RESTRICTED
WORLD TRADE S/FIN/W/12/Add.21/Rev.2
12December 1997
ORGANIZATION(97-5635)
Committee onTrade inFinancial Services Original: English
COMMUNICATION FROM SLOVENIA
Revised Offer onFinancial Services
Revision
ThefollowingcommunicationiscirculatedattherequestoftheRepublicofSloveniatoMembers
oftheCommittee onTrade inFinancial Services.
______________
FurthertotheinitialoffercontainedinS/FIN/W/12/Add.21,dated11October1997,theRepublic
ofSlovenia ispleased tosubmit theattached revised offer onfinancial services.S/FIN/W/12/Add.21/Rev.2
Page2REPUBLIC OFSLOVENIA
SCHEDULE OFSPECIFIC COMMITMENTS -REVISED OFFER ONFINANCIAL SERVICES
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. HORIZONTAL COMMITMENTS
ALL SECTORS INCLUDED
INTHIS SCHEDULE
Investments:
3) Forfinancial services, authorization is
issued bytheauthorities indicated insector
specific commitments andaccording to
conditions indicated insector specific
commitments.
There arenolimitations onestablishment
ofanewbusiness establishment
("greenfield" investments).
Services considered intheRepublic of
Slovenia aspublic utilities atanational or
local level maybesubject topublic
monopolies ortogranting ofconcessions to
private operators, asindicated insector
specific commitments.3) Theestablishment ofbranches byforeign
companies isconditioned withthe
registration oftheparent company ina
court register inthecountry oforigin forat
least oneyear.S/FIN/W/12/Add.21/Rev.2
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
Subsidies
None, other thanforbranches established
intheRepublic ofSlovenia byaforeign
company. Eligibility forsubsidies from the
Republic ofSlovenia maybelimited to
juridical persons established within the
territory oftheRepublic ofSlovenia ora
particular geographical sub-division
thereof. Unbound forsubsidies for
research anddevelopment. Thesupply of
aservice, oritssubsidization, withthe
public sector isnotinbreach ofthis
commitment.
Atleast halfoftheordinary members of
theBoard ofDirectors have tobenationals
oftheRepublic ofSlovenia. Themanaging
director ofalimited liability company orat
least theprocurator hastobeaSlovenian
national. Non-Slovenian national, director
ofabranch, established intheRepublic of
Slovenia byaforeign juridical person, has
tobearesident intheRepublic of
Slovenia.S/FIN/W/12/Add.21/Rev.2
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
Real estate:
Juridical persons, established intheRepublic of
Slovenia withforeign capital participation, may
acquire realestate ontheterritory ofthe
Republic ofSlovenia.
Branches* established intheRepublic of
Slovenia byforeign persons mayonlyacquire
realestate, except land, necessary forthe
conduct oftheeconomic activities forwhich they
areestablished.
Ownership ofrealestate intheborder areas of
10kmbycompanies inwhich majority ofcapital
orvoting rights belongs directly orindirectly to
juridical persons ornationals ofanother Member
issubject tospecial permission.
*According totheLawonCommercial Companies, abranch established intheRepublic ofSlovenia isnotconsidered ajuridical person, butasregards their operation,
their treatment isequal toasubsidiary, which isinlinewithArticle XXVIII para.(g) oftheGATS.S/FIN/W/12/Add.21/Rev.2
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
4) Unbound, except formeasures concerning
theentry intoandtemporary stay, without
requiring compliance withaneconomic
need test*, ofanatural person which falls
inoneofthefollowing categories:
Business visitors
Anatural person, whostays inthe
Republic ofSlovenia without acquiring
remuneration from orwithin theRepublic
ofSlovenia andwithout engaging in
making direct sales tothegeneral public or
supplying services, forthepurpose of
participating inbusiness meetings, business
contacts, including negotiations forthesale
ofservices, orother similar activities,
including those toprepare theestablishment
ofcommercial presence intheRepublic of
Slovenia.
Theduration oftemporary stayislimited
witha90dayvisa.4) Unbound except formeasures concerning
thecategories ofnatural persons referred to
intheMarket Access Column.
Totheextent thatanysubsidy ismade
available tonatural persons, their
availability maybelimited tonationals of
theRepublic ofSlovenia.
