WORLD TRADE
ORGANIZATIONS/DCS/W/ISL/Rev.1
11 April 2003
(03-1995)
Trade in Services Original:  English
ICELAND
Draft consolidated Schedule of Specific Commitments1
Revision
Attached is a revised draft consolidated version of the Schedule of Specific Commitments of
Iceland in word format.  This document  does not substitute for the legally binding commitments
undertaken by Iceland in its Schedule of Specific Commitments (GATS/SC/41; S/L/29;
GATS/SC/41/Suppl .1; GATS/SC/41/Suppl.2).
Attached to the revised draft consolidated schedule is Iceland's Article II (MFN) Exemption
List (GATS/EL/41) in word format.
The revised draft consolidated version of the Schedule and the Article II (MFN) Exemption
List was prepared by the Secretariat, at the request of Members, to facilitate the process ofnegotiations, including the presentation of initial offers.
The revised document contains corrections to the entry relating to
• 1. BUSINESS SERVICES; A. Professional Services; (i) Veterinary Services: the correct
inscription in the National Treatment column for Modes 3 and 4 now reads "Ability in the
Icelandic language required", instead of "None".
_______________
                                                          
1 This document has been prepared, in English only, under the Secretariat's own responsibility and without prejudice to the
positions of Members and to their rights and obligations under the WTO.S/DCS/W/ISL/Rev.1
Page 2ICELAND – SCHEDULE OF SPECIFIC COMMITMENTS
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
I. HORIZONTAL COMMITMENTS
ALL SECTORS 
INCLUDED IN THIS SCHEDULE
3) All foreign investment and currency transfers
must be reported to the Central Bank ofIceland
Investment by non-residents in the
manufacturing industry, other than power-
intensive industry, trade services,communications and fish farming may notexceed 25% of the total investment of therelevant sector without special permission. Total investment by a non-resident or the joint
investment of financially related non-residents
in enterprises in the above-mentioned sectorsmay not exceed 250 mill. ISK within a yearunless a special concession is given.3) Treatment accorded to subsidiaries of third-
country companies formed  in accordance withthe law of an EEA Member State and havingtheir registered office, central administration orprincipal place of business within an EEA
Member State may not be extended to branches
or agencies established in an EEA MemberState by a third-country company
Treatment less favourable may be accorded to
subsidiaries of a third-country company formed
in accordance with the law of an EEA Member
State having only their registered office in theterritory of an EEA Member State unless theyshow that they possess an effective andcontinuous link with the economy of one of theEEA Member States
All foreign investment of a Foreign State orcompanies/organizations owned by a ForeignState requires a special concession of theMinistry of CommerceManagers and the majority of the members of
the board of directors in all domestic enterprisesmust be  domiciled in Iceland unless exemptedfrom this requirement by the Ministry of
Commerce
Non-residents cannot conclude an agreement
on real-estate lease without the permission ofthe Ministry of Justice if the lease is for aperiod exceeding three years and not for use inconducting its normal business activitiesAt least one of the auditors of an Icelandic
limited liability company must be a resident inIceland or a competent resident CPA companyS/DCS/W/ISL/Rev.1
Page 3Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
Non-residents may only acquire real estate in
conjunction to their business activities and canonly obtain ordinary proprietary rights linkedto the real estate
Non-residents are thus excluded from
obtaining full property rights of real estate if
unusual rights are linked to it, such asexploitation rights as regards waterfalls,geothermal energy, etc
Contracts concerning ownership and long-term use of real-estate by non-residents are not
valid until the Ministry of Justice has endorsed
it in writing
Non-residents, natural as well as legal
persons, involved in trade in goods or rental ofvideos, need a trade permit but such regulated
trade licences are required  for both Icelandic
and non-resident providers of service
All provision of services by natural persons,as self-employed or taking part in a business
enterprise with unlimited liability, needs a
concession, by the Ministry of Commerce, ifthe persons involved are non-residentsS/DCS/W/ISL/Rev.1
Page 4Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
Movement of Personnel
Temporary entry of service providers
4) Unbound except the temporary entry of the
following service providers as intra-corporate
transferees, which Iceland shall permitwithout requiring compliance with labourmarket tests:
Executives:  persons who primarily direct the
management of the organization covered by
the agreement and establish its goals andgenerally have a wide decision-makingauthority. Executives would not necessarilyperform tasks related to the actual provision ofthe service.Movement of Personnel
Temporary entry of service providers
4) None for the categories offered under market
access
Managers:  persons who direct the
Organization covered by the agreement or its
department and are in a senior levelresponsible of the service providing functionsof the organization by supervising and
controlling and having also authority to hire
and fire personnel or recommend such andother personnel actions.
Specialists:  persons within the organization
who possess knowledge at an advanced level
of expertise or otherwise essential or
proprietal to the organization's service,research equipment, techniques ormanagement.S/DCS/W/ISL/Rev.1
Page 5Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
Service sellers:  persons who as
representatives of a service provider covered
by the agreement are seeking temporary entryfor purposes of negotiation for the sale ofservices or entering into agreements to sell
services for that service provider, where this
selling activity is not directed to the generalpublic.
