CELEX: 21999A0127(01)
Language: bg
Date: 1998-02-27 00:00:00
Title: Пети протокол към Общото споразумение по търговията с услуги

11/т. 18           BG                            Официален вестник на Европейския съюз                                                     177
21999A0127(01)
L 20/40                             ОФИЦИАЛЕН ВЕСТНИК НА ЕВРОПЕЙСКИТЕ ОБЩНОСТИ                                                       27.1.1999
                                                              ПРИЛОЖЕНИЕ
                       ПЕТИ ПРОТОКОЛ КЪМ ОБЩОТО СПОРАЗУМЕНИЕ ПО ТЪРГОВИЯТА С УСЛУГИ
           СТРАНИТЕ - ЧЛЕНКИ НА СВЕТОВНАТА ТЪРГОВСКА ОРГАНИЗАЦИЯ (по-нататък наричана „СТО“), чиито Списъци със
           специфичните задължения и Списъци на изключенията от член II на Общото споразумение по търговията с услуги относно
           финансовите услуги са приложени към този протокол (по-нататък наричани „заинтересовани страни членки“),
           След провеждане на преговори съгласно условията, предвидени в приетото на 21 юли 1995 г. от Съвета по търговията с услуги
           Второ решение по финансовите услуги (документ S/L/9),
           СЕ СПОРАЗУМЯВАТ КАКТО СЛЕДВА:
           1. С влизане в сила за съответната страна - членка на този протокол, приложените към него Списък със
               специфичните задължения и Списък на изключенията от член II относно финансовите услуги ще заменят частта
               за финансовите услуги от Списъка на специфичните задължения и Списъка на изключенията от член II на тази
               страна членка.
           2. Протоколът ще бъде открит за приемане чрез подпис или по друг начин от заинтересованите страни членки до
               29 януари 1999 г.
           3. Протоколът ще влезе в сила на тридесетия ден от приемането му от всички заинтересовани страни членки. Ако
               до 30 януари 1999 г. той не бъде приет от всички заинтересовани страни членки, страните членки, които са
               го приели до тази дата, могат в 30-дневен срок да вземат решение за неговото влизане в сила.
           4. Протоколът ще бъде депозиран при генералния директор на СТО. Генералният директор на СТО ще предостави
               своевременно на всяка страна - членка на СТО, заверено копие от оригиналния текст и нотификациите за
               приемането му съгласно параграф 3.
           5. Протоколът ще бъде регистриран в съответствие с разпоредбите на член 102 от Устава на Обединените нации.
           Изготвен в Женева на двадесет и седми февруари хиляда деветстотин деведесет и осма година в един екземпляр на
           английски, френски и испански език, всеки от текстовете с еднаква сила, освен ако не е предвидено друго по
           отношение на приложените към протокола списъци.
 ---pagebreak--- 178                       BG                                   Официален вестник на Европейския съюз                                                                    11/т. 18
                                                                                   Приложение
                                                   EUROPEAN COMMUNITIES AND THEIR MEMBER STATES
                                                                 SCHEDULE OF SPECIFIC COMMITMENTS
                                                                                   Supplement 4
                                                           (This is authentic in English, French and Spanish)
This text replaces the financial services section contained in document GATS/SC/31/Suppl. 1/Rev. 1.
Modes of supply:         (1) Cross-border supply        (2) Consumption abroad            (3) Commercial presence        (4) Presence of natural persons
       Sector or sub-sector                         Limitations on market access                          Limitations on national treatment             Additional commitments
FINANCIAL SERVICES SECTOR (1)
1. The Communities and their Member States undertake commitments on financial services in accordance with the provisions of the „Understanding on
     commitments in financial services“ („the Understanding“).
2. These commitments are subject to the limitations on market access and national treatment in the „all sectors“ section of this schedule and to those
     relating to the sub-sectors listed below.
3. The market access commitments in respect of modes (1) and (2) apply only to the transactions indicated in paragraphs B.3 and B.4 of the market access
     section of the Understanding respectively.
4. Notwithstanding note 1 above, the market access and national treatment commitments in respect of mode (4) on financial services are those in the „all
     sectors“ section of this schedule, except for Sweden in which case commitments are made in accordance with the Understanding.
5. The admission to the market of new financial services or products may be subject to the existence of, and consistency with, a regulatory framework
     aimed at achieving the objectives indicated in Article 2(a) of the financial services Annex.