*Allother requirements oflawsandregulations regarding entry, stay, work andsocial security measures shall continue toapply, including regulations concerning period
ofstay, minimum wages aswellascollective wage agreements.S/FIN/W/12/Add.21/Rev.2
Page6Modes 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
Intra-Corporate Transferee*
Natural persons ofanother Member whohave
been employed byjuridical persons ofanother
Member foraperiod ofnotlessthanthree years
immediately preceding theentry orhave been
partners init(other thanmajority shareholders):
a) Natural persons occupying asenior
position, whoprimarily direct the
management oftheestablishment, receiving
general supervision, direction, principally
from theboard ofdirectors orstockholders
ofthebusiness ortheir equivalent,
including:
-directing theestablishment ora
department orsub-division ofthe
establishment;
-supervising andcontrolling thework of
other supervisory, professional or
managerial employees;
-having theauthority personally tohire
andfireorother personnel actions.
*An"intra-corporate transferee" isdefined asanatural person working within ajuridical person, other thananon-profit making organisation, established intheterritory
ofaWTO Member, andbeing temporarily transferred inthecontext oftheprovision ofaservice through commercial presence intheterritory oftheRepublic ofSlovenia;
thejuridical persons concerned must have theirprincipal place ofbusiness intheterritory ofaWTO Member andthetransfer must betoanestablishment ofthatjuridical
person, effectively providing likeservices intheterritory oftheRepublic ofSlovenia.S/FIN/W/12/Add.21/Rev.2
Page7Modes 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) Natural persons working within ajuridical
person whopossess special knowledge and
uncommon qualifications essential tothe
establishment 'sservice, research
equipment, techniques ormanagement. In
assessing such special knowledge, account
willnotbetaken onlyofknowledge
specific totheestablishment, butalsoof
whether theperson hasahighlevel of
qualifications referring toatypeofwork or
trade requiring specific technical
knowledge, including membership ofan
accredited profession.
Theduration oftemporary stayfor
"intra-corporate transferees" islimited witha
"business visa" andaresidence permit, which
maybegranted uptooneyearwithextensions.S/FIN/W/12/Add.21/Rev.2
Page8Modes 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. Theadmission tothemarket ofnewfinancial services orproducts maybesubject totheexistence of,andconsistency with, aregulatory framework aimed at
achieving theobjectives indicated inArticle 2.(a) oftheAnnex onFinancial Services.
2. Asageneral ruleandinanon-discriminatory manner, financial institutions incorporated intheRepublic ofSlovenia must adopt aspecific legal form.
3. Insurance andbanking activities should beperformed bylegally separate suppliers offinancial services.
4. Investment services canbeprovided onlythrough banks andinvestment firms.
A. Insurance andInsurance-
Related Services
asdefined inthe"Annex
onFinancial Services"
(Para.5.(a)(i)-5.(a)(iv))
(i) Direct insurance
(including co-insurance)
(A)life
(B)non-life1),2) Unbound except formaritime shipping
andcommercial aviation andfreight,
withsuch insurance tocover anyorall
ofthefollowing: thegoods being
transported, thevehicle transporting
thegoods andanyliability arising
therefrom; andgoods ininternational
transit.
Insurance activities provided by
mutual insurance institutions are
limited toincorporated companies
established intheRepublic of
Slovenia.1),2) Unbound except formaritime shipping
andcommercial aviation andfreight,
withsuch insurance tocover anyorall
ofthefollowing: thegoods being
transported, thevehicle transporting
thegoods andanyliability arising
therefrom; andgoods ininternational
transit.S/FIN/W/12/Add.21/Rev.2
Page9Modes 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) Establishment issubject toalicence issued
bytheMinistry ofFinance. Foreign
persons canestablish aninsurance company
onlyasajoint venture withdomestic
person, where participation offoreign
persons islimited upto99percent.3) None
Thelimitation onthemaximum foreign
ownership shall beabolished withthe
adoption ofthenewLawonInsurance
Companies.
Aforeign person mayacquire orincrease
shares inadomestic insurance company
subject toaprior approval oftheMinistry
ofFinance.
Ministry ofFinance, when issuing alicence
orapproval ofacquiring shares ina
domestic insurance company, takes into
account thefollowing criteria:
-thedispersion ofownership ofshares
andtheexistence ofshareholders from
different countries;
-thesupply ofnewinsurance products
andthetransfer ofrelated know how,
iftheforeign investor isaninsurance
company.
Unbound forforeign participation in
insurance company under privatization.
Membership ofthemutual insurance
institution islimited tocompanies
established intheRepublic ofSlovenia and
domestic natural persons.
