RESTRICTED
WORLD TRADE S/FIN/W/12/Add.23
15October 1997
ORGANIZATION(97-4509)
Original: English Committee onTrade inFinancial Services
COMMUNICATION FROM KENYA
Initial Offer onFinancial Services
Addendum
ThefollowingcommunicationiscirculatedattherequestofKenyatoMembersoftheCommittee
onTrade inFinancial Services.
_______________
Kenya hereby submits itsinitial offer ofSpecific Commitments onFinancial Services. This
offer isconditional upon asatisfactory, MFN based outcome ofnegotiations.
Kenya reserves itsrighttomodify orwithdraw allorpartoftheofferandtomake technical
changes totheoffer, asitmaydeem necessary prior totheconclusion ofthenegotiations.S/FIN/W/12/Add.23
Page2KENYA
SPECIFIC COMMITMENTS -DRAFT OFFER OFFINANCIAL SERVICES
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
A. Banking andother Financial
Services
(Excluding insurance)
(a)Acceptance ofdeposits
andother repayable
funds from thepublic(1) None
(2) None
(3) Only institutions approved asbanks under
theBanking Act.
(4) Unbound, except asindicated inthe
Horizontal Commitments.(1) Unbound
(2) None
(3) Unbound
(4) Unbound, except asindicated inthe
Horizontal Commitments
(b)Lending ofalltypes,
including consumer
credit, mortgage
credit, factoring and
financing of
commercial transaction(1) None
(2) None
(3) None
(4) Unbound, except asindicated inthe
Horizontal Commitments.(1) None
(2) None
(3) Unbound
(4) Unbound, except asindicated inthe
Horizontal Commitments.
(c)Allpayments and
money transmission
services(1) None
(2) None
(3) None
(4) Unbound, except asindicated inthe
Horizontal Commitments.(1) None
(2) None
(3) Unbound
(4) Unbound, except asindicated inthe
Horizontal Commitments.S/FIN/W/12/Add.23
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
(d)Guarantees and
commitments(1) None
(2) None
(3) None
(4) Unbound, except asindicated inthe
Horizontal Commitments.(1) Unbound
(2) None
(3) Unbound
(4) Unbound, except asindicated inthe
Horizontal Commitments.
(e)Participation inissues
ofallkinds of
securities and
provision ofservices
related tosuch issues
except underwriting(1) Securities issued inaforeign jurisdiction
cannot beoffered ortraded intheKenyan
market.
(2) None
(3) Foreign portfolio investors canholdupto
40% oftheshareholding ofalocally
listed company. They canalsotakeupto
40% ofanyadditional public offering by
aforeign convened listed company. In
either ofthetwoshareholder ispermitted
tobuymore than5%.
(4) Unbound, except asindicated inthe
Horizontal Commitments.(1) Unbound
(2) None
(3) Unbound
(4) Unbound, except asindicated inthe
Horizontal Commitments.S/FIN/W/12/Add.23
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
(f)Asset management
except pension fund
management(1) None
(2) None
(3) 30% ofpaidupcapital must beheldby
Kenyan nationals.
(4) Unbound, except asindicated inthe
Horizontal Commitments.(1) Unbound
(2) None
(3) Unbound
(4) Unbound, except asindicated inthe
Horizontal Commitments.
(g)Advisory andother
auxiliary financial
services(1) None
(2) None
(3) None
(4) Unbound, except asindicated inthe
Horizontal Commitments.(1) None
(2) None
(3) Unbound
(4) Unbound, except asindicated inthe
Horizontal Commitments.S/FIN/W/12/Add.23
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
B. Insurance
(a)LifeInsurance (1) Unbound
(2) Unbound
(3) Onethird ofthepaidupcapital must be
owned byKenyan nationals.
(4) Unbound, except asindicated inthe
Horizontal Commitments.(1) Unbound
(2) Unbound
(3) None
(4) Unbound, except asindicated inthe
Horizontal Commitments.
(b)Non-life (1) Unbound, except foraviation, marine and
engineering.
(2) Unbound, except foraviation, marine and
engineering.
(3) None
(4) Unbound, except asindicated inthe
Horizontal Commitments.(1) Unbound
(2) Unbound
(3) Unbound
(4) Unbound, except asindicated inthe
Horizontal Commitments.
(c)Broking (1) Unbound
(2) Prior approval oftheCommissioner of
Insurance (C.O.I) isrequired toplace
Kenyan business withaninsurer not
registered under theKenya Insurance Act.
(3) 60% ofthepaidcapital must beowned by
Kenyan nationals.
(4) Unbound, except asindicated inthe
Horizontal Commitments.(1) Unbound
(2) None
(3) None
(4) Unbound, except asindicated inthe
Horizontal Commitments.S/FIN/W/12/Add.23
Page6Modes 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
(d)Agency services (1) Unbound, except forre-insurance services
(2) Unbound
(3) Agency services restricted toKenyan
Nationals.
(4) Unbound, except asindicated inthe
Horizontal Commitments.(1) None
(2) Unbound
(3) Unbound
(4) Unbound, except asindicated inthe
Horizontal Commitments.
(e)Auxiliary Services,
Assessors,
Intermediaries andloss
Adjustors(1) None
(2) None
(3) None
(4) Unbound, except asindicated inthe
Horizontal Commitments.(1) None
(2) None
(3) None
(4) Unbound, except asindicated inthe
Horizontal Commitments.
(f)Re-insurance and
Retrocession(1) Mandatory cessions must beplaced with-
Kenya Re25%; ZepRe10% andAfrica
Re5%.
(2) Mandatory cessions must beplaced with-
Kenya Re25%; ZepRe10% andAfrica
Re5%
(3) Asabove
(4) Unbound, except asindicated inthe
Horizontal Commitments.(1) None
(2) None
(3) None
(4) Unbound, except asindicated inthe
Horizontal Commitments.