RESTRICTEDWORLD TRADE
ORGANIZATIONS/C/W/118
23 July 1999
(99-3198)
Council for Trade in Services Original:  English/
French
SCHEDULE OF COMMITMENTS IN FINANCIAL SERVICES
Certification
CANADA
The attached revised Schedule of Commitments in Financial Services was communicated to
the WTO on 30 June 1999 by the Government of Canada with a request to initiate the appropriate
procedures for it to replace Canada's Schedule of Specific Commitments on financial services
(GATS/SC/16/Suppl.4).
Accordingly, if no objections are communicated to the Secretariat within 90 days from the
date of this communication the attached Schedule  of Commitments in financial services will be
deemed to constitute an integral part of the Schedule of Specific Commitments of Canada under the
GATS.
This draft Schedule will be submitted to the Council for Trade in Services for its
consideration at its next meeting.S/C/W/118
Page 2
WORLD TRADE
ORGANIZATION
(99-0000)
Council for Trade in Services Original:  English
CANADA
Schedule of Specific Commitments
Supplement 4
Revision
(This is authentic in English and French only)
_______________S/C/W/118
Page 3Changes to the Canadian Schedule of Commitments for GATS - Financial Services
Modes of supply:        1)    Cross-border supply     2)    Cons umption abroad       3)    Commercial presence      4)    Prese nce of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
7. FINANCIAL SERVICES
Measures applicable to all Sectors in Financial Services
1. Commitments in this Chapter are undertaken in accordance with the Understanding on Commitments in Financial Services (“Unders tanding” ).
2. For greater certainty, market access commitments with respect to  the “cross-border” and “consumption abroad” supply of servic es (as described in
paragraphs 2(a) and 2(b) of Article 1 of the General Agreement on Trade in Services) apply only to the transactions indicated i n paragraphs 3 and 4 of
Market Access of the Understanding .  It is understood that paragraph 4 of that section of the Understanding  does not impose any obligation to allow
non-resident financial services suppliers to solicit business.
3. The commitments on “commercial presence” are bound according to the Understanding.
4. The commitments on “presence of natural persons” are schedule d in accordance with the Understanding and bound according to th e general limitations
applicable to all sectors in this schedule (Part I).
5. Otherwise, the commitments in this Chapter are subject to the general conditions or limitations applicable to all sectors in this schedule.S/C/W/118
Page 4Modes of supply:        1)    Cross-border supply     2)    Cons umption abroad       3)    Commercial presence      4)    Prese nce of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
(1), (2) None (1), (2) None, other than:
(i) Certain supplies between
members of a closely-relatedgroup of corporations which
includes a financial institution
may be treated as exempt suppliesunder value-added taxes.Imported supplies do not qualifyfor this treatment.
(ii) Supplies between resident and
non-resident branches orrepresentative offices of afinancial institution are treated assupplies between separate persons
for the purposes of value-added
taxes.
(3) None, other than:
Federally-regulated financial institutions
having capital in excess of $750 million
are required, within five years of having
reached the threshold, to have 35 per centof their voting shares widely-held andlisted and posted for trading on aCanadian Stock Exchange.(3) None, other than:
(i) Certain supplies between
members of a closely-related
group of corporations which
includes a financial institutionmay be treated as exempt suppliesunder value-added taxes.Imported supplies do not qualifyfor this treatment.S/C/W/118
Page 5Modes of supply:        1)    Cross-border supply     2)    Cons umption abroad       3)    Commercial presence      4)    Prese nce of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
Foreign-owned federally regulated
institutions (i.e.  insurance, banks and
trust and loan):  A controlling number of
shares of a Canadian subsidiary must be
held directly by the foreign company
incorporated in the jurisdiction where the
foreign company, either directly orthrough a subsidiary, principally carrieson business.(ii) Supplies between resident and
non-resident branches orrepresentative offices of afinancial institution are treated assupplies between separate persons
for the purposes of value-added
taxes.
Federally regulated institutions (i.e.
insurance, banks and trust and loan):  A
minimum of one half of directors must be
either Canadian citizens ordinarilyresident in Canada or permanent residentsordinarily resident in Canada.
The Government of Ontario Management
Board Directive and Industrial
Development Review Process providesfor a price preference of up to 10 per centfor Canadian content based onvalue-added in Canada for certaingovernment purchases.  The Management
Board Directive applies on the basis of
the nationality of the individual serviceprovider.
