RESTRICTED
WORLD TRADE S/FIN/W/12/Add.35/Rev.1
10December 1997
ORGANIZATION(97-5434)
Original: English Committee onTrade inFinancial Services
COMMUNICATION FROM POLAND
Revised Offer onFinancial Services
Revision
ThefollowingcommunicationiscirculatedattherequestofPolandtoMembersoftheCommittee
onTrade inFinancial Services.
_______________
TheRepublic ofPoland hereby presents itsrevised offer (theDraft Schedule ofSpecific
Commitments inFinancial Services) which isconditional uponasatisfactory outcome ofthenegotiations
onfinancial services.
TheRepublic ofPoland reserves itsrighttomodify orwithdraw thisofferinwhole orinpart,
ortolistMFN exemptions, atanytimeprior totheconclusion ofthenegotiations.
Furthermore, theRepublic ofPoland reserves therighttomake anyfurther technical changes
totheoffer, correct errors oromissions, ifany,initprior totheconclusion ofthenegotiations.S/FIN/W/12/Add.35/Rev.1
Page2POLAND
DRAFT SCHEDULE OFSPECIFIC COMMITMENTS -REVISED OFFER 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
FINANCIAL SERVICES*
A) Allinsurance andinsurance
related services1) Unbound except forthereinsurance, the
retrocession andinsurance ofgoods in
international trade.1) Unbound except forthereinsurance, the
retrocession andinsurance ofgoods in
international trade.
Insurance andrelated
services:2) Unbound except forthereinsurance, the
retrocession andinsurance ofgoods in
international trade.2) Unbound except forthereinsurance, the
retrocession andinsurance ofgoods in
international trade.
-direct insurance
(including
coinsurance):
- life;
-non-life.
-reinsurance and
retrocession;
-insurance
intermediation
(CPC 812** except
81212, 81299;
81401**, 81402**)3) Establishment onlyinaform ofjoint
stock company after obtaining alicence -
except forinsurance intermediation
services where horizontal measures apply.
After 1January 1999 orthedate of
entry intoforce oftheFifth Protocol,
whichever islater,market access through
licensed branches willbeallowed. A
permit isrequired fortheacquisition of
shares orrights resulting from shares of
anycompany which isshareholder ofat
least 15% ofshares ofinsurance company
-thisrequirement ceases toapply asof1
January 1999 orthedate ofentry into
force oftheFifth Protocol, whichever is
later. Nomore than5%ofinsurance
funds canbeinvested abroad. Aperson
executing activities oftheinsurance
intermediation must possess alicence.
Local incorporation required forinsurance
intermediaries.3) None
*Prudential regulations inthefinancial sector arebeing elaborated inPoland. They mayrequire alteration ofthepresently existing rules aswellaspreparation of
thenewlaws. Their application willbedone inaccordance withtheprovisions oftheAnnex onFinancial Services, paragraph 2-Domestic Regulation
sub-paragraph 1.S/FIN/W/12/Add.35/Rev.1
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
4) Unbound except forhorizontal measures.
Residency requirement forinsurance
intermediaries.4) None
B. Banking andOther
Financial Services
Banking services:1) Unbound
2) Unbound1) Unbound
2) Unbound
-Acceptance ofdeposits
andother repayable
funds (CPC
81115-81119)
--Lending ofalltypes
(CPC 8113)
-Allpayment and
money transmission
services (CPC
81339**)3) Establishment ofabank onlyinaform of
joint stock company. System ofpermits in
relation toestablishment ofallbanks
based onprudential grounds. After 1
January 1999 orthedate ofentry into
force oftheFifth Protocol, whichever is
later, market access through licensed
branches willbeallowed. Nationality
requirement forsome -atleast one-of
thebank executives.3) None
-Guarantees and
commitments
(excluding guarantees
andcommitments of
theState Treasury)
(CPC 81199**)4) Unbound except forhorizontal measures.
Nationality requirement forsome -at
least one-ofthebank executives.4) NoneS/FIN/W/12/Add.35/Rev.1
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
Other financial services: 1) Unbound 1) Unbound
- Participation inissues ofall
kinds ofsecurities
(excluding treasury papers),
including underwriting and
placement asagent
(whether publicly or
privately) andprovision of
services related tosuch
issues.2) Unbound
3) Establishment, after obtaining alicence,
onlyinaform ofjoint stock company or
abranch offoreign legal entity
providing securities services.
4) Unbound except forhorizontal measures.2) Unbound
3) None
4) None
- Inrelation totransferable
securities trading forown
account orforaccount of
customers, whether onan
exchange, orinan
over-the-counter market or
otherwise (CPC 8132**
except 81329)
- 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/Rev.1
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
Provision andtransfer of
financial information, and
financial dataprocessing and
related software bysuppliers of
other 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.1) None
2) None
3) Requirement tousethepublic
telecommunication network orthe
network ofother authorised operator in
thecaseofcross-border provision and/or
consumption ofthese services.
4) Unbound except forhorizontal measures.3) None
4) None