WORLD TRADE
ORGANIZATIONGATS/SC/31/Suppl.4/Rev.1
18 November 1999
(99-5018)
Trade in Services
EUROPEAN COMMUNITIES AND THEIR MEMBER STATES
Schedule of Specific Commitments
Supplement 4
Revision
(This is authentic in English, French and Spanish)
_______________
This document replaces GATS/SC/31/Suppl.4 on Financial Services.GATS/SC/31/ Suppl.4/Rev.1
Page 2EUROPEAN COMMUNITIES AND THEIR MEMBER STATES - REVISED  SCHEDULE OF SPECIFIC COMMITMENTS
Modes of supply:        1)    Cross-border supply     2)    Cons umption abroad       3)    Comme rcial presence      4)    Prese nce of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
FINANCIAL SERVICES SECTOR1
1. The Communities and their Member States undertake commitments on Financial Services in accordance with the provisions of the "Understanding on Commitments
in Financial Services" (the Understanding).
2. These commitments are subject to the limitations on market access and national treatment in the "all sectors" section of this  schedule and to those relating to the
subsectors listed below.
3. The market access commitments in respect of modes (1) and (2) ap ply only to the transactions indicated in paragraphs B.3 and B.4 of the market access section of the
Understanding respectively.
4. Notwithstanding note 1. above, the market access and national treatment commitments in respect of mode (4) on financial servi ces are those in the "all sectors"
section of this schedule, except for Sweden in which case commitments are made in accordance with the Understanding.
5. The admission to the market of new financial services or produ cts may be subject to the existence of, and consistency with, a  regulatory framework aimed at
achieving the objectives indicated in Article 2(a) of the Financial Services Annex.
6. As a general rule and in a non-discriminatory manner, financial institutions incorporated in a Member State of the Community must adopt a specific legal form.
                                                     
     1 Unlike foreign subsidiaries, branches established directly in a Member State by a non-Community financial institution are not,  with certain limited exceptions,
subject to prudential regulations harmonised at Community level which enable such subsidiaries to benefit from enhanced facilit ies to set up new establishments and to provide
cross-border services throughout the Community. Therefore, such br anches receive an authorisation to operate in the territory o f a Member State under conditions equivalent to
those applied to domestic financial institutions of that Member State, and may be required to satisfy a number of specific prud ential requirements such as, in the case of banking
and securities, separate capitalisation and other solvency requir ements and reporting and publication of accounts requirements or, in the case of insurance, specific guarantee and
deposit requirements, a separate capitalisation, and the localisatio n in the Member State concerned of the assets representing the technical reserves and at least one third of the
solvency margin. Member States may apply the restrictions indicated  in this schedule only with regard to the direct establishme nt from a third country of a commercial presence
or to the provision of cross-border services from a third count ry;  consequently, a Member State may not apply these restrictio ns, including those concerning establishment, to
third-country subsidiaries established in other Member States of the Community, unless these restrictions can also be applied t o companies or nationals of other Member States in
conformity with Community law.GATS/SC/31/ Suppl.4/Rev.1
Page 3Modes of supply:        1)    Cross-border supply     2)    Cons umption abroad       3)    Comme rcial presence      4)    Prese nce of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
A. Insurance and
Insurance-Related Services(1) A:  Promotional activity and intermediation
on behalf of a subsidiary not established in
the Community or of a branch notestablished in Austria (except forreinsurance and retrocession) areprohibited.
A:  Compulsory air insurance  can be
underwritten only by a subsidiaryestablished in the Community or by abranch established in Austria.
DK:  Compulsory air transport insurance
can be underwritten only by firms
established in the Community.(1) A:  Higher premium tax is due for insurance
contracts (except for contracts on
reinsurance and retrocession) which arewritten by a subsidiary not established inthe Community or by a branch notestablished in Austria.  Exception from the
higher tax can be granted.The European
Communities and their
Member States undertakeadditional commitments ascontained in the
attachment.
DK:  No persons or companies (including
insurance companies) may for businesspurposes in Denmark assist in effecting
direct insurance for persons resident in
Denmark, for Danish ships or for propertyin Denmark, other than insurancecompanies licensed by Danish law or byDanish competent authorities.
D:  Compulsory air insurance policies can
be underwritten only by a subsidiaryestablished in the Community or by a
branch established in Germany.
