text:
11/vol. 18 RO Jurnalul Oficial al Uniunii Europene 177
 21999A0127(01)
 L 20/40 JURNALUL OFICIAL AL COMUNITĂȚILOR EUROPENE 27.1.1999
 ANNEX
 FIFTH PROTOCOL TO THE GENERAL AGREEMENT ON TRADE IN SERVICES
 MEMBERS OF THE WORLD TRADE ORGANISATION (hereinafter referred to as „the WTO”) whose Schedules of specific
 commitments and lists of exemptions from Article II of the General Agreement on Trade in Services concerning financial
 services are annexed to this Protocol (hereinafter referred to as „Members concerned”),
 Having carried out negotiations 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),
 AGREE AS FOLLOWS:
 1. A schedule of specific commitments and a list of exemptions from Article II concerning financial services
 annexed to this Protocol relating to a Member shall, upon the entry into force of this Protocol for that Member,
 replace the financial services sections of the schedule of specific commitments and the list of Article II
 exemptions of that Member.
 2. This Protocol shall be open for acceptance, by signature or otherwise, by the Member concerned until 29
 January 1999.
 3. This Protocol shall enter into force on the 30th day following the date of its acceptance by all Members
 concerned. If by 30 January 1999 it has not been accepted by all Members concerned, those Members which
 have accepted it before that date may, within a period of 30 days thereafter, decide on its entry into force.
 4. This Protocol shall be deposited with the Director-General of the WTO. The Director- General of the WTO shall
 promptly furnish to each Member of the WTO a certified copy of this Protocol and notifications of acceptances
 thereof pursuant to paragraph 3.
 5. This Protocol shall be registered in accordance with the provisions of Article 102 of the Charter of the United
 Nations.
 Done at Geneva this twenty-seventh day of February one thousand nine hundred and ninetyeight, in a single copy
 in English, French and Spanish languages, each text being authentic, except as otherwise provided for in respect
 of the schedules annexed hereto.
 ---pagebreak--- 178 RO Jurnalul Oficial al Uniunii Europene 11/vol. 18
 ANNEX
 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 GATS/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 national treatment Additional commitments
 FINANCIAL SERVICES SECTOR (1)
 1. The Communities and their Member States undertake commitments on financial 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 national treatment in the „all sectors” section of this schedule and to those
 relating to the sub-sectors listed below.
 3. The market access commitments in respect of modes (1) and (2) apply only to the transactions indicated in paragraphs B.3 and B.4 of the market access
 section of the Understanding respectively.
 4. Notwithstanding note 1 above, the market access and national treatment commitments in respect of mode (4) on financial services are those in the „all
 sectors” section of this schedule, except for Sweden in which case commitments are made in accordance with the Understanding.
 5. The admission to the market of new financial services or products may be subject to the existence of, and consistency with, a regulatory framework
 aimed at achieving the objectives indicated in Article 2(a) of the financial services Annex.
 6. As a general rule and in a non-discriminatory manner, financial institutions incorporated in a Member State of the Community must adopt a specific
 legal form.
 A. Insurance and (1) A: Promotional activity and intermediation (1) A: Higher premium tax is due for The European Commu-
 insurance-related on behalf of a subsidiary not established in insurance contracts (except for nities and their Member
 services the Community or of a branch not established contracts on reinsurance and States undertake addi-
 in Austria (except for reinsurance and retrocession) which are written by a tional commitments as
 retrocession) are prohibited. subsidiary not established in the contained in the
 Community or by a branch not attachment.
 A: Compulsory air insurance can be established in Austria. Exception
 underwritten only by a subsidiary established from the higher tax can be granted.
 in the Community or by a branch established
 in 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
 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.