Subsidies1
3) None
4) NoneSubsidies1
3) Eligibility for subsidies may be limited to
juridical persons established within the territory
of Iceland.  Subsidies related to research anddevelopment are unbound.
4) Subsidies available only to natural persons may
be limited to Icelandic citizens.
                                                          
1 The definition of subsidies remains to be determined in the context of negotiations under Article XV of the GATS.S/DCS/W/ISL/Rev.1
Page 6Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
II. SECTOR SPECIFIC COMMITMENTS
I. BUSINESS SERVICES
A. Professional Services
(a) Legal Services (CPC 861)
Legal advice activities on
home country law1) None
2) None3) None4) Unbound except as indicated in the horizontal
section.  Members of the General BarAssociation of Iceland have an exclusive right
to represent clients before all the major courts
in Iceland.2) None
1),3), 4) Icelandic law exam or an equivalent 
thereto, conditions of nationality, or previous residency of at least one year when practising legal services as a member
of the General Bar Association in Iceland
Legal advice on
international law and
foreign legal consultancy1) None
2) None
3) None
4) Unbound except as indicated in the horizontal
section1) None
2) None
3) None
4) None
(b) Accounting, auditing and
book-keeping services
(CPC 862)1) None
2) None
3) None
4) Unbound except as indicated in the horizontal
section. Requirement of residence. Icelandicexam for certified accountants requiredsubject to exemption by the Minister ofFinance.1) None
2) None
3) None
4) NoneS/DCS/W/ISL/Rev.1
Page 7Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
(c) Taxation services
 (CPC 863)1) None
2) None3) None4) Unbound except as indicated in the horizontal
section1) None
2) None3) None4) None
(d) Architectural services
(CPC 8671)1) None
2) None
3) None4) Unbound except as indicated in the horizontal
section1) None
2) None
3) None4) None
(e) Engineering services
(CPC 8672)1) None
2) None
3) None4) Unbound except as indicated in the horizontal
section1) None
2) None
3) None4) None
(f) Integrated Engineering
services (CPC 8673)1) None
2) None
3) None4) Unbound except as indicated in the horizontal
section1) None
2) None
3) None4) None
(g) Urban planning and
landscape architecturalservices(CPC 8674)1) None
2) None3) None4) Unbound except as indicated in the horizontal
section1) None
2) None3) None4) None
(i) Veterinary services 1) None
2) None3) None4) Unbound except as indicated in the horizontal
section.  Number of veterinarians in ruraldistricts is limited.1) None
2) None3) Ability in the Icelandic language required4) Ability in the Icelandic language requiredS/DCS/W/ISL/Rev.1
Page 8Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
(k) Other 1) None
2) None3) None4) Unbound except as indicated in the horizontal
section1) None
2) None3) None4) None
B. Computer and Related
Services
(a) Consultancy services
related to the installation ofcomputer hardware(CPC 841)1) None
2) None3) None4) Unbound except as indicated in the horizontal
section1) None
2) None3) None4) None
(b) Software development
(including softwareimplementation)CPC 842)1) None
2) None3) None4) Unbound except as indicated in the horizontal
section1) None
2) None3) None4) None
(c) Data processing services
(CPC 843)1) None
2) None
3) None
4) Unbound except as indicated in the horizontal
section1) Concession needed if personal-data is to be
processed outside Icelandic jurisdiction
2) None3) None
4) None
(d) Data base services
(CPC 844)1) None
2) None
3) None
4) Unbound except as indicated in the horizontal
section1) Concession needed if personal-data is to be
processed outside Icelandic jurisdiction
2) None
3) None
4) NoneS/DCS/W/ISL/Rev.1
Page 9Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
(e) Other 1) None
2) None
3) None4) Unbound except as indicated in the horizontal
section1) Concession needed if personal-data is to be
processed outside Icelandic jurisdiction
2) None3) None4) None
C. Research and Development
Services
(a) R&D services on Natural
Sciences (CPC 851)1) None
2) None
3) None
4) Unbound except as indicated in the horizontal
section1),2) A license is needed for the importation of
research equipment.  Natural history specimensmust not be exported from the country unless
permitted by the Icelandic Museum of Natural
History.
3),4) No foreigners are permitted to undertake
scientific research work in the field of naturalsciences without having first obtained aresearch permit issued by the Icelandic Council
of Science field of natural sciences without
having first obtained a research permit issuedby the Icelandic Council of Science
(b) R&D services on social
sciences and humanities1) None
2) None
3) None
4) Unbound except as indicated in the horizontal
section1),2) Archaeological finds must not be exported
from the country unless permitted by the
National Archaeological Council("Þjóðminjaráð")
3),4) All archaeological research whether by
Icelandic or foreign researchers is subject to apermit granted by the Icelandic Archaeological
Committee ("fornleifanefnd")
(c) Interdisciplinary R&D
services (CPC 853)1) None
2) None3) None4) Unbound except as indicated in the horizontal
section1) None
2) None3) None4) NoneS/DCS/W/ISL/Rev.1
Page 10Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
D. Real Estate Services
(a) Real estate services
involving own or leasedproperty (CPC 821)1) None
2) None3),4) Deposits or liability insurance to cover
loss caused to clients. All licenses to provideservices on sales of real-estate are personal
authorizations.
