WORLD TRADE
ORGANIZATIONS/DCS/W/SGP
24 January 2003
(03-0519)
Trade in Services Original:  English
SINGAPORE
Draft consolidated Schedule of Specific Commitments1
Attached is a draft consolidated version of the Schedule of Specific Commitments of
Singapore in word format.  This document  does not substitute for the legally binding commitments
undertaken by Singapore in its Schedule of Specific Commitments (GATS/SC/76;GATS/SC/76/Suppl.2 and GATS/SC/76/Suppl.3).
Attached to the draft consolidated schedule is Singapore's draft consolidated Article II (MFN)
Exemption List (GATS/EL/76 and GAT S/EL/76/Suppl.1) in word format.
The draft consolidated versions of the Schedule and the MFN Exemption List were prepared
by the Secretariat, at the request of Members, to facilitate the process of negotiations, including the
presentation of initial offers.
_______________
                                                          
1 This document has been prepared, in English only, under the Secretariat's own responsibility and without
prejudice to the positions of Members and to their rights and obligations under the WTO.S/DCS/W/SGP
Page 2
Numbering of sectors and sub-sectors is that of the Services Sectoral Classification List (MTN.GNS/W/120).
However, if reference to another definition  is also made,  the specific commitment relates only to the services
covered by that definition.  Where an "ex" is attached to a CPC code, only part of the services defined under therelevant code of the UN Central Product Classification is covered.S/DCS/W/SGP
Page 3SINGAPORE – SCHEDULE OF SPECIFIC COMMITMENTS
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
I. HORIZONTAL COMMITMENTS
ALL SECTORS
INCLUDED IN THISSCHEDULE
I. Presence of natural persons unbound,
except for intra-corporate transferees(see below)I. Unbound
II. Temporary movement of skilled
personnel unbound except for thetemporary movement of intra-corporatetransferees at the level of managers,executives and specialists. Intra-
corporate transferees refers to
managers, executives and specialists, asdefined below, who are employees offirms that provide services withinSingapore throughII. Unbound
a branch, subsidiary, or affiliate
established in Singapore and who havebeen in the prior employ of their firmsoutside Singapore for a period of notless than one year immediatelypreceding the date of their application
for admission and who are one of the
following:S/DCS/W/SGP
Page 4Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
(a)Managers - persons within an
organization who primarily direct the
organization, or a department or sub-
division of the organization, superviseand control the work of othersupervisory, professional or managerialemployees, have the authority to hireand fire or recommend hiring, firing, or other
personnel actions (such as promotion or
leave authorization), and exercise
discretionary authority over day-to-dayoperations.  Does not include first-linesupervisors, unless the employeessupervised are professionals, nor does itinclude employees who primarily
perform tasks necessary for the
provision of the service.
(b)Executives  - persons within the
organization who primarily direct the
management of the organization,
exercise wide latitude in decision-making, and receive only generalsupervision or direction from higher-level executives, the board of directors,or stockholders of the business.
Executives would not directly perform
tasks related to the actual provision ofthe service or services of theorganization.S/DCS/W/SGP
Page 5Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
(c)Specialists  - persons within an
organization who possess knowledge at
an advanced level of expertise and who
possess proprietary knowledge of theorganization's service, researchequipment, techniques, or management.(Specialists may include, but are notlimited to, members of licensed
professions).
Entry for these intra-corporate
transferees is limited to a three yearperiod that may be extended for up totwo additional years for a total term notto exceed five years
III. Commercial presence, right of
establishment and movement ofjuridical persons are subject tocompliance with the followingprovisions:
- A foreigner who wishes to register a
business firm must have a localmanager who should be a Singaporecitizen or a Singapore PermanentResident or a Singapore Employment
Pass holder.  (However, a foreigner
who is a Singapore PermanentResident or a Singapore EmploymentPass holder can register a businesswithout appointing a local manager.)
- At least one director of the company
must be locally residentS/DCS/W/SGP
Page 6Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
- All branches of foreign companies
registered in Singapore must have at
least 2 locally resident agents.  (To
qualify as locally resident, a personshould be either a Singapore citizen orSingapore Permanent Resident orSingapore Employment Pass holder.)
IV. Specific commitments in market access
in any sector or subsector, through any
mode of delivery, shall not be construedto override the limitations established inthe financial services sectorIV. NoneS/DCS/W/SGP
Page 7Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
II. SECTOR SPECIFIC COMMITMENTS
Accounting/Auditing
Services1) None, other than public accountants
must be effectively resident in
Singapore or at least one of the partnersof the firm must be effectively residentin Singapore
2) None
3) As in mode 1)
4) Unbound except as indicated in the horizontal
section1) None
2) None
3) None
4) Unbound
Taxation Services 1) None, other than public accountants
must be effectively resident inSingapore or at least one of the partners
of the firm must be effectively resident
in Singapore.  Only Public Accountantsregistered with the Public AccountantsBoard Singapore can practise as taxconsultants for local tax laws.
