WORLD TRADE GATS/SC/16/Suppl.4
26February 1998
ORGANIZATION(98-0718)
Trade inServices
CANADA
Schedule ofSpecific Commitments
Supplement 4
(This isauthentic inEnglish andFrench only)
_______________
Thistextreplaces theFinancial Services section contained indocument
GATS/SC/16/Suppl.1/Rev.1.GATS/SC/16/Suppl.4
Page2CANADA
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
Measures applicable toallSectors inFinancial Services
1. Commitments inthisChapter areundertaken inaccordance withtheUnderstanding onCommitments inFinancial Services (“Understanding ”).
2. Forgreater certainty, market access commitments withrespect tothe“cross-border ”and“consumption abroad ”supply ofservices (asdescribed in
paragraphs 2(a)and2(b)ofArticle 1oftheGeneral Agreement onTrade inServices) apply onlytothetransactions indicated inparagraphs 3and4ofMarket
Access oftheUnderstanding. Itisunderstood thatparagraph 4ofthatsection oftheUnderstanding does notimpose anyobligation toallow non-resident
financial services suppliers tosolicit business.
3. Thecommitments on“commercial presence ”arebound according totheUnderstanding.
4. Thecommitments on“presence ofnatural persons ”arescheduled inaccordance withtheUnderstanding andbound according tothegeneral limitations
applicable toallsectors inthisschedule (Part I).
5. Otherwise, thecommitments inthisChapter aresubject tothegeneral conditions orlimitations applicable toallsectors inthisschedule.
(1),(2) None (1),(2) None, other than:
(i)Certain supplies between members of
aclosely-related group of
corporations which includes a
financial institution maybetreated as
exempt supplies under value-added
taxes. Imported supplies donot
qualify forthistreatment.
(ii)Supplies between resident and
non-resident branches or
representative offices ofafinancial
institution aretreated assupplies
between separate persons forthe
purposes ofvalue-added taxes.GATS/SC/16/Suppl.4
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) None, other than:
Federally-regulated financial institutions
having capital inexcess of$750 million
arerequired, within fiveyears ofhaving
reached thethreshold, tohave 35percent
oftheir voting shares widely-held and
listed andposted fortrading ona
Canadian Stock Exchange.(3) None, other than:
(i)Certain supplies between members of
aclosely-related group of
corporations which includes a
financial institution maybetreated as
exempt supplies under value-added
taxes. Imported supplies donot
qualify forthistreatment.
Foreign-owned federally regulated
institutions (i.e. insurance, banks and
trustandloan): Acontrolling number of
shares ofaCanadian subsidiary must be
helddirectly bytheforeign company
incorporated inthejurisdiction where the
foreign company, either directly or
through asubsidiary, principally carries
onbusiness.(ii)Supplies between resident and
non-resident branches or
representative offices ofafinancial
institution aretreated assupplies
between separate persons forthe
purposes ofvalue-added taxes.
Federally regulated institutions (i.e.
insurance, banks andtrust andloan): A
minimum ofonehalfofdirectors must be
either Canadian citizens ordinarily
resident inCanada orpermanent residents
ordinarily resident inCanada.
TheGovernment ofOntario Management
Board Directive andIndustrial
Development Review Process provides for
aprice preference ofupto10percentfor
Canadian content based onvalue-added in
Canada forcertain government purchases.
TheManagement Board Directive applies
onthebasis ofthenationality ofthe
individual service provider.
(4) Seeparagraph 4ofheadnote onFinancial
Services.(4) Seeparagraph 4ofheadnote onFinancial
Services.GATS/SC/16/Suppl.4
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
A. Insurance and
Insurance-Related Services
(CPC 812* +814)
(a)Life, accident and
health insurance
services
(CPC 8121)(1) None, other than:
Direct insurance (federal): Services must
besupplied through acommercial
presence withtheexception ofmarine
insurance.(1) None
(b)Non-life insurance
services (except
deposit insurance and
similar compensation
schemes) (CPC 8129)(Allprovinces): Services must be
supplied through acommercial presence.
