21999A0127(01)
27.1.1999 ОФИЦИАЛЕН ВЕСТНИК НА ЕВРОПЕЙСКИТЕ ОБЩНОСТИ L 20/40
ПРИЛОЖЕНИЕ
ПЕТИ ПРОТОКОЛ КЪМ ОБЩОТО СПОРАЗУМЕНИЕ ПО ТЪРГОВИЯТА С УСЛУГИ
СТРАНИТЕ - ЧЛЕНКИ НА СВЕТОВНАТА ТЪРГОВСКА ОРГАНИЗАЦИЯ (по-нататък нарич ана „СТО“), чиито Списъци със
специфичните задължения и Списъци на изключенията от член II на Общото спо разумение по търговията с услуги относно
финансовите услуги са приложени към този протокол (по-нататък наричани „ заинтересовани страни членки“),
След провеждане на преговори съгласно условията, предвидени в приетото н а 21 юли 1995 г. от Съвета по търговията с услуги
Второ решение по финансовите услуги (документ S/L/9),
СЕ СПОРАЗУМЯВАТ КАКТО СЛЕДВА:
1. С влизане в сила за съответната страна - членка на този протокол, приложе ните към него Списък със
специфичнитезадълженияиСписъкнаизключениятаотчленIIотноснофинан совитеуслугищезаменятчастта
за финансовите услуги от Списъка на специфичните задължения и Списъка на и зключенията от член II на тази
страна членка.
2. Протоколът ще бъде открит за приемане чрез подпис или по друг начин от заи нтересованите страни членки до
29 януари 1999 г.
3. Протоколътщевлезевсиланатридесетияденотприеманетомуотвсичкиза интересованистраничленки.Ако
до 30 януари 1999 г. той не бъде приет от всички заинтересовани страни членк и, страните членки, които са
го приели до тази дата, могат в 30-дневен срок да вземат решение за неговото влизане в сила.
4. ПротоколътщебъдедепозиранпригенералниядиректорнаСТО.Генерални ятдиректорнаСТОщепредостави
своевременно на всяка страна - членка на СТО, заверено копие от оригинални я текст и нотификациите за
приемането му съгласно параграф 3.
5. Протоколът ще бъде регистриран в съответствие с разпоредбите на член 10 2 от Устава на Обединените нации.
Изготвен в Женева на двадесет и седми февруари хиляда деветстотин деведес ет и осма година в един екземпляр на
английски, френски и испански език, всеки от текстовете с еднаква сила, ос вен ако не е предвидено друго по
отношение на приложените към протокола списъци.11/т. 18 BG Официален вестник на Европейския съюз 177
Приложение
EUROPEAN COMMUNITIES AND THEIR MEMBER STATES
SCHEDULE OF SPECIFIC COMMITMENTS
Supplement 4
(This is authentic in English, French and Spanish)
This text replaces the financial services section contained in document G ATS/SC/31/Suppl. 1/Rev. 1.
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 nationa l treatment Additional commitments
FINANCIAL SERVICES SECTOR (1)
1. The Communities and their Member States undertake commitments on finan cial 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 na tional treatment in the „all sectors“ section of this schedule and to those
relating to the sub-sectors listed below.
3. Themarketaccesscommitmentsinrespectofmodes(1)and(2)applyonlyt othetransactionsindicatedinparagraphsB.3andB.4ofthemarketaccess
section of the Understanding respectively.
4. Notwithstandingnote1above,themarketaccessandnationaltreatment commitmentsinrespectofmode(4)onfinancialservicesarethoseinthe„a ll
sectors“ section of this schedule, except for Sweden in which case commitm ents are made in accordance with the Understanding.
5. The admission to the market of new financial services or products may be s ubject to the existence of, and consistency with, a regulatory framework
aimed at achieving the objectives indicated in Article 2(a) of the financi al services Annex.
6. As a general rule and in a non-discriminatory manner, financial institu tions incorporated in a Member State of the Community must adopt a specific
legal form.
A.Insurance and
insurancerelatedservices(1)A:Promotional activity and intermediation
on behalf of a subsidiary not established intheCommunityorofabranchnotestablishedin Austria (except for reinsurance andretrocession) are prohibited.
