RESTRICTED  WORLD TRADE  
ORGANIZATION  WT/ACC/SPEC/MOL/2/Rev.1  
19 October 1998 
 (98-4024) 
Working Party on the Accession  
of the Republic of Moldova Original:   English 
 
 
  
ACCESSION OF THE REPUBLIC OF MOLDOVA  
 
Initial Offer in Services
 
 
Revision  
   For the purposes of the accession of the Republic of Moldova to the WTO, the Ministry of 
Economy and Reforms of the Republic of Moldova ha s presented the following revised offer of initial 
commitments on trade in services, with the request that it be circulated to members of the Working 
Party.   
_______________ 
 
    WT/ACC/SPEC/MOL/2/Rev.1 
Page 2 THE REPUBLIC OF MOLDOVA 
 
Modes of supply: (1)  Cross border supply (2)  Consumption ab road (3)  Commercial presence (4 )  Presence of natural persons 
Sector or Sub-Sector Limitations on Market Access Li mitations on National Treatment Additional Commitments 
I. HORIZONTAL COMMITMENTS 
ALL SECTORS 3)(a) Foreign investments may be 
undertaken in all branches of the economy provided the following is not violated: 
- anti-monopoly legislation; 
- norms of environment 
protection; 
- real estate transactions; - land ownership; - taxation; - privatization.
 3) None  
 (b) Services, which are subject to 
licensing, can only be supplied 
through legal persons registered 
in Moldova.    
 4) Temporary entry and residence 
of foreign natural persons  
Unbound, except for the entry and temporary stay of natural persons which 
fall into one of the following categories: 
(a) Business visitors and services 
sales persons
∗ i.e. persons taking 
part in business meetings and 
business contacts (e.g. the 
preparation or establishment of a commercial presence in Moldova), provided they are not engaged in the sale or supply of 
services.
 4) None  
                                                      
∗  Services sales persons: Persons not based in Moldova and re ceive no remuneration from a source located in Moldova, who are en gaged in activities related 
to representing a services supplier for the purpose of nego tiating for the sales of the services of that supplier. 
   WT/ACC/SPEC/MOL/2/Rev.1
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Sector or Sub-Sector Limitations on Market Access Li mitations on National Treatment Additional Commitments 
 (b) Intra-corporate transferees∗∗, i.e. 
persons employed by a legal 
person of another Member or persons who are partners in a legal person (except major 
stock-holders), who exercise one 
or several of the following functions:
   
 (i) Persons holding senior positions 
within the legal persons, primarily executives who manage the company and who are supervised or guided by the 
members of the Board of 
Directors or stock-holders, or their equivalent, including:   
 - persons managing the whole 
company, a department, or a sub-department; 
- persons supervising or 
controlling supervisors, managers or other skilled employees; 
- persons who are authorized to 
hire or dismiss employees, or 
have other authorizations concerning personnel.   
 (ii) Persons working within a legal 
person, with special knowledge and rare qualifications which are 
important to the services that the 
company supplies, to research equipment, technical equipment or management.    
                                                      
∗∗ “Intra-corporate transferee” is defined as a natural person wo rking within a legal person, established in the territory of a W TO Member, being temporarily transferred to 
supply services through commercial presence in the territory of th e Republic of Moldova. The legal person must have is head off ice in the territory of a WTO Member and the 
transfer of the natural person must be in to a company of the legal person mentioned, effectively supplying the same services in  the territory of the Republic of Moldova.  WT/ACC/SPEC/MOL/2/Rev.1 
Page 4 Modes of supply: (1)  Cross border supply (2)  Consumption ab road (3)  Commercial presence (4 )  Presence of natural persons 
Sector or Sub-Sector Limitations on Market Access Li mitations on National Treatment Additional Commitments 
  In assessing such special 
knowledge, not only the knowledge 
specific for that particular company shall be taken into account, but also whether that person has a high level of qualifications in relation to the line of business or trade he is in and which 
requires special technical knowledge, 
and also whether he is a member of an accredited professional association.   
  Intra-corporate transferees must obtain, depending on the terms of their employment contract:   
 - either a residence permit with a 
validity of up to one year 
(renewable), on the basis of 
which the Moldavian Employment Office issues a work permit which is valid for up to one year (renewable); 
- or a business visa with a validity 
which depends on the duration of the employment contract, and subsequently a work permit as mentioned above with the same 
validity as the business visa.   
II. SECTOR-SPECIFIC COMMITMENTS 
1. BUSINESS SERVICES    
A. Professional Services  
(a) Legal services: 
- Legal advisory and 
representation services concerning criminal law 
 (CPC 86111)
   
1) None 
2) None 3) Only Moldavian citizens-
attorneys at law shall have the right to render such services.  
 
