2005/522/EC: Decision No 4/2004 of the EU-Mexico Joint Council of 18 May 2005 amending Joint Council Decision No 2/2001
Date: 2005-05-18
Institutions: EC–Mexico Joint Committee
Subjects: Mexico, accession to the European Union, cooperation agreement (EU), economic cooperation, financial institution, insurance company, market access, political cooperation, provision of services

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DECISION No 4/2004 OF THE EU-MEXICO JOINT COUNCIL

of 18 May 2005

amending Joint Council Decision No 2/2001

(2005/522/EC)

THE JOINT COUNCIL,

HAS DECIDED AS FOLLOWS:

Having regard to the Economic Partnership, Political Coordina-
tion and Cooperation Agreement between the European Commu-
nity and its Member States, of the one part, and the United
Mexican States, of the other part (1), signed in Brussels on
8 December 1997, and in particular Article 6 in conjunction with
Article 47 thereof,

Article 1

Annex I, part A, of Decision No 2/2001, shall be replaced by the
text set out in Annex I to this Decision.

Whereas:

Article 2

(1)

(2)

As from 1 May 2004, the Treaty establishing the European
Community also applies in the territory of Czech Repub-
lic, the Republic of Estonia, the Republic of Cyprus, the
Republic of Latvia, the Republic of Lithuania, the Republic
of Hungary, the Republic of Malta, the Republic of Poland,
the Republic of Slovenia and the Slovak Republic (hereaf-
ter the new Member States), following their accession to
the European Union

In these circumstances, it is necessary to adapt, with effect
from 1 May 2004, Annex I of Joint Council Decision
No 2/2001, in order to include the authorities responsible
for financial services in the new Member States and the
measures inconsistent with Articles 12 to 16 of Decision
No 2/2001 that they will maintain until Article 17(3)
thereof is implemented. This adaptation also provides an
opportunity for updating the list of authorities responsible
for financial services,

Annex II, part A and part B, of Decision No 2/2001, shall be
replaced by the text set out in Annex II to this Decision.

Article 3

This Decision shall enter into force on the date on which it is
adopted. It shall apply from 1 May 2004.

Done at Brussels, 18 May 2005.

For the Joint Council

The President

L. E. DERBEZ

(1) OJ L 276, 28.10.2000, p. 45.

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ANNEX I

‘ANNEX I

PART A

COMMUNITY AND ITS MEMBER STATES

1.

The application of Chapter III to the Community and its Member States is subject to the limitations on market access
and national treatment scheduled by the European Communities and its Member States in the “all sectors” sections of
their GATS schedules and to those relating to the sub-sectors listed below.

2.

The following abbreviations are used to indicate the Member States:

AT

BE

CY

CZ

DE

DK

ES

EE

FI

FR

EL

HU

IE

IT

LV

LT

LU

MT

NL

PL

PT

SK

SI

SE

UK

Austria

Belgium

Cyprus

Czech Republic

Germany

Denmark

Spain

Estonia

Finland

France

Greece

Hungary

Ireland

Italy

Latvia

Lithuania

Luxembourg

Malta

The Netherlands

Poland

Portugal

Slovakia

Slovenia

Sweden

United Kingdom

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 on Com-

mitments in Financial Services” respectively for all Member States,

— the transactions specified here below, with reference to the definitions of Article 11, for each Member State

concerned:

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CY: A.1(a) (life insurance) and the remaining part of A.1(b) (non-life non-MAT – marine, aviation, and other trans-
port – insurance) in mode 2, B.6(e) (trading of transferable securities) in mode 1;

EE: A.1(a) (life insurance), the remaining part of A.1(b) (non-life non-MAT insurance) and the remaining part of
A.3 (non-MAT insurance intermediation) in modes 1. and 2, 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) in mode 1;

LV: A.1(a) (life insurance), the remaining part of A.1(b) (non-life non-MAT insurance) and the remaining part of
A.3 (non-MAT insurance intermediation) in mode 2, B.7 (participation in issues of all kinds of securities) in
mode 1;

LT: A.1(a) (life insurance), the remaining part of A.1(b) (non-life non-MAT insurance) and the remaining part of
A.3 (non-MAT insurance intermediation) in mode 2, 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 securi-
ties, participation in issues of all kinds of securities, money broking, asset management, and settlement and clear-
ing services for financial assets) in mode 1;

MT: A.1(a) (life insurance) and the remaining part of A.1(b) (non-life non-MAT insurance) in mode 2, B.1 and B.2
(acceptance of deposits and lending of all types) in mode 1;

SI: 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) in mode 1.

4. Unlike foreign subsidiaries, branches established directly in a Member State by a Mexican financial institution are not,
with certain limited exceptions, subject to prudential 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 Mexican
of a commercial presence or to the provision of cross-border services from Mexico; consequently, a Member State may
not apply these restrictions, including those concerning establishment, to Mexican subsidiaries established in other
Member States of the Community, unless these restrictions can also be applied to companies or nationals of other Mem-
ber States in conformity with Community Law.

