CELEX: 31996D0412
Language: ro
Date: 1996-06-25 00:00:00
Title: Decizia Consiliului din 25 iunie 1996 privind încheierea, în numele Comunității Europene, în domeniile de competență a acesteia, a Acordului de finalizare a negocierilor cu Organizația Mondială a Comerțului cu privire la serviciile financiare și circulația persoanelor fizice

Anunţ juridic important

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31996D0412

Jurnalul Oficial L 167 , 06/07/1996 p. 0023 - 0054 ediţie specială în limba cehă capitol 11 volum 24 p. 200  - 231 ediţie specială în limba estonă capitol 11 volum 24 p. 200  - 231 ediţie specială în limba maghiară capitol 11 volum 24 p. 200  - 231 ediţie specială în limba lituaniană capitol 11 volum 24 p. 200  - 231 LV.ES capitol 11 volum 24 p. 200  - 231 MT.ES capitol 11 volum 24 p. 200  - 231 PL.ES capitol 11 volum 24 p. 200  - 231 SK.ES capitol 11 volum 24 p. 200  - 231 ediţie specială în limba slovenă capitol 11 volum 24 p. 200  - 231

		19960625Decizia Consiliuluidin 25 iunie 1996privind încheierea, în numele Comunității Europene, în domeniile de competență a acesteia, a Acordului de finalizare a negocierilor cu Organizația Mondială a Comerțului cu privire la serviciile financiare și circulația persoanelor fizice(96/412/CE)CONSILIUL UNIUNII EUROPENE,având în vedere Tratatul de instituire a Comunității Europene, și în special articolele 54, 57, 63, 66, 73 b –73 f, 99, 100, 100 a și 113, coroborate cu articolul 228 alineatul (2) teza a doua și articolul 228 alineatul (3) primul paragraf,având în vedere propunerea Comisiei,având în vedere avizul Parlamentului European [1],având în vedere avizul Comitetului Economic și Social [2],întrucât Acordul de la Marrakech de instituire a Organizației Mondiale a Comerțului și acordurile anexe, precum și deciziile și declarațiile ministeriale și Memorandumul de înțelegere asupra angajamentelor în domeniul serviciilor financiare au fost aprobate prin decizia Consiliului din 22 decembrie 1994 [3];întrucât angajamentele generale privind serviciile financiare negociate de Comisie în numele Comunității Europene și a statelor membre constituie un rezultat satisfăcător și echilibrat pentru perioada de tranziție avută în vedere;întrucât anumite angajamente privind circulația persoanelor fizice în scopul prestării de servicii au fost negociate de Comisie, în numele Comunității Europene și al statelor membre;întrucât la 26 iulie 1995, Consiliul a autorizat Comisia să aprobe, în numele Comunității Europene și al statelor membre, Decizia Comitetului pentru comerțul cu servicii financiare privind adoptarea celui de-al doilea protocol anexat la Acordul General privind Comerțul cu Servicii, Decizia Consiliului pentru comerțul cu servicii financiare referitoare la angajamentele în domeniul serviciilor financiare și a doua Decizie a Consiliului pentru comerțul cu servicii privind serviciile financiare, precum și Decizia Consiliului pentru comerțul cu servicii referitoare la angajamentele în domeniul circulației persoanelor fizice, adoptând cel de al treilea protocol anexat la Acordul General privind Comerțul cu Servicii;întrucât competența pentru Comunitate de a încheia acorduri internaționale nu rezultă doar din atribuirea explicită prin tratat, ci poate, de asemenea, să decurgă și din alte dispoziții ale tratatului și din acte adoptate în cadrul acestor dispoziții de către instituțiile Comunității;întrucât, atunci când normele Comunității au fost adoptate pentru a se asigura realizarea obiectivelor tratatului, statele membre nu sunt autorizate, în afara cadrului instituțiilor comune, să își asume angajamente susceptibile să afecteze normele menționate mai sus sau să altereze domeniul de aplicare a acestora;întrucât anumite angajamente privind serviciile financiare sunt de competența Comunității, în temeiul articolului 113 din tratat; întrucât, în plus, alte angajamente privind serviciile financiare, ca și angajamentele privind circulația persoanelor fizice, afectează normele Comunității adoptate în temeiul articolelor 54, 57, 63, 66, 99, 100 și 100 a și, prin urmare, nu pot fi contractate decât de Comunitate;întrucât, în special, recurgerea la articolul 100 din tratat ca bază juridică a prezentei decizii este justificată, în măsura în care angajamentele anterior menționate în domeniul serviciilor financiare afectează Directiva 90/434/CEE a Consiliului din 23 iulie 1990 privind regimul fiscal comun care se aplică fuziunilor, scindărilor, cesionării de active și schimburilor de acțiuni între societățile din diferite state membre [4], precum și Directiva 90/435/CEE a Consiliului din 23 iulie 1990 privind regimul fiscal comun care se aplică societăților-mamă și filialelor acestora din diferite state membre [5] care se bazează pe articolul 100 din tratat;întrucât, în ceea ce privește angajamentele privind circulația capitalurilor cuprinse în lista de angajamente specifice ale Comunității și statelor membre ale acesteia și în stadiul actual al dreptului comunitar, statele membre își păstrează competența, în limita stabilită prin dispozițiile articolului 73c din tratat;întrucât Acordul de instituire a Organizației Mondiale a Comerțului și protocoalele Acordului General privind Comerțul cu Servicii nu sunt, prin natura lor, susceptibile de a fi invocate direct în fața instanțelor Comunității sau naționale,DECIDE:Articolul 1(1) Al doilea protocol anexat la Acordul General privind Comerțul cu Servicii referitor la serviciile financiare este aprobat în numele Comunității Europene, în domeniile de competență a acesteia.(2) Textul celui de-al doilea protocol, împreună cu lista de angajamente specifice și lista de scutiri ale Comunității și ale statelor membre sunt alăturate prezentei decizii, precum și cel al următoarelor decizii:- Decizia Comitetului pentru comerțul cu servicii financiare privind adoptarea celui de-al doilea protocolul la Acordul General privind Comerțul cu Servicii,- Decizia Consiliului pentru comerțul cu servicii referitoare la angajamentele în domeniul serviciilor financiare,- a doua Decizie a Consiliului pentru comerțul cu servicii privind serviciile financiare.