WORLD TRADE GATS/SC/77/Suppl.3
26February 1998
ORGANIZATION(98-0701)
Trade inServices
SLOVAK REPUBLIC
Schedule ofSpecific Commitments
Supplement 3
(This isauthentic inEnglish only)
____________________
This text replaces the Financial Services section contained indocument
GATS/SC/77/Suppl.1/Rev.1.GATS/SC/77/Suppl.3
Page2SLOVAK REPUBLIC
SCHEDULE OFSPECIFIC COMMITMENTS ONFINANCIAL 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
7. FINANCIAL SERVICES
Measures applicable toallsectors infinancial services:
1)Commitments inthisChapter arebased ontheGeneral Agreement onTrade inServices, theAnnex onFinancial Services andtheUnderstanding on
Commitments inFinancial Services.
2)Market access commitments withrespect tothe"cross border supply" and"consumption abroad" arebound totheextent oftheobligations in
paragraphs 3and4ofMarket Access oftheUnderstanding onlywithrespect toindividual sectors listed andsubject tolimitations indicated below.
3)Thepurchase oracquisition offinancial services bypublic entities oftheSlovak Republic isgoverned inthisSchedule byArticle XIIIoftheAgreement.
4)Theadmission tothemarket ofnewfinancial services andinstruments maybesubject totheexistence of,andconsistency withthedomestic regulatory
framework aimed atachieving toobjectives indicated inArticle 2a/oftheAnnex onFinancial Services.
5)Thecommitments onpresence ofnatural persons arebound according tothegeneral limitations applicable toallsectors inthisschedule (Part I).
6)Otherwise, thecommitments inthisChapter aresubject tothegeneral conditions orlimitations applicable toallsectors inthisschedule.
A. Allinsurance andinsurance-related services (CPC 812)
Thefollowing insurance services areprovided byexclusive suppliers:
Compulsory motor third party liability insurance, compulsory airtransport insurance, theliability insurance ofemployer against injury oroccupational disease
have tobeeffected through theSlovak Insurance Company. Thebasic health insurance isconfined totheSlovak health insurance companies having alicence
forprovision ofhealth insurance granted bytheMinistry ofHealthcare oftheSlovak Republic according totheAct273/1994 Coll. ofLaw. Fund pension
insurance schemes andsickness insurance areconfined totheSocial Insurance Company. These exclusive service suppliers actinamanner consistent with
obligations under Article IIoftheGATS andspecific commitments.GATS/SC/77/Suppl.3
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
a) Lifeinsurance
(CPC 8121)
b) Non-life insurance
(CPC 8129)
c) Reinsurance and
retrocession
(CPC 81299)
d) Insurance intermediation
(CPC 8140)(1) None other than:
Commercial presence isrequired for
supply of:
-thelifeinsurance ofpersons with
permanent residence intheSlovak
Republic;
-theinsurance ofproperty onthe
territory oftheSlovak Republic;
-theinsurance ofliability forlossor
damage caused bytheactivity of
natural persons andjuridical persons
ontheterritory oftheSlovak
Republic;
-airandmaritime insurance, covering
goods, aircraft, hullandliability.
(2) Insurance services covered bymode (1)
except insurance ofairandmaritime
transport, covering goods, aircraft, hull
andliability above maynotbepurchased
abroad.(1) None
(2) None
(3) License isrequired forprovision of
insurance services. Foreign national may
establish aninsurance company withthe
seatintheSlovak Republic intheform of
ajoint stock company ormayconduct
insurance business through their
subsidiaries withregistered office inthe
Slovak Republic under thegeneral
conditions established intheLawon
Insurance. Insurance business means
insurance activity including brokerage and
reinsurance activity.(3) Themajority ofthemanagement board of
aninsurance company hastobedomiciled
intheSlovak Republic.GATS/SC/77/Suppl.3
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
Intermediation activity aimed atthe
conclusion ofaninsurance contract
between third party andtheinsurance
company maybeprovided bynatural or
juridical persons whoaredomiciled inthe
Slovak Republic forthebenefit ofthe
insurance company having thelicense of
theInsurance Supervisory Authority.
Intermediation contract aimed at
conclusion ofaninsurance contract by
third party withtheinsurance company
maybeconcluded bydomestic orforeign
insurance company onlyafter alicense
hadbeen granted bytheInsurance
Supervisory Authority.
Thefinancial resources ofspecific
insurance funds oflicensed insurance
operators derived from insuring or
reinsuring policy holders withresidence
orregistered office intheSlovak Republic
must bedeposited inaresident bank in
theSlovak Republic andmaynotbe
transferred abroad.
(4) Unbound except asindicated inhorizontal
section(4) Unbound except asindicated inhorizontal
sectionGATS/SC/77/Suppl.3
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. Banking andOther
Financial Services
(a) Acceptance ofdeposits and
other repayable funds from
thepublic
(CPC 81115 -CPC 81119)
(b) Lending ofalltypes
(CPC 8113)
(c) Financial leasing
(CPC 8112)
(d) Allpayments andmoney
transmission services
(CPC 81339)
(e) Guarantees and
commitments
(CPC 81199)
(f) Trading forownaccount or
foraccount ofcustomers,
whether onanexchange, in
anover-the counter market
orotherwise asfollows:(1) Unbound forservices described in
subsectors g),i)andj)andfor:
-transferable securities
-other negotiable instruments and
financial assets (excl. bullion)
(2) Unbound forservices described in
subsector i)
1),2) None other than:
(i)Deposit services areconfined tothe
domestic banks andbranches of
foreign banks intheSlovak Republic.