D:  If a foreign insurance company has
established a branch in Germany, it mayconclude insurance contracts in Germany
relating to international transport only
through the branch established in Germany.
E, I:  Unbound for the actuarial profession.GATS/SC/31/ Suppl.4/Rev.1
Page 4Modes of supply:        1)    Cross-border supply     2)    Cons umption abroad       3)    Comme rcial presence      4)    Prese nce of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
FIN: Only insurers having their head office
in the European Economic Area or havingtheir branch in Finland may offer insuranceservices as referred to in sub-paragraph 3
(a) of the Understanding.
FIN:  The supply of insurance brokerservices is subject to a permanent place of
business in the European Economic Area.
F:  Insurance of risks relating to ground
transport may be carried out only byinsurance firms established in the
Community.
I:  Insurance of risks relating to c.i.f.exports by residents in Italy may be
underwritten only by insurance firmsestablished in the Community.
I:  Transport insurance of goods, insurance
of vehicles as such and liability insuranceregarding risks located in Italy may beunderwritten only by insurance companiesestablished in the Community. This
reservation does not apply for international
transport involving imports into Italy.
P:  Air and maritime transport insurance,
covering goods, aircraft, hull and liabilitycan be underwritten only by firmsestablished in the EC; only persons orcompanies established in the EC may act as
intermediaries for such insurance business
in Portugal.GATS/SC/31/ Suppl.4/Rev.1
Page 5Modes of supply:        1)    Cross-border supply     2)    Cons umption abroad       3)    Comme rcial presence      4)    Prese nce of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
S:  The supply of direct insurance is
allowed only through an insurance servicesupplier authorised in Sweden, providedthat the foreign service supplier and the
Swedish insurance company  belong to the
same group of companies or have anagreement of cooperation between them.
(2) A:  Promotional activity and intermediation
on behalf of a subsidiary not established inthe Community or of a branch notestablished in Austria (except forreinsurance and retrocession) are
prohibited.(2) A:  Higher premium tax is due for insurance
contracts (except for contracts onreinsurance and retrocession) which arewritten by a subsidiary not established inthe Community or by a branch not
established in Austria. Exception from the
higher tax can be granted.
A:  Compulsory air  insurance can be
underwritten only by a subsidiary
established in the Community or by abranch established in Austria.
DK:  Compulsory air transport insurance
can be underwritten only by firms
established in the Community.
DK:  No persons or companies (including
insurance companies) may for businesspurposes in Denmark assist in effecting
direct insurance for persons resident in
Denmark, for Danish ships or for propertyin Denmark, other than insurancecompanies licensed by Danish law or byDanish competent authorities.
D:  Compulsory air insurance policies can
be underwritten only by a subsidiaryestablished in the Community or by abranch established in Germany.GATS/SC/31/ Suppl.4/Rev.1
Page 6Modes of supply:        1)    Cross-border supply     2)    Cons umption abroad       3)    Comme rcial presence      4)    Prese nce of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
D:  If a foreign insurance company has
established a branch in Germany, it may
conclude insurance contracts in Germanyrelating to international transport onlythrough the branch established in Germany.
F:  Insurance of risks relating to ground
transport may be carried out only by
insurance firms established in theCommunity.
I:  Insurance of risks relating to c.i.f.
exports by residents in Italy may beunderwritten only by insurance firmsestablished in the Community.
I:  Transport insurance of goods, insurance
of vehicles as such and liability insurance
regarding risks located in Italy may beunderwritten only by insurance companiesestablished in the Community. Thisreservation does not apply for internationaltransport involving imports into Italy.
P:  Air and maritime transport insurance,
covering goods, aircraft, hull and liabilitycan be underwritten only by firms
established in the EC; only persons or
companies established in the EC may act asintermediaries for such insurance businessin Portugal.
(3) A:  The licence for branch offices of
foreign insurers has to be denied if theinsurer, in the home country, does not have
a legal form corresponding or comparable
to a joint stock company or a mutualinsurance association.(3) FIN:  The general agent of the foreign
insurance company shall have his place ofresidence in Finland, unless the company
has its head office in the European
Economic Area.GATS/SC/31/ Suppl.4/Rev.1
Page 7Modes of supply:        1)    Cross-border supply     2)    Cons umption abroad       3)    Comme rcial presence      4)    Prese nce of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
B:  Any public bid to acquire Belgian
securities made by or on behalf of a person,company or institution outside thejurisdiction of one of the Member States of
the European Community shall be
submitted to the authorisation of theMinister of Finance.S:  Non-life insurance undertakings not
incorporated in Sweden conductingbusiness in Sweden are - instead of beingtaxed according to the net result - subject to
taxation based on the premium income from
direct insurance operations.
