WORLD TRADE GATS/SC/41/Suppl.2
26February 1998
ORGANIZATION(98-0645)
Trade inServices
ICELAND
Schedule ofSpecific Commitments
Supplement 2
(This isauthentic inEnglish only)
_______________
Thistextreplaces theFinancial Services section contained inpages 28to31ofdocument
GATS/SC/41.GATS/SC/41/Suppl.2
Page2ICELAND
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
(i) Iceland undertakes commitments onfinancial services inaccordance withthe“Understanding onCommitments inFinancial Services ”(theUnderstanding).
(ii) Market access commitments withrespect tomodes 1and2arebound inthisSchedule totheextent oftheobligations inparagraphs 3and4ofthe
Understanding.
A. Insurance and
insurance-related services1) Thesupply ofdirect insurance isreserved
forIcelandic insurance undertakings or
authorized insurance undertakings from
another EEA Member State.
Thesupply ofinsurance broker services is
reserved forinsurance brokers authorized
bytheMinistry ofCommerce or
insurance brokers authorized by
competent authorities ofanother EEA
Member State.
2) None1) None
2) NoneGATS/SC/41/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
3) Insurance undertakings notestablished in
anEEA Member State require
authorization toestablish branch offices in
Iceland.
Anyinvestor, whether resident or
non-resident, whoacquires orintends to
acquire aqualifying holding inan
insurance undertaking must giveadvance
notice totheInsurance Supervisory
Authority. TheAuthority mayrefuse the
acquisition ortheexercise ofownership if
itbelieves thattheacquisition willaffect
thesound functioning oftheenterprise.3) Founders ofaninsurance undertaking
must beIcelandic residents orlegal
entities registered inIceland, citizens of
another EEA Member State residing inan
EEA Member State orlegal entities
registered inanEEA Member State.
Branch offices ofnon-EEA insurance
undertakings must bemanaged bya
resident agent.
Insurance brokers must beresident in
Iceland orcitizens orlegal entities of
another EEA Member State residing inan
EEA Member State.
4) Unbound except asindicated inthe
horizontal section.4) NoneGATS/SC/41/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
B. Banking andother financial
services
(excluding insurance)1) None
2) None1) Domestic financial institutions shall
inform theCentral Bank ofIceland ofthe
balances ofservice providers ’accounts
heldbynon-residents.
2) None
3) Credit institutions andundertakings
engaged insecurities services established
inanon-EEA State canestablish abranch
orarepresentative office, subject to
authorization bytheMinistry of
Commerce.
Credit institutions andundertakings
engaged insecurities services canonlybe
established ascompanies withlimited
liability.3) Afounder ofacredit institution shall bea
natural orlegal person resident inIceland.
TheMinister ofCommerce cangrant
exemptions from thisrequirement.
Citizens andlegal persons ofother EEA
Member States areexempted from the
residency requirement.
Managers andboard members ofcredit
institutions andundertakings engaged in
securities services andUCITS shall be
resident inIceland. Citizens ofother
EEA Member States areexempted from
theresidency requirement. TheMinister
ofCommerce maygrant citizens of
non-EEA Member States thesame
exemptions.
Service providers shall inform the
Ministry ofCommerce ofinvestments
made bynon-residents inbusiness
enterprises inIceland andtheCentral
Bank ofIceland ofinvestments made by
non-residents insecurities inIceland.GATS/SC/41/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
Commercial banks andsavings banks
have exclusive rights toaccept deposits
andother repayable funds from the
public.
Public issue ofsecurities shall be
conducted bysecurities undertakings or
other parties authorized toprovide such
services.
4) Unbound except asindicated inthe
horizontal section.4) None