SE: The supply of direct insurance is allowed only through an insurance service supplier authorised in Sweden, provided that the foreign service supplier and the Swedish insurance company belong to the same group of companies or have an agreement of cooperation between them.

SI: Marine, aviation and transport insurance: Insurance activities provided by mutual insurance institutions are limited to incorporated companies established in Slovenia.

insurance of liability for loss or damage caused by the activity of natural persons and juridical persons in the territory of the Slovak Republic;

insurance of property on the territory of the Slovak Republic;

the life insurance of persons with permanent residence in the Slovak Republic;

PT: Air and maritime transport insurance covering goods, aircraft, hull and liability can be underwritten only by firms established in the Community; only persons or companies established in the Community may act as intermediaries for such insurance business in Portugal.

RO: Unbound for subparagraphs B.3 (a) and (c) of the Understanding. For subsector A.2. (reinsurance and retrocession): Reinsurance on international market is allowed only if the reinsured risk cannot be placed on domestic market.

PL: Unbound, except for reinsurance, retrocession and insurance of goods in international trade.

IT: Transport insurance of goods, insurance of vehicles as such and liability insurance regarding risks located in Italy may be underwritten only by insurance companies established in the Community. This reservation does not apply for international transport involving imports into Italy.

IT: Insurance of risks relating to c.i.f. exports by residents in Italy may be underwritten only by insurance firms established in the Community.

HU: Subsector A.1. (direct insurance): Only entrepreneurs pursuing international business activity specified in the legal rules on foreign exchange are allowed to purchase services. Only insurance events occurring abroad can be insured.

HR: Subsector A.1 (b) (direct insurance, b) non-life insurance): Unbound, except for the supply of non-life insurance to foreign persons residing in Croatia other than automobile liability. None for marine, aviation and transport.

HR: Subsector A.1 (a) (direct insurance, a) life insurance): Unbound, except for the supply of life insurance to foreign persons residing in Croatia.

FR: Insurance of risks relating to ground transport may be carried out only by insurance firms established in the Community.

FI: The supply of insurance broker services is subject to a permanent place of business in the European Economic Area.

FI: Only insurers having their head office in the European Economic Area or having their branch in Finland may offer insurance services as referred to in subparagraph B.3 (a) of the Understanding.

DE: If a foreign insurance company has established a branch in Germany, it may conclude insurance contracts in Germany relating to international transport only through the branch established in Germany.

DE: Compulsory air insurance policies can be underwritten only by a subsidiary established in the Community or by a branch established in Germany.

DK: No persons or companies (including insurance companies) may for business purposes in Denmark, in effecting direct insurance for persons resident in Denmark, for Danish ships or for property in Denmark, other than insurance companies licensed by Danish law or by Danish competent authorities.

DK: Compulsory air transport insurance can be underwritten only by firms established in the Community.

Authorisation is required for the intermediary in case of its intermediation activity to be exercised for a branch with a registered office in the Czech Republic.

to conclude intermediation contract with an intermediary aimed at the conclusion of insurance contract between the provider of insurance services and third party.

Commercial presence and authorisation is required for the provider of insurance services:

Foreign financial services suppliers may establish an insurance company with its seat in the Czech Republic in the form of a joint stock company or may exercise insurance activity through their branches with a registered office in the Czech Republic under the conditions established in the Insurance Industry Act.

CY: Any foreign reinsurer approved by the Superintendent of Insurance (on prudential criteria) may offer reinsurance or retrocession services to insurance companies incorporated and licensed in Cyprus.

BG: Subsector A.1. (direct insurance). Unbound, except for services supplied by foreign suppliers to foreign persons in the territory of Bulgaria. Transport insurance covering goods, insurance of vehicles as such and liability insurance regarding risks located in Bulgaria may not be underwritten by foreign insurance companies directly. A foreign insurance company may conclude insurance contracts only through a branch. Unbound for deposit insurance and similar compensations schemes, as well as mandatory insurance schemes. Unbound for national treatment.