6. As a general rule and in a non-discriminatory manner, financial institutions incorporated in a Member State of the Community must adopt a specific
     legal form.
A.     Insurance             and     (1)    A: Promotional activity and intermediation             (1)    A: Higher premium tax is due for             The European Commu-
       insurancerelated                     on behalf of a subsidiary not established in                  insurance contracts (except for              nities and their Member
       services                             the Community or of a branch not established                  contracts on reinsurance and                 States undertake addi-
                                            in Austria (except for reinsurance and                        retrocession) which are written by a         tional commitments as
                                            retrocession) are prohibited.                                 subsidiary not established in the            contained in the attach-
                                                                                                          Community or by a branch not                 ment.
                                            A: Compulsory air insurance can be                            established in Austria. Exception
                                            underwritten only by a subsidiary established                 from the higher tax can be granted.
                                            in the Community or by a branch established
                                            in Austria.
                                            DK: Compulsory air transport insurance can
                                            be underwritten only by firms established in
                                            the Community.
                                            DK: No persons or companies (including
                                            insurance companies) may for business
                                            purposes in Denmark assist in effecting direct
                                            insurance for persons resident in Denmark,
                                            for Danish ships or for property in Denmark,
                                            other than insurance companies licensed by
                                            Danish law or by Danish competent
                                            authorities.
(1) Unlike foreign subsidiaries, branches established directly in a Member State by a non-Community financial institution are not, with certain limited exceptions, subject to
    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 third country of a
    commercial presence or to the provision of cross-border services from a third country; consequently, a Member State may not apply these restrictions, including those
    concerning establishment, to third-country subsidiaries established in other Member States of the Community, unless these restrictions can also be applied to companies or
    nationals of other Member States in conformity with Community law.
 ---pagebreak--- 11/т. 18                BG                               Официален вестник на Европейския съюз                                                          179
Modes of supply:      (1) Cross-border supply     (2) Consumption abroad       (3) Commercial presence     (4) Presence of natural persons
     Sector or sub-sector                     Limitations on market access                   Limitations on national treatment        Additional commitments
                                      D: Compulsory air insurance policies can be
                                      underwritten only by a subsidiary established
                                      in the Community or by a branch established
                                      in Germany.
                                      D: If a foreign insurance company has
                                      established a branch in Germany, it may
                                      conclude insurance contracts in Germany
                                      relating to international transport only
                                      through the branch established in Germany.
                                      E, I: Unbound for the actuarial profession.
                                      FIN: Only insurers having their head office in
                                      the European Economic Area or having their
                                      branch in Finland may offer insurance
                                      services as referred to in subparagraph 3(a) of
                                      the Understanding.
                                      FIN: The supply of insurance broker services
                                      is subject to a permanent place of business in
                                      the European Economic Area.
                                      F: Insurance of risks relating to ground
                                      transport may be carried out only by
                                      insurance firms established in the
                                      Community.
                                      I: Insurance of risks relating to cif exports by
                                      residents in Italy may be underwritten only
                                      by insurance firms established in the
                                      Community.
                                      I: Transport insurance of goods, insurance of
                                      vehicles as such and liability insurance
                                      regarding risks located in Italy may be
                                      underwritten only by insurance companies
                                      established in the Community. This
                                      reservation does not apply for international
                                      transport involving imports into Italy.
                                      P: Air and maritime transport insurance,
                                      covering goods, aircraft, hull and liability can
                                      be underwritten only by firms established in
                                      the EC; only persons or companies established
                                      in the EC may act as intermediaries for such
                                      insurance business in Portugal.
                                      S: The supply of direct insurance is allowed
                                      only through an insurance service supplier
                                      authorised in Sweden, provided that the
                                      foreign service supplier and the Swedish
                                      insurance company belong to the same group
                                      of companies or have an agreement of
                                      cooperation between them.
                                 (2)  A: Promotional activity and intermediation       (2)   A: Higher premium tax is due for
                                      on behalf of a subsidiary not established in           insurance contracts (except for
                                      the Community or of a branch not established           contracts on reinsurance and
                                      in Austria (except for reinsurance and                 retrocession) which are written by a
                                      retrocession) are prohibited.                          subsidiary not established in the
                                                                                             Community or by a branch not
                                      A: Compulsory air insurance can be                     established in Austria. Exception
                                      underwritten only by a subsidiary established          from the higher tax can be granted.
                                      in the Community or by a branch established
                                      in Austria.
