requires acommercial
presence inastate which isacontracting
party totheAgreement ontheEuropean
Economic Area.
2) None (2) None
GATS/SC/66/Suppl.1/Rev.1
Page1NORWAY (continued) GATS/SC/66/Suppl.1/Rev.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) Insurance broker activity must be
organized asajoint stock company.
(Remark: Thisrequirement isunder
revision.)
Foreigners other thanforeign financial
institutions maynotsupply insurance
services inNorway through asubsidiary
orabranch. Forsubsidiaries or
branches offinancial institutions not
established inastate which isa
contracting party totheAgreement on
theEuropean Economic Area, a
separation requirement applies between
lifeinsurance, non-life insurance and
credit riskinsurance.
Nosingle orcoordinated group of
investors mayacquire more than10per
centoftheshare capital inanexisting
Norwegian insurance company. The
Ministry ofFinance mayinspecial
circumstances make exemptions from this
limitation onsingle investor ownership in
aninsurance company.(3) Inorder toestablish aNorwegian
subsidiary partly owned byaforeign
insurance company, theother owners
must beforeign insurance companies
orNorwegian financial institutions.
InNorwegian insurance companies the
manager, atleast halfthemembers of
theboard ofdirectors, halfthe
members ofthecorporate assembly
andhalfthemembers ofthecommittee
ofrepresentatives must bepermanent
residents ofNorway andhave resided
there forthelasttwoyears. This
requirement does notapply tocitizens
ofastate which isacontracting party
totheAgreement ontheEuropean
Economic Area when residing insuch
state. TheMinistry ofIndustry and
Energy maygrant exemptions from
these rules.
(4) Unbound except asindicated inthe
horizontal section.(4) Unbound except asindicated inthe
horizontal section.NORWAY (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
B. Bank andOther Financial
Services (excluding
insurance)(1) Active supply inNorway ofservices
related tobanking, financing, securities
brokerage (buying andselling of
securities onbehalf ofcustomers,
marketing orunderwriting ofsecurities)
andunits ofcollective investment funds
requires acommercial presence inastate
which isacontracting party tothe
Agreement ontheEuropean Economic
Area.
Financial service suppliers not
established inastate which isa
contracting party totheAgreement on
theEuropean Economic Area maynot
leadmanage public offerings
denominated inNorwegian kroner onthe
Norwegian capital market.(1) None
Theaccess todepository andcustodial
services related toregistration of
securities intheNorwegian Registry of
Securities, isonlyavailable toauthorized
institutions established inNorway.
GATS/SC/66/Suppl.1/Rev.1
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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
(2) Registration ofsecurities, asstated inthe
Actrelating totheRegistry ofSecurities
regulating thebook-entry registration
system forpaperless securities, issubject
toamonopoly.
(3) Commercial banks, securities firms and
management companies forcollective
investment funds incorporated inNorway
must beorganized asjoint stock
companies.
Establishment inNorway ofbranches of
banks, financing undertakings, securities
brokerage firms andmanagement
companies forcollective investment funds
established inastate which isnota
contracting party totheAgreement on
theEuropean Economic Area, isnot
permitted. (Remark: Thisprovision is
proposed tobeabolished, subject to
parliamentary approval.)(2) None
(3) InNorwegian commercial banks,
securities brokerage firms and
management companies forcollective
investment funds, themanager, atleast
halfthemembers oftheboard of
directors andhalfthemembers ofthe
committee ofrepresentatives must be
permanent residents ofNorway and
have resided there forthelasttwo
years. Thisrequirement does not
apply tocitizens ofastate which isa
contracting party totheAgreement on
theEuropean Economic Area when
residing insuch state.
Insavings banks andfinancing
undertakings which arenotorganized
asjoint stock companies, themembersNORWAY (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
Inorder foroneormore foreign banks
tobepermitted toestablish anew
Norwegian commercial bank, onesingle
foreign bank must ownmore than50per
centoftheshare capital inthenewbank.
Nosingle orcoordinated group of
investors mayacquire more than10per
centoftheshare capital ofcommercial
banks ormore than10percentofthe
equity certificates ofsaving banks. The
Ministry ofFinance mayinspecial
circumstances make exemptions from this
limitation onsingle investor ownership in
such institutions.
(4) Unbound except asindicated inthe
horizontal section.ofdecision-making bodies must be
citizens ofstates which arecontracting
parties totheAgreement onthe
European Economic Area and
permanently residing insuch states.
(4) Unbound except asindicated inthe
horizontal section.
GATS/SC/66/Suppl.1/Rev.1
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