(c)Reinsurance and
retrocession
(CPC 81299*)Reinsurance andretrocession (federal):
Services must besupplied through a
commercial presence.
(Allprovinces, excluding Alberta and
New Brunswick): Services must be
supplied through acommercial presence.
(2) None, other than:
Reinsurance andretrocession (federal,
Alberta andNewfoundland): The
purchase ofreinsurance services bya
Canadian insurer, other thanalifeinsurer
orareinsurer, from anon-resident
reinsurer islimited tonomore than25
percentoftherisks undertaken bythe
insurer purchasing thereinsurance.(2) None, other than:
Direct insurance other thanlife,personal
accident, sickness ormarine insurance
(federal): Anexcise taxof10percentis
applicable onnetpremiums paidto
non-resident insurers orexchanges in
regard toacontract against arisk
ordinarily within Canada, unless such
insurance isdeemed nottobeavailable in
Canada.GATS/SC/16/Suppl.4
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
Direct insurance (Alberta): Afeepayable
totheprovince of50percentofthe
premium paidandregulatory notification
arerequired oninsurance ofrisks inthe
province byunlicensed insurers.
(Saskatchewan): Afeepayable tothe
province of10percentofthepremium is
required oninsurance ofrisks inthe
province byunlicensed insurers.
(3) None, other than:
Direct insurance andreinsurance and
retrocession (federal): Thesolicitation of
insurance services inCanada canonlybe
effected through:
(i)acorporation incorporated under
federal orprovincial laws;
(ii)acorporation incorporated byor
under thelaws ofanother jurisdiction
outside Canada (i.e., abranch ofa
foreign corporation);
(iii)anassociation formed ontheplan
known asLloyds; and
(iv)reciprocal insurance exchanges.(3) None, other than:
Direct insurance andreinsurance and
retrocession (Ontario): Capital
requirements formutual insurance
companies donotapply tocertain mutual
insurance companies incorporated in
Ontario.
(Quebec): Three quarters ofdirectors
must beCanadian citizens andamajority
must reside inQuebec.GATS/SC/16/Suppl.4
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
Abranch ofaforeign insurance company
must beestablished directly under the
foreign insurance company incorporated
inthejurisdiction where theforeign
insurance company, either directly or
through asubsidiary, principally carries
onbusiness.
(Allprovinces): Insurance activities can
onlybeprovided through:
(i)acorporation incorporated under
provincial statutes;
(ii)anextra-provincial insurance
corporation, i.e.,aninsurer
incorporated by,orunder thelaws of
another jurisdiction (including a
federally-authorized branch ofa
foreign corporation);
(iii)anassociation formed ontheplan
known asLloyds;
(iv)(excluding Quebec andPrince
Edward Island): Reciprocal
insurance exchanges.(Quebec): Every insurer notincorporated
under anActofQuebec has,inrespect of
theactivities itcarries oninQuebec, the
rights andobligations ofaninsurance
company ormutual association
incorporated under Acts ofQuebec asthe
casemaybe.Itcanalsoexercise
additional activities provided forinthe
law. However, theactivities ofsuch
corporation willbelimited tothose
allowed under itsconstituting legislation.
(Alberta andPrince Edward Island):
Subsidiaries offoreign insurance
corporations must befederally-authorized.GATS/SC/16/Suppl.4
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
(Quebec): Non-residents cannotacquire,
without ministerial approval, either
directly orindirectly, more than30per
centofthevoting rights attached toshares
ofaQuebec-chartered insurance company
orofitscontrolling entity.
(Quebec): Upon anyallotment ortransfer
ofvoting shares ofthecapital stock
insurance company “SSQ, Société
d’assurance-vie inc”oroftheholding
company “Groupe SSQinc”,theminister
mayasksuch companies toprove thatthe
shares were offered bypreference to
Quebec residents andsubsequently to
other Canadian residents, butthatnooffer
wasmade orwasacceptable.
(Federal): Thepurchase ofreinsurance
services byaCanadian insurer, other than
alifeinsurer orreinsurer, from aresident
reinsurer islimited tonomore than75
percentoftherisks undertaken bythe
insurer purchasing thereinsurance.
(British Columbia): Incorporation, share
acquisition orapplication forbusiness
authorization, where anyperson controls
orwillcontrol 10percentormore ofthe
votes ofthecompany, issubject to
ministerial approval.
Motor vehicle insurance (Quebec,
Manitoba, Saskatchewan andBritish
Columbia): Motor vehicle insurance is
provided bypublic monopoly.GATS/SC/16/Suppl.4
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
(4) Seeparagraph 4ofheadnote onFinancial
Services.(4) Seeparagraph 4ofheadnote onFinancial
Services.
(d)Services auxiliary to
insurance (including
broking andagency
services) (CPC 8140)(1) None, other than:
Intermediation ofinsurance relating to
maritime shipping, commercial aviation,
space launching, freight (including
satellites) andgoods ininternational
transit (allprovinces): Services must be
supplied through acommercial presence
intheprovince inwhich theservice is
provided.(1) None, other than:
(Saskatchewan): Fireorhailinsurance
contracts have tobesigned or
countersigned byalicensed agent who
resides intheprovince. Where there is
disagreement concerning hailinsurance,
such damages aretobeestimated byan
appraiser whoisataxpayer ofthe
province.
(Ontario andPrince Edward Island):
Non-resident individual adjusters are
prohibited from being adjusters inthe
province.
(Manitoba): Licenses toactasinsurance
agents andbrokers arenotissued to
non-residents ofCanada.
(New Brunswick): Licenses shall notbe
issued toacorporation whose head office
isoutside Canada.
(Alberta andManitoba): Alicense toact
asaspecial broker authorized toplace
insurance coverage withunlicensed
insurers isrestricted toresidents ofthe
province, asthecasemaybe.
(British Columbia): Licenses forgeneral
insurance shall beissued onlytoresidents
oftheprovince.GATS/SC/16/Suppl.4
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
(Prince Edward Island): Licenses toactas
insurance agent oradjusters arenotissued
tonon-resident oftheprovince.
(2) None (2) None, other than:
Intermediation ofinsurance relating to
commercial aviation, space launching,
freight (including satellites) andgoods in
international transit (federal): Anexcise
taxof10percentisapplicable onnet
premiums paidtonon-resident insurers or
exchanges inregard toacontract against
ariskordinarily within Canada, unless
such insurance isdeemed nottobe
available inCanada. Theexcise taxis
alsoapplicable onnetpremiums payable
withregard toacontract entered into,
through anon-resident broker oragent,
withanyinsurer authorized under the
laws ofCanada orofanyprovince to
carry outthebusiness ofinsurance.
(3) None, other than:
(New Brunswick): Licenses shall notbe
issued toacorporation whose head office
isoutside Canada.
(Ontario andPrince Edward Island):
Non-resident individual adjusters are
prohibited from being adjusters inthe
province.(3) None, other than:
(Saskatchewan): Fireorhailinsurance
contracts have tobesigned or
countersigned byalicensed agent who
resides intheprovince. Where there is
disagreement concerning hailinsurance,
such damages aretobeestimated byan
appraiser whoisataxpayer ofthe
province.GATS/SC/16/Suppl.4
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
(Ontario): Nolicence isprovided toa
corporation toactasaninsurance broker,
agency oradjuster ifthemajority ofthe
voting rights areinshares owned by
non-residents. Acorporate agency or
adjuster orinsurance broker which is
majority non-resident-owned andlicensed
asaresult ofgrand-fathering cannot
expand through purchase ofassets or
business ormerger oramalgamation with
anyother broker, agent oradjuster. No
licence isprovided toacorporation or
partnership which isaninsurance agency
oradjuster ifthehead office isoutside
Canada orifanypartner isresident
outside Canada.
(Manitoba): Licenses toactasinsurance
agents andbrokers arenotissued to
non-residents ofCanada.
(Alberta andManitoba): Alicense toact
asaspecial broker authorized toplace
insurance coverage withunlicensed
insurers isrestricted toresidents ofthe
province, asthecasemaybe.
(British Columbia): Licenses forgeneral
insurance shall beissued onlytoresidents
oftheprovince.
(Prince Edward Island): Licenses toactas
insurance agent oradjusters arenotissued
tonon-resident oftheprovince.
(4) Seeparagraph 4ofheadnote onFinancial
Services.(4) Seeparagraph 4ofheadnote onFinancial
Services.GATS/SC/16/Suppl.4
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
B. Banking andOther
Financial Services
(excl. insurance)
(a)Acceptance ofdeposits
andother repayable
funds from thepublic
(CPC 81115-81119)
(b)Lending ofalltypes,
including inter alia,
consumer credit,
mortgage credit,
factoring andfinancing
ofcommercial
transactions
(CPC 8113)
(c)Financial leasing
(CPC 8112)(1) None
(2) None
(3) None, other than:
Banks: Foreign banks must incorporate
subsidiaries inCanada toundertake the
business ofbanking.
Nooneperson (Canadian orforeign) may
ownmore than10percentofanyclass of
shares ofaSchedule Ibank.
On14February 1997, theGovernment of
Canada announced itsintention to
implement anewforeign bank entry
regime thatwillallow foreign banks to
branch directly intoCanada. By
30June 1999, Canada willmodify its
Schedule toincorporate theresults ofthe
implementation ofthisregime, including
anylimitations, conditions or
qualifications within themeaning of
Article XVIorXVII.(1) None
(2) None
(3) None, other than:
Banks: Until 30June 1999, ministerial
approval isrequired forforeign bank
subsidiaries toopen more thanone
branch.
Trust andloancompanies (federal andall
provinces, excluding British Columbia):
Federal orprovincial incorporation is
required.Trust andloancompanies
(Alberta): Atleast three quarters ofthe
directors must beordinarily resident in
Canada.
(New Brunswick): Atleast twoofthe
directors must beresident inNew
Brunswick.GATS/SC/16/Suppl.4
Page12Modes 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)Allpayment and
money transmission
services
(CPC 81339*)
(e)Guarantees and
commitments
(CPC 81199*)(Ontario, Quebec andManitoba): The
direct orindirect acquisition of
Canadian-controlled companies by
non-residents isrestricted to10percent
individually and25percentcollectively.
(Saskatchewan): Individual andcollective
foreign ownership ofCanadian-controlled
andprovincially incorporated companies
canbenomore than10percentof
shares.
(British Columbia): Incorporations, share
acquisition orapplication forbusiness
authorization, where anyperson controls
orwillcontrol 10percentormore ofthe
votes ofthecompany, aresubject to
ministerial approval.(Nova Scotia): Amajority ofdirectors
must beresident inCanada andatleast
tworesident inNova Scotia.
(Manitoba andOntario): Foreign persons
maynotexercise thevoting rights
attached toshares iftheyarenot
registered asshareholders inrespect of
theshares.
(Manitoba): Majority ofdirectors must be
resident inCanada.
(Quebec): Three quarters ofthedirectors
must beCanadian citizens andamajority
must reside inQuebec.
(Ontario, New Brunswick andNova
Scotia): Incorporation orregistration will
berefused unless authorities aresatisfied
thatthere exists apublic benefit and
advantage foranadditional corporation.
(Ontario): Consent tochange incontrol or
transfers of10percentormore ofvoting
shares mayberefused ifitwould bein
thepublic interest todoso.GATS/SC/16/Suppl.4
Page13Modes 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
Credit unions, caisses populaires and
associations orgroups thereof (all
provinces): Must incorporate inthe
jurisdictions inwhich theyoperate.Credit unions andcaisses populaires
(Ontario): Directors ofcredit unions
must beCanadian citizens orpermanent
resident.
(British Columbia): Directors and
subscribers ofcredit unions must be
residents oftheprovince.
Mortgage brokers (Ontario): Must
incorporate under thelaws ofCanada,
Ontario orofanother province.
Ownership ofacorporation byforeign
persons must notexceed 10percent
individually and25percentcollectively
ofthetotal number ofequity shares.
(Nova Scotia): Must incorporate under
thelaws ofCanada orNova Scotia.
(Saskatchewan): Must maintain a
business office intheprovince.(Allprovinces except British Columbia,
Ontario andQuebec): Credit unions and
caisses populaires areexempt from the
corporate capital tax.
(Alberta): Directors ofcredit unions must
beCanadian citizens orpermanent
residents ofCanada andthree quarters
must atalltimes beordinarily resident in
theprovince.
(Manitoba, Nova Scotia and
Saskatchewan): Directors ofcredit unions
must beCanadian citizens.
(Quebec): Founding members ofcaisses
populaires must have aresidence, place of
business oremployment intheterritory
mentioned inthecaisse ’sstatutes.
Community bonds corporations
(Manitoba, New Brunswick and
Saskatchewan): Directors ofCommunity
Bonds corporations must beresident of
theprovince.GATS/SC/16/Suppl.4
Page14Modes 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
Loan andinvestment companies (Quebec):
Federal orprovincial incorporation.
Co-operative corporations (Newfoundland
andOntario): Must incorporate under the
lawoftheapplicable province orunder
federal law.
Lending ofalltypes (Nova Scotia): Must
incorporate under thelaws ofCanada or
Nova Scotia.
Acceptance ofdeposits (Quebec): The
acceptance ofdeposits ofpublic and
para-public institutions isprovided bya
public monopoly.Venture capital corporations (federal and
allprovinces): Measures thatresult ina
different taxtreatment withrespect toan
investment inaventure capital
corporation asprescribed pursuant tothe
Income TaxActofCanada andprovincial
laws.
(4) Seeparagraph 4ofheadnote onFinancial
Services, and:(4) Seeparagraph 4ofheadnote onFinancial
Services.
Mortgage brokers (Ontario): Must be
Canadian citizens orpermanent residents
ofCanada andordinarily resident in
Canada.
(Nova Scotia): Must beresident inthe
province.GATS/SC/16/Suppl.4
Page15Modes 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 forown
account orforaccount
ofcustomers whether
onanexchange, inan
over-the-counter
market orotherwise,
thefollowing:
-money market
instruments (cheques,
bills, certificate of
deposits, etc.) (CPC
81339*);
-foreign exchange
(CPC 81333*);
-derivative products
including butnot
limited to,futures and
options (CPC 81339*)(1) None, other than:
Advisory andauxiliary financial services
(Alberta, British Columbia, Nova Scotia,
Ontario, Quebec andSaskatchewan):
Services must besupplied through a
commercial presence inthejurisdiction in
which theadviser isproviding advice.
Asset management (Alberta, British
Columbia, Nova Scotia, Ontario, Quebec
andSaskatchewan): Services must be
supplied through acommercial presence
inthejurisdiction inwhich theservice is
provided.
(Quebec): Themanagement ofpension
funds ofpublic andpara-public
institutions inQuebec isprovided by
public monopoly.
Custodial services (Allprovinces):
Mutual funds which offer securities in
Canada must usearesident custodian. A
non-resident sub-custodian maybeused if
ithasshareholders equity ofatleast $100
million.(1)NoneGATS/SC/16/Suppl.4
Page16Modes 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
-exchange rateand
interest rate
instruments, including
products such as
swaps, forward rate
agreements, etc.
(CPC 81339*)
-transferable securities
(CPC 81321*)
-other negotiable
instruments and
financial assets,
including bullion
(CPC 81339*)(2) None, other than:
Trading insecurities andcommodity
futures -persons (allprovinces): There is
arequirement toregister inorder totrade
through dealers andbrokers thatare
neither resident norregistered inthe
province inwhich thetrade iseffected.
(3) None, other than:
Securities dealers andbrokers (British
Columbia, Ontario, Saskatchewan,
Yukon): Must beincorporated, formed
orcontinued under federal, provincial or
territorial laws.
(Quebec): Only brokerage firms
incorporated under federal, provincial or
territorial laws maybemembers ofthe
Montreal Exchange.(2) None
(3) None, other than:
Trading insecurities andcommodity
futures andadvisory andauxiliary
financial services -dealers, brokers, and
advisers: (Alberta, Ontario,
Newfoundland, Nova Scotia, Manitoba
andSaskatchewan): Adirector orofficer
ofanapplicant firmmust have been a
resident ofCanada foraperiod ofatleast
oneyearprior totheapplication.
Custodial services (Allprovinces):
Mutual funds which offer securities in
Canada must usearesident custodian. A
non-resident sub-custodian maybeused if
ithasshareholders equity ofatleast $100
million.Advisory andauxiliary financial services
andAsset Management (Nova Scotia and
Quebec): Theestablishment must be
managed byaresident oftheprovince.
(Quebec): Theresponsibility foropening
upaccounts istobemanaged bya
Quebec resident.GATS/SC/16/Suppl.4
Page17Modes 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
ofallkinds of
securities, including
underwriting and
placement asagent
(whether publicly or
privately) and
provision ofservice
related tosuch issues
(CPC 8132)Advisory andauxiliary financial services
(British Columbia): Must be
incorporated, formed orcontinued under
federal, provincial orterritorial laws.
Asset management (Quebec): The
management ofpension funds ofpublic
andpara-public institutions inQuebec is
provided byapublic monopoly.
(h)Money broking
(CPC 81339*)
(i)Asset management,
such ascashor
portfolio management,
allforms ofcollective
investment
management,
custodial, depository
andtrustservices
(CPC 8119*, 81323*).
(j)Settlement and
clearing services for
financial assets, incl.
securities, derivative
products, andother
negotiable instruments
(CPC 81339*, 81319*)(4) Seeparagraph 4ofheadnote onFinancial
Services, and:
(Quebec): Only Canadian residents may
beindividual members oftheMontreal
exchange.(4) Seeparagraph 4ofheadnote onFinancial
Services, and:
Trading insecurities andcommodity
futures andadvisory andauxiliary
financial services -dealers, brokers and
advisers: (allprovinces except British
Columbia, New Brunswick andQuebec):
Anindividual applicant forregistration is
required tohave been aresident of
Canada foraperiod ofatleast oneyear
prior totheapplication andaresident of
theprovince inwhich he/she wishes to
operate atthedateofapplication.
(Quebec): Anindividual acting asa
representative ofadealer oradviser,
subject tocertain exemptions, must bea
resident oftheprovince.GATS/SC/16/Suppl.4
Page18Modes 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
(k)Advisory,
intermediation and
other auxiliary
financial services on
alltheactivities listed
inArticle 5(a)(v)
through (xv)ofthe
Annex onFinancial
Services, incl. credit
reference andanalysis,
investment and
portfolio research and
advice, advice on
acquisitions andon
corporate restructuring
andstrategy
(CPC 8131*, 8133*)
(l)Provision andtransfer
offinancial
information, and
financial data
processing andrelated
software byproviders
ofother financial
services (CPC 8131*,
842*, 843*, 844*)