 ---pagebreak--- 180                    BG                               Официален вестник на Европейския съюз                                                      11/т. 18
Modes of supply:     (1) Cross-border supply    (2) Consumption abroad        (3) Commercial presence     (4) Presence of natural persons
    Sector or sub-sector                     Limitations on market access                   Limitations on national treatment        Additional commitments
                                     DK: Compulsory air transport insurance can
                                     be underwritten only by firms established in
                                     the Community.
                                     DK: No persons or companies (including
                                     insurance companies) may for business
                                     purposes in Denmark assist in effecting direct
                                     insurance for persons resident in Denmark,
                                     for Danish ships or for property in Denmark,
                                     other than insurance companies licensed by
                                     Danish law or by Danish competent
                                     authorities.
                                     D: Compulsory air insurance policies can be
                                     underwritten only by a subsidiary established
                                     in the Community or by a branch established
                                     in Germany.
                                     D: If a foreign insurance company has
                                     established a branch in Germany, it may
                                     conclude insurance contracts in Germany
                                     relating to international transport only
                                     through the branch established in Germany.
                                     F: Insurance of risks relating to ground
                                     transport may be carried out only by
                                     insurance firms established in the
                                     Community.
                                     I: Insurance of risks relating to cif exports by
                                     residents in Italy may be underwritten only by
                                     insurance firms established in the
                                     Community.
                                     I: Transport insurance of goods, insurance of
                                     vehicles as such and liability insurance
                                     regarding risks located in Italy may be
                                     underwritten only by insurance companies
                                     established in the Community. This
                                     reservation does not apply for international
                                     transport involving imports into Italy.
                                     P: Air and maritime transport insurance,
                                     covering goods, aircraft, hull and liability can
                                     be underwritten only by firms established in
                                     the EC; only persons or companies established
                                     in the EC may act as intermediaries for such
                                     insurance business in Portugal.
                                (3)  A: The licence for branch offices of foreign     (3)   FIN: The general agent of the
                                     insurers has to be denied if the insurer, in the       foreign insurance company shall
                                     home country, does not have a legal form               have his place of residence in
                                     corresponding or comparable to a joint stock           Finland, unless the company has its
                                     company or a mutual insurance association.             head office in the European
                                                                                            Economic Area.
                                     B: Any public bid to acquire Belgian securities        S: Non-life insurance undertakings
                                     made by or on behalf of a person, company              not incorporated in Sweden
                                     or institution outside the jurisdiction of one         conducting business in Sweden are
                                     of the Member States of the European                   — instead of being taxed according
                                     Community shall be submitted to the                    to the net result — subject to
                                     authorisation of the Minister of Finance.              taxation based on the premium
                                                                                            income from direct insurance
                                                                                            operations.
 ---pagebreak--- 11/т. 18                BG                               Официален вестник на Европейския съюз                                                           181
Modes of supply:      (1) Cross-border supply    (2) Consumption abroad         (3) Commercial presence     (4) Presence of natural persons
     Sector or sub-sector                     Limitations on market access                    Limitations on national treatment        Additional commitments
                                      E: Before establishing a branch or agency in            S: A founder of an insurance
                                      Spain to provide certain classes of insurance,          company shall be a natural person
                                      a foreign insurer must have been authorised             resident in the European Economic
                                      to operate in the same classes of insurance in          Area or a legal entity incorporated
                                      its country of origin for at least five years.          in the European Economic Area.
                                      E, GR: The right of establishment does not
                                      cover the creation of representative offices or
                                      other permanent presence of insurance
                                      companies, except where such offices are
                                      established as agencies, branches or head
                                      offices.
                                      FIN: The managing director, at least one
                                      auditor and at least one half of the promoters
                                      and members of the board of directors and
                                      the supervisory board of an insurance
                                      company shall have their place of residence in
                                      the European Economic Area, unless the
                                      Ministry of Social Affairs and Health has
                                      granted an exemption.
                                      FIN: Foreign insurers cannot get a licence in
                                      Finland as a branch to carry on statutory
                                      social insurances (statutory pension
                                      insurance, statutory accident insurance).
                                      F: The establishment of branches is subject to
                                      a special authorisation for the representative
                                      of the branch.
                                      I: Access to actuarial profession through
                                      natural      persons      only.      Professional
                                      associations (no incorporation) among
                                      natural persons permitted.
                                      I: The authorisation of the establishment of
                                      branches is ultimately subject to the
                                      evaluation of supervisory authorities.
                                      IRL: The right of establishment does not
                                      cover the creation of representative offices.