5.

CY: The following general conditions and qualifications would apply even where no limitations or conditions are stated
in the schedule:

(i)

Consideration of national security and public policy objectives;

(ii) This schedule does not in any way pertain to services supplied in the exercise of government functions. Also, it
does not affect measures pertaining to trade in goods which may constitute inputs to a scheduled service or other
services. In addition, limitations on market access or national treatment in respect of services which may consti-
tute inputs to or be used to supply a scheduled service, shall continue to apply.

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6.

CY: The laws and regulations mentioned in this schedule should not be construed as an exhaustive reference to all laws,
and regulations governing the financial sector. The transfer, for example, of information containing personal data, bank
secret or any business secret is not allowed. Such transfer is subject to domestic laws on protection of confidentiality of
information of banks’ customers. Furthermore, it is noted that non-discriminatory qualitative measures pertaining to
technical standards, public health and environmental considerations, licensing, prudential consideration, professional
qualifications and competency requirements have not been listed as conditions or limitations to market access and
national treatment.

7.

CY: Unregulated financial services and products and the admission to the market of new financial services or products,
may be subject to the existence or the introduction of a regulatory framework aimed at achieving the objectives indi-
cated in Article 19 of Decision No 2/2001 of the EU-Mexico Joint Council.

8.

CY: Due to exchange controls operative in Cyprus:

— residents are not permitted to purchase banking services which may involve transfer of funds abroad, while they

are physically abroad,

— loans to non-residents/foreigners or non-resident controlled companies require approval from the Central Bank,

— acquisition of securities by non-residents also requires permission from the Central Bank,

— dealings in foreign currency may be carried out only through banks which have been accorded “Authorised Dealer”

status from the Central Bank.

9.

CZ: The admission to the market of new financial services and instruments may be subject to the existence of, and con-
sistency with the domestic regulatory framework aimed at achieving the objectives indicated in Article 19 of Decision
No 2/2001.

10. CZ: As a general rule and in a non-discriminatory manner, financial institutions incorporated in the Czech Republic

must adopt a specific legal form.

11. CZ: Compulsory motor third party liability insurance is provided by an exclusive supplier. When monopoly rights con-
cerning compulsory motor third party liability are removed, providing this service will be open on a non-discriminatory
basis to Czech established service providers. Compulsory health insurance is provided by licensed Czech owned sup-
pliers only.

12. EE: Compulsory social security services are not committed.

13. HU: The admission to the market of new financial services or products may be subject to the existence of, and consis-
tency with, a regulatory framework aimed at achieving the objectives indicated in Article 19 of Decision No 2/2001.

14. HU: The transfer of information containing personal data, bank secret, securities secret and/or business secret is not

allowed.

15. HU: As a general rule and in a non-discriminatory manner, financial institutions incorporated in Hungary must adopt

a specific legal form.

16. HU: Insurance, banking, securities and collective investment management services should be performed by legally sepa-

rate and independently capitalised suppliers of financial services.

17. MT: For mode (3) commitments, under exchange control legislation non-residents wishing to supply any services
through the registration of a local company may do so with the prior permission of the Central Bank of Malta. Com-
panies with the participation of non-resident legal or natural persons require a minimum share capital of MTL (Maltese
lira) 10 000 of which 50 % has to be paid up. The non-resident percentage share of the equity is to be paid for with
funds emanating from abroad. Companies with non-resident participation must apply for a permit from the Ministry
of Finance to acquire premises under the appropriate legislation.

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18. MT: For mode (4) commitments, the requirements of Maltese legislation and regulations regarding entry, stay, acqui-
sition of real property, work and social security measures shall continue to apply, including regulations concerning
period of stay, minimum wages as well as collective wage agreements. Entry, work and residence permits are granted
at the discretion of the Government of Malta.

19. MT: For modes (1) and (2) commitments, exchange control legislation allows a resident to transfer abroad annually for
portfolio investment up to MTL 5 000. Amounts in excess of MTL 5 000 are subject to exchange control permission.

20. MT: Residents may borrow from overseas without the need to obtain exchange control approval if the borrowing is for

a period exceeding three years. Such borrowings have however to be registered with the Central Bank.

21. PL: Prudential regulations in the financial sector are being elaborated in Poland. They may require alteration of the pres-

ently existing rules as well as preparation of the new laws.

22. SK: The admission to the market of new financial services and instruments may be subject to the existence of, and con-
sistency with the domestic regulatory framework aimed at achieving the objectives indicated in Article 19 of Decision
No 2/2001.

23. SK: The following insurance services are provided by exclusive suppliers: Compulsory motor third party liability insur-
ance, compulsory air transport insurance, the liability insurance of employer against injury or occupational disease have
to be effected through the Slovak Insurance Company. The basic health insurance is confined to the Slovak health insur-
ance companies having a licence for provision of health insurance granted by the Ministry of Healthcare of the Slovak
Republic according to the Act 273/1994 Coll. of Law. Fund pension insurance schemes and sickness insurance are con-
fined to the Social Insurance Company.