AT: Higher premium tax is due for insurance contracts (except for contracts on reinsurance and retrocession) which are written by a subsidiary not established in the Community or by a branch not established in Austria. Exception from the higher tax can be granted.

AT: Compulsory air insurance can be underwritten only by a subsidiary established in the Community or by a branch established in Austria.

AT: Promotional activity and intermediation on behalf of a subsidiary not established in the Community or of a branch not established in Austria (except for reinsurance and retrocession) are prohibited.

SI: Reinsurance companies in Slovenia have priority in the collection of insurance premiums. In case that these companies are not able to equalise all risks, these can be reinsured and retroceded abroad. (None upon the adoption of the new Law on Insurance Companies).

SI: Marine, aviation and transport insurance: Insurance activities provided by mutual insurance institutions are limited to incorporated companies established in Slovenia.

SK: Insurance services covered by mode (1), except insurance of air and maritime transport covering goods, aircraft, hull and liability above may not be purchased abroad.

RO: Unbound for subparagraphs B.3 (a) and (c) of the Understanding. For subsector A.2. (reinsurance and retrocession): ceding in reinsurance on international market can be made only if the reinsured risk cannot be placed on domestic market.

PT: Air and maritime transport insurance covering goods, aircraft, hull and liability can be underwritten only by firms established in the Community; only persons or companies established in the Community may act as intermediaries for such insurance business in Portugal.

PL: Unbound, except for reinsurance, retrocession and insurance of goods in international trade.

IT: Transport insurance of goods, insurance of vehicles as such and liability insurance regarding risks located in Italy may be underwritten only by insurance companies established in the Community. This reservation does not apply for international transport involving imports into Italy.

IT: Insurance of risks relating to c.i.f. exports by residents in Italy may be underwritten only by insurance firms established in the Community.

HU: Subsector A.1. (direct insurance): Only entrepreneurs pursuing international business activity specified in the legal rules on foreign exchange are allowed to purchase services. Only insurance events occurring abroad can be insured.

ships under construction and overhaul if it is stipulated by the contract concluded with the foreign client (buyer).

personal and property insurance of wholly-owned enterprises and joint ventures which perform an economic activity in a foreign country, if it is in accordance with the regulations of that country or it is required by its registration,

companies purchasing insurance abroad in connection with investment works abroad including the equipment for those works,

personal or property risk insurance that is not available in Croatia,

the ability of foreign persons residing in Croatia to obtain non-life insurance other than automobile liability;

HR: Subsector A.1 (a) (direct insurance, a) life insurance): Unbound, except for the ability of foreign persons residing in Croatia to obtain life insurance.

FR: Insurance of risks relating to ground transport may be carried out only by insurance firms established in the Community.

DE: If a foreign insurance company has established a branch in Germany, it may conclude insurance contracts in Germany relating to international transport only through the branch established in Germany.

DE: Compulsory air insurance policies can be underwritten only by a subsidiary established in the Community or by a branch established in Germany.

DK: No persons or companies (including insurance companies) may for business purposes in Denmark assist in effecting direct insurance for persons resident in Denmark, for Danish ships or for property in Denmark, other than insurance companies licensed by Danish law or by Danish competent authorities.

DK: Compulsory air transport insurance can be underwritten only by firms established in the Community.

insurance of liability for loss or damage caused by the activity of natural and legal persons in the territory of the Czech Republic.

insurance of property on the territory of the Czech Republic,

Insurance services as defined below may not be purchased abroad:

BG: Subsector A.1. (direct insurance) Bulgarian natural and juridical persons, as well as foreign persons who conduct business activity in the territory of Bulgaria, can conclude insurance contracts only with suppliers with respect to their activity in Bulgaria, which are licensed to conduct insurance activity in Bulgaria. Insurance compensation resulting from these contracts shall be paid in Bulgaria. Unbound for deposit insurance and similar compensations schemes, as well as mandatory insurance schemes.