4) Unbound except as indicated in the 
horizontal section1) None
2) None3),4) Condition of one year previous residency in
order to obtain licence to provide services inresidential building and land sales, and other
related intermediary services for purchase and
sale of real-estate
(b) On a Fee or Contract basis
(CPC 822)1) None
2) None
3),4) Deposits or liability insurance to cover
loss caused to clients. All licences to provideservices on sales of real-estate are personalauthorization.
4) Unbound except as indicated in the horizontal
section1) None
2) None
3),4) Condition of one year previous residency in
order to obtain licence to provide services inresidential building and land sales, and otherrelated intermediary services for purchase andsale of real-estate
E. Rental/Leasing Services
without Operators1) None2) None3) Leasing services must be provided either by
corporation with a limited liability (leasing
companies) or registered commercial banks or
savings banks
4) Unbound except as indicated in the horizontal
section1) None
2) None3) Majority of the board of a leasing company
shall be resident in Iceland. The manager shall
be resident in Iceland and a citizen of a Nordic
Country.
4) NoneS/DCS/W/ISL/Rev.1
Page 11Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
(a) Relating to ships
(CPC 83103)1) None
2) None3) To be registered in the ship register the ship
must be owned by Icelandic natural orjuridical persons who are resident in Iceland.Further nationality restrictions on fishing
vessels.
4) Unbound except as indicated in the horizontal
section1) None
2) None3) None
4) None
(b) Relating to aircraft
(CPC 83104)1) None
2) None3) To be registered in the aircraft register the
aircraft must be owned by Icelandic natural or
juridical persons resident in Iceland
4) Unbound except as indicated in the horizontal
section1) None
2) None3) None
4) None
(c) Relating to other transport 
equipment (CPC 83101 + 
83102 + 83105)1) None
2) None
3) None
4) Unbound except as indicated in the horizontal
section1) None
2) None
3) Residency requirement for car rental services4) Residency requirement for car rental services
(d) Relating to other machinery
and equipment(CPC 832)1) None
2) None3) None4) Unbound except as indicated in the horizontal
section1) None
2) None3) None4) None
(e) Other 1) None
2) None3) None4) Unbound except as indicated in the horizontal
section1) None
2) None3) None4) NoneS/DCS/W/ISL/Rev.1
Page 12Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
F. Other Business Services
(a) Advertising services
(CPC 871)1) None
2) None3) None4) Unbound except as indicated in the horizontal
section1) None
2) None3) None4) None
(b) Market research and public
opinion polling services(CPC 864)1) None
2) None
3) None4) Unbound except as indicated in the horizontal
section1) Concession needed if personal data is to be
processed outside Icelandic jurisdiction
2) None3) None4) None
(c) Management consulting
services (CPC 865)1) None
2) None3) None4) Unbound except as indicated in the horizontal
section1) None
2) None3) None4) None
(d) Services related to man.
consulting (CPC 866)1) None
2) None3) None
4) Unbound except as indicated in the horizontal
section1) None
2) None3) None
4) None
(e) Technical testing and
analysis services(CPC 8676)1) None
2) None3) None
4) Unbound except as indicated in the horizontal
section1) None
2) None3) None
4) None
(f) Services incidental to
agriculture, hunting andforestry (CPC 881)1) None
2) None3) None
4) Unbound except as indicated in the horizontal
section1) None
2) None3) None
4) NoneS/DCS/W/ISL/Rev.1
Page 13Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
(i) Services incidental to
manufacturing(CPC 884+885/except for88442)1) None
2) None3) None4) Unbound except as indicated in the horizontal
section1) None
2) None3) None4) None
(k) Placement and supply
services of personnel
(CPC 872)1) None
2) None
3) None4) Unbound except as indicated in the horizontal
section1) None
2) None
3) None4) None
(m) Related scientific and
technical consulting
services (CPC 8675)1) None
2) None
3) None4) Unbound except as indicated in the horizontal
section1) None
2) None
3) None4) None
(n) Maintenance and repair of
equipment (CPC
633+8861-8866; notincluding maritime vessels,aircraft or other transportequipment)1) None
2) None
3) None4) Unbound except as indicated in the horizontal
section1) None
2) None
3) None4) None
(o) Building-cleaning services
(CPC 874)1) None
2) None3) None4) Unbound except as indicated in the horizontal
section1) None
2) None3) None4) NoneS/DCS/W/ISL/Rev.1
Page 14Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
(p) Photographic services
(CPC 875)1) None
2) None3) None4) Unbound except as indicated in the horizontal
section1) None
2) None3) None4) None
(q) Packaging services
(CPC 876)1) None
2) None
3) None4) Unbound except as indicated in the horizontal
section1) None
2) None
3) None4) None
(r) Printing, publishing
(CPC 88442)1) None
2) None
3),4) Nationality or residency requirement of at
least one year for publishing of newspapers ormagazines within the national territory.Nationality and residency requirement foreditors
4) Unbound except as indicated in the horizontal
section1) None
2) None
3) None
4) None
(s) Convention services
(CPC 87909)1) None
2) None
3) None
4) Unbound except as indicated in the horizontal 
section.1) None
2) None
3) None
4) NoneS/DCS/W/ISL/Rev.1
Page 15Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
2. COMMUNICATION
SERVICES
C. Telecommunication
services
(a) Voice telephony
(b) Packet-switched data
transmission services
(c) Circuit-switched data
transmission services
(d) Telex services(e) Telegraph services1) None
2) None
3) None4) Unbound except as indicated in the horizontal
section1) None
2) None
3) None4) Unbound except as indicated in the horizontal
sectionIceland undertakes 
additional 
commitments as contained inthe attachment, all parts of which are equally binding.
