RESTRICTED
WORLD TRADE GATS/SC/66/Suppl.1
28July1995
ORGANIZATION(95-2207)
Trade inServices
NORWAY
Schedule ofSpecific Commitments
Supplement 1
(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 2andtheMinisterial Decision onFinancial Services. Thefollowing restrictions andlimitations apply:
A.Insurance and
Insurance-Related
Services(1)Intermediation through anauthorized
broker ofnon-life insurance toan
insurer established inastatewhich is
notacontracting party tothe
Agreement ontheEuropean
Economic Area andnotauthorized to
operate inNorway asacompany ora
branch, islimited tomarine and
transport insurance, insurance related
tooffshore exploration activities or
insurance contracts regarding
domestic companies withanactivity
ofatleast10manyears orannual
salesofatleastNKr50million.(1)None
(2)None
Active supply inNorway ofother
insurance services requires a
commercial presence inastatewhich
isacontracting party tothe
Agreement ontheEuropean
Economic Area.
GATS/SC/66/Suppl.1
Page1NORWAY (continued) GATS/SC/66/Suppl.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 asajointstock company.
(Remark: Thisrequirement isunder
revision.)
Foreigners other thanforeign
financial institutions maynotsupply
insurance services inNorway through
asubsidiary orabranch. For
subsidiaries orbranches offinancial
institutions notestablished inastate
which isacontracting party tothe
Agreement ontheEuropean
Economic Area, aseparation
requirement applies between life
insurance, non-life insurance and
credit riskinsurance.
Nosingle orcoordinated group of
investors mayacquire more than10
percentoftheshare capital inan
existing Norwegian insurance
company. TheMinistry ofFinance
mayinspecial circumstances make
exemptions from thislimitation on
single investor ownership inan
insurance company.(3)Inorder toestablish aNorwegian
subsidiary partly owned bya
foreign insurance company, the
other owners must beforeign
insurance companies orNorwegian
financial institutions.
InNorwegian insurance companies
themanager, atleasthalfthe
members oftheboard ofdirectors,
halfthemembers ofthecorporate
assembly andhalfthemembers of
thecommittee ofrepresentatives
must bepermanent residents of
Norway andhaveresided there for
thelasttwoyears. This
requirement doesnotapply to
citizens ofastatewhich isa
contracting party totheAgreement
ontheEuropean Economic Area
when residing insuchstate. The
Ministry ofIndustry andEnergy
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 and
selling ofsecurities onbehalf of
customers, marketing orunderwriting
ofsecurities) andunits ofcollective
investment funds requires a
commercial presence inastatewhich
isacontracting party tothe
Agreement ontheEuropean
Economic Area.
Financial service suppliers not
established inastatewhich isa
contracting party totheAgreement
ontheEuropean Economic Area may
notleadmanage public offerings
denominated inNorwegian kroner on
theNorwegian capital market.(1)None
Theaccess todepository and
custodial services related to
registration ofsecurities inthe
Norwegian Registry ofSecurities, is
onlyavailable toauthorized
institutions established inNorway.
GATS/SC/66/Suppl.1
Page3NORWAY (continued) GATS/SC/66/Suppl.1
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 in
theActrelating totheRegistry of
Securities regulating thebook-entry
registration system forpaperless
securities, issubject toamonopoly.
(3)Commercial banks, securities firms
andmanagement companies for
collective investment funds
incorporated inNorway must be
organized asjointstock companies.
Establishment inNorway ofbranches
ofbanks, financing undertakings,
securities brokerage firms and
management companies forcollective
investment funds established ina
statewhich isnotacontracting party
totheAgreement ontheEuropean
Economic Area, isnotpermitted.
(Remark: Thisprovision isproposed
tobeabolished, subject to
parliamentary approval.)(2)None
(3)InNorwegian commercial banks,
securities brokerage firms and
management companies for
collective investment funds, the
manager, atleasthalfthemembers
oftheboard ofdirectors andhalf
themembers ofthecommittee of
representatives must bepermanent
residents ofNorway andhave
resided there forthelasttwoyears.
Thisrequirement doesnotapply to
citizens ofastatewhich isa
contracting party totheAgreement
ontheEuropean Economic Area
when residing insuchstate.
Insavings banks andfinancing
undertakings which arenot
organized asjointstock
companies, themembers ofNORWAY (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 a
newNorwegian commercial bank,
onesingle foreign bankmust own
more than50percentoftheshare
capital inthenewbank.
Nosingle orcoordinated group of
investors mayacquire more than10
percentoftheshare capital of
commercial banks ormore than10
percentoftheequity certificates of
saving banks. TheMinistry of
Finance mayinspecial circumstances
make exemptions from thislimitation
onsingle investor ownership insuch
institutions.
(4)Unbound except asindicated inthe
horizontal section.decision-making bodies must be
citizens ofstates which are
contracting parties tothe
Agreement ontheEuropean
Economic Area andpermanently
residing insuchstates.
(4)Unbound except asindicated inthe
horizontal section.
GATS/SC/66/Suppl.1
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