RESTRICTED
WORLD TRADE S/FIN/W/12/Add.33/Rev.1
12December 1997
ORGANIZATION(97-5482)
Original: French Committee onTrade inFinancial Services
COMMUNICATION FROM SENEGAL
Revised Offer onFinancial Services
Revision
Thefollowing communication from Senegal iscirculated toMembers oftheCommittee on
Trade inFinancial Services.
_________________
Thisofferisconditional upon anoutcome deemed satisfactory bySenegal tothenegotiations
onfinancial services currently under wayintheCommittee onFinancial Services.
Moreover, Senegal reserves itsright tomodify orwithdraw allorpartofitscommitments
andtolistMFN exemptions asitdeems necessary.
Theoffers concerning financial services aremade inaccordance withtheGeneral Agreement
onTrade inServices (GATS) andtheAnnex onFinancial Services.
For"prudential" reasons under paragraph 2(a)oftheAnnex onFinancial Services, Senegal
willnotbeprevented from taking certain measures, such asrequiring approval bytheMinister
responsible forfinance ortheCentral Bank and/or anyother measures which haveormayhavea
prudential effect.S/FIN/W/12/Add.33/Rev.1
Page2SENEGAL
CONDITIONAL INITIAL OFFER OFCOMMITMENTS INFINANCIAL SERVICES
Modes ofsupply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
A.Insurance and
insurance-related
services
(a)Life, accident and
health insurance
services(1)Insurance contracts forpersons having resident status in
Senegal orforproperty located inSenegalese territory, and
liability insurance contracts, canonlybeconcluded with
entities thathave been approved forsuch purpose inSenegal.
Approval isgranted bytheMinister incharge ofinsurances
after consultation withtheInsurance Control Commission,
which takes account, inter alia, ofthefollowing elements:
-Technical andfinancial resources andtheir compatibility
withthecompany 'sprogramme ofactivities;
-good repute andqualifications ofitsmanagers;
-general organization ofthemarket;
-form ofownership.(1)Unbound
(2)Unbound
(3)Insurance contracts forpersons having resident status in
Senegal orforproperty located inSenegalese territory, and
liability insurance contracts, canonlybeconcluded with
entities thathave been approved forsuch purpose inSenegal.
(4)Formanagers anddirectors, good repute andprofessional
qualifications areprerequisites tothegranting ofapproval,
without prejudice tothecases ofincompatibility setforth in
theCIMA Insurance Code.(2)Unbound
(3)Unbound
(4)UnboundS/FIN/W/12/Add.33/Rev.1
Page3Modes ofsupply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
(b)Non-life insurance
services(1)Insurance contracts forpersons having resident status in
Senegal orforproperty located inSenegalese territory, and
liability insurance contracts, canonlybeconcluded with
entities thathave been approved forsuch purpose inSenegal
inaccordance withtheconditions already mentioned.
(2)Unbound
(3)Allimports ofgoods andmerchandise directly fortrade or
industrial purposes must becovered byinsurance taken out
withoneoftheentities approved forsuch purpose in
Senegal:
-Either through representatives approved bytheMinister
incharge offinance oragents ofapproved entities
established inSenegal;
-orthrough brokers established inSenegal orbrokerage
firms withtheir headquarters inSenegal.(1)Unbound
(2)Unbound
(3)Unbound
(4)Formanagers anddirectors, good repute andprofessional
qualifications areprerequisites tothegranting ofapproval.(4)UnboundS/FIN/W/12/Add.33/Rev.1
Page4Modes ofsupply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
(c)Reinsurance and
retrocession services(1)Unbound
(2)Unbound
(3)Insurance companies incorporated inSenegal andforeign
insurance companies operating inthecountry must cede
20percentofthepremiums charged bythem and20per
centontheir reinsurance treaties toSEMRE (Société
sénégalaise deréassurance) .
(4)Unbound(1)Unbound
(2)Unbound
(3)Unbound
(4)Unbound
(d)Services auxiliary to
insurance (including
brokerage andagency
services)(1)Unbound
(2)Unbound
(3)Brokers andbrokerage firms must beapproved and
established inSenegal inaccordance withtheregulations in
force, having fulfilled thenecessary administrative
formalities.
(4)Forthemangers anddirectors, good repute andprofessional
qualifications areprerequisites tothegranting ofapproval.(1)Unbound
(2)Unbound
(3)Unbound
(4)UnboundS/FIN/W/12/Add.33/Rev.1
Page5Modes ofsupply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
B.Banking andother
financial services
(excluding insurance)
(a)Acceptance of
deposits andother
repayable funds from
thepublic(1)Unbound
(2)Unbound
(3)Banks operating inSenegal must besetupintheform ofa
public limited company whatever their legal status, the
location oftheir headquarters ortheir main office, andthe
nationality oftheowners ormanagers.
Inexceptional cases, theymaybesetupascooperative or
mutual open stock companies.
Financial establishments other thanbanks mayonlyaccept
deposits from thepublic within theframework oftheir
activities, andprovided theyhave been authorized todoso
bydecree andunder conditions laiddown bydecree.
Approval isgranted onanon-discriminatory basis.
(4)Unbound(1)Unbound
(2)Unbound
(3)Unbound
(4)Unbound
(b)Lending ofalltypes,
including consumer
credit, mortgage
credit, factoring and
financing of
commercial
transactions(1)Unbound
(2)Unbound
(3)These operations mayonlybecarried outbyapproved banks
orfinancial establishments. Foreign currency loans bybanks
aresubject toauthorization bytheMinister incharge of
finance.
(4)Unbound(1)Unbound
(2)Unbound
(3)Unbound
(4)UnboundS/FIN/W/12/Add.33/Rev.1
Page6Modes ofsupply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
(d)Allpayment and
money transmission
services, including
credit, charge and
debit cards, travellers
cheques andbankers
drafts(1)Unbound
(2)Unbound
(3)Credit andcharge cards maybeissued bythebanks and
other issuing entities approved bytheMinister incharge of
finance.
(4)Unbound(1)Unbound
(2)Unbound
(3)Unbound
(4)UnboundS/FIN/W/12/Add.33/Rev.1
Page7REPUBLIC OFSENEGAL -LIST OFARTICLE II(MFN) EXEMPTIONS CONCERNING FINANCIAL SERVICES
Sector orsubsector Description ofmeasure
indicating itsinconsistency
with Article IICountries towhich the
measure appliesIntended duration Conditions creating theneed
fortheexemption
FINANCIAL
SERVICES
A.Insurance and
insurance-related
servicesPreferential treatment for
services andservice suppliers of
member countries ofECOWAS,
WAEMU andtheInter-African
Insurance Market Conference
(CIMA).Member countries ofECOWAS,
WAEMU andsignatories ofthe
CIMA Code.Unlimited Commitments inthecontext of
regional arrangements. The
West African financial market is
intheprocess ofbeing built up
andrequires preferential
treatment inorder tosupport the
drive toharmonize national
policies inthissector, soasto
attain acompetitive position at
world level.
B.Banking and
other financial
services
(excluding
insurance)Preferential treatment for
services andservice suppliers of
member countries ofECOWAS,
WAEMU andtheInter-African
Insurance Market Conference
(CIMA).Member countries ofECOWAS,
WAEMU andsignatories ofthe
CIMA Code.Unlimited Commitments inthecontext of
regional integration andneed for
special andhence preferential
treatment tosupport theefforts
toharmonize policies inthis
sector, which remains very
weak intheWest African
subregion, withaview to
achieving abetter competitive
position.