A:Compulsory air insurance can be
underwritten only by a subsidiary established
intheCommunityorbyabranchestablishedin 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 business
purposesinDenmarkassistineffectingdirectinsurance for persons resident in Denmark,forDanishshipsorforpropertyinDenmark,other than insurance companies licensed byDanish law or by Danish competentauthorities.(1)A:Higher premium tax is due for
insurance contracts (except forcontracts on reinsurance andretrocession)whicharewrittenbyasubsidiary not established in theCommunity or by a branch notestablished in Austria. Exceptionfrom the higher tax can be granted.The European Commu-nities and their MemberStates undertake addi-tional commitments ascontained in the attach-ment.
(1) Unlike foreign subsidiaries, branches established directly in a Member State by a non-Community financial institution are not, with certain limi ted exceptions, subject to
prudentialregulationsharmonisedatCommunitylevelwhichenablesuchs ubsidiariestobenefitfromenhancedfacilitiestosetupnewestablishme ntsandtoprovidecross-
border services throughout the Community. Therefore, such branches rece ive an authorisation to operate in the territory of a Member State under con ditions equivalent to
those applied to domestic financial institutions of that Member State, an d may be required to satisfy a number of specific prudential requirements s uch as, in the case of
banking and securities, separate capitalisation and other solvency requ irements and reporting and publication of accounts requirements or, in th e case of insurance, specific
guaranteeanddepositrequirements,aseparatecapitalisation,andthel ocalisationintheMemberStateconcernedoftheassetsrepresentingthet echnicalreservesandatleast
one third of the solvency margin. Member States may apply the restrictions indicated in this schedule only with regard to the direct establishment fr om a third country of a
commercial presence or to the provision of cross-border services from a th ird country; consequently, a Member State may not apply these restriction s, including those
concerning establishment, to third-country subsidiaries established i n other Member States of the Community, unless these restrictions can also be applied to companies or
nationals of other Member States in conformity with Community law.178 BG Официален вестник на Европейския съюз 11/т. 18
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 nationa l treatment Additional commitments
D:Compulsory air insurance policies can be
underwritten only by a subsidiary established
intheCommunityorbyabranchestablishedin Germany.
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.
E, I:Unbound for the actuarial profession.
FIN:Onlyinsurershavingtheirheadofficein
the European Economic Area or having their
branch in Finland may offer insuranceservicesasreferredtoinsubparagraph3(a)ofthe Understanding.
FIN:The supply of insurance broker services
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 by
insurance firms established in theCommunity.
I:Insurance of risks relating to cif exports by
residents in Italy may be underwritten only
by insurance firms established in theCommunity.
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 liability can
be underwritten only by firms established intheEC;onlypersonsorcompaniesestablishedin the EC may act as intermediaries for suchinsurance business in Portugal.
S:The supply of direct insurance is allowed
only through an insurance service supplier
authorised in Sweden, provided that theforeign service supplier and the Swedishinsurancecompanybelongtothesamegroupof companies or have an agreement ofcooperation between them.
(2)A:Promotional activity and intermediation
on behalf of a subsidiary not established intheCommunityorofabranchnotestablishedin Austria (except for reinsurance andretrocession) are prohibited.
A:Compulsory air insurance can be
underwritten only by a subsidiary established
intheCommunityorbyabranchestablishedin Austria.(2)A:Higher premium tax is due for
insurance contracts (except forcontracts on reinsurance andretrocession)whicharewrittenbyasubsidiary not established in theCommunity or by a branch notestablished in Austria. Exceptionfrom the higher tax can be granted.11/т. 18 BG Официален вестник на Европейския съюз 179
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 nationa l treatment Additional commitments
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 business
purposesinDenmarkassistineffectingdirectinsurance for persons resident in Denmark,forDanishshipsorforpropertyinDenmark,other than insurance companies licensed byDanish law or by Danish competentauthorities.
D:Compulsory air insurance policies can be
underwritten only by a subsidiary established
intheCommunityorbyabranchestablishedin Germany.
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 cif exports by
residentsinItalymaybeunderwrittenonlyby
insurance firms established in theCommunity.