(f) Facsimile services(g) Leased circuit services(o) Other
- Mobile and
personal communicationsservices and systems
Value-added services2
Electronic mail, Voicemail, On-line informationand Data Base Retrieval,EDI, Code and ProtocolConversion1) None
2) None3) None4) Unbound except as indicated in the horizontal 
section1) None
2) None3) None4) None
                                                          
2  Excludes voice telephony, telegraph, telex, packet and circuit switched data services, mobile radio telephony, paging and sat ellite services.S/DCS/W/ISL/Rev.1
Page 16Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
3. CONSTRUCTION AND
RELATEDENGINEERINGSERVICES
A. General Construction Work
for Buildings
(CPC 512)1) None
2) None
3) None
4) Unbound except as indicated in the horizontal
section1) None
2) None
3) None
4) None
B. General Construction Work
for Civil Engineering (CPC
513)1) None
2) None
3) None
4) Unbound except as indicated in the horizontal
section1) None
2) None
3) None
4) None
C. Installation and Assembly
Work (CPC 514+516)1) None2) None
3) None
4) Unbound except as indicated in the horizontal
section1) None
2) None
3) None
4) None
D. Building Completion and
Finishing Work (CPC 517)1) None
2) None
3) None4) Unbound except as indicated in the horizontal
section1) None
2) None
3) None4) NoneS/DCS/W/ISL/Rev.1
Page 17Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
4. DISTRIBUTION
SERVICES(excluding trade in arms,alcoholic beverages,tobacco and pharmaceuticalproducts)
A. Commissions Agents'
Services (CPC 621)1) None2) None3) None4) Unbound except as indicated in the horizontal
section1) None
2) None3) None4) None
B. Wholesale Trade Services
(CPC 622)1) None
2) None3) None4) Unbound except as indicated in the horizontal
section1) None
2) None3) None4) None
C. Retailing Services (CPC
631+6326111+6113+6121)1) None
2) None3) None4) Unbound except as indicated in the horizontal
section1) None
2) None3) None4) None
D. Franchising (CPC 8929) 1) None2) None3) None4) Unbound except as indicated in the horizontal
section1) None
2) None3) None4) None
E. Other 1) None2) None3) None4) Unbound except as indicated in the horizontal
section1) None
2) None3) None4) NoneS/DCS/W/ISL/Rev.1
Page 18Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
6. ENVIRONMENTAL
SERVICES
A. Sewage Services
(CPC 9401)1) Unbound*
2) None3),4) Environmental operation license required4) Unbound except as indicated in the horizontal
section1) Unbound*
2) None3) None4) None
 
B. Refuse Disposal Waste
(CPC 9402)1) Unbound*
2) None3),4) Environmental operating license required
4) Unbound except as indicated in the horizontal
section1) Unbound*
2) None3) None
4) None
C. Sanitation and Similar
Services (CPC 9403)1) Unbound*
2) None3) None
4) Unbound except as indicated in the horizontal
section1) Unbound*
2) None3) None
4) None
D. Other 1) Unbound*
2) None
3),4) Environmental operating license required
4) Unbound except as indicated in the horizontal
section1) Unbound*
2) None
3) None
4) None
                                                          
* Unbound due to lack of technical feasibility.S/DCS/W/ISL/Rev.1
Page 19Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
7. FINANCIAL SERVICES
(i) Iceland undertakes commitments on financial services in accordance with the "Understanding on Commitments in Financial Servi ces" (the Understanding).
(ii) Market access commitments with respect to modes 1) and 2) and bound in this Schedule to the extent of the obligations in pa ragraphs 3 and 4 of the Understanding.
A. Insurance and Insurance-
related Services1) The supply of direct insurance is reserved for
Icelandic insurance undertakings or authorized
insurance undertakings from another EEAMember State.
The supply of insurance broker services is
reserved for insurance brokers authorized by
the Ministry of Commerce or insurance
brokers authorized by competent authorities ofanother EEA Member State.1) None
2) None
3) Insurance undertakings not established in an
EEA Member State require authorization toestablish branch offices in Iceland.2) None
3) Founders of an insurance undertaking must be
Icelandic residents or legal entities registered inIceland, citizens of another EEA Member State residing in an EEA Member State or legal entities registered in an EEA Member State.
Any investor, whether resident or non-
resident, who acquires or intends to acquire a
qualifying holding in an insurance undertakingmust give advance notice to the InsuranceSupervisory Authority.  The Authority mayrefuse the acquisition or the exercise ofownership if it believes that the acquisition
will affect the sound functioning of the
enterprise.Branch offices of non-EEA insurance
undertakings must be managed by a resident
agent.
Insurance brokers must be resident in Iceland or
citizens or legal entities of another EEAMember State residing in an EEA Member
State.
