CELEX: 21996A0706(01)
Language: ro
Date: 1995-10-06 00:00:00
Title: Al doilea Protocol anexat la Acordul General privind Comerțul cu Servicii

168                 RO                                 Jurnalul Oficial al Uniunii Europene                                                    11/vol. 13

21996A0706(01)

6.7.1996                                   JURNALUL OFICIAL AL COMUNITĂȚILOR EUROPENE                                                           L 167/25

                                                                        ANEXĂ

                 AL DOILEA PROTOCOL ANEXAT LA ACORDUL GENERAL PRIVIND COMERȚUL CU SERVICII

           MEMBRII ORGANIZAȚIEI MONDIALE A COMERȚULUI (denumită în continuare „OMC”) ale căror liste de angajamente
           specifice și de excepții de la obligațiile enunțate la articolul II din Acordul General privind Comerțul cu Servicii referitor la
           serviciile financiare sunt anexate la prezentul protocol (denumiți în continuare „membri interesați”),

           PURTÂND NEGOCIERI potrivit dispozițiilor Deciziei ministeriale privind serviciile financiare, adoptată la Marrakech la
           15 aprilie 1994,

           AVÂND ÎN VEDERE a doua anexă privind serviciile financiare și decizia de aplicare a acestei anexe adoptată de Consiliul pentru
           comerțul cu servicii la 30 iunie 1995,

           CONVIN CU PRIVIRE LA URMĂTOARELE DISPOZIȚII:

           1. O listă de angajamente specifice și o listă de excepții de la obligațiile enunțate la articolul II privind serviciile
              financiare, ambele anexate la prezentul protocol pentru un membru înlocuiesc, la data intrării în vigoare pentru
              respectivul membru a prezentului protocol, secțiunile privind serviciile financiare ale listei de angajamente
              specifice și ale listei de excepții de la obligații ale acestui membru, enunțate la articolul II.

           2. Prezentul protocol este deschis spre acceptare, prin semnare sau în alt mod, de către membrii interesați, până
              la data de 30 iunie 1996.

           3. Prezentul protocol intră în vigoare în a treizecea zi de la data acceptării sale de către toți membrii interesați.
              În cazul în care nu a fost acceptat de către toți membrii interesați până la data de 1 iulie 1996, membrii care
              l-au acceptat înainte de această dată vor putea, în următoarele treizeci de zile, să ia o decizie privind intrarea
              acestuia în vigoare.

           4. Prezentul protocol este depus la Directorul General al OMC. În cel mai scurt termen, Directorul General al OMC
              transmite fiecărui membru al OMC o copie certificată conformă potrivit prezentului protocol și notificări de
              acceptare ale protocolului în conformitate cu punctul 3.

           5. Prezentul protocol este înregistrat în conformitate cu dispozițiile articolului 102 din Carta Organizației
              Națiunilor Unite.

           Adoptat la Geneva, la… o mie nouă sute nouăzeci și cinci, într-un singur exemplar, în limbile engleză, franceză
           și spaniolă, toate cele trei texte fiind autentice, cu excepția dispozițiilor contrare privind listele anexate la prezentul
           protocol.
 ---pagebreak--- 11/vol. 13           RO                                 Jurnalul Oficial al Uniunii Europene        169

                                               COMUNITATEA EUROPEANĂ ȘI STATELE MEMBRE

                                                         LISTA ANGAJAMENTELOR SPECIFICE

                                                                        Apendice 1

                                                                          Revizie

                                                    (Numai textul în limba engleză este autentic)

             This text replaces the Financial Services section contained in:

             pages 61 to 77 of document GATS/SC/31,
             pages 24 to 29 of document GATS/SC/7,
             pages 23 to 26 of document GATS/SC/33 and
             pages 30 to 32 of document GATS/SC/82.
 ---pagebreak--- 170                      RO                                       Jurnalul Oficial al Uniunii Europene                                                               11/vol. 13

                                                 EUROPEAN COMMUNITY AND ITS MEMBER STATES

                                                          SCHEDULE OF SPECIFIC COMMITMENTS

Modes of supply:          (1) Cross-border supply         (2) Consumption abroad                      (3) Commercial presence               (4) Presence of natural persons

                                                                                                                                                                 Additional
           Sector or subsector                          Limitations on market access                        Limitations on national treatment
                                                                                                                                                                commitments

FINANCIAL SERVICES SECTOR (1)
1. The Community and its 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 subsectors 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         insurance-       (1) DK: Compulsory air transport                      (1) A: Higher premium tax is due for
     related services                             insurance can be underwritten only by                 insurance contracts (except for
                                                  firms established in the community.                   contracts     on    reassurance     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.