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 liability can
be underwritten only by firms established intheEC;onlypersonsorcompaniesestablishedin the EC may act as intermediaries for suchinsurance business in Portugal.
(3)A:The licence for branch offices of foreign
insurers has to be denied if the insurer, in thehome country, does not have a legal formcorrespondingorcomparabletoajointstockcompany or a mutual insurance association.(3)FIN:The general agent of the
foreign insurance company shallhave his place of residence inFinland, unless the company has itshead office in the EuropeanEconomic Area.
B:AnypublicbidtoacquireBelgiansecurities
made by or on behalf of a person, companyor institution outside the jurisdiction of oneof the Member States of the EuropeanCommunity shall be submitted to theauthorisation of the Minister of Finance.S:Non-life insurance undertakings
not incorporated in Swedenconducting business in Sweden are— instead of being taxed accordingto the net result — subject totaxation based on the premiumincome from direct insuranceoperations.180 BG Официален вестник на Европейския съюз 11/т. 18
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 nationa l treatment Additional commitments
E:Before establishing a branch or agency in
Spain to provide certain classes of insurance,
a foreign insurer must have been authorisedto operate in the same classes of insurance inits country of origin for at least five years.S:A founder of an insurance
company shall be a natural personresident in the European EconomicArea or a legal entity incorporatedin the European Economic Area.
E, GR:The right of establishment does not
cover the creation of representative offices orother permanent presence of insurancecompanies, except where such offices areestablished as agencies, branches or headoffices.
FIN:The managing director, at least one
auditorandatleastonehalfofthepromoters
and members of the board of directors andthe supervisory board of an insurancecompanyshallhavetheirplaceofresidenceinthe European Economic Area, unless theMinistry of Social Affairs and Health hasgranted an exemption.
FIN:Foreign insurers cannot get a licence in
Finland as a branch to carry on statutory
social insurances (statutory pensioninsurance, statutory accident insurance).
F:Theestablishmentofbranchesissubjectto
a special authorisation for the representative
of the branch.
I:Access to actuarial profession through
natural persons only. Professional
associations (no incorporation) amongnatural persons permitted.
I:The authorisation of the establishment of
branches is ultimately subject to the
evaluation of supervisory authorities.
IRL:The right of establishment does not
cover the creation of representative offices.P:Foreigncompaniesmaycarryoutinsurance
intermediation in Portugal only through a
company formed in accordance with the lawof a Community Member State.
P:In order to establish a branch in Portugal,
foreigncompaniesneedtodemonstrateprior
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 a
commercial presence only through a branch.11/т. 18 BG Официален вестник на Европейския съюз 181
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 nationa l treatment Additional commitments
(4) Unboundexceptasindicatedinthehorizontal
sectionandsubjecttothespecificconditions:(4) Unbound except as indicated in the
horizontal section and subject to
the following specific limitations:
GR:A majority of the members of the board
of directors of a company established inGreece shall be nationals of one of theMember States of the Community.A:The management of a branch
office must consist of two naturalpersons resident in Austria.
DK:The general agent of an
insurance branch will need to have
residedinDenmarkforthelasttwoyearsunlessbeinganationalofoneof the Member States of theCommunity. The Minister ofBusiness and Industry may grantexemption.
DK:Residency requirement for
managers and the members of the
board of directors of a company.However, the Minister of Businessand Industry may grant exemptionfrom this requirement. Exemptionis granted on a non-discriminatorybasis.
E, I:Residence requirement for
actuarial profession.
B.Banking and other
financial services(excluding insurance)(1)(
1)B:Establishment in Belgium is required for
theprovisionofinvestmentadvisoryservices.
I:Unbound for „promotori di servizi
finanziari“ (financial salesmen).IRL:The provision of investment services or
investment advice requires either: (i)
authorisation in Ireland, which normallyrequires that the entity be incorporated or bea partnership or a sole trader, in each casewith a head/registered office in Ireland(authorisation may not be required in certaincases, e.g. where a third country serviceprovider has no commercial presence inIreland and the service is not provided toprivate individuals); or (ii) authorisation inanotherMemberStateinaccordancewiththeEC Investment Services Directive.(1) None The European Commu-
nities and their MemberStates undertake addi-tional commitments ascontained in the attach-ment.
