RESTRICTEDWORLD TRADE
ORGANIZATIONTN/S/O/SGP/Corr.11
28 July  2003
(03-4015)
Council for Trade in Services
Special SessionOriginal:  English
COMMUNICATION FROM SINGAPORE
Initial Offer
Corrigendum
Please note the following corrections to Singapore's initial offer:
• On page 23, 2.C. Telecommunication Services: 3. Resale Basis: the word "Unbound" under
mode 4 in the National Treatment column should not be struck out.
• On page 36, 7. Financial Services, subsector B (g), in the Market Access column, the words
"2) None" under mode 2 should not be struck out;  under mode 3, the number 3) and the
paragraph in bold (reproduced below) should not be struck out.
SGX-ST will admit new trading members.  New members will be able to trade
directly in S$ denominated securities of Singapore-incorporated companies with
resident investors for a minimum value of S$200,000.
The corrected pages 23 and 36 are attached.
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1 In English only.TN/S/O/SGP/Corr.1
Page 2SINGAPORE – SCHEDULE OF SPECIFIC COMMITMENTS
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 Limitations on  National TreatmentAdditional
Commitments
3. Resale basis:
(a) Public Switched Services
(local and international) (notincluding the use of leasedcircuits connected to the
public switched network)
(b) Leased Circuit Services
(local and international)(without connection to the
public switched network)
(c) Public Cellular Mobile
Telephone Services
(d) Public Radio Paging
Services1) None
2) None3) None
4) Unbound, except as indicated in horizontal
commitments.1) None
2) None
3) None, except as indicated in
horizontal commitments.
4) Unbound, except as indicated in
horizontal commitments.As annexed
4. Value-added Network
(VAN) services:
The services covered are:
- electronic-mail
- voice-mail- on-line information and
data-base retrieval
- electronic data interchange
- on-line information and/or
data processing1) Provision of VAN services is subjected to licence from
the Telecommunication Authority of Singapore
(TAS) Infocomm Development Authority of
Singapore (IDA)
The basic requirements for VAN Licence are:
- Foreign companies are required to either set up a
local branch of their company duly registered with
the Registry of Companies and Businesses In
Singapore, or grant a power of Attorney to a local
agent for the Provision of their VAN services in
Singapore -VAN does not carry traffic which
resembles any of the basic telecommunication
services1) NoneTN/S/O/SGP/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 Limitations on  National TreatmentAdditional
Commitments
(g) Participation in issues of all
kinds of securities, includingunderwriting and placement
as agent and provision of
service related to such issues1) Unbound except for participation in issues of securities
for own account, and underwriting and placement ofsecurities through stockbroking companies, banks or
merchant banks in Singapore.1) None
2) None
3) Foreign stockbroking companies can establish only as
non-members of the Stock Exchange of Singapore
(SES).   Non-members of SES can apply to become
Approved Foreign Brokers (AFBs) of SES to trade
directly in non-Singapore dollar denominated securities
quoted on SES through terminals provided by SES to
such AFBs
SGX-ST will admit new trading members.  New
members will be able to trade directly in S$denominated securities of  Singapore-incorporated
companies with resident investors for a minimum
value of S$200,000 .2) None
3) None except as indicated for activity
B(b) above.
Representative offices cannot conduct business or act as
agents.  Unbound for new membership on SES and for
foreign acquisition of new and existing equity interestsin SGX-ST  SES 
member companies.
Unbound for new international memberships.
International members can deal in foreign securities and
SES-quoted securities with non-residents and resident
companies which are substantially or beneficially owned
by non-residents.  They can also deal with residents in
foreign currency denominated securities quoted on SES.
For Singapore dollar denominated securities quoted on
SES, they can deal with residents only for transactions
above S$5m each.
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