RESTRICTED
WORLD TRADE GATS/EL/76/Suppl.1
28July1995
ORGANIZATION(95-2233)
Trade inServices
SINGAPORE
ListofArticle II(MFN) Exemptions
Supplement 1
(This isauthentic inEnglish only)
_______________
This text replaces theFinancial Services section contained inpages 5to7of
document GATS/EL/76.SINGAPORE -MFN EXEMPTIONS INTHE FINANCIAL SERVICES SECTOR1
Sector orsubsector Description ofmeasure
indicating itsinconsistency
withArticle IICountries towhich the
measure appliesIntended duration Conditions creating the
need fortheexemption
1.Reinsurance and
retrocessionException granted toASEAN
Reinsurance Corporation
(ASEAN Re),aprivate-sector
venture withequal
shareholders from thesix
ASEAN countries, tobe
established withapaid-up
capital ofS$6million instead
oftheminimum S$10million
stipulated intheInsurance
Act. Other thanthis,ASEAN
Reissubject tothesame rules
andregulations applied toall
reinsurers inSingapore.ASEAN ASEAN Rehascommitted
itself toincrease itspaid-up
capital when itspremium
income increases. Presently,
ASEAN Rewrites a
relatively small amount of
business.Topromote greater
cooperation among
ASEAN inthereinsurance
sector.
1Supplementary information provided fortransparency
TheStock Exchange ofSingapore (SES) andtheSingapore International Monetary Exchange (SIMEX) haveestablished trading linkages withtheexchanges ofsome countries
tofacilitate thetrading ofsecurities andfutures. Theestablishment oftrading linkages isacommercial decision oftheSESandSIMEX.
GATS/EL/76/Suppl.1
Page1SINGAPORE (CONTINUED) GATS/EL/76/Suppl.1
Page2
Sector orsubsector Description ofmeasure
indicating itsinconsistency
withArticle IICountries towhich the
measure appliesIntended duration Conditions creating the
need fortheexemption
2.Banking andother
financial servicesUnder acurrency
interchangeability agreement
between Singapore and
Brunei, thecurrency issuing
authorities ofSingapore and
Brunei would:Brunei Indefinite, untileither country
terminates theagreement.Thecurrency
interchangeability
agreement wasentered
intoin1967 arising from
special historical and
economic tiesbetween
Singapore andBrunei.
-Accept from banks, notes
andcoins issued bythe
other issuing authority, at
parandwithout charge
andtoexchange such
notes andcoins intothe
currency ofthecountry
concerned; and
-arrange forrepatriation at
theexpense ofthe
respective currency
issuing authority, the
notes andcoins issued by
theother currency issuing
authority andtoreceive at
partheequivalent inany
agreed currency.