(1)I:Provisionandtransferoffinancialinformationandfinancialdataproce ssingentailingtradingoffinancialinstrumentsmaybeprohibitedwhere theprotectionofinvestors
is likely to be seriously prejudiced. Only authorised banks and investmen t firms must comply with conduct of business rules in providing investment advice concerning
financial instruments and advice to undertakings on capital structure, i ndustrial strategy and related matters, and advice and service relating t o mergers and acquisition of
undertakings. Advisory activity should not include asset management.182 BG Официален вестник на Европейския съюз 11/т. 18
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 nationa l treatment Additional commitments
(2)(1)D:Issues of securities denominated in
German marks can be lead managed only by
a credit institution, subsidiary or branch,established in Germany.
FIN:Payments from governmental entities
(expenses) shall be transmitted through the
Finnish postal giro system, which ismaintained by Postipankki Ltd. Exemptionfrom this requirement may be granted onspecial reason by the Ministry of Finance.
GR:Establishment is required for the
provisionofcustodialanddepositoryservices
involving the administration of interest andprincipalpaymentsdueonsecuritiesissuedinGreece.
UK:Sterling issues, including privately led
issues, can be lead managed only by a firm
established in the European Economic Area.(2) None
(3) All Member States:
— the establishment of a specialised
management company is required toperform the activities of management ofunit trusts and investment companies(Articles 6 and 13 of UCITS Directive,85/611/EEC),
— onlyfirmshavingtheirregisteredofficein
theCommunitycanactasdepositoriesofthe assets of investment funds(Articles 8.1 and 15.1 of the UCITSDirective 85/ 611/EEC).(3)F:In addition to French credit
institutions, issues denominated inFrenchfrancsmaybeleadmanagedonly by French subsidiaries (underFrench law) of non- French bankswhich are authorised, based onsufficient means and commitmentsin Paris of the candidate Frenchsubsidiary of a non-French bank.These conditions apply to leadbanks running the books. A non-French bank may be, withoutrestrictions or requirement toestablish, jointlylead or co-leadmanager of Eurofranc bond issue.
A:Only members of the Austrian stock
exchange may engage in securities trading atthe stock exchange.I:Representative offices of foreign
intermediaries cannot carry outactivities aimed at providinginvestment services.
A:Fortradinginforeignexchangeandforeign
currency authorisation of the Austriannational bank is required.
A:Mortgagebondsandmunicipalbondsmay
beissuedbybanksspecialisedandauthorised
for this activity.
A:For carrying out services of pension fund
management a specialised company only for
this activity and incorporated as a stockcompany in Austria is required.S:Afounderofabankingcompany
shallbeanaturalpersonresidentinthe European Economic Area or aforeignbank.Afounderofasavingsbank shall be a natural personresident in the European EconomicArea.
(1)I:Authorised persons enabled to conduct collective asset management are de emed responsible for any investment activity conducted by their delegate d advisers (collective
asset management, excluding UCITS).11/т. 18 BG Официален вестник на Европейския съюз 183
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 nationa l treatment Additional commitments
B:AnypublicbidtoacquireBelgiansecurities
made by or on behalf of a person, company
or institution outside the jurisdiction of oneof the Member States of the EuropeanCommunity shall be submitted to theauthorisation of the Minister of Finance.
DK:Financial institutions may engage in
securities trading on the Copenhagen stock
exchange only through subsidiariesincorporated in Denmark.
E:Financial institutions may engage in
securities trading in securities listed on an
official stock exchange or in the Governmentsecurities market only through securitiesfirms incorporated in Spain.
FIN:At least one half of the founders, the
members of the board of directors, the
supervisory board and the delegates, themanaging director, the holder of theprocurationandthepersonentitledtosigninthe name of the credit institution shall havetheir place of residence in the EuropeanEconomicArea,unlesstheMinistryofFinancegrants an exemption. At least one auditorshall have his place of residence in theEuropean Economic Area.
FIN:The broker (individual person) on
derivative exchange shall have his place of
residence in the European Economic Area.Exemption from this requirement may begranted under the conditions set by theMinistry of Finance.