E:  Before establishing a branch or agencyin Spain to provide certain classes of
insurance, a foreign insurer must have been
authorised to operate in the same classes ofinsurance in its country of origin for at leastfive years.S:  A founder of an insurance company
shall be a natural person resident in  the
European Economic Area  or a legal entity
incorporated in  the European EconomicArea.
E, GR:  The right of establishment does notcover the creation of representative officesor other permanent presence of insurancecompanies, except where such offices are
established as agencies, branches or head
offices.
FIN:  The managing director, at least one
auditor and at least one half of thepromoters and members of the board ofdirectors and the supervisory board of aninsurance company shall have their place of
residence in the European Economic Area,
unless the Ministry of Social Affairs andHealth has granted an exemption.
FIN: Foreign insurers cannot get a licencein Finland as a branch to carry on statutory
social insurances (statutory pension
insurance, statutory accident insurance).GATS/SC/31/ Suppl.4/Rev.1
Page 8Modes of supply:        1)    Cross-border supply     2)    Cons umption abroad       3)    Comme rcial presence      4)    Prese nce of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
F:  The establishment of branches is subject
to a special authorisation for the
representative of the branch.
I:  Access to actuarial profession through
natural persons only. Professionalassociations (no incorporation) amongnatural persons permitted.
I:  The authorisation of the establishment ofbranches is ultimately subject to theevaluation of supervisory authorities.
IRL:  The right of establishment does not
cover the creation of representative offices.
P:  Foreign companies may carry out
insurance intermediation in Portugal onlythrough a company formed in accordance
with the law of a Community Member
State.
P:  In order to establish a branch inPortugal, foreign companies need todemonstrate prior operational experience of
at least five years.
S:  Foreign companies may only establish
as a subsidiary or through a resident agent.
S:  Insurance broking undertakings not
incorporated in Sweden may establish acommercial presence only through abranch.GATS/SC/31/ Suppl.4/Rev.1
Page 9Modes of supply:        1)    Cross-border supply     2)    Cons umption abroad       3)    Comme rcial presence      4)    Prese nce of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
(4) Unbound except as indicated in the
horizontal section and subject to thespecific conditions:
GR:  A majority of the members of the
board of directors of a company established
in Greece shall be nationals of one of the
Member States of the Community.(4) Unbound except as indicated in the
horizontal section and subject to thefollowing specific limitations:
A:  The management of a branch office
must consist of two natural persons residentin Austria.
DK:  The general agent of an insurance
branch will need to have resided in
Denmark for the last two years unless beinga national of one of the Member States ofthe Community.  The Minister of Businessand Industry may grant exemption.
 DK:  Residency requirement for managers
and the members of the board of directors ofa company.  However, the Minister ofBusiness and Industry may grant exemptionfrom this requirement.  Exemption isgranted on a non-discriminatory basis.
E, I:  Residence requirement for actuarial
profession.
B. Banking and Other Financial
Services
(excluding insurance)(1) 2 B:  Establishment in  Belgium  is required for
the provision of investment advisoryservices.
I:  Unbound for "promotori di servizi
finanziari" (financial salesmen).(1) None The European
Communities and theirMember States undertakeadditional commitments as
contained in the
attachment.
                                                     
2 I:  Provision and transfer of financial information and financ ial data processing entailing trading of financial instruments m ay be prohibited where the protection of investors is likely to
be seriously prejudiced.  Only authorised banks and investment firms must comply with conduct of business rules in providing in vestment advice concerning  financial instruments and advice to
undertakings on capital structure, industrial strategy and related matters, and advice and service relating to mergers and acqu isition of undertakings.  Advisory activity should not include asset
management.GATS/SC/31/ Suppl.4/Rev.1
Page 10Modes of supply:        1)    Cross-border supply     2)    Cons umption abroad       3)    Comme rcial presence      4)    Prese nce of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
IRL:  The provision of investment services
or investment advice requires either (I)authorisation in Ireland, which normallyrequires that the entity be incorporated or be
a partnership or a sole trader, in each case
with a head/registered office in Ireland(authorisation may not be required in certaincases, e.g. where a third country serviceprovider has no commercial presence in
Ireland and the service is not provided to
private individuals), or (II) authorisation inanother Member State in accordance withthe EC Investment Services Directive.
