./.RESTRICTEDWORLD TRADE
ORGANIZATIONS/C/W/54
19 October 1998
(98-4011)
Council for Trade in Services Original:  English
COMMUNICATION FROM THE EUROPEAN COMMUNITIES
AND THEIR MEMBER STATES
CERTIFICATION
Revised Schedule of Specific Commitments on Financial Services
The following communication has been received form the delegation of the European
Communities and their Member States with the request that it be circulated to Members of the WTO.
_____________
Following changes of Swedish Legislation, and in accordance with the additional
commitment undertaken in this respect on page 14, Additional Commitments column of document
GATS/SC/31/Suppl.4, the European Communities and their Member States confirm that therestriction concerning the operation of certain co llective investment funds (Allemansfonder), National
Treatment column, third entry on page 14 of the above mentioned document, will not apply as from
entry into force of the Fifth Protocol to the GATS.
The above-mentioned entries can therefore be eliminated from the Schedule of Specific
Commitments of the European Communities and their Member States.
_____________
If no objection is notified to the Secretariat within ninety days from the date of this
communication, the Schedule of Specific Commitments on Financial Services of the EuropeanCommunities and their Member States annexed to the Fifth Protocol to the GATS shall be deemed
changed as indicated above.S/C/W/54
Page 2
GATS/SC/31/Suppl.4
Page 14 Modes of supply: (1)  Cross-border (2)  Consumption abroad (3)  Commercial presence (4)  Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
A:  Only members of the Austrian Stock
Exchange may engage in securities trading at
the Stock Exchange.
A:  For trading in foreign exchange and
foreign currency authorisation of the Austrian
National Bank is required.
A:  Mortgage bonds and municipal bonds
may be issued by banks specialised and
authorised for this activity.
A:  For carrying out services of pension fund
management a specialised company only for
this activity and incorporated as a stockcompany in Austria is required.
B:  Any public bid to acquire Belgian
securities made by or on behalf of a person,company or institution outside the jurisdictionof one of the Member States of the European
Community shall be submitted to the
authorisation of the Minister of Finance.I:  Representative offices of foreign
intermediaries cannot carry out activities aimed
at providing investment services.
S: A founder of a banking company shall be a
natural person resident in  the European
Economic Area or a foreign bank.  A founderof a savings bank shall be a natural personresident in  the European Economic Area.
S: A branch of a fund management company
not incorporated in Sweden may not operate
certain collective investment funds
(Allemansfonder), where the investor enjoys
certain tax benefits.S: Restrictions concerning
the operation of certain
collective investment
funds ( Allemansfonder) by
branches of fund
management companies in
Sweden are currently
reviewed. The Swedish
Government intends to
propose the abolition of
such restrictions in 1998.
Subject to the adoption of
the necessary legislative
amendment by Parliament,
Sweden will remove the
relevant limitation under
the national treatment
column.
__________