4) Unbound except as indicated in the horizontal
section.4) NoneS/DCS/W/ISL/Rev.1
Page 20Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
B. Banking and Other
Financial Services
(excluding insurance)1) None
2) None
3) Credit institutions and undertakings engaged
in securities services established in a non-EEA
State can establish a branch or a representativeoffice, subject to authorization by the Ministryof Commerce.1) Domestic financial institutions shall inform the
Central Bank of Iceland of the balances ofservice providers' accounts held by non-residents.
2) None
3) A founder of a credit institution shall be a
natural or legal person resident in Iceland.  The 
Minister of Commerce can grantexemptions from this requirement.  Citizens andlegal persons of other EEA Member States are exempted from the residency requirement
Credit institutions and undertakings engaged
in securities services can only be established
as companies with limited liability.
Commercial banks and savings banks have
exclusive rights to accept deposits and otherrepayable funds from the public.
Public issue of securities shall be conducted
by securities undertakings or other partiesauthorized to provide such services.
4) Unbound except as indicated in the horizontal
section.Managers and board members of credit
institutions and undertakings engaged in
securities services and UCITS shall be residentin Iceland.  Citizens of other EEA MemberStates are exempted from the residencyrequirement.  The Minister of Commerce maygrant citizens of non-EEA Member States the
same exemptions.
Service providers shall inform the Ministry of
Commerce of investments made by non-residents in business enterprises in Iceland and
the Central Bank of Iceland of investments
made by non-residents in securities in Iceland.
4) NoneS/DCS/W/ISL/Rev.1
Page 21Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
9. TOURISM AND TRAVEL
RELATED SERVICES
A. Hotels and Restaurants
(including catering)
(CPC 641-643)1) None
2) None3) None
4) Unbound except as indicated in the horizontal
section1) None
2) None3) Condition of licenses is one year previous
residency
4) Condition of licenses is one year previous
residency
B. Travel Agencies and Tour
Operators (CPC 7471)1) None2) None
3),4) Deposits or liability insurance to cover
loss caused to clients
4) Unbound except as indicated in the horizontal
section1) None
2) None
3),4) Condition of licenses is one year previous
residency of the manager
C. Tourist Guides Services
(CPC 7472)1) None
2) None
3) None4) Unbound except as indicated in the horizontal
section1) None
2) None
3) None4) The right to exercise the profession is reserved
for resident authorized tourist guides.  Foreignresident guides may be granted temporary
license on ad hoc basis.S/DCS/W/ISL/Rev.1
Page 22Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
10. RECREATIONAL
CULTURAL ANDSPORTING SERVICES(other than audiovisualservices)
A. Entertainment Services
(including theatre, live
ands and circus services)(CPC 9619)1) None
2) None
3) None
4) Unbound except as indicated in the horizontal 
section1) None
2) None
3) Targeted  financial support to specific local, 
regional or national activities.
4) None
B. News Agency Services
(CPC 962)1),2),3) None other than access to management
functions is subject to discretionaryauthorizations by competent authorities
4) Condition of nationality and residency for the
editor of a paper or magazine. Unboundexcept as indicated in the horizontal section1) None
2) None3) None4) None
C. Libraries, Archives,
Museums and other
Cultural Service
(CPC 963)1) None
2) None3) None
4) Unbound except as indicated in the horizontal
section1) None
2) None3) Targeted financial support to specific local,
regional or national activities
4) None
D. Sporting and Other
Recreational Services
(CPC 964)1) None
2) None3),4) Gambling, coin machines and like
activities are subject to licensing. Boxing is
illegal in Iceland.
4) Unbound except as indicated in the horizontal
section1) None
2) None3) Targeted financial support to specific local,
regional or national activities
4) NoneS/DCS/W/ISL/Rev.1
Page 23Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
E. Other 1) None
2) None3) None
4) Unbound except as indicated in the horizontal
section1) None
2) None3) Targeted financial support to specific local,
regional or national activities
4) None
11. TRANSPORT SERVICES
A. Maritime Transport
Services
International transport 
(freight and passengers) CPC7211 and 7212 including
Cabotage transport 1).1) None
2) None
3)(a) Establishment of a registered company for the
purpose of operating a fleet under Icelandicflag: Unbound except as indicated in thehorizontal section.
    (b) Other forms of commercial presence 2):
         None.
4)(a) Ships' crew:
Unbound except as indicated in the horizontal section.