2) None
3) As in mode 1)4) Unbound except as indicated in the
horizontal section1) None
2) None
3) None4) Unbound
Medical Services 1) Unbound*
2) None
3) None, other than the number of new
foreign doctors registered each yearmay be limited depending on the totalsupply of doctors
4) Unbound except as indicated in the
horizontal section1) None
2) None
3) None
4) Unbound 
                                                          
* Unbound due to lack of technical feasibility.S/DCS/W/SGP
Page 8Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
Dental Services 1) None
2) None
3) None
4) Unbound except as indicated in the
horizontal section1) None
2) None
3) None
4) Unbound
Veterinary Services 1) None
2) None3) None
4) Unbound except as indicated in the
horizontal section1) None
2) None3) None
4) Unbound
Engineering Services
The sectors covered by
engineering services are:
(a) Civil engineering services
(b) Production engineering
services
(c) Mechanical engineering
services
(d) Electrical engineering
services
(e) Electronic engineering
services1) None
2) None
3) Limited Corporations
- Only registered Professional Engineers
or allied professionals (registeredArchitects or Land Surveyors) shall bedirector of the corporations1) None, other than engineers should be
effectively resident in Singapore
2) None
3) NoneS/DCS/W/SGP
Page 9Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
(f) Aeronautical engineering
services
(g) Marine engineering
services
(h) Naval architectural
engineering services
(i) Industrial engineering
services
(j) Chemical engineering
services- Not less than two-thirds or such lower
proportion as the Minister for National
Development may specify in relation to
any corporation of each class of sharesof the corporation shall be beneficiallyowned by and registered in the names ofregistered Professional Engineers orallied professionals
- Professional engineering work in
Singapore will be under the control andmanagement of a director of thecorporation who is a registered owner
of at least one share of the corporation;
who is a registered ProfessionalEngineer ordinarily resident inSingapore and who has a validcertificate
Unlimited Corporation
- Only registered Professional Engineers
or allied professionals (registeredArchitects or Land Surveyors) shall be adirector of the corporation
- The articles of association of the
corporation provide that any personwho is neither a registered ProfessionalEngineer nor an allied professional, oris a nominee of such a person, or is nota director, manager or employee of the
corporation, shall not be registered as a
member of that corporation
- The business of the corporation, so far
as it relates to professional engineeringwork, will be under the control andmanagement of a director of the
corporation who:S/DCS/W/SGP
Page 10Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
- is a registered Professional Engineer
ordinarily resident in Singapore;
- has in force a practising certificate
authorizing him to engage in suchprofessional engineering work;  and
-  is a member, or a registered owner of at
least one share, of the corporation
Partnership
- The partnership consists of only
registered Professional Engineers withvalid practising certificates and alliedprofessionals;  and
- Professional engineering work in each
discipline of engineering in Singaporewill be under the control andmanagement of a partner who is aregistered Professional Engineer in the
relevant discipline, ordinarily resident
in Singapore and who has a validpractising certificate.
4) Unbound except as indicated in the
horizontal section4) UnboundS/DCS/W/SGP
Page 11Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
Architectural Services 1) None
2) None
3) Limited Corporations
- Only registered architect
or allied professionals (Professional Engineersor Land Surveyors) shall be director of the corporation1) None
2) None
3) None
- Not less than two-thirds or such lower
proportion as the Minister for National
Development may specify in relation toany corporation of each class of sharesof the corporation shall be beneficiallyowned by and registered architects orallied professionals who are either
directors, managers or employees of the
corporation.
- Architectural work in Singapore will be
under the control and management of a
director of the corporation who is a
registered architect ordinarily residentin Singapore and who has a validcertificate and is registered owner of atleast one share of the corporation.
Unlimited Corporation
- Only registered architects or allied
professionals (Professional Engineers orLand Surveyors) shall be a director ofthe corporationS/DCS/W/SGP
Page 12Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
- The articles of association of the
corporation provide that any person
who is neither a registered architect nor
an allied professional, or is a nomineeof such a person, or is not a director,manager or employee of thecorporation, shall not be registered as amember of that corporation
- The business of the corporation, so far
as it relates to architectural services,will be under the control andmanagement of a director of thecorporation who:
- is a registered architect ordinarily
resident in Singapore;
-  has in force a practising certificate
authorizing him to engage in thepractice of architecture;  and
- is a member, or a registered owner of at
least one share, of the corporation
Partnership
- The partnership consists of only
registered architects with valid
practising certificates and allied
professionals;  and
- The supply of architectural services in
Singapore will be under the control andmanagement of a partner who is a
registered architect, ordinarily resident
in Singapore and who has a validpractising certificate.
4) Unbound except as indicated in the
horizontal section.4) NoneS/DCS/W/SGP
Page 13Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
Library Services 1) None
2) None
3) None
4) Unbound except as indicated in the
horizontal section1) None
2) None
3) None
4) Unbound
Translation/Interpretation Services1) None
2) None3) None
4) Unbound except as indicated in the
horizontal section1) None
2) None3) None
4) Unbound
Biotechnology Services 1) None
2) None3) None
4) Unbound except as indicated in the
horizontal section1) None
2) None3) None
4) Unbound
Exhibition Management
Services1) None
2) None
3) None
4) Unbound except as indicated in the
horizontal section1) None
2) None
3) None
4) Unbound
Public RelationsConsultancy Services1) None
2) None
3) None
4) Unbound except as indicated in the
horizontal section1) None
2) None
3) None
4) Unbound
Management ConsultancyServices, including Office
Management and
Administrative Services1) None
2) None
3) None
4) Unbound except as indicated in the
horizontal section1) None
2) None
3) None
4) UnboundS/DCS/W/SGP
Page 14Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
Advertising Consultancy
Services1) None
2) None
3) None
4) Unbound except as indicated in the
horizontal section1) None
2) None
3) None
4) Unbound
Information TechnologyConsultancy Services1) Non
2) None3) None
4) Unbound except as indicated in the
horizontal section1) None
2) None3) None
4) Unbound
Buildings and Facilities
Management Services,including Cleaning of