                                                   A: Promotional activity and inter-
                                                   mediation on behalf of a subsidiary not
                                                   established in the Community or of a
                                                   branch not established in Austria
                                                   (except     for     reassurance    and
                                                   retrocession) are prohibited.

                                                   A: Compulsory air transport liability
                                                   can be underwritten only by a
                                                   subsidiary  established   in     the
                                                   Community or by a branch established
                                                   in Austria.

                                                   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, benches established directly in a Member State by a non-community financial institution are not with certain limited exceptions, subject to pru-
    dential regulations harmonized 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 authorization 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 capitalization and other solvency requirements and reporting and publication of accounts requirements or, in the case of insurance, specific
    guarantee and deposit requirements, a separate capitalization, and the localization 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 county; consequently, a Member State may not apply these restrictions, including those
    concerning establishment, to third-country subsidiaries established in other member States of the Community, unless these restrictions can also be applied to companies or
    nationals of other Member States in conformity with Community law.
 ---pagebreak--- 11/vol. 13            RO                                 Jurnalul Oficial al Uniunii Europene                                                           171

Modes of supply:       (1) Cross-border supply    (2) Consumption abroad               (3) Commercial presence            (4) Presence of natural persons

                                                                                                                                           Additional
         Sector or subsector                     Limitations on market access               Limitations on national treatment
                                                                                                                                          commitments

                                           D: Compulsory air insurance policies
A. Insurance and insurance-related         can be underwritten only by a
  services                                 subsidiary  established   in     the
  (cont’d)                                 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
                                           procession.

                                           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 located in insurance regarding
                                           risks Italy may be undewritten only by
                                           insurance companies established in the
                                           Community. This reservation does not
                                           apply for inter- national transport
                                           involving imports into Italy.

                                           FIN: Foreign insurers may without
                                           licence offer only reinssurances and
                                           retrocessions in Finland.

                                           FIN: The supply of insurance broker
                                           services is subject to a permanent place
                                           of business in Finland

                                           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 authorized 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.
 ---pagebreak--- 172                   RO                                 Jurnalul Oficial al Uniunii Europene                                                    11/vol. 13

Modes of supply:       (1) Cross-border supply    (2) Consumption abroad                 (3) Commercial presence            (4) Presence of natural persons

                                                                                                                                             Additional
         Sector or subsector                     Limitations on market access                 Limitations on national treatment
                                                                                                                                            commitments
A. Insurance and insurance-related     (2) DK: Compulsory air transport                 (2) A: Higher premium tax is due for
  services                                 insurance can be underwritten only by            insurance contracts (except for
  (cont’d)
                                           firms established in the Community.              contracts     on    reassurance     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.

                                           A: Promotional activity and inter-
                                           mediation on behalf of a subsidiary not
                                           established in the Community or of a
                                           branch not established in Austria
                                           (except     for     reassurance    and
                                           retrocession) are prohibited.

                                           A: compulsory air transport liability
                                           insurance can be placed only with
                                           established insurers.

                                           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.

                                           FIN: obligatory insurances (the
                                           statutory       employment        pension
                                           insurance, the statutory accident
                                           insurance, the motor third-party
                                           liability insurance, the insurance against
                                           treatment injury) have to be effected in
                                           Finland.

                                           I: Insurance of risks relating to cif
                                           exports by residents in Italy may be
                                           underwritten only by insurance firms
                                           established in the Community.
 ---pagebreak--- 11/vol. 13            RO                                 Jurnalul Oficial al Uniunii Europene                                                            173

Modes of supply:       (1) Cross-border supply    (2) Consumption abroad                (3) Commercial presence            (4) Presence of natural persons

                                                                                                                                            Additional
         Sector or subsector                     Limitations on market access                Limitations on national treatment
                                                                                                                                           commitments

A. Insurance and insurance-related         I: Transport insurance of goods,
  services                                 insurance of vehicles as such and
  (cont’d)
                                           liability located in insurance regarding
                                           risks 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 covering
                                           goods, aircraft hull ance, and liability
                                           can be undewritten 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: Representative offices and agencies      (3) FIN: The general agent of the foreign
                                           of insurers are not allowed to write            insurance company shall reside in
                                           insurance contracts.                            Finland.