 (1) Unlike foreign subsidiaries, branches established directly in a Member State by a non-Community financial institution are not, with certain limited exceptions, subject to pru-
 dential regulations harmonised at Community level which enable such subsidiaries to benefit from enhanced facilities to set up new establishments and to provide cross-
 border services throughout the Community. Therefore, such branches receive an authorisation to operate in the territory of a Member State under conditions equivalent to
 those applied to domestic financial institutions of that Member State, and may be required to satisfy a number of specific prudential requirements such as, in the case of
 banking and securities, separate capitalisation and other solvency requirements and reporting and publication of accounts requirements or, in the case of insurance, specific
 guarantee and deposit requirements, a separate capitalisation, and the localisation in the Member State concerned of the assets representing the technical reserves and at least
 one third of the solvency margin. Member States may apply the restrictions indicated in this schedule only with regard to the direct establishment from a third country of a
 commercial presence or to the provision of cross-border services from a third country; consequently, a Member State may not apply these restrictions, including those
 concerning establishment, to third-country subsidiaries established in 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.
 ---pagebreak--- 11/vol. 18 RO Jurnalul Oficial al Uniunii Europene 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 national treatment Additional commitments
 D: Compulsory air insurance policies can be
 underwritten only by a subsidiary established
 in the Community or by a branch established
 in Germany.
 D: 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.
 E, I: Unbound for the actuarial profession.
 FIN: 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 3(a) of
 the 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 the
 Community.
 I: Insurance of risks relating to cif exports by
 residents in Italy may be underwritten only by
 insurance firms established in the
 Community.
 I: 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.
 P: Air and maritime transport insurance,
 covering goods, aircraft, hull and liability can
 be underwritten only by firms established in
 the EC; only persons or companies established
 in the EC may act as intermediaries for such
 insurance business in Portugal.
 S: 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.
 (2) A: Promotional activity and intermediation (2) A: Higher premium tax is due for
 on behalf of a subsidiary not established in insurance contracts (except for
 the Community or of a branch not established contracts on reinsurance and
 in Austria (except for reinsurance and retrocession) which are written by a
 retrocession) are prohibited. subsidiary not established in the
 Community or by a branch not
 A: Compulsory air insurance can be established in Austria. Exception
 underwritten only by a subsidiary established from the higher tax can be granted.
 in the Community or by a branch established
 in Austria.
 ---pagebreak--- 180 RO Jurnalul Oficial al Uniunii Europene 11/vol. 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 national 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
 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.
 D: Compulsory air insurance policies can be
 underwritten only by a subsidiary established
 in the Community or by a branch established
 in Germany.
 D: 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.
 F: Insurance of risks relating to ground
 transport may be carried out only by
 insurance firms established in the
 Community.
 I: Insurance of risks relating to cif exports by
 residents in Italy may be underwritten only by
 insurance firms established in the
 Community.
 I: 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.
 P: Air and maritime transport insurance,
 covering goods, aircraft, hull and liability can
 be underwritten only by firms established in
 the EC; only persons or companies established
 in the EC may act as intermediaries for such
 insurance business in Portugal.
 (3) A: The licence for branch offices of foreign (3) FIN: The general agent of the
 insurers has to be denied if the insurer, in the foreign insurance company shall
 home country, does not have a legal form have his place of residence in
 corresponding or comparable to a joint stock Finland, unless the company has its
 company or a mutual insurance association. head office in the European Econo-
 mic Area.
 B: Any public bid to acquire Belgian securities S: Non-life insurance undertakings
 made by or on behalf of a person, company not incorporated in Sweden
 or institution outside the jurisdiction of one conducting business in Sweden are
 of the Member States of the European – instead of being taxed according
 Community shall be submitted to the to the net result
 authorisation of the Minister of Finance. – subject to taxation based on the
 premium income from direct
 insurance operations
 ---pagebreak--- 11/vol. 18 RO Jurnalul Oficial al Uniunii Europene 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 national treatment Additional commitments
 E: Before establishing a branch or agency in S: A founder of an insurance
 Spain to provide certain classes of insurance, company shall be a natural person
 a foreign insurer must have been authorised resident in the European Economic
 to operate in the same classes of insurance in Area or a legal entity incorporated
 its country of origin for at least five years. in the European Economic Area.
 E, GR: 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.
 FIN: 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.
 FIN: Foreign insurers cannot get a licence in
 Finland as a branch to carry on statutory
 social insurances (statutory pension
 insurance, statutory accident insurance).