Building Services1) None
2) None3) None
4) Unbound except as indicated in the
horizontal section1) None
2) None3) None
4) Unbound
Industrial Research 1) None
2) None
3) None
4) Unbound except as indicated in the
horizontal section1) None
2) None
3) None
4) Unbound
Commercial MarketResearch1) None
2) None3) None
4) Unbound except as indicated in the
horizontal section1) None
2) None3) None
4) Unbound
Economic and Behavioural
Research1) None
2) None3) None
4) Unbound except as indicated in the
horizontal section1) None
2) None3) None
4) UnboundS/DCS/W/SGP
Page 15Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
Interior Design Services,
excluding Architecture1) None
2) None
3) None
4) Unbound except as indicated in the
horizontal section1) None
2) None
3) None
4) Unbound
Courier Services in respectof documents and parcels,
excluding letters and
postcards1) Unbound
2) None
3) Unbound
4) Unbound except as indicated in the
horizontal section1) None
2) None
3) None
4) Unbound
Hotel Services 1) Unbound*
2) None
3) None
4) Unbound except as indicated in the
horizontal section1) None
2) None
3) None
4) Unbound 
Travel Agent and TourOperators;  Tourist Guide
Services1) None
2) None
3) None, other than travel agency and tour
operators must be a private limitedcompany
4) Unbound except as indicated in the
horizontal section1) Unbound
2) None
3) Unbound
4) Unbound
Restaurant and Catering
Services1) None
2) None3) None4) Unbound except as indicated in the
horizontal section1) None
2) None3) None4) Unbound
                                                          
* Unbound due to lack of technical feasibility.S/DCS/W/SGP
Page 16Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
Professional, Advisory and
Consulting Services
relating  to Agriculture,
Forestry, Fisheryand Mining, includingOilfield Services1) None
2) None
3) None
4) Unbound except as indicated in the
horizontal section1) None
2) None
3) None
4) Unbound
Construction Services 1) None
2) None
3) None
4) Unbound except as indicated in the
horizontal section1) None
2) None
3) None
4) Unbound
Audiovisual Services
(i) the services covered are
production, distribution and
public display of- motion pictures- video recordings- sound recordings,
except where excluded
under (ii)1) None
2) None
3) None4) Unbound except as indicated in the
horizontal section1) None
2) None
3) None4) Unbound
(ii) All broadcasting andAV services and materialsthat are broadcasting-
related are excluded,
examplesbeing- Free-to-air- broadcasting Cable and
pay television
- Direct broadcasting by 
satellite
- TeletextS/DCS/W/SGP
Page 17Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
2. COMMUNICATION
SERVICES
General Conditions statement
Commitments undertaken in this schedule are subject to the following conditions:
1.  Each service listed in
subsectors 1 and 2 must be licensed through a public
tender process.
2. The number of licences
may be limited due to scarce resources, such as rights of way.
C. Telecommunication
Services
1. Basic Telecommunication
Services (facilities-based):
(a) Public Switched Services1
(local and international)
(b) Leased Circuit Services
(local and international)1) Subject to commercial arrangements
with licensed operator(s)
2) None3) Up to two additional operators will be
licensed in 1998 for the provision ofthese services commencing 1 April
2000. Thereafter, additional licences
will be granted.1) None
2) None
3) None, except as indicated in
horizontal commitments.As annexed
 
A cumulative total of 73.99% foreign
shareholding, based on 49% directinvestment and 24.99% indirect
investment in these operators is
allowed.
4) Unbound except as indicated in the
horizontal commitments.4) Unbound except as indicated in the
horizontal commitments.
                                                          
1 This includes voice, data and facsimile services.
 S/DCS/W/SGP
Page 18Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
2. Mobile Services:
(a) Public Mobile Data Service
(PMDS)
(b) Public Trunked Radio
Service (PTRS)
(c) Public Radio Paging
Service
(PRPS)
(d) Public Cellular Mobile
Telephone Service(PCMTS)1) Subject to commercial arrangements
with licensed operator(s).
2) None
3) None except for d), where more
licences will be granted from 1 April2000.A cumulative total of 73.99% foreignshareholding, based on 49% direct
investment and 24.99% indirect investment in
these operators is allowed.
4) Unbound, except as indicated in the
horizontal commitments.1) None
2) None
3) None, except as indicated in
horizontal commitments.
4) Unbound, except as indicated in the
horizontal commitments.As annexed
3. Resale basis:
(a) Public Switched Services
(local and international)(not including the use ofleased circuits connected tothe public switched
network)1) None
2) None
3) None
4) Unbound, except as indicated in
horizontal commitments.1) None
2) None
3) None, except as indicated in
horizontal commitments.
4) Unbound, except as indicated in
horizontal commitments.
(b) Leased Circuit Services
(local and international)(without connection to thepublic switched network)
(c) Public Cellular Mobile
Telephone Services
(d) Public Radio Paging
ServicesS/DCS/W/SGP
Page 19Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
Value-added Network
(VAN) services
The services covered are:
- electronic-mail- voice-mail- on-line information and
data-base retrieval
- electronic data interchange
- on-line information and/or
data processing1) Provision of VAN services is subjected
to licence from the Telecommunication
Authority of Singapore (TAS)
The basic requirements for VANlicence are:- Foreign companies are required to
either set up a local branch of theircompany duly registered with the
Registry of Companies and Businesses
in Singapore, or grant a power ofattorney to a local agent for theprovision of their VAN services inSingapore1) None
- VAN does not carry traffic which
resembles any of the basic
telecommunication services
2) None3) Same as mode 1)4) Unbound except as indicated in the
horizontal section2) None
3) None4) Unbound
Computer Services
The services covered are:
- Software development- Systems Integration
Services
- Data processing- Data base services1) None
2) None3) None
4) Unbound except as indicated in the
horizontal section1) None
2) None3) None
4) Unbound
Telecommunication-relatedservices are excluded  (See
Value-Added Network(VAN) services)S/DCS/W/SGP
Page 20Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
Maritime Transport
Services
The services covered are:
- Freight Transportation,
CPC 7212 lesscabotage1) None
2) None
3) None
4) Unbound except as indicated in the
horizontal section1) None
2) None
3) None
4) UnboundWhen the following 
services are not 
otherwise covered by 
the obligation enshrined in Article XXVIII(c) (ii), they will be made availableto international 
maritime transport 
suppliers on reasonable and non-discriminating terms and conditions:
- pilotage;- towing and tug 
assistance;
- provisioning fuelling
and watering;
- garbage collecting and
ballast;  waste
disposal
- port captain's services;- navigation aids 
emergency;
- repair facilities;- anchorage; and
- other shore-based
operational servicesessential to shipoperations, includingcommunications,water and electrical
suppliers.