(4) See paragraph 4 of headnote on Financial
Services.(4) See paragraph 4 of headnote on Financial
Services.S/C/W/118
Page 6Modes of supply:        1)    Cross-border supply     2)    Cons umption abroad       3)    Commercial presence      4)    Prese nce of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
A. Insurance and
Insurance-Related Services
(CPC 812* + 814)
(a) Life, accident and 
health insurance 
services (CPC 8121)(1)  None, other than:
Direct insurance (federal):  Services must
be supplied through a commercial
presence with the exception of marine
insurance.(1) None
(b) Non-life insurance
services (exceptdeposit insurance and
similar compensation
schemes) (CPC 8129)(All provinces):  Services must be
supplied through a commercial presence.
(c) Reinsurance and
retrocession(CPC 81299*)Reinsurance and retrocession (federal):
Services must be supplied through a
commercial presence.
(All provinces, excluding Alberta and
New Brunswick):  Services must besupplied through a commercial presence.
(2) None, other than:
Reinsurance and retrocession (federal,
Alberta and Newfoundland):  The
purchase of reinsurance services by aCanadian insurer, other than a life insureror a reinsurer, from a non-residentreinsurer is limited to no more than 25 per
cent of the risks undertaken by the insurer
purchasing the reinsurance.(2) None, other than:
Direct insurance other than life, personal
accident, sickness or marine insurance
(federal):  An excise tax of 10 per cent is
applicable on net premiums paid tonon-resident insurers or exchanges inregard to a contract against a risk
ordinarily within Canada, unless such
insurance is deemed not to be available inCanada.S/C/W/118
Page 7Modes of supply:        1)    Cross-border supply     2)    Cons umption abroad       3)    Commercial presence      4)    Prese nce of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
Direct insurance (Alberta):  A fee payable
to the province of 50 per cent of the
premium paid and regulatory notificationare required on insurance of risks in theprovince by unlicensed insurers.
(Saskatchewan): A fee payable to theprovince of 10 per cent of the premium isrequired on insurance of risks in theprovince by unlicensed insurers.
(3) None, other than:
Direct insurance and reinsurance and
retrocession (federal):  The solicitation of
insurance services in Canada can only be
effected through:
(i) a corporation incorporated under
federal or provincial laws;
(ii) a corporation incorporated by or
under the laws of another jurisdiction
outside Canada (i.e., a branch of a
foreign corporation);
(iii) an association formed on the plan
known as Lloyds; and
(iv) reciprocal insurance exchanges.(3) None, other than:
Direct insurance and reinsurance and
retrocession (Ontario):  Capital
requirements for mutual insurance
companies do not apply to certain mutual
insurance companies incorporated in
Ontario.
(Quebec):  Three quarters of directors
must be Canadian citizens and a majoritymust reside in Quebec.S/C/W/118
Page 8Modes of supply:        1)    Cross-border supply     2)    Cons umption abroad       3)    Commercial presence      4)    Prese nce of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
A branch of a foreign insurance company
must be established directly under theforeign insurance company incorporatedin the jurisdiction where the foreigninsurance company, either directly or
through a subsidiary, principally carries
on business.
(All provinces):  Insurance activities canonly be provided through:
(i) a corporation incorporated under
provincial statutes;
(ii) an extra-provincial insurance
corporation, i.e., an insurerincorporated by, or under the lawsof another jurisdiction (including afederally-authorized branch of aforeign corporation);
(iii) an association formed on the plan
known as Lloyds;
(iv) (excluding Quebec and Prince
Edward Island):  Reciprocal
insurance exchanges.(Quebec): Every insurer not incorporated
under an Act of Quebec has, in respect ofthe activities it carries on in Quebec, therights and obligations of an insurancecompany or mutual associationincorporated under Acts of Quebec as the
case may be.  It can also exercise
additional activities provided for in thelaw.  However, the activities of suchcorporation will be limited to thoseallowed under its constituting legislation.
(Alberta and Prince Edward Island):Subsidiaries of foreign insurancecorporations must be federally authorized.S/C/W/118
Page 9Modes of supply:        1)    Cross-border supply     2)    Cons umption abroad       3)    Commercial presence      4)    Prese nce of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
(Quebec):  Non-residents can not acquire,
without ministerial approval, eitherdirectly or indirectly, more than 30 percent of the voting rights attached to sharesof a Quebec-chartered insurance company
or of its controlling entity.
