RESTRICTED  WORLD TRADE  
ORGANIZATION  WT/ACC/SPEC/CGR/2/Rev.2/Corr.11 
2 July 2007 
 (07-2783) 
Working Party on the 
Accession of Montenegro Original:   English 
 
 
 
ACCESSION OF MONTENEGRO 
 
Offer on Specific Commitments in Services  
 
Corrigendum  
  
 Referring to the revised Services Offer circ ulated in document WT/ACC/SPEC/CGR/2/Rev.2, 
the Delegation of the Republic of Montenegro h as submitted the following precisions to their offer
2.  
 
 
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1In English only.  
2Revised text in bold underline.  
  WT/ACC/SPEC/CGR/2/Rev.2/Corr.1 
Page 2 Modes of supply:  (1) Cross border supply (2) Consumption abroad (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 
7. FINANCIAL SERVICES 
- As a general rule and in a non-discriminatory manner, financia l institutions incorporated in Montenegro must adopt a specific  legal form3. 
- The admission to the market of new financial products may be su bject to existence of, and consistency with, a regulatory fram ework aimed at achie ving the objectives 
indicated in Article 2(a) of the Annex on Financial Services. 
B. Banking and Other Financial Services  
One out of five members of the bank’s management board and at least two executive directors must speak official language in Mon tenegro and be resident in the Republic for the 
duration of the engagement. 
(viii) All payment and money transmission 
services , including credit charge 
and debt cards, travellers cheques 
and bankers drafts  (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  
(xiii) Asset management, such as cash or 
portfolio management, all forms of collective investment management, 
pension fund management ,
 
custodial , depositary and trust 
services (1)  The establishment of a specialised 
management company is required to perform the activities of 
management of unit trusts and 
investment companies. Only firms having their registered office in 
Montenegro can act as depositories 
of the assets of investment funds 
(2)  None 
(3)  The establishment of a specialised 
management company is required to perform the activities of 
management of unit trusts and 
investment companies. Only firms having their registered office in 
Montenegro can act as depositories (1)  None  
  
 
  
 
 (2)  None 
(3)  None  
  
 
  
  
                                                      
3  - Foreign insurance companies are required to establish subsid iaries which must be incorporated as joint stock companies;  
 - Company for intermediation in insurance a nd agency for provision of other services may be established as a joint stock or li mited liability 
company;  
 - Foreign banks may establish subsidiaries, branch offices of representa tive offices in the territory of the Republic of Monte negro.  Representative 
offices of foreign banks may provide only preparatory activities  such as market research and ma y not provide banking services;  
 - Broker and dealer companies, credit guarantee funds investment f unds and a stock exchange must be incorporated as joint stoc k companies;  
 - Micro finance institutions and legal entities for provision of investment advisory services mu st be incorporated as limited liability companies or 
joint stock companies; and  
 - Company for investment fund management co mpany must be incorp orated as a joint stock or limit ed liability company, while ass et management 
company performing activity of managing and organizing voluntar y pension funds must be established as a non-public joint stock company.   
   WT/ACC/SPEC/CGR/2/Rev.2/Corr.1
 Page 3Modes of supply:  (1) Cross border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons 
Sector or sub-Sector Limitations on market access Li mitations on national treatment Additional commitments 
of the assets of investment funds  
(4) Unbound, except as indicated in the 
horizontal section  
(4)  Unbound, except as indicated in the 
horizontal section 
(xvi) Advisory, intermediation and other 
auxiliary financial services on all 
activities listed in sub-paragraphs 
(v) through (xv) including  credit 
reference and analysis, investment 
and portfolio research and advice, 
advice on acquisitions and on 
corporate restructuring and strategy (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  
 
 
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