 F: The establishment of branches is subject to
 a special authorisation for the representative
 of the branch.
 I: Access to actuarial profession through natu-
 ral persons only. Professional associations (no
 incorporation) among natural 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: Foreign companies may carry out insurance
 intermediation in Portugal only through a
 company formed in accordance with the law
 of a Community Member State.
 P: In order to establish a branch in Portugal,
 foreign companies need to demonstrate prior
 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.
 ---pagebreak--- 182 RO Jurnalul Oficial al Uniunii Europene 11/vol. 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 national treatment Additional commitments
 (4) Unbound except as indicated in the horizontal (4) Unbound except as indicated in the
 section and subject to the specific conditions: horizontal section and subject to
 the following specific limitations:
 GR: A majority of the members of the board A: The management of a branch
 of directors of a company established in office must consist of two natural
 Greece shall be nationals of one of the persons resident in Austria.
 Member States of the Community.
 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
 exemption.
 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 exemption
 from this requirement. Exemption
 is granted on a non-discriminatory
 basis.
 E, I: Residence requirement for
 actuarial profession.
 B Banking and other (1) (1) B: Establishment in Belgium is required for (1) None The European Commu-
 financial services the provision of investment advisory services. nities and their Member
 (excluding insurance) States undertake addi-
 I: Unbound for „promotori di servizi tional commitments as
 finanziari” (financial salesmen). contained in the
 attachment.
 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
 (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 pri-
 vate individuals); or (ii) authorisation in
 another Member State in accordance with the
 EC Investment Services Directive.
 (1) I: Provision and transfer of financial information and financial data processing entailing trading of financial instruments may be prohibited where the protection of investors
 is likely to be seriously prejudiced. Only authorised banks and investment firms must comply with conduct of business rules in providing investment advice concerning
 financial instruments and advice to undertakings on capital structure, industrial strategy and related matters, and advice and service relating to mergers and acquisition of
 undertakings. Advisory activity should not include asset management.
 ---pagebreak--- 11/vol. 18 RO Jurnalul Oficial al Uniunii Europene 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 national treatment Additional commitments
 (2) (1) D: Issues of securities denominated in Ger- (2) None
 man 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 is
 maintained by Postipankki Ltd. Exemption
 from this requirement may be granted on spe-
 cial reason by the Ministry of Finance.
 GR: 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.
 UK: Sterling issues, including privately led
 issues, can be lead managed only by a firm
 established in the European Economic Area
 (3) All Member States: (3) F: In addition to French credit
 institutions, issues denominated in
 — the establishment of a specialised mana- French francs may be lead managed
 gement company is required to perform only by French subsidiaries (under
 the activities of management of unit trusts French law) of non- French banks
 and investment companies (Articles 6 and which are authorised, based on
 13 of UCITS Directive, 85/611/EEC), sufficient means and commitments
 — only firms having their registered office in in Paris of the candidate French
 the Community can act as depositories of subsidiary of a non-French bank.
 the assets of investment funds These conditions apply to lead
 (Articles 8.1 and 15.1 of the UCITS Direc- banks running the books. A non-
 tive 85/611/EEC). French bank may be, without
 restrictions or requirement to
 establish, jointlylead or co-lead
 manager of Eurofranc bond issue.
 A: Only members of the Austrian stock I: Representative offices of foreign
 exchange may engage in securities trading at intermediaries cannot carry out
 the stock exchange activities aimed at providing
 investment services.
 A: For trading in foreign exchange and foreign S: A founder of a banking company
 currency authorisation of the Austrian shall be a natural person resident in
 national bank is required. the European Economic Area or a
 foreign bank. A founder of a savings
 A: Mortgage bonds and municipal bonds may bank shall be a natural person
 be issued by banks specialised and authorised resident in the European Economic
 for this activity. Area
 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.
 (1) I: Authorised persons enabled to conduct collective asset management are deemed responsible for any investment activity conducted by their delegated advisers (collective
 asset management, excluding UCITS).
