WORLD TRADE GATS/SC/72/Suppl.2
26February 1998
ORGANIZATION(98-0661)
Trade inServices
ROMANIA
Schedule ofSpecific Commitments
Supplement 2
(This isauthentic inEnglish only)
____________________
Thistextreplaces theFinancial Services section contained inpages 14to19ofdocument
GATS/SC/72.GATS/SC/72/Suppl.2
Page2ROMANIA
SCHEDULE OFSPECIFIC COMMITMENTS
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
Additional information fortransparency andclarification purposes:
Normal prudential measures areapplied tofinancial (insurance, reinsurance, banking, andsecurities) institutions, withaview toprotecting theinvestors,
depositors andtoensure thestability ofthefinancial system.
Theestablishment andtheactivity ofinsurance andreinsurance companies aresubject totheauthorization from theInsurance andReinsurance Activity
Surveillance Body.
Theestablishment andtheactivity ofbanking companies aresubject totheauthorization from theNational Bank ofRomania. There arenorestrictions forthe
establishment ofaforeign bank inRomania, other thantheobservance ofprudential measures setupbytheNational Bank ofRomania.
Theestablishment andtheactivity ofsecurities market related entities (natural orlegal persons, asthecasemaybe)aresubject toanauthorization from the
National Securities Commission ofRomania (NSC).
After theestablishment ofacommercial presence, thefinancial institutions have tocarry outtheir transactions withresidents onlyinthenational currency of
Romania.GATS/SC/72/Suppl.2
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. Insurance and
insurance-related services
a) Lifeinsurance services
(8121)(1) Unbound
(2) Unbound
(3) Theestablishment ofcompanies with
foreign participation isallowed onlyin
partnership withRomanian legal or
natural persons.
Therepresentatives offoreign companies
andoftheassociations offoreign insurers
have theright toconclude insurance
contracts onlywithforeign legal and
natural persons.
(4) Unbound, except asindicated inthe
horizontal section.(1) Unbound
(2) Unbound
(3) None
(4) None, onlyasindicated inthe
horizontal section.
b) Non-life insurance services
(8129)(1) Unbound
(2) Unbound(1) Unbound
(2) UnboundGATS/SC/72/Suppl.2
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
(3) Theestablishment ofcompanies and
intermediation agencies withforeign
participation isallowed onlyin
partnership withRomanian legal or
natural persons.
Therepresentatives offoreign insurance
companies andoftheassociations of
foreign insurers have theright toconclude
insurance contracts onlywithforeign legal
andnatural persons andfortheir goods.
(4) Unbound, except asindicated inthe
horizontal measures section.(3) None
(4) None, onlyasindicated inthe
horizontal section.
c) Reinsurance and
retrocession services
(81299)(1) None, except thatreinsurance on
international market isallowed onlyifthe
reinsured riskcannotbeplaced on
domestic market.
(2) None, except thatceding inreinsurance
oninternational market canbemade only
ifthereinsured riskcannotbeplaced on
domestic market.
(3) Theestablishment ofcompanies with
foreign participation isallowed onlyin
partnership withRomanian legal or
natural persons.
(4) Unbound, except asindicated inthe
horizontal section.(1) None
(2) None
(3) None
(4) None, onlyasindicated inthehorizontal
measures section.GATS/SC/72/Suppl.2
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
d) Services auxiliary to
insurance (including
broking andagency
services)
(8140)(1) Unbound
(2) Unbound
(3) Theestablishment ofcompanies and
intermediation agencies withforeign
participation isallowed onlyin
partnership withRomanian legal or
natural persons.
Intermediation agencies arenotallowed to
conclude insurance contracts forforeign
insurance companies withRomanian legal
ornatural persons orfortheir goods.
Therepresentatives offoreign insurance
companies andoftheassociations of
foreign insurers have theright toconclude
onlythefollowing types ofinsurance
contracts:
a)insurance andreinsurance contracts
withlegal andnatural foreign
persons orfortheir goods;
b)reinsurance contracts withRomanian
insurance companies,
insurance-reinsurance companies and
reinsurance companies.
(4) Unbound, except asindicated inthe
horizontal measures section.(1) Unbound
(2) Unbound
(3) None
(4) None, onlyasindicated inthe
horizontal section.GATS/SC/72/Suppl.2
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
B. Banking andother financial
services (excluding
insurance)
a) Acceptance ofdeposits and
other reimbursable funds
from thepublic
(81115-81119)(1) None
(2) Theopening ofaccounts andutilization of
foreign currency resources abroad by
natural andlegal Romanian persons is
allowed onlywithprior permission from
theNational Bank ofRomania.
(3) None
(4) Unbound, except asindicated inthe
horizontal measures section.(1) None
(2) None
(3) None
(4) None, onlyasindicated inthehorizontal
measures section.
b) Lending ofalltypes
(8113)(1) None
(2) None
(3) None
(4) Unbound, except asindicated inthe
horizontal measures section.(1) None
(2) None
(3) None
(4) None, onlyasindicated inthehorizontal
measures section.GATS/SC/72/Suppl.2
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
d) Allpayments andmoney
transmission services
(81339**)(1) Allowed onlythrough aresident bank.