24. SI: The admission to the market of new financial services or products may be subject to the existence of, and consis-
tency with, a regulatory framework aimed at achieving the objectives indicated in Article 19 of Decision No 2/2001.

25. SI: As a general rule and in a non-discriminatory manner, financial institutions incorporated in the Republic of Slovenia

must adopt a specific legal form.

26. SI: Insurance and banking activities should be performed by legally separate suppliers of financial services.

27. SI: Investment services can be provided only through banks and investment firms.

A.

Insurance
and
Insurance-Related
Services

1. Cross-border

supply

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

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

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

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.

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CY: Subsectors A.3 and A.4 (insurance intermediation and services auxiliary
to insurance): Unbound.

CZ: None other than:

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

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

— to provide such services including reinsurance,

and

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

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

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 per-
sons resident in Denmark, for Danish ships or for property in Denmark,
other than insurance companies licensed by Danish law or by Danish
competent authorities.

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

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.

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 3(a) of the Understanding.

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

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

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

IT: Unbound for the actuarial profession.

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

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 reser-
vation does not apply for international transport involving imports into
Italy.

LV: Unbound for subparagraph B.3(a) of the Understanding.

MT: Subsectors A.3 and A.4 (insurance intermediation and services auxiliary
to insurance): Unbound.

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

PT: 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 inter-
mediaries for such insurance business in Portugal.

SK: Commercial presence is required for supply of:

— the life insurance of persons with permanent residence in the

Slovak Republic,

— the insurance of property on the territory of the Slovak Republic,

— the insurance of liability for loss or damage caused by the activity
of natural persons and juridical persons on the territory of the Slo-
vak Republic,

— air and maritime insurance, covering goods, aircraft, hull and

liability.

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

SI: Subsectors A.2, A.3 and A.4 (reinsurance and retrocession, insurance inter-
mediation and services auxiliary to insurance): Unbound.

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.

2. Consumption

abroad

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.

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

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

CY: Subsectors A.3. and A.4. (insurance intermediation and services auxiliary
to insurance): Unbound.

CZ: None other than:

Insurance services as defined below may not be purchased abroad.

— The life insurance of persons with permanent residence in the

Czech Republic,

— the insurance of property on the territory of the Czech Republic,

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

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 per-
sons resident in Denmark, for Danish ships or for property in Denmark,
other than insurance companies licensed by Danish law or by Danish
competent authorities.

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

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.

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

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

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

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 reser-
vation does not apply for international transport involving imports into
Italy.

MT: Subsectors A.3 and A.4 (insurance intermediation and services auxiliary
to insurance): Unbound.

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

PT: 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 inter-
mediaries for such insurance business in Portugal.

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.

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

SI: Reinsurance companies in the Republic of 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 Compa-
nies).

3. Commercial
presence

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 correspond-
ing or comparable to a joint stock company or a mutual insurance asso-
ciation.

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 the
authorisation of the Minister of Finance.

CY: Subsector A.1 (direct insurance):

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

Foreign insurance companies can operate in the Republic of 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
authorised to establish a branch or agency.

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

CY: Subsector A.2. (reinsurance and retrocession):

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

Investment by non-residents in reinsurance companies requires the prior
approval of 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.

CY: Subsectors A.3 and A.4 (insurance intermediation and services auxiliary
to insurance): Unbound.

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CZ: None other than:

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

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

— to provide such services including reinsurance,

and

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

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

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.

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

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 manage-
ment group; the head of the management of a subsidiary or an indepen-
dent company must permanently reside in Estonia.

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 supervi-
sory 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.

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 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.

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

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

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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.

IE: The right of establishment does not cover the creation of represen-
tative offices.

IT: Access to actuarial profession through natural persons only. Profes-
sional associations (no incorporation) among natural persons permitted.

IT: The authorisation of the establishment of branches is ultimately sub-
ject to the evaluation of supervisory authorities.

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

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

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).

MT: May be made subject to economic needs test.

PL: Subsectors A.1 to A.3 (direct insurance, reinsurance and retrocession, and
insurance intermediation):

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 inter-
mediaries.

PL: Subsector A.4 (services auxiliary to insurance): Unbound.

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

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

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

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

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.

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

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

SI: Subsector A.1 (direct insurance):

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 domestic person, where participation of foreign persons is
limited up to 99 %.

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

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

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

— the dispersal of ownership of shares and the existence of sharehold-

ers from different countries

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

Unbound for foreign participation in insurance company under privati-
sation.

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

SI: Subsector A.2 (reinsurance and retrocession):

Foreign participation in reinsurance company is limited up to a control-
ling share of the capital. (None, except for branches, upon the adoption
of the new law on Insurance Companies).