AT: Higher premium tax is due for insurance contracts (except for contracts on reinsurance and retrocession) which are written by a subsidiary not established in the Community or by a branch not established in Austria. Exception from the higher tax can be granted.

AT: Compulsory air insurance can be underwritten only by a subsidiary established in the Community or by a branch established in Austria).

AT: Promotional activity and intermediation on behalf of a subsidiary not established in the Community or of a branch not established in Austria (except for reinsurance and retrocession) are prohibited.

SE: 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 Economic Area.

SE: Non-life insurance undertakings not incorporated in Sweden conducting business in Sweden are – instead of being taxed according to the net result — subject to taxation based on the premium income from direct insurance operations.

SE: Insurance broking undertakings not incorporated in Sweden may establish a commercial presence only through a branch.

For actuaries and risk-assessment activities, provision of services through professional establishment only.

For providing consultancy and claim settlement services, incorporation is required as a legal entity by consent of the Bureau of Insurance.

SI: Subsector A.2. (reinsurance and retrocession): Foreign participation in a reinsurance company is limited up to a controlling share of the capital. (None, except for branches, upon the adoption of the new Law on Insurance Companies).

Membership of the mutual insurance institution is limited to companies established in Slovenia and domestic natural persons.

the supply of new insurance products and the transfer of related know how, if the foreign investor is an insurance company.

the dispersion of ownership of shares and the existence of shareholders from different countries;

The Ministry of Finance, when issuing a licence or approval of acquiring shares in a domestic insurance company, takes into account the following criteria:

A foreign person may acquire or increase shares in a domestic insurance company subject to prior approval by the Ministry of Finance.

The limitation on the maximum foreign ownership shall be abolished with the adoption of the new Law on Insurance Companies.

Establishment is subject to a licence issued by the Ministry of Finance. Foreign persons can establish an insurance company only as a joint venture with a domestic person, where participation of foreign persons is limited up to 99 %.

The financial resources of specific insurance funds of licensed insurance operators derived from insuring or reinsuring policy holders with residence or a registered office in the Slovak Republic must be deposited in a resident bank in the Slovak Republic and may not be transferred abroad.

An intermediation contract aimed at the conclusion of an insurance contract by a third party with the insurance company may be concluded by a domestic or foreign insurance company only after a license has been granted by the Insurance Supervisory Authority.

Intermediation activity aimed at the conclusion of an insurance contract between third party and the insurance company may be provided by natural or juridical persons who are domiciled in the Slovak Republic for the benefit of the insurance company having the license of the Insurance Supervisory Authority.

License is required for provision of insurance services. A foreign national may establish an insurance company with its seat in the Slovak Republic in the form of a joint stock company or may conduct insurance business through their subsidiaries with a registered office in the Slovak Republic under the general conditions established in the Law on Insurance. Insurance business means insurance activity including brokerage and reinsurance activity.

SK: The majority of the management board of an insurance company has to be domiciled in the Slovak Republic.

RO: The establishment of companies and intermediation agencies with foreign participation is allowed only in partnership with Romanian legal or natural persons. The representatives of foreign insurance companies and of the associations of foreign insurers have the right to conclude only the following types of insurance contracts: 1. insurance and reinsurance contracts with legal and natural foreign persons or for their goods; 2. reinsurance contracts with Romanian insurance companies, Insurance-reinsurance companies and reinsurance companies. Intermediation agencies are not allowed to conclude insurance contracts for foreign insurance companies with Romanian legal or natural persons or for their goods.

PT: In order to establish a branch in Portugal, foreign companies need to demonstrate prior operational experience of at least five years.

PT: Foreign companies may carry out insurance intermediation in Portugal only through a company formed in accordance with the law of a Member State of the Community.

