WORLD TRADE GATS/SC/40/Suppl.3
26February 1998
ORGANIZATION(98-0650)
Trade inServices
HUNGARY
Schedule ofSpecific Commitments
Supplement 3
(This isauthentic inEnglish only)
____________________
Thistextreplaces theFinancial Services section contained indocuments GATS/SC/40/Suppl.1
andGATS/SC/40/Suppl.1/Corr.1.GATS/SC/40/Suppl.3
Page2THE REPUBLIC OFHUNGARY
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
7. FINANCIAL SERVICES
1.Hungary undertakes commitments onFinancial Services inaccordance withtheprovisions ofthe"Understanding onCommitments inFinancial Services" (the
Understanding).
2.These commitments aresubject tothelimitations onmarket access andnational treatment inthe"allsectors" section ofthisschedule andtothose relating tothe
subsectors listed below.
3.Themarket access commitments inrespect ofmodes (1)and(2)apply onlytothetransactions indicated inparagraphs B.3(a)and(b)andB.4(a)and(b)ofthe
market access section oftheUnderstanding respectively.
4.Theadmission tothemarket ofnewfinancial services orproducts maybesubject totheexistence of,andconsistency with, aregulatory framework aimed at
achieving theobjectives indicated inArticle 2(a)oftheFinancial Services Annex.
5.Thetransfer ofinformation containing personal data, bank secret, securities secret and/or business secret isnotallowed.
6.Asageneral ruleandinanon-discriminatory manner, financial institutions incorporated inHungary must adopt aspecific legal form.
7.Insurance, banking, securities andcollective investment management services should beperformed bylegally separate andindependently capitalised suppliers of
financial services.
8.Legislation permitting market access ofbranches iscurrently being prepared. Details andconditions toapply arestillbeing determined. Itisintended tobindthe
effects ofthislegislation assoon asithasbeen adopted.
9.Theboard ofafinancial institution should include atleast twomembers, whoareHungarian citizens, residents inthemeaning oftherelevant foreign exchange
regulations andhave permanent residency inHungary foratleast oneyear.
10.Direct orindirect ownership orvoting rights inacredit institution ofasingle shareholder other thancredit institution, insurance company orinvestment firm
cannot exceed 15%.GATS/SC/40/Suppl.3
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
(A)Insurance and
insurance-related services
(a)Direct insurance
(including
co-insurance):
(i) life
(ii) non-life(1)Only entrepreneurs pursuing international
business activity specified inthelegal
rules onforeign exchange areallowed to
purchase services. Only insurance events
occurring abroad canbeinsured.
(2)Only entrepreneurs pursuing international
business activity specified inthelegal
rules onforeign exchange areallowed to
purchase services. Only insurance events
occurring abroad canbeinsured.
(3)None
(4)Unbound except asindicated inPartI(1)None
(2)None
(3)None
(4)Unbound except asindicated inPartI
(b)Reinsurance and
retrocession(1)None
(2)None
(3)None
(4)Unbound except asindicated inPartI(1)None
(2)None
(3)None
(4)Unbound except asindicated inPartIGATS/SC/40/Suppl.3
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
(c)Insurance intermediation,
such asbrokerage and
agency(1)None
(2)None
(3)None
(4)Unbound except asindicated inPartI(1)None
(2)None
(3)None
(4)Unbound except asindicated inPartI
(d)Services auxiliary to
insurance, such as
consultancy, actuarial, risk
assessment andclaim
settlement services(1)None
(2)None
(3)None
(4)Unbound except asindicated inPartI(1)None
(2)None
(3)None
(4)Unbound except asindicated inPartI
(B)Banking andother financial
services (excluding
insurance)(1)None
(2)None
(3)None1
(4)Unbound except asindicated inPartI(1)None
(2)None
(3)None
(4)Unbound except asindicated inPartI
1Except Országos Takarékpénztár ésKereskedelmi Bank Rt.,where longterm state ownership willbekeptataminimum of25%+1 vote.