FIN:Payments from governmental entities
(expenses) shall be transmitted through the
Finnish postal giro system, which ismaintained by Postipankki Ltd. Exemptionfrom this requirement may be granted onspecial reason by the Ministry of Finance.
GR:Financial institutions may engage in the
tradingofsecuritieslistedontheAthensstock
exchange only through stock exchange firmsincorporated in Greece.
GR:For the establishment and operations of
branches a minimum amount of foreign
exchange 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 minimum
amount of share capital required for acredit institution to be incorporated inGreece,
— for the operation of additional branches
the minimum amount of capital must beequal to the minimum share capitalrequired for a credit institution to beincorporated in Greece.184 BG Официален вестник на Европейския съюз 11/т. 18
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 nationa l treatment Additional commitments
I:In providing the activity of door-to-door
selling, intermediaries must utilise authorised
financial salesmen resident within theterritory of a Member State of the EuropeanCommunities.
I:Clearingandsettlementofsecuritiesmaybe
conductedonlybytheofficialclearingsystem.
AcompanyauthorisedbytheBankofItalyinagreement with Consob could be entrustedwith the activity of clearing, up to the finalsettlement of securities.
I:The public offer of securities (as provided
for under Article 18 of Law 216/74) other
than shares, debt securities (includingconvertible debt securities) can only be madeby Italian limited companies, foreigncompanies duly authorised, public bodies orcompanies belonging to local authoritieswhose assigned capital is not below ITL 2billion.
I:Centralised deposit, custody and
administration services can be provided only
by the Bank of Italy for Governmentsecurities, or by Monte Titoli SpA for shares,securities of a participating nature and otherbonds traded in a regulated market.
I:Inthecaseofcollectiveinvestmentschemes
otherthanharmonisedUCITSunderDirective
85/611/EEC, the trustee/depositary isrequired to be incorporated in Italy or inanother Member State of the EuropeanCommunity, being established through abranch in Italy. Only banks, insurancecompanies, securities investment companieshavingtheirlegalheadofficeintheEuropeanCommunitymaycarryoutactivityofpensionfund resources management. Managementcompanies (closed-end funds and real estatefunds)arealsorequiredtobeincorporatedinItaly.
IRL:In the case of collective investment
schemesconstitutedasunittrustsandvariable
capital companies (other than undertakingsfor collective investment in transferablesecurities, UCITS), the trustee/depositary andmanagement company is required to beincorporatedinIrelandorinanotherMemberState of the Community. In the case of aninvestment limited partnership, at least onegeneral partner must be incorporated inIreland.11/т. 18 BG Официален вестник на Европейския съюз 185
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 nationa l treatment Additional commitments
IRL:To become a member of a stock
exchange in Ireland, an entity must either: (i)
be authorised in Ireland, which requires thatit be incorporated or be a partnership, with ahead/ registered office in Ireland; or (ii) beauthorised in another Member State inaccordance with the EC Investment ServicesDirective.
IRL:The provision of investment services or
investment advice requires either: (i)
authorisation in Ireland, which normallyrequires 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 inaccordance with the EC Investment ServicesDirective.
P:The establishment of non-EC banks is
subject to an authorisation issued, on a case-
by-case basis, by the Minister of Finance. Theestablishment has to contribute to increasethe national banking system’s efficiency orhas to produce significant effects on theinternationalisation of the Portugueseeconomy.
P:The services of venture capital may not be
provided by branches of venture capital
companies having their head office in anon-ECcountry.Broker-dealerservicesontheLisbon 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 providethose services. Broker and dealer services inthe Oporto derivatives exchange and in theOTCmarketmaynotbeprovidedbybranchesof non-EC broker/dealer companies.
Pension fund management may be provided
only by companies incorporated in Portugaland by insurance companies established inPortugal and authorised to take up the lifeinsurance business.
UK:Inter-dealerbrokers,whichareacategory
of financial institutions dealing in
Government debt, are required to beestablished in the European Economic Areaand separately capitalised.186 BG Официален вестник на Европейския съюз 11/т. 18
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 nationa l treatment Additional commitments
S:Undertakings not incorporated in Sweden
may establish a commercial presence only
through a branch, and in case of banks, alsothrough a representative office.