SI: Subsectors A.3 and A.4 (insurance intermediation and services auxiliary
to insurance):

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

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

Operation is limited to direct insurance and reinsurance.

For sole proprietors, a residence in the Republic of Slovenia is required.

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

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SE: Non-life insurance undertakings not incorporated in Sweden con-
ducting 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: A founder of an insurance company shall be a natural person resi-
dent in the European Economic Area or a legal entity incorporated in the
European Economic Area.

4. Presence

of
natural persons

CY: Unbound.

PL:

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.

Subsector A.4 (services auxiliary to insurance): Unbound.

AT, BE, CZ, DE, DK, ES, EE, FR, FI, EL, HU, IT, IE, LU, LT, LV, MT,
NL, PT, SE, SI, SK, UK:

Unbound except as indicated in the respective horizontal sections and
subject to the following specific limitations:

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

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 Indus-
try 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.

ES, IT: Residence requirement for actuarial profession.

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

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 Slovene language.

B. Banking and other
financial
services
(excluding insur-
ance)

1. Cross-border

supply

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

CY: Unbound.

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 manage-
ment, settlement and clearing services for financial assets, advisory, intermedia-
tion and other auxiliary financial services relating to these activities: Unbound.

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CZ: None other than:

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

— provide deposit services,

— trade in foreign exchange assets,

— effect non-cash cross-border payments.

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

(a)

opening and funding of an account abroad by Czech residents;

(b)

capital payments abroad (except FDI);

(c)

granting financial credits and guarantees;

(d) operations in financial derivates;

(e)

(f)

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

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

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

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.

HU: Unbound.

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 com-
mercial presence in Ireland and the service is not provided to private
individuals), or 2. authorisation in another Member State in accordance
with the EC Investment Services Directive.

IT: Unbound for “promotori di servizi finanziari” (financial salesmen).

LT: Pension fund management: Commercial presence is required.

MT:

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

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

Subsector B.12 (advisory and other auxiliary financial services): Unbound.

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PL:

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

Subsector B.12 (advisory and other auxiliary financial services): Unbound.

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

SK:

(i) Deposit services are confined to the domestic banks and branches

of foreign banks in the Slovak Republic.

(ii) 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 mem-
bers 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.

(iii) Non-cash cross-border payments may be effected only by autho-
rised domestic banks and branches of foreign banks in the Slovak
Republic.

(iv) Foreign exchange licence issued by the National Bank of Slovakia

is required for:

(a)

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

(b)

capital payments abroad;

(c)

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.

(v)

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.

(vi) Foreign exchange permission or licence granted by foreign
exchange authorities is required for a deposit of financial assets by
resident abroad.

(vii) Only foreign exchange entities established in the Slovak Republic
can grant and obtain guarantees and liabilities according to deter-
mined limit and provisions of the National Bank of Slovakia.

SI:

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

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

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All other subsectors:

Unbound except accepting credits (borrowing of all types), and accept-
ing 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).

All abovementioned 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.)

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

2. Consumption

abroad

CY: Unbound, except for subsector B.6(e) (trading of transferable secu-
rities): None.

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 finan-
cial services relating to these activities: Unbound.

CZ: None other than:

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

— provide deposit services,

— trade in foreign exchange assets,

— effect non-cash cross-border payments.

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

(a)

opening and funding of an account abroad by Czech residents;

(b)

capital payments abroad (except FDI);

(c)

granting financial credits and guarantees;

(d) operations in financial derivates;

(e)

(f)

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

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

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

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 on
special reason by the Ministry of Finance.

EL: Establishment is required for the provision of custodial and deposi-
tory services involving the administration of interest and principal pay-
ments due on securities issued in Greece.

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HU: Unbound.

MT:

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

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

Subsectors B.3 to B.10 and B.12: Unbound.

PL:

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

Subsectors B.1 to B.10 and B.12: Unbound.

SK: Trading of derivative products and of bullion, money broking, asset
management, and intermediation: Unbound.

SK:

(i) Deposit services are confined to the domestic banks and branches

of foreign banks in the Slovak Republic.

(ii) 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 mem-
bers 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.

(iii) Non-cash cross-border payments may be effected only by autho-
rised domestic banks and branches of foreign banks in the Slovak
Republic.

(iv) Foreign exchange licence issued by the National Bank of Slovakia

is required for:

(a)

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

(b)

capital payments abroad;

(c)

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.

(v)

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.

(vi) Foreign exchange permission or licence granted by foreign
exchange authorities is required for a deposit of financial assets by
resident abroad.

(vii) Only foreign exchange entities established in the Slovak Republic
can grant and obtain guarantees and liabilities according to deter-
mined limit and provisions of the National Bank of Slovakia.

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SI:

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

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

All other subsectors:

Unbound except accepting credits (borrowing of all types), and accept-
ing 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).

All abovementioned 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.)

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

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

3. Commercial
presence

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,
85/611/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).

AT: Only members of the Austrian Stock Exchange may engage in secu-
rities trading at the Stock Exchange.

