2005/106/EC: Council decision of 22 November 2004 on the… ANNEX VI

(ANNEX VIII of the Agreement referred to in Article 120 of the Agreement)

ANNEX VISupplementary provisions

ANNEX VI (ANNEX VIII of the Agreement referred to in Article 120 of the Agreement) SCHEDULE OF SPECIFIC COMMITMENTS ON FINANCIAL SERVICES PART A Community's schedule Introductory Note 1. The specific commitments in this schedule apply only to the territories in which the Treaties establishing the Community are applied and under the conditions laid down in these Treaties. These commitments apply only to the relations between the Communities and their Member States on the one hand, and non-Community countries on the other. They do not affect the rights and obligations of Member States arising from Community law. 2. The following abbreviations are used to indicate the Member States: AT Austria BE Belgium CY Cyprus CZ Czech Republic DE Germany DK Denmark ES Spain EE Estonia FR France FI Finland EL Greece HU Hungary IT Italy IE Ireland LU Luxembourg LT Lithuania LV Latvia MT Malta NL The Netherlands PT Portugal PL Poland SE Sweden SI Slovenia SK Slovak Republic UK United Kingdom ‘Subsidiary’ of a legal person means a legal person which is effectively controlled by another legal person. ‘Branch’ of a legal person means a place of business not having legal personality which has the appearance of permanency, such as the extension of a parent body, has a management and is materially equipped to negotiate business with third parties so that the latter, although knowing that there will if necessary be a legal link with the parent body, the head office of which is abroad, do not have to deal directly with such parent body but may transact business at the place of business constituting the extension. I. HORIZONTAL COMMITMENTS All sectors included in this schedule         3. In all Member States  ( 1 ) services considered as public utilities at a national or local level may be subject to public monopolies or to exclusive rights granted to private operators  ( 2 ) . 3. a) Treatment accorded to subsidiaries (of Chilean companies) formed in accordance with the law of a Member State and having their registered office, central administration or principal place of business within the Community is not extended to branches or agencies established in a Member State by a Chilean company. However, this does not prevent a Member State from extending this treatment to branches or agencies established in another Member State by a Chilean company or firm, as regards their operation in the first Member State's territory, unless such extension is explicitly prohibited by Community law. b) Less favourable reatment may be accorded to subsidiaries (of Chilean companies) formed in accordance with the law of a Member State which have only their registered office or central administration in the territory of the Community, unless it can be shown that they possess an effective and continuous link with the economy of one of the Member States.     HU: Commercial presence should take the form of limited liability company, joint-stock company, or representative office. Initial entry as branch is not permitted. Formation of Legal Entity 3. SE: A limited liability company (joint stock company) may be established by one or several founders. A founding party shall either reside within the EEA (European Economic Area) or be an EEA legal entity. A partnership can only be a founding party if each partner resides within the EEA  ( 3 ) . Corresponding conditions prevail for establishment of all other types of legal entities.     Law on foreign companies' branches 3. SE: A foreign company (which has not established a legal entity in Sweden) shall conduct its commercial operations through a branch, established in Sweden with independent management and separate accounts. SE: Building projects with a duration of less than a year are exempted from the requirements of establishing a branch or appointing a resident representative. Law on foreign companies' branches 3. SE: The managing director and at least 50 % of the members of the board shall reside within the EEA (European Economic Area). SE: The managing director of a branch shall reside within the EEA (European Economic Area)  ( 3 ) . SE: Foreign or Swedish citizens not residing in Sweden, who wishes to conduct commercial operations in Sweden, shall appoint and register with the local authority a resident representative responsible for such activities. SI: The establishment of branches by foreign companies is conditioned with the registration of the parent company in a court register in the country of origin for at least one year.     Legal Entities: 3. FI: Acquisition of shares by foreign owners giving more than one third of the voting rights of a major Finnish company or a major business undertaking (with more than 1 000 employees or with a turnover exceeding Finnish markka 1 000 million or with a balance sheet total exceeding EUR 167 million) is subject to confirmation by the Finnish authorities; the confirmation may be denied only if an important national interest would be jeopardised. FI: At least half of the founders of a limited company need to be resident either in Finland or in one of the other EEA (European Economic Area) countries. Company exemptions may, however, be granted. PL: The establishment by foreign service suppliers may only take the form of limited partnership, limited liability company or joint stock company. FI: A foreigner living outside the European Economic Area and carrying on a trade as a private entrepreneur or as a partner in a Finnish limited or general partnership needs a trade permit. If a foreign organisation or foundation which is resident outside the European Economic Area intends to carry on a business or trade by establishing a branch in Finland, a trade permit is required. FI: If at least half of the members of the Board or the Managing Director are resident outside the European Economic Area, a permission is required. Company exemptions may, however, be granted. SK: A foreign natural person whose name is to be registered in the Commercial Register as a person authorised to act on behalf of the entrepreneur is required to submit residence permit for the Slovak Republic.     Real estate purchases: DK: Limitations on real estate purchase by non-resident physical and legal entities. Limitations on agricultural estate purchased by foreign physical and legal entities. EL: According to Law No 1892/89 permission from the Minister of Defence is needed for a citizen to acquire land in areas near borders. According to administrative practices permission is easily granted for direct investment. CY: Unbound. HU: Unbound for the acquisition of state owned property. LT: Unbound for the acquisition of land by juridical and natural persons. MT: Unbound for the acquisition of real property. LV: Unbound in relation to acquisition of land by juridical persons. Land lease not exceeding 99 years permitted. PL: Unbound in relation to acquisition of State-owned property, i.e. the regulations governing the privatisation process (for mode 3). SI: Juridical persons, established in the Republic of Slovenia with foreign capital participation, may acquire real estate on the territory of the Republic of Slovenia. Branches  ( 4 ) established in the Republic of Slovenia by foreign persons may only acquire real estate, except land, necessary for the conduct of the economic activities for which they are established. Ownership of real estate in the border areas of 10 km by companies in which majority of capital or voting rights belongs directly or indirectly to juridical persons or nationals of another Member is subject to special permission. Real estate purchases: AT: The acquisition, purchase as well as rent or lease of real estate by foreign natural persons and legal persons requires an authorisation by the competent regional authorities ( Länder ) which will consider whether important economic, social or cultural interests are affected or not. IE: Prior written consent of the Land Commission is necessary for the acquisition of any interest in Irish land by domestic or foreign companies or foreign nationals. Where such land is for industrial use (other than agricultural industry), this requirement is waived subject to a certificate to this effect from the Minister for Enterprise and Employment. This law does not apply to land within the boundaries of cities and towns. CZ: Limitations on real estate acquisition by foreign natural and legal entities. Foreign entities may acquire real property through establishment of the Czech legal entities or participation in joint ventures. Acquisition of the land by foreign entities is subject to authorisation. HU: Unbound for the acquisition of real estate by foreign natural persons. LV: Unbound in relation to acquisition of land by juridical persons. Land lease not exceeding 99 years permitted. PL: Acquisition of real estate, direct and indirect, by foreigners and foreign legal persons requires permission     SK: None except for land (for modes 3 and 4) SK: Limitations on real estate acquisition by foreign physical and legal entities. Foreign entities may acquire real property through establishment of Slovak legal entities or participation in joint ventures. Acquisition of the land by foreign entities is subject to authorisation (for modes 3 and 4).       IT: Unbound for purchase of real estate. FI (Åland Islands): Restrictions on the right for natural persons who do not enjoy regional citizenship in Åland, and for legal persons, to acquire and hold real property on the Åland Islands without permission by the competent authorities of the islands. FI (Åland Islands): Restrictions on the right of establishment and the right to provide services by natural persons who do not enjoy regional citizenship in Åland, or by any legal person, without permission by the competent authorities of the Åland Islands.     