4) Unbound except asindicated inPartI 4) Unbound except asindicated inPartIS/FIN/W/12/Add.21/Rev.2
Page10Modes 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
(ii) Reinsurance and
retrocession1) Unbound
2) Reinsurance companies intheRepublic of
Slovenia have priority inthecollection of
insurance premiums.
Incasethatthese companies arenotableto
equalize allrisks, these canbereinsured
andretroceded abroad. (None upon the
adoption ofthenewlawonInsurance
Companies).1) Unbound
2) None
3) Foreign participation inreinsurance
company islimited uptoacontrolling
share ofthecapital. (None, except for
branches, upon theadoption ofthenewlaw
onInsurance Companies).
4) Unbound except asindicated inPartI3) None
4) Unbound except asindicated inPartIS/FIN/W/12/Add.21/Rev.2
Page11Modes 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
(iii) Insurance intermediation,
such asbrokerage and
agency
(iv) Services auxiliary to
insurance, such as:
-consultancy;
-actuarial;
-riskassessment;
-claim settlement
services.1) Unbound
2) None
3) Forproviding consultancy andclaim
settlement services, incorporation is
required asalegal entity byconsent ofthe
Bureau ofinsurance.
Foractuaries andriskassessment activities
provision ofservices through professional
establishment only.
Operation islimited toactivities referred
under 7A(i) and(ii)ofthisSchedule.
4) Unbound except asindicated inPartIand
foractuarial andriskassessment residence
isrequired inaddition toaqualifying
examination, membership intheActuarial
Association oftheRepublic ofSlovenia and
proficiency intheSlovene language.1) None
2) None
3) Forsoleproprietors aresidence inthe
Republic ofSlovenia isrequired.
4) Unbound except asindicated inPartIS/FIN/W/12/Add.21/Rev.2
Page12Modes 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
asdefined inthe"Annex
onFinancial Services"
(v) Acceptance ofdeposits
andother repayable
funds from thepublic
(vi) Lending ofalltypes,
including consumer
credit, mortgage credit,
factoring andfinancing
ofcommercial
transactions
(vii) Financial leasing
(viii) Allpayment andmoney
transmission services,
including credit, charge
anddebit cards,
travellers cheques and
bankers drafts1),2) Unbound except accepting credits
(borrowing ofalltypes), andaccepting
guarantees andcommitments from foreign
credit institutions bydomestic legal entities
andsoleproprietors. (Remark: consumer
credits shall befreeupon theadoption of
thenewForeign Exchange Law).
Allabove mentioned credit arrangements
must beregistered withtheBank of
Slovenia. (Remark: thisprovision shall be
abolished upon theadoption ofthenew
LawonBanking.)1) None other thanforeign persons canonly
offer foreign securities through domestic
banks andstock broking company.
Members oftheSlovenian Stock Exchange
must beincorporated intheRepublic of
Slovenia.
2) None other thanlegal entities established in
theRepublic ofSlovenia canbe
depositories oftheassets ofInvestments
Funds.S/FIN/W/12/Add.21/Rev.2
Page13Modes 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
(ix) Guarantees and
commitments (excluding
guarantees and
commitments oftheState
Treasury)
(x) Trading forownaccount
orforaccount of
customers, whether on
anexchange, inanover-
the-counter market
orotherwise, the
following:
(A)money market
instruments
(including cheques,
bills, certificates of
deposits)3) Establishment ofalltypes ofbanks are
subject toalicence oftheBank of
Slovenia.
Foreign persons maybecome shareholders
ofbanks oracquire additional shares of
banks onlysubject toprior approval ofthe
Bank ofSlovenia. (Remark: this
provision shall beabolished upon the
adoption ofthenewLawonBanking.)
Under license oftheBank ofSlovenia,
banks, subsidiaries andbranches offoreign
banks canbepermitted toprovide allor
limited banking services, depending onthe
amount ofthecapital.3) None
(B)foreign exchangeS/FIN/W/12/Add.21/Rev.2
Page14Modes 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)derivative products
including, butnot
limited to,futures
andoptionsWhen considering issuing alicence toa
bank tosetupasawholly-owned orwitha
majority offoreign investors orapproval of
acquiring additional shares ofbanks; the
Bank ofSlovenia shall takeintoaccount the
following guidelines1
(D)exchange rateand
interest rate
instruments
including products
such asswaps,
forward rate
agreements
(E)transferable
securities
(F)other negotiable
instruments and
financial assets,
including bullion-theexistence ofinvestors from
different countries;
-theopinion oftheforeign institution in
change ofbanking supervision
(Remark: thisprovision shall be
abolished ontheadoption ofthenew
LawonBanking)
Unbound inrelation toforeign participation
inbanks under privatization.