 ---pagebreak--- 184 RO Jurnalul Oficial al Uniunii Europene 11/vol. 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 national treatment Additional commitments
 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 Eco-
 nomic Area, unless the Ministry of Finance
 grants an exemption. At least one auditor
 shall have his place of residence in the Euro-
 pean 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 spe-
 cial 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 cre-
 dit 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.
 ---pagebreak--- 11/vol. 18 RO Jurnalul Oficial al Uniunii Europene 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 national treatment Additional commitments
 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 Direc-
 tive 85/611/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.
 ---pagebreak--- 186 RO Jurnalul Oficial al Uniunii Europene 11/vol. 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 national 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 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.
 ---pagebreak--- 11/vol. 18 RO Jurnalul Oficial al Uniunii Europene 187
 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 treatment Additional commitments
 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.
 (4) Unbound except as indicated in the horizontal (4) Unbound except as indicated in the
 section and subject to the specific conditions: horizontal section and subject to
 the following specific limitations:
 F: „Sociétés d’investissement à capital fixe:” I: Condition of residence within the
 condition of nationality for the president of territory of a Member State of the
 the board of directors, the directors-general European Communities for
 and no less than two thirds of the „promotori di servizi finanziari”
 administrators, and also, when the securities (financial salesmen).
 firm has a supervisory board or council, for
 the members of such board or its director-
 general, and no less than two thirds of the
 members of the supervisory council.
 GR: Credit institutions should name at least
 two persons who are responsible for the
 operations of the institution. Condition of
 residency applies to these persons.
 ---pagebreak--- 188 RO Jurnalul Oficial al Uniunii Europene 11/vol. 18
 ADDITIONAL COMMITMENTS BY THE EUROPEAN COMMUNITIES AND THEIR MEMBER STATES
 INSURANCE
 (a) The European Communities and their Member States note the close cooperation among the insurance regulatory
 and supervisory authorities of the Member States and encourage their efforts to promote improved supervisory
 standards.
 (b) Member States will make their best endeavours to consider within six months complete applications for licences
 to conduct direct insurance underwriting business, through the establishment in a Member State of a subsidiary
 in accordance with the legislation of that Member State, by an undertaking governed by the laws of a third country.
 In cases where such applications are refused, the Member State authority will make its best endeavours to notify
 the undertaking in question and give the reasons for the refusal of the application.
 (c) The supervisory authorities of the 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 direct
 insurance underwriting business, through the establishment in a Member State of a subsidiary in accordance with
 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 endeavours to examine any questions
 pertaining to the smooth operation of the internal market in insurance, and 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, premiums may be calculated taking
 several risk factors into account.
 (f) The European Communities and their Member States note that under EC law, as in force on 31 December 1997,
 and without prejudice to future legislation, the prior approval by national supervisory authorities of policy
 conditions and scales of premiums that an insurance undertaking intends to 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 national supervisory authorities of increases in
 premium rates is generally not required.
 OTHER FINANCIAL SERVICES
 (a) In application of the relevant EC directives, Member States will make their best endeavours to consider within 12
 months complete applications for licences to conduct banking activities, through the establishment in a Member
 State of a subsidiary in accordance with the legislation of that member State, by an undertaking governed by the
 laws of a third country. In cases where such applications are refused, the Member State will make its best
 endeavours to notify the undertaking in question and give the reasons for the 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 legislation of that Member State, by an
 undertaking governed by the laws of a third country.
 (c) In application of the relevant EC directives, Member States will make their best endeavours to consider within six
 months complete applications for licences to conduct investment services in the securities field, as defined in the
 Investment Services Directive, through the establishment in a Member State of a subsidiary in accordance with
 the legislation of that Member State, by an undertaking governed by the laws of a third country. In cases where
 such applications are refused, the Member State will make its best endeavours to notify the undertaking in question
 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
 applicants on the status of complete applications for licenses to conduct investment services in the securities area,
 through the establishment in a Member State of a subsidiary in accordance with the legislation of that Member
 State, by an undertaking governed by the laws of a third country.
