RESTRICTED
WORLD TRADE S/FIN/W/12/Add.16
5September 1997
ORGANIZATION(97-3617)
Original: English Committee onTrade inFinancial Services
COMMUNICATION FROM NEW ZEALAND
Conditional Offer onFinancial Services
Addendum
Thefollowing communication iscirculated attherequest ofNewZealand toMembers ofthe
Committee onTrade inFinancial Services.
_______________
NewZealand haspleasure insubmitting theattached conditional offeronfinancial services.
ThisconditionalofferrepresentsafurtherimprovementonNewZealand’sexistingcommitments
onfinancial services, which already bindoneofthemostopenfinancial services regimes across abroad
range ofsub-sectors. Itdemonstrates NewZealand ’scontinued strong commitment toasuccessful
outcome inGATS negotiations onfinancial services.
Theofferisconditional onimprovements inother trading partners ’commitments capable of
delivering acommensurate levelofbenefit. Itisalsoconditional ontheachievement ofasuccessful,
MFN-based, outcome inthese resumed negotiations onfinancial services.
Further, although ithasnotpreviously doneso,NewZealand iswilling toconsider using the
Understanding onFinancial Services asthebasisforscheduling itscommitments inthissector, subject
alsotoanoverall outcome tothenegotiations which confers sufficient additional benefit.
Inthecourse ofpreparation ofthisconditional offer, NewZealand hasgiven consideration
toandcontinues toreflect onscheduling issues concerning thescope ofsome reservations entered and
reserves therighttomake anynecessary amendments which further technical study mayindicate are
warranted.
Asprovided forintheSecond Decision onFinancial Services, NewZealand further reserves
therighttomodify orwithdraw allorpartofitsspecific commitments onfinancial services andto
listMFN exemptions.S/FIN/W/12/Add.16
Page2NEW ZEALAND -CONDITIONAL OFFER ONFINANCIAL 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
7. FINANCIAL SERVICES
A. Insurance andInsurance-
related Services
b) Non-life insurance services
(8129)1) Unbound except forinsurance ofrisks
relating tomaritime shipping and
commercial aviation andspace launching
andfreight, andgoods ininternational
transit.
1), TheAccident Rehabilitation
3) andCompensation Insurance Act1992
provides forcompulsory worker 's
compensation insurance vialevies on
vehicle owners, employers andthe
self-employed. TheActisadministered
bytheAccident Rehabilitation and
Compensation Insurance Commission.1) None
2) None
3) None
1), TheEarthquake Commission is
3) thesoleinsurer ofresidential property
disaster insurance forreplacement cover
upto$NZ 100,000 perdwelling and$NZ
20,000 onpersonal property. These
amounts maybeincreased byregulation.S/FIN/W/12/Add.16
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
1), Under theApple andPear
3) Marketing Act1971 theApple andPear
Marketing Board hasthepower to
organise compulsory hailinsurance on
behalf ofgrowers andtorequire growers
topayalevytorecover thepremium
amount ofthisinsurance.
1)2) Unbound formarketing andsales
&3) related toproducts covered under CPC
01,02,211, 213-216, 22,2399 and261.
4) Unbound except asindicated inthe
horizontal section.4) Unbound except asindicated inthe
horizontal section.
c) Reinsurance and
retrocession (81299)1) None
2) None
3) None
4) Unbound except asindicated inthe
horizontal section.1) None
2) None
3) None
4) Unbound except asindicated inthe
horizontal section.S/FIN/W/12/Add.16
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
d) Insurance intermediation,
such asbrokerage and
agency services (8140**)1), TheAccident Rehabilitation and
3) Compensation Insurance Act1992
provides forcompulsory workers ’
compensation insurance vialevies on
vehicle owners, employers andthe
self-employed. TheActisadministered
bytheAccident Rehabilitation and
Compensation Insurance Commission.
1) Under theApple andPear Marketing
3) Act1971 andtheWheat Producers
Levy Act1987, therespective bodies
(theApple andPear Marketing Board
andUnited Wheatgrowers (NZ) Ltd)
have thepower toorganise compulsory
disaster insurance onbehalf ofgrowers
andtorequire them topayalevyto
recover thepremium amount ofthis
insurance.