                                      P: Foreign companies may carry out insurance
                                      intermediation in Portugal only through a
                                      company formed in accordance with the law
                                      of a Community Member State.
                                      P: In order to establish a branch in Portugal,
                                      foreign companies need to demonstrate prior
                                      operational experience of at least five years.
                                      S: Foreign companies may only establish as a
                                      subsidiary or through a resident agent.
                                      S: Insurance broking undertakings not
                                      incorporated in Sweden may establish a
                                      commercial presence only through a branch.
 ---pagebreak--- 182                        BG                                   Официален вестник на Европейския съюз                                                                   11/т. 18
Modes of supply:          (1) Cross-border supply        (2) Consumption abroad          (3) Commercial presence           (4) Presence of natural persons
       Sector or sub-sector                          Limitations on market access                            Limitations on national treatment          Additional commitments
                                      (4)     Unbound except as indicated in the horizontal          (4)     Unbound except as indicated in the
                                              section and subject to the specific conditions:                horizontal section and subject to
                                                                                                             the following specific limitations:
                                              GR: A majority of the members of the board                     A: The management of a branch
                                              of directors of a company established in                       office must consist of two natural
                                              Greece shall be nationals of one of the                        persons resident in Austria.
                                              Member States of the Community.
                                                                                                             DK: The general agent of an
                                                                                                             insurance branch will need to have
                                                                                                             resided in Denmark for the last two
                                                                                                             years unless being a national of one
                                                                                                             of the Member States of the
                                                                                                             Community. The Minister of
                                                                                                             Business and Industry may grant
                                                                                                             exemption.
                                                                                                             DK: Residency requirement for
                                                                                                             managers and the members of the
                                                                                                             board of directors of a company.
                                                                                                             However, the Minister of Business
                                                                                                             and Industry may grant exemption
                                                                                                             from this requirement. Exemption
                                                                                                             is granted on a non-discriminatory
                                                                                                             basis.
                                                                                                             E, I: Residence requirement for
                                                                                                             actuarial profession.
B.      Banking and other             (1) (1) B: Establishment in Belgium is required for            (1)     None                                      The European Commu-
        financial        services             the provision of investment advisory services.                                                          nities and their Member
        (excluding insurance)                                                                                                                         States undertake addi-
                                              I: Unbound for „promotori di servizi                                                                    tional commitments as
                                              finanziari“ (financial salesmen).                                                                       contained in the attach-
                                                                                                                                                      ment.
                                              IRL: The provision of investment services or
                                              investment advice requires either: (i)
                                              authorisation in Ireland, which normally
                                              requires that the entity be incorporated or be
                                              a partnership or a sole trader, in each case
                                              with a head/registered office in Ireland
                                              (authorisation may not be required in certain
                                              cases, e.g. where a third country service
                                              provider has no commercial presence in
                                              Ireland and the service is not provided to
                                              private individuals); or (ii) authorisation in
                                              another Member State in accordance with the
                                              EC Investment Services Directive.
(1) I: Provision and transfer of financial information and financial data processing entailing trading of financial instruments may be prohibited where the protection of investors
    is likely to be seriously prejudiced. Only authorised banks and investment firms must comply with conduct of business rules in providing investment advice concerning
    financial instruments and advice to undertakings on capital structure, industrial strategy and related matters, and advice and service relating to mergers and acquisition of
    undertakings. Advisory activity should not include asset management.
 ---pagebreak--- 11/т. 18                  BG                                  Официален вестник на Европейския съюз                                                                    183
Modes of supply:        (1) Cross-border supply       (2) Consumption abroad       (3) Commercial presence         (4) Presence of natural persons
       Sector or sub-sector                        Limitations on market access                      Limitations on national treatment           Additional commitments
                                   (2) (1) D: Issues of securities denominated in            (2)     None
                                           German marks can be lead managed only by
                                           a credit institution, subsidiary or branch,
                                           established in Germany.
                                           FIN: Payments from governmental entities
                                           (expenses) shall be transmitted through the
                                           Finnish postal giro system, which is
                                           maintained by Postipankki Ltd. Exemption
                                           from this requirement may be granted on
                                           special reason by the Ministry of Finance.
                                           GR: Establishment is required for the
                                           provision of custodial and depository services
                                           involving the administration of interest and
                                           principal payments due on securities issued in
                                           Greece.
                                           UK: Sterling issues, including privately led
                                           issues, can be lead managed only by a firm
                                           established in the European Economic Area.