 ---pagebreak--- 11/vol. 18 RO Jurnalul Oficial al Uniunii Europene 189
 EUROPEAN COMMUNITIES AND THEIR MEMBER STATES
 FINAL LIST OF ARTICLE II (MFN) EXEMPTIONS
 (This is authentic in english only)
 Description of measure indicating its Countries to which the Conditions creating the need for the
 Sector or sub-sector Intended duration
 inconsistency with Article II measure applies exemption
 Direct non-life Measures based on a bilateral Switzerland Indefinite Need to remove obstacles to the
 insurance agreement between the European taking up and pursuit of non-life
 Communities and Switzerland on insurance business in the
 direct insurance other than life framework of an agreement
 insurance. This agreement between the European
 provides on a reciprocal basis for Communities and Switzerland on
 freedom of establishment and the non-life insurance consistent with
 right to take up or pursue non-life the provisions of paragraph 3 of
 insurance business for agencies the Annex of financial services
 and branches of undertakings
 whose head office is situated in
 the territory of the other
 contracting party.
 Financial services Measure granting favourable tax States in central, eastern 10 years The need to aid the countries
 treatment (off-shore regime) in and south-eastern Europe, concerned in their transition to a
 Italy to service suppliers trading and all Members of the market economy.
 with the countries to which the Commonwealth of
 measure applies. Independent States
 ---pagebreak--- 190 RO Jurnalul Oficial al Uniunii Europene 11/vol. 18
 DECISION ADOPTING THE FIFTH PROTOCOL TO THE GENERAL AGREEMENT ON TRADE
 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 force of the Fifth Protocol to
 the General Agreement on Trade in Services, Members concerned shall, to the fullest extent consistent
 with their existing legislation, not take measures which would be inconsistent with their undertakings
 resulting from these negotiations.
 3. The Committee shall monitor the acceptance of the Protocol by Members concerned and shall, at the
 request of a Member, examine any concerns raised regarding the application of paragraph 2 above.
 ---pagebreak--- 11/vol. 18 RO Jurnalul Oficial al Uniunii Europene 191
 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 Council for Trade in Services on 21 July
 1995 (S/L/9),
 Noting the results of the negotiations carried out under the terms of that Decision,
 Having rgard to the Decision adopting the Fifth Protocol to the General Agreement on Trade in Services adopted by
 the Committee on Trade in Financial Services on 14 November 1997 (S/L/44),
 DECIDES AS FOLLOWS:
 1. If the Fifth Protocol to the General Agreement on Trade in Services (GATS) does not enter into force
 in accordance with paragraph 3 therein:
 (a) notwithstanding Article XXI of the GATS, a Member may, during a period of 60 days beginning
 on 1 March 1999, modify or withdraw all or part of the commitments on financial sevices
 inscribed in its schedule;
 (b) notwithstanding Article II of the GATS and paragraphs 1 and 2 of the Annex on Article II
 exemptions, a Member may, during the same period referred to in paragraph 1(a), list in that
 Annex measures relating to financial services which are inconsistent with paragraph 1 of Article II
 of the GATS.
 2. The Committee on Trade in Financial Services shall establish any procedures necessary for the
 implementation of paragraph 1.


type: legislation

jurisdiction: EU

text:
 |
 52013PC0337
 Priekšlikums PADOMES REGULA, ar ko Regulu (EK) Nr. 974/98 groza attiecībā uz euro ieviešanu Latvijā /* COM/2013/0337 final - 2013/0176 (NLE) */
 PASKAIDROJUMA RAKSTS
 1. PRIEKŠLIKUMA KONTEKSTS
 Komisija 2013. gada 5. jūnijā
 pieņēma priekšlikumu Padomes lēmumam saskaņā ar
 140. panta 2. punktu Līgumā par Eiropas Savienības
 darbību (turpmāk Līgums), norādot, ka Latvija ir
 izpildījusi euro ieviešanai nepieciešamos nosacījumus un ka no
 2014. gada 1. janvāra jāatceļ Latvijas
 izņēmuma statuss.
 Labvēlīga lēmuma gadījumā
 Padomei būs jāveic citi pasākumi, kas vajadzīgi, lai
 Latvijā ieviestu euro.
