WORLD TRADE GATS/SC/49/Suppl.2
26February 1998
ORGANIZATION(98-0653)
Trade inServices
KUWAIT
Schedule ofSpecific Commitments
Supplement 2
(This isauthentic inEnglish only)
____________________
Thistextreplaces theFinancial Services section contained indocument GATS/SC/49/Suppl.1.GATS/SC/49/Suppl.2
Page2KUWAIT
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
A.Acceptance ofdeposits and
other repayable funds from
thepublic(1) Unbound
(2) None
(3) Unbound except for:
-Foreign banks inwhich the
Government ofKuwait, orother
Kuwaiti financial orbanking
institutions areshareholders. A
prior decision oftheCouncil of
Ministers shall beneeded for
each case.
-Foreign participation inKuwaiti
banks should notexceed 40% of
their capital.
(4) Unbound except forthecases
indicated initem (3)above.(1) Unbound
(2) None
(3) Unbound except asindicated in
item (3)inthemarket access column
ofthissub-sector.
(4) Unbound except asindicated inthe
twocases initem(3)inthemarket
access column ofthissub-sector.GATS/SC/49/Suppl.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
B.Lending ofalltypes
including, inter alia,
consumer credit, mortgage
credit, factoring and
financing ofcommercial
transactions(1) Unbound except forthecaseof
participation insyndicated loans
through Kuwaiti banks orKuwaiti
investment companies.
(2) None
(3) Unbound except forthetwocases in
item(3)inthemarket access column
ofsub-sector (A).
(4) Unbound except forthetwocases in
item(3)inthemarket access column
ofsub-sector (A).(1) Unbound
(2) None
(3) Unbound except forthetwocases in
item (3)inthemarket access column
ofsub-sector (A).
(4) Unbound except forthetwocases in
item (3)inthemarket access column
ofsub-sector (A).
C.Financial leasing (1) Unbound
(2) None
(3) Unbound except forthefollowing:
- Thetwocases referred toinitem (3)
inthemarket access column of
sub-sector (A);
- theparticipation inaKuwaiti
investment company, provided thatthe
foreign participation (other thanGCC
citizens) should notexceed 49% ofthe
company 'scapital.
(4) Unbound except forthecases referred
toinitem(3)inthemarket access
column above.(1) Unbound
(2) None
(3) Unbound except forthecases referred
toinitem (3)inthemarket access
column ofthissub-sector.
(4) Unbound except forthecases referred
toinitem (3)inthemarket access
column ofthissub-sector.GATS/SC/49/Suppl.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
D.Allservices relevant to
payments andtransfers(1) Unbound
(2) None
(3) Unbound except forthefollowing:
- Thetwocases referred toinitem (3)
inthemarket access column of
sub-sector (A);
- theparticipation inaKuwaiti exchange
company, provided thattheforeign
participation (other thanGCC citizens)
should notexceed 49% ofthe
company 'scapital.
(4) Unbound except forthecases referred
toinitem(3)above.(1) Unbound
(2) None
(3) Unbound except forthecases referred
toinitem (3)inthemarket access
column ofthissub-sector.
(4) Unbound except forthecases referred
toinitem (3)inthemarket access
column ofthissub-sector.
E.Guarantees and
commitments(1),(2),(3)and(4)areidentical tothe
sub-sector (C).(1),(2),(3)and(4)areidentical tothe
sub-sector (C).GATS/SC/49/Suppl.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
F.Trading forownaccount
orfortheaccount of
customers, either inthe
financial market,
over-the-counter or
otherwise asfollows:
-Money market
instruments (cheques,
bills, certificates of
deposits, etc.)
-Foreign exchange
-Derivative products,
including -butnot
limited to-futures
andoptions
-Exchange rateand
interest rate
instruments, including
products such as
swaps, forward rate
agreements, etc.
-Transferable securities
-Other negotiable
instruments and
financial assets,
including dealing in
goldbullion(1),(2),(3)and(4)areidentical tothe
sub-sector (C).(1),(2),(3)and(4)areidentical tothe
sub-sector (C).GATS/SC/49/Suppl.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
G. Participation inissues of
allkinds ofsecurities,
including underwriting
andplacement asagent
(whether publicly or
privately) andthe
provision offinancial
services related tosuch
issues(1) Unbound
(2) None
(3) Unbound except forthefollowing:
-Thetwocases referred toinitem (3)in
themarket access column ofsub-sector
(A);
-theparticipation inaKuwaiti investment
company, provided thattheforeign
participation (other thanGCC citizens)
should notexceed 49% ofthe
company 'scapital;
-theunderwriting andtheexchange of
foreign securities (shares, bonds, mutual
funds units, etc.) areallowed inKuwait
through aKuwaiti agent, onlyafter the
necessary licence isissued bythe
Ministry ofCommerce andIndustry,
andafter approval oftheCentral Bank
ofKuwait ifthatagent isunder the
supervision oftheCBK.
(4) Unbound except forthecases referred toin
item(3)above.(1) Unbound
(2) None
(3) Unbound except forthecases referred toin
item (3)inthemarket access column of
thissub-sector.
(4) Unbound except forthecases referred toin
item (3)inthemarket access column of
thissub-sector.GATS/SC/49/Suppl.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
H. Speculations inmoney
markets(1),(2),(3)and(4)areidentical tothe
sub-sector (C).(1),(2),(3)and(4)areidentical tothe
sub-sector (C).
I. Management ofassets,
such asmanagement of
portfolio investments,
liquid assets, allforms of
collective investments,
pension funds and
investment trustee
services(1),(2),(3)and(4)areidentical tothe
sub-sector (C).(1),(2),(3)and(4)areidentical tothe
sub-sector (C).
J. Settlement andclearing
services forfinancial
assets, including
securities, derivative
products, andother
negotiable instruments(1) Unbound
(2) None
(3) Unbound except fortheparticipation ina
Kuwaiti company licensed toexercise the
same activity, provided thattheforeign
participation (other thanGCC citizens)
should notexceed 49% ofthecompany 's
capital.
(4) Unbound except forthecasereferred toin
item(3)above.(1) Unbound
(2) None
(3) Unbound except forthecasereferred toin
item (3)inthemarket access column of
thissub-sector.
(4) Unbound except forthecasereferred toin
item (3)inthemarket access column of
thissub-sector.GATS/SC/49/Suppl.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
K. Advisory andother
auxiliary financial
services onallthe
activities listed in
subparagraphs 5.(v)
through (xv)ofthe
Annex onFinancial
Services, including credit
analysis, researches,
investment andportfolio
research and
consultations on
acquisitions andon
corporate restructuring
andstrategy(1),(2),(3)and(4)areidentical tothe
sub-sector (J).(1),(2),(3)and(4)areidentical tothe
sub-sector (J).
L. Provision andtransfer of
financial information,
andfinancial data
processing andthe
related software by
suppliers ofother
financial services(1) Unbound except fortheprovision and
transfer offinancial information supplied
directly from abroad tothesubscribers in
Kuwait.
(2) None
(3) Unbound except fortheparticipation ina
Kuwaiti company licensed toexercise the
same activity, provided thattheforeign
participation (other thanGCC citizens)
should notexceed 49% ofthecompany 's
capital.
(4) Unbound except forthecases referred toin
items (1)and(3)above.(1) Unbound except forthecasereferred toin
item (1)inthemarket access column of
thissub-sector.
(2) None
(3) Unbound except forthecases referred toin
item (3)inthemarket access column of
thissub-sector.
(4) Unbound except forthecases referred toin
items (1)and(3)inthemarket access
column ofthissub-sector.