RESTRICTED
WORLD TRADE GATS/SC/83/Suppl.1
28July1995
ORGANIZATION(95-2228)
Trade inServices
SWITZERLAND
Schedule ofSpecific Commitments
Supplement 1
(This isauthentic inEnglish only)
_______________
This textreplaces theFinancial Services section contained inpages 35to39of
document GATS/SC/83.SWITZERLAND -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
7.FINANCIAL SERVICES
Commitments onbanking, securities andinsurance services inaccordance withthe"Understanding onCommitments inFinancial Services"
(hereafter "Understanding") andsubject tolimitations andconditions ascontained inPartI(horizontal commitments) andaslisted below. Itis
understood thatparagraph B.4ofthe"Understanding" doesnotimpose anyobligation toallow non-resident financial services suppliers tosolicit
business.
Insurance and
Insurance-Related
ServicesMonopoly rights asindicated in
paragraph B.1ofthe"Understanding":
apublic monopoly onfireandnatural
damage insurance onbuildings exists
in19cantons (Zurich, Berne,
Lucerne, Nidwalden, Glaris, Zoug,
Fribourg, Soleure, Bâle-Ville,
Bâle-Campagne, Shaffhouse, Argovie,
St-Gall, Grisons, Appenzell Rhodes
Extérieures, Thurgovie, Vaud,
Neuchâtel, Jura). Inthecantons of
Nidwalden andVaud, thepublic
monopoly onfireandnatural damage
insurance covers alsomovable
property located inthebuildings.
GATS/SC/83/Suppl.1
Page1SWITZERLAND (continued) GATS/SC/83/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
(1)Transactions asindicated inparagraph
B:3ofthe"Understanding": the
underwriting ofaircraft liability
insurance requires acommercial
presence inSwitzerland.(1)Acquisition ofrealestate by
foreigners islimited asindicated in
PartI;inaddition thefollowing
specific restrictions apply: foreign or
foreign-controlled insurance
companies areauthorized toacquire
property thatserves asasecurity for
mortgage loans incaseofbankruptcy
orliquidation oncondition thatthe
acquirer sellstheproperty within two
years from dateofacquisition;
foreign orforeign-controlled
insurance companies areauthorized
toinvest inrealestate, provided the
totalvalue ofthebuyer 'sproperty
doesnotexceed thetechnical
reserves necessary forthecompany 's
Swiss activities, according toSwiss
law.
(2)Transactions asindicated inparagraph
B.4ofthe"Understanding": the
underwriting ofaircraft liability
insurance requires acommercial
presence inSwitzerland.(2)NoneSWITZERLAND (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
(3)Commercial presence doesnotcover
thesetting upofrepresentative offices;
forinsurance companies incorporated
inSwitzerland, thelegalform ofa
joint-stock company
(Aktiengesellschaft, société anonyme)
oramutual association
(Genossenschaft, société cooperative)
isrequired; forbranches offoreign
insurance companies, thelegalform of
theinsurance company inthehead
office country must becomparable to
aSwiss joint-stock company ortoa
Swiss mutual association;
participation inthebasic health
insurance scheme requires health
insurance suppliers tobeorganized in
oneofthefollowing legalentities:
association (Verein, association),
mutual association, foundation
(Stiftung, fondation) orjoint-stock
company; nonewhealth insurance
supplier shallberecognized for
participation inthebasic health
scheme until31December 1995;(3)Aminimum ofthree years of
experience inthedirect insurance
business intheheadoffice country is
required; acquisition ofrealestate
byforeigners islimited asindicated
inPartI;inaddition thefollowing
specific restrictions apply: foreign or
foreign-controlled insurance
companies areauthorized toacquire
property thatserves asasecurity for
mortgage loans incaseofbankruptcy
orliquidation oncondition thatthe
acquirer sellstheproperty within two
years from dateofacquisition;
foreign orforeign-controlled
insurance companies areauthorized
toinvest inrealestate, provided the
totalvalue ofthebuyer 'sproperty
doesnotexceed thetechnical
reserves necessary forthecompany 's
Swiss activities, according toSwiss
law.
GATS/SC/83/Suppl.1
Page3SWITZERLAND (continued) GATS/SC/83/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
participation inthestatutory pension
funds scheme (Berufsvorsorge/
prévoyance professionnelle) requires
pension funds tobeorganized inthe
form ofamutual association ora
foundation.
(4)Unbound except asindicated inPartI(4)Unbound except asindicated inPartI
Banking andOther
Financial Services
(excluding insurance)Monopoly rights asindicated in
paragraph B.1ofthe"Understanding":
twomortgage bonds issuance institutes
havebeengranted amonopoly forthe
issuance ofspecific mortgage bonds
("Schweizer Pfandbrief"); onlySwiss
cantonal banks andSwiss-controlled
banks whose mortgage loans amount
toatleast60percentofthebalance
sheet canbemembers ofthese two
institutes; theissue ofother
mortgage-backed bonds isnotaffected
bythisregulation.SWITZERLAND (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
(1*)Membership instock andoptions and
futures exchanges requires a
commercial presence inSwitzerland;
participation insettlement andclearing
networks issubject toacommercial
presence inSwitzerland; mutual funds
(collective investment funds) haveto
belead-marketed through banks
having acommercial presence in
Switzerland; Swiss franc denominated
issues canbelead-managed onlybya
bankhaving acommercial presence
(registered office orbranch office) in
Switzerland.(1)Acquisition ofrealestate by
foreigners islimited asindicated in
PartI;inaddition thefollowing
specific restriction applies: foreign
orforeign-controlled banks are
authorized toacquire property that
serves asasecurity formortgage
loans incaseofbankruptcy or
liquidation oncondition thatthe
acquirer sellstheproperty within two
years from dateofacquisition; the
issue offoreign collective investment
funds issubject tostamp duty.
(2)Swiss franc denominated issues canbe
lead-managed onlybyabankhaving a
commercial presence (registered office
orbranch office) inSwitzerland.(2)None
*Arecovered notonlytransactions indicated inparagraph B.3ofthe"Understanding" butthewhole range ofbanking andother financial services transactions (excluding
insurance).
GATS/SC/83/Suppl.1
Page5SWITZERLAND (continued) GATS/SC/83/Suppl.1
Page6
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)Commercial presence offoreign
financial institutions issubject to
specific licensing requirements relating
tothename offirmandthe
regulations onfinancial institutions in
thecountry oforigin; commercial
presence maybedenied tofinancial
institutions whose ultimate
shareholders and/or beneficial owners
arepersons ofanon-GATS Member;
representative offices canneither
conclude ordealbusiness noractasan
agent.(3)Acquisition ofrealestate by
foreigners islimited asindicated in
PartI;inaddition thefollowing
specific restriction applies: foreign
orforeign-controlled banks are
authorized toacquire property that
serves asasecurity formortgage
loans incaseofbankruptcy or
liquidation oncondition thatthe
acquired sellstheproperty within two
years from dateofacquisition.
(4)Unbound except asindicated inPartI(4)Unbound except asindicated inPartI