Establishment only in a form of joint stock company or a branch after obtaining a licence. No more than 5 % of insurance funds can be invested abroad. A person executing activities of the insurance intermediation must possess a licence. Local incorporation required for insurance intermediaries.

LT: Insurance companies are not allowed to provide both life and non-life insurance. Separate incorporation is required for those two types (a) and (b).

LV: Subsector A.3. (insurance intermediation): An intermediary can only be a natural person (no nationality requirement) and can provide services on behalf of an insurance company having the authorisation from the Insurance Supervisory Authority in Latvia.

LV: Subsectors A.1. and A.2. (direct insurance, and reinsurance and retrocession): As a general rule and in a non-discriminatory manner, foreign insurance institutions must adopt a specific legal form.

IT: The authorisation of the establishment of branches is ultimately subject to the evaluation of supervisory authorities.

IT: Access to the actuarial profession through natural persons only. Professional associations (no incorporation) among natural persons permitted.

IE: The right of establishment does not cover the creation of representative offices.

HU: The board of a financial institution should include at least two members, who are Hungarian citizens, residents in the meaning of the relevant foreign exchange regulations and have permanent residency in Hungary for at least one year.

HU: It is intended to bind direct branching once it is bound in the GATS, and under the conditions set therein.

FR: The establishment of branches is subject to a special authorisation for the representative of the branch.

FI: The general agent of the foreign insurance company shall have his place of residence in Finland, unless the company has its head office in the European Economic Area.

FI: Foreign insurers cannot get a licence in Finland as a branch to carry on statutory social insurances (statutory pension insurance, statutory accident insurance).

FI: The managing director, at least one auditor and at least one half of the promoters and members of the board of directors and the supervisory board of an insurance company shall have their place of residence in the European Economic Area, unless the Ministry of Social Affairs and Health has granted an exemption.

EE: Subsector A.1. (direct insurance): None, except the management body of an insurance joint-stock company with foreign capital participation may include citizens of foreign countries in proportion to the foreign participation, but not more than half of the members of the management group; the head of the management of a subsidiary or an independent company must permanently reside in Estonia.

ES, EL: The right of establishment does not cover the creation of representative offices or other permanent presence of insurance companies, except where such offices are established as agencies, branches or head offices.

ES: Before establishing a branch or agency in Spain to provide certain classes of insurance, a foreign insurer must have been authorised to operate in the same classes of insurance in its country of origin for at least five years.

Authorisation is required for the intermediary in case of its intermediation activity to be exercised for a branch with a registered office in the Czech Republic.

to conclude intermediation contract with an intermediary aimed at the conclusion of insurance contract between the provider of insurance services and third party.

Commercial presence and authorisation is required for the provider of insurance services:

Foreign financial services suppliers may establish an insurance company with its seat in the Czech Republic in the form of a joint stock company or may exercise insurance activity through their branches with a registered office in the Czech Republic under the conditions established in the Insurance Industry Act.

Investment by non-residents in reinsurance companies requires prior approval by the Central Bank. The share of foreign participation in the capital of local reinsurance companies is determined on a case-by-case basis. Currently there is no local reinsurance company.

No company can operate as a reinsurer within Cyprus unless so authorised by the Superintendent of Insurance.

Participation of non-residents in insurance companies, incorporated in Cyprus, requires prior approval by the Central Bank. The extent of foreign participation is determined on a case-by-case basis in accordance with economic needs.

Foreign insurance companies can operate in Cyprus through the establishment of a branch or an agency. The foreign insurer must have been authorised to operate in his country of origin before being authorised to establish a branch or agency.

No insurer can operate in or from within Cyprus unless so authorised by the Superintendent of Insurance, in accordance with the Insurance Companies Laws.

Only trade companies, registered in Bulgaria under the Trade Law, and licensed by the Financial Supervision Commission may conduct intermediation activity.