Maritime Auxiliary
Services:
Shipping agency services1) None
2) None3) None4) Unbound except as indicated in the
horizontal section1) None
2) None3) None4) UnboundS/DCS/W/SGP
Page 21Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
Maritime Auxiliary
Services:
Shipping brokerage
services1) None
2) None
3) None
4) Unbound except as indicated in the
horizontal section1) None
2) None
3) None
4) Unbound
7. FINANCIAL SERVICES
A. Insurance and Insurance-related Services
The commitments on financial services are made in accordance with the General Agreement on Trade in Services (GATS) and the Ann ex on Financial Services.  All 
the commitments in this Schedule are subject to horizontal commitments in Singapore's GATS Schedule of Specific Commitments.  A ll the commitments in this 
Schedule are also subject to entry requirements, domestic laws, guidelines, rules and regulations, terms and conditions of the Monetary Authority of Singapore (MAS) 
or any other relevant authority or body in Singapore, as the case may be, which are consistent with Article VI of the GATS and paragraph 2 of the Annex on Financial 
Services.
(a) Life insurance services
including annuity, disabilityincome, accident and healthinsurance services1) Unbound
2) None1) Unbound
2) None
3) Foreign parties can only acquire equity
stakes of up to 49% in aggregate in
locally-owned insurance companies
provided the acquisition does not resultin any foreign party being the largestshareholder.  Unbound for issuance ofnew insurance licences andestablishment of new representative
offices.
4) Unbound except as indicated in the
horizontal section.3) None
4) Unbound except as indicated in the
horizontal sectionS/DCS/W/SGP
Page 22Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
(b) Non-life insurance services
including disability income,
accident and health
insurance and contracts offidelity bonds, performancebonds or similar contractsof guarantee1) Unbound
2) None except for compulsory insurance
of Motor Third Party Liability and
Workmen's Compensation which can bepurchased only from licensed insurancecompanies in Singapore.1) Unbound
2) None
3) Foreign parties can only acquire equity
stakes of up to 49% in aggregate in
locally-owned insurance companiesprovided the acquisition does not resultin any foreign party being the largestshareholder.  Unbound for issuance ofnew insurance licences and
establishment of new representative
offices.
4) Unbound except as indicated in the
horizontal section.3) None
4) Unbound except as indicated in the
horizontal section.
(c) Reinsurance and
retrocession1) None
2) None3) Reinsurance companies can establish as
branches or subsidiaries.
4) Unbound except as indicated in the
horizontal section.1) None
2) None3) None
4) Unbound except as indicated in the
horizontal section.S/DCS/W/SGP
Page 23Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
(d) Insurance intermediation
comprising broking and
agency services1) Unbound
2) Agents are not allowed to act for
unregistered insurers.  With the
exception of reinsurance risks and risksinsured by protection and indemnityclubs, brokers can only place domesticrisks outside Singapore with theapproval of MAS.
3) Unbound except for admission of
reinsurance brokers as locallyincorporated subsidiaries.
4) Unbound except as indicated in the
horizontal section.1) Unbound
2) None
3) Unbound
4) Unbound except as indicated in the
horizontal section.
(e) Services auxiliary to
insurance comprising
actuarial, loss adjustors,average adjustors andconsultancy services1) None
2) None
3) None4) Unbound except as indicated in the
horizontal section.1) None
2) None
3) None4) Unbound except as indicated in the
horizontal section.
B. Banking and other financial services
The commitments on financial services are made in accordance with the GATS and the Annex on Financial Services.  All the commit ments in this schedule are subject 
to horizontal commitments in Singapore's GATS Schedule of Specifi c Commitments.  All the commitments in this Schedule are also subject to entry requirements, 
domestic laws, guidelines, rules and regulations, terms and conditions of MAS or any other relevant authority or body in Singap ore, as the case may be, which are 
consistent with Article VI of the GATS and paragraph 2 of the Annex on Financial Services.
(a) Acceptance of deposits and
other repayable funds fromthe public1) Unbound
2) None3) Only institutions approved as banks,
merchant banks and finance companiescan accept deposits.1) Unbound
2) None3) Commercial banksS/DCS/W/SGP
Page 24Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
Where a foreign financial institution is
subject to legislation in its home
country which requires that institution
to confer lower priority to depositors ofits foreign offices vis-à-vis the homecountry depositors in receivership orwinding-up proceedings, the MAS mayexercise appropriate differentiated
measures against that foreign financial
institution in Singapore to safeguard theinterest of the Singapore office'sdepositors.
Establishment and operation of foreign
banks, merchant banks and finance
companies are also subject to thelimitations listed under activities B(a) toB(l) and the following limitations:Foreign banks can operate from only
one office (excluding back-office
operations).  They cannot establish
off-premise ATMs and ATMnetworking and new sub-branches.Unbound for provision of allelectronic banking services.Location of banks and relocation of
banks and sub-branches require prior
approval from MAS.