(ii)Only authorised domestic banks,
branches offoreign banks inthe
Slovak Republic andpersons
possessing aforeign exchange license
maytrade inforeign exchange assets.
Only stock exchange members can
trade ontheBratislava Stock
Exchange. Residents cantrade onthe
RM-System Slovakia without any
limitation andnon-residents only
through security dealers.
(iii)Non-cash cross-border payments may
beeffected onlybyauthorised
domestic banks andbranches of
foreign banks intheSlovak Republic.1),2) NoneGATS/SC/77/Suppl.3
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
- money market instruments
(cheques, bills, certificates
ofdeposits, etc.)
(CPC 81339)
- foreign exchange
(CPC 81333)
- exchange rateandinterest
rateinstruments, including
products such asswaps,
forward rateagreements,
etc.(CPC 81339)(iv) Foreign exchange licence issued bythe
National Bank ofSlovakia isrequired for:
(a)opening anaccount abroad bya
Slovak non-bank resident, except for
thenatural persons during their stay
abroad;
(b)capital payments abroad;
(c)obtaining financial credit from a
foreign exchange non-resident;
except credits from abroad accepted
byresidents witharepayment period
ofmore than3years andloans
granted between natural persons for
non-business activities.
- transferable securities
(CPC 81321)
- other negotiable
instruments andfinancial
assets (excl. bullion)
(CPC 81339)(v) Export andimport oftheSlovak currency
andforeign exchange incashexceeding
value of150thsSKK andbullion, is
subject toreporting requirement.
(vi) Foreign exchange permission orlicence
granted byforeign exchange authorities is
required foradeposit offinancial assets
byresident abroad.
(vii) Only foreign exchange entities established
intheSlovak Republic cangrant and
obtain guarantees andliabilities according
todetermined limit andprovisions ofthe
National Bank ofSlovakia .GATS/SC/77/Suppl.3
Page7Modes 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
(g) Participation inissue ofall
kinds ofsecurities
(CPC 8132)(3) None other than:
Banking services maybeprovided only
bydomestic banks orbranches offoreign
banks authorised bytheNational Bank of
Slovakia upon theagreement withthe
Ministry ofFinance. Thegranting of
authorization isbased ontheconsideration
ofcriteria relating, inparticular, to
capital endowment (financial strength)
professional qualifications, integrity and
competence ofthemanagement ofthe
projected bank activities. Banks arelegal
entities incorporated intheSlovak
Republic, established asjoint-stock
companies orpublic (state-owned)
financial institutions.(3) NoneGATS/SC/77/Suppl.3
Page8Modes 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
Thepurchase ofshares expressing interest
intheequity capital ofexisting
commercial bank from thedetermined
limit issubject toprior approval ofthe
National Bank ofSlovakia. Investment
services intheSlovak Republic canbe
provided bybanks, investment companies,
investment funds andsecurity dealers
which have legal form ofjoint-stock
company withequity capital according to
thelaw.Foreign investment company or
investment fund must obtain an
authorization from Ministry ofFinance
forselling itssecurities orinvestment
certificate units ontheterritory ofthe
Slovak Republic according totheLaw.
Forissue ofdebtsecurities thepermission
oftheMinistry ofFinance isrequired
either fortheissue inland orabroad.GATS/SC/77/Suppl.3
Page9Modes 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
(i) Asset management
(CPC 8119, CPC 81323)
(j) Settlement andclearing
services forfinancial assets
(CPC 81319, CPC 81339)
(k) Advisory andother
auxiliary financial services,
incl. credit reference and
analysis, investment and
portfolio research and
advice, advice on
acquisitions andon
corporate restructuring and
strategy (CPC 8131,
CPC 8133)
(l) Provision andtransfer of
financial information ,and
financial dataprocessing
andrelated software by
providers ofother financial
services (CPC 8131)Securities maybeissued andtraded only
after apermission bytheMinistry of
Finance hasbeen granted forpublic
trading according totheSecurities Act.
Thebusiness ofsecurity dealer,
stockbroker ororganiser ofanover-the
counter market issubject toauthorization
oftheMinistry ofFinance. Settlement
andclearing services forallkinds of
payments areregulated byNational Bank
ofSlovakia.
Settlement andclearing services relating
tochange ofphysical property of
securities arerecorded inCentre of
Securities (Clearing andSettlement House
forSecurities). Centre ofSecurities may
provide onlytransfers ontheproperty
accounts ofsecurity owners. Cash part
clearing andsettlement goes through
Banking Clearing andSettlement House -
(where theNational Bank ofSlovakia is
major shareholder) forBratislava Stock
Exchange, joint-stock company orthrough
Jumbo account forRM-System Slovakia.
(4) Unbound except asindicated inhorizontal
section(4) Unbound except asindicated inhorizontal
section