                                   (3)     All Member States:                                (3)     F: In addition to French credit
                                                                                                     institutions, issues denominated in
                                           — the establishment of a specialised                      French francs may be lead managed
                                               management company is required to                     only by French subsidiaries (under
                                               perform the activities of management of               French law) of non- French banks
                                               unit trusts and investment companies                  which are authorised, based on
                                               (Articles 6 and 13 of UCITS Directive,                sufficient means and commitments
                                               85/611/EEC),                                          in Paris of the candidate French
                                           — only firms having their registered office in            subsidiary of a non-French bank.
                                               the Community can act as depositories of              These conditions apply to lead
                                               the assets of investment funds                        banks running the books. A non-
                                               (Articles 8.1 and 15.1 of the UCITS                   French bank may be, without
                                               Directive 85/ 611/EEC).                               restrictions or requirement to
                                                                                                     establish, jointlylead or co-lead
                                                                                                     manager of Eurofranc bond issue.
                                           A: Only members of the Austrian stock                     I: Representative offices of foreign
                                           exchange may engage in securities trading at              intermediaries cannot carry out
                                           the stock exchange.                                       activities aimed at providing
                                                                                                     investment services.
                                           A: For trading in foreign exchange and foreign            S: A founder of a banking company
                                           currency authorisation of the Austrian                    shall be a natural person resident in
                                           national bank is required.                                the European Economic Area or a
                                                                                                     foreign bank. A founder of a savings
                                           A: Mortgage bonds and municipal bonds may                 bank shall be a natural person
                                           be issued by banks specialised and authorised             resident in the European Economic
                                           for this activity.                                        Area.
                                           A: For carrying out services of pension fund
                                           management a specialised company only for
                                           this activity and incorporated as a stock
                                           company in Austria is required.
(1) I: Authorised persons enabled to conduct collective asset management are deemed responsible for any investment activity conducted by their delegated advisers (collective
    asset management, excluding UCITS).
 ---pagebreak--- 184                    BG                               Официален вестник на Европейския съюз                                                      11/т. 18
Modes of supply:     (1) Cross-border supply     (2) Consumption abroad       (3) Commercial presence     (4) Presence of natural persons
    Sector or sub-sector                     Limitations on market access                   Limitations on national treatment        Additional commitments
                                     B: Any public bid to acquire Belgian securities
                                     made by or on behalf of a person, company
                                     or institution outside the jurisdiction of one
                                     of the Member States of the European
                                     Community shall be submitted to the
                                     authorisation of the Minister of Finance.
                                     DK: Financial institutions may engage in
                                     securities trading on the Copenhagen stock
                                     exchange only through subsidiaries
                                     incorporated in Denmark.
                                     E: Financial institutions may engage in
                                     securities trading in securities listed on an
                                     official stock exchange or in the Government
                                     securities market only through securities
                                     firms incorporated in Spain.
                                     FIN: At least one half of the founders, the
                                     members of the board of directors, the
                                     supervisory board and the delegates, the
                                     managing director, the holder of the
                                     procuration and the person entitled to sign in
                                     the name of the credit institution shall have
                                     their place of residence in the European
                                     Economic Area, unless the Ministry of Finance
                                     grants an exemption. At least one auditor
                                     shall have his place of residence in the
                                     European Economic Area.
                                     FIN: The broker (individual person) on
                                     derivative exchange shall have his place of
                                     residence in the European Economic Area.
                                     Exemption from this requirement may be
                                     granted under the conditions set by the
                                     Ministry of Finance.
                                     FIN: Payments from governmental entities
                                     (expenses) shall be transmitted through the
                                     Finnish postal giro system, which is
                                     maintained by Postipankki Ltd. Exemption
                                     from this requirement may be granted on
                                     special reason by the Ministry of Finance.
                                     GR: Financial institutions may engage in the
                                     trading of securities listed on the Athens stock
                                     exchange only through stock exchange firms
                                     incorporated in Greece.
                                     GR: For the establishment and operations of
                                     branches a minimum amount of foreign
                                     exchange must be imported, converted into
                                     drachmas and kept in Greece as long as a
                                     foreign bank continues to operate in Greece:
                                     — up to four (4) branches, this minimum is
                                         currently equal to half of the minimum
                                         amount of share capital required for a
                                         credit institution to be incorporated in
                                         Greece,
                                     — for the operation of additional branches
                                         the minimum amount of capital must be
                                         equal to the minimum share capital
                                         required for a credit institution to be
                                         incorporated in Greece.