Investments: FR: Foreign purchases exceeding 33,33  % of the shares of capital or voting rights in existing French enterprise, or 20 % in publicly quoted French companies, are subject to the following regulation: — after a period of one month following prior notification, authorisation is tacitly granted unless the Minister of Economic Affairs has, in exceptional circumstances, exercised its right to postpone the investment. FR: Foreign participation in newly privatised companies may be limited to a variable amount, determined by the government of France on a case by case basis, of the equity offered to the public. ES: Investment in Spain by foreign government and foreign public entities (which tends to imply, besides economic, also non-economic interests to entity's part), directly or through companies or other entities controlled directly or indirectly by foreign governments, need prior authorisation by the government. PT: Foreign participation in newly privatised companies may be limited to a variable amount, determined by the Government of Portugal on a case-by-case basis, of the equity offered to the public. Investments: CY: Entities with foreign participation must have paid up capital commensurate with their finance requirements and non-residents must finance their contribution through the importation of foreign exchange. In case the non-resident participation exceeds 24 per cent, any additional financing for working capital requirements or otherwise should be raised from local and foreign sources in proportion to the participation of residents and non-residents in the entity's equity. In the case of branches of foreign companies, all capital for the initial investment must be provided from foreign sources. Borrowing from local sources is only permitted after the initial implementation of the project, for financing working capital requirements. HU: Unbound for the acquisition of state-owned properties. LT: Investments in organizing the lotteries are forbidden under the Law on Foreign Capital Investment.     IT: Exclusive rights may be granted or maintained to newly-privatised companies. Voting rights in newly privatised companies may be restricted in some cases. For a period of five years, the acquisition of large equity stakes of companies operating in the fields of defence, transport services, telecommunications and energy may be subject to the approval of the Ministry of Treasury. FR: For establishing in certain  ( 5 ) commercial, industrial or artisanal activities, a specific authorisation is needed if the managing director is not holder of a permanent residence permit. MT: Companies with the participation of non-resident legal or natural persons are subject to the same capital requirement applicable to companies that are fully owned by residents as follows: private companies — Lm500 (with a minimum of 20 % as paid up capital); public companies — Lm20000 (with a minimum of 25 % paid up capital). The non-resident percentage of share of the equity is to be paid for with funds emanating from abroad.     CY: The permission of the Central Bank is required for the participation of any non-resident in a corporate body or partnership in Cyprus. Foreign participation in all sectors/subsectors included in the Schedule of Commitments is normally limited up to 49 %. The decision of the authorities to grant permission for foreign participation is based on an economic needs test, for which the following criteria are used in general: (a) Provision of services which are new to Cyprus (b) Promotion of the export orientation of the economy with development of existing and new markets (c) Transfer of modern technology, know-how and new management techniques (d) Improvement either of the productive structure of the economy or of the quality of existing products and services (e) Complementary impact on existing units or activities (f) Viability of proposed project (g) Creation of new job opportunities for scientists, qualitative improvement and training of local staff. In exceptional cases, in which a proposed investment satisfies most of the economic needs test criteria to a large extent, permission for foreign participation exceeding 49 % may be granted. Subsidies Eligibility for subsidies from the Community or Member States may be limited to legal persons established within the territory of a Member State or a particular geographical sub-division thereof. Unbound for subsidies for research and development. Unbound for branches established in a Member State by a non-Community company. The supply of a service, or its subsidisation, within the public sector is not in breach of this commitment. Commitments taken in this schedule do not require the Community or Member States to offer a subsidy to a service supplied from outside its territory. To the extent that any subsidies are made available to natural persons, their availability may be limited to nationals of a Member State.     In the case of public companies, foreign equity participation is normally allowed to the extent of up to 30 per cent. In Mutual Funds the extent of allowable foreign ownership is 40 %. Corporate bodies have to be registered under the Companies Law. Same Law requires that a foreign company wishing to establish a place of business or an office in Cyprus must register it as a foreign branch. For the registration the prior approval of the Central Bank is required under the Exchange Control Law. Such approval is subject to the foreign investment policy applicable at the time with regard to the Corporate Body's proposed activities in Cyprus and the general investment criteria stipulated above. HU: Unbound for the acquisition of state-owned properties. MT: The Companies Act (Cap.386) regulating the supply of services by non-residents through the registration of a local company and the External Transactions Act (Cap. 233) which regulates the issue, acquisition, sale and redemption of securities not listed on the Malta Stock Exchange shall continue to apply.       PL: Authorisation of the establishment of a company with foreign equity is required in the case of: — establishment of company, purchase or acquiring of shares or stocks in an existing company; extending of the activity of the company when the scope of activity embraces at least one of the following areas: — management of seaports and airports, — dealing in real estate or acting as intermediary in real estate transactions, — supply to defence industry that is not covered by other licensing requirements, — wholesale trade in imported consumer goods, — provision of legal advisory services, — establishment of a joint-venture company with a foreign equity in which the Polish party is a state legal person and is contributing non-pecuniary assets as initial capital, — arranging a contract, that includes right to use of state property for more than six months or decides on acquiring of such property. SI: For financial services, authorisation is issued by the authorities indicated in sector specific commitments and according to conditions indicated in sector specific commitments. There are no limitations on establishment of a new business establishment (greenfield investments).       Exchange regime  ( 6 )  ( 7 )  ( 8 ) : 1 and 2. SK: In relation to current payments, limitation on acquisition of foreign exchange by resident nationals for personal purposes. In relation to capital payments, foreign exchange authorisation required for acceptance of financial credits from foreign subjects, direct capital investments abroad, acquisition of real estate abroad and purchase of foreign securities. Exchange regime  ( 9 ) 4. CY: Under the Exchange Control Law, non-residents are not normally permitted to borrow from local sources     4. Unbound except for measures concerning the entry into and temporary stay  ( 10 ) within a Member State, without requiring compliance with an economic needs test  ( 11 ) , of the following categories of natural persons providing services: 4. Unbound except for measures concerning the categories of natural persons referred to in the Market Access column.     (i) the temporary presence, as intra-corporate transferee  ( 12 ) , of natural persons in the following categories, provided that the service supplier is a legal person and that the persons concerned have been employed by it or have been partners in it (other than as majority shareholders), for at least the year immediately preceding such movement: Community directives on mutual recognition of diplomas do not apply to nationals of third countries. Recognition of the diplomas which are required in order to practise regulated professional services by non-Community nationals remains within the competence of each Member State, unless Community law provides otherwise. The right to practise a regulated professional service in one Member State does not grant the right to practise in another Member State.     (a) Persons working in a senior position within a legal person, who primarily direct the management of the establishment, receiving general supervision or direction principally from the board of directors or stockholders of the business or their equivalent, including: — directing the establishment or a department or sub-division of the establishment, — supervising and controlling the work of other supervisory, professional or managerial employees, — having the authority personally to hire and fire or recommend hiring, firing or other personnel actions. Residency requirements AT: Managing directors of branches and legal persons have to be resident in Austria; natural persons responsible within a legal person or a branch for the observance of the Austrian Trade Act must be resident in Austria. MT: Immigration regulations under the Immigration Act (Cap 217) will regulate the issue of residency permits/documents.     (b) Persons working within a legal person who possess uncommon knowledge essential to the establishment's service, research equipment, techniques or management. In assessing such knowledge, account will be taken not only of knowledge specific to the establishment, but also of whether the person has a high level of qualification referring to a type of work or trade requiring specific technical knowledge, including membership of an accredited profession.       (ii) the temporary presence of natural persons in the following categories:       (a) Persons not residing in the territory of a Member State to which the EC treaties apply, who are representatives of a service supplier and are seeking temporary entry for the purpose of negotiating for the sale of services or entering into agreements to sell services for that service provider, where those representatives will not be engaged in making direct sales to the general public or in supplying services themselves (in addition, for EE, HU, LV, SI: or on their own behalf receive remuneration from a source located within the Member State concerned).       (b) Persons working in a senior position, as defined in i) a) above, within a legal person, who are responsible for setting up in a Member State a commercial presence of a service provider of Chile when: — the representatives are not engaged in making direct sale or supplying services (in addition, for EE, HU, LV, SI: or on their own behalf receive remuneration from a source located within the Member State concerned), and — the service provider has its principal place of business in the territory of Chile and has no other representative, office, branch or subsidiary in that Member State.       FR: The managing director of an industrial, commercial or artisanal activity  ( 13 ) , if not holder of a residence permit, needs a specific authorisation.       IT: Access to industrial, commercial and artisanal activities is subject to a residence permit and specific authorisation to pursue the activity.     II.1. FINANCIAL SERVICES-SPECIFIC COMMITMENTS (first part)  ( 14 ) 1. Part of the EC (AT, BE, CZ, DK, DE, ES, FI, FR, EL, HU, IE, IT, LU, NL, PT, SK, SE, UK) undertakes commitments on Financial Services in accordance with the provisions of the ‘Understanding on Commitments in Financial Services’ attached (hereinafter referred to as the Understanding). These commitments are in the following section. Commitments on Financial Services of the other part of the EC (CY, EE, LV, LT, MT, PL, SI) are not based on the Understanding and are in a second section. 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, except for Hungary, for which they apply only to the transactions indicated in paragraphs B.3 (a) and (b) and B.4 (a) and (b) 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 the Czech Republic, Hungary, the Slovak Republic, and 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 121. 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. 7. HU: Insurance, banking, securities and collective investment management services should be performed by legally separate and independently capitalised suppliers of financial services, although banks may be authorised to provide services in the securities field as well. 8. HU: It is intended to bind direct branching once it is bound in the GATS, and under the conditions set therein. 9. HU: The board of a financial institution should include at least two members, who are Hungarian citizens, residents in the meaning of the relevant foreign exchange regulations and have permanent residency in Hungary for at least one year. II.1. FINANCIAL SERVICES-SPECIFIC COMMITMENTS (first part) A. Insurance and insurance-related services 1. CZ: Compulsory motor third party liability insurance is provided by an exclusive supplier  ( 15 ) . Compulsory health insurance is provided by licensed Czech-owned suppliers only. 2. SK: The following insurance services are provided by exclusive suppliers: Compulsory motor third party liability insurance, compulsory air transport insurance, the liability insurance of employer against injury or occupational disease has to be effected through the Slovak insurance company. The basic health insurance is confined to the Slovak health insurance companies having a licence for provision of health insurance granted by the Ministry of Healthcare of the Slovak Republic according to the Act 273/1994 Coll. of Law. Fund pension insurance schemes and sickness insurance are confined to the Social Insurance Company.   1. AT: Promotional activity and intermediation on behalf of a subsidiary not established in the Community or of a branch not established in Austria (except for reinsurance and retrocession) are prohibited. AT: Compulsory air insurance can be underwritten only by a subsidiary established in the Community or by a branch established in Austria. CZ: None other than:   Foreign financial services suppliers may establish an insurance company with the seat in the Czech Republic in the form of a joint stock company or may exercise insurance activity through their branches with registered office in the Czech Republic under the conditions established in the Insurance Industry Act.   Commercial presence and authorisation is required for the provider of insurance services: — to provide such services including reinsurance, and — to conclude intermediation contract with an intermediary aimed at the conclusion of insurance contract between the provider of insurance services and third party. 1. AT: Higher premium tax is due for insurance contracts (except for contracts on reinsurance and retrocession) which are written by a subsidiary not established in the Community or by a branch not established in Austria. Exception from the higher tax can be granted. Part of the EC (AT, BE, DK, DE, ES, FI, FR, EL, IE, IT, LU, NL, PT, SE, UK) undertakes additional commitments as contained in the ‘Additional commitments by part of the EC’ attached.   Authorisation is required for the intermediary in case of its intermediation activity to be exercised for a branch with registered office in the Czech Republic.       DK: Compulsory air transport insurance can be underwritten only by firms established in the Community. DK: No persons or companies (including insurance companies) may for business purposes in Denmark assist in effecting direct insurance for persons resident in Denmark, for Danish ships or for property in Denmark, other than insurance companies licensed by Danish law or by Danish competent authorities.       DE: Compulsory air insurance policies can be underwritten only by a subsidiary established in the Community or by a branch established in Germany.       DE: If a foreign insurance company has established a branch in Germany, it may conclude insurance contracts in Germany relating to international transport only through the branch established in Germany. IT: Unbound for the actuarial profession. FI: Only insurers having their head office in the European Economic Area or having their branch in Finland may offer insurance services as referred to in subparagraph 3(a) of the Understanding.       FI: The supply of insurance broker services is subject to a permanent place of business in the European Economic Area. FR: Insurance of risks relating to ground transport may be carried out only by insurance firms established in the Community.       IT: Transport insurance of goods, insurance of vehicles as such and liability insurance regarding risks located in Italy may be underwritten only by insurance companies established in the Community. This reservation does not apply for international transport involving imports into Italy.       SK: Commercial presence is required for supply of: — the life insurance of persons with permanent residence in the Slovak Republic, — the insurance of property on the territory of the Slovak Republic, — the insurance of liability for loss or damage caused by the activity of natural persons and juridical persons on the territory of the Slovak Republic, — air and maritime insurance, covering goods, aircraft, hull and liability. SE: The supply of direct insurance is allowed only through an insurance service supplier authorised in Sweden, provided that the foreign service supplier and the Swedish insurance company belong to the same group of companies or have an agreement of cooperation between them.       2. AT: Promotional activity and intermediation on behalf of a subsidiary not established in the Community or of a branch not established in Austria (except for reinsurance and retrocession) are prohibited. AT: Compulsory air insurance can be underwritten only by a subsidiary established in the Community or by a branch established in Austria. 2. AT: Higher premium tax is due for insurance contracts (except for contracts on reinsurance and retrocession) which are written by a subsidiary not established in the Community or by a branch not established in Austria. Exception from the higher tax can be granted.     CZ: None other than: Insurance services as defined below may not be purchased abroad. — The life insurance of persons with permanent residence in the Czech Republic — the insurance of property on the territory of the Czech Republic — the insurance of liability for loss or damage caused by the activity of natural and legal persons on the territory of the Czech Republic.       DK: Compulsory air transport insurance can be underwritten only by firms established in the Community. DK: No persons or companies (including insurance companies) may, for business purposes in Denmark, assist in effecting direct insurance for persons resident in Denmark, for Danish ships or for property in Denmark, other than insurance companies licensed by Danish law or by Danish competent authorities. DE: Compulsory air insurance policies can be underwritten only by a subsidiary established in the Community or by a branch established in Germany.       DE: If a foreign insurance company has established a branch in Germany, it may conclude insurance contracts in Germany relating to international transport only through the branch established in Germany. FR: Insurance of risks relating to ground transport may be carried out only by insurance firms established in the Community. IT: Transport insurance of goods, insurance of vehicles as such and liability insurance regarding risks located in Italy may be underwritten only by insurance companies established in the Community. This reservation does not apply for international transport involving imports into Italy. SK: Insurance services covered by mode 1, except insurance of air and maritime transport, covering goods, aircraft, hull and liability above may not be purchased abroad.       