 Padomes Regula (EK) Nr. 974/98 par euro
 ieviešanu[1]
 reglamentē euro sākotnējo ieviešanu pirmās kārtas
 eurozonas dalībvalstīs un Grieķijā[2]. Minētajā regulā
 grozījumi izdarīti ar:
 –
 Regulu (EK) Nr. 2169/2005, lai
 sagatavotos eurozonas turpmākai paplašināšanai;
 –
 Regulu (EK) Nr. 1647/2006, lai to
 attiecinātu uz Slovēniju (kura ieviesa euro 2007. gada
 1. janvārī);
 –
 Regulu (EK) Nr. 835/2007, lai to
 attiecinātu uz Kipru (kura ieviesa euro 2008. gada
 1. janvārī);
 –
 Regulu (EK) Nr. 836/2007, lai to
 attiecinātu uz Maltu (kura ieviesa euro 2008. gada
 1. janvārī);
 –
 Regulu (EK) Nr. 693/2008, lai to
 attiecinātu uz Slovākiju (kura ieviesa euro 2009. gada janvārī);
 –
 Regulu (ES) Nr. 670/2010, lai to
 attiecinātu uz Igauniju (kura ieviesa euro 2011. gada janvārī).
 Lai Regula (EK) Nr. 974/98 attiektos
 arī uz Latviju, minētajā regulā jāiekļauj
 norāde uz šo dalībvalsti. Šajā priekšlikumā iekļauti
 nepieciešamie minētās regulas grozījumi.
 Latvijas Nacionālajā euro ieviešanas
 plānā ir noteikts, ka jāpiemēro tā sauktais
 „lielā sprādziena” scenārijs, t. i., vienlaicīgi
 jāpieņem euro kā Latvijas valūta un jāievieš
 Latvijā euro banknotes un monētas.
 2. APSPRIEŠANĀS AR
 IEINTERESĒTAJĀM PERSONĀM UN IETEKMES NOVĒRTĒJUMA
 REZULTĀTI
 Oficiālā procedūra, kas veicama
 pēc Komisijas priekšlikuma iesniegšanas Padomes lēmumam, ietver
 apspriešanos ar ECB. Ekonomikas un finanšu komitejā un ECOFIN/Eurogrupā
 dažādu pozīciju ietvaros notiek regulāras apspriedes ar
 dalībvalstīm par tajās risināmajiem ekonomikas politikas
 uzdevumiem. Minētās apspriedes aptver neoficiālas apspriedes par
 jautājumiem, kas tieši saistīti ar priekšdarbiem attiecībā
 uz iespējamo pievienošanos eurozonai (tostarp, valūtas maiņas
 kursa politiku). Dialogs ar akadēmiskās vides pārstāvjiem
 un citām ieinteresētajām grupām norisinās konferenču/semināru
 veidā un pēc ad-hoc principa.
 Ekonomikas procesus eurozonā un
 dalībvalstīs novērtē atbilstīgi vairākām
 ekonomikas politikas koordinācijas un uzraudzības
 procedūrām (jo īpaši saskaņā ar Līguma
 121. pantu), kā arī Komisijai pastāvīgi uzraugot un
 analizējot procesus katrā valstī atsevišķi un eurozonā
 kopumā (tostarp, izmantojot prognozes, regulāras publikāciju
 sērijas, devumu Ekonomikas un finanšu komitejā un ECOFIN/Eurogrupā).
 Ievērojot proporcionalitātes principu un iepriekšējo praksi,
 Komisija ierosina neveikt oficiālu ietekmes novērtējumu.
 3. PRIEKŠLIKUMA JURIDISKIE
 ASPEKTI
 3.1. Juridiskais pamats
 Šā priekšlikuma juridiskais pamats ir
 Līguma 140. panta 3. punkts, kas ļauj noteikt citus
 nepieciešamos pasākumus euro ieviešanai dalībvalstī, kuras
 izņēmuma statuss ir atcelts saskaņā ar Līguma
 140. panta 2. punktu.