 ---pagebreak--- 11/т. 18                BG                               Официален вестник на Европейския съюз                                                           185
Modes of supply:      (1) Cross-border supply     (2) Consumption abroad        (3) Commercial presence     (4) Presence of natural persons
     Sector or sub-sector                     Limitations on market access                    Limitations on national treatment        Additional commitments
                                      I: In providing the activity of door-to-door
                                      selling, intermediaries must utilise authorised
                                      financial salesmen resident within the
                                      territory of a Member State of the European
                                      Communities.
                                      I: Clearing and settlement of securities may be
                                      conducted only by the official clearing system.
                                      A company authorised by the Bank of Italy in
                                      agreement with Consob could be entrusted
                                      with the activity of clearing, up to the final
                                      settlement of securities.
                                      I: The public offer of securities (as provided
                                      for under Article 18 of Law 216/74) other
                                      than shares, debt securities (including
                                      convertible debt securities) can only be made
                                      by Italian limited companies, foreign
                                      companies duly authorised, public bodies or
                                      companies belonging to local authorities
                                      whose assigned capital is not below ITL 2
                                      billion.
                                      I: Centralised deposit, custody and
                                      administration services can be provided only
                                      by the Bank of Italy for Government
                                      securities, or by Monte Titoli SpA for shares,
                                      securities of a participating nature and other
                                      bonds traded in a regulated market.
                                      I: In the case of collective investment schemes
                                      other than harmonised UCITS under Directive
                                      85/611/EEC, the trustee/depositary is
                                      required to be incorporated in Italy or in
                                      another Member State of the European
                                      Community, being established through a
                                      branch in Italy. Only banks, insurance
                                      companies, securities investment companies
                                      having their legal head office in the European
                                      Community may carry out activity of pension
                                      fund resources management. Management
                                      companies (closed-end funds and real estate
                                      funds) are also required to be incorporated in
                                      Italy.
                                      IRL: In the case of collective investment
                                      schemes constituted as unit trusts and variable
                                      capital companies (other than undertakings
                                      for collective investment in transferable
                                      securities, UCITS), the trustee/depositary and
                                      management company is required to be
                                      incorporated in Ireland or in another Member
                                      State of the Community. In the case of an
                                      investment limited partnership, at least one
                                      general partner must be incorporated in
                                      Ireland.
 ---pagebreak--- 186                    BG                               Официален вестник на Европейския съюз                                                     11/т. 18
Modes of supply:     (1) Cross-border supply    (2) Consumption abroad       (3) Commercial presence     (4) Presence of natural persons
    Sector or sub-sector                     Limitations on market access                  Limitations on national treatment        Additional commitments
                                     IRL: To become a member of a stock
                                     exchange in Ireland, an entity must either: (i)
                                     be authorised in Ireland, which requires that
                                     it be incorporated or be a partnership, with a
                                     head/ registered office in Ireland; or (ii) be
                                     authorised in another Member State in
                                     accordance with the EC Investment Services
                                     Directive.
                                     IRL: The provision of investment services or
                                     investment advice requires either: (i)
                                     authorisation in Ireland, which normally
                                     requires that the entity be incorporated or be
                                     a partnership or a sole trader, in each case
                                     with a head/registered office in Ireland (the
                                     supervisory authority may also authorise
                                     branches of third country entities); or (ii)
                                     authorisation in another Member State in
                                     accordance with the EC Investment Services
                                     Directive.
                                     P: The establishment of non-EC banks is
                                     subject to an authorisation issued, on a case-
                                     by-case basis, by the Minister of Finance. The
                                     establishment has to contribute to increase
                                     the national banking system’s efficiency or
                                     has to produce significant effects on the
                                     internationalisation of the Portuguese
                                     economy.
                                     P: The services of venture capital may not be
                                     provided by branches of venture capital
                                     companies having their head office in a
                                     non-EC country. Broker-dealer services on the
                                     Lisbon stock exchange may be provided by
                                     broker and dealer companies incorporated in
                                     Portugal or by branches of investment firms
                                     authorised in another EC country and
                                     authorised in their home country to provide
                                     those services. Broker and dealer services in
                                     the Oporto derivatives exchange and in the
                                     OTC market may not be provided by branches
                                     of non-EC broker/dealer companies.
                                     Pension fund management may be provided
                                     only by companies incorporated in Portugal
                                     and by insurance companies established in
                                     Portugal and authorised to take up the life
                                     insurance business.