Reinsurance funds raised by virtue of reinsurance contracts, as well as own capital, must be invested in Bulgaria and may be transferred abroad only subject to permission of the Financial Supervision Commission.

Foreign persons can supply insurance services only through participation in Bulgarian insurance companies with no limitation on equity participation. Foreign reinsurance companies may supply directly reinsurance services through a branch, with a registered office in Bulgaria. The establishment of branches of foreign insurance companies is subject to licensing by the Financial Supervision Commission.

The reinsurance service suppliers cannot be set up for the supply of either life or non life reinsurance services.

Insurance funds raised by virtue of insurance contracts, as well as own capital, must be invested in Bulgaria and may be transferred abroad only subject to a permission of the Financial Supervision Commission.

Transport insurance covering goods, insurance of vehicles as such and liability insurance regarding risks located in Bulgaria may not be underwritten by foreign insurance companies directly. A foreign insurance company may conclude insurance contracts only through a branch.

The insurance service suppliers cannot be set up for the supply of both life insurance and non-life insurance services. Foreign persons can supply insurance services only through participation in Bulgarian insurance companies with no limitation on equity participation, as well as directly, through a branch, with a registered office in Bulgaria. The establishment of branches of foreign insurance companies is subject to licensing by the Financial Supervision Commission. In order to establish a branch in Bulgaria to provide certain classes of insurance, a foreign insurer must have been authorized to operate in the same classes of insurance in its country of origin for at least five years. The branches of foreign insurance companies should satisfy the following requirements: specific guarantee and deposit requirements, a separate capitalization, and localisation in Bulgaria of the assets representing the technical reserves.

Unbound for deposit insurance and similar compensations schemes, as well as mandatory insurance schemes.

BE: 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 authorisation by the Minister of Finance.

AT: The licence for branch offices of foreign insurers has to be denied if the insurer, in the home country, does not have a legal form corresponding or comparable to a joint stock company or a mutual insurance association.

SI: For actuarial and risk assessment, residence is required in addition to a qualifying examination, membership in the Actuarial Association of the Republic of Slovenia and proficiency in the Slovenian language.

EL: A majority of the members of the board of directors of a company established in Greece must be nationals of one of the Member States of the Community.

DK: Residency requirement for managers and the members of the board of directors of a company. However, the Minister of Business and Industry may grant an exemption from this requirement. Exemption is granted on a non-discriminatory basis.

DK: The general agent of an insurance branch will need to have resided in Denmark for the last two years unless being a national of one of the Member States of the Community. The Minister of Business and Industry may grant an exemption.

BG: Unbound for deposit insurance and similar compensations schemes, as well as mandatory insurance schemes. Unbound for retrocession services. Unbound for subsectors A.3. and A.4. (insurance intermediation and services auxiliary to insurance).

AT: The management of a branch office must consist of two natural persons resident in Austria.

AT, BE, BG, CZ, DE, DK, ES, EE, FR, FI, EL, HR, HU, IT, IE, LU, LT, LV, MT, NL, PT, RO, SE, SI, SK, UK: Unbound except as indicated in the respective horizontal sections and subject to the following specific limitations:

Subsectors A.1. to A.3. (direct insurance, reinsurance and retrocession, and insurance intermediation): Unbound except as indicated in the horizontal section, and subject to the following limitation: Residency requirement for insurance intermediaries.

Foreign persons can only offer foreign securities through domestic banks and stock broking companies. Members of the Slovenian Stock Exchange must be incorporated in Slovenia.

All above-mentioned credit arrangements must be registered with the Bank of Slovenia. (Remark: this provision shall be abolished upon the adoption of the new Law on Banking.)

Unbound except accepting credits (borrowing of all types), and accepting guarantees and commitments from foreign credit institutions by domestic legal entities and sole proprietors. (Remark: consumer credits shall be free upon the adoption of the new Foreign Exchange Law).

Subsectors B.11. and B.12. (provision and transfer of financial information, and advisory and other auxiliary financial services, except those related to participation in issues of Treasury bonds and to pension fund management): None.