AT: For trading in foreign exchange and foreign currency authorisation
of the Austrian National Bank is required.

AT: Mortgage bonds and municipal bonds may be issued by banks spe-
cialised and authorised for this activity.

AT: 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.

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 the
authorisation of the Minister of Finance.

CY: It is a statutory requirement and it is applied on a non-discriminatory
manner that banks offering services in the Republic of Cyprus must be
legal entities. Legal entities include branches of foreign banks/financial
institutions which are registered in Cyprus.

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CY: Direct or indirect ownership or voting rights in a bank by a person
and his/her associates may not exceed 10 % unless with the prior writ-
ten approval of the Central Bank.

CY: Further to the above, in the three existing local banks listed in the
stock exchange, direct or indirect shareholding or acquisition of stake in
their capital by foreign persons is restricted to 0,5 % per individual or
organisation and 6,0 % collectively.

CY:

Subsectors B.1 to B.5 and B.6(b) (acceptance of deposits, lending of all types,
financial leasing, all payment and money transmission services, guarantees and
commitments, and trading of foreign exchange):

For new banks the following requirements apply:

(a) A licence is required from the Central Bank for the carrying out of
banking business. The Central Bank in granting a licence may apply
an economic needs test.

(b) Branches of foreign banks must be registered in Cyprus under the

Companies Law and licensed under the Banking Law.

Subsector B.6(e) (trading of transferable securities):

Only members (brokers) of the Cyprus Stock Exchange can undertake
business pertaining to securities brokerage in Cyprus. Firms acting as
brokers must only employ individuals who can act as brokers provided
that they are appropriately licensed. Banks and Insurance companies
may not undertake.

A brokerage firm may only be registered as a member of the Cyprus
Stock Exchange if it has been established and registered in accordance
with the Companies Law of Cyprus.

Subsectors B.6(a), (c), (d) and (f), and B.7 to B.12: Unbound.

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

CZ: None other than:

Banking services may be provided only by Czech established banks or
branches of foreign banks having a licence granted by the Czech National
Bank in agreement with the Ministry of Finance.

The granting of the licence is based on the consideration of criteria
which are applied consistently with GATS. Mortgage loan services may
be provided only by Czech established banks.

Banks may be established as joint stock companies only. The purchase
of shares of existing banks is subject to prior approval of the Czech
National Bank.

Securities may be traded publicly only if relevant authorisation has been
granted and prospectus covering the security has been approved.

The authorisation shall not be granted if public trading in securities is in
conflict with the interests of investors, is inconsistent with the govern-
ment financial policy or if it does not conform with the financial market
requirements (1).

(1) CZ: Legislation covering the abolition of the criterion of financial market requirements is now being discussed in the Parliament.

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The establishment and activities of securities dealers, stockbrokers, of the
Stock Exchange or organisers of an over-the-counter market, investment
companies and investment funds are subject to authorisation granting of
which is related to qualifications, personal integrity, management and
material requirements.

Settlement and clearing services for all kinds of payments are monitored
and reviewed by the Czech National Bank to ensure their smooth and
economical operation.

DK: Financial
institutions may engage in securities trading on the
Copenhagen Stock Exchange only through subsidiaries incorporated in
Denmark.

FI: At least one half of the founders, the members of the board of direc-
tors, 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.

FI: 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.

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 on
special reason by the Ministry of Finance.

FR: In addition to French credit institutions, issues denominated in
French francs may be lead managed only by French subsidiaries (under
French law) of non-French banks which are authorised, based on
sufficient means and commitments in Paris of the candidate French sub-
sidiary of a non-French bank. These conditions apply to lead banks run-
ning the books. A non-French bank may be, without restrictions or
requirement to establish, jointly-lead or co-lead manager of Eurofranc
bond issue.

EL: Financial institutions may engage in the trading of securities listed
on the Athens Stock Exchange only through stock exchange firms incor-
porated in Greece.

EL: For the establishment and operations of branches a minimum
amount of foreign exchange must be imported, converted into drach-
mas and kept in Greece as long as a foreign bank continues to operate
in Greece:

— Up to four 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.

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

HU: Direct or indirect ownership or voting rights in a credit institution
of a single shareholder other than credit institution, insurance company
or investment firm cannot exceed 15 %.

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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: Long-term State ownership will be kept at a minimum of
25 % + 1 vote in Országos Takarékpénztár és Kereskedelmi Bank Rt.

IE: 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/depository 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.

IE: To become a member of a stock exchange in Ireland, an entity must
either 1. be authorised in Ireland, which requires that it be incorporated
or be a partnership, with a head/registered office in Ireland, or 2. be
authorised in another Member State in accordance with the EC Invest-
ment Services Directive.

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 (the supervisory authority may also
authorise branches of third country entities), or 2. authorisation in
another Member State in accordance with the EC Investment Services
Directive.

IT: 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.

IT: Centralised deposit, custody and administration services can be pro-
vided 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.