3. AT: The licence for branch offices of foreign insurers has to be denied if the insurer, in the home country, does not have a legal form corresponding or comparable to a joint stock company or a mutual insurance association. CZ: None other than: — Foreign financial services suppliers may establish an insurance company with the seat in the Czech Republic in the form of a joint stock company or may exercise insurance activity through their branches with registered office in the Czech Republic under the conditions established in the Insurance Industry Act. — Commercial presence and authorisation is required for the provider of insurance services: — to provide such services including reinsurance, and — to conclude intermediation contract with an intermediary aimed at the conclusion of insurance contract between the provider of insurance services and third party. 3. SK: The majority of the management board of an insurance company has to be domiciled in the Slovak Republic. SE: Non-life insurance undertakings not incorporated in Sweden conducting business in Sweden are - instead of being taxed according to the net result - subject to taxation based on the premium income from direct insurance operations. SE: A founder of an insurance company shall be a natural person resident in the European Economic Area or a legal entity incorporated in the European Economic Area.     Authorisation is required for the intermediary in case of its intermediation activity to be exercised for a branch with registered office in the Czech Republic.       FI: The managing director, at least one auditor and at least one half of the promoters and members of the board of directors and the supervisory board of an insurance company shall have their place of residence in the European Economic Area, unless the Ministry of Social Affairs and Health has granted an exemption. FI: Foreign insurers cannot get a licence in Finland as a branch to carry on statutory social insurances (statutory pension insurance, statutory accident insurance).       FR: The establishment of branches is subject to a special authorisation for the representative of the branch. EL: The right of establishment does not cover the creation of representative offices or other permanent presence of insurance companies, except where such offices are established as agencies, branches or head offices. IT: Access to actuarial profession through natural persons only. Professional associations (no incorporation) among natural persons permitted. IT: The authorisation of the establishment of branches is ultimately subject to the evaluation of supervisory authorities. IE: The right of establishment does not cover the creation of representative offices.       SK: Licence is required for provision of insurance services. Foreign national may establish an insurance company with the seat in the Slovak Republic in the form of a joint stock company or may conduct insurance business through their subsidiaries with registered office in the Slovak Republic under the general conditions established in the Law on Insurance. Insurance business means insurance activity including brokerage and reinsurance activity.       Intermediation activity aimed at the conclusion of an insurance contract between third party and the insurance company may be provided by natural or juridical persons who are domiciled in the Slovak Republic for the benefit of the insurance company having the license of the Insurance Supervisory Authority.       Intermediation contract aimed at conclusion of an insurance contract by third party with the insurance company may be concluded by domestic or foreign insurance company only after a licence had been granted by the Insurance Supervisory Authority       The financial resources of specific insurance funds of licensed insurance operators derived from insuring or reinsuring policy holders with residence or registered office in the Slovak Republic must be deposited in a resident bank in the Slovak Republic and may not be transferred abroad.       SE: Insurance broking undertakings not incorporated in Sweden may establish a commercial presence only through a branch.     II.1. FINANCIAL SERVICES-SPECIFIC COMMITMENTS (first part)   4. Unbound except as indicated in the horizontal section under (i) and (ii) and subject to the following specific limitations: EL: A majority of the members of the board of directors of a company established in Greece shall be nationals of one of the Member States of the Community. 4. Unbound except as indicated in the horizontal section under (i) and (ii) and subject to the following specific limitations: AT: The management of a branch office must consist of two natural persons resident in Austria. DK: The general agent of an insurance branch will need to have resided in Denmark for the last two years unless being a national of one of the Member States of the Community. The Minister of Business and Industry may grant exemption. DK: Residency requirement for managers and the members of the board of directors of a company. However, the Minister of Business and Industry may grant exemption from this requirement. Exemption is granted on a non-discriminatory basis. IT: Residence requirement for actuarial profession.   B. Banking and other financial services (excluding insurance) 1. CZ: Non-central bank currency issue services, trading of bullion, money broking, settlement and clearing services for derivative products, and advisory, intermediation and other auxiliary financial services relating to these activities are not committed. 2. SK: Trading of bullion, money broking, and intermediation are not committed.   1.  ( 16 ) BE: Establishment in Belgium is required for the provision of investment advisory services. IT: Unbound for ‘promotori di servizi finanziari’ (financial salesmen). CZ: Unbound for trading of transferable securities and of other negotiable instruments and financial assets, participation in issues of all kinds of securities, asset management, and settlement and clearing services for financial assets. None other than: Only Czech established banks and branches of foreign banks having a corresponding licence may: — provide deposit services; — trade in foreign exchange assets; — effect non-cash cross-border payments. 1. None. Part of the EC (AT, BE, DK, DE, ES, FI, FR, EL, IE, IT, LU, NL, PT, SE, UK) undertakes additional commitments as contained in the ‘Additional commitments by part of the EC’ attached.   Foreign exchange permit issued by the Czech National Bank or Ministry of Finance is required in case of Czech non-bank residents for: (a) opening and funding of an account abroad by Czech residents (b) capital payments abroad (except FDI)       (c) granting financial credits and guarantees (d) operations in financial derivates       (e) purchase of foreign securities except for the cases as described by the Foreign Exchange Act       (f) issue of foreign securities for public and non-public trade in the Czech Republic or their introduction on the domestic market.       IE: The provision of investment services or investment advice requires either (i) authorisation in Ireland, which normally requires that the entity be incorporated or be a partnership or a sole trader, in each case with a head/registered office in Ireland (authorisation may not be required in certain cases, e.g. where a third country service provider has no commercial presence in Ireland and the service is not provided to private individuals), or (ii) authorisation in another Member State in accordance with the EC Investment Services Directive.       SK: Unbound for trading of transferable securities and of other negotiable instruments and financial assets, participation in issues of all kinds of securities, asset management, and settlement and clearing services for financial assets.       None other than: (i) Deposit services are confined to the domestic banks and branches of foreign banks in the Slovak Republic.       (ii) Only authorised domestic banks, branches of foreign banks in the Slovak Republic and persons possessing a foreign exchange license may trade in foreign exchange assets. Only stock exchange members can trade on the Bratislava Stock Exchange. Residents can trade on the RM-System Slovakia without any limitation and non-residents only through security dealers.       (iii) Non-cash cross-border payments may be effected only by authorised domestic banks and branches of foreign banks in the Slovak Republic.       (iv) Foreign exchange licence issued by the National Bank of Slovakia is required for: (a) opening an account abroad by a Slovak non-bank resident, except for the natural persons during their stay abroad; (b) capital payments abroad; (c) obtaining financial credit from a foreign exchange non-resident; except credits from abroad accepted by residents with a repayment period of more than three years and loans granted between natural persons for non-business activities.       (v) Export and import of the Slovak currency and foreign exchange in cash exceeding value of SKK 150 000 and bullion, is subject to reporting requirement.       (vi) Foreign exchange permission or licence granted by foreign exchange authorities is required for a deposit of financial assets by resident abroad.       (vii) Only foreign exchange entities established in the Slovak Republic can grant and obtain guarantees and liabilities according to determined limit and provisions of the National Bank of Slovakia.       2.  ( 17 ) CZ: Unbound for asset management. None other than: Only Czech established banks and branches of foreign banks having a corresponding licence may: 2. None.     — provide deposit services — trade in foreign exchange assets; — effect non-cash cross-border payments.       Foreign exchange permit issued by the Czech National Bank or Ministry of Finance is required in case of Czech non-bank residents for:       (a) opening and funding of an account abroad by Czech residents (b) capital payments abroad (except FDI) (c) granting financial credits and guarantees       (d) operations in financial derivates (e) purchase of foreign securities except for the cases as described by the Foreign Exchange Act       (f) issue of foreign securities for public and non-public trade in the Czech Republic or their introduction on the domestic market.       FI: Payments from governmental entities (expenses) shall be transmitted through the Sampo Bank Ltd. Exemption from this requirement may be granted on special reason by the Ministry of Finance. SK: Unbound for asset management.       