WORLD TRADE GATS/SC/66/Suppl.4
26February 1998
ORGANIZATION(98-0657)
Trade inServices
NORWAY
Schedule ofSpecific Commitments
Supplement 4
(This isauthentic inEnglish only)
_______________
Thistextreplaces theFinancial Services section contained indocument
GATS/SC/66/Suppl.1/Rev.1.GATS/SC/66/Suppl.4
Page2NORWAY
SCHEDULE OFSPECIFIC COMMITMENTS
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
I. SECTOR-SPECIFIC COMMITMENTS
7. FINANCIAL SERVICES
i. Norway undertakes commitments onfinancial services inaccordance withthe“Understanding onCommitments inFinancial Services ”(theUnderstanding).
ii. Themarket access commitments inrespect ofmodes (1)and(2)apply tothetransactions indicated inparagraphs B.3andB.4ofthemarket access section of
theUnderstanding respectively.
iii. Therestrictions andlimitations listed intheschedule under mode (1)apply toregulatory measures directed towards non-resident financial service suppliers
established outside theEuropean Economic Area. Thelimitations listed intheschedule under mode (2)apply toregulatory measures directed towards financial
service consumers residing inNorway.
iv. Thefollowing restrictions andlimitations apply:
A. Insurance andinsurance
related services(1) Non-resident insurance companies must
supply theservices listed in
paragraph B.3(a)oftheUnderstanding
through aninsurance broker authorized in
Norway.(1) None.
(2) None. (2) None.GATS/SC/66/Suppl.4
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
(3) Nosingle orcoordinated group of
investors mayacquire orholdmore than
10percentoftheshare capital ina
Norwegian insurance company. The
Ministry ofFinance andCustoms mayin
special circumstances make exemptions
from these limitations onsingle investor
ownership.
Notwithstanding theforegoing, foreign
insurance companies mayestablish partly
orwholly owned subsidiaries inNorway.
Theother owners ofsuch partly owned
subsidiaries must beforeign insurance
companies orNorwegian financial
institutions.
Forsubsidiaries orbranches offinancial
institutions notincorporated within the
European Economic Area, aseparation
requirements applies between life
insurance, non-life insurance andcredit
riskinsurance.
Insurance companies incorporated in
Norway must beorganized asjoint stock
companies ormutual insurance
companies. Insurance brokerage firms
incorporated inNorway must be
organized asjoint stock companies.(3) InNorwegian insurance companies,
including subsidiaries offoreign insurance
companies, themanager, atleast halfthe
members oftheboard ofdirectors and
halfthemembers ofthecorporate
assembly must bepermanent residents of
Norway. Thisrequirement does notapply
tocitizens ofastate within theEuropean
Economic Area when residing insuch
state. TheMinistry ofIndustry andTrade
maygrant exemptions from these rules.
Until changes inNorwegian corporate
legislation come intoforce (approved by
Parliament 27May 1997), thefollowing
limitations continue toapply: The
residence requirement apply alsotothe
committee ofrepresentatives. The
members concerned must have resided in
Norway forthelasttwoyears.
Foreign financial institutions other than
insurance companies, cannot ownshares
inaNorwegian insurance company which
isapartly owned subsidiary ofaforeign
insurance company.
(4) Unbound except asindicated inthe
horizontal section.(4) Unbound except asindicated inthe
horizontal section.GATS/SC/66/Suppl.4
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
B. Banking andother financial
services (excluding
insurance)(1) None.
(2) None.(1) None.
(2) None.
(3) Nosingle orcoordinated group of
investors mayacquire orholdmore than
10percentoftheshare capital of
commercial banks orfinancing
undertakings, ormore than10percentof
theequity certificates ofsavings banks.
TheMinistry ofFinance andCustoms
mayinspecial circumstances make
exemptions from these limitations on
single investor ownership insuch
institutions.
Notwithstanding theforegoing, foreign
banks andfinancing undertakings may
establish partly orwholly owned
subsidiaries inNorway. Theother owners
ofsuch partly owned subsidiaries must be
banks orfinancial institutions
respectively.(3) InNorwegian commercial banks,
financing undertakings, securities firms
andmanagement companies forcollective
investment funds, including subsidiaries
ofsuch foreign institutions, themanager,
atleast halfthemembers oftheboard of
directors andhalfthemembers ofthe
corporate assembly must bepermanent
residents ofNorway. Thisrequirement
does notapply tocitizens ofastate within
theEuropean Economic Area when
residing insuch state. TheMinistry of
Industry andTrade maygrant exemptions
from these rules. Until changes in
Norwegian corporate legislation come into
force (approved byParliament
27May 1997), thefollowing limitations
continue toapply: Theresidence
requirement apply alsotothecommittee
ofrepresentatives. Themembers
concerned must have resided inNorway
forthelasttwoyears.GATS/SC/66/Suppl.4
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
Registration ofsecurities, asstated inthe
actrelating totheNorwegian Securities
Registry regulating thebook-entry
registration system forpaperless
securities, issubject toamonopoly.
Commercial banks, securities firms and
management companies forcollective
investment funds incorporated inNorway
must beorganized asjoint stock
companies.
Branches inNorway ofbanks, securities
firms andmanagement companies for
collective investment funds incorporated
outside theEuropean Economic Area
cannot beaccount-operators inthe
Norwegian Securities Registry.Insavings banks andfinancing
undertakings which arenotorganized as
joint stock companies, themembers of
decision-making bodies must becitizens
ofstates within theEuropean Economic
Area andpermanently residing insuch
states. TheMinistry ofFinance and
Customs maygrant exemptions from
these rules.
(4) Unbound except asindicated inthe
horizontal section.(4) Unbound except asindicated inthe
horizontal section .