1) None 
2) None 3) None
  
 4) Only Moldavian citizens-
attorneys at law shall have the right to render such services. 4) Unbound, except as indicated in 
the horizontal section.    WT/ACC/SPEC/MOL/2/Rev.1
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Sector or Sub-Sector Limitations on Market Access Li mitations on National Treatment Additional Commitments 
- Legal advisory and 
representation services in 
judicial procedure concerning fields of law, other than criminal law (CPC 86119)
 1) None 
2) None 
3) None 4) Unbound, except as indicated in 
the horizontal section. 1) None 
2) None 
3) None 4) Unbound, except as indicated in 
the horizontal section.  
- Legal documentation and 
certification services 
 (CPC 8613, 86130) 1) None except for new the 
drafting of legal documents relating to Moldovan Law.  
2) None 
3) None, subject to MFN 
exemption. 
4) Unbound, except as indicated in 
the horizontal section. 1) None  
  2) None 
3) None 
 4) Unbound, except as indicated in 
the horizontal section.  
- Notary services  (CPC 8619) 1) None 
2) None 3) None 4) Unbound, except as indicated in 
the horizontal section. 1) None 
2) None 3) None 4) Unbound, except as indicated in 
the horizontal section. 
 
- Consultancy on home country 
law and international law 
 Foreign legal consultants’ 
advisory services on international public law and law of jurisdiction (home country law) where the service supplier 
is a qualified lawyer *(CPC 861) 1) None, except for new the 
drafting of legal documents 
relating to Moldovan Law.  
2) None 3) None, subject to MFN 
exemption. 
4) Unbound, except as indicated in 
the horizontal section. 1) None 
 
 
2) None 3) None  4) Unbound, except as indicated in 
the horizontal section.  
(b) Accounting, auditing and 
bookkeeping services.(other 
than “services”) 
 (CPC 862) 1) None 
2) None 
3) None 
4) Unbound, except as indicated in 
the horizontal section. 1) None 
2) None 
3) None 
4) Unbound, except as indicated in 
the horizontal section.  
(c) Taxation service  (CPC 863) 1) None 
2) None 3) None 4) Unbound, except as indicated in 
the horizontal section. 
 1) None 
2) None 3) None 4) Unbound, except as indicated in 
the horizontal section. 
  WT/ACC/SPEC/MOL/2/Rev.1 
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Sector or Sub-Sector Limitations on Market Access Li mitations on National Treatment Additional Commitments 
(d) Architectural services 1) None 1) None  
 (CPC 8671) 2) None 
3) Foreign persons are to provide 
services only in partnership 
with, or as subcontractors of, 
local service suppliers. 2) None 
3) None  
  This does not apply to projects, 
which have been put up for international auction won by foreign suppliers. 
Accreditation requirement: the main 
scope of the foreign person’s activity to be the relevant services; experience in the field of construction; projects performed during the last two years; staff and technical capacity; bank 
references from a first rank foreign bank. 
 
 4) Unbound, except as indicated in 
the horizontal section. 4) Unbound, except as indicated in 
the horizontal section.  
(e) Engineering services  (CPC 8672) 1) None 
2) None 
3) Foreign persons are to provide 
services only in partnership with, or as subcontractors of, local service suppliers. 1) None 
2) None 
3) None 
 
 4) This does not apply to projects, 
which have been put up for international auction won by foreign suppliers. Access is 
limited to natural persons 
subject to recognition of their technical qualification and accreditation by a professional chamber in the Republic of Moldova.  Accreditation is 
subject to the following criteria: 
recognized technical qualification in Moldova; experience in the field of 4) Unbound 
   WT/ACC/SPEC/MOL/2/Rev.1
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Sector or Sub-Sector Limitations on Market Access Li mitations on National Treatment Additional Commitments 
construction; project performed 
during the last years; staff and 
technical capacity. 
B. Computer and Related Services  
 (CPC 841-849) 
(a) Constancy services related to the 
installation of computer hardware 
 (CPC 841)  
 
1) None 2) None 3) None 4) Unbound, except as indicated in 
the horizontal commitments.  
 
1) None 2) None 3) None 4) Unbound, except as indicated in 
the horizontal commitments. 
 
(b) Software implementation 
services 
 (CPC 842) 1) None 
2) None 
3) None 
4) Unbound, except as indicated in 
the horizontal commitments. 1) None 
2) None 
3) None 
4) Unbound, except as indicated in 
the horizontal commitments.  
(c) Data processing services  (CPC 843) 1) None 
2) None 3) None 4) Unbound, except as indicated in 
the horizontal commitments. 1) None 
2) None 3) None 4) Unbound, except as indicated in 
the horizontal commitments. 
 
(d) Data base services  (CPC 844) 1) None 
2) None 3) None 
4) Unbound, except as indicated in 
the horizontal commitments. 1) None 
2) None 3) None 
4) Unbound, except as indicated in 
the horizontal commitments.  
(e) Maintenance and repair services 
of office machinery and equipment including computers 
 (CPC 845) 1) None 
2) None 3) None 4) Unbound, except as indicated in 
the horizontal commitments. 1) None 
2) None 3) None 4) Unbound, except as indicated in 
the horizontal commitments. 
 
