Proposal for a Council Decision on a Community position within the EU/Mexico Joint Council concerning the amendments to the Joint Council Decision 2/2001
Date: 2008-06-19
Institutions: European Commission
Subjects: Mexico, accession to the European Union, cooperation agreement (EU), economic cooperation, financial institution, liberalisation of trade

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COMMISSION OF THE EUROPEAN COMMUNITIES 

Brussels, 19.6.2008 
COM(2008) 372 final 

2008/0119 (ACC) 

Proposal for a 

COUNCIL DECISION 

On a Community position within the EU/Mexico Joint Council concerning the 
amendments to the Joint Council Decision 2/2001 

(presented by the Commission) 

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EXPLANATORY MEMORANDUM 

The  EU/Mexico  Free  Trade  area  was  established  by  decisions  of  the  EU  Mexico  Joint 
Council.  Consequently  the  necessary  adaptations  to  the  trade  provisions,  following  the  EU 
enlargement  to  Romania  and  Bulgaria,  are  made  by  means  of  Joint  Council  decisions  and 
have  not  been  addressed  into  the  Additional  Protocol  to  the  EU/Mexico  Agreement  that  is 
also submitted for Council approval via another procedure. 

The  EU/Mexico  Joint  Council  Decision  2/2001  provides  for  the  liberalization  of  trade  in 
services  between  the  Parties  in  accordance  with  Article  V  of  the  GATS.  Following  the  EU 
enlargement some adaptations are needed, in particular as regards its Annex I (limitations on 
market  access  and  national  treatment  with  respect  to  financial  services)  and  Annex  II 
(authorities responsible for financial services). 

On 23 October 2006  the  Council authorised the Commission to negotiate those adaptations. 
Subsequent negotiations with Mexico resulted in an agreement to transpose within Annex I of 
Decision 2/2001 the limitations on market access and national treatment listed in the GATS 
schedules of the new EU Member States. Annex II of Decision 2/2001, listing the authorities 
responsible for financial services, has also been updated by the Parties. 

The Commission therefore recommends the Council to adopt the enclosed Council Decision 
as the EU common position on the proposed EU/Mexico Joint Council Decision in annex. 

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2008/0119 (ACC) 

Proposal for a 

COUNCIL DECISION 

On a Community position within the EU/Mexico Joint Council concerning the 
amendments to the Joint Council Decision 2/2001 

THE COUNCIL OF THE EUROPEAN UNION, 

Having  regard  to  the  Treaty  establishing  the  European  Community  and  in  particular  Article 
133 thereof, in conjunction with Article 300(2) first subparagraph, first sentence. 

Having regard to the proposal from the Commission1, 

Whereas: 

(1) 

(2) 

(3) 

As from 1 January 2007, the Treaty establishing the European Community also applies 
in the territory of Romania and the Republic of Bulgaria, following their accession to 
the European Union. 

The EU/Mexico Joint Council Decision 2/2001 provides for the liberalization of trade 
in services between the Parties in accordance with Article V of the GATS. Following 
the  EU  enlargement  to  Romania  and  the  Republic  of  Bulgaria  some  adaptations  are 
needed, in particular as regards its Annex I (limitations on market access and national 
treatment with respect to financial services) and Annex II (authorities responsible for 
financial services). 

On  23  October  2006  the  Council  authorised  the  Commission  to  negotiate  those 
adaptations.  Subsequent  negotiations  with  Mexico  resulted  in  an  agreement  to 
transpose  within  Annex  I  of  Decision  2/2001  the  limitations  on  market  access  and 
national treatment listed in the GATS schedules of the new EU Member States. Annex 
II of Decision 2/2001, listing the authorities responsible for financial services, has also 
been updated by the Parties. 

HAS DECIDED AS FOLLOWS: 

To  adopt  as  a  Community  position  within  the  EU-Mexico  Joint  Council,  the  annexed  draft 
decision. 

Sole Article 

1 

OJ C [], [], p. []. 