None other than: (i) Deposit services are confined to the domestic banks and branches of foreign banks in the Slovak Republic.       (ii) Only authorised domestic banks, branches of foreign banks in the Slovak Republic and persons possessing a foreign exchange license may trade in foreign exchange assets. Only stock exchange members can trade on the Bratislava Stock Exchange. Residents can trade on the RM-System Slovakia without any limitation and non-residents only through security dealers.       (iii) Non-cash cross-border payments may be effected only by authorised domestic banks and branches of foreign banks in the Slovak Republic.       (iv) Foreign exchange licence issued by the National Bank of Slovakia is required for: (a) opening an account abroad by a Slovak non-bank resident, except for the natural persons during their stay abroad; (b) capital payments abroad; (c) obtaining financial credit from a foreign exchange non-resident; except credits from abroad accepted by residents with a repayment period of more than 3 years and loans granted between natural persons for non-business activities.       (v) Export and import of the Slovak currency and foreign exchange in cash exceeding value of SKK 150 000 and bullion, is subject to reporting requirement.       (vi) Foreign exchange permission or licence granted by foreign exchange authorities is required for a deposit of financial assets by resident abroad       (vii) Only foreign exchange entities established in the Slovak Republic can grant and obtain guarantees and liabilities according to determined limit and provisions of the National Bank of Slovakia.       3. All Member States: — The establishment of a specialised management company is required to perform the activities of management of unit trusts and investment companies. — Only firms having their registered office in the Community can act as depositories of the assets of investment funds. 3. SE: A founder of a banking company shall be a natural person resident in the European Economic Area or a foreign bank. A founder of a savings bank shall be a natural person resident in the European Economic Area.     CZ: None other than: — Banking services may be provided only by Czech established banks or branches of foreign banks having a licence granted by the Czech National Bank in agreement with the Ministry of Finance. — Mortgage loan services may be provided only by Czech established banks. Banks may be established as joint stock companies only. The purchase of shares of existing banks is subject to prior approval of the Czech National Bank. — Securities may be traded publicly only if relevant authorisation has been granted and prospectus covering the security has been approved.       The establishment and activities of securities dealers, stockbrokers, of the Stock Exchange or organisers of an over-the-counter market, investment companies and investment funds are subject to authorisation granting of which is related to qualifications, personal integrity, management and material requirements.       Settlement and clearing services for all kinds of payments are monitored and reviewed by the Czech National Bank to ensure their smooth and economical operation.       DK: Financial institutions may engage in securities trading on the Copenhagen Stock Exchange only through subsidiaries incorporated in Denmark. FI: At least one half of the founders, the members of the board of directors, the supervisory board and the delegates, the managing director, the holder of the procuration and the person entitled to sign in the name of the credit institution shall have their place of residence in the European Economic Area, unless the Ministry of Finance grants an exemption. At least one auditor shall have his place of residence in the European Economic Area.       FI: The broker (individual person) on derivative exchange shall have his place of residence in the European Economic Area. Exemption from this requirement may be granted under the conditions set by the Ministry of Finance. FI: Payments from governmental entities (expenses) shall be transmitted through the Sampo Bank Ltd. Exemption from this requirement may be granted on special reason by the Ministry of Finance.       EL: For the establishment and operations of branches a minimum amount of foreign exchange must be imported, converted into euro and kept in Greece as long as a foreign bank continues to operate in Greece: — Up to four branches this minimum is currently equal to half of the minimum amount of share capital required for a credit institution to be incorporated in Greece — For the operation of additional branches the minimum amount of capital must be equal to the minimum share capital required for a credit institution to be incorporated in Greece. IT: In providing the activity of door-to-door selling, intermediaries must utilise authorised financial salesmen resident within the territory of a Member State of the European Communities. IT: Representative offices of foreign intermediaries cannot carry out activities aimed at providing investment services.       IT: Clearing services including the phase of final settlement may be conducted only by entities duly authorised and supervised by the Bank of Italy in agreement with Consob. IT: The public offer of securities can only be made by entities duly authorised. IT: Centralised deposit, custody and administration services can be provided only by entities duly authorised and supervised by the Consob in agreement with the Bank of Italy.       IT: In the case of collective investment schemes other than harmonised UCITS under the directive 85/611/EEC, the trustee/depositary is required to be incorporated in Italy or in another Member State of the European Community, being established through a branch in Italy. Only banks, insurance companies, securities investment companies having their legal head office in the European Community may carry out activity of pension fund resources management. Management companies (closed-end funds and real estate funds) are also required to be incorporated in Italy. IE: In the case of collective investment schemes constituted as unit trusts and variable capital companies (other than undertakings for collective investment in transferable securities, UCITS), the trustee/depositary and management company is required to be incorporated in Ireland or in another Member State of the Community. In the case of an investment limited partnership, at least one general partner must be incorporated in Ireland.       IE: To become a member of a stock exchange in Ireland, an entity must either (i) be authorised in Ireland, which requires that it be incorporated or be a partnership, with a head/registered office in Ireland, or (ii) be authorised in another Member State in accordance with the EC Investment Services Directive. IE: The provision of investment services or investment advice requires either (i) authorisation in Ireland, which normally requires that the entity be incorporated or be a partnership or a sole trader, in each case with a head/registered office in Ireland (the supervisory authority may also authorise branches of third country entities), or (ii) authorisation in another Member State in accordance with the EC Investment Services Directive. PT: The establishment of non-EC banks is subject to an authorisation issued, on a case-by-case basis, by the Minister of Finance. The establishment has to contribute to increase the national banking system's efficiency or has to produce significant effects on the internationalisation of the Portuguese economy.       PT: The services of venture capital may not be provided by branches of venture capital companies having their head office in a non-EC country. Pension fund management may be provided only by companies incorporated in Portugal and by insurance companies established in Portugal and authorised to take up the life insurance business.       SK: Banking services may be provided only by domestic banks or branches of foreign banks authorised by the National Bank of Slovakia upon the agreement with the Ministry of Finance. The granting of authorisation is based on the consideration of criteria relating, in particular, to capital endowment (financial strength) professional qualifications, integrity and competence of the management of the projected bank activities. Banks are legal entities incorporated in the Slovak Republic, established as joint-stock companies or public (State-owned) financial institutions.       The purchase of shares expressing interest in the equity capital of existing commercial bank from the determined limit is subject to prior approval of the National Bank of Slovakia.       Investment services in the Slovak Republic can be provided by banks, investment companies, investment funds and security dealers which have legal form of joint-stock company with equity capital according to the law. Foreign investment company or investment fund must obtain an authorisation from Ministry of Finance for selling its securities or investment certificate units on the territory of the Slovak Republic according to the law. For issue of debt securities the permission of the Ministry of Finance is required either for the issue inland or abroad.       Securities may be issued and traded only after a permission by the Ministry of Finance has been granted for public trading according to the Securities Act. The business of security dealer, stockbroker or organiser of an over-the counter market is subject to authorisation of the Ministry of Finance. Settlement and clearing services for all kinds of payments are regulated by National Bank of Slovakia.       Settlement and clearing services relating to change of physical property of securities are recorded in Centre of Securities (Clearing and Settlement House for Securities). Centre of Securities may provide only transfers on the property accounts of security owners. Cash part clearing and settlement goes through Banking Clearing and Settlement House - (where the National Bank of Slovakia is major shareholder) for Bratislava Stock Exchange, joint-stock company or through Jumbo account for RM-System Slovakia.       