                                           GR, E: The right of establishment does         S:    Insurance      undertaking      not
                                           not cover the creation of representative       incorporated in Sweden are required to
                                           offices or other permanent presence of         deposit assets for agencies established in
                                           insurance companies, except where              Sweden.
                                           such offices are established as agencies,
                                           branches or head offices.

                                           IRL: The right of establishment does           S: Non-life insurance undertakings not
                                           not cover the creation of representative       incorporated in Sweden conducting
                                           offices.                                       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.

                                           E: Before establishing a branch or             S: A founder of an insurance company
                                           agency in Spain to provide certain             shall be a natural person resident in
                                           classes of insurance, a foreign insurer        Sweden or a legal entity incorporated in
                                           must have been authorized to operate           Sweden.
                                           in the same classes of insurance in its
                                           county of origin for at least five years.

                                           FIN:      Requirements       concerning
                                           citizenship and place of residence, from
                                           which an exemption may be granted in
                                           some cases, apply to the founder,
                                           managing director, auditors and
                                           members of the board of directors and
                                           the supervisory board of an insurance
                                           company.
 ---pagebreak--- 174                   RO                                 Jurnalul Oficial al Uniunii Europene                                                    11/vol. 13

Modes of supply:       (1) Cross-border supply    (2) Consumption abroad                 (3) Commercial presence            (4) Presence of natural persons

                                                                                                                                             Additional
         Sector or subsector                     Limitations on market access                 Limitations on national treatment
                                                                                                                                            commitments

A. Insurance and insurance-related         FIN: Branches of foreign insurance
  services                                 companies cannot get a licence in
  (cont’d)
                                           Finland to carry on statutory insurances
                                           business (the statutory employment
                                           pension insurance, the statutory acci-
                                           dent insurance, the motor third party
                                           liability insurance, the insurance against
                                           treatment injury).

                                           F, E: The establishment of branches is
                                           subject to a special authorization for the
                                           representative of the branch. In the case
                                           of Spain, the conditions to be met are
                                           related to the technical qualification and
                                           good standing of the person.

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

                                           I: The authorization of the
                                           establishment of branches is ultimately
                                           subject to the evaluation of supervisory
                                           authorities.

                                           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 braking undertaking not
                                           incorporated in Sweden may establish a
                                           commercial presence only through a
                                           branch.

                                       (4) Unbound except as indicated in the           (4) Unbound except as indicated in the
                                           horizonal section and subject to the             horizontal section and subject to
                                           specific conditions:                             following specific limitations:

                                           GR: A majority of the members of the            DK: The general agent of an insurance
                                           board of directors of a company                 branch will need to have resided in
                                           established in Greece shall be nationals        Denmark for the last two years unless
                                           of one of the Member States of the              they are a national of one of the Member
                                           Community.                                      States of the Community. The Minister
                                                                                           for Business and Industry may grant
                                                                                           exemption.
 ---pagebreak--- 11/vol. 13            RO                                 Jurnalul Oficial al Uniunii Europene                                                             175

Modes of supply:       (1) Cross-border supply    (2) Consumption abroad                 (3) Commercial presence            (4) Presence of natural persons

                                                                                                                                             Additional
         Sector or subsector                     Limitations on market access                 Limitations on national treatment
                                                                                                                                            commitments

A. Insurance and insurance-related                                                         DK: Residency requirement for
  services                                                                                 managers and the members of the board
  (cont’d)
                                                                                           of directors of a company. However, the
                                                                                           Minister for 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 Financial         (1) B: Establishment in Belgium is required      (1) None
   Sevices (excluding insurance)           for the provision of investment
                                           advisory services.

                                           I: The offer and marketing of services
                                           concerning the distribution to the
                                           public, through telecommunication or
                                           other     information     means,        of
                                           information concerning prices, the
                                           volume of transactions, the offer and
                                           demand conditions relating to the
                                           negotiation of securities dealt in the
                                           Italian regulated market, or in other
                                           recognized markets, requires prior
                                           authorization by the Stock Exchanges
                                           Commission         (Consob).         This
                                           authorization may not be granted if the
                                           authorities determine that there is a risk
                                           that the data provided may induce the
                                           public to error.