Participation in issues of Treasury bonds, pension fund management and related advisory and other auxiliary financial services: Unbound.

Only foreign exchange entities established in the Slovak Republic can grant and obtain guarantees and liabilities according to determined limit and provisions of the National Bank of Slovakia.

Foreign exchange permission or licence granted by foreign exchange authorities is required for a deposit of financial assets by residents abroad;

Export and import of the Slovak currency and foreign exchange in cash exceeding value of SKK 150 000 and bullion, is subject to reporting requirements;

obtaining financial credit from a foreign exchange non-resident; except credits from abroad accepted by residents with a repayment period of more than 3 years and loans granted between natural persons for non-business activities;

opening an account abroad by a Slovak non-bank resident, except for natural persons during their stay abroad;

A foreign exchange licence issued by the National Bank of Slovakia is required for:

Non-cash cross-border payments may be effected only by authorised domestic banks and branches of foreign banks in the Slovak Republic;

Only authorised domestic banks, branches of foreign banks in the Slovak Republic and persons possessing a foreign exchange license may trade in foreign exchange assets. Only stock exchange members can trade on the Bratislava Stock Exchange. Residents can trade on the RM-System Slovakia without any limitation and non-residents only through security dealers;

Deposit services are confined to the domestic banks and branches of foreign banks in the Slovak Republic;

SK: Trading of derivative products, of transferable securities and of other negotiable instruments and financial assets, participation in issues of all kinds of securities, money broking, asset management, and settlement and clearing services for financial assets: Unbound.

Subsector B.11. (provision and transfer of financial information): Requirement to use the public telecommunication network, or the network of another authorised operator, in the case of cross-border provision of these services.

Subsector B.11. (provision and transfer of financial information): Unbound, except for the provision of financial information by international providers.

Subsectors B.1. and B.2. (acceptance of deposits and lending of all types): None.

IE: The provision of investment services or investment advice requires either 1. 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 (authorisation may not be required in certain cases, e.g. where a third country service provider has no commercial presence in Ireland and the service is not provided to private individuals), or 2. authorisation in another Member State in accordance with Directive 2014/65/EU of the European Parliament and of the Council (1) .

EE, LT: The establishment of a specialised management company is required to perform the activities of management of unit trusts and investment companies, and only firms having their registered office in the Community can act as depositories of the assets of investment funds.

EE: Subsector B.1. (acceptance of deposits): Requirement of authorisation by Eesti Pank and registration under Estonian law as a joint-stock company, a subsidiary or a branch.

issue of foreign securities for public and non-public trade in the Czech Republic or their introduction on the domestic market.

purchase of foreign securities except for the cases as described by the Foreign Exchange Act;

Foreign exchange permit issued by the Czech National Bank or Ministry of Finance is required in case of Czech non-bank residents for:

Only Czech established banks and branches of foreign banks having a corresponding licence may:

CZ: Non-central bank currency issue services, trading of derivative products, of transferable securities and of other negotiable instruments and financial assets, participation in issues of all kinds of securities, money broking, asset management, settlement and clearing services for financial assets, advisory, intermediation and other auxiliary financial services relating to these activities: Unbound.

BG: Subsectors B.11. and B.12. (provision and transfer of financial information, and advisory services): Requirement to use the public telecommunication network, or the network of another authorised operator, in the case of cross-border provision of these services. Unbound for intermediation and other auxiliary financial services.

BE: Establishment in Belgium is required for the provision of investment advisory services.

UK: Sterling issues, including privately led issues, can be lead managed only by a firm established in the European Economic Area.

Legal entities established in Slovenia can be depositories of the assets of Investments Funds.

All above-mentioned credit arrangements must be registered with the Bank of Slovenia. (Remark: this provision shall be abolished upon the adoption of the new Law on Banking.)