(b) Key personnel employed in relation to a
commercial presence as defined under mode
3(b) above:Unbound except as indicated in the horizontal
section.1) None
2) None
3)(a) Unbound
  (b) None
4)(a) Unbound
  (b) UnboundS/DCS/W/ISL/Rev.1
Page 24Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
Maritime Auxiliary Services
- Maritime Cargo Handling
Services 3)1) None
2) None
3) None
4) Unbound, except as indicated in the horizontal
section1) None
2) None
3) None
4) None
- Storage and Warehousing
Services (CPC 742);
Customs Clearance
Services 4);Container Station andDepot 5)1) Unbound
*
2) None
3) None
4) Unbound, except as indicated in the horizontal 
section1) Unbound*
2) None
3) None
4) None
- Maritime Agency Services 1) None
2) None
3) None
4) Unbound, except as indicated in the horizontal 
section1) None
2) None
3) None
4) None
- Other Supporting and 
Auxiliary Transport Services
 8)1) None
2) None
3) None
4) Unbound, except as indicated in the horizontal 
section1) None
2) None
3) None
4) None
                                                          
*     A commitment on this mode of delivery is not feasible.S/DCS/W/ISL/Rev.1
Page 25Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
Auxiliary Services as required by
Maritime Transport Operators:The following services are
made available to
international maritime
transport suppliers onreasonable andnon-discriminatory terms
and conditions:
1. Pilotage
2. Towing and tug 
assistance
3. Provisioning, fuelling,
watering
4. Garbage collecting,
ballast waste disposal
5. Port Captain´s services6. Navigation aids7. Shore-based operational
services essential to ship
operations, incl.communications, water,electrical supplies
8. Emergency repair 
facilities
9. Anchorage, berth,
berthing services
10. Container handling,
storage andwarehousing, freighttransport.S/DCS/W/ISL/Rev.1
Page 26Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
Where road, coastal
shipping and related
auxiliary services are not
otherwise fully covered inthis schedule, a multimodaltransport operator shall
have the ability to rent, hire
or charter trucks and relatedequipment for the purposeof inland forwarding of
international cargoes
carried by sea, or haveaccess to and use of suchmultimodal activities for
the purpose of providing
multimodal transportservices.
C. Air Transport Services
Maintenance and repair of
aircraft and parts thereof1) Unbound*
2) None
3) None
4) Unbound except as indicated in the horizontal
section1) Unbound*
2) None
3) None4) None
Sales and marketing 1) None
2) None
3) None
4) Unbound except as indicated in the horizontal
section1) For distribution through CRS of air transport
services provided by CRS parent carrier:unbound
2) None3) For distribution through CRS of air transport
services provided by CRS parent carrier:
unbound
4) None
                                                          
*  Unbound due to lack of technical feasibilityS/DCS/W/ISL/Rev.1
Page 27Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
Computer Reservations
System1) None
2) None
3) None
4) Unbound except as indicated in the horizontal
section1) For obligations of parent or participating 
carriers in respect of a CRS controlled by an air carrier of one or more third countries: unbound
2) None3) For obligations of parent or participating 
carriers in respect of a CRS controlled by an air 
carrier of one or more third countries:
4) None
F. Road Transport Services
(a) Passenger transportation
(CPC 7121+7122)1) None
2) None3),4) Authorization required for commercial
land transport services.  Numerical quotasmay be imposed as well as exclusive licensesfor certain areas or routes.
4) Unbound except as indicated in the horizontal
section1) None
2) None3) None
4) None
(b) Freight transportation
(CPC 123)1) None
2) None
3) None
4) Unbound except as indicated in the horizontal
section1) None
2) None
3) None
4) None
(c) Rental of commercial
vehicles with operator
(CPC 7124)1) None
2) None
3) None
4) Unbound except as indicated in the horizontal
section1) None
2) None
3) None
4) None
(d) Maintenance and repair of
road transport equipment
(CPC 6112+8867)1) None
2) None
3) None
4) Unbound except as indicated in the horizontal
section1) None
2) None
3) None
4) NoneS/DCS/W/ISL/Rev.1
Page 28Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
(e) Supporting services for
road transport services(CPC 744)1) None
2) None3) None4) Unbound except as indicated in the horizontal
section1) None
2) None3) None4) None
H. Services auxiliary to all
modes of transport
(b) Storage and warehousing
services
(CPC 742)1) Unbound*
2) None3) None4) Unbound except as indicated in the horizontal
section1) Unbound*
2) None3) None4) None
 
(c) Freight transport agency
services (CPC 748)1) None
2) None3) None4) Unbound except as indicated in the horizontal
section1) None
2) None3) None4) None
(d) Other
(CPC 749)1) None
2) None3) None
4) Unbound except as indicated in the horizontal
section1) None
2) None3) None
4) None
I. Other Transport Services 1) None
2) None3) None
4) Unbound except as indicated in the horizontal
section1) None
2) None3) None
4) None
                                                          
* Unbound due to lack of technical feasibility.S/DCS/W/ISL/Rev.1
Page  29
Additional Commitments by Iceland
Scope
The following are definitions and principles on the regulatory framework for the basic
telecommunications services underpinning the market access commitments by Iceland.
Definitions
Users mean service consumers and service suppliers.
Essential facilities mean facilities of a public telecommunications transport network and
service that
(a) are exclusively or predominantly provided by a single or limited number of suppliers;
and
(b) cannot feasibly be economically or technically substituted in order to provide a 
service.
A major supplier is a supplier which has the ability to materially affect the terms of
participation (having regard to price and supply) in the relevant market for basic telecommunications
services as a result of:
(a) control over essential facilities;  or(b) use of its position in the market.
1. Competitive safeguards
1.1 Prevention of anti-competitive practices in telecommunications
Appropriate measures shall be maintained for the purpose of preventing suppliers who, alone
or together, are a major supplier from engaging in or continuing anti-competitive practices.