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Done at Brussels, […] 

For the Council 
The President 
[…] 

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ANNEX 

DRAFT DECISION No 3/2008 OF THE EU-MEXICO JOINT COUNCIL 

amending Joint Council Decision No 2/2001 of 27 February 2001, as amended by 
Joint Council Decision No 4/2004 of 18 May 2005 

THE JOINT COUNCIL 

Having  regard  to  the  Economic  Partnership,  Political  Coordination  and  Cooperation 
Agreement between the European Community and its Member States, of the one part, 
and the United Mexican States, of the other part, (hereinafter the Agreement) signed in 
Brussels on 8 December 19972, and in particular Article 6 in conjunction with Article 
47 thereof, 

Whereas: 

(1) 

(2) 

Following  the  accession  to  the  European  Union  of  Republic  of  Bulgaria  and 
Romania  (hereinafter  the  new  Member  States)  as  of  1  January  2007,  a  Second 
Additional  protocol  to  the  Agreement  has  been  signed  in  Mexico  on  29 
November 2006 and entered into force on 1 March 2007. 

In  these  circumstances,  it  is  necessary  to  adapt,  with  effect  from  the  date  at 
which  the  new  Member  States  acceded  to  the  Agreement,  annex  I  of  Joint 
Council Decision No 2/2001 of 27 February 2001, as amended by Joint Council 
Decision  No  4/2004  of  18  May  2005,  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, 
established  in  annex  II  of  Joint  Council  Decision  No  2/2001  of  27  February 
2001, as amended by Joint Council Decision No 4/2004 of 18 May 2005 

HAS DECIDED AS FOLLOWS: 

Article 1 

Annex I, part A, of Joint Council Decision No 2/2001 of 27 February 2001, as amended 
by Joint Council Decision No 4/2004 of 18 May 2005, shall be replaced by the text set 
out in Annex I to this Decision. 

2 

OJ L 276, 28.10.2000, p. 45. 

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Article 2 

Annex II, part A and part B, of Joint Council Decision No 2/2001 of 27 February 2001, 
as amended by Joint Council Decision No 4/2004 of 18 May 2005, 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 the date at which the new Member States acceded to the Agreement. 

Done at …. 

For the Joint Council…… 
The President 

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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  their  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  Austria 

BE  Belgium 

BG  Bulgaria 

CY  Cyprus 

CZ  Czech Republic 

DE  Germany 

DK  Denmark 

ES  Spain 

EE  Estonia 

FI 

Finland 

FR  France 

EL  Greece 

HU  Hungary 

IE 

Ireland 

IT 

Italy 

LV  Latvia 

LT  Lithuania 

LU  Luxembourg 

MT  Malta 

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NL  The Netherlands 

PL  Poland 

PT  Portugal 

RO  Romania 

SK  Slovak Republic 

SI 

Slovenia 

SE  Sweden 

UK  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  Commitments  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: 

BG:  A.1.(a)  (life  insurance)  and  the  remaining  part  of  A.1.(b)  (non-life 
non-MAT  -  marine,  aviation,  and  other  transport  -  insurance)  in  modes 
(1) and (2) 

CY:  A.1.(a)  (life  insurance)  and  the  remaining  part  of  A.1.(b)  (non-life 
non-MAT  -  marine,  aviation,  and  other  transport  -  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 

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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); 

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); 

RO:  B.1.  (acceptance  of  deposits)  B.2.  (lending  of  all  types),  B.4  (all 
payment  and  money  transmission  services)  B.5.  (guarantees  and 
commitments) and B.8 (money broking) 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). 

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 
Member States in conformity with Community Law. 

BG: 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 19 of Decision No 2/2001 of the 
EU-Mexico Joint Council. 

BG: Insurance or banking activities, as well as securities trading and activities 
related thereto, are to be carried out separately by companies that are licensed 
for the supply of such services. 

4. 

5. 

6. 

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7. 

8. 

9. 

BG:  As  a  general  rule  and  in  a  non-discriminatory  manner,  financial 
institutions  that  incorporate  in  the  Republic  of  Bulgaria  must  adopt  the  legal 
form of joint-stock companies 

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  constitute  inputs  to  or  be  used  to  supply  a 
scheduled service, shall continue to apply. 

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. 

10. 

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 
indicated in Article 19 of Decision No 2/2001 of the EU-Mexico Joint Council. 

