RESTRICTED
WORLD TRADE S/FIN/W/12/Add.32
13November 1997
ORGANIZATION(97-5007)
Original: English Committee onTrade inFinancial Services
COMMUNICATION FROM MAURITIUS
Initial Offer onFinancial Services
Addendum
Thefollowing communication iscirculated attherequest ofMauritius toMembers ofthe
Committee onTrade inFinancial Services.
_______________
Mauritius hereby submits itsofferinfinancial services under theGeneral Agreement onTrade
inServices. Thesubmission ofthisofferexpresses thefirmcommitment ofMauritius towork with
allWTOMemberstowardssuccessfullyconcludingnegotiationsforanMFN-basedagreementinfinancial
services under theGATS bynotlaterthan12December 1997.
Thisofferisconditional. Mauritius retains therighttomodify orwithdraw allorpartofits
specific commitments onfinancial services atanytimethrough 12December 1997. Theexisting MFN
exemption ofMauritius hasbeenreviewed inthisofferanddoesnotapply tothefinancial services
indicated intheattached schedule.
Mauritius alsoreserves therighttomake anytechnical changes totheoffer, correct anyerrors,
omissions, orinaccuracies initatanytimeprior totheconclusion ofthenegotiations.S/FIN/W/12/Add.32
Page2MAURITIUS
SPECIFIC COMMITMENTS -OFFER OFFINANCIAL 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
Head note:
1. Thecommitments onfinancial services aremade inaccordance withtheGeneral Agreement onTrade inServices (GATS) andtheAnnex onFinancial
Services. Allthecommitments inthisSchedule aresubject todomestic laws, guidelines, rules andregulations, terms andconditions oftherelevant authorities
inMauritius, consistent withArticle VIoftheGATS andparagraph 2oftheAnnex onFinancial Services.
2. Theadmission tothemarket ofnewfinancial services orproducts maybesubject totheexistence of,andconsistency with, aregulatory framework aimed at
achieving theobjectives indicated inArticle 2(a)oftheFinancial Services Annex.
3. Thecommitments indicated below aresubject toaneconomic needs test.
4. Thelimitations onmarket access andnational treatment asindicated below willnotapply withregard toinsurance services outofMauritius toforeign
residents.S/FIN/W/12/Add.32
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 andInsurance-
Related Services
(a) Direct Insurance
Lifeandnon-life(1) Unbound
(2) None, except forinsurance ofassets and
insurances which arecompulsory in
Mauritius including compulsory Third
Party Insurance under theRoad Traffic
Act1963.
(3) None
(4) Unbound, except asindicated inthe
horizontal commitments.(1) None
(2) None
(3) None
(4) Unbound, except asindicated inthe
horizontal commitments.
(b) Re-insurance and
retrocession1,2&3) None except forcompulsory
reinsurance ofatleast 5%tobe
placed withAfrican Reinsurance
Corporation.
(4) Unbound, except asindicated inthe
horizontal commitments.1,2&3) None
(4) Unbound, except asindicated inthe
horizontal commitments.S/FIN/W/12/Add.32
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
(c) Insurance Intermediation
comprising Agents and
Brokers(1) Insurance Intermediaries must actonlyfor
insurers registered inMauritius andmust
beregistered intermediaries with
commercial presence inMauritius.
(2) None, except forinsurance ofassets and
insurances which arecompulsory in
Mauritius including compulsory Third
Party Insurance under theRoad Traffic
Act1963.
(3) Insurance Intermediaries selling insurance
services inMauritius mayactonlyfor
insurers registered inMauritius.
(4) Unbound, except asindicated inthe
horizontal commitment.(1) None
(2) None
(3) None
(4) Unbound, except asindicated inthe
horizontal commitment.