(4) Unboundexceptasindicatedinthehorizontal
sectionandsubjecttothespecificconditions:(4) Unbound except as indicated in the
horizontal section and subject tothe following specific limitations:
F:Sociétés d’investissement à capital fixe:
condition of nationality for the president ofthe board of directors, the directors-generaland no less than two thirds of theadministrators, and also, when the securitiesfirm has a supervisory board or council, forthe members of such board or its director-general, and no less than two thirds of themembers of the supervisory council.
GR:Credit institutions should name at least
two persons who are responsible for the
operations of the institution Condition ofresidency applies to these persons.I:Conditionofresidencewithinthe
territory of a Member State ofthe European Communities for„promotori di servizi finanziari“(financial salesmen).11/т. 18 BG Официален вестник на Европейския съюз 187
ADDITIONAL COMMITMENTS BY THE EUROPEAN COMMUNITIES AND THEIR MEMBER STAT ES 
INSURANCE
(a) TheEuropeanCommunitiesandtheirMemberStatesnotetheclosecooper ationamongtheinsuranceregulatory
and supervisory authorities of the Member States and encourage their effo rts to promoteimproved supervisory
standards.
(b) MemberStateswillmaketheirbestendeavourstoconsiderwithinsixmo nthscompleteapplicationsforlicences
to conduct direct insurance underwriting business, through the establis hment in a Member State of a subsidiary
inaccordancewiththelegislationofthatMemberState,byanundertaking governedbythelawsofathirdcountry.
In cases where such applications are refused, the Member State authority w ill make its best endeavours to notify
the undertaking in question and give the reasons for the refusal of the appl ication.
(c) ThesupervisoryauthoritiesoftheMemberStateswillmaketheirbeste ndeavourstorespondwithoutunduedelay
to requests for information by applicants on the status of complete applic ations for licences to conduct direct
insuranceunderwritingbusiness,throughtheestablishmentinaMemberS tateofasubsidiaryinaccordancewith
the legislation of that Member State by an undertaking governed by the laws of a third country.
(d) The European Communities and their Member States will make their best e ndeavours to examine any questions
pertaining to the smooth operation of the internal market in insurance, an d consider any issues that might have
an impact on the internal market in insurance.
(e) The European Communities and their Member States note that, as regards motor insurance, under EC law as in
force on 31 December 1997, and without prejudice to future legislation, pr emiums may be calculated taking
several risk factors into account.
(f) TheEuropeanCommunitiesandtheirMemberStatesnotethatunderEClaw ,asinforceon31December1997,
and without prejudice to future legislation, the prior approval by nation al supervisory authorities of policy
conditions and scales of premiums that an insurance undertaking intends t o use is generally not required.
(g) The European Communities and their Member States not that under EC law, as in force on 31 December 1997,
and without prejudice to future legislation, the prior approval by nation al supervisory authorities of increases in
premium rates is generally not required.
OTHER FINANCIAL SERVICES
(a) InapplicationoftherelevantECdirectives,MemberStateswillmaket heirbestendeavourstoconsiderwithin12
monthscompleteapplicationsforlicencestoconductbankingactivities ,throughtheestablishmentinaMember
StateofasubsidiaryinaccordancewiththelegislationofthatmemberSta te,byanundertakinggovernedbythe
laws of a third country. In cases where such applications are refused, the M ember State will make its best
endeavours to notify the undertaking in question and give the reasons for t he 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 complete applications for licences to conduct banking activities, through the
establishment in a Member State of a subsidiary in accordance with the legi slation of that Member State, by an
undertaking governed by the laws of a third country.