SE: Undertakings not incorporated in Sweden may establish a commercial presence only through a branch, and in case of banks, also through a representative office.       4. Unbound except as indicated in the horizontal section under (i) and (ii) and subject to the following specific limitations: FR: Sociétés d'investissement à capital fixe: condition of nationality for the president of the Board of Directors, the Directors-General and no less than two thirds of the administrators, and also, when the securities firm has a Supervisory Board or Council, for the members of such board or its Director-General, and no less than two thirds of the members of the supervisory Council. EL: Credit institutions should name at least two persons who are responsible for the operations of the institution. Condition of residency applies to these persons. 4. Unbound except as indicated in the horizontal section under (i) and (ii) and subject to the following specific limitations: IT: Condition of residence for ‘promotori di servizi finanziari’ (financial salesmen).   II.2. FINANCIAL SERVICES-SPECIFIC COMMITMENTS (second part) 1. The commitments on Financial Services of the other part of the EC (CY, EE, LV, LT, MT, PL, and SI) are in the following section 2. CY: Unregulated financial services and products and the admission to the market of new financial services or products, may be subject to the existence or the introduction of a regulatory framework aimed at achieving the objectives indicated in Article 125. 3. CY: Due to exchange controls operative in Cyprus: — residents are not permitted to purchase banking services which may involve transfer of funds abroad, while they are physically abroad, — loans to non residents/foreigners or non resident controlled companies require approval from the Central Bank, — aquisition of securities by non residents also requires permission from the Central Bank, — dealings in foreign currency may be carried out only through banks which have been accorded ‘authorised dealer’ status from the Central Bank. 4. MT: For mode 3 commitments, under exchange control legislation non residents wishing to supply any services through the registration of a local company may do so with the prior permission of the Central Bank of Malta. Companies with the participation of non resident legal or natural persons require a minimum share capital of Maltese Liri 10 000 of which 50 % has to be paid up. The non resident percentage share of the equity is to be paid for with funds emanating from abroad. Companies with non resident participation must apply for a permit from the Ministry of Finance to acquire premises under the appropriate legislation. 5. MT: For mode 4 commitments, the requirements of Maltese legislation and regulations regarding entry, stay, acquisition of real property, work and social security measures shall continue to apply, including regulations concerning period of stay, minimum wages as well as collective wage agreements. Entry, work and residence permits are granted at the discretion of the Government of Malta. 6. SI: The admission to the market of new financial services or products may be subject to the existence of, and consistency with, a regulatory framework aimed at achieving the objectives indicated in Article 125. 7. SI: As a general rule and in a non discriminatory manner, financial institutions incorporated in the Republic of Slovenia must adopt a specific legal form. 8. SI: Insurance and banking activities should be performed by legally separate suppliers of financial services. 9. SI: Investment services can be provided only through banks and investment firms. II.2. FINANCIAL SERVICES-SPECIFIC COMMITMENTS (second part) A. Insurance and insurance-related services 1. EE: Compulsory social security services are not committed. 2. LV: (i), (ii) (3): As a general rule and in non-discriminatory manner, insurance institutions incorporated in Latvia must adopt a specific legal form. 3. LV: (iii) (3): Intermediary can be only natural person (no nationality requirement) and can provide service on behalf of insurance company having the authorisation from Insurance Supervisory Authority in Latvia. 4. LT: All subsectors: Insurance companies are not allowed to provide both life and non-life insurance. Separate incorporation is required for those two types (a) and (b). (i) Direct insurance (including co-insurance): (a) life (b) non-life (ii) Reinsurance and retrocession (iii) Insurance intermediation, such as brokerage and agency (iv) Services auxiliary to insurance, such as consultancy, actuarial, risk assessment and claim settlement services 1. CY: Life insurance (including intermediation): No insurer can offer life insurance services in the Republic of Cyprus unless licensed as an insurer by the Superintendent of Insurance, in accordance with the insurance companies laws. Non-life insurance (including intermediation): No insurer can offer non-life insurance services (except marine, aviation and transit) in the Republic of Cyprus unless licensed as an insurer by the Superintendent of Insurance, in accordance with the insurance companies laws. Reinsurance and retrocession (including intermediation): Any foreign reinsurer approved by the Superintendent of Insurance (on prudential criteria) may offer reinsurance or retrocession services to insurance companies incorporated and licensed in Cyprus. Services auxiliary to insurance: None. EE: None. 1. CY, EE, LV, LT: None. MT: Life insurance, non-life insurance and reinsurance and retrocession: None. Insurance intermediation and services auxiliary to insurance: Unbound. PL: Unbound except for the reinsurance, the retrocession and insurance of goods in international trade. SI: Marine, aviation and transport insurance, insurance intermediation, and services auxiliary to insurance: None. Life insurance, non-life insurance (except marine, aviation and transport insurance), and reinsurance and retrocession: Unbound.     LV: Life insurance, non-life insurance and insurance intermediation: Unbound. Reinsurance and retrocession, and services auxiliary to insurance: None.       LT: Life insurance, non-life insurance (except for maritime and aviation insurance), and insurance intermediation: Unbound. Maritime and aviation insurance, reinsurance and retrocession and services auxiliary to insurance: None. MT: Marine, aviation and transport insurance, reinsurance and retrocession, and insurance intermediation: None. Life insurance, non-life insurance (except for marine, aviation and transport insurance), reinsurance and retrocession (except for marine, aviation and transport reinsurance), and services auxiliary to insurance: Unbound.       PL: Unbound except for the reinsurance, the retrocession and insurance of goods in international trade.       SI: Marine, aviation and transport insurance: Insurance activities provided by mutual insurance institutions are limited to incorporated companies established in the Republic of Slovenia. Life insurance, non-life insurance (except marine, aviation and transport insurance), reinsurance and retrocession, insurance intermediation, and services auxiliary to insurance: Unbound.       2. CY, EE, LV, LT: None. MT: Life insurance, non-life insurance, and reinsurance and retrocession: None. Insurance intermediation and services auxiliary to insurance: Unbound. PL: Unbound except for the reinsurance, the retrocession and insurance of goods in international trade. SI: Marine, aviation and transport insurance: Insurance activities provided by mutual insurance institutions are limited to incorporated companies established in the Republic of Slovenia. 2. CY, EE, LV, LT: None. MT: Life insurance, non-life insurance, and reinsurance and retrocession: None. Insurance intermediation and services auxiliary to insurance: Unbound. PL: Unbound except for the reinsurance, the retrocession and insurance of goods in international trade. SI: Marine, aviation and transport insurance, reinsurance and retrocession, insurance intermediation, and services auxiliary to insurance: None.     Life insurance and non-life insurance (except marine, aviation and transport insurance): Unbound. Reinsurance and retrocession: Reinsurance companies in the Republic of Slovenia have priority in the collection of insurance premiums. In case that these companies are not able to equalise all risks, these can be reinsured and retroceded abroad. (None upon the adoption of the new law on Insurance Companies). Life insurance and non-life insurance (except marine, aviation and transport insurance): Unbound.     Insurance intermediation and services auxiliary to insurance: None.       3. CY: Life and non-life insurance (including intermediation): No insurer can operate in or from within the Republic of Cyprus unless so authorised by the Superintendent of Insurance, in accordance with the Insurance Companies Laws. Foreign insurance companies can operate in the Republic of Cyprus through the establishment of a branch or an agency. The foreign insurer must have been authorised to operate in his country of origin before authorised to establish a branch or agency. Participation of non-residents in insurance companies, incorporated in the Republic of Cyprus, requires the prior approval of the Central Bank. 3. CY, LV, LT, MT, PL: None. EE: Life and non-life insurance: None, except the management body of an insurance joint-stock company with foreign capital participation may include citizens of foreign countries in proportion to the foreign participation, but not more than half of the members of the management group; the head of the management of a subsidiary or an independent company must permanently reside in Estonia. Reinsurance and retrocession, insurance intermediation and services auxiliary to insurance: None.     Reinsurance and retrocession (including intermediation): No company can operate as a reinsurer within the Republic of Cyprus unless so authorised by the Superintendent of Insurance. Investment by non-residents in reinsurance companies requires the prior approval of the Central Bank. The share of foreign participation in the capital of local reinsurance companies is determined on a case-by-case basis. Currently there is no local reinsurance company. Services auxiliary to insurance: None. SI: Life insurance, non-life insurance, and reinsurance and retrocession: None. Insurance intermediation and services auxiliary to insurance: For sole proprietors a residence in the Republic of Slovenia is required.     