C. Research and Development 
Services  
 (CPC 851- 853) 1) None 
2) None 3) None 
4) Unbound, except as indicated in 
the horizontal commitments. 1) None 
2) None 3) None 
4) Unbound, except as indicated in 
the horizontal commitments.  
D. Real Estate Services  
 (CPC 821-822) 1) None 
2) None 1) None 
2) None   WT/ACC/SPEC/MOL/2/Rev.1 
Page 8 Modes of supply: (1)  Cross border supply (2)  Consumption ab road (3)  Commercial presence (4 )  Presence of natural persons 
Sector or Sub-Sector Limitations on Market Access Li mitations on National Treatment Additional Commitments 
3) None 
4) Unbound, except as indicated in 
the horizontal commitments. 3) None  
4) Unbound, except as indicated in 
the horizontal commitments. 
E. Rental/Leasing Services Without 
Operators  
 (CPC  831- 832) 1) None 
2) None 
3) None 4) Unbound, except as indicated in 
the horizontal commitments. 1) None 
2) None 
3) None 4) Unbound, except as indicated in 
the horizontal commitments.  
F. Other Business Services    
 (CPC 871; 864;  865; 866; 8675; 
633; 88442; 87909) 1) None 
2) None 3) None 4) Unbound, except as indicated in 
the horizontal commitments. 1) None 
2) None 3) None 4) Unbound, except as indicated in 
the horizontal commitments.  
2. COMMUNICATION SERVICES 
A. Postal Services  
 Sending the mail and parcels of 
more than *** kilograms 
 (CPC 7511) 1) None except for forwarding the 
letters up to 350 grams. There is 
a monopoly for basic postal 
services held by Posta Moldovei 1) None 
  
 2) None. 
3) None except for forwarding the 
letters up to 350 grams. There is a monopoly for basic postal services held by Posta Moldovei 2) None 
3) None 
 
 4) Unbound, except as indicated in 
the horizontal section. 4) Unbound, except as indicated in 
the horizontal section.  
B. Courier Services  
 (CPC 7511) 1) None 
2) None 3) None 4) Unbound, except as indicated in 
the horizontal section. 1) None 
2) None 3) None 4) Unbound, except as indicated in 
the horizontal section.  
C. Telecommunication Services  
(a) Public telephone services  (CPC 7521) 1), 3) “Moldtelecom” company is 
exclusive operator in the territory of the Republic of 
Moldova. Exclusive right will 
end 1 January 2003, subject to adoption of relevant legislation of Parliament.  1), 3) None. 
   WT/ACC/SPEC/MOL/2/Rev.1
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Sector or Sub-Sector Limitations on Market Access Li mitations on National Treatment Additional Commitments 
 2) None except for international 
and long distance 
communications, where none as from 1 January 2003. 
4) Unbound except as indicated in 
horizontal section. 2) None 
 
  4) Unbound except as indicated in 
horizontal section.  
(b) Packet-switched data 
transmission services 
 (CPC 7523**) 
(c) Telegraph services 
 (CPC 7522) (d) Facsimile services  (CPC 7521**+7529** ) (e) Private leased circuit services  (CPC 7522**+7523**) 
(f) Electronic mail 
 (CPC 7523**) (g) Voice mail  (CPC 7523**) 1), 3) “Moldtelecom” company is 
exclusive operator in the territory of the Republic of 
Moldova. Exclusive right will 
end 1 January 2003, subject to adoption of relevant legislation of Parliament. All services to be provided in the Republic of Moldova shall require a licence, 
in accordance with the local law, 
from the Ministry of Communications and Transports. Foreign equity is limited to 49%.  1), 3) None 
 
 
(h) On-line information and 
database retrieval 
 (CPC 7523**) 2) None 
4) Unbound except as indicated in 
horizontal section. 2) None 
4) Unbound except as indicated in 
horizontal section.  
(i) Mobile services  (CPC 75213) 1), 3) “VOXTEL” company, is the 
exclusive operator. Exclusive right will end by 31 December 2003 subject to adopted of the relevant 
legislation by Parliament. 
 The Ministry of Transports and Communications may grant licence and authorization to private companies for the operation of network, with licensing criteria publicly available. The licences 
and permissions are available only for 
the companies, which deal with the subject of licence and registered in Moldova. 1), 3) None 
 
  WT/ACC/SPEC/MOL/2/Rev.1 
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Sector or Sub-Sector Limitations on Market Access Li mitations on National Treatment Additional Commitments 
 2) None 
4) Unbound except as indicated in 
horizontal section. 2) None 
4) None except as indicated in the 
horizontal section.  
D. Audio-Visual Services  
 (CPC 9611, 9612, 9613, 7524) 1) None 
2) None. 
3) Foreign natural and legal 
persons have the right to perform audio-visual services only within a joint venture with 
– maximum 49% foreign share. 
4) Unbound, except as indicated in 
the horizontal section. 1) None 
2) None 
3) None    
 