1)2) Unbound forlossofproducts covered
&3) under CPC 01,02,211, 213-216, 22,
2399 and261.
4) Unbound except asindicated inthe
horizontal section.1) None
2) None
3) None
4) Unbound except asindicated inthe
horizontal section.
e) Services Auxiliary to
Insurance, such as
consultancy, actuarial,
riskassessment andclaim
settlement services
(8140**)1) None
2) None
3) None
4) Unbound except asindicated inthe
horizontal section1) None
2) None
3) None
4) Unbound except asindicated inthe
horizontal sectionS/FIN/W/12/Add.16
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)3
a) Acceptance ofdeposits and
other repayable funds from
thepublic; (81115-81119)1) Unbound except forservices described in
subsectors (k)and(l)excluding
intermediation.1) None
b) Lending ofalltypes,
including consumer credit,
mortgage, credit, factoring
andfinancing of
commercial transaction;
(8113)
c) Financial leasing; (8112)2) None 2) None
d) Allpayment andmoney
transmission services,
including credit, charge and
debit cards, travellers
cheques andbankers drafts;
(81339**)
e) Guarantees and
commitments; (81199**)3) None 3) TheFinancial Reporting Act1993
requires overseas companies toprepare
financial statements onanannual basis
comprising abalance sheet, aprofit and
lossstatement and(ifrequired byan
applicable financial reporting standard
approved bytheAccounting Standards
Review Board) astatement ofcashflows.
TheActalsorequires such financial
statements inrelation toanoverseas
company 'sNew Zealand business.
3Asdefined inparagraph 5(a)(v)-(xvi) oftheAnnex onFinancial Services.S/FIN/W/12/Add.16
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
f) Trading forownaccount or
foraccount ofcustomers,
whether onanexchange, in
anover-the-counter market
orotherwise, thefollowing:
i)money market
instruments (cheques,
bills, certificates of
deposits etc.);
(81339**)
ii)foreign exchange;
(81333)
iii)derivative products
including, butnot
limited to,futures and
options; (81339**)
iv)exchange rates and
interest rate
instruments, including
products such as
swaps, forward rate
agreements etc.;
(81339**)TheActrequires thefollowing companies
todeliver annual audited financial
statements totheRegistrar ofCompanies
forregistration:
a)issuers (i.e.those which have raised
investment from thepublic);
b)overseas companies;
c)subsidiaries ofcompanies orbodies
corporate incorporated outside New
Zealand;
d)companies inwhich 25percentor
more oftheshares areheldor
controlled by:
i)asubsidiary ofacompany or
body corporate incorporated
outside New Zealand ora
subsidiary ofthatsubsidiary; or
ii)acompany orbody corporate
incorporated outside New
Zealand; or
iii)aperson notordinarily resident
inNew Zealand.S/FIN/W/12/Add.16
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
v)transferable securities;
(81321)
vi)other negotiable
instruments and
financial assets,
including bullion.
(81339**)4) Unbound except asindicated inthe
horizontal section.4) Unbound except asindicated inthe
horizontal section.
g) Participation inissues ofall
kinds ofsecurities,
including underwriting and
placement asagent
(whether publicly or
privately) andprovision of
services related tosuch
issues; (8132)
h) Money broking; (81339**)
i) Asset management, such as
cashorportfolio
management; allforms of
collective investment
management, pension fund
management, custodial,
depository andtrust
services; (8119**,
81323**)
j) Settlement andclearing
services forfinancial assets,
including securities,
derivative products, and
other negotiable
instruments; (81339**,
81319**)S/FIN/W/12/Add.16
Page8Modes 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
k) Provision andtransfer of
financial information, and
financial dataprocessing
andrelated software by
providers ofother financial
services; (8131)
l) Advisory, intermediation,
andother auxiliary financial
services onalltheactivities
listed in(a)to(k)above,
including credit reference
andanalysis, investment
andportfolio research and
advice, advice on
acquisitions andon
corporate restructuring and
strategy.
(8131, 8133)