(d) Services auxiliary to
insurance, such as
consultancy, actuarial, risk
assessment andclaim
settlement services.(1) None
(2) None
(3) None
(4) Unbound, except asindicated inthe
horizontal commitment.(1) None
(2) None
(3) None
(4) Unbound, except asindicated inthe
horizontal commitment.S/FIN/W/12/Add.32
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
(excluding insurance)
(a) Acceptance ofdeposits (1) Unbound
(2) None
(3) Only institutions holding abanking
licence andnon-bank deposit taking
institutions authorised bytheBank of
Mauritius canaccept deposits.
(4) Unbound, except asindicated inthe
horizontal commitment.(1) None
(2) None
(3) None
(4) Unbound, except asindicated inthe
horizontal commitment.
(b) Lending ofalltypes
(excluding factoring and
specialized andstructured
products)(1) None
(2) None
(3) None, except withregard tocredit
exposure ofbranches offoreign banks
where thecapital ofthehead office isnot
tobetaken intoaccount.
(4) Unbound, except asindicated inthe
horizontal commitment.(1) None
(2) None
(3) None
(4) Unbound, except asindicated inthe
horizontal commitment.S/FIN/W/12/Add.32
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
(c) Allpayment andmoney
transmission services,
including credit, charge and
dedit cards, travellers
cheques andbankers drafts(1) None
(2) None
(3) None
(4) Unbound, except asindicated inthe
horizontal commitment.(1) None
(2) None
(3) None
(4) Unbound, except asindicated inthe
horizontal commitment.
(d) Guarantees and
commitments(1) None
(2) None
(3) None
(4) Unbound, except asindicated inthe
horizontal commitment.(1) None
(2) None
(3) None
(4) Unbound, except asindicated inthe
horizontal commitment.
(e) Trading forownaccount or
foraccount ofcustomers in
thefollowing:
-money market
instruments (including
cheques, bills,
certificates ofdeposits)
-transferable securities
-foreign exchange(1) None
(2) None
(3) None, except thattrading forownaccount
bycommercial banks inshares issubject
toprior approval oftheCentral Bank, i.e.
Bank ofMauritius. Trading inlisted
securities canonlybecarried outby
licensed stockbroking companies.
(4) Unbound, except asindicated inthe
horizontal commitment.(1) None
(2) None
(3) None
(4) Unbound, except asindicated inthe
horizontal commitment.S/FIN/W/12/Add.32
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
(f) Participation inissues ofall
kinds ofsecurities,
including underwriting and
placement asagent
(whether publicly or
privately) andprovision of
services related tosuch
issues(1) None
(2) None
(3) None, except thatparticipation by
commercial banks inshare issues requires
theapproval oftheBank ofMauritius.
(4) Unbound, except asindicated inthe
horizontal commitment.(1) None
(2) None
(3) None
(4) Unbound, except asindicated inthe
horizontal commitment.
(g) Settlement andclearing
services forthefollowing:
(i)inter-bank transactions
(ii)securities(1) Unbound, except fortheprovision of
settlement andclearing services for
financial assets which arelisted on
overseas exchanges only.
(2) None
(3) None, except thatinter-bank transactions
aretobecleared through theCentral
Bank andclearing andsettlement of
securities maybeconducted onlythrough
thestatutory clearing system.
(4) Unbound, except asindicated inthe
horizontal commitment.(1) None
(2) None
(3) None
(4) Unbound, except asindicated inthe
horizontal commitment.S/FIN/W/12/Add.32
Page8MAURITIUS
DRAFT LIST OFARTICLE II(MFN) EXEMPTIONS INFINANCIAL SERVICES
Modes ofsupply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Countries towhich the
measure appliesIntended duration Conditions creating
theneed forthe
exemption
Financial services aslisted in
theAnnex onFinancial
Services except those
contained intheSchedule of
Specific Commitments of
MauritiusRestrictions oncommercial presence andcross-
border supply tosuppliers ofother countries on
thebasis ofreciprocity.All 10years Maintenance of
reciprocity measures
designed toenhance
access ofMauritian
financial service
suppliers toforeign
financial market.