(3) Președintele Consiliului este autorizat să numească persoana împuternicită să semneze al doilea protocol anexat la Acordul General privind Comerțul cu Servicii prin care Comunitatea Europeană își asumă obligații în domeniile din respectivul protocol care sunt de competența sa.Articolul 2(1) Al treilea protocol anexat la Acordul General privind Comerțul cu Servicii privind circulația persoanelor fizice este aprobat în numele Comunității Europene în domeniile de competență a Comunității Europene.(2) Textul celui de-al treilea protocol și lista cu angajamente ale Comunității și ale statelor membre, precum și textul deciziei Consiliului pentru Comerțul cu Servicii referitoare la angajamentele privind circulația persoanelor fizice, se adaugă prezentei decizii.(3) Președintele Consiliului este autorizat să numească persoana împuternicită să semneze al treilea protocol anexat la Acordul General pentru Comerțul cu Servicii, prin care Comunitatea Europeană își asumă obligații în domeniile din respectivul protocol care sunt de competența sa.Adoptat la Luxemburg, 25 iunie 1996.Pentru ConsiliuPreședinteleE. Ronchi[1] Avizul Parlamentului European din 6 iunie 1996 (nepublicat încă în Jurnalul Oficial).[2] Avizul Comitetului Economic și Social din 30 mai 1996 (nepublicat încă în Jurnalul Oficial).[3] JO L 336, 23.12.1994, p. 1.[4] JO L 225, 20.8.1990, p. 1.[5] JO L 225, 20.8.1990, p. 6.--------------------------------------------------19960625ANEXĂ--------------------------------------------------19960625Al doilea Protocol anexat la Acordul General privind Comerțul cu ServiciiMEMBRII 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.--------------------------------------------------19960625COMUNITATEA EUROPEANĂ ȘI STATELE MEMBRELISTA ANGAJAMENTELOR SPECIFICEApendice 1Revizie(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 andpages 30 to 32 of document GATS/SC/82.EUROPEAN COMMUNITY AND ITS MEMBER STATESSCHEDULE OF SPECIFIC COMMITMENTSModes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons |Sector or subsector | Limitations on market access | Limitations on national treatment | Additional 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-related services | (1)DK: Compulsory air transport insurance can be underwritten only by firms established in the community. | (1)A: Higher premium tax is due for insurance contracts (except for 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. | | |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 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. | | |(2)DK: Compulsory air transport insurance can be underwritten only by firms established in the Community. | (2)A: Higher premium tax is due for insurance contracts (except for 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. | | |I: Transport insurance of goods, insurance of vehicles as such and 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 of insurers are not allowed to write insurance contracts. | (3)FIN: The general agent of the foreign insurance company shall reside in Finland. | |GR, E: 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. | S: Insurance undertaking not incorporated in Sweden are required to deposit assets for agencies established in Sweden. | |IRL: The right of establishment does not cover the creation of representative offices. | S: Non-life insurance undertakings not incorporated in Sweden conducting business in Sweden are - instead of being taxed according to the net result - subject to taxation based on the premium income from direct insurance operations. | |E: Before establishing a branch or agency in Spain to provide certain classes of insurance, a foreign insurer must have been authorized to operate in the same classes of insurance in its county of origin for at least five years. | S: A founder of an insurance company shall be a natural person resident in Sweden or a legal entity incorporated in Sweden. | |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. | | |FIN: Branches of foreign insurance companies cannot get a licence in Finland to carry on statutory insurances business (the statutory employment pension insurance, the statutory accident 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 horizonal section and subject to the specific conditions: | (4)Unbound except as indicated in the horizontal section and subject to following specific limitations: | |GR: A majority of the members of the board of directors of a company established in Greece shall be nationals of one of the Member States of the Community. | DK: The general agent of an insurance branch will need to have resided in Denmark for the last two years unless they are a national of one of the Member States of the Community. The Minister for 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 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 Sevices (excluding insurance) | (1)B: Establishment in Belgium is required for the provision of investment advisory services. | (1)None | |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 German marks can be lead managed only by a credit institution. subsidiary or branch, established in Germany. | (2)S:Account operating institutions in the VPC register which do not have a clearing account with the central bank (Riksbanken) have to make a certain deposit. | |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. | | |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. | | |(3)All Member States:The establishment of a specialized management company is required to perform the activities of management of units trusts and investment companies (Articles 6 and 13 of Ucits Directive, 85/61 1/EEC).Only firms having their regis- tered office in the Community can act as depositories of the assets of investment funds (Articles 8 (1) and 1 5 (1) of the Ucits Directive, 