EE, LV, LT: None       PL: Establishment in a form of joint stock company or a branch after obtaining a licence.       No more than 5 % of insurance funds can be invested abroad. A person executing activities of the insurance intermediation must possess a licence. Local incorporation required for insurance intermediaries.       SI: Life and non-life insurance: Establishment is subject to a licence issued by the Ministry of Finance. Foreign persons can establish an insurance company only as a joint-venture with domestic person, where participation of foreign persons is limited up to 99 %.       The limitation on the maximum foreign ownership shall be abolished with the adoption of the new Law on Insurance Companies.       A foreign person may acquire or increase shares in a domestic insurance company subject to a prior approval of the Ministry of Finance.       Ministry of Finance, when issuing a licence or approval of acquiring shares in a domestic insurance company, takes into account the following criteria: — the dispersion of ownership of shares and the existence of shareholders from different countries, — the supply of new insurance products and the transfer of related know how, if the foreign investor is an insurance company.       Unbound for foreign participation in insurance company under privatisation.       Membership of the mutual insurance institution is limited to companies established in the Republic of Slovenia and domestic natural persons       Reinsurance and retrocession: Foreign participation in reinsurance company is limited up to a controlling share of the capital. (None, except for branches, upon the adoption of the new law on Insurance companies). Insurance intermediation and services auxiliary to insurance: For providing consultancy and claim settlement services, incorporation is required as a legal entity by consent of the Bureau of insurance. For actuaries and risk assessment activities provision of services through professional establishment only. Operation is limited to activities referred under A(i) and (ii) of this Schedule.       4. CY: Life, non-life insurance, insurance intermediation and services auxiliary to insurance: Unbound. Reinsurance and retrocession: Unbound. Natural persons are not authorised to provide reinsurance services. EE, LV, LT, MT: Unbound except as indicated in the horizontal section under (i) and (ii). PL: Unbound except as indicated in the horizontal section under (i) and (ii) and subject to the following specific limitation: Residency requirement for insurance intermediaries. SI: Life insurance, non-life insurance, and reinsurance and retrocession Unbound except as indicated in the horizontal section under (i) and (ii). Insurance intermediation and services auxiliary to insurance Unbound except as indicated in the horizontal section under (i) and (ii) and for actuarial and risk assessment residence is required in addition to a qualifying examination, membership in the Actuarial Association of the Republic of Slovenia and proficiency in the Slovene language. 4. CY: Life, non-life insurance, insurance intermediation and services auxiliary to insurance: None. Reinsurance and retrocession: Unbound. Natural persons are not authorised to provide reinsurance services. EE, LT, MT, SI: Unbound except as indicated in the horizontal section under (i) and (ii). LV, PL: None.   II.2. FINANCIAL SERVICES-SPECIFIC COMMITMENTS (second part) B. Banking and other financial services (excluding insurance). 1. CY: Direct or indirect ownership or voting rights in a bank by a person and his/her associates may not exceed 10 % unless with the prior written approval of the Central Bank. 2. CY: Further to the above, in the three existing local banks listed in the stock exchange, direct or indirect shareholding or acquisition of stake in their capital by foreign persons is restricted to 0,5 % per individual or organisation and 6,0 % collectively. 3. LV: Mode 4: Manager of a branch and a subsidiary of a foreign bank shall be a Latvian tax payer (resident). The commitments on presence of natural persons are bound according to general provisions applicable to all sectors in this list. 4. LT: All subsectors: At least one manager must be Lithuanian citizen. (v) Acceptance of deposits and other repayable funds from the public (vi) Lending of all types, including consumer credit, mortgage credit, factoring and financing of commercial transaction (vii) Financial leasing MT: Not committed. PL: Not committed. (viii) All payment and money transmission services, including credit, charge and debit cards, travellers cheques and bankers drafts MT: Not committed. 1. CY: Subsectors (v) to (ix) and (x) (b): Unbound/only legal entities licensed by the Central Bank may offer banking services in the Republic of Cyprus. Subsectors (x) (e), (xv) and (xvi): None except as indicated in the horizontal section. All other subsectors: Unbound EE: Acceptance of deposits and other repayable funds from the public Requirement of authorisation by Eesti Pank and registration under Estonian Law as a joint-stock company, a subsidiary or a branch. EE, LT: The establishment of a specialised management company is required to perform the activities of management of unit trusts and investment companies, and only firms having their registered office in the Community can act as depositories of the assets of investment funds. 1. CY: Unbound, except for: Subsectors (x) (e), (xv) and (xvi): None except as indicated in the horizontal section. EE, LV, LT, SI: None. MT: Subsectors (v) and (vi): None. Subsector (xv): Unbound, except for the provision of financial information by international providers. PL: Unbound, except for: Subsector (xv): None.   (ix) Guarantees and commitments MT: Not committed. PL: Excluding guarantees and commitments of the State Treasury. (x) Trading for own account or for account of customers, whether on an exchange, in an over-the-counter market or otherwise, the following: (a) money market instruments (including cheques, bills, certificates of deposits) (b) foreign exchange (c) derivative products including, but not limited to, futures and options (d) exchange rate and interest rate instruments, including products such as swaps, forward rate agreements LV: Unbound, except for: Subsectors (xi), (xv) and (xvi): None. LT: Pension fund management: Commercial presence required. MT: Subsectors (v) and (vi): None. Subsector (xv): Unbound, except for the provision of financial information by international providers. PL: Unbound, except for: Subsector (xv): Requirement to use the public telecommunication network, or the network of other authorised operator, in the case of cross-border provision of these services. SI: None for subsector (xv) and (xvi). Unbound except accepting credits (borrowing of all types), and accepting guarantees and commitments from foreign credit institutions by domestic legal entities and sole proprietors. (Remark: consumer credits shall be free upon the adoption of the new Foreign Exchange Law). All abovementioned credit arrangements must be registered with the Bank of Slovenia. (Remark: this provision shall be abolished upon the adoption of the new Law on Banking.) Foreign persons can only offer foreign securities through domestic banks and stock broking company. Members of the Slovenian Stock Exchange must be incorporated in the Republic of Slovenia.     (e) transferable securities (f) other negotiable instruments and financial assets, including bullion MT: Not committed. PL: Only (x) (e) is committed.       (xi) Participation in issues of all kinds of securities, including underwriting and placement as agent (whether publicly or privately) and provision of services related to such issues MT: Not committed. PL: Excluding participation in issues of Treasury papers. SI: Excluding participation in issues of Treasury bonds. (xii) Money broking MT: Not committed. PL: Not committed. 2. CY: Subsectors (v) to (xiv), except subsector (x) (e) Unbound, residents of Cyprus require permission from the Central Bank in conformity with the Exchange Control Law for borrowing in foreign currency or abroad, for placing funds abroad or for obtaining banking services that require export of funds. Subsector (x) (e), (xv) and (xvi) None except as indicated in the horizontal section. EE, LV, LT: None. MT: Subsectors (v) and (vi): None. Subsector (xv): Unbound, except for the provision of financial information by international providers. PL: Unbound, except for:   Subsector (xv): Requirement to use the public telecommunication network, or the network of other authorised operator, in the case of consumption abroad of these services.   Subsector (xvi): None. 2. CY: Unbound, except for: Subsectors (x) (e), (xv) and (xvi): None except as indicated in the horizontal section. EE, LV, LT, SI: None. MT: Subsectors (v) and (vi): None. Subsector (xv): Unbound, except for the provision of financial information by international providers. PL: Unbound, except for: Subsector (xv) and (xvi): None.   (xiii) Asset management, such as cash or portfolio management, all forms of collective investment management, pension fund management, custodial, depository and trust services MT: Not committed. PL: Only portfolio management services. SI: Excluding pension fund management. SI: None for subsectors (xv) and (xvi). Unbound except accepting credits (borrowing of all types), and accepting guarantees and commitments from foreign credit institutions by domestic legal entities and sole proprietors. (Remark: consumer credits shall be free upon the adoption of the new Foreign Exchange Law). All above mentioned credit arrangements must be registered with the Bank of Slovenia. (Remark: this provision shall be abolished upon the adoption of the new Law on Banking.) Legal entities established in the Republic of Slovenia can be depositories of the assets of Investments Funds.     (xiv) Settlement and clearing services for financial assets, including securities, derivative products, and other negotiable instruments MT: Not committed. PL: Not committed. (xv) Provision and transfer of financial information, and financial data processing and related software by suppliers of other financial services 3. All Member States: — The establishment of a specialised management company is required to perform the activities of management of unit trusts and investment companies. — Only firms having their registered office in the Community can act as depositories of the assets of investment funds. CY: All subsectors, except subsector (x) (e) For new banks the following requirements apply: (a) A licence is required from the Maltese financial authorities. An economic needs test may be applied. 3. CY: All subsectors, except subsector (x) (e) None once established and licensed. Subsector (x) (e) A brokerage firm may only be registered as a member of the Cyprus Stock Exchange if it has been established and registered in accordance with the Companies Law of Cyprus. EE, LV, LT, MT, PL, SI: None.   (xvi) Advisory, intermediation and other auxiliary financial services on all the activities listed in subparagraphs (v) through (xv), including credit reference and analysis, investment and portfolio research and advice, advice on acquisitions and on corporate restructuring and strategy MT: Not committed. PL: Advisory and other auxiliary financial services only in relation to the activities committed for Poland. SI: Excluding advisory, intermediation and other auxiliary financial services related to participation in issues of Treasury bonds and to pension fund management. (b) Branches of foreign financial institutions must be registered in Cyprus under the Companies Law and licensed. Subsector (x) (e): Only members (brokers) of the Cyprus Stock Exchange can undertake business pertaining to securities brokerage in Cyprus. Firms acting as brokers must only employ individuals who can act as brokers provided that they are appropriately licensed. Banks and Insurance companies may not undertake brokerage business. However their subsidiary brokerage firms may do so. LV: Subsector (xi):   The Bank of Latvia (Central Bank) is a financial agent of the government in the T-bills market.   Subsector (xiii):   Pension fund management is provided by State monopoly. LT: None, except as indicated in horizontal part of section ‘Banking and Other Financial Services’, and for:   Subsector (xiii):   Establishment only as Public Stock Corporations (AB) and Close Corporations (UAB) which should be founded in closed manner (when all initially issued stock are acquired by incorporators). For the purpose of asset management, the establishment of a specialised management company is required. Only firms having their registered office in Lithuania can act as the depositories of the assets. As indicated in horizontal part of section ‘Banking and other financial services’.       MT: Unbound, except for:   Subsectors (v) and (vi):   Foreign-owned credit and other financial institutions may operate either in the form of a branch or a local subsidiary.       PL: Subsectors (v), (vi), (viii) and (ix) (excluding guarantees and commitments of the State Treasury): Establishment of a bank only in a form of joint-stock company or a licensed branch. Nationality requirement for some, at least one, of the bank executives.       Subsectors (x) (e), (xi) (excluding participation in issues of Treasury papers), (xiii) (only portfolio management services) and (xvi) (advisory and other auxiliary financial services only in relation to the activities committed for Poland): Establishment, after obtaining a licence, only in a form of joint-stock company or a branch of foreign legal entity providing securities services.       Subsector (xv): Requirement to use the public telecommunication network, or the network of other authorised operator, in the case of cross-border provision and/or consumption abroad of these services.       SI: None for subsectors (xv) and (xvi).       Establishment of all types of banks are subject to a licence of the Bank of Slovenia.       Foreign persons may become shareholders of banks or acquire additional shares of banks only subject to prior approval of the Bank of Slovenia (Remark: this provision shall be abolished upon the adoption of the new Law on Banking).       Under licence of the Bank of Slovenia, banks, subsidiaries and branches of foreign banks can be permitted to provide all or limited banking services, depending on the amount of the capital.       Unbound in relation to foreign participation in banks under privatisation.       Branches of foreign banks must be incorporated in the Republic of Slovenia and have legal personality. (Remark: this provision shall be abolished upon the adoption of the new Law on Banking).       Unbound with respect to all types of mortgage banks, savings and loans institutions.       Unbound with respect to establishment of private pension funds (non-compulsory pension funds).       Management Companies are commercial companies established solely for the purpose of managing investment funds.       Foreign persons may directly or indirectly acquire a maximum up to 20 % of shares or voting rights of management companies; for a larger percentage an approval of the Securities Market Agency is required.       An Authorised (privatisation) Investment Company is an investment company established solely for the purpose of gathering the ownership certificates (vouchers) and the purchase of shares issued in accordance with regulations on ownership transformation. An Authorised Management Company is established solely for the purpose of managing the authorised investment companies.       Foreign persons may directly or indirectly acquire a maximum up to 10 % of shares or voting rights of Authorised (privatisation) Management Companies; for a larger percentage an approval of the Securities Market Agency is required with the consent of the Ministry of Economic Relations and Development.       Investments of the Investments Funds into securities of foreign issuers are limited to 10 % of the investments of the Investments Funds. Such securities shall be listed on those stock exchanges previously determined by the Securities Market Agency.       Foreign persons may become shareholders or partners in a stock broking company up to 24 % of the capital of the stock broking company by prior approval of the Securities Market Agency. (Remark: this provision shall be abolished upon the adoption of the new Law on Securities Market).       Securities of a foreign issuer which have not yet been offered in the territory of the Republic of Slovenia may only be offered by a stock broking company or a bank licensed to carry out such transactions. Prior to launching the offer the stock broking company or a bank shall obtain the permission of Securities Market Agency.       The request for this permission to offer securities of a foreign issuer in the Republic of Slovenia shall be accompanied by draft prospectus, documentation that the guarantor of the issue of securities of the foreign issuer is a bank or a stock broking company, except in the case of the issue of shares of a foreign issuer.       4. CY: All subsectors, except subsector (x) (e): Unbound. Subsector (x) (e): Individuals, whether acting alone as brokers or employed by broker firms as brokers, are required to meet the licensing criteria for this purpose. EE, LT, MT, SI: Unbound except as indicated in the horizontal section under (i) and (ii). LV: Unbound except as indicated in the horizontal section under (i) and (ii) and in the horizontal section of the sector ‘Banking and other financial services’. PL: Subsectors (v), (vi), (viii) and (ix) (excluding guarantee and commitments of the State Treasury): Unbound except as indicated in the horizontal section under (i) and (ii). Nationality requirement for some, at least one, of the bank executives. Subsectors (x) (e), (xi) (excluding participation in issues of Treasury papers), (xiii) (only portfolio management services), (xv) and (xvi) (advisory and other auxiliary financial services only in relation to the activities committed for Poland): Unbound except as indicated in the horizontal section under (i) and (ii). 4. CY: All subsectors, except subsector (x) (e): Unbound. For financial institutions foreign employees residence and work permit required. Subsector (x) (e): None except as indicated in the horizontal section. EE, LT, MT, SI: Unbound except as indicated in the horizontal section under (i) and (ii). LV: None except as indicated in the horizontal section under (i) and (ii) and in the horizontal section of the sector ‘Banking and other financial services’. PL: None.   ADDITIONAL COMMITMENTS BY PART OF THE EC (AT, BE, DK, DE, ES, FI, FR, EL, IE, IT, LU, NL, PT, SE, UK) Insurance (a) Part of the EC (AT, BE, DK, DE, ES, FI, FR, EL, IE, IT, LU, NL, PT, SE, UK) notes the close cooperation among the insurance regulatory and supervisory authorities of these Member States and encourages their efforts to promote improved supervisory standards. (b) These Member States will make their best endeavours to consider within six months from their submissions complete applications for licences to conduct direct insurance underwriting business, through the establishment in a Member State of a subsidiary in accordance with the legislation of that Member State, by an undertaking governed by the laws of Chile. In cases where such applications are refused, the Member State authority will make its best endeavours to notify the undertaking in question and give the reasons for the refusal of the application. (c) The supervisory authorities of these Member States will make their best endeavours to respond without undue delay to requests for information by applicants on the status of complete applications for licences to conduct direct insurance underwriting business, through the establishment in a Member State of a subsidiary in accordance with the legislation of that Member State by an undertaking governed by the laws of Chile. (d) Part of the EC (AT, BE, DK, DE, ES, FI, FR, EL, IE, IT, LU, NL, PT, SE, UK) will make its best endeavours to examine any questions pertaining to the smooