(3)

All Member States: — the establishment of a specialised management company is required to perform the activities of management of unit trusts and investment companies (Articles 6 and 13 of UCITS Directive, 85/61 I/EEC), — only firms having their registered office in the Community can act as depositories of the assets of investment funds (Articles 8.1 and 15.1 of the UCITS Directive 85/611/EEC). A: Only members of the Austrian stock exchange may engage in securities trading at the stock exchange. A: For trading in foreign exchange and foreign currency authorisation of the Austrian 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 company only for this activity and incorporated as a stock company in Austria is required. B: Any public bid to acquire Belgian securities made by or on behalf of a person, company or institution outside the jurisdiction of one of the Member States of the European Community shall be submitted to the authorisation of the Minister of Finance. DK: Financial institutions may engage in securities trading on the Copenhagen stock exchange only through subsidiaries incorporated in Denmark. E: Financial institutions may engage in securities trading in securities listed on an official 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, the supervisory board and the delegates, the managing director, the holder of the procuration and the person entitled to sign in the name of the credit institution shall have their place of residence in the European Economic Area, unless the Ministry of Finance grants an exemption. At least one auditor shall have his place of residence in the European 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 be granted under the conditions set by the Ministry of Finance. FIN: Payments from governmental entities (expenses) shall be transmitted through the Finnish postal giro system, which is maintained by Postipankki Ltd. Exemption from this requirement may be granted on special reason by the Ministry of Finance. GR: Financial institutions may engage in the trading of securities listed on the Athens stock exchange only through stock exchange firms incorporated in Greece. GR: For the establishment and operations of branches a minimum amount of foreign exchange must be imported, converted into drachmas and kept in Greece as long as a foreign 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 a credit institution to be incorporated in Greece, — for the operation of additional branches the minimum amount of capital must be equal to the minimum share capital required for a credit institution to be incorporated in Greece. I: In providing the activity of door-to-door selling, intermediaries must utilise authorised financial salesmen resident within the territory of a Member State of the European Communities. I: Clearing and settlement of securities may be conducted only by the official clearing system. A company authorised by the Bank of Italy in agreement with Consob could be entrusted with the activity of clearing, up to the final settlement of securities. I: The public offer of securities (as provided for under Article 18 of Law 216/74) other than shares, debt securities (including convertible debt securities) can only be made by Italian limited companies, foreign companies duly authorised, public bodies or companies belonging to local authorities whose assigned capital is not below ITL 2 billion. I: Centralised deposit, custody and administration services can be provided only by the Bank of Italy for Government securities, or by Monte Titoli SpA for shares, securities of a participating nature and other bonds traded in a regulated market. I: In the case of collective investment schemes other than harmonised UCITS under Directive 85/61 I/EEC, the trustee/depositary is required to be incorporated in Italy or in another Member State of the European Community, being established through a branch in Italy. Only banks, insurance companies, securities investment companies having their legal head office in the European Community may carry out activity of pension fund resources management. 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 and variable capital companies (other than undertakings for collective investment in transferable securities, UCITS), the trustee/depositary and management company is required to be incorporated in Ireland or in another Member State of the Community. In the case of an investment limited partnership, at least one general partner must be incorporated in Ireland. IRL: To become a member of a stock exchange 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) be authorised in another Member State in accordance with the EC Investment Services Directive. IRL: The provision of investment services or investment advice requires either: (i) authorisation in Ireland, which normally requires that the entity be incorporated or be a partnership or a sole trader, in each case with a head/registered office in Ireland (the supervisory authority may also authorise branches of third country entities); or (ii) authorisation in another Member State in accordance with the EC Investment Services Directive. 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's efficiency or has to produce significant effects on the internationalisation of the Portuguese economy. P: The services of venture capital may not be provided by branches of venture capital companies having their head office in a non-EC country. Broker-dealer services on the Lisbon stock exchange may be provided by broker and dealer companies incorporated in Portugal or by branches of investment firms authorised in another EC country and authorised in their home country to provide those services. Broker and dealer services in the Oporto derivatives exchange and in the OTC market may not be provided by branches of non-EC broker/dealer companies. Pension fund management may be provided only by companies incorporated in Portugal and by insurance companies established in Portugal and authorised to take up the life insurance business. UK: Inter-dealer brokers, which are a category of financial institutions dealing in Government debt, are required to be established in the European Economic Area and separately capitalised. S: Undertakings not incorporated in Sweden may establish a commercial presence only through a branch, and in case of banks, also through a representative office.