Restricted banks can only accept
foreign currency fixed deposits from
and operate current accounts forresidents and non-residents.ForSingapore dollar deposits, they canonly accept fixed deposits of
S$250,000 or more per deposit.
Offshore banks can accept foreign
currency fixed deposits from residentsand non-residents.  For Singaporedollar deposits, they can only acceptfixed deposits of S$250,000 or more
per deposit from non-residents.
Commercial banks
No new full and restricted banks.  New
foreign banks may only establish asoffshore bank branches orrepresentative offices.  Representative
offices cannot conduct business or act
as agents.S/DCS/W/SGP
Page 25Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
Banks, with MAS' approval, can operate
foreign currency savings accounts only
for non-residents.
A single/related group of foreignshareholders can only hold up to 5 percent of a local bank's shares.  The limiton aggregate foreign ownership of eachdomestic bank's shares has been
increased from 20 per cent to 40 per
cent.
Merchant banks
Foreign banks and merchant banks mayestablish as merchant bank subsidiariesor merchant bank branches.Merchant banks
Merchant banks can operate from only
one office (excluding back-officeoperations).  Location and relocationof merchant banks require MAS' prior
approval.
Merchant banks can, with MAS'
authorization, raise foreign currencyfunds from residents and non-residents, operate foreign currency
savings accounts for non-residents and
raise Singapore dollar funds fromtheir shareholders and companiescontrolled by their shareholders,banks, other merchant banks andfinance companies.S/DCS/W/SGP
Page 26Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
Finance companies
No new finance companies.  Unbound
for foreign acquisition of shares in
finance companies and transfer or saleof foreign shareholdings in existingfinance companies to foreign parties.All finance companies, local andforeign-owned, can only conduct
Singapore dollar business.  With MAS'
prior approval, eligible financecompanies can also deal in foreigncurrencies, gold or other preciousmetals, and acquire foreign currencystocks, shares or debt/convertible
securities.Finance companies
Location of finance companies and relocation
of sub-branches require MAS' prior approval.
Foreign-owned finance companies cannotestablish off-premise ATMs, ATM networkingand new sub-branches.
4) Unbound except as indicated in the
horizontal section.4) Unbound except as indicated in the
horizontal section.
(b) Lending of all types
including consumer credit,
mortgage credit, factoring
and financing ofcommercial transaction1) Unbound
2) None
3) (i) Credit and charge cards may be
issued by card issuers approved byMAS subject to MAS' guidelines.1) None
2) None
3) Each offshore bank's lending in
Singapore dollars to residents shallnot exceed S$200m in aggregate.
(ii) Singapore dollar loans by local andforeign-owned financial institutions, to
non-residents, non-resident controlled
companies and to residents for useoutside Singapore require MAS' priorapproval.
(iii) Establishment of credit companies
which do not conduct activities
requiring MAS' approval is allowed.
4) Unbound except as indicated in the
horizontal section.Offshore banks should not use their
related merchant banks to circumvent
the S$200m lending limit.
Unbound for establishment of off-premise cash dispensing machines forcredit and charge cards.
4) Unbound except as indicated in the
horizontal section.S/DCS/W/SGP
Page 27Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
(c) Financial leasing 1) None
2) None
3) None except as indicated for activity
B(b) above.
4) Unbound except as indicated in the
horizontal section.1) None
2) None
3) None except as indicated for activity
B(b) above.
4) Unbound except as indicated in the
horizontal section.
(d) Payment and money
transmission services,
including credit, charge and
debit cards, travellerscheques and bankers' drafts1) Unbound
2) None
3) Remittance shops, except where the
remittance business is conducted bybanks and merchant banks, are requiredto be majority owned by Singaporecitizens.1) Unbound
2) None
3) None
Bankers' drafts can only be issued bybanks.
Only the following can issue storedvalue cards:
- a bank in Singapore licensed by MAS;
and
- a juridical person for the payment only
of goods or services or both goods andservices provided by that person.The limitations indicated in B.b)3)above also apply to the activities listedin B.d).
4) Unbound except as indicated in the
horizontal section.4) Unbound except as indicated in the
horizontal section.S/DCS/W/SGP
Page 28Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
(e) Guarantees and
commitments1) None except for the limitations
indicated in activity A.b) for insurance
companies providing contracts of
fidelity bonds, performance bonds orsimilar contracts of guarantee.
2) None3) None except for the limitations
indicated in activity A.b) for insurance
companies providing contracts of
fidelity bonds, performance bonds orsimilar contracts of guarantee, andB.b)3)(ii) above.
4) Unbound except as indicated in the
horizontal section.1) None
2) None
3) None
4) Unbound except as indicated in the
horizontal section.
(f) Trading for own account or
for account of customers,whether on an exchange, inan over-the-counter marketor otherwise, the following:1) Unbound except for trading in products
listed in B.(f) for own account.  Tradingin money market instruments, foreignexchange, as well as exchange rate andinterest rate instruments can be
conducted with financial institutions
only.1) None
-m o n e y  m a r k e t
instruments(including cheques,bills, certificates of
deposit)
- foreign exchange- derivative products,
including financialfutures and options
- exchange rate and
interest rate
instruments, includingswaps and forward rateagreements2) None
3) Banks and merchant banks are required
to set up separate subsidiaries to trade financial futures for customers.
Financial futures brokers can establish
as branches or subsidiaries.The offer of derivative products by bothlocal and foreign-owned financialinstitutions is allowed provided:2) None
3) None except as indicated for activity
B(b) above.S/DCS/W/SGP
Page 29Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
- transferable securities
- other negotiable
instruments
and financial assets,including bullion- the product has been offered by the
financial institution in other
internationally-reputable financial
centres and the supervisory authoritiesof those centres agree to the offer ofsuch products in their markets;
- the financial institution's parent
supervisor and its head office must beaware and have no objection to the offer
of such products in the Singapore
branch/subsidiary;  and
- MAS is satisfied that the financial
institution has and continues to have thefinancial strength and adequate internalcontrols and risk management systems
to trade in these products.