                                     UK: Inter-dealer brokers, which are a category
                                     of financial institutions dealing in
                                     Government debt, are required to be
                                     established in the European Economic Area
                                     and separately capitalised.
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Modes of supply:      (1) Cross-border supply   (2) Consumption abroad        (3) Commercial presence     (4) Presence of natural persons
     Sector or sub-sector                    Limitations on market access                   Limitations on national treatment        Additional commitments
                                      S: Undertakings not incorporated in Sweden
                                      may establish a commercial presence only
                                      through a branch, and in case of banks, also
                                      through a representative office.
                                 (4)  Unbound except as indicated in the horizontal   (4)   Unbound except as indicated in the
                                      section and subject to the specific conditions:       horizontal section and subject to
                                                                                            the following specific limitations:
                                      F: Sociétés d’investissement à capital fixe:          I: Condition of residence within the
                                      condition of nationality for the president of         territory of a Member State of
                                      the board of directors, the directors-general         the European Communities for
                                      and no less than two thirds of the                    „promotori di servizi finanziari“
                                      administrators, and also, when the securities         (financial salesmen).
                                      firm has a supervisory board or council, for
                                      the members of such board or its director-
                                      general, and no less than two thirds of the
                                      members of the supervisory council.
                                      GR: Credit institutions should name at least
                                      two persons who are responsible for the
                                      operations of the institution Condition of
                                      residency applies to these persons.
 ---pagebreak--- 188    BG                                Официален вестник на Европейския съюз                                                11/т. 18
      ADDITIONAL COMMITMENTS BY THE EUROPEAN COMMUNITIES AND THEIR MEMBER STATES
    INSURANCE
    (a) The European Communities and their Member States note the close cooperation among the insurance regulatory
        and supervisory authorities of the Member States and encourage their efforts to promoteimproved supervisory
        standards.
    (b) Member States will make their best endeavours to consider within six months complete applications for licences
        to conduct direct insurance underwriting business, through the establishment in a Member State of a subsidiary
        in accordance with the legislation of that Member State, by an undertaking governed by thelaws of a third country.
        In cases where such applications are refused, the Member State authority will make its best endeavours to notify
        the undertaking in question and give the reasons for the refusal of the application.
    (c) The supervisory authorities of the Member States will make their best endeavours to respond withoutundue delay
        to requests for information by applicants on the status of complete applications for licences to conduct direct
        insurance underwriting business, through the establishment in a Member State of a subsidiary in accordance with
        the legislation of that Member State by an undertaking governed by the laws of a third country.
    (d) The European Communities and their Member States will make their best endeavours to examine any questions
        pertaining to the smooth operation of the internal market in insurance, and consider any issues that might have
        an impact on the internal market in insurance.
    (e) The European Communities and their Member States note that, as regards motor insurance, under EC law as in
        force on 31 December 1997, and without prejudice to future legislation, premiums may be calculated taking
        several risk factors into account.
    (f) The European Communities and their Member States note that under EC law, as in force on 31 December 1997,
        and without prejudice to future legislation, the prior approval by national supervisory authorities of policy
        conditions and scales of premiums that an insurance undertaking intends to use is generally not required.
    (g) The European Communities and their Member States not that under EC law, as in force on 31 December 1997,
        and without prejudice to future legislation, the prior approval by national supervisory authorities of increases in
        premium rates is generally not required.
    OTHER FINANCIAL SERVICES
    (a) In application of the relevant EC directives, Member States will make their best endeavours to consider within 12
        months complete applications for licences to conduct banking activities, through the establishment in a Member
        State of a subsidiary in accordance with the legislation of that member State, by an undertaking governed by the
        laws of a third country. In cases where such applications are refused, the Member State will make its best
        endeavours to notify the undertaking in question and give the reasons for the refusal of the application.
    (b) Member States will make their best endeavours to respond without undue delay to requests for information by
        applicants on the status of complete applications for licences to conduct banking activities, through the
        establishment in a Member State of a subsidiary in accordance with the legislation of that Member State, by an
        undertaking governed by the laws of a third country.
    (c) In application of the relevant EC directives, Member States will make their best endeavours to consider within six
        months complete applications for licences to conduct investment services in the securities field, as defined in the
        Investment Services Directive, through the establishment in a Member State of a subsidiary in accordance with
        the legislation of that Member State, by an undertaking governed by the laws of a third country. In cases where
        such applications are refused, the Member State will make its best endeavours to notify the undertaking in question
        and give the reasons for the refusal of the application.
