WORLD TRADE GATS/EL/90/Suppl.3
26February 1998
ORGANIZATION(98-0703)
Trade inServices
UNITED STATES OFAMERICA
ListofArticle II(MFN) Exemptions
Supplement 3
(This isauthentic inEnglish only)
_______________
Thistextreplaces theFinancial Services section contained indocument GATS/EL/90/Suppl.1.GATS/EL/90/Suppl.3
Page2
UNITED STATES OFAMERICA -LIST OFARTICLE II(MFN) EXEMPTIONS
Sector or
subsectorDescription ofmeasure
indicating itsinconsistency
with Article IICountries towhich the
measure appliesIntended duration Conditions creating theneed forthe
exemption
Insurance
Banking and
Other Financial
Services
(excluding
Insurance)Measures according
differential treatment in
regard totheexpansion of
existing operations, the
establishment ofanew
commercial presence orthe
conduct ofnewactivities, in
acircumstance inwhich a
Member adopts orapplies a
measure thatcompels, orhas
theeffect ofcompelling, a
person oftheUnited States,
onthebasis ofits
nationality, toreduce its
share ofownership inan
insurance services provider
operating intheMember ’s
territory toalevel below that
prevailing on12/12/97.
Abroker-dealer registered
under USlawthathasits
principal place ofbusiness in
Canada maymaintain its
required reserves inabank
inCanada subject tothe
supervision ofCanada.Allcountries
CanadaIndefinite
IndefiniteNeed toprotect existing USownership of
service suppliers operating inother
Members.
Maintenance ofestablished preference.GATS/EL/90/Suppl.3
Page3Sector or
subsectorDescription ofmeasure
indicating itsinconsistency
with Article IICountries towhich the
measure appliesIntended duration Conditions creating theneed forthe
exemption
Banking and
Other Financial
Services
(excluding
Insurance)Permission toestablish
state-licensed branches,
agencies, orrepresentative
offices, ortoown
commercial bank
subsidiaries, isbased ona
reciprocity testinthe
following States: California
(applies alsotosavings and
loanassociations),
Connecticut (applies alsoto
credit unions), Georgia,
Illinois, Kentucky,
Louisiana, Massachusetts,
Michigan, North Carolina,
Pennsylvania, Washington.
Among theconditions on
which agency oragency and
representative office licenses
maybegranted forthe
following States isthatthe
foreign bank isoneofthe
fivelargest banks inthe
home country: Florida,
Oklahoma. Permission fora
foreign-owned bank ortrust
company toactasfiduciary,
andtousesatelliteAll Indefinite Need toprotect existing activities ofUS
service suppliers abroad andtoensure
substantially fullmarket access and
national treatment ininternational financial
markets.GATS/EL/90/Suppl.3
Page4
Sector or
subsectorDescription ofmeasure
indicating itsinconsistency
with Article IICountries towhich the
measure appliesIntended duration Conditions creating theneed forthe
exemption
banking terminals, isbased
onareciprocity testinIowa.
Iowa alsosubjects the
activities offoreign-owned
savings andloanassociations
toareciprocity test.
Michigan permits corporate
central credit unions toplace
deposits inbanks chartered
inCanada ortheEuropean
Common Market butnotin
banks chartered inother
foreign countries.
Authority toactasasole
trustee ofanindenture fora
bond offering intheUnited
States issubject toa
reciprocity test.
Designation asaprimary
dealer inUSGovernment
debtsecurities isconditioned
onreciprocity.Canada andEuropean
Common Market
All
AllIndefinite
Indefinite
IndefiniteMaintenance ofestablished preference.
Need toensure USfinancial service
suppliers arepermitted toprovide trustee
services inforeign markets.
Need toensure USfinancial service
suppliers areafforded national treatment in
foreign government debtmarkets.