 Padome, atbilstīgi Komisijas priekšlikumam un
 apspriedusies ar ECB, rīkojas saskaņā ar lēmumu, ko
 vienprātīgi pieņem dalībvalstis, kuru valūta ir euro,
 un attiecīgā dalībvalsts.
 3.2. Subsidiaritāte un
 proporcionalitāte
 Priekšlikums ir Savienības
 ekskluzīvā kompetencē. Tāpēc subsidiaritātes
 principu nepiemēro.
 Šī iniciatīva ir samērīga ar
 tās izvirzīto mērķi, tāpēc tā atbilst
 proporcionalitātes principam.
 3.3. Juridiskā instrumenta
 izvēle
 Regula ir vienīgais piemērotais
 juridiskais instruments, lai grozītu Padomes Regulu (EK)
 Nr. 974/98 par euro ieviešanu.
 4. IETEKME UZ BUDŽETU
 Priekšlikums neietekmē Savienības
 budžetu.
 5. KOMENTĀRI PAR
 ATSEVIŠĶIEM PANTIEM
 5.1. 1. pants
 Saskaņā ar Regulas (EK)
 Nr. 974/98 1. panta a) apakšpunktu un 1.a pantu
 minētās regulas pielikuma tabulā ir norādītas
 iesaistītās dalībvalstis un attiecībā uz visām
 šīm dalībvalstīm noteikta euro pieņemšanas diena, skaidras
 naudas nomaiņas diena un vajadzības gadījumā
 „pakāpeniskas izņemšanas no apgrozības” periods.
 Saskaņā ar Regulas (EK) Nr. 974/98 1. panta
 i) apakšpunktu „pakāpeniskas izņemšanas no apgrozības”
 periodu var attiecināt vienīgi uz tām dalībvalstīm,
 kurās euro ieviešanas diena un skaidras naudas nomaiņas diena ir
 viena un tā pati. Tas nebija attiecināms uz vienpadsmit
 dalībvalstīm, kuras ieviesa euro 1999. gada 1. janvārī,
 un uz Grieķiju, kura ieviesa euro 2001. gada
 1. janvārī. Slovēnijas, Kipras, Maltas, Slovākijas un
 Igaunijas euro ieviešanas diena un skaidras naudas nomaiņas diena bija
 viena un tā pati (2007. gada 1. janvāris
 attiecībā uz Slovēniju, 2008. gada 1. janvāris
 attiecībā uz Kipru un Maltu, 2009. gada 1. janvāris
 attiecībā uz Slovākiju, 2011. gada 1. janvāris
 attiecībā uz Igauniju), taču šīs valstis
 izvēlējās nepiemērot „pakāpeniskas izņemšanas no
 apgrozības” periodu. Arī Latvijas Nacionālajā euro ieviešanas
 plānā ir paredzēta vienota euro ieviešanas un skaidras naudas
 nomaiņas diena (2014. gada 1. janvāris), un šī
 dalībvalsts ir izvēlējusies nepiemērot „pakāpeniskas
 izņemšanas no apgrozības” periodu.
 Ar šo pantu Latviju un zemāk
 norādītos attiecīgos šīs dalībvalsts datus
 protokolā norādītajā secībā iekļauj
 Regulas (EK) Nr. 974/98 pielikuma tabulā.
 Dalībvalsts || Euro ieviešanas diena || Skaidras naudas nomaiņas diena || Dalībvalsts ar „pakāpeniskas izņemšanas no apgrozības” periodu
 „Latvija || 2014. gada 1. janvāris || 2014. gada 1. janvāris || n/p”
 5.2. 2. pants
 Ar šo pantu nosaka regulas spēkā
 stāšanos 2014. gada 1. janvārī, nodrošinot to, ka
 tā būs piemērojama atbilstoši citu ar euro ieviešanu
 Latvijā saistīto Padomes tiesību aktu īstenošanas grafikam,
 t. i., atbilstoši izņēmuma statusa atcelšanas datumam un
 Latvijas lata pārrēķina kursa spēkā stāšanās
 datumam.