The offer of derivative products
involving the Singapore dollar is subjectto the requirement indicated in
Bb)3)(ii).
Moneychangers, except where themoneychanging business is conductedby banks and merchant banks, arerequired to be majority owned bySingapore citizens.
4) Unbound except as indicated in the
horizonal section.4) Unbound except as indicated in the
horizontal section.
(g) Participation in issues of all
kinds of securities,including underwriting and
placement as agent and
provision of service relatedto such issues1) Unbound except for participation in
issues of securities for own account, andunderwriting and placement of
securities through stockbroking
companies, banks or merchant banks inSingapore.1) NoneS/DCS/W/SGP
Page 30Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
2) None
3) Foreign stockbroking companies can
establish only as non-members of the
Stock Exchange of Singapore (SES).Non-members of SES can apply tobecome Approved Foreign Brokers(AFBs) of SES to trade directly in non-Singapore dollar denominated securities
quoted on SES through terminals
provided by SES to such AFBs2) None
3) None except as indicated for activity
B(b) above.
Representative offices cannot conduct
business or act as agents.  Unbound fornew membership on SES and forforeign acquisition of new and existing
equity interests in SES member
companies.
Unbound for new internationalmemberships.  International memberscan deal in foreign securities and SES-
quoted securities with non-residents and
resident companies which aresubstantially or beneficially owned bynon-residents.  They can also deal withresidents in foreign currencydenominated securities quoted on SES.
For Singapore dollar denominated
securities quoted on SES, they can dealwith residents only for transactionsabove S$5m each.
Banks' and merchant banks'membership on SES must be held
through subsidiaries.
Unbound for new primary andregistered dealers of SingaporeGovernment Securities.S/DCS/W/SGP
Page 31Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
4) Unbound except as indicated in the
horizontal section.4) Unbound except as indicated in the
horizontal section.
(h) Money broking 1) Unbound
2) None3) Unbound for new money brokers.4) Unbound except as indicated in the
horizontal section.1) Unbound
2) None3) None4) Unbound except as indicated in the 
horizontal section.
(i) Asset management, such as
cash or portfoliomanagement, all forms ofcollective investmentmanagement, pension fundmanagement, custodial,
depository and trust
services1) Unbound
2) None3) Asset management companies,
custodial depositories, and trust servicescompanies can establish as branches orsubsidiaries.  Only the Central
Depositary Pte Ltd is authorised to
provide securities custodial depositoryservices under the scripless tradingsystem.
4) Unbound except as indicated in the
horizontal section.1) Unbound
2) None3) None
4) Unbound except as indicated in the
horizontal section.
(j) Settlement and clearing
services for financial assets,including securities,derivative products and
other negotiable
instruments1) Unbound, except for the provision of
settlement and clearing services forfinancial assets which are listed onoverseas exchanges only.
2) None
3) Settlement and clearing services for
exchange traded securities and financialfutures, and Singapore dollar chequesand interbank funds transfer can only beprovided by SES, SIMEX and Banking
Computer Services Pte Ltd,
respectively.
4) Unbound except as indicated in the
horizontal section.1) Unbound
2) None
3) Unbound
4) Unbound except as indicated in the
horizontal section.S/DCS/W/SGP
Page 32 Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
(k) Advisory and other auxiliary
financial services, including
credit reference andanalysis, investment andportfolio research andadvice, advice onacquisitions and on
corporate restructuring and
strategy1) Commercial presence is required for
provision of investment and portfolio
research and advice to the public.
2) None3) Investment advisers can establish as
branches, subsidiaries or representativeoffices. Representative offices cannot
conduct business or act as agents.
4) Unbound except as indicated in the 
horizontal section.1) None
2) None
3) None
4) Unbound except as indicated in the
horizontal section.
(l) Provision and transfer of
financial information, and
financial data processing
and related software byproviders of other financialservices1) Unbound except for the provision of
financial information by providers such
as Reuters and Bloomberg.
The Singapore branches of foreignbanks can transmit data to their headoffices and sister branches forprocessing provided proper controls
exist, the integrity and confidentiality of
the data/information are safeguarded,and MAS is allowed on-site access tothe data/information at the place wherethe data/information is processed.1) None for the provision of financial
information by providers such as
Reuters and Bloomberg.
2) Only the provision of financial
information by providers such as Reuter
and Bloomberg is allowed.2) NoneS/DCS/W/SGP
Page 33Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
3) The provision of financial information
by providers, such as Reuters and
Bloomberg, is allowed.  The provision
of financial data processing services tobanks and merchant banks is subject todomestic laws on protection ofconfidentiality of information ofcustomers of banks and merchant
banks.
4) Unbound except as indicated in the 
horizontal section.3) None
4) Unbound except as indicated in the
horizontal section.S/DCS/W/SGP
Page 34
ANNEX
REFERENCE PAPER
Scope
The following are definitions and principles on the regulatory framework for the basic
telecommunications services.
Definitions
Users mean service consumers and service suppliers.
Essential facilities mean facilities of a public telecommunications transport network or service that(a) are exclusively or predominantly provided by a single or limited number of suppliers;  and(b) cannot feasibly be economically or technically substituted in order to provide a service.
A major supplier is a supplier which has the ability to materially affect the terms of participation
(having regard to price and supply) in the relevant market for basic telecommunications services as a
result of:
(a) control over essential facilities;  or(b) use of its position in the market.1. Competitive safeguards
1.1 Prevention of anti-competitive practices in telecommunications
Appropriate measures shall be maintained for the purpose of preventing suppliers who, alone
or together, are a major supplier from engaging in or continuing anti-competitive practices.