IT: In the case of collective investment schemes other than harmonised
UCITS under the directive 85/611/EEC, the trustee/depository 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 pen-
sion fund resources management. Management companies (closed-end
funds and real estate funds) are also required to be incorporated in Italy.

IT: 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.

IT: 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.

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IT: Representative offices of foreign intermediaries cannot carry out
activities aimed at providing investment services.

LV:

Subsector B.7 (participation in issues of all kinds of securities): The Bank of
Latvia (Central Bank) is a financial agent of the Government in the T-bills
market.

Subsector B.9 (asset management): Pension fund management is provided
by State monopoly.

LT:

Subsectors B.1 to B.12: At least one manager must be Lithuanian citizen.

Subsector B.3 (financial leasing): Financial leasing can be reserved for
special financial institutions (such as banks and insurance companies).
None as of 1 January 2001, except as indicated in horizontal part of
section “Banking and Other Financial Services”.

Subsector B.9 (asset management): Establishment only as Public Stock
Corporations (AB) and Close Corporations (UAB) which should be
founded in closed manner (when all initially issued stock are acquired by
incorporators). For the purpose of asset management, the establishment
of a specialised management company is required. Only firms having
their registered office in Lithuania can act as the depositories of the
assets.

MT:

Subsectors B.1 and B.2 (acceptance of deposits and lending of all types):
Foreign-owned credit and other financial institutions may operate either
in the form of a branch or a local subsidiary. Authorisation may be made
subject to economic needs test.

Subsectors B.3 to B.12: Unbound.

PL:

Subsectors B.1, B.2, B.4 and B.5 (excluding guarantees and commitments of
the State Treasury): Establishment of a bank only in a form of joint-stock
company or a licensed branch. System of permits in relation to estab-
lishment of all banks based on prudential grounds. Nationality require-
ment for some – at least one – of the bank executives.

Subsectors B.6(e), B.7 (excluding participation in issues of Treasury papers), B.9
(only portfolio management services) and B.12 (advisory and other auxiliary
financial services only in relation to the activities committed for Poland):
Establishment, after obtaining a licence, only in a form of joint-stock
company or a branch of foreign legal entity providing securities services.

Subsector B.11: Requirement to use the public telecommunication net-
work, or the network of other authorised operator, in the case of cross-
border provision and/or consumption abroad of these services.

All other subsectors: Unbound.

PT: The establishment of non-EC banks is subject to an authorisation
issued, on a case-by-case basis, by the Minister of Finance. The establish-
ment has to contribute to increase the national banking system’s effi-
ciency or has to produce significant effects on the internationalisation of
the Portuguese economy.

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PT: 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 incor-
porated in Portugal and by insurance companies established in Portugal
and authorised to take up the life insurance business.

SK: Trading of derivative products and of bullion, money broking, and inter-
mediation: Unbound.

SK: Banking services may be provided only by domestic banks or
branches of foreign banks authorised by the National Bank of Slovakia
upon the agreement with the Ministry of Finance. The granting of autho-
risation is based on the consideration of criteria relating, in particular,
to capital endowment (financial strength) professional qualifications,
integrity and competence of the management of the projected bank
activities. Banks are legal entities incorporated in the Slovak Republic,
established as joint-stock companies or public (State-owned) financial
institutions.

The purchase of shares expressing interest in the equity capital of exist-
ing commercial bank from the determined limit is subject to prior
approval of the National Bank of Slovakia. Investment services in the
Slovak Republic can be provided by banks,
investment companies,
investment funds and security dealers which have legal form of joint-
stock company with equity capital according to the law. Foreign invest-
ment company or investment fund must obtain an authorisation from
Ministry of Finance for selling its securities or investment certificate units
on the territory of the Slovak Republic according to the Law. For issue
of debt securities the permission of the Ministry of Finance is required
either for the issue inland or abroad.

Securities may be issued and traded only after a permission by the
Ministry of Finance has been granted for public trading according to the
Securities Act. The business of security dealer, stockbroker or organiser
of an over-the-counter market is subject to authorisation of the Ministry
of Finance. Settlement and clearing services for all kinds of payments are
regulated by National Bank of Slovakia.

Settlement and clearing services relating to change of physical property
of securities are recorded in Centre of Securities (Clearing and Settlement
House for Securities). Centre of Securities may provide only transfers on
the property accounts of security owners. Cash part clearing and settle-
ment goes through Banking Clearing and Settlement House – (where the
National Bank of Slovakia is major shareholder) for Bratislava Stock
Exchange,
for
RM-System Slovakia.

through Jumbo account

joint-stock company or

SI:

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

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

All other subsectors:

Establishment of all types of banks are subject to a licence of the Bank
of Slovenia.

Foreign persons may become shareholders of banks or acquire addi-
tional shares of banks only subject to prior approval of the Bank of
Slovenia. (Remark: this provision shall be abolished upon the adoption
of the new Law on Banking.)