4) None  
3. CONSTRUCTION AND RELATED ENGINEERING SERVICES 
A. General Construction Work For 
Buildings  
 (CPC 512) 1) Unbound 
2) None 
3) Foreign persons are to provide 
services only in partnership with, or as subcontractors of, local service suppliers. 
4) Unbound, except as indicated in 
the horizontal section. 1) Unbound 
2) None 
3) None    
4) Unbound, except as indicated in 
the horizontal section.  
B. General Construction Work For 
Civil Engineering  
 (CPC 513) 1) Unbound 
2) None  
3) Foreign persons are to provide 
services only in partnership with, or as subcontractors of, local service suppliers. 1) Unbound 
2) None 
3) None   
 4) Unbound, except as indicated in 
the horizontal section. 4) Unbound, except as indicated in 
the horizontal section.  
C. Installation and Assembly Work  
 (CPC 514+516) 1) Unbound 
2) None  
3) Foreign persons are to provide 
services only in partnership with, or as subcontractors of, local service suppliers. 
4) Unbound, except as indicated in 
the horizontal section. 1) Unbound 
2) None 
3) None    
4) Unbound, except as indicated in 
the horizontal section.    WT/ACC/SPEC/MOL/2/Rev.1
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Sector or Sub-Sector Limitations on Market Access Li mitations on National Treatment Additional Commitments 
D. Building Completion and 
Finishing Work  
 (CPC 517) 1) Unbound 
2) None 
3) Foreign persons are to provide 
services only in partnership with, or as subcontractors of, local service suppliers. 
4) Unbound, except as indicated in 
the horizontal section. 1) Unbound 
2) None 
3) None    
4) Unbound, except as indicated in 
the horizontal section.  
4. DISTRIBUTION SERVICES 
(a) Commission agents’ services  (CPC 621) 1) None  
2) None 
3) None 
4) Unbound except as indicated in 
the horizontal section 1) None  
2) None 
3) None 
4) Unbound except as indicated in 
the horizontal section  
(b) Wholesale trade services   (CPC 622) 1) None  
2) None 3) None 4) Unbound except as indicated in 
the horizontal section 1) None  
2) None 3) None 4) Unbound except as indicated in 
the horizontal section 
 
(c) Retailing services  (CPC 631+632; 
6111+6113+6121) 1) None  
2) None 3) None 
4) Unbound except as indicated in 
the horizontal section 1) None  
2) None 3) None 
4) Unbound except as indicated in 
the horizontal section  
(d) Franchising 
 (CPC 8929) 1) None 
2) None 
3) None 4) Unbound, except as indicated in 
the horizontal section. 1) None 
2) None 
3) None 4) Unbound, except as indicated in 
the horizontal section.  
(e) Other distribution services 1) None 
2) None 3) None 4) Unbound, except as indicated in 
the horizontal section. 1) None 
2) None 3) None 4) Unbound, except as indicated in 
the horizontal section.  
5. EDUCATION SERVICES 
(a) Primary education services 
 (CPC 921) 1) None 
2) None 1) None  
2) None   WT/ACC/SPEC/MOL/2/Rev.1 
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Sector or Sub-Sector Limitations on Market Access Li mitations on National Treatment Additional Commitments 
3) None 
4) Unbound except as indicated in 
the horizontal section 3) None 
4) Unbound except as indicated in 
the horizontal 
(b) Secondary education services 
 (CPC 922) 1) None 
2) None 
3) Unbound except for privately 
funded primary schools constituted as juridical persons and subject to compliance with 
Government educational and 
health requirements.  
4) Unbound, except as indicated in 
the horizontal section 1) None  
2) None 
3) None    
 
 4) Unbound except as indicated in 
the horizontal section  
(c) Higher education services  (part of CPC 923) 1) None 
2) None 3) Unbound except for privately 
funded primary schools 
constituted as juridical persons 
and subject to compliance with Government educational and health requirements. 
4) Unbound, except as indicated in 
the horizontal section. 1) None 
2) None 3) None  
 
   4) Unbound, except as indicated in 
the horizontal section  
(c) Adult education 
 (Part of the CPC 924) 1) None 
2) None 
3) None  
4) Unbound, except as indicated in 
the horizontal section. 1) None 
2) None 
3) None 
4) Unbound, except as indicated in 
the horizontal section  
6. ENVIRONMENTAL SERVICES 
(a) Sewage services 
 (CPC 9401) 1) Unbound∗ 
2) None 
3) None 4) Unbound, except as indicated in 
the horizontal section 1) Unbound * 
2) None 
3) None 4) Unbound, except as indicated in 
the horizontal section  
                                                      
∗ The commitments do not apply to services related to the collectio n, transportation, storage, secondary use, recycling, restora tion, use in the production of energy and 
materials, and disposal of da ngerous waste, refuse and su bstances. (Article XVI bis)   WT/ACC/SPEC/MOL/2/Rev.1
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(b) Refuse disposal services 
 (CPC 9402) 1) Unbound* 
2) None 
3) None  4) Unbound, except as indicated in 
the horizontal section 1) Unbound* 
2) None 
3) None  4) Unbound, except as indicated in 
the horizontal section  
(c) Sanitation and similar services  (CPC 9403) 1) Unbound* 
2) None 3) None  4) Unbound, except as indicated in 
the horizontal section 1) Unbound* 
2) None 3) None  4) Unbound, except as indicated in 
the horizontal section 
 
7. FINANCIAL SERVICES 
A. Insurance and Insurance-Related 
Services   
 (CPC 812*, 8121, 8129, 8140) 1) Unbound, except for services 
supplied by foreign suppliers to foreign persons in the territory 
of the Republic of Moldova. 
Only permitted if the service concerned is not available locally. 1) Unbound 
 
- life insurance services and 
pension fund services 2) Moldavian natural and juridical 
persons, as well as foreign persons who conduct business activity in the territory of the 
Republic of Moldova, can 
conclude insurance contracts only with suppliers with respect to their activity in Republic of Moldova, which are licensed to 
conduct insurance activity in 
Republic of Moldova. Insurance compensation resulting from these contracts will be paid in Moldova. 2) None 
 
- Non-life insurance services 3) The establishment of companies 
with foreign participation is 
allowed only in partnership with Moldavian legal or natural persons. 
 3) None 
  WT/ACC/SPEC/MOL/2/Rev.1 
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Sector or Sub-Sector Limitations on Market Access Li mitations on National Treatment Additional Commitments 
  The representatives of foreign 
insurance companies and of the 
associations of foreign insurers have the right to conclude insurance contracts only with foreign legal or natural persons and for their goods.  
 
  Foreign legal or natural persons 
cannot own more than 49% in insurance companies operating in Moldova.  
 
  Intermediation agencies are not 
allowed to conclude insurance contracts for foreign insurance companies with Moldavian legal or natural persons or for their goods.  
 
.  The branches of foreign 
insurance companies should satisfy the 
following requirements: specific guarantee and deposit requirements, a separate capitalization and localization in the Republic of Moldova of the assets 
representing the technical reserves.  
 
 4) Unbound, except as indicated in 
the horizontal section 4) None  
(b) Reinsurance and retrocession 
 (CPC 81299*) 1) None except that reinsurance on 
international market is allowed only if the reinsured risk cannot 
be placed on domestic market. 
 1) None 
 
 2) None except that ceding in 
insurance on international market can be made only if the reinsured risk cannot be placed on domestic market. 2) None 
 
 3) Unbound as of 1 January 2005. 
 The establishment of companies 
with foreign participation is allowed only in partnership with Moldavian legal or natural persons.  3) None 
   WT/ACC/SPEC/MOL/2/Rev.1
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Sector or Sub-Sector Limitations on Market Access Li mitations on National Treatment Additional Commitments 
  Foreign legal or physical 
persons cannot own more than 49% in 
insurance companies operating in Moldova  
 
 4) Unbound, except as indicated in 
the horizontal section. 4) None  
BANKING SECTOR  
All the commitments in this Schedule are s ubject to the laws of the Republic of Mo ldova, as well as regulations, norms and inst ructions of the National Bank 
of Moldova. In particular, these commitments are subject of th e Law on the National Bank of Moldova (No. 548-XIII of 21 July 19 95), Law on Financial 
Institutions (No. 550-XIII of 21 July 1995) and a ll normative acts issued pursuant to these laws. 
The National Bank of Moldova has the right to impose additionally to financial institutions other than bank provisions of the L aw on Financial Institutions that 
refer to banks. 
Local banks or subsidiaries of foreign ba nks (thereafter – “bank”) can  be engaged into financial activities on the territory of  the Republic of Moldova after 
getting the respective licence from the National Bank of Moldova. The number of types of financial activities, which a bank can  perform, depends on the 
bank’s capital amount. There are certain typ es of financial activities which may be pe rformed by banks with a capital from the minimum quantum to double 
quantum of the minimum amount of required capital (MRC), by banks with a capital bigger than double quantum and lower than trip le quantum of the MRC 
and by banks with a capital bigger than triple quantum of MRC. 
The National Bank of the Republic of Moldova has the exclusive right to establish and change the minimum amount of required cap ital for establishing banks 
and the maximum quota of each shareholder. The National Bank may set  different levels of the minimum capital for banks to be es tablished in areas with 
different demographics. The requirements should be th e same for all banks established in the same area. 
The representative offices of foreign banks may not be engaged in fina ncial activity on the territory of the Republic of Moldov a and cannot be licensed by the 
National Bank of Moldova. Residents shall be obligated to register at the National Bank of Moldova all transactions associated with the receiving of loan s and guarantees from non-
residents, as well as the receiving of foreign capital. Resident s must obtain the authorization of the National Bank of Moldova  for each transaction of granting 
loans and guarantees to non-residents, as well as fo r other transfers of capital to non-residents.
 
B. Banking and Other Financial 
Services  (excluding insurance) 
 (CPC 81115-81119, 8113, 8112, 
81339**, 81199**, 81333, 
81321*, 8132, 8119+**, 81323*, 81319**, 8131, 8133) 1) Unbound 
 It is necessary the authorization of the National Bank of Moldova (NBM) 
for the export of capital concerning the 
access of a certain quantity of securities of non-resident issuers for their circulation on the territory of the Republic of Moldova.  1) Unbound 
 
(a) Acceptance of deposits and 
other repayable funds from the public 
 (CPC 81115-81119) 
  The mentioned authorization is 
destined to residents – distributors or buyers of these securities.  
  WT/ACC/SPEC/MOL/2/Rev.1 
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Sector or Sub-Sector Limitations on Market Access Li mitations on National Treatment Additional Commitments 
(b) Lending of all types, including 
consumer credit, mortgage 
credit, factoring and financing of commercial transactions 
 (CPC 8113)  One investor – resident or non-
resident – is permitted to own not more 
than 50% of the volume of State securities with the same ISIN (International Standard Identification number), offered for sale on the primary market or being in circulation.  
 
(c) Financial leasing 
 (8112) 2) Unbound 
 Residents need the authorization 
of the National Bank of Moldova to 
export the capital abroad. 2) Unbound  
(d) All payment and money 
transmission services 
 (CPC 81339**) 3) Unbound 
 No one shall perform financial activities without the licence issued by the National Bank of Moldova. 3) None if the banks have the 
licence issued by the NB M. 
 
(e) Guarantees and commitments  (CPC 81199**)  In accordance with the 
provisions of the Law on Financial Institution, banks, including those with participation of foreign capital, shall be organized as joint stock companies.  
 
(f) Trading for own account or for 
account of customers, whether on an exchange, in an over-the-counter market or otherwise, the following:  On the territory of the Republic 
of Moldova a foreign bank can perform 
financial activity through its subsidiary
∗, 
for which the National Bank of Moldova 
issues the relevant licence.     
 
- money market instruments 
(cheques, bills, certificates of deposits, etc.) (81339**) 
 
- foreign exchange (81333)  The subsidiary of a foreign bank 
shall be organized in the Republic of Moldova as legal entity in form of joint stock company. Later, on the base of the 
subsidiary, the creation of branches
∗∗ is 
admitted.   
                                                      
∗ Subsidiary – means any legal entity in which another entity or group of entities acting in concert holds:  the equivalent of 5 0% or more of the voting shares;  a 
significant interest that permits such other entity or group of  entities to exercise effective c ontrol over the management and activity of subsidiary 
∗∗ Branch – means a separate entity, that is a legally dependent pa rt of a bank and that conducts all or some financial activitie s   WT/ACC/SPEC/MOL/2/Rev.1
 Page 17Modes of supply: (1)  Cross border supply (2)  Consumption ab road (3)  Commercial presence (4 )  Presence of natural persons 
Sector or Sub-Sector Limitations on Market Access Li mitations on National Treatment Additional Commitments 
- derivative products including, 
but not limited to, futures and 
options (81339*)  The licence to a non-resident 
bank to be engaged in the activity on the 
territory of the Republic of Moldova though it subsidiary (branch) is granted only if:  
 
- exchange rate and interest rate 
instruments, including products such as swaps, forward rate agreements, etc. (81339**) (a) the non-resident bank is 
authorized to be engaged in the business of receiving money deposits or other repayable 
funds in the country where its 
head office is located;  
 
- transferable securities 
 (CPC 81321*)  - other negotiable instruments and 
financial assets, including 
bullion (81339*) (b) the competent foreign 
authorities that supervise the financial activities at the head office of the non-resident bank 
have given their written consent 
to the granting of such licence;  
 
(c) the National Bank determines 
that the non-resident bank is adequately supervised, in a 
consolidated basis, by the above 
mentioned foreign authorities.  
 (g) Participation in issues of all 
kinds of securities, including underwriting and placement as 
agent (whether publicly or 
privately) and provision of service related to such issues  
 (8132)  
(h) Money broking (81339**)  The payment for the shares of 
the bank should be made only in cash from own funds. Non-cash assets may 
not be used to purchase the bank shares.  
 
(i) Asset management, such as cash 
or portfolio management, all forms of collective investment management, pension fund management, custodial, 
depository and trust services 
 (8119+**, 81323*)  The transfer by transactions of 
an equity interest of a bank shall require the prior written authorization of the National Bank of Moldova if, as a result of such transfer, any one person or a 
number of persons acting in concert 
would, directly or indirectly, hold a 
significant interest
∗ in the capital of this 
bank.   
                                                      
∗ Significant interest - means a direct or indirect holding of an interest in a legal entity, that represents the equivalent of 10% or more of the equity or of the voting rights, or 
that makes it possible to exercise a significant influence over the management or policies of that entity  WT/ACC/SPEC/MOL/2/Rev.1 
Page 18 Modes of supply: (1)  Cross border supply (2)  Consumption ab road (3)  Commercial presence (4 )  Presence of natural persons 
Sector or Sub-Sector Limitations on Market Access Li mitations on National Treatment Additional Commitments 
(j) Settlement and clearing services 
for financial assets, including 
securities, derivative products, and other negotiable instruments (81339** or 81319**)  Without prior written 
authorization of the National Bank of 
Moldova, no one bank shall, individually or in common with one or more other persons acting in concert, directly or indirectly:  
 
- hold in a legal entity, that is 
engaged in other activities than financial ones, an equity interest 
which either represents a 
significant interest or exceeds, as to its current value, the equivalent of 15% of the bank’s regulatory capital;  
 (k) Advisory and other auxiliary 
financial services on all the activities listed in Article 1B of 
MNT.TNC/W/50, including 
credit reference and analysis, investment and portfolio research and advice, and advice on acquisitions and on corporate restructuring and strategy 
 (8131 or 8133) - hold total current value of such 
equity interests  that exceed the equivalent of 50% of the bank’s regulatory capital.  
 