                                           I: An establishment (a securities
                                           investment company incorporated in
                                           Italy or a bank subsidiary or branch) is
                                           needed in order to provide investment
                                           research and advice relating to securities
                                           (dealing, issue, underwriting) and asset
                                           management securities custody and
                                           services regarding mergers, acquisitions,
                                           corporate restructuring, management
                                           buy-outs and venture capital. Collective
                                           asset management (excluding Ucits) is
                                           extended      to    bands,     insurance
                                           companies, securities investment
                                           companies with their legal head office
                                           in the EC.

                                           I: Unbound for promoters di servizi
                                           finanziari (financial salesmen).

                                       (2) D: Issues of securities denominated in       (2) S: Account operating institutions in the
                                           German marks can be lead managed                 VPC register which do not have a
                                           only by a credit institution. subsidiary         clearing account with the central bank
                                           or branch, established in Germany.               (Riksbanken) have to make a certain
                                                                                            deposit.
 ---pagebreak--- 176                    RO                                 Jurnalul Oficial al Uniunii Europene                                                   11/vol. 13

Modes of supply:        (1) Cross-border supply    (2) Consumption abroad                (3) Commercial presence            (4) Presence of natural persons

                                                                                                                                             Additional
          Sector or subsector                     Limitations on market access                Limitations on national treatment
                                                                                                                                            commitments

B. Banking and Other Financial              GR: Establishment is required for the
   Sevices (excluding insurance)            provision of custodial and depository
   (cont’d)
                                            services involving the administration of
                                            interest and principal payments due on
                                            securities issued in Greece.

                                            I: An establishment (a securities
                                            investment company incorporated in
                                            Italy or a bank subsidiary or branch) is
                                            needed in order to provide investment
                                            research and advice relating to securities
                                            (dealing, issue, underwriting) and asset
                                            management, securities custody and
                                            services regarding mergers, acquisitions,
                                            corporate restructuring, management
                                            buy-outs and venture capital. Collective
                                            asset management (excluding Ucits) is
                                            extended      to    barks,     insurance
                                            companies, securities investment
                                            companies with their legal head office
                                            in the EC.

                                            I: Residents in Italy need authorization
                                            to purchase or sell abroad unrefined
                                            gold.

                                            FIN: Payments from governmental
                                            entities (expenses) shall be transmitted
                                            through the Finnish postal giro system
                                            or through the Postipankki Ltd.

                                            P: Open-ended investment funds are
                                            required to invest 25 % of their funds in
                                            Portuguese Government funds. The
                                            ability of residents in Portugal to carry
                                            out the following operation abroad is
                                            restricted:
                                            — issue on a foreign market of
                                                domestic securities and negotiable
                                                instruments.

                                            S: Custody, depository and settlement
                                            services, securities registered in the
                                            (Swedish) Securities Register Centre
                                            (Wärdepapperscentralen VPC SB) can
                                            only be supplied by sup- pliers who are
                                            account operating institutions. A
                                            prerequisite is that the supplier is
                                            supervised by the (Swedish) Financial
                                            Supervisory Authority.

                                            UK: Sterling issues, including privately
                                            led issues, can be lead managed only by
                                            a firm established in the community.
 ---pagebreak--- 11/vol. 13             RO                                 Jurnalul Oficial al Uniunii Europene                                                            177

Modes of supply:        (1) Cross-border supply    (2) Consumption abroad                (3) Commercial presence            (4) Presence of natural persons

                                                                                                                                             Additional
          Sector or subsector                     Limitations on market access                Limitations on national treatment
                                                                                                                                            commitments

B. Banking and Other Financial          (3) All Member States:                             F: In addition to French credit
   Sevices (excluding insurance)            — The establishment of a specialized           institutions, issues denominated in
   (cont’d)
                                                management company is required             French francs may be lead managed
                                                to perform the activities of manage-       only by French subsidiaries (under
                                                ment of units trusts and investment        French law) of non-French barks which
                                                companies (Articles 6 and 13 of            are authorized, based on sufficient
                                                Ucits Directive, 85/61 1/EEC).             means and commitments in Paris of the
                                            — Only firms having their regis- tered         candidate French subsidiary of a non-
                                                office in the Community can act as         French bank. These conditions apply to
                                                depositories of the assets of              lead barks running the books. A non-
                                                investment funds (Articles 8 (1)           French bank may be, without
                                                and 1 5 (1) of the Ucits Directive,        restrictions or requirement to establish,
                                                85/61 1/EEC).                              jointly-lead or co-lead manager of Euro-
                                                                                           franc bond issue.