1.2 Safeguards
The anti-competitive practices referred to above shall include in particular:
(a) engaging in anti-competitive cross-subsidization;(b) using information obtained from competitors with anti-competitive results;  and(c) not making available to other services suppliers on a timely basis technical information about
essential facilities and commercially relevant information which are necessary for them to provide
services.
2. Interconnection
2.1 This section applies to linking with suppliers providing public telecommunications transport
networks or services in order to allow the users of one supplier to communicate with users of another
supplier and  to access services provided by another supplier, where specific commitments are
undertaken.S/DCS/W/SGP
Page 35
2.2 Interconnection to be ensured
Interconnection with a major supplier will be ensured at any technically feasible point in the
network.  Such interconnection is provided.
(a) under non-discriminatory terms, conditions (including technical standards and specifications)
and rates and of a quality no less favourable than that provided for its own like services or for
like services of non-affiliated service suppliers or for its subsidiaries or other affiliates;
(b) in a timely fashion, on terms, conditions (including technical standards and specifications)
and cost-oriented rates that are transparent, reasonable, having regard to economic feasibility,
and sufficiently unbundled so that the supplier need not pay for network components or
facilities that it does not require for the service to be provided;  and
(c) upon request, at points in addition to the network termination points offered to the majority of
users, subject to charges that reflect the cost of construction of necessary additional facilities.
2.3 Public availability of the procedures for interconnection negotiations
The procedures applicable for interconnection to a major supplier will be made publicly
available.
2.4 Transparency of interconnection arrangements
It is ensured that a major supplier will make publicly available either its interconnection
agreements or a reference interconnection offer.
2.5 Interconnection:  dispute settlement
A service supplier requesting interconnection with a major supplier will have recourse, either:
(a) at any time or(b) after a reasonable period of time which has been made publicly known
to an independent domestic body, which may be a regulatory body as referred to in paragraph 5
below, to resolve disputes regarding appropriate terms, conditions and rates for interconnection within
a reasonable period of time, to the extent that these have not been established previously.
3. Universal service
Any Member has the right to define the kind of universal service obligation it wishes to
maintain.  Such obligations will not be regarded as anti-competitive per se, provided they are
administered in a transparent, non-discriminatory and competitively neutral manner and are not more
burdensome than necessary for the kind of universal service defined by the Member.
4. Public availability of licensing criteria
Where a licence is required, the following will be made publicly available:
(a) all the licensing criteria and the period of time normally required to reach a decision
concerning an application for a licence andS/DCS/W/SGP
Page 36
(b) the terms and conditions of individual licences.
The reasons for the denial of a licence will be made known to the applicant upon request.
5. Independent regulators
The regulatory body is separate from, and not accountable to, any supplier of basic
telecommunications services. The decisions of and the procedures used by regulators shall beimpartial with respect to all market participants.
6. Allocation and use of scarce resources
Any procedures for the allocation and use of scarce resources, including frequencies, numbers and
rights of way, will be carried out in an objective, timely, transparent and non-discriminatory manner.
The current state of allocated frequency bands will be made publicly available, but detailed
identification of frequencies allocated for specific government uses is not required.
_______________S/DCS/W/SGP
Page 37SINGAPORE – FINAL LIST OF ARTICLE II (MFN) EXEMPTIONS
Sector or SubsectorDescription of measure
indicating its inconsistency
with Article IICountries to which the
measure appliesIntended durationConditions creating  the need for
the exemption
All Sectors:Presence of:
- unskilled and semi-
skilled natural persons
- skilled persons
(include craftsmen
skilled in a particulartrade, but excludespecialists/professionalpersonnel at
management level)Preference for workers from
traditional sources of supplyTraditional sources Indefinite
Singapore will periodically
review this in the light ofdomestic and nationalpolicy considerationsDue to land constraints and the
fundamental need for social cohesion
among the multi-racial population,
the Government needs to regulate theflow of foreign workers, both skilledand unskilled, to ensure thatSingapore is not overpopulated and
foreigners who could potentially
disrupt social order are not admitted
All Sectors:Investment GuaranteeAgreements(IGAs)Investment guarantee, i.e.
obligations to protect foreigninvestments from unforeseencontingencies such asnationalization, war, etc. are
accorded only to co-signatories
of Investment GuaranteeAgreementsAll countries.  Current
signatories with whomSingapore has concluded IGAsare:
ASEAN countries, France, the
Netherlands, Switzerland, theUnited Kingdom, Belgo-Luxembourg Economic Union,Sri Lanka, People's Republic of
China, Vietnam, Taiwan, the
United States of AmericaIndefinite
Singapore will periodically
review this in the light ofinternational developmentsCurrently, many countries'
obligations to protect foreigninvestments from unforeseencontingencies are governed by theprovisions established under bilateral
investment guarantee agreements.