(Quebec): Upon any allotment or transfer
of voting shares of the capital stockinsurance company “SSQ, Sociétéd’assurance-vie inc” or of the holdingcompany “Groupe SSQ inc”, the ministermay ask such companies to prove that the
shares were offered by preference to
Quebec residents and subsequently toother Canadian residents, but that no offerwas made or was acceptable.
(Federal):  The purchase of reinsuranceservices by a Canadian insurer, other thana life insurer or reinsurer, from a residentreinsurer is limited to no more than 75 percent of the risks undertaken by the insurerpurchasing the reinsurance.
(British Columbia):  Incorporation, shareacquisition or application for businessauthorization, where any person controlsor will control 10 per cent or more of thevotes of the company, is subject toministerial approval.
Motor vehicle insurance (Quebec,
Manitoba, Saskatchewan and BritishColumbia):  Motor vehicle insurance isprovided by public monopoly.S/C/W/118
Page 10Modes of supply:        1)    Cross-border supply     2)    Cons umption abroad       3)    Commercial presence      4)    Prese nce of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
(4) See paragraph 4 of headnote on Financial
Services.(4) See paragraph 4 of headnote on Financial
Services.
(d) Services auxiliary to
insurance (includingbroking and agencyservices) (CPC 8140)(1) None, other than:
Intermediation of insurance relating to
maritime shipping, commercial aviation,
space launching, freight (including
satellites) and goods in international
transit (all provinces):  Services must be
supplied through a commercial presence
in the province in which the service isprovided.(1) None, other than:
(Saskatchewan): Fire or hail insurance
contracts have to be signed orcountersigned by a licensed agent whoresides in the province.  Where there is
disagreement concerning hail insurance,
such damages are to be estimated by anappraiser who is a taxpayer of theprovince.
(Ontario and Prince Edward Island):Non-resident individual adjusters areprohibited from being adjusters in theprovince.
(Manitoba):  Licenses to act as insuranceagents and brokers are not issued tonon-residents of Canada.
(New Brunswick):  Licenses shall not beissued to a corporation whose head officeis outside Canada.
(Alberta and Manitoba):  A license to actas a special broker authorized to placeinsurance coverage with unlicensedinsurers is restricted to residents of theprovince, as the case may be.
(British Columbia): Licenses for generalinsurance shall be issued only to residentsof the province.S/C/W/118
Page 11Modes of supply:        1)    Cross-border supply     2)    Cons umption abroad       3)    Commercial presence      4)    Prese nce of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
(Prince Edward Island): Licenses to act as
insurance agent or adjusters are not issuedto non-resident of the province.
(2) None (2) None, other than:
Intermediation of insurance relating to
commercial aviation, space launching,
freight (including satellites) and goods in
international transit (federal):  An excise
tax of 10 per cent is applicable on net
premiums paid to non-resident insurers orexchanges in regard to a contract against arisk ordinarily within Canada, unless suchinsurance is deemed not to be available inCanada.  The excise tax is also applicable
on net premiums payable with regard to a
contract entered into, through anon-resident broker or agent, with anyinsurer authorized under the laws ofCanada or of any province to carry out the
business of insurance.
(3) None, other than:
(New Brunswick):  Licenses shall not be
issued to a corporation whose head officeis outside Canada.
(Ontario and Prince Edward Island):
Non-resident individual adjusters areprohibited from being adjusters in theprovince.(3) None, other than:
(Saskatchewan): Fire or hail insurance
contracts have to be signed orcountersigned by a licensed agent whoresides in the province.  Where there is
disagreement concerning hail insurance,
such damages are to be estimated by anappraiser who is a taxpayer of theprovince.S/C/W/118
Page 12Modes of supply:        1)    Cross-border supply     2)    Cons umption abroad       3)    Commercial presence      4)    Prese nce of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
(Ontario):  No licen ce is provided to a
corporation to act as an insurance broker,agency or adjuster if the majority of thevoting rights are in shares owned bynon-residents.  A corporate agency or
adjuster or insurance broker which is
majority non-resident-owned and licensedas a result of grand-fathering cannotexpand through purchase of assets orbusiness or merger or amalgamation with
any other broker, agent or adjuster.  No
licence is provided to a corporation or
partnership which is an insurance agencyor adjuster if the head office is outsideCanada or if any partner is residentoutside Canada.