(2)3  D:  Issues of securities denominated in
Deutschmarks can be lead managed only by
a credit institution, subsidiary or branch,
established in Germany.(2) None
FIN: Payments from governmental entities
(expenses) shall be transmitted through theFinnish Postal Giro System, which ismaintained by the Postipankki Ltd.Exemption from this requirement may begranted on special reason by the Ministry of
Finance.
GR: Establishment is required for the
provision of custodial and depositoryservices involving the administration of
interest and principal payments due on
securities issued in Greece.
UK: Sterling issues, including privately led
issues, can be lead managed only by a firmestablished in the European Economic Area.
                                                     
3 I:  Authorised persons enabled to conduct collective asset management are deemed responsible for any investment activity condu cted by their delegated advisers (Collective asset
management, excluding UCITS).GATS/SC/31/ Suppl.4/Rev.1
Page 11Modes of supply:        1)    Cross-border supply     2)    Cons umption abroad       3)    Comme rcial presence      4)    Prese nce of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
(3) All Member States:
- The establishment of a specialised
management company is required to
perform the activities of management of
unit trusts and investmentcompanies(Articles 6 and 13 of UCITSDirective, 85/611/EEC).
- Only firms having their registered office in
the Community can act as depositories ofthe assets of investment funds (Articles 8.1and 15.1 of the UCITS Directive,85/611/EEC).
A:  Only members of the Austrian Stock
Exchange may engage in securities tradingat the Stock Exchange.(3) F:  In addition to French credit institutions,
issues denominated in French francs may belead managed only by French subsidiaries(under French law)  of non-French banks
which are authorised, based on sufficient
means and commitments in Paris of thecandidate French subsidiary of a non-Frenchbank. These conditions apply to lead banksrunning the books. A non-French bank may
be, without restrictions or requirement to
establish, jointly-lead or co-lead manager ofEurofranc bond issue.
A:  For trading in foreign exchange andforeign currency authorisation of theAustrian National Bank is required.
A:  Mortgage bonds and municipal bonds
may be issued by banks specialised and
authorised for this activity.
A:  For carrying out services of pension
fund management a specialised companyonly for this activity and incorporated as a
stock company in Austria is required.I:  Representative offices of foreign
intermediaries cannot carry out activitiesaimed at providing investment services.
S: A founder of a banking company shall be
a natural person resident in  the EuropeanEconomic Area or a foreign bank.  Afounder of a savings bank shall be a natural
person resident in  the European Economic
Area.GATS/SC/31/ Suppl.4/Rev.1
Page 12Modes of supply:        1)    Cross-border supply     2)    Cons umption abroad       3)    Comme rcial presence      4)    Prese nce of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
B:  Any public bid to acquire Belgian
securities made by or on behalf of a person,company or institution outside thejurisdiction of one of the Member States of
the European Community shall be submitted
to the authorisation of the Minister ofFinance.
DK:  Financial institutions may engage insecurities trading on the Copenhagen StockExchange only through subsidiariesincorporated in Denmark.
E:  Financial institutions may engage insecurities trading in securities listed on anofficial stock exchange or in the
government securities market only through
securities firms incorporated in Spain.
FIN: At least one half of the founders, the
members of the board of directors, thesupervisory board and the delegates, the
managing director, the holder of the
procuration and the person entitled to signin the name of the credit institution shall
have their place of residence in theEuropean Economic Area, unless the
Ministry of Finance grants an exemption. At
least one auditor shall have his place ofresidence in the European Economic Area.
FIN: The broker (individual person) onderivative exchange shall have his place ofresidence in the European Economic Area.Exemption from this requirement may begranted under the conditions set by the
Ministry of Finance.GATS/SC/31/ Suppl.4/Rev.1
Page 13Modes of supply:        1)    Cross-border supply     2)    Cons umption abroad       3)    Comme rcial presence      4)    Prese nce of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
FIN: Payments from governmental entities
(expenses) shall be transmitted through theFinnish Postal Giro System, which ismaintained by the Postipankki Ltd.
Exemption from this requirement may be
granted on special reason by the Ministry ofFinance.
GR:  Financial institutions may engage inthe trading of securities listed on the Athens
Stock Exchange only through stock
exchange firms incorporated in Greece.