(c) InapplicationoftherelevantECdirectives,MemberStateswillmaket heirbestendeavourstoconsiderwithinsix
monthscompleteapplicationsforlicencestoconductinvestmentservice sinthesecuritiesfield,asdefinedinthe
Investment Services Directive, through the establishment in a Member Sta te of a subsidiary in accordance with
the legislation of that Member State, by an undertaking governed by the law s of a third country. In cases where
suchapplicationsarerefused,theMemberStatewillmakeitsbestendeavo urstonotifytheundertakinginquestion
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
applicantsonthestatusofcompleteapplicationsforlicensestoconduct investmentservicesinthesecuritiesarea,
through the establishment in a Member State of a subsidiary in accordance w ith the legislation of that Member
State, by an undertaking governed by the laws of a third country.188 BG Официален вестник на Европейския съюз 11/т. 18
EUROPEAN COMMUNITIES AND THEIR MEMBER STATES
FINAL LIST OF ARTICLE II (MFN) EXEMPTIONS
(This is authentic in english only)
Sector or sub-sectorDescription of measure indicating its
inconsistency with Article IICountries to which the
measure appliesIntended durationConditions creating the need for the
exemption
Direct non-life
insuranceMeasures based on a bilateralagreement between the EuropeanCommunitiesandSwitzerlandondirect insurance other than lifeinsurance. This agreementprovides on a reciprocal basis forfreedomofestablishmentandtherighttotakeuporpursuenon-lifeinsurance business for agenciesand branches of undertakingswhose head office is situated inthe territory of the othercontracting party.Switzerland Indefinite Need to remove obstacles to the
taking up and pursuit of non-lifeinsurance business in the frame-work of an agreement between theEuropean Communities and Swit-zerland on non-life insurance con-sistent with the provisions of para-graph 3 of the Annex of financialservices
Financial services Measure granting favourabletaxtreatment(off-shoreregime)inItaly to service suppliers tradingwith the countries to which themeasure applies.States in central, easternand south-eastern Europe,and all Members of theCommonwealth of Inde-pendent States10 years The need to aid the countries con-
cerned in their transition to a mar-ket economy.11/т. 18 BG Официален вестник на Европейския съюз 189
DECISIONADOPTINGTHEFIFTHPROTOCOLTOTHEGENERALAGREEMENTONTRADE
IN SERVICES
adopted by the Committee on Trade in Financial Services on 14 November 1997
THE COMMITTEE ON TRADE IN FINANCIAL SERVICES,
Having regard to the results of the negotiations conducted under the terms of the Second Decision on Financial
Services adopted by the Council for Trade in Services on 21 July 1995 (S/L/9 ),
DECIDES AS FOLLOWS:
1. To adopt the text of the „Fifth Protocol to the General Agreement on Trade in Services“.
2. Commencing immediately and continuing until the date of entry into forc e of the Fifth Protocol to
theGeneralAgreementonTradeinServices,Membersconcernedshall,toth efullestextentconsistent
withtheirexistinglegislation,nottakemeasureswhichwouldbeinconsi stentwiththeirundertakings
resulting from these negotiations.
3. TheCommitteeshallmonitortheacceptanceoftheProtocolbyMembersco ncernedandshall,atthe
request of a Member, examine any concerns raised regarding the applicatio n of paragraph 2 above.190 BG Официален вестник на Европейския съюз 11/т. 18
DECISION OF DECEMBER 1997 ON COMMITMENTS IN FINANCIAL SERVICES
adopted by the Council for Trade in Services on 12 December 1997
THE COUNCIL FOR TRADE IN SERVICES,
Having regard to the Second Decision on Financial Services adopted by the C ouncil for Trade in Services on 21 July
1995 (S/L/9),Noting the results of the negotiations carried out under the terms of that D ecision,
Having rgard to the Decision adopting the Fifth Protocol to the General Agr eement on Trade in Services adopted by
the Committee on Trade in Financial Services on 14 November 1997 (S/L/44),
DECIDES AS FOLLOWS:
1. IftheFifthProtocoltotheGeneralAgreementonTradeinServices(GATS )doesnotenterintoforce
in accordance with paragraph 3 therein:
(a) notwithstanding Article XXI of the GATS, a Member may, during a period o f 60 days beginning
on 1 March 1999, modify or withdraw all or part of the commitments on financi al sevices
inscribed in its schedule;
(b) notwithstanding Article II of the GATS and paragraphs 1 and 2 of the Anne x on Article II
exemptions, a Member may, during the same period referred to in paragraph 1 (a), list in that
Annexmeasuresrelatingtofinancialserviceswhichareinconsistentwit hparagraph1ofArticleII
of the GATS.
2. The Committee on Trade in Financial Services shall establish any proced ures necessary for the
implementation of paragraph 1.11/т. 18 BG Официален вестник на Европейския съюз 191