WORLD TRADE GATS/SC/62/Suppl.2
26February 1998
ORGANIZATION(98-0659)
Trade inServices
NEW ZEALAND
Schedule ofSpecific Commitments
Supplement 2
(This isauthentic inEnglish only)
_______________
Thistextreplaces theFinancial Services section contained inpages 18to25ofdocument
GATS/SC/62.GATS/SC/62/Suppl.2
Page2NEW ZEALAND
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. New Zealand undertakes itsspecific commitments onFinancial Services inaccordance withtheprovisions ofthe“Understanding onCommitments inFinancial
Services ”(theUnderstanding).
2. These commitments onfinancial services aresubject tothegeneral limitations contained inthe“Horizontal Commitments ”section ofNew Zealand ’sGATS
Schedule.
3. Market access andnational treatment commitments inModes (1)and(2)arebound totheextent oftheobligations inparagraphs B.3andB.4ofthe
Understanding.
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. Mode 3commitments aresubject totheprovisions oftheFinancial Reporting Act1993 andtheCompanies Act1993. These require overseas companies to
prepare financial statements onanannual basis comprising abalance sheet, aprofit andlossstatement and(ifrequired byanapplicable financial reporting
standard approved bytheAccounting Standards Review Board) astatement ofcashflows. TheActs alsorequire such financial statements inrelation toan
overseas company ’sNew Zealand business. TheActs require thefollowing companies todeliver annual audited financial statements totheRegistrar of
Companies forregistration: (a)issuers (i.e.those which have raised investment from thepublic); (b)overseas companies; (c)subsidiaries ofcompanies or
bodies corporate incorporated outside New Zealand; (d)companies inwhich 25percent ormore oftheshares areheldorcontrolled by:(i)asubsidiary ofa
company orbody corporate incorporated outside New Zealand orasubsidiary ofthatsubsidiary; (ii)acompany orbody corporate incorporated outside New
Zealand; or(iii)aperson notordinarily resident inNew Zealand.GATS/SC/62/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
A. Insurance and
Insurance-related Services
a) Lifeinsurance services
(8121)3) None
4) Unbound except asindicated inthe
horizontal section.3) None
4) Unbound except asindicated inthe
horizontal section.
b) Non-life insurance services
(8129)1,3) TheAccident Rehabilitation and
Compensation Insurance Act1992
provides forcompulsory worker ’s
compensation insurance vialevies on
vehicle owners, employers, employees
andtheself-employed. TheActis
administered bytheAccident
Rehabilitation andCompensation
Insurance Corporation.3) None
1,3) TheEarthquake Commission isthesole
insurer ofresidential property disaster
insurance forreplacement cover upto
NZ$100,000 perdwelling andNZ$20,000
onpersonal property. These amounts
maybeincreased byregulation.
1,3) Under theApple andPear Marketing Act
1971 theApple andPear Marketing Board
hasthepower toorganise compulsory hail
insurance onbehalf ofgrowers andto
require growers topayalevytorecover
thepremium amount ofthisinsurance.GATS/SC/62/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
1,2) Unbound formarketing and
3) sales related toproducts covered under
CPC 01,02,211, 213-216, 22,2399 and
261.
4) Unbound except asindicated inthe
horizontal section.4) Unbound except asindicated inthe
horizontal section.
c) Reinsurance and
retrocession (81299)3) None
4) Unbound except asindicated inthe
horizontal section.3) None
4) Unbound except asindicated inthe
horizontal section.
d) Insurance intermediation,
such asbrokerage and
agency services (8140**)1,3) TheAccident Rehabilitation and
Compensation Insurance Act1992
provides forcompulsory worker ’s
compensation insurance vialevies on
vehicle owners, employers, employees
andtheself-employed. TheActis
administered bytheAccident
Rehabilitation andCompensation
Insurance Corporation.3) None
4) Unbound except asindicated inthe
horizontal section.
1,3) Under theApple andPear Marketing Act
1971 andtheWheat Producers Levy Act
1987 (orregulations enacted under the
Commodities Levy Act1990), the
respective bodies (theApple andPear
Marketing Board andUnited
Wheatgrowers (NZ) Ltd)have thepower
toorganise compulsory disaster insurance
onbehalf ofgrowers andtorequire them
topayalevytorecover thepremium
amount ofthisinsurance.GATS/SC/62/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
1,2) Unbound forlossofproducts
3) covered under CPC 01,02,211,
213-216, 22,2399 and261.
4) Unbound except asindicated inthe
horizontal section.
e) Services Auxiliary to
Insurance, such as
consultancy, actuarial, risk
assessment andclaim
settlement services
(8140**)3) None
4) Unbound except asindicated inthe
horizontal section.3) None
4) Unbound except asindicated inthe
horizontal section.GATS/SC/62/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
B. Banking andother Financial
Services (excluding
insurance)1
a) Acceptance ofdeposits and
other repayable funds from
thepublic (81115-81119)
b) Lending ofalltypes,
including consumer credit,
mortgage, credit, factoring
andfinancing of
commercial transactions
(8113)
c) Financial leasing (8112)
d) Allpayment andmoney
transmission services,
including credit, charge and
debit cards, travellers
cheques andbankers drafts
(81339**)
e) Guarantees and
commitments (81199**)3) None
4) Unbound except asindicated inthe
horizontal section.3) None
4) Unbound except asindicated inthe
horizontal section.
1Asdefined inparagraph 5(a)(v)-(xvi) oftheAnnex onFinancial Services.GATS/SC/62/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
f) Trading forownaccount or
foraccount ofcustomers,
whether onanexchange, in
anover-the-counter market
orotherwise, thefollowing:
i)money market
instruments (cheques,
bills, certificates of
deposits etc)(81339**)
ii)foreign exchange
(81333)
iii)derivative products
including, butnot
limited to,futures and
options (81339**)
iv)exchange rates and
interest rate
instruments, including
products such as
swaps, forward rate
agreements etc
(81339**)
v)transferable securities
(81321)
vi)other negotiable
instruments and
financial assets,
including bullion
(81339**)GATS/SC/62/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
g) Participation inissues ofall
kinds ofsecurities,
including underwriting and
placement asagent
(whether publicly or
privately) andprovision of
services related tosuch
issues (8132)
h) Money broking
(81339**)
i) Asset management, such as
cashorportfolio
management; allforms of
collective investment
management, pension fund
management, custodial,
depository andtrust
services (8119**, 81323*)
j) Settlement andclearing
services forfinancial assets,
including securities,
derivative products, and
other negotiable instruments
(81339**, 81319**)
k) Provision andtransfer of
financial information, and
financial dataprocessing
andrelated software by
providers ofother financial
services (8131)GATS/SC/62/Suppl.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
l) Advisory, intermediation,
andother auxiliary financial
services onalltheactivities
listed in(a)to(k)above,
including credit reference
andanalysis, investment
andportfolio research and
advice, advice on
acquisitions andon
corporate restructuring and
strategy (8131, 8133)