GR: For the establishment and operations ofbranches a minimum amount of foreignexchange must be imported, converted intodrachmas and kept in Greece as long as aforeign bank continues to operate in Greece:
- Up to four (4) branches this minimum is
currently equal to half of the minimumamount of share capital required for a credit
institution to be in corporated in Greece;
- For the operation of additional branches
the minimum amount of capital must be
equal to the minimum share capital requiredfor a credit institution to be incorporated inGreece.
I: In providing the activity of door-to-doorselling, intermediaries must utiliseauthorised financial salesmen resident
within the territory of a Member State of the
European Communities.GATS/SC/31/ Suppl.4/Rev.1
Page 14Modes of supply:        1)    Cross-border supply     2)    Cons umption abroad       3)    Comme rcial presence      4)    Prese nce of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
I:  Clearing and settlement of securities may
be conducted only by the official clearing
system. A company authorised by the Bankof Italy in agreement with Consob could beentrusted with the activity of clearing, up tothe final settlement of securities.
I:  The public offer of securities (asprovided for under Art. 18 of Law 216/74)other than shares, debt securities (includingconvertible debt securities) can only bemade by Italian limited companies, foreigncompanies duly authorised, public bodies or
companies belonging to local authorities
whose assigned capital is not below Lit 2billion.
I:  Centralised deposit, custody andadministration services can be provided
only by the Bank of Italy for Goverment
securities, or by Monte Titoli SpA forshares, securities of a participating natureand other bonds traded in a regulatedmarket.
I: In the case of collective investmentschemes other than harmonised UCITS
under the directive 85/611/EEC, the trustee/
depositary  is required to be incorporated inItaly or in another Member State of theEuropean  Community, being establishedthrough a branch in Italy. Only banks,insurance companies, securities investment
companies having their legal head office in
the European Community may carry outactivity of pension fund resourcesmanagement.GATS/SC/31/ Suppl.4/Rev.1
Page 15Modes of supply:        1)    Cross-border supply     2)    Cons umption abroad       3)    Comme rcial presence      4)    Prese nce of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
Management companies (closed-end funds
and real estate funds) are also required to be
incorporated in Italy.
IRL:  In the case of collective investment
schemes constituted as unit trusts andvariable capital companies (other than
undertakings for collective investment in
transferable securities, UCITS), thetrustee/depositary and managementcompany is required to be incorporated inIreland or in another Member State of the
Community. In the case of an investment
limited partnership, at least one generalpartner must be incorporated in Ireland.
IRL:  To become a member of a stockexchange in Ireland, an entity must either (I)be authorised in Ireland, which requires that
it be incorporated or be a partnership, with a
head/registered office in Ireland, or (II) beauthorised in another Member State inaccordance with the EC Investment ServicesDirective.
IRL:  The provision of investment servicesor investment advice requires either (I)
authorisation in Ireland, which normally
requires that the entity be incorporated or bea partnership or a sole trader, in each casewith a head/registered office in Ireland (thesupervisory authority may also authorisebranches of third country entities), or (II)
authorisation in another Member State in
accordance with the EC Investment ServicesDirective.GATS/SC/31/ Suppl.4/Rev.1
Page 16Modes of supply:        1)    Cross-border supply     2)    Cons umption abroad       3)    Comme rcial presence      4)    Prese nce of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
P:  The establishment of non-EC banks is
subject to an authorisation issued, on a case-by-case basis, by the Minister of Finance.
The establishment has to contribute to
increase the national banking system'sefficiency or has to produce significanteffects on the internationalisation of thePortuguese economy.
P:  The services of venture capital may notbe provided by branches of venture capitalcompanies having their head office in a non-
EC country. Broker-dealer services on the
Lisbon Stock Exchange may be provided bybroker and dealer companies incorporated inPortugal or by branches of investment firmsauthorised in another EC country andauthorised in their home country to provide
those services. Broker and dealer services in
the Oporto Derivatives Exchange and in theOTC market may not be provided bybranches of non-EC broker/dealercompanies.
Pension fund management  may be providedonly by companies incorporated in Portugal
and by insurance companies established in
Portugal and authorised to take up the lifeinsurance business.