The agreements also help to providethe economic and political guaranteesfor the promotion of bilateralrelations.S/DCS/W/SGP
Page 38
Sector or SubsectorDescription of measure
indicating its inconsistency
with Article IICountries to which the
measure appliesIntended durationConditions creating  the need for
the exemption
All Sectors:Commonwealth TaxCredit SchemeSection 48 of the Income Tax
Act provides for the granting ofrelief against Singapore taxpayable on income derived froma Commonwealth countryCommonwealth countries which
grant reciprocal reliefIndefinite
Singapore will periodically
review this in the light ofinternational developmentsThis is part of Singapore's
cooperation among Commonwealthmembers
Legal Services All measures pertaining to the
provision of legal services in
SingaporeAll countries Indefinite
Singapore will keep the
possibility of removingthis exemption underreviewThe exemption is necessary as the
establishment of foreign law firms in
Singapore is based on case-by-caseapproval
Broadcasting
Broadcasting is defined to
include:
- Free-to-air
broadcasting
- Cable and pay
television
- Direct broadcast by
satellite
- Teletext
- All broadcasting
services listed inServices SectoralClassification List,MTN.GNS/W/120The Singapore Broadcasting
Corporation (SBC) accordspreferential broadcast andtransmission rights to selectedcountries with which it has
signed bilateral agreementsAll countries.  Currently,
Brunei and Indonesia haveMemoranda of Understandingwith Singapore.Singapore will keep the
possibility of removingthis exemption underreviewTo promote social, economic and
cultural relationsS/DCS/W/SGP
Page 39Sector or SubsectorDescription of measure
indicating its inconsistency
with Article IICountries to which the
measure appliesIntended durationConditions creating  the need for
the exemption
Computer reservationsystemsMarket access and national
treatment are based onreciprocity in mutualconcessions, but not necessarilyin the same areas, as establishedunder bilateral Air Services
AgreementsAll countries.  Current countries
with whom Singapore hasconcluded bilateral air servicesagreements are:
Australia, Austria, Bahrain,
Bangladesh, Belgium, Brazil,
Brunei, Bulgaria, Cambodia,Chile, China, CommonwealthIndependent States, Cyprus,Czech and Slovak Republics,Denmark, Egypt, Ethiopia, Fiji,Indefinite
Singapore will periodically
review this in the light ofinternational developmentsCurrently, the conditions and level of
market access granted in air transportservices are primarily governed byother multilateral agreements and/orbilateral air services agreements.  Inaddition, the "Annex on Air
Transport Services" contained in the
GATS currently has only limitedapplication to measures affecting theair transport services sector.
Finland, France, Germany,
Greece, Hong Kong, Hungary,
India, Indonesia, Iran, Iraq,Ireland, Israel, Italy, Japan,Jordan, Kenya, South Korea,Kuwait, Laos, Lebanon,
Luxembourg, Madagascar,
Malaysia, Maldives, Malta,Mauritius, Mexico, Mongolia,Myanmar, Nauru, Nepal, theNetherlands, New Zealand,Nigeria, Norway, Oman,
Pakistan, Papua New Guinea,
the Philippines, Poland,S/DCS/W/SGP
Page 40
Sector or SubsectorDescription of measure
indicating its inconsistency
with Article IICountries to which the
measure appliesIntended durationConditions creating  the need for
the exemption
Portugal, Qatar, Romania, SaudiArabia, Seychelles, SouthAfrica, Spain, Sri Lanka,Sweden, Switzerland, Taiwan,Tanzania, Thailand, Turkey,Ukraine, United Arab Emirates,
the United Kingdom, the United
States of America, Vietnam,Yemen Arab Republic,Yugoslavia, Zambia andZimbabwe.
Maritime Transport
Services:
-S t o r a g e  a n d
warehousing
- Freight forwarding
- Inland trucking
- Container station
and depot servicesThe undertaking of the
commitments to bind the current
level of market access andtreatment to services andservices supplier, in the 4subsectors will be through the
conclusion of bilateral shipping
agreementsAll countries.  Current countries
with whom Singapore has
concluded bilateral shippingagreements are:  the Republic ofKorea, the People's Republic ofChina and VietnamIndefinite
Singapore will periodically
review this in the light ofinternational developmentsSome of Singapore's trading partners
do not accord Singapore companies
satisfactory access to maritimetransport services in their territoriesS/DCS/W/SGP
Page 41Sector or SubsectorDescription of measure
indicating its inconsistency
with Article IICountries to which the
measure appliesIntended durationConditions creating  the need for
the exemption
7. FINANCIAL 
SERVICES1
1. Reinsurance and
RetrocessionException granted to ASEAN
Reinsurance Corporation(ASEAN Re), a private-sectorventure with equal
shareholdings from the
6 ASEAN countries, to beestablished with a paid-upcapital of S$6 million instead ofthe minimum S$10 millionstipulated in the Insurance Act.
Other than this, ASEAN Re is
subject to the same rules andregulations applied to allreinsurers in Singapore.ASEAN ASEAN Re has committed
itself to increase its paid-up capital when itspremium income
increases.  Presently,
ASEAN Re writes arelatively small amount ofbusiness.To promote greater cooperation
among ASEAN in the reinsurancesector
2. Banking and Other
Financial ServicesUnder a currency
interchangeability agreementbetween Singapore and Brunei,the currency-issuing authoritiesof Singapore and Brunei would:Brunei Indefinite, until either
country terminates theagreementThe currency interchangeability
agreement was entered into in 1967arising from special historical andeconomic ties between Singapore andBrunei
- accept from banks, notes
and coins issued by theother issuing authority, atpar and without charge andto exchange such notes andcoins into the currency of
the country concerned;  and
                                                          
1 Supplementary information provided for transparency:   The Stoc k Exchange of Singapore (SES) and the Singapore International M onetary Exchange (SIMEX) have
established trading linkages with the exchanges of some countries  to facilitate the trading of securities and future.  The esta blishment of trading linkages is a commercial
decision of the SES and SIMEX.S/DCS/W/SGP
Page 42
Sector or SubsectorDescription of measure
indicating its inconsistency
with Article IICountries to which the
measure appliesIntended durationConditions creating  the need for
the exemption
- arrange for repatriation at
the expense of therespective currency issuingauthority, the notes andcoins issued by the other
currency issuing authority
and to receive at par theequivalent in any agreedcurrency.
__________