                                            A: Licensing of branches or subsidiaries       I: Representative offices of foreign
                                            of foreign banks may be sub- ject to an        intermediaries cannot carry out
                                            economic interest test.                        promotional activities in the area of
                                                                                           investment in securities.

                                            A: Only members of the Austrian Stock
                                            Exchange may engage in securities
                                            trading at the Stock Exchange.

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

                                            A: Mortgage bonds and municipal
                                            bonds may be issued by barks
                                            specialized and authorized for this
                                            activity.

                                            A: For carrying out services of pension
                                            fund management a company
                                            specialized only for this activity and
                                            incorporated as a stock company in
                                            Austria is required.

                                            B: With certain exceptions (block
                                            trading), financial institutions may
                                            engage in securities trading only
                                            through stock exchange firms
                                            incorporated in Belgium.

                                            DK: Financial institutions may engage
                                            in securities trading on the Copenhagen
                                            Stock Exchange only through
                                            subsidiares 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.
 ---pagebreak--- 178                    RO                                 Jurnalul Oficial al Uniunii Europene                                                    11/vol. 13

Modes of supply:        (1) Cross-border supply    (2) Consumption abroad                 (3) Commercial presence            (4) Presence of natural persons

                                                                                                                                              Additional
          Sector or subsector                     Limitations on market access                 Limitations on national treatment
                                                                                                                                             commitments

B. Banking and Other Financial              FIN: Acquisition of shares by foreign
   Sevices (excluding insurance)            owners giving more than one third of
   (cont’d)
                                            the voting rights of a major Finnish
                                            commercial bank or credit institution
                                            (with more than 1 000 employees or
                                            with a turnover exceeding 1 000
                                            million) Finnish markka or with a
                                            balance sheet total exceeding Fmk
                                            1 000 million is subject to confirmation
                                            by the Finnish authorities; the
                                            confirmation may be denied only if an
                                            important national interest would be
                                            jeopardized.

                                            FIN: For credit institutions including
                                            barks,     requirements      concerning
                                            nationality and place of residence, from
                                            which exemptions may be granted,
                                            apply to the founder, the supervisory
                                            board and the board of management as
                                            well as the chief general manager and
                                            auditors.

                                            FIN: Professional intermediation of
                                            securities and derivatives (options and
                                            futures) requires a permanent place of
                                            business in the form of a limited liability
                                            company, a deposit bank, other credit
                                            institution or a branch of a foreign cre-
                                            dit or financial institution.

                                            FIN:      Requirements       concerning
                                            citizenship and place of residence apply
                                            to the board of director and managing
                                            director of a stock exchange brokerage
                                            firm as well as to a stock exchange
                                            broker.

                                            FIN: Citizenship and residency
                                            requirements for market makers and
                                            brokers on derivative exchange, from
                                            which exemptions may be granted.

                                            FIN: Payments from governmental
                                            entities (expenses) shall be transmitted
                                            through the Finnish postal giro System
                                            or through the Postipankki Ltd.

                                            GR: Financial institutions may engage
                                            in the trading of securities listed on the
                                            Athens Stock Exchange only through
                                            stock exchange firms incorporated in
                                            Greece.
 ---pagebreak--- 11/vol. 13             RO                                 Jurnalul Oficial al Uniunii Europene                                                              179

Modes of supply:        (1) Cross-border supply    (2) Consumption abroad                  (3) Commercial presence            (4) Presence of natural persons

                                                                                                                                               Additional
          Sector or subsector                     Limitations on market access                  Limitations on national treatment
                                                                                                                                              commitments

B. Banking and Other Financial              GR: For the establishment and
   Sevices (excluding insurance)            uperations of branches a minimum
   (cont’d)
                                            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 mini- mum
                                               is currently equal to half of the mini-
                                               mum 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 mini-
                                               mum share capital required for a
                                               credit institution to be incorporated
                                               in Greece.