Under license of the Bank of Slovenia, banks, subsidiaries and branches
of foreign banks can be permitted to provide all or limited banking ser-
vices, depending on the amount of the capital.

When considering issuing a licence to a bank to set up as a wholly-
owned or with a majority of foreign investors or approval of acquiring
additional shares of banks; the Bank of Slovenia shall take into account
the following guidelines (1):

— the existence of investors from different countries,

— the opinion of the foreign institution in change of banking super-

vision.

(Remark: this provision shall be abolished on the adoption of the new
Law on Banking).

Unbound in relation to foreign participation in banks under privatisa-
tion.

Branches of foreign banks must be incorporated in the Republic of
Slovenia and have legal personality.

(Remark: this provision shall be abolished upon the adoption of the new
Law on Banking).

Unbound with respect to all types of mortgage banks, savings and loans
institutions.

Unbound with respect to establishment of private pension funds
(non-compulsory pension funds).

Management Companies are commercial companies established solely
for the purpose of managing investment funds.

Foreign persons may directly or indirectly acquire a maximum up
to 20 % of shares or voting rights of management companies; for a
larger percentage an approval of the Securities Market Agency is
required.

An Authorised (privatisation) Investment Company is an investment
company established solely for the purpose of gathering the ownership
certificates (vouchers) and the purchase of shares issued in accordance
with regulations on ownership transformation. An Authorised Manage-
ment Company is established solely for the purpose of managing the
authorised investment companies.

(1) Besides the amount of the capital the Bank of Slovenia shall, when considering issuing an unlimited or a limited banking licence also take

into account the following guidelines (for both domestic and foreign applicants)
— the national-economic preferences for certain banking activities;
— the existing regional coverage of the Republic of Slovenia by banks;
— the actual bank’s performance of activities compared to those stipulated by the existing licence.
(Remark: this provision shall be abolished upon the adoption of the new Law on Banking).

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Foreign persons may directly or indirectly acquire a maximum up
to 10 % of shares or voting rights of Authorised (privatisation)
Management Companies; for a larger percentage an approval of the
Securities Market Agency is required with the consent of the Ministry of
Economic Relations and Development.

Investments of the Investments Funds into securities of foreign issuers
are limited to 10 % of the investments of the Investments Funds. Such
securities shall be listed on those stock exchanges previously determined
by the Securities Market Agency.

Foreign persons may become shareholders or partners in a Stock Brok-
ing Company up to 24 % of the capital of the Stock Broking Company
by prior approval of the Securities Market Agency. (Remark: this provi-
sion shall be abolished upon the adoption of the new Law on Securities
Market.)

Securities of a foreign issuer which have not yet been offered in the ter-
ritory of the Republic of Slovenia may only be offered by a Stock Broking
Company or a bank licensed to carry out such transactions. Prior to
launching the offer the Stock Broking Company or a bank shall obtain
the permission of Securities Market Agency.

The request for this permission to offer securities of a foreign issuer in
the Republic of Slovenia shall be accompanied by draft prospectus,
documentation that the guarantor of the issue of securities of the foreign
issuer is a bank or a stock broking company, except in the case of the
issue of shares of a foreign issuer.

SE: Undertakings not incorporated in Sweden may establish a commer-
cial presence only through a branch, and in case of banks, also through
a representative office.

SE: A founder of a banking company shall be a natural person resident
in the European Economic Area or a foreign bank. A founder of a savings
bank shall be a natural person resident in the European Economic.

UK: Inter-dealer brokers, which are a category of financial institutions
dealing in Government debt, are required to be established in the Euro-
pean Economic Area and separately capitalised.

4. Presence

of
natural persons

CY:

Subsector B.6(e) (trading of transferable securities): Individuals, whether
acting alone as brokers or employed by broker firms as brokers, are
required to meet the licensing criteria for this purpose.

Subsectors B.1 to B.12, except B.6(e): Unbound.

CZ:

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

All other subsectors: Unbound, except as indicated in the horizontal
section.

L 192/60

EN

Official Journal of the European Union

22.7.2005

MT:

Subsectors B.1, B.2 and B.11 (acceptance of deposits, lending of all types, and
provision and transfer of financial information): Unbound, except as indi-
cated in the horizontal section.

Subsectors B.3 to B.10 and B.12: Unbound.

PL:

Subsectors B.1, B.2, B.4 and B.5 (excluding guarantees and commitments of
the State Treasury): Unbound except as indicated in the horizontal sec-
tion and subject to the following limitation: Nationality requirement for
some – at least one – of the bank executives.

Subsectors B.6(e), B.7 (excluding participation in issues of Treasury papers), B.9
(only portfolio management services), B.11 and B.12 (advisory and other aux-
iliary financial services only in relation to the activities committed for Poland):
Unbound except as indicated in the horizontal section

All other subsectors: Unbound.

SK:

Trading of derivative products and of bullion, money broking, and intermedia-
tion: Unbound.