1.2 Safeguards
The anti-competitive practices referred to above shall include in particular:(a) engaging in anti-competitive cross-subsidization;(b) using information obtained from competitors with anti-competitive results;  and(c) not making available to other services suppliers on a timely basis technical 
information about essential facilities and commercially relevant information which 
are necessary for them to provide services.
2. Interconnection
2.1 This section applies to linking with suppliers providing public telecommunications transport
networks or services in order to allow the users of one supplier to communicate with users of another
supplier and  to access services provided by another supplier.S/DCS/W/ISL/Rev.1
Page  30
2.2 Interconnection to be ensured
Within the limits of permitted market access, interconnection with a major supplier will be
ensured at any technically feasible point in the network.  Such interconnection is provided1:
(a) under non-discriminatory terms, conditions (including technical standards and 
specifications) and rates and of a quality no less favourable than that provided for its 
own like services or for like services of non-affiliated service suppliers or for its 
subsidiaries or other affiliates2,
(b) in a timely fashion, on terms, conditions (including technical standards and 
specifications) and cost-oriented rates that are transparent, reasonable, having regard 
to economic feasibility, and sufficiently unbundled so that the supplier need not pay 
for network components or facilities that it does not require for the service to be 
provided;  and
(c) upon request, at points in addition to the network termination points offered to the 
majority of users, subject to charges that reflect the cost of construction of necessary 
additional facilities.
2.3 Public availability of the procedures for interconnection negotiations
The procedures applicable for interconnection to a major supplier will be made publicly
available.
2.4 Transparency of interconnection arrangements
It is ensured that a major supplier will make publicly available either its interconnection
agreements or a reference interconnection offer.
2.5 Interconnection:  dispute settlement
A service supplier requesting interconnection with a major supplier will have recourse, either:(a)  at any time or(b) after a reasonable period of time which has been made publicly knownto an independent domestic body, which may be a regulatory body as referred to in paragraph
5 below, to resolve disputes regarding appropriate terms, conditions and rates for interconnection
within a reasonable period of time, to the extent that these have not been established previously.
                                                          
1 Suppliers of services or networks not generally available to the public, such as closed user groups, have
guaranteed rights to connect with the public telecommunications  transport network or services on terms, conditions and rates
which are non-discriminatory, transparent and cost-oriented.  Such terms, conditions and rates may, however, vary from theterms, conditions and rates applicable to interconnection between public telecommunications networks or services.
2 Different terms, conditions and rates may be set in Iceland for operators in different market segments, on the
basis of non-discriminatory and transparent national licensing provisions, where such differences can be objectively justifiedbecause these services are not considered "like services".S/DCS/W/ISL/Rev.1
Page  31
3. Universal service
Any Member has the right to define the kind of universal service obligation it wishes to
maintain.  Such obligations will not be regarded as anti-competitive per se, provided they are
administered in a transparent, non-discriminatory and competitively neutral manner and are not moreburdensome than necessary for the kind of universal service defined by the Member.
4. Public availability of licensing criteria
Where a licence is required, the following will be made publicly available:
(a) all the licensing criteria and the period of time normally required to reach a decision
concerning an application for a licence and
(b) the terms and conditions of  individual licences.
The reasons for the denial of a licence will be made known to the applicant upon request.
5. Independent regulators
The regulatory body is separate from, and not accountable to, any supplier of basic
telecommunications services.  The decisions of and the procedures used by regulators shall be
impartial with respect to all market participants.
6. Allocation and use of scarce resources
Any procedures for the allocation and use of scarce resources, including frequencies, numbers
and rights of way, will be carried out in an objective, timely, transparent and non-discriminatory
manner.  The current state of allocated frequency bands will be made publicly available, but detailed
identification of frequencies allocated for specific government uses is not required.S/DCS/W/ISL/Rev.1
Page  32
ATTACHMENT
NOTES TO MARITIME TRANSPORT
”Reasonable and non-discriminatory terms and conditions” means, for the purpose of multimodal
transport operations, the ability of the multimodal tran sport operator to arrange for the conveyance of its
merchandise on a timely basis, including priority over  other merchandise which has entered the port at a
later date. A ”multimodal transport operator” means the person on whose behalf the bill of
lading/multimodal transport document, or any othe r document evidencing a contract of multimodal
carriage of goods, is issued and who is responsible for the carriage of goods pursuant to the contract of
carriage.
1. ”Cabotage” is defined as maritime transport of  goods and passengers between ports in Iceland.
2. ”Other forms of commercial presence for the s upply of international maritime transport services”
means the ability for inte rnational maritime transport service suppliers of the other Members to
undertake locally all activities which are necessary for the supply to their customers of a partially or
fully integrated transport service,  within which the maritime transport constitutes a substantial element.
(This commitment shall however not be construed as limiting in any manner the commitmentsundertaken under the cross-border mode of delivery).