 2013/0176 (NLE)
 Priekšlikums
 PADOMES REGULA,
 ar ko Regulu (EK) Nr. 974/98 groza
 attiecībā uz euro ieviešanu Latvijā
 EIROPAS SAVIENĪBAS PADOME,
 ņemot vērā Līgumu par
 Eiropas Savienības darbību un jo īpaši tā 140. panta
 3. punktu,
 ņemot vērā
 Eiropas Komisijas priekšlikumu[3],
 ņemot vērā Eiropas
 Centrālās bankas atzinumu[4],
 tā kā:
 (1) Padomes 1998. gada
 3. maija Regula (EK) Nr. 974/98 par euro ieviešanu[5] paredz to dalībvalstu
 valūtu aizstāšanu ar euro, kuras bija izpildījušas euro
 pieņemšanai vajadzīgos nosacījumus, kad Kopiena sāka
 Ekonomikas un monetārās savienības trešo posmu.
 (2) Saskaņā ar
 2003. gada Pievienošanās akta 4. pantu Latvija ir
 dalībvalsts ar izņēmuma statusu, kā noteikts Līguma
 par Eiropas Savienības darbību (turpmāk Līgums)
 139. panta 1. punktā.
 (3) Saskaņā ar Padomes
 2013. gada [...] Lēmumu 2013/.../ES par euro ieviešanu Latvijā
 2014. gada 1. janvārī[6]
 Latvija ir izpildījusi euro ieviešanai nepieciešamos nosacījumus, un
 no 2014. gada 1. janvāra tās izņēmuma statuss ir
 jāatceļ.
 (4) Lai Latvijā ieviestu
 euro, uz Latviju ir jāattiecina spēkā esošie euro ieviešanas
 noteikumi, kas norādīti Regulā (EK) Nr. 974/98.
 (5) Latvijas
 Nacionālajā euro ieviešanas plānā ir paredzēts, ka
 euro banknotēm un monētām būtu jākļūst par
 šīs dalībvalsts likumīgo maksāšanas līdzekli
 dienā, kad euro ievieš kā tās valūtu. Attiecīgi euro
 pieņemšanas diena un skaidras naudas nomaiņas diena ir
 2014. gada 1. janvāris. „Pakāpeniskas izņemšanas no
 apgrozības” periods nebūtu jāpiemēro.
 (6) Tādēļ
 būtu attiecīgi jāgroza Regula (EK) Nr. 974/98,
 IR PIEŅĒMUSI ŠO REGULU.
 1. pants
 Regulas (EK)
 Nr. 974/98 pielikumu groza saskaņā ar šīs regulas
 pielikumu.
 2. pants
 Šī regula stājas spēkā
 2014. gada 1. janvārī.
 Šī regula uzliek saistības
 kopumā un ir tieši piemērojama visās dalībvalstīs.
 Briselē,
 Padomes
 vārdā –
 priekšsēdētājs
 PIELIKUMS
 Regulas (EK) Nr. 974/98
 pielikumā starp ierakstiem, kas attiecas uz Kipru un Luksemburgu,
 iekļauj šādu aili:
 Dalībvalsts || Euro ieviešanas diena || Skaidras naudas nomaiņas diena || Dalībvalsts ar „pakāpeniskas izņemšanas no apgrozības” periodu
 - - - - - - - - - - - - - - - - - - - - - - -
 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
 „Latvija || 2014. gada 1. janvāris || 2014. gada 1. janvāris || n/p”
 [1] OV L 139, 11.5.1998., 1. lpp.
 Regulā jaunākie grozījumi izdarīti ar Padomes
 2006. gada 7. novembra Regulu (EK) Nr. 1647/2006
 (OV L 309, 9.11.2006., 2. lpp.).
 [2] Skat. Padomes 2000. gada 27. novembra
 Regulu (EK) Nr. 2596/2000, ar ko groza Padomes Regulu (EK)
 Nr. 974/98 par euro ieviešanu (OV L 300, 29.11.2000.,
 2. lpp.).
 [3] OV C [...], [...], [...]. lpp.
 [4] OV C [...], [...], [...]. lpp.
 [5] OV C [...], [...], [...]. lpp.
 [6] OV L [..], [..],
 [..] lpp.