    (d) Member States will make their best endeavours to respond without undue delay to requests for information by
        applicants on the status of complete applications for licenses to conduct investment services in the securities area,
        through the establishment in a Member State of a subsidiary in accordance with the legislation of that Member
        State, by an undertaking governed by the laws of a third country.
 ---pagebreak--- 11/т. 18                BG                               Официален вестник на Европейския съюз                                                         189
                                             EUROPEAN COMMUNITIES AND THEIR MEMBER STATES
                                                       FINAL LIST OF ARTICLE II (MFN) EXEMPTIONS
                                                               (This is authentic in english only)
                            Description of measure indicating its      Countries to which the                          Conditions creating the need for the
   Sector or sub-sector                                                                            Intended duration
                                inconsistency with Article II             measure applies                                          exemption
Direct           non-life  Measures based on a bilateral           Switzerland                  Indefinite           Need to remove obstacles to the
insurance                  agreement between the European                                                            taking up and pursuit of non-life
                           Communities and Switzerland on                                                            insurance business in the frame-
                           direct insurance other than life                                                          work of an agreement between the
                           insurance.      This      agreement                                                       European Communities and Swit-
                           provides on a reciprocal basis for                                                        zerland on non-life insurance con-
                           freedom of establishment and the                                                          sistent with the provisions of para-
                           right to take up or pursue non-life                                                       graph 3 of the Annex of financial
                           insurance business for agencies                                                           services
                           and branches of undertakings
                           whose head office is situated in
                           the territory of the other
                           contracting party.
Financial services         Measure granting favourable             States in central, eastern   10 years             The need to aid the countries con-
                           taxtreatment (off-shore regime) in      and south-eastern Europe,                         cerned in their transition to a mar-
                           Italy to service suppliers trading      and all Members of the                            ket economy.
                           with the countries to which the         Commonwealth of Inde-
                           measure applies.                        pendent States
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    DECISION ADOPTING THE FIFTH PROTOCOL TO THE GENERAL AGREEMENT ON TRADE
                                                     IN SERVICES
            adopted by the Committee on Trade in Financial Services on 14 November 1997
    THE COMMITTEE ON TRADE IN FINANCIAL SERVICES,
    Having regard to the results of the negotiations conducted under the terms of the Second Decision on Financial
    Services adopted by the Council for Trade in Services on 21 July 1995 (S/L/9),
    DECIDES AS FOLLOWS:
    1. To adopt the text of the „Fifth Protocol to the General Agreement on Trade in Services“.
    2. Commencing immediately and continuing until the date of entry into force of the Fifth Protocol to
        the General Agreement on Trade in Services, Members concerned shall, to the fullest extent consistent
        with their existing legislation, not take measures which would be inconsistent with their undertakings
        resulting from these negotiations.
    3. The Committee shall monitor the acceptance of the Protocol by Members concerned and shall, at the
        request of a Member, examine any concerns raised regarding the application of paragraph 2 above.
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                 DECISION OF DECEMBER 1997 ON COMMITMENTS IN FINANCIAL SERVICES
                         adopted by the Council for Trade in Services on 12 December 1997
         THE COUNCIL FOR TRADE IN SERVICES,
         Having regard to the Second Decision on Financial Services adopted by the Council for Trade in Services on 21 July
         1995 (S/L/9),
         Noting the results of the negotiations carried out under the terms of that Decision,
         Having rgard to the Decision adopting the Fifth Protocol to the General Agreement on Trade in Services adopted by
         the Committee on Trade in Financial Services on 14 November 1997 (S/L/44),
         DECIDES AS FOLLOWS:
         1. If the Fifth Protocol to the General Agreement on Trade in Services (GATS) does not enter into force
             in accordance with paragraph 3 therein:
             (a) notwithstanding Article XXI of the GATS, a Member may, during a period of 60 days beginning
                 on 1 March 1999, modify or withdraw all or part of the commitments on financial sevices
                 inscribed in its schedule;
             (b) notwithstanding Article II of the GATS and paragraphs 1 and 2 of the Annex on Article II
                 exemptions, a Member may, during the same period referred to in paragraph 1(a), list in that
                 Annex measures relating to financial services which are inconsistent with paragraph 1 of Article II
                 of the GATS.
         2. The Committee on Trade in Financial Services shall establish any procedures necessary for the
             implementation of paragraph 1.