                                            IRL: In the case of units trusts, collective
                                            investment schemes constituted as
                                            variable capital companies, and
                                            investment limited partnerships (other
                                            than undertakings for collective
                                            investment in transferable securities,
                                            Ucits), the trustee/depositary or mana-
                                            gement company is required to be
                                            incorporated in lreland 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.

                                            IRL: The right of establishment does
                                            not cover the establishment of
                                            representative offices of foreign barks.

                                            I: A separate in the form incorporation
                                            in Italy of a securities company for firms
                                            other than is required barks (including
                                            foreign barks branches) in order to
                                            provide services related to securities
                                            dealing (including dealing for the own
                                            account or for the account of
                                            customers (1), securities, issue and
                                            distribution of acceptance of sale and
                                            purchase orders, investment advice,
                                            asset and portfolio management, and
                                            raising funds from the public by means
                                            of activities which may also be
                                            promotional (2) and carried on in a
                                            place different from the legal head office
                                            or         principal        administrative
                                            establishment of the issuer, supplier or
                                            person marketing the investment).

(1) From 1 January 1993 neither foreign nor domestic banks may provide securities dealing for its own account or for the account of customer; however,
    banks, including branches of foreign barks, are allowed to deal in Treasury bonds and State-backed securities.
(2) Door-to-door selling.
 ---pagebreak--- 180                    RO                                 Jurnalul Oficial al Uniunii Europene                                                  11/vol. 13

Modes of supply:        (1) Cross-border supply    (2) Consumption abroad               (3) Commercial presence            (4) Presence of natural persons

                                                                                                                                            Additional
          Sector or subsector                     Limitations on market access               Limitations on national treatment
                                                                                                                                           commitments

B. Banking and Other Financial              I: Clearing and settlement of securities
   Sevices (excluding insurance)            may be conducted only by the official
   (cont’d)
                                            clearing system.

                                            I: The public offer of securities (as
                                            provided for under 18 bis of Law
                                            216/74), other than shares, debt
                                            securities (including convertible debt
                                            securities) can only be made by Italian
                                            limited companies, foreign companies
                                            duly authorized, public bodies or
                                            companies       belonging    to     local
                                            authorities whose assigned capital is not
                                            below Lit 2 billion.

                                            I: Centralized deposit custody and            S: A founder of a banking company
                                            administration services for government        shall be a natural person resident in
                                            securities can be provided only by the        Sweden or a foreign bank. A founder of
                                            Bank of Italy, or by Monte Titoli SpA         a savings bank shall be a natural person
                                            for shares, securities of a participating     resident in Sweden.
                                            nature and other bonds traded in a ruled
                                            market.

                                            NL: Only companies incorporated               S: A branch of a fund management
                                            according to the law and regulations of       company not incorporated in Sweden
                                            an EC Member State may become                 may not operate certain collective
                                            members of the Amsterdam Stock                investment funds, where the investor
                                            Exchange.                                     enjoys     certain   tax    benefits
                                                                                          (Allemansfonder).

                                            P: The establishment of non-EC balks
                                            may be subject to an economic needs
                                            tests.

                                            P: The services of venture capital,
                                            factoring, close-ended investment fund
                                            management and broker- dealer
                                            services (excluding those provided on
                                            the Lisbon Stock Exchange) may be
                                            provided by credit-institutions or
                                            investment firms incorporated in the
                                            Community (if authorized in their
                                            country of origin to supply those
                                            services).

                                            Aforementioned      services,    when
                                            rendered by other companies, as well as
                                            pension fund management and broker-
                                            dealer services on the LSE, may be
                                            provided     only    by     companies
                                            incorporated in Portugal.
 ---pagebreak--- 11/vol. 13             RO                                 Jurnalul Oficial al Uniunii Europene                                                           181

Modes of supply:        (1) Cross-border supply    (2) Consumption abroad               (3) Commercial presence            (4) Presence of natural persons

                                                                                                                                            Additional
          Sector or subsector                     Limitations on market access               Limitations on national treatment
                                                                                                                                           commitments

B. Banking and Other Financial              UK: The following categories of
   Sevices (excluding insurance)            financial institutions dealing in
   (cont’d)
                                            government debt are required to be
                                            incorporated in the United Kingdom
                                            and be separately capitalized:
                                            — gilt edged market makers (or
                                                GEMMs), which are primary dealers
                                                in gilt-edged government debt and
                                                through which the government
                                                operates in executing government
                                                debt management policy;
                                            — discount houses which are primary
                                                dealers for treasury bills and other
                                                money market instru- ments, and
                                                through which the government
                                                operates in executing monetary
                                                policy;
                                            — stock exchange money brokers
                                                (SEMBs),       which       act    as
                                                intermediaries between GEMMs and
                                                lenders of gilt-edged stock;
                                                and
                                            — inter-dealer brokers (IDBs), which
                                                act as intermediaries between
                                                GEMMs.