1Besides theamount ofthecapital theBank ofSlovenia shall, when considering issuing anunlimited oralimited banking licence alsotakeintoaccount thefollowing guidelines
(forbothdomestic andforeign applicants):
- thenational-economic preferences forcertain banking activities;
- theexisting regional coverage oftheRepublic ofSlovenia bybanks;
- theactual bank'sperformance ofactivities compared tothose stipulated bytheexisting licence.
(Remark: thisprovision shall beabolished upon theadoption ofthenewLawonBanking.)S/FIN/W/12/Add.21/Rev.2
Page15Modes 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
(xi) Participation inissues
ofallkinds of
securities, including
underwriting and
placement asagent and
provision ofservices
related tosuch issues
(excluding treasury
bonds)Branches offoreign banks must beincorporated
intheRepublic ofSlovenia andhave legal
personality.
(Remark: thisprovision shall beabolished upon
theadopt ofthenewLawonBanking. Upon
theadoption ofthenewlaw,foreign banks shall
beallowed toprovide services through licensed
branches.)
Unbound withrespect toalltypes ofmortgage
banks, savings andloans institutions.
(xii) Money broking Unbound withrespect toestablishment ofprivate
pension funds (non-compulsory pension funds).
(xiii) Asset management,
such ascashor
portfolio management,
allforms ofcollective
investment
management, custodial,
depository andtrust
services (excluding
pension fund
management)Management Companies arecommercial
companies established solely forthepurpose of
managing investment funds.
Foreign persons maydirectly orindirectly
acquire amaximum upto20percentofshares
orvoting rights ofmanagement companies; fora
larger percentage anapproval oftheSecurities
Market Agency isrequired.S/FIN/W/12/Add.21/Rev.2
Page16Modes 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
(xiv) Settlement andclearing
services forfinancial
assets, including
securities, derivative
products, andother
negotiable instrumentsAnAuthorized (privatization) Investment
Company isaninvestment company established
solely forthepurpose ofgathering theownership
certificates (vouchers) andthepurchase ofshares
issued inaccordance withregulations on
ownership transformation. AnAuthorized
Management Company isestablished solely for
thepurpose ofmanaging theauthorized
investment companies.
Foreign persons maydirectly orindirectly
acquire amaximum upto10percentofshares
orvoting rights ofAuthorized (privatization)
Management Companies; foralarger
percentage anapproval oftheSecurities Market
Agency isrequired withtheconsent ofthe
Ministry ofEconomic Relations and
Development.
Investments oftheInvestments Funds into
securities offoreign issuers arelimited to10per
centoftheinvestments oftheInvestments
Funds. Such securities shall belisted onthose
stock exchanges previously determined bythe
Securities Market Agency.
Foreign persons maybecome shareholders or
partners inaStock Broking Company upto24%
ofthecapital oftheStock Broking Company by
prior approval oftheSecurities Market Agency.
(Remark: thisprovision shall beabolished upon
theadoption ofthenewLawonSecurities
Market.)S/FIN/W/12/Add.21/Rev.2
Page17Modes 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
Securities ofaforeign issuer which have notyet
been offered intheterritory oftheRepublic of
Slovenia mayonlybeoffered byaStock
Broking Company orabank licensed tocarry
outsuch transactions. Prior tolaunching the
offer theStock Broking Company orabank
shall obtain thepermission ofSecurities Market
Agency.
Therequest forthispermission tooffer
securities ofaforeign issuer intheRepublic of
Slovenia shall beaccompanied bydraft
prospectus, documentation thattheguarantor of
theissue ofsecurities oftheforeign issuer isa
bank orastock broking company, except inthe
caseoftheissue ofshares ofaforeign issuer.
4) Unbound except asindicated inPartI 4) Unbound except asindicated inPartI
(xv) Provision andtransfer
offinancial
information, and
financial data
processing andrelated
software bysuppliers of
other financial services(1) None
(2) None
(3) None
(4) Unbound except asindicated inPartI(1) None
(2) None
(3) None
(4) Unbound except asindicated inPartIS/FIN/W/12/Add.21/Rev.2
Page18Modes 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
(xvi) Advisory,
intermediation and
other auxiliary financial
services onallthe
activities listed in
subparagraphs (v)
through (xv), including
credit reference and
analysis, investment
andportfolio research
andadvice, advice on
acquisitions andon
corporate restructuring
andstrategy.