Unbound except accepting credits (borrowing of all types), and accepting guarantees and commitments from foreign credit institutions by domestic legal entities and sole proprietors. (Remark: consumer credits shall be free upon the adoption of the new Foreign Exchange Law).

Subsectors B.11. and B.12. (provision and transfer of financial information, and advisory and other auxiliary financial services, except those related to participation in issues of Treasury bonds and to pension fund management): None.

Participation in issues of Treasury bonds, pension fund management and related advisory and other auxiliary financial services: Unbound.

Only foreign exchange entities established in the Slovak Republic can grant and obtain guarantees and liabilities according to determined limit and provisions of the National Bank of Slovakia.

Foreign exchange permission or a licence granted by foreign exchange authorities is required for a deposit of financial assets by residents abroad;

Export and import of the Slovak currency and foreign exchange in cash exceeding value of SKK 150 000 and bullion, is subject to reporting requirement;

obtaining financial credit from a foreign exchange non-resident; except credits from abroad accepted by residents with a repayment period of more than three years and loans granted between natural persons for non-business activities;

opening an account abroad by a Slovak non-bank resident, except for natural persons during their stay abroad;

A foreign exchange licence issued by the National Bank of Slovakia is required for:

Non-cash cross-border payments may be effected only by authorised domestic banks and branches of foreign banks in the Slovak Republic;

Only authorised domestic banks, branches of foreign banks in the Slovak Republic and persons possessing a foreign exchange license may trade in foreign exchange assets. Only stock exchange members can trade on the Bratislava Stock Exchange. Residents can trade on the RM-System Slovakia without any limitation and non-residents only through security dealers;

Deposit services are confined to the domestic banks and branches of foreign banks in the Slovak Republic;

RO: The opening of accounts and utilisation of foreign currency resources abroad by Romanian natural and legal persons is allowed only with prior permission from the National Bank of Romania. Unbound for subsectors B.3. (financial leasing), B.7. (participation in issues of all kinds of securities), B.9. (asset management) and B.10. (settlement and clearing services for financial assets).

Subsector B.11. (provision and transfer of financial information): Requirement to use the public telecommunication network, or the network of another authorised operator, in the case of consumption abroad of these services.

Subsector B.11. (provision and transfer of financial information): Unbound, except for the provision of financial information by international providers.

Subsectors B.1. and B.2. (acceptance of deposits and lending of all types): None.

EL: Establishment is required for the provision of custodial and depository services involving the administration of interest and principal payments due on securities issued in Greece.

FI: Payments from governmental entities (expenses) shall be transmitted through the Finnish Postal Giro System, which is maintained by the Postipankki Ltd Exemption from this requirement may be granted for a special reason by the Ministry of Finance.

DE: Issues of securities denominated in Deutschmarks can be lead managed only by a credit institution, subsidiary or branch, established in Germany.

issue of foreign securities for public and non-public trade in the Czech Republic or their introduction on the domestic market.

purchase of foreign securities except for the cases as described by the Foreign Exchange Act;

Foreign exchange permit issued by the Czech National Bank or Ministry of Finance is required in case of Czech non-bank residents for:

Only Czech established banks and branches of foreign banks having a corresponding licence may:

CZ: Non-central bank currency issue services, trading of derivative products and of bullion, money broking, asset management, settlement and clearing services for derivative products, and advisory, intermediation and other auxiliary financial services relating to these activities: Unbound.

Subsectors B.11. and B.12. (provision and transfer of financial information, and advisory services): Requirement to use the public telecommunication network, or the network of another authorised operator, in the case of consumption abroad of these services. Unbound for intermediation and other auxiliary financial services.

Subsectors B.1. to B.10. (acceptance of deposits, lending of all types, financial leasing, all payment and money transmission services, guarantees and commitments, trading of securities, participation in issues of all kinds of securities, money broking, asset management, and settlement and clearing services for financial assets): Unbound.

3) Commercial presence