                                            S: Undertakings not incorporated in
                                            Sweden may establish a commercial
                                            presence only through a branch, and in
                                            case of barks, also through a
                                            representative office.

                                        (4) Unbound except as indicated in the         (4) Unbound except as indicated in the
                                            horizontal section and subject to the          horizontal section and subject to the
                                            specific conditions:                           following specific limitations:

                                            F: sociétés d’investissement à capital        I: Condition of residence for „promotori
                                            fixe: condition of nationality for the        di servizi finanziari” (financial
                                            president of the board of directors, the      salesmen).
                                            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.

                                            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--- 182                    RO                                      Jurnalul Oficial al Uniunii Europene                                                11/vol. 13

                                                 COMUNITATEA EUROPEANĂ ȘI STATELE MEMBRE

                                                   LISTA FINALĂ A EXCEPȚIILOR DE LA ARTICOLUL II

                                                       (Numai textul în limba engleză este autentic)

                                              EUROPEAN COMMUNITY AND THEIR MEMBER STATES

                       Description of measure indicating its        Countries to which the measure                         Conditions creating the need for the
 Sector or subsector                                                                                  Intended duration
                           inconsistency with Article II                        applies                                                exemption

Direct    non-life     Measures based on a bilateral             Switzerland                         Indefinite           Need to remove obstacles to the
insurance              agreement between the European                                                                     taking up and pursuit of non- life
                       Communities and Switzerland on                                                                     insurance     business    in     the
                       direct insurance other than life                                                                   framework of an agreement
                       insurance.      This     agreement                                                                 between         the       European
                       provides, on a reciprocal basis, for                                                               Communities and Switzerland on
                       freedom of establishment and the                                                                   non-life insurance consistent with
                       right to take up or pursue non-life                                                                the provisions of paragraph 3 of the
                       insurance business for agencies                                                                    Annex of Financial Services
                       and branches of undertakings
                       whose head office is situated in the
                       territory of the other Contracting
                       Party.
Financial services     Measure granting favourable tax           States in Central, Eastern and      10 years             The need to aid the countries
                       treatment (offshore regime) in italy      South-Eastern Europe, and all                            concerned in their transition to a
                       to service suppliers trading with         Members of the Commonwealth                              market economy.
                       the countries to which the                of Independent States
                       measure applies.
 ---pagebreak--- 11/vol. 13           RO                               Jurnalul Oficial al Uniunii Europene                                                 183

             DECIZIE PRIVIND ADOPTAREA CELUI DE-AL DOILEA PROTOCOL ANEXAT LA ACORDUL
                                 GENERAL PRIVIND COMERȚUL CU SERVICII

                            Adoptată de Comitetul pentru comerțul cu servicii financiare la 21 iulie 1995

             COMITETUL PENTRU COMERȚUL CU SERVICII FINANCIARE,

             AVÂND ÎN VEDERE rezultatele negocierilor purtate în conformitate cu dispozițiile Deciziei ministeriale privind serviciile
             financiare, adoptată la Marrakech la 15 aprilie 1994,

             AVÂND ÎN VEDERE a doua anexă privind serviciile financiare și decizia privind aplicarea acestei anexe adoptată de Consiliul
             pentru comerțul cu servicii la 30 iunie 1995,

             CONVINE DUPĂ CUM URMEAZĂ:

             1. Să adopte textul celui de-al doilea protocol anexat la Acordul General privind Comerțul cu Servicii.

             2. De la această dată și până la data intrării în vigoare a celui de-al doilea protocol anexat la Acordul General privind
                Comerțul cu Servicii, respectând legislația lor în vigoare, membrii interesați nu adoptă măsuri care ar putea fi
                incompatibile cu angajamentele asumate în negocieri.

