RESTRICTED
WORLD TRADE S/FIN/W/12/Add.35
27November 1997
ORGANIZATION(97-5255)
Original: English Committee onTrade inFinancial Services
COMMUNICATION FROM POLAND
Conditional Offer onFinancial Services
Addendum
ThefollowingcommunicationiscirculatedattherequestofPolandtoMembersoftheCommittee
onTrade inFinancial Services.
_______________
TheRepublicofPolandherebypresentsitsconditionalofferofspecificcommitmentsonfinancial
services. Thisoffer isconditional upon other WTO Members 'readiness tocontribute significantly
totheon-going negotiating process withasatisfactory levelofliberalisation commitments onfinancial
services.
Therefore, theRepublic ofPoland reserves theright toreduce, modify orwithdraw this
conditional offerinwhole orinpart,ortolistMFN exemptions, during thenegotiations iftheoverall
levelofcommitments onfinancial services submitted byother WTO Members isfound insufficient.
Furthermore, theRepublic ofPoland reserves therighttomake anytechnical changes tothe
offer, correct errors oromissions, ifany,initprior totheconclusion ofthenegotiations.S/FIN/W/12/Add.35
Page2POLAND
CONDITIONAL OFFER ONSPECIFIC COMMITMENTS INFINANCIAL 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
FINANCIAL SERVICES*
A. Allinsurance andinsurance
related services
Insurance andrelated
services:
-direct insurance
(including
coinsurance):
-life;
-non-life;
-reinsurance and
retrocession;
-brokerage
-insurance
intermediation
(CPC 812** except
81212, 81299,
81401 **,81402**)1) Unbound except forthereinsurance and,
theretrocession andinsurance ofgoods
ininternational trade.Inthereinsurance
andtheretrocession theminimum partof
apremium toberetained inPoland may
notbelessthan20%.
2) Unbound except forthereinsurance and,
theretrocession andinsurance ofgoods
ininternational trade.Inthereinsurance
andtheretrocession theminimum partof
apremium toberetained inPoland may
notbelessthan20%.1) Unbound except forthereinsurance and,
theretrocession andinsurance ofgoods
ininternational trade.
2) Unbound except forthereinsurance and,
theretrocession andinsurance ofgoods
ininternational trade.
*Prudential regulations inthefinancial sector arebeing elaborated inPoland. They mayrequire alteration ofthepresently existing rules aswellas
preparation ofthenewlaws. Their application willbedone inaccordance withtheprovisions oftheAnnex onFinancial Services, paragraph 2-Domestic
Regulation sub-paragraph 1.S/FIN/W/12/Add.35
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) Establishment onlyinaform ofjoint
stock company after obtaining alicence -
except forinsurance intermediation
brokerage andagency services where
horizontal measures apply .After
1January 1999 market access through
licensed branches willbeallowed.
Foreign participation intheinsurance
company cannot belower than50% ofthe
minimal guarantee fund. Apermit is
required fortheacquisition ofshares or
rights resulting from shares ofany
company which isshareholder ofatleast
15% ofshares ofinsurance company -
thisrequirement ceases toapply asof
1January 1999. Nomore than 5%of
insurance funds canbeinvested abroad.
Insurance funds andcompany ownassets
have tobeinvested inPoland andcannot
betransferred abroad. Aperson executing
activities oftheinsurance intermediation
must possess alicence. Head ofa
brokerage company should meet
qualifications ofinsurance broker.
Residency requirement forLocal
incorporation required forinsurance
intermediaries brokers andagents.3) None
4) Unbound except forhorizontal measures.
Residency requirement forinsurance
intermediaries brokers andagents.4) NoneS/FIN/W/12/Add.35
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
Banking services:
- Acceptance ofdeposits and
other repayable funds
(CPC 81115-81119)
- Lending ofalltypes
(CPC 8113)
- Allpayment andmoney
transmission services
(CPC 81339**)
- Guarantees and
commitments
(excluding guarantees and
commitments oftheState
Treasury)
(CPC 81199**)1) Unbound
2) Unbound
3) Establishment ofabank onlyinaform of
joint stock company. System ofpermits in
relation toestablishment ofallbanks
based onprudential grounds. After
1January 1999 market access through
licensed branches willbeallowed.
Nationality requirement forsome -at
least one-ofthebank executives.
4) Unbound except forhorizontal measures.
Nationality requirement forsome -at
least one-ofthebank executives.1) Unbound
2) Unbound
3) None
4) NoneS/FIN/W/12/Add.35
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
Other financial services:
- Participation inissues ofall
kinds ofsecurities
(excluding treasury papers
bonds), including
underwriting andplacement
asagent (whether publicly
orprivately) andprovision
ofservices related tosuch
issues.
- Inrelation totransferable
securities trading forown
account orforaccount of
customers, whether onan
exchange, orinan
over-the-counter market or
otherwise
(CPC 8132** except
81329)
- Mutual funds services1) Unbound
2) Unbound
3) Establishment onlyinaform ofjoint
stock company after obtaining alicence .
After 1January 1998 market access
through licensed branches willbe
allowed. Residency requirement for
brokers andsecurities.
4) Unbound except forhorizontal measures.
Residency requirement forbrokers and
securities.1) Unbound
2) Unbound
3) None
4) None
- Asset management services
(CPC 81323**)
- Advisory andother
auxiliary services to
financial services included
intothisschedule
(CPC 8133** except
81333, 81339)S/FIN/W/12/Add.35
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
Provision andtransfer of
financial information, and
financial dataprocessing
andrelated software by
suppliers ofother financial
services.1) Requirement tousethepublic
telecommunication network, orthe
network ofother authorised operator, in
thecaseofcross-border provision ofthese
services.
2) Requirement tousethepublic
telecommunication network, orthe
network ofother authorised operator, in
thecaseofcross-border consumption of
these services.
3) Requirement tousethepublic
telecommunication network orthe
network ofother authorised operator in
thecaseofcross-border provision and/or
consumption ofthese services.
4) Unbound except forhorizontal measures1) None
2) None
3) None
4) None
ANNOTATION :
Themodifications oftheSchedule wereindicated inthefollowing way:theelements additional totheposition ofPoland under Second Protocol totheGeneral
Agreement onTrade inServices, ratified on29June1996 were indicated bybolditalic while removed elements were crossed out.