(Manitoba):  Licenses to act as insuranceagents and brokers are not issued tonon-residents of Canada.
(Alberta and Manitoba):  A license to actas a special broker authorized to placeinsurance coverage with unlicensedinsurers is restricted to residents of theprovince, as the case may be.
(British Columbia): Licenses for generalinsurance shall be issued only to residentsof the province.
(Prince Edward Island): Licenses to act asinsurance agent or adjusters are not issuedto non-resident of the province.
(4) See paragraph 4 of headnote on Financial
Services.(4) See paragraph 4 of headnote on Financial
Services.S/C/W/118
Page 13Modes of supply:        1)    Cross-border supply     2)    Cons umption abroad       3)    Commercial presence      4)    Prese nce of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
B. Banking and Other
Financial Services
(excl. insurance)(1) None
(2) None(3) None, other than:(1) None
(2) None(3) None, other than:
(a) Acceptance of deposits and
other repayable funds fromthe public (CPC 81115-
81119)Banks:  To undertake the business of
banking in Canada, a foreign bank must:
(i) incorporate a bank subsidiary 
under the Bank Act; or
(b) Lending of all types,
including inter alia ,
consumer credit, mortgagecredit, factoring andfinancing of commercialtransactions   (CPC 8113)(ii) establish a bank branch under the 
Bank Act,
In order to establish a bank branch, a
foreign bank must be authorised under theBank Act and must be incorporated by or
under the laws of another jurisdiction
outside Canada (i.e., an authorisedforeign bank).
(c) Financial leasing     
(CPC 8112)A bank branch must be established
directly under the authorised foreign bank
incorporated in the jurisdiction where the
authorised foreign bank principallycarries on business.
An authorised foreign bank can establishonly one of two types of bank branches:S/C/W/118
Page 14Modes of supply:        1)    Cross-border supply     2)    Cons umption abroad       3)    Commercial presence      4)    Prese nce of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
(i) a full service bank branch (i.e., a
Schedule III, Part 1, authorisedforeign bank);  or,
(ii) lending bank branch (i.e., a
Schedule III, Part 2, authorised
foreign bank).
Full service bank branches and lendingbank branches cannot engage in theactivities in which a specialised financingcorporation, as defined in the Bank Act,
may engage.
Full service bank branches and lending
bank branches cannot be memberinstitutions of the Canada Deposit
Insurance Corporation.
A full service bank branch can only
accept deposits in amounts less than$150,000 and payable in Canada if thesum of all deposits below $150,000
amounts to less than one percent of total
deposits payable in Canada.
A lending bank branch can only acceptdeposits or otherwise borrow money bymeans of financial instruments from, or
guarantee any securities or accept any
bills of exchanges that cannot besubsequently sold to or traded with:S/C/W/118
Page 15Modes of supply:        1)    Cross-border supply     2)    Cons umption abroad       3)    Commercial presence      4)    Prese nce of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
(i) financial institutions, other than a
foreign bank; or,
(ii) a foreign bank whose principal
activity is the provision of services
that would be permitted by the
Bank Act if they were provided bya bank in Canada; and, that isregulated as a bank in the countryunder whose laws it was
incorporated or in any country in
which it carries on business.
A lending bank branch cannot be amember of the Canadian PaymentsAssociation.
An authorised foreign bank cannotestablish a lending bank branch inconjunction with a full service bankbranch, a bank subsidiary, a loancompany, or a trust company that acceptsdeposits.
No one person (Canadian or foreign) mayown more than 10 per cent of any class ofshares of a Schedule I bank
(d) All payment and money
transmission services
(CPC 81339*)Trust and loan companies (federal
and all provinces, excluding British
Colombia):  Federal or provincialincorporation is required.Trust and loan companies
(Alberta):  At least three quarters of the
directors must be ordinarily resident inCanada.S/C/W/118
Page 16Modes of supply:        1)    Cross-border supply     2)    Cons umption abroad       3)    Commercial presence      4)    Prese nce of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
(e) Guarantees and
commitments
(CPC 81199*)(Ontario, Quebec and Manitoba):
The direct or indirect acquisition ofCanadian-controlled companies bynon-residents is restricted to 10 per centindividually and 25 per cent collectively.