             3. Comitetul pentru comerțul cu servicii financiare supraveghează modul în care protocolul este acceptat de către
                membrii interesați și, la cererea unuia dintre membri, examinează toate preocupările exprimate cu privire la
                aplicarea alineatului 2.
 ---pagebreak--- 184           RO                                Jurnalul Oficial al Uniunii Europene                                                   11/vol. 13

                DECIZIA PRIVIND ANGAJAMENTELE REFERITOARE LA SERVICIILE FINANCIARE

                            Adoptată de Consiliul pentru comerțul cu servicii la 21 iulie 1995

      CONSILIUL PENTRU COMERȚUL CU SERVICII,

      AVÂND ÎN VEDERE a doua anexă privind serviciile financiare și de al doilea protocol anexat la Acordul General privind Comerțul
      cu Servicii,

      AVÂND ÎN VEDERE Decizia privind aplicarea celei de-a doua anexe privind serviciile financiare, adoptată de
      Consiliul pentru comerțul cu servicii la 30 iunie 1995,

      LUÂND ACT de rezultatele negocierilor purtate în conformitate cu dispozițiile Deciziei ministeriale privind
      serviciile financiare, adoptată la Marrakech la 15 aprilie 1994,

      CONVINE DUPĂ CUM URMEAZĂ:

      1. În cazul în care al doilea protocol anexat la Acordul General privind Comerțul cu Servicii (GATS) nu intră în
         vigoare în conformitate cu dispozițiile punctului 3:

         (a) Fără a aduce atingere articolului XXI din GATS, un membru poate, pe o perioadă de 60 de zile începând
             cu data de 1 august 1996, să modifice sau să retragă o parte sau toate angajamentele specifice privind
             serviciile financiare înscrise pe lista sa.

         (b) Fără a aduce atingere articolului II din GATS și punctelor 1 și 2 din anexa privind excepțiile de la obligațiile
             enunțate la articolul II, un membru poate, în cursul perioadei indicate la litera (a), să înscrie pe lista care
             figurează în această anexă măsurile privind serviciile financiare care sunt incompatibile cu alineatul 1
             articolul II din GATS.

      2. Comitetul pentru comerțul cu servicii financiare stabilește toate procedurile necesare pentru punerea în aplicare
         a punctului 1.
 ---pagebreak--- 11/vol. 13           RO                                Jurnalul Oficial al Uniunii Europene                                                 185

                                         A DOUA DECIZIE PRIVIND SERVICIILE FINANCIARE

                               Adoptată de către Consiliul pentru comerțul cu servicii la 21 iulie 1995

             CONSILIUL PENTRU COMERȚUL CU SERVICII,

             AVÂND ÎN VEDERE a doua anexă privind serviciile financiare,

             LUÂND ACT de rezultatele negocierilor purtate în conformitate cu dispozițiile Deciziei ministeriale privind
             serviciile financiare, adoptată la Marrakech la 15 aprilie 1994,

             AVÂND ÎN VEDERE Decizia privind aplicarea celei de-a doua anexe privind serviciile financiare, adoptată de
             Consiliul pentru comerțul cu servicii la 30 iunie 1995,

             CONVINE DUPĂ CUM URMEAZĂ:

             1. Fără a aduce atingere articolului XXI din Acordul General privind Comerțul cu Servicii (GATS), un membru
                poate, pe o perioadă de 60 de zile începând cu data de 1 noiembrie 1997, să modifice sau să retragă o parte
                sau toate angajamentele specifice privind serviciile financiare înscrise pe lista sa.

             2. Fără a aduce atingere articolului II din GATS și punctelor 1 și 2 din anexa privind excepțiile de la obligațiile
                enunțate la articolul II, un membru poate, în cursul perioadei indicate la litera (a), să înscrie pe lista care figurează
                în această anexă măsurile privind serviciile financiare care sunt incompatibile cu alineatul 1 articolul II din
                GATS.

             3. Comitetul pentru comerțul cu servicii financiare supraveghează negocierile care ar putea avea loc înainte de data
                indicată la punctul 1. De asemenea, comitetul stabilește toate procedurile necesare pentru punerea în aplicare
                a punctelor 1 și 2.

             4. Aplicarea prezentei decizii este subordonată intrării în vigoare a celui de-al doilea protocol anexat Acordului
                General privind Comerțul cu Servicii.