All other subsectors: Unbound, except as indicated in the horizontal
section.

SI:

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

All other subsectors: Unbound, except as indicated in the horizontal
section.

AT, BE, DE, DK, ES, EE, FR, FI, EL, HU, IT, IE, LU, LT, LV, NL, PT,
SE, UK:

Unbound except as indicated in the respective horizontal sections and
subject to the following specific limitations:

FR: Sociétés d’investissement à capital fixe: condition of nationality for
the president of the Board of Directors, the Directors-General and no less
than two thirds of the administrators, and also, when the securities 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.

EL: Credit institutions should name at least two persons who are respon-
sible for the operations of the institution. Condition of residency applies
to these persons.

IT: Condition of residence within the territory of a Member State of the
European Communities for “promotori di servizi finanziari” (financial
salesmen).

LV: Manager of a branch and a subsidiary shall be a Latvian tax payer
(resident).’

22.7.2005

EN

Official Journal of the European Union

L 192/61

ANNEX II

‘ANNEX II

AUTHORITIES RESPONSIBLE FOR FINANCIAL SERVICES

PART A

For the Community and its Member States

European Commission

DG Trade

B-1049 Bruxelles

Austria

DG Internal Market

Ministry of Finance

Belgium

Ministry of Economy

Ministry of Finance

Cyprus

Ministry of Finance

Czech Republic

Ministry of Finance

Denmark

Ministry of Economic and Business Affairs

Estonia

Finland

France

Ministry of Finance

Ministry of Finance

Ministry of Economy, Finance and Indus-
try

Germany

Ministry of Finance

Directorate Economic Policy and Financial
Markets
Himmelpfortgasse 4-8
Postfach 2
A-1015 Wien

Rue de Bréderode 7/Brederodestraat 7
B-1000 Bruxelles/Brussel

Rue de la Loi 12/Wetstraat 12
B-1000 Bruxelles/Brussel

CY-1439 Λευκωσία

Letenská 15
CZ-118 10 Praha

Slotsholmsgade 10-12
DK-1216 Copenhagen K

Suur-Ameerika 1
EE-15006 Tallinn

PL 28
FI-00023 Helsinki

Ministère de l’économie, des finances et de
l’industrie
139, rue de Bercy
F-75572 Paris

Bundesanstalt für Finanzdienstleistungsauf-
sicht
Graurheindorfer Str. 108
D-53117 Bonn

Greece

Hungary

Ireland

Italy

Latvia

Bank of Greece

Ministry of Finance

Irish Financial Services Regulatory Author-
ity

Ministry of Treasury

Financial and Capital Market Commission

Lithuania

Ministry of Finance

Luxembourg

Ministry of Finance

Οδός Πανεπιστημίου 21
GR-10563 Αθήνα

Pénzügyminisztérium
Postafiók: 481
HU-1369 Budapest

PO Box 9138
College Green
Dublin 2
Ireland

Ministero del Tesoro
Via XX Settembre 97
I-00187 Roma

Kungu iela 1
LV-1050 Rīga

Vaižganto 8a/2,
LT-01512 Vilnius

Ministère des finances
3, rue de la Congrégation
L-2931 Luxembourg

L 192/62

EN

Official Journal of the European Union

22.7.2005

Malta

Financial Services Authority

Netherlands

Ministry of Finance

Poland

Portugal

Ministry of Finance

Ministry of Finance

Slovak Republic

Ministry of Finance

Slovenia

Spain

Ministry of Economy

Treasury

Notabile Road
MT-Attard

Directoraat Financieel marktbeleid
Postbus 20201
2500 EE Den Haag
Nederland

ul. Świętokrzyska 12
PL-00-916 Warszawa

Direcção-Geral dos Assuntos Europeus e
Relações Internacionais
Av. Infante D. Henrique, 1C-1.o
P-1100-278 Lisboa

Štefanovičova 5
SK-817 82 Bratislava

Kotnikova 5
SI-1000 Ljubljana

Dirección General del Tesoro y Política Finan-
ciera
Paseo del Prado 6, 6a Planta
E-28071 Madrid

Sweden

Financial Supervisory Authority

Swedish Central Bank

Swedish Consumer Agency

United Kingdom

H.M. Treasury

Box 6750
S-113 85 Stockholm

Brunkebergstorg 11
S-103 37 Stockholm

Rosenlundsgatan 9
S-118 87 Stockholm

1 Horse Guards Road
London SW1A 2HQ
United Kingdom

PART B

For Mexico, The Secretaria de Hacienda y Credito Publico

Mexico

Unidad de Banca y Ahorro

Direccion General de Seguros y Valores

Insurgentes Sur, 826, piso P.h. Colonia del
Valle, Delegación Benito Juárez, C.P.03100
México, D.F.

Palacio Nacional, oficina 4068 Plaza de la
Constitución, Delegación Cuauhthemoc,
C.P.06000 México, D.F.’