(Saskatchewan):  Individual and
collective foreign ownership of Canadian-controlled and provincially incorporatedcompanies can be no more than 10 per
cent of shares
(British Columbia):  Incorporations, share
acquisition or application for businessauthorization, where any person controlsor will control 10 per cent or more of the
votes of the company, are subject to
ministerial approval.(New Brunswick): At least two of the
directors must be resident in newBrunswick.
(Nova Scotia):  A majority of directors
must be resident in Canada and at least
two resident in Nova Scotia.
(Manitoba and Ontario):  Foreign
persons may not exercise the voting
rights attached to shares if they are notregistered as shareholders in respect ofthe shares.
(Manitoba): Majority of directors must
be resident in Canada.
(Quebec):  Three quarters of the
directors must be Canadian citizens and
a majority must reside in Quebec.
(Ontario, New Brunswick and Nova
Scotia):  Incorporation or registration willbe refused unless authorities are satisfiedthat there exists a public benefit andadvantage for an additional corporation.
(Ontario): Consent to change in control ortransfers of 10 per cent or more of votingshares may be refused if it would be inthe public interest to do so.S/C/W/118
Page 17Modes of supply:        1)    Cross-border supply     2)    Cons umption abroad       3)    Commercial presence      4)    Prese nce of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
Credit unions, caisses populaires and
associations or groups thereof (all
provinces):  Must incorporate in the
jurisdictions in which they operate.Credit unions and caisses populaires
(Ontario):  Directors of credit unions
must be Canadian citizens or permanentresident.
(British Columbia):  Directors and
subscribers of credit unions must beresidents of the province
Mortgage brokers (Ontario):  Must
incorporate under the laws of Canada,Ontario or of another province.
Ownership of a corporation by foreign
persons must not exceed 10 per centindividually and 25 per cent collectivelyof the total number of equity shares.(All provinces except British Columbia,
Ontario and Quebec):  Credit unionsand caisses populaires are exempt from
the corporate capital tax.
(Nova Scotia):  Must incorporate under
the laws of Canada or Nova Scotia.(Alberta):  Directors of credit unions
must be Canadian citizens or permanentresidents of Canada and three quartersmust at all times be ordinarily residentin the province.
(Saskatchewan):  Must maintain abusiness office in the province.(Manitoba, Nova Scotia and
Saskatchewan):  Directors of creditunions must be Canadian citizens
(Quebec): Founding members of caissespopulaires must have a residence, place
of business or employment in the
territory mentioned in the caisse’sstatutes.S/C/W/118
Page 18Modes of supply:        1)    Cross-border supply     2)    Cons umption abroad       3)    Commercial presence      4)    Prese nce of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
Community bonds corporations
(Manitoba, New Brunswick and
Saskatchewan):  Directors ofCommunity Bonds corporations must beresident of the province.
Loan and investment companies
(Quebec):  Federal or provincialincorporation.
Co-operative corporations
(Newfoundland and Ontario):  Must
incorporate under the law of the
applicable province or under federal law.Venture capital corporations (federal
and all provinces): Measures that result
in a different tax treatment with respectto an investment in a venture capitalcorporation as prescribed pursuant tothe Income Tax Act of Canada and
provincial laws.
Lending of all types (Nova Scotia):  Must
incorporate under the laws of Canada orNova Scotia.
Acceptance of deposits (Quebec):  The
acceptance of deposits of public and
para-public institutions is provided by apublic monopoly.
(4) See paragraph 4 of the headnote on
Financial Services, and:
Mortgage brokers (Ontario):  Must be
Canadian citizens or permanent residents
of Canada and ordinarily resident in
Canada.
(Nova Scotia):  Must be resident in the
province.(4) See paragraph 4 of the headnote on
Financial Services, and:S/C/W/118
Page 19Modes of supply:        1)    Cross-border supply     2)    Cons umption abroad       3)    Commercial presence      4)    Prese nce of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
(f) Trading for own account
or for account ofcustomers whether on anexchange, in anover-the-counter market
or otherwise, the
following:
-m o n e y  m a r k e t  
instruments 
(cheques, bills, 
certificate of deposits, etc.) (CPC 81339*);
- foreign exchange
(CPC 81333*);(1) None, other than:
Advisory and auxiliary financial services
(Alberta, British Columbia, Nova Scotia,
Ontario, Quebec and Saskatchewan):
Services must be supplied through a
commercial presence in the jurisdiction inwhich the adviser is providing advice.