(l) Provisions and transfer of 
financial information, financial 
data processing and related 
software by providers of other financial services 
 (8131)  No one person other than banks 
shall accept personal (household) 
deposits or their equivalents.  
 Acceptance of deposits from the State treasury or from other State bodies requires the authorization of the National Bank of Moldova.  
 
  Granting of credits in foreign 
currency, including granting through credit cards is subject to limitations.   The transfers in Moldovan Lei from one bank of Moldova to another bank in Moldova are made through 
correspondent accounts, which should be 
opened, with the National Bank of Moldova.  
   WT/ACC/SPEC/MOL/2/Rev.1
 Page 19Modes of supply: (1)  Cross border supply (2)  Consumption ab road (3)  Commercial presence (4 )  Presence of natural persons 
Sector or Sub-Sector Limitations on Market Access Li mitations on National Treatment Additional Commitments 
  Institutions, other than banks, 
are required to have the authorization of 
the National bank of Moldova for buying and selling foreign currency and traveller’s checks in foreign currency.   
 
 Such institutions should be established 
as exchange office – legal entity and have no right to be engaged in other operations.  
 
  Professional activity with 
securities can be realized only after the State Commission for Securities Market issues the respective licence. Banks, which are engaged in professional activity with securities, obtain respective 
licences from the State Commission for 
Securities Market following the recommendation of National Bank of Moldova.  
 
  Banks can perform commercial 
transactions with securities only with 
own resources. The banks may not be engaged in commercial activity with securities of issuers to which banks render services.  
 
 4) Unbound. 
 Impossibility for natural persons 
to practice financial activities. 4) Unbound  
8. HEALTH-RELATED AND SOCIAL SERVICES 
A. Social Services  
 (CPC part of  933) 1) None 
2) None 3) None 4) Unbound, except as indicated in 
the horizontal section 1) None 
2) None 3) None 4) Unbound, except as indicated in 
the horizontal section  
9. TOURISM AND TRAVEL-RELATED SERVICES 
(a) Hotels and restaurants 
(including catering) 
 (CPC 641-643 ) 1) None 
2) None 
3) None except for natural persons. 1) None 
2) None 
3) None   WT/ACC/SPEC/MOL/2/Rev.1 
Page 20 Modes of supply: (1)  Cross border supply (2)  Consumption ab road (3)  Commercial presence (4 )  Presence of natural persons 
Sector or Sub-Sector Limitations on Market Access Li mitations on National Treatment Additional Commitments 
4) Unbound, except as indicated in 
the horizontal section 4) The number of foreign managers 
is not to exceed the number of 
managers who are Moldavian citizens, in cases where the public (State and/or municipal) share in the equity capital of a Moldavian company exceeds 
50%. The provision of tourist 
guides’ services is to be effected through authorized foreign persons. 
(b) Travel agencies and tour 
operators’ services 
 (CPC 7471) 1) None  
2) None 3) None except for natural persons. 
4) Unbound, except as indicated in 
the horizontal section. 1) Unbound 
2) None 3) None 
4) The number of foreign managers 
is not to exceed the number of managers who are Moldavian citizens, in cases where the public (State and/or municipal) share in the equity capital of a 
Moldavian company exceeds 
50%. The provision of tourist guides’ services is to be effected through authorized foreign persons.  
(c) Tourist guides' services  (CPC 7472) 1) None 
2) None 3) None except for natural persons. 
4) Unbound, except as indicated in 
the horizontal section 1) None 
2) None 3) None 
4) The number of foreign managers 
is not to exceed the number of managers who are Moldavian citizens, in cases where the public (State and/or municipal) 
share in the equity capital of a 
Moldavian company exceeds 50%. The provision of tourist guides’ services is to be effected    WT/ACC/SPEC/MOL/2/Rev.1
 Page 21Modes of supply: (1)  Cross border supply (2)  Consumption ab road (3)  Commercial presence (4 )  Presence of natural persons 
Sector or Sub-Sector Limitations on Market Access Li mitations on National Treatment Additional Commitments 
through authorized foreign 
persons. 
10. RECREATIONAL, CULTURAL AND SPORTING SERVICES 
A. Recreational, Cultural and 
Sporting Services  
 (other than audiovisual services) 
 (CPC 9619, 962, 963, 964) 1) Unbound  
2) None 3) None 
4) Unbound, except as indicated in 
the horizontal section. 1) None 
2) None 3) None 
4) Unbound, except as indicated in 
the horizontal section.  
B. News Agency Services  
 (CPC 962) 1) None 
2) None 
3) Foreign equity is limited to 40% 4) Unbound 1) None 
2) None 
3) None 4) Unbound  
11. TRANSPORT SERVICES 
A. Maritime Transport Services  
 (CPC 7211, 7212, 7213, 8868**, 
7214, 745**) 1) None 
2) None 
3) None 4) Unbound, except as indicated in 
the horizontal section. 1) None 
2) None 
3) None 4) Unbound, except as indicated in 
the horizontal section.  
B. Internal Waterways Transport  
 (CPC 7221, 7222, 7223, 8868**, 
7224, 745**) 1) None 
2) None 3) None 4) Unbound, except as indicated in 
the horizontal section. 1) None 
2) None 3) None 4) Unbound, except as indicated in 
the horizontal section.  
C. Air Transport Services  
 (CPC 731, 732, 734, 8868**,) 
(a) Maintenance and repair of 
aircraft (CPC 8868) 1) Unbound 
2) None 
3) Unbound 
4) Unbound except as indicated in 
the horizontal section. 1) Unbound 
2) None 
3) Unbound 
4) Unbound except as indicated in 
the horizontal section.  
(b) Supporting services for air 
transport (CPC 746) 
- Sales an marketing services for 
air transport. 1) Unbound 
2) None 3) Unbound, subject to MFN 
exemption 
4) Unbound, except as indicated in 
the horizontal section 1) Unbound 
2) None 3) Unbound, subject to MFN 
exemption 
4) Unbound, except as indicated in 
the horizontal section.  
D. Road Transport Services  
(a)(b) Passenger and freight  
transportation  1), 3) None, subject to MFN 
exemption 
2) None 1) None 
 