85/61 1/EEC). | F: In addition to French credit institutions, issues denominated in French francs may be lead managed only by French subsidiaries (under French law) of non-French barks which are authorized, based on sufficient means and commitments in Paris of the candidate French subsidiary of a non-French bank. These conditions apply to lead barks running the books. A non-French bank may be, without restrictions or requirement to establish, jointly-lead or co-lead manager of Euro-franc bond issue. | |A: Licensing of branches or subsidiaries of foreign banks may be sub- ject to an economic interest test. | I: Representative offices of foreign intermediaries cannot carry out 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. | | |FIN: Acquisition of shares by foreign owners giving more than one third of the voting rights of a major Finnish commercial bank or credit institution (with more than 1000 employees or with a turnover exceeding 1000 million) Finnish markka or with a balance sheet total exceeding Fmk 1000 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 credit 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. | | |GR: For the establishment and uperations of branches a minimum amount of foreign exchange must be imported, converted into drachmas and kept in Greece as long as a foreign bank continues to operate in Greece:Up to four branches this mini- mum 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. | | |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 management 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 [2], 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 [3] 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). | | |I: Clearing and settlement of securities may be conducted only by the official 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 administration services for government securities can be provided only by the Bank of Italy, or by Monte Titoli SpA for shares, securities of a participating nature and other bonds traded in a ruled market. | S: A founder of a banking company shall be a natural person resident in Sweden or a foreign bank. A founder of a savings bank shall be a natural person resident in Sweden. | |NL: Only companies incorporated according to the law and regulations of an EC Member State may become members of the Amsterdam Stock Exchange. | S: A branch of a fund management company not incorporated in Sweden may not operate certain collective investment funds, where the investor 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. | | |UK: The following categories of financial institutions dealing in 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;andinter-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 horizontal section and subject to the specific conditions: | (4)Unbound except as indicated in the horizontal section and subject to the following specific limitations: | |F:sociétés d'investissement à capital fixe: condition of nationality for the president of the board of directors, the directors-general and no less than two thirds of the administrators, and also, when the securities firm has a supervisory board or council, for the members of such board or its director-general, and no less than two thirds of the members of the supervisory council. | I: Condition of residence for "promotori di servizi finanziari" (financial salesmen). | |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. | | |COMUNITATEA EUROPEANĂ ȘI STATELE MEMBRELISTA FINALĂ A EXCEPȚIILOR DE LA ARTICOLUL II(Numai textul în limba engleză este autentic)EUROPEAN COMMUNITY AND THEIR MEMBER STATESSector or subsector | Description of measure indicating its inconsistency with Article II | Countries to which the measure applies | Intended duration | Conditions creating the need for the exemption |Direct non-life insurance | Measures based on a bilateral agreement between the European Communities and Switzerland on direct insurance other than life insurance. This agreement provides, on a reciprocal basis, for freedom of establishment and the right to take up or pursue non-life insurance business for agencies and branches of undertakings whose head office is situated in the territory of the other Contracting Party. | Switzerland | Indefinite | Need to remove obstacles to the taking up and pursuit of non- life insurance business in the framework of an agreement between the European Communities and Switzerland on non-life insurance consistent with the provisions of paragraph 3 of the Annex of Financial Services |Financial services | Measure granting favourable tax treatment (offshore regime) in italy to service suppliers trading with the countries to which the measure applies. | States in Central, Eastern and South-Eastern Europe, and all Members of the Commonwealth of Independent States | 10 years | The need to aid the countries concerned in their transition to a market economy. |[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 prudential 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.[2] 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.[3] Door-to-door selling.--------------------------------------------------19960625DECIZIE PRIVIND ADOPTAREA CELUI DE-AL DOILEA PROTOCOL ANEXAT LA ACORDUL GENERAL PRIVIND COMERȚUL CU SERVICIIAdoptată de Comitetul pentru comerțul cu servicii financiare la 21 iulie 1995COMITETUL 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.--------------------------------------------------19960625DECIZIA PRIVIND ANGAJAMENTELE REFERITOARE LA SERVICIILE FINANCIAREAdoptată de Consiliul pentru comerțul cu servicii la 21 iulie 1995CONSILIUL 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.--------------------------------------------------19960625A DOUA DECIZIE PRIVIND SERVICIILE FINANCIAREAdoptată de către Consiliul pentru comerțul cu servicii la 21 iulie 1995CONSILIUL 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.--------------------------------------------------