Asset management (Alberta, British
Columbia, Nova Scotia, Ontario, Quebec
and Saskatchewan):  Services must besupplied through a commercial presencein the jurisdiction in which the service isprovided.(1) None
- derivative products 
including but not 
limited to, futures 
and options (CPC 81339*)(Quebec):  The management of pension
funds of public and para-public
institutions in Quebec is provided by
public monopoly.
Custodial services (All provinces):
Mutual funds which offer securities in
Canada must use a resident custodian.  A
non-resident sub-custodian may be used i f
it has shareholders equity of at least $100
million.S/C/W/118
Page 20Modes of supply:        1)    Cross-border supply     2)    Cons umption abroad       3)    Commercial presence      4)    Prese nce of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
- exchange rate and 
interest rate instruments, including products such as swaps, 
forward rate 
agreements, etc. (CPC 81339*)(2) None, other than:
Trading in securities and commodity
futures - persons (all provinces):  There is
a requirement to register in order to trade
through dealers and brokers that are
neither resident nor registered in theprovince in which the trade is effected.(2) None
- transferable 
securities(CPC 81321*)
- other negotiable
instruments and
financial assets,
including bullion
(CPC 81339*)(3) None, other than:
Securities dealers and brokers (British
Columbia, Ontario, Saskatchewan,
Yukon):  Must be incorporated, formed orcontinued under federal, provincial orterritorial laws
(Quebec):  Only brokerage firms
incorporated under federal, provincial orterritorial laws may be members of theMontreal Exchange.(3) None, other than:
Trading in securities and commodity
futures and advisory and auxiliary
financial services - dealers, brokers, and
advisers:  (Alberto, Ontario,
Newfoundland, Nova Scotia, Manitoba
and Saskatchewan):  A director or
officer of an applicant firm must have
been a resident of Canada for a periodof at least one year prior to theapplication.
Advisory and auxiliary financial
services and Asset Management (Nova
Scotia and Quebec):  The establishmentmust be managed by a resident of theprovince.S/C/W/118
Page 21Modes of supply:        1)    Cross-border supply     2)    Cons umption abroad       3)    Commercial presence      4)    Prese nce of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
Custodial services (All provinces):
Mutual funds which offer securities in
Canada must use a resident custodian.  Anon-resident sub-custodian may be used i
f
it has shareholders equity of at least $100
million(Quebec):  The responsibility for
opening up accounts is to be managedby a Quebec resident.
(g) Participation in issues of
all kinds of securities,including underwritingand placement as agent(whether publicly or
privately) and provision
of service related to suchissues (CPC 8132)Advisory and auxiliary financial services
(British Colombia):  Must be
incorporated, formed or continued underfederal, provincial or territorial laws.
Asset management (Quebec):  The
management of pension funds of public
and para-public institutions in Quebec isprovided by a public monopoly.
(h) Money broking
(CPC 81339*)(4) See paragraph 4 of the headnote on
Financial services, and(4) See paragraph 4 of the headnote on
Financial services, and:
(i) Asset management, such
as cash or portfoliomanagement, all forms of
collective investment
management, custodial,depository and trustservices (CPC 8119*,81323*).(Quebec):  Only Canadian residents may
be individual members of the Montrealexchange.Trading in securities and commodity
futures and advisory and auxiliary
financial services - dealers, brokers and
advisers:  (all provinces except British
Columbia, New Brunswick and
Quebec):  An individual applicant forregistration is required to have been aresident of Canada for a period of atleast one year prior to the application
and a resident of the province in which
he/she wishes to operate at the date ofapplication.S/C/W/118
Page 22Modes of supply:        1)    Cross-border supply     2)    Cons umption abroad       3)    Commercial presence      4)    Prese nce of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
(j) Settlement and clearing
services for financialassets, incl. securities,derivative products, andother negotiable
instruments   (CPC
81339*, 81319)(Quebec):  An individual acting as a
representative of a dealer or adviser,subject to certain exemptions, must be aresident of the province
(k) Advisory, intermediation
and other auxiliary
financial services on allthe activities listed inArticle 5(a)(v) through(xv) of the Annex onFinancial Services, incl.
credit reference and
analysis, investment andportfolio research andadvice, advice onacquisitions and on
corporate restructuring
and strategy (CPC 8131*,8133*)
(l) Provision and transfer of
financial information, and
financial data processing
and related software byproviders of otherfinancial services (CPC8131*, 842*, 843*, 844*)
__________