11. 

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. 

12. 

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

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13. 

14. 

15. 

16. 

17. 

18. 

19. 

20. 

21. 

22. 

23. 

CZ: As a general rule and in a non-discriminatory manner, financial institutions 
incorporated in the Czech Republic must adopt a specific legal form. 

CZ:  Compulsory  motor  third  party  liability  insurance  is  provided  by  an 
exclusive supplier. When monopoly rights concerning 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 suppliers only. 

EE: Compulsory social security services are not committed. 

HU: 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 19 of Decision No 2/2001 of the 
EU-Mexico Joint Council. 

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

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

HU:  Insurance,  banking,  securities  and  collective  investment  management 
services should be performed by legally separate and independently capitalised 
suppliers of financial services. 

legislation 
MT:  For  mode  (3)  commitments,  under  exchange  control 
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. 
Companies  with  the  participation  of  non-resident  legal  or  natural  persons 
require a minimum share capital of MTL (Maltese Liri) 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. 

MT:  For  mode  (4)  commitments,  the  requirements  of  Maltese  legislation  and 
regulations regarding entry, stay, acquisition 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. 

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. 

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. 

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24. 

25. 

26. 

27. 

28. 

29. 

30. 

31. 

PL:  Prudential  regulations  in  the  financial  sector  are  being  elaborated  in 
Poland.  They  may  require  alteration  of  the  presently  existing  rules  as  well  as 
preparation of the new laws. 

RO: The establishment and the activity of insurance and reinsurance companies 
are  subject  to  the  authorisation  from  the  Insurance  and  Reinsurance  Activity 
surveillance body. The establishment and the activity of the banking companies 
are  subject  to  the  authorisation  from  the  National  Bank  of  Romania.  The 
establishment  and  the  activity  of  securities  market  related  entities  (natural  or 
legal  persons,  as  the  case  may  be)  are  subject  to  an  authorisation  from  the 
National Securities Commission of Romania (NSC). After the establishment of 
a  commercial  presence,  the  financial  institutions  have  to  carry  out  their 
transactions with residents only in the national currency of Romania. 

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

SK:  The  following  insurance  services  are  provided  by  exclusive  suppliers: 
Compulsory  motor  third  party  liability  insurance,  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 insurance 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  confined  to  the  Social 
Insurance Company. 

SI: 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 19 of Decision No 2/2001 of the 
EU-Mexico Joint Council. 

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. 

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

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

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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 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. 

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

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

BG: Subsector A.2. (reinsurance and retrocession). Unbound for retrocession services 

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

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. 

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 company 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 intermediation 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  persons  resident  in
Denmark, for Danish ships or for property in Denmark, other than insurance companies

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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 sub-paragraph 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  international 
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. 

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

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

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. 

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

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 intermediaries 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 Slovak Republic; 

–  air and maritime insurance, covering goods, aircraft, hull and liability. 

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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
intermediation 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). 

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

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

BG:  Subsectors  A.2,  A.3.  and  A.4.  (reinsurance  &  retrocession, 
intermediation and services auxiliary to insurance): Unbound. 

insurance

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  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. 

EN 

15 

   EN 

 
 
 
 
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  international 
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 c.i.f. 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  reservation  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. 

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 intermediaries for such insurance business in Portugal.

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

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 Companies). 

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 corresponding or comparable to a joint
stock company or a mutual insurance association. 

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. 

BG: Subsector A.1. (direct insurance): 

EN 

16 

   EN 

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

The insurance service suppliers cannot be set up for the supply of both life insurance
and  non-life  insurance  services.  Foreign  persons  can  supply  insurance  services  only
through  participation  in  Bulgarian  insurance  companies  with  no  limitation  on  equity
participation,  as  well  as  directly,  through  a  branch,  with  registered  office  in  the
Republic of Bulgaria. The establishment of branches of foreign insurance companies is 
subject  to  licensing  by  the  Financial  Supervision  Commission.  For  establishing  a
branch in Bulgaria to provide certain classes of insurance, a foreign insurer must have
been authorized to operate in the same classes of insurance in its country of origin for 
at  least  5 years.  The  branches  of  foreign  insurance  companies  should  satisfy  the
following  requirements:  specific  guarantee  and  deposit  requirements,  a  separate
capitalization,  and  localization  in  the  Republic  of  Bulgaria  of  the  assets  representing 
the technical reserves. 