(2) Theopening ofaccounts andutilization of
foreign currency resources abroad by
natural andlegal Romanian persons is
allowed onlywithprior permission from
theNational Bank ofRomania.
(3) None
(4) Unbound, except asindicated inthe
horizontal measures section.(1) None
(2) None
(3) None
(4) None, onlyasindicated inthehorizontal
measures section.
e) Guarantees and
commitments
(81199**)(1) None
(2) None
(3) None
(4) Unbound, except asindicated inthe
horizontal measures section.(1) None
(2) None
(3) None
(4) None, onlyasindicated inthehorizontal
measures section.GATS/SC/72/Suppl.2
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
f) Trading forownaccount or
foraccount ofcustomers,
whether onanexchange, in
anover-the-counter market
orotherwise, thefollowing:
-transferable securities
(81321*)(1) Unbound
(2) Theopening ofaccounts andutilization of
foreign currency resources abroad by
natural andlegal Romanian persons is
allowed onlywithprior permission from
theNational Bank ofRomania.
(3) Thesecurities (brokerage) company must
beaRomanian legal entity setupasa
joint-stock company under theRomanian
law,andhaving asexclusive business
objective theintermediation ofsecurities.
(4) Unbound, except asindicated inthe
horizontal measures section.(1) Unbound
(2) None
(3) None, except that:
-thesecurities transactions, onthe
organized securities markets, bya
natural orlegal person which isa
non-resident ofRomania aretaxed up
to1.5% oftotalvalue ofeach buying
contract;
-therepatriation oftheinvested capital
andoftheprofits shall bemade in
thesame currency inwhich initial
investment wasmade.
(4) None, onlyasindicated inthehorizontal
measures section.GATS/SC/72/Suppl.2
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
g) Participation inissues ofall
kinds ofsecurities,
including underwriting and
placement asagent
(whether publicly or
privately) andprovision of
services related tosuch
issues
(81322+ 81329)(1) Unbound
(2) Unbound
(3) Thesecurities company must bea
Romanian legal entity setupasa
joint-stock company under theRomanian
law,andhaving asitsexclusive business
objective theintermediation ofsecurities.
Anypublic offer ofsecurities shall
require, previous tothepublication ofits
prospectus, theauthorization ofthe
National Securities Commission of
Romania.
(4) Unbound, except asindicated inthe
horizontal measures section.(1) Unbound
(2) Unbound
(3) None, except thattherepatriation ofthe
invested capital andofprofits shall be
made inthesame currency inwhich
initial investment wasmade.
(4) None, onlyasindicated inthehorizontal
measures section.
h) Money broking
(81339**)(1) None
(2) None
(3) None
(4) Unbound, except asindicated inthe
horizontal measures section.(1) None
(2) None
(3) None
(4) None, onlyasindicated inthehorizontal
measures section.GATS/SC/72/Suppl.2
Page10Modes 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, such as
cashorportfolio
management, allforms of
collective investment
management, pensions fund
management, custodial
depository andtrust
services:
-portfolio management
(81323*)
-closed-end investment
trustservices (81191*)
-open-ended investment
funds services
(81193*)
-securities custody
services
(81319*)(1) Unbound
(2) Unbound
(3) None, except that:
- companies performing thelisted services
(except CPC 81193*) must beestablished
asjoint-stock companies under the
Romanian law;
- theopen-ended investment funds must be
established under civilRomanian law.
(4) Unbound, except asindicated inthe
horizontal measures section.(1) Unbound
(2) Unbound
(3) None, except thattherepatriation ofthe
invested capital andoftheprofits shall be
made inthesame currency inwhich
initial investment wasmade.
(4) None, onlyasindicated inthehorizontal
measures section.GATS/SC/72/Suppl.2
Page11Modes 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
j) Settlement andclearing
services forfinancial assets,
including securities, and
derivative products, and
other negotiable
instruments:
applies onlyto:
-settlement andclearing
services forsecurities
(81319**)(1) Unbound
(2) Unbound
(3) None
(4) Unbound, except asindicated inthe
horizontal measures section.(1) Unbound
(2) Unbound
(3) None
(4) None, onlyasindicated inthehorizontal
measures section.
k) Consultancy andother
auxiliary services
(8133)(1) None
(2) None
(3) None
(4) Unbound, except asindicated inthe
horizontal measures section.(1) None
(2) None
(3) None
(4) None, onlyasindicated inthehorizontal
measures section.
l) Provision andtransfer of
financial information, and
financial dataprocessing
andrelated software by
providers ofother financial
services
applies onlyto:
-securities related
services
(8131*)(1) None
(2) None
(3) None
(4) Unbound, except asindicated inthe
horizontal measures section.(1) None
(2) None
(3) None
(4) None, onlyasindicated inthehorizontal
measures section.