UK:  Inter-dealer brokers, which are acategory of financial institutions dealing in
Government debt, are required to be
established in the European Economic Areaand separately capitalised.GATS/SC/31/ Suppl.4/Rev.1
Page 17Modes of supply:        1)    Cross-border supply     2)    Cons umption abroad       3)    Comme rcial presence      4)    Prese nce of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
S: Undertakings not incorporated in
Sweden may establish a commercialpresence only through a branch, and in case
of banks, also through a representative
office.
(4) Unbound except as indicated in the
horizontal section and subject to the specificconditions:(4) Unbound except as indicated in the
horizontal section and subject to thefollowing specific limitations:
F: Sociétés d'investissement à capital fixe:condition of nationality for the president ofthe Board of Directors, theDirectors-General and no less than twothirds of the administrators, and also, when
the securities firm has a Supervisory Board
or Council, for the members of such boardor its Director-General, and no less than twothirds of the members of the supervisoryCouncil.
GR: Credit institutions should name at least
two persons who are responsible for theoperations of the institution. Condition ofresidency applies to these persons.I:  Condition of residence within the
territory of a Member State of the EuropeanCommunities for "promotori di servizifinanziari" (financial salesmen).GATS/SC/31/S uppl.4/Rev.1
Page 18
ADDITIONAL COMMITMENTS BY THE EUROPEAN COMMUNITIES
AND THEIR MEMBER STATES
INSURANCE
a) The European Communities and their Member States note the close co-operation among the
insurance regulatory and supervisory authorities of the Member States and encourage their efforts to
promote improved supervisory standards.
b) Member States will make their best endeavours to  consider within 6 months complete applications
for licenses to conduct direct insurance underwriting  business, through the establishment in a Member
State of a subsidiary in accordance with the legisl ation of that Member State, by an undertaking
governed by the laws of a third country.  In cases where such applications are refused, the Member State
authority will make its best endeavours to notify the undertaking in question and give the reasons for the
refusal of the application.
c) The supervisory authorities of the Member St ates will make their best endeavours to respond
without undue delay to requests for information by app licants on the status of complete applications for
licences to conduct direct insurance underwriting busine ss, through the establishment in a Member State
of a subsidiary in accordance with the legislation of  that Member State by an undertaking governed by
the laws of a third country.
d) The European Communities and their Member Stat es will make their best endeavours to examine
any questions pertaining to the smooth operation of th e internal market in insurance, and consider any
issues that might have an impact on the internal market in insurance.
e) The European Communities and their Member Stat es note that, as regards motor insurance, under
EC law as in force on 31 December 1997, and without pr ejudice to future legislation, premiums may be
calculated taking several risk factors into account.
f) The European Communities and their Member States note that under EC law, as in force on
31 December 1997, and without prejudice to future legislation, the prior approval by national
supervisory authorities of policy conditions and scales of premiums that an insurance undertakingintends to use is generally not required.
g) The European Communities and their Member States note that under EC law, as in force on
31 December 1997, and without prejudice to future legislation, the prior approval by national
supervisory authorities of increases in premium rates in generally not required.
OTHER FINANCIAL SERVICES
a) In application of the relevant EC Directives, Member States will make their best endeavours to
consider within 12 months complete applications fo r licenses to conduct banking activities, through the
establishment in a Member State of a subsidiary in accordance with the legislation of that Member State,
by an undertaking governed by the laws of a third c ountry.  In cases where such applications are refused,
the Member State will make its best endeavours to notify the undertaking in question and give the
reasons for the refusal of the application.
b) Member States will make their best endeavours to respond without undue delay to requests for
information by applicants on the status of comp lete applications for licenses to conduct bankingGATS/SC/31/S uppl.4/Rev.1
Page 19
activities, through the establishment in a Member Stat e of a subsidiary in accordance with the legislation
of that Member State, by an undertaking governed by the laws of a third country.
c) In application of the relevant EC Directives, Member States will make their best endeavours to
consider within 6 months complete applications fo r licenses to conduct investment services in the
securities field, as defined in the Investment Services Directive, through the establishment in a Member
State of a subsidiary in accordance with the legisl ation of that Member State, by an undertaking
governed by the laws of a third country.  In cases where such applications are refused, the Member State
will make its best endeavours to notify the undertaking in question and give the reasons for the refusal of
the application.
d) Member States will make their best endeavours to respond without undue delay to requests for
information by applicants on the status of comple te applications for licenses to conduct investment
services in the securities area, through the esta blishment in a Member State of a subsidiary in
accordance with the legislation of that Member State, by an undertaking governed by the laws of a third
country.
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