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

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

Foreign suppliers cannot conclude insurance contracts with local natural and juridical
persons through brokers. 

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

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

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

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

Foreign suppliers cannot conclude reinsurance contracts with local natural and juridical 
persons through brokers. 

Unbound for retrocession services 

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

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

Services auxiliary to insurance have to relate to insurance.  

Unbound for the actuarial services. 

CY: Subsector A.1. (direct insurance): 

EN 

17 

   EN 

 
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. 

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 company 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 intermediation 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 representative 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 management group; the head of the management of a subsidiary or
an independent 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  supervisory  board  of  an  insurance
company shall have their place of residence in the European Economic Area, unless the 

EN 

18 

   EN 

 
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. 

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 representative offices. 

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

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

LV: Subsectors A.1. and A.2. (direct insurance, and reinsurance and retrocession): 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 intermediaries. 

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. 

RO:  The  establishment  of  companies  and  intermediation  agencies  with  foreign
participation  is  allowed  only  in  partnership  with  Romanian  legal  or  natural  persons.
The representatives of foreign insurance companies and of the associations of foreign

EN 

19 

   EN 

 
insurers have the right to conclude only the following  types  of  insurance  contracts: 1. 
insurance and reinsurance contracts with legal and natural foreign persons or for their 
goods;  2.  reinsurance  contracts  with  Romanian  insurance  companies,  Insurance-
reinsurance  companies  and  reinsurance  companies.  Intermediation  agencies  are  not
allowed  to  conclude  insurance  contracts  for  foreign  insurance  companies  with 
Romanian legal or natural persons or for their goods 

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  business  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  brokerage  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. 

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 residence 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 following criteria: 

– 

– 

the  dispersion  of  ownership  of  shares  and  the  existence  of  shareholders  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 privatisation. 

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 controlling share of the capital. (None, except for branches,

EN 

20 

   EN 

 
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. 

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

SE:  A  founder  of  an  insurance  company  shall  be  a  natural  person  resident  in  the
European Economic Area or a legal entity incorporated in the European Economic Area.

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

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

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

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

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. 

ES, IT: Residence requirement for actuarial profession. 

EN 

21 

   EN 

 
 
 
 
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. 

EN 

22 

   EN 

 
B. Banking and 
Other Financial 
Services 

(excluding 
insurance) 

1) Cross Border supply 

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

BG: 

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

(b) 

(c) 

(d) 

opening and funding of an account abroad by Czech residents, 

capital payments abroad (except FDI), 

granting financial credits and guarantees, 

operations in financial derivates, 

(e) 
Exchange Act, 

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

(f) 
Republic or their introduction on the domestic market. 

issue  of  foreign  securities  for  public  and  non-public  trade  in  the  Czech 

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

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. 

EN 

23 

   EN 

 
 
 
 
IE:  The  provision  of  investment  services  or  investment  advice  requires  either  1.
authorisation in Ireland, which normally requires that the entity be incorporated or be a 
partnership  or  a  sole  trader,  in  each  case  with  a  head/registered  office  in  Ireland
(authorisation may not be required in certain cases, e.g. where a third country service
provider  has  no  commercial  presence  in  Ireland  and  the  service  is  not  provided  to 
private individuals), or 2. authorisation in another Member State in accordance with 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 providers. 

Subsector B.12. (advisory and other auxiliary financial services): 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 cross-border provision of these services. 

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

RO:  Subsector  B.4  (all  payment  and  money  transmission  services):  Allowed  only 
through a resident bank 

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

SK: 

(i) 
banks in the Slovak Republic. 

Deposit services are confined to the domestic banks and branches of foreign

(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  members  can  trade  on  the  Bratislava  Stock
Exchange. Residents can trade on the RM-System Slovakia without any limitation and 
non-residents only through security dealers. 

(iii) 
banks and branches of foreign banks in the Slovak Republic. 