2) None   WT/ACC/SPEC/MOL/2/Rev.1 
Page 22 Modes of supply: (1)  Cross border supply (2)  Consumption ab road (3)  Commercial presence (4 )  Presence of natural persons 
Sector or Sub-Sector Limitations on Market Access Li mitations on National Treatment Additional Commitments 
 (CPC 7121, 7122, 7123, less 
cabotage services)  
4) Unbound, except as indicated in 
the horizontal section. 3) None 
4) Unbound, except as indicated in 
the horizontal section. 
E. Pipeline Transport  
 (CPC 7131, 7139) 1) None 
2) None 
3) None 4) Unbound, except as indicated in 
the horizontal section. 1) None 
2) None 
3) None 4) Unbound, except as indicated in 
the horizontal section.  
   WT/ACC/SPEC/MOL/2/Rev.1
 Page 23LIST OF MFN EXEMPTIONS FOR REPUBLIC OF MOLDOVA 
 
Sector or sub-sector  
Description of measure indicating its 
inconsistency with Article II  
Countries to which the measure 
applies  
Intended duration  
Conditions creating the need for 
exemption 
Legal services. Foreign legal consultants’ 
advisory services on 
international public law and law of jurisdiction (home 
country law) wh ere the service 
supplier is a qualified lawyer *(CPC 861) Foreign lawyers can provide legal services in 
Moldova only if Moldovan lawyers are granted 
the same rights in the specified country on the 
basis of reciprocity. Parties to the agreements. Indefin ite To obtain equal market access 
possibilities for Moldova services 
providers. 
Road transport passenger and freight Measures applied under existing or future 
agreements and which reserve or limit the 
provision  of transport services and specify operating conditions, including transit permits 
and/or preferential road taxes of transport 
services into, in, across and out of the Republic of Moldova to the parties concerned. Road 
cabotage is reserved to domestic registered 
vehicles. All countries with which 
agreements are or will be in 
force. Indefinite To protect the integrity of road 
transport infrastructure and the 
environment and to regulate traffic rights in the territory of the Republic 
of Moldova and between the countries 
concerned. 
Air transport services Measures which pertain to selling and marketing 
of air transport services (including sales, other 
than by airlines, of passenger charters and 
forwarding of air freight other than by airlines) and to operation and regulation of computer 
reservation system services. Indefinite 
 (For transparency purposes, these measures 
include, but are not limited to, bilateral and 
multilateral civil aviation agreements, 
understanding and undertakings and informal 
comity and reciprocity aviation regimes to which the Republic of Moldova is a party; various other 
international aviation agreements to which 
Republic of Moldova is a party.) All partners with which the 
Republic of Moldova has active 
aviation relations covered by 
bilateral or other air services agreements and comity and 
reciprocity regimes. Also 
concerned are the co-signatories of the Chicago Convention and 
various other international 
aviation agreements, undertakings and understanding 
to which the Republic of 
Moldova is a party  The common policy and practice of 
exchanging rights, setting disputes, 
and applying laws and other measures 
pertaining to the operation of civil aircraft and air transportation 
differentially, with respect to the 
activities referred to above, on the basis of mutual agreement and 
balanced exchanges of rights and 
responsibilities. 
 
 
__________