These activities include, but are not limited to:(a) marketing and sales of maritime transport and related services through direct contact with
customers, from quotation to invoicing, these servi ces being those operated or offered by the service
supplier itself or by service suppliers with which the service seller has established standing business
arrangements;
(b) the acquisition, on their own account or on behalf  of their customers (and the resale to their
customers) of any transport and related services, including inward transport services by any mode,
particularly inland waterways, road and rail, nece ssary for the supply of the integrated service;
(c) the preparation of documentation concerning transport documents, customs documents, or other
documents related to the origin and character of the goods transported;
(d) the provision of business information by any m eans, including computerised information systems
and electronic data interchange (subject to th e provisions of the annex on telecommunications);
(e) the setting of any business arrangements (includi ng participation in the stock of a company) and
the appointment of personnel recruited locally (or, in the case of foreign personnel, subject to the
horizontal commitment on movement of personnel) with any locally established shipping agency;
(f) acting on behalf of the companies, organising th e call of the ship or taking over cargoes when
required.
3. ”Maritime cargo handling services” means activities exercised by stevedore companies, including
terminal operators, but not including the direct activ ities of dockers, when this workforce is organized
independently of the stevedoring or terminal ope rator companies. The activ ities covered include the
organisation and supervision of:
- the loading/discharging of cargo to/from a ship;
- the lashing/unlashing of cargo;
- the reception/delivery and safekeeping of car goes before shipment or after discharge.S/DCS/W/ISL/Rev.1
Page  33
4. ”Customs clearance services” (alternatively ”customs house brokers´ services”) means activitiesconsisting in carrying out on behalf of another pa rty customs formalities concerning import, export or
through transport of cargoes, whether this service is the main activity of the service provider or a usual
complement of its main activity.
5. ”Container station and depot services” means activ ities consisting in storing containers, whether in
port areas or inland, with a view to their stuffing/s tripping, repairing, and making them available for
shipments.
6. ”Maritime agency services” means the activities consisting in representing, within a given
geographic area, as an agent the business interests of one or more shipping lines of shipping companies,
for the following purposes:
- marketing and sales of maritime transport and re lated services, from quotation to invoicing, and
issuance of bills of lading on behalf of the compan ies; acquisition and resale of the necessary related
services, preparation of documentation, and provision of business information;
- acting on behalf of the companies organising the call of the ship or taking over cargoes when
required.
7. ”Freight forwarding services” means the activity consisting of organising and monitoring shipment
operations on behalf of shippers, through the acquisiti on of transport and related services, preparation of
documentation and provision of business information.
8. ”Other supporting and auxiliary transport servi ces” means freight brokerage services; bill auditing
and freight rate information services; transportati on document preparation services; packing and crating
and unpacking and de-crating services; freight inspect ion, weighing and sampling services; and freight
receiving and acceptance services (including local pick-up and delivery).
_______________S/DCS/W/ISL/Rev.1
Page 34
ICELAND - LIST OF ARTICLE II (MFN) EXEMPTIONS
Sector or SubsectorDescription of measure
indicating its inconsistency
with Article IICountries to which the
measure appliesIntended durationConditions creating  the need for
the exemption
ALL SECTORS
Measures aimed at promoting
Nordic cooperation such as:- guarantees and loans toinvestment projects and exports
(The Nordic Investment Bank)
- financial support to R&Dprojects (The Nordic IndustrialFund)- funding of feasibility studies forinternational projects (The Nordic
Fund for Project Exports)
- financial assistance tocompanies* utilizingenvironmental technology (TheNordic Environment FinanceCorporation).Denmark, Finland, Iceland,
Norway and Sweden
(*) Applies to East European
companies, which are co-operating with a Nordiccompany.Indefinite To maintain and develop Nordic
Cooperation
Audiovisual services;transmission ofaudiovisual programmesMeasures that are adopted for the
implementation and in conformitywith the regulations such as theEC Television BroadcastingDirective (no. 89/552) and which
define programmes of European
origin in order to extend nationaltreatment to audiovisualprogrammes meeting specificorigin criteriaParties to the Council of Europe
Convention on TransfrontierTelevision or other Europeancountries with whom anagreement may be concludedIndefinite The promotion of cultural identity
within the broadcasting sector inEurope, as well as achievement ofcertain linguistic policy objectivesS/DCS/W/ISL/Rev.1
Page 35Sector or SubsectorDescription of measure
indicating its inconsistency
with Article IICountries to which the
measure appliesIntended durationConditions creating  the need for
the exemption
Audiovisual services;production anddistribution ofcinematographic worksand television programmesMeasures that are adopted for the
implementation of benefits inconformity with such supportprogrammes as MEDIA andEURIMAGES to audiovisualprogrammes and suppliers to
these programmes, meeting
specific European origin criteriaEuropean countries Indefinite Preservation and promotion of the
regional identity of the countriesconcerned
Support programmes for theproduction and distribution ofcinematographic works andtelevision programmes (The
Nordic Film and TV Fund)Denmark, Finland, Norway and
SwedenIndefinite To maintain and develop Nordic
cooperation
Measures based upongovernment-to-governmentframework agreements, and
plurilateral agreements, on co-
production of audiovisual works,which confer National Treatmentto audiovisual works covered bythese agreements, in particular inrelation to distribution and access
to fundingAll countries with whom
cultural cooperation may bedesirable (agreements already
exist, or are being negotiated,
with the following countries:France, Canada)Indefinite (The promotion
of cultural links betweencountries cannot be time
bound)The aim of these agreements is to
promote cultural links between thecountries concerned
__________