Non-cash cross-border payments may be effected only by authorised domestic 

(iv) 
for: 

Foreign exchange licence issued by the National Bank of Slovakia is required

(a) 

opening an account abroad by a Slovak non-bank resident, except for 

the natural persons during their stay abroad; 

(b) 

capital payments abroad; 

EN 

24 

   EN 

 
 
 
(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) 
exceeding value of SKK 150000 and bullion, is subject to reporting requirement. 

Export  and  import  of  the  Slovak  currency  and  foreign  exchange  in  cash

(vi) 
authorities is required for a deposit of financial assets by resident abroad. 

Foreign  exchange  permission  or  licence  granted  by  foreign  exchange 

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

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 participation in
issues of Treasury bonds and to pension fund management): None. 

All other subsectors: 

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

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

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 

BG: 

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

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

CY: Unbound, except for subsector B.6.(e) (trading of transferable securities): 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  financial
services relating to these activities: Unbound. 

EN 

25 

   EN 

 
 
 
 
 
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) 

(b) 

(c) 

(d) 

opening and funding of an account abroad by Czech residents, 

capital payments abroad (except FDI), 

granting financial credits and guarantees, 

operations in financial derivates, 

(e) 
Exchange Act, 

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

(f) 
Republic or their introduction on the domestic market. 

issue  of  foreign  securities  for  public  and  non-public  trade  in  the  Czech 

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  depository  services
involving the administration of interest and principal payments due on securities issued
in Greece. 

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. 

RO:  The  opening  of  accounts  and  utilisation  of  foreign  currency  resources  abroad  by

EN 

26 

   EN 

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

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

SK: 

(i) 
banks in the Slovak Republic. 

Deposit services are confined to the domestic banks and branches of foreign

(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  members  can  trade  on  the  Bratislava  Stock
Exchange. Residents can trade on the RM-System Slovakia without any limitation and 
non-residents only through security dealers. 

(iii) 
banks and branches of foreign banks in the Slovak Republic. 

Non-cash cross-border payments may be effected only by authorised domestic 

(iv) 
for: 

Foreign exchange licence issued by the National Bank of Slovakia is required

(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) 
exceeding value of SKK 150000 and bullion, is subject to reporting requirement. 

Export  and  import  of  the  Slovak  currency  and  foreign  exchange  in  cash

(vi) 
authorities is required for a deposit of financial assets by resident abroad. 

Foreign  exchange  permission  or  licence  granted  by  foreign  exchange 

Only  foreign  exchange  entities  established  in  the  Slovak  Republic  can  grant
(vii) 
and  obtain  guarantees  and  liabilities  according  to  determined  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 participation in
issues of Treasury bonds and to pension fund management): None. 

All other subsectors: 

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

EN 

27 

   EN 

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

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 securities 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  specialised  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. 

BG: 

Sub-sectors B.1. to B.5. (acceptance of deposits, lending of all types, financial leasing,
all payment and money transmission services, guarantees and commitments) 

Foreign banks that are to establish in the Republic of Bulgaria must be duly authorized
under their national law and must not be prohibited from performing banking activities
in their country of origin and in the countries where they operate. Unbound for caisses
populaires. 

Acquisition, directly  or  indirectly,  of  shares  representing 5  % or  higher of  the voting 
rights of an established bank is subject to an authorization by the Bulgarian National
Bank. Criteria for authorization are prudential and are consistent with the obligations of
Articles XVI and XVII of the GATS. 

The  direct  or  indirect  acquisition  of  participation  in  a  company  that  is  not  a  bank  by  a 
bank of more than 10 % of the capital of this enterprise is subject to the authorization
of the Bulgarian National Bank. 

Exclusive service suppliers status may be granted as to deposit and money transmission

EN 

28 

   EN 

 
 
 
 
services provided to budgetarily financed public institutions. 

Condition for permanent residence with respect to executive directors of the managing
body who act on behalf and for the account of a bank. 

Unbound for guarantees of the State Treasury.  

Subsectors B.6., B.7. and B.9. (trading of securities, participation in issues of all kinds
of securities, asset management): 

Bound  for  investment  intermediaries,  investment  companies  and  stock  exchanges
established as joint stock companies licensed by the Financial Supervision Commission 
(FSC).  The  grant  of  the  relevant  licence  is  related  to  the  management  and  technical
requirements as well as requirements related to the protection of investors. 

Stock exchange JSC: Conditions of minimum capital (BGN 100 000.); not less than 2/3 
of  the  capital  distributed  among  financial  institutions  (insurance  companies,  financial
houses, investment intermediaries); a 5 % ceiling of the capital of the Stock Exchange 
for direct or indirect participation by a shareholder. 

Investment intermediaries: 
intermediary  activities 
effected  on  the  territory  of  the  Republic  of  Bulgaria,  unless  otherwise  permitted  by
FSC. 

investment 

None 

for 

Condition for membership at the stock exchange for trading with securities at a stock
exchange.  The  membership  of  an  investment  intermediary  is  limited  to  one  stock
exchange only in Bulgaria. 

Investment  companies:  The  activities  of  a  bank,  insurance  company  or  of  an
investment intermediary are not to be conducted by an investment company. 

Unbound  for  trading  for  own  or  customers  account  of  negotiable  instruments  and
financial assets other than transferable securities. Unbound for participation in issuance
of treasury bonds. Unbound for pension fund management. 

Subsectors  B.8.  and  B.10  (money  broking.,  settlement  and  clearing  services  for 
financial assets): Unbound. 

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

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.

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 written 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

EN 

29 

   EN 

 
commitments, and trading of foreign exchange):  

For new banks the following requirements apply: 

(a) 
business. The Central Bank in granting a licence may apply an economic needs test. 

A  licence  is  required  from  the  Central  Bank  for  the  carrying  out  of  banking

(b) 
Law and licensed under the Banking Law. 

Branches of foreign banks must be registered in Cyprus under the Companies

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 government  financial  policy  or  if  it
does not conform with the financial market requirements.3 

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. 

3 

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

EN 

30 

   EN 

 
                                                 
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  directors,  the
supervisory  board  and  the  delegates,  the  managing  director,  the  holder  of  the 
procuration  and  the  person  entitled  to  sign  in  the  name  of  the  credit  institution  shall
have their place of residence in the European Economic Area, unless the Ministry of
Finance grants an exemption. At least one auditor shall have his place of residence in 
the European Economic Area. 

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  subsidiary  of  a  non-French  bank.  These  conditions  apply  to  lead 
banks  running  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 incorporated in Greece. 

EL:  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  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%. 

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. 

4 

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

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. 

EN 

31 

   EN 

 
                                                                                                                                                         
 
 
 
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 Investment 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 Art. 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  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.  

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 
pension  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. 

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. 

EN 

32 

   EN 

 
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 establishment of all banks based on
prudential  grounds.  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) 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  network,  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  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. 

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  incorporated  in
Portugal and by insurance companies established in Portugal and authorised to take up

EN 

33 

   EN 

 
the life insurance business. 

RO: The securities (brokerage) company must be a Romanian legal entity set up as a 
joint-stock  company  under  the  Romanian  law,  and  having  as  exclusive  business
objective the intermediation of securities. Any public offer of securities shall require, 
previous to the publication of its prospectus, the authorization of the National Securities
Commission  of  Romania.  Companies  performing  asset  management must  be 
established  as  joint-stock  companies  under  the  Romanian  law;  the  open-ended 
investment funds must be established under civil Romanian law. Unbound for financial 
leasing. Unbound for trading for own or customers account of negotiable instruments
and financial assets other than transferable securities. 

SK: Trading of derivative products and of bullion, money broking, and intermediation: 
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  authorisation  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 existing 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  investment
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  settlement  goes  through  Banking  Clearing  and
Settlement  House  - (where  the  National  Bank  of  Slovakia  is  major  shareholder)  for
Bratislava  Stock  Exchange,  joint-stock  company  or  through  Jumbo  account  for 
RM-System 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 participation 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. 

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34 

   EN 

 
Foreign  persons  may  become  shareholders  of  banks  or  acquire  additional  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  services,  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 guidelines4: 

– 

the existence of investors from different countries; 

– 

the opinion of the foreign institution in change of banking supervision. 

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

Unbound in relation to foreign participation in banks under privatisation. 

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  Management  Company  is  established  solely  for  the 
purpose of managing the authorised investment companies. 

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 Broking Company up
to  24  %  of  the  capital  of  the  Stock  Broking  Company  by  prior  approval  of  the 
Securities  Market  Agency.  (Remark:  this  provision  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  territory  of  the 

EN 

35 

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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  commercial  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 European 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. 

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 indicated 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  section  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 auxiliary financial 
services  only  in  relation  to  the  activities  committed  for  Poland.): Unbound  except  as 
indicated in the horizontal section  

EN 

36 

   EN 

 
 
 
 
All other subsectors: Unbound. 

SK: 

Trading  of  derivative  products  and  of  bullion,  money  broking,  and  intermediation: 
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, BG, DE, DK, ES, EE, FR, FI, EL, HU, IT, IE, LU, LT, LV, NL, PT, RO, SE, 
UK: 

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

BG:  Unbound  for  guarantees  of  the  State  Treasury.  Unbound  for  trading  for  own  or
customers  account  of  negotiable  instruments  and  financial  assets  other  than 
transferable  securities.  Unbound  for  participation  in  issuance  of  treasury  bonds.
Unbound  for  money  broking.  Unbound  for  pension  fund  management.  Unbound  for
settlement  and  clearing  services  for  financial  assets.  Unbound  for  intermediation  and 
other auxiliary financial services 

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  responsible  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). 

RO: Unbound for financial leasing. Unbound for trading for own or customers account
of negotiable instruments and financial assets other than transferable securities. 

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   EN 

 
ANNEX II 

AUTHORITIES RESPONSIBLE FOR FINANCIAL SERVICES 

Part A - For the Community and its Member States: 

European Commission 

DG Trade 

B-1049 Bruxelles 

DG Internal Market 

Austria 

Ministry of Finance 

Directorate Economic Policy and Financial Markets 

Himmelpfortgasse 4-8 

Postfach 2 

A-1015 Wien 

Belgium 

Ministry of Economy 

Rue de Bréderode 7 

Bulgaria 

Ministry of Finance 

Ministry of Economy and 
Energy 

Ministry of Finance 

Bulgarian National Bank 

B-1000 Bruxelles 

Rue de la Loi 12 

B-1000 Bruxelles 

Slavyanska str. 8 
Sofia 1052 

G.S.Rakovski str.102 
Sofia 1000 

Al.Batenberg sq.1 
Sofia 1000 

Financial Supervision 
Commission 

33, Shar Planina Street 
Sofia 1303 

Cyprus 

Ministry of Finance 

CY-1439 Nicosia 

Czech Republic 

Ministry of Finance 

Letenská 15 

Denmark 

Ministry of Economic Affairs 

Ved Stranden 8  

CZ-118 10 Prague 

DK-1061 Copenhagen K 

Estonia 

Ministry of Finance 

Suur-Ameerika 1 

EE-15006 Tallinn 

Finland 

Ministry of Finance 

PO Box 28 

EN 

38 

   EN 

 
 
 
 
 
 
 
 
 
 
 
France 

Ministry of Economy, Finance 
and Industry 

Ministère de l’Economie, des Finances et de l’Industrie 

FIN-00023 Helsinki 

139, rue de Bercy 

F-75572 Paris 

Germany 

Ministry of Finance 

Bundesanstalt für Finanzdienstleistungsaufsicht 

Graurheindorfer Str. 108 

D-53117 Bonn 

Greece 

Bank of Greece 

Panepistimiou Street, 21 

Hungary 

Ministry of Finance 

Pénzügyminisztérium 

GR-10563 Athens 

Ireland 

Irish Financial Services 
Regulatory Authority 

Postafiók 481 

HU-1369 Budapest 

PO Box 9138 

College Green 

IRL-Dublin 2 

Italy 

Ministry of Treasury 

Ministero del Tesoro 

Latvia 

Financial and Capital Market 
Commission 

Via XX Settembre 97  

I-00187 Roma 

Kungu Street 1 

LV-1050 Riga 

Lithuania 

Ministry of Finance 

Vaizganto 8a/2, 

LT-01512 Vilnius 

Luxembourg 

Ministry of Finance 

Ministère des Finances 

3, rue de la Congrégation  

L-2931 Luxembourg 

Malta 

Financial Services Authority 

Notabile Road 

MT-Attard 

Netherlands 

Ministry of Finance 

Financial Markets Policy Directorate 

EN 

Postbus 20201 

39 

   EN 

 
Poland 

Ministry of Finance 

12 Świętokrzyska Street 

PL-00-916 Warsaw 

NL-2500 EE Den Haag 

Portugal 

Ministry of Finance 

Direcção  Geral  dos  Assuntos  Europeus 
Internacionais 

e  Relações 

Av. Infante D. Henrique, 1C-1º 

P-1100-278 Lisboa 

Romania 

National Bank of Romania 

25 Lipscani Str, sector 3 Bucharest, code 030031 

Romanian National Securities 
Commission 

(2 Foisorului Street, Bucharest, sector 3 

Insurance Supervisory 
Commission 

18th, Amiral Constantin Balescu Street, Sector 1, Bucharest  

Code 011954  

Private pension system 
supervisory Commission 

74 Splaiul Unirii, sector 4, Bucharest, code 030128 

Slovak Republic 

Ministry of Finance 

Stefanovicova 5 

SK-817 82 Bratislava 

Slovenia 

Ministry of Economy 

Kotnikova 5 

SI-1000 Ljubljana 

Spain 

Treasury 

Directora General del Tesoro y Politica Financiera 

Paseo del Prado 6-6a Planta 

E-28071 Madrid 

Sweden 

Financial Supervisory Authority 

Box 6750 

S-113 85 Stockholm 

Swedish Central Bank 

Malmskillnadsgatan 7 

S-103 37 Stockholm 

Swedish Consumer Agency 

Rosenlundsgatan 9 

S-118 87 Stockholm 

EN 

40 

   EN 

 
 
 
 
 
 
 
 
 
 
 
 
 
United Kingdom 

H. M. Treasury 

1 Horse Guards Road 

UK-London SW1A 2HQ 

Part B - For Mexico, The Secretaria de Hacienda y Credito Publico: 

Mexico 

Unidad de Banca, Valores y 
Ahorro 

Palacio Nacional, edificio 12, 4 piso 

Col. Centro, Deleg. Cuauhtemoc , C.P. 06000 

México, D.F. 

Unidad de Seguros, Pensiones y 
Seguridad Social 

Palacio Nacional, Oficina 4068 

Plaza de la Constitucion, Delegacion Cuauhthemoc, C.P.06000 

México, D.F. 

EN 

41 

   EN 

 
 
LEGISLATIVE FINANCIAL STATEMENT FOR PROPOSALS HAVING A 
BUDGETARY IMPACT EXCLUSIVELY LIMITED TO THE REVENUE SIDE 

1. 

NAME OF THE PROPOSAL: 

Proposal  for  a  COUNCIL  DECISION  On  a  Community  position  within  the 
EU/Mexico Joint Council concerning the amendments to the Joint Council Decision 
2/2001 

2. 

BUDGET LINES: 

Chapter and Article: Not applicable 

Amount budgeted for the year concerned: Not applicable 

3. 

FINANCIAL IMPACT  

x 

Proposal has no financial implications 

(cid:133) 

Proposal has no financial impact on expenditure but has a financial impact on 
revenue – the effect is as follows: 

(€ million to one decimal place) 

Budget line 

Revenue5 

12 month period, 
starting dd/mm/yyyy

[Year n] 

Article … 

Impact on own resources 

Article … 

Impact on own resources 

Situation following action 

[n+1] 

[n+2] 

[n+3] 

[n+4] 

[n+5] 

Article … 

5 

Regarding  traditional  own  resources  (agricultural  duties,  sugar  levies,  customs  duties)  the  amounts 
indicated must be net amounts, i.e. gross amounts after deduction of 25 % of collection costs 

EN 

42 

   EN 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                 
Article … 

4. 

ANTI-FRAUD MEASURES 

Not applicable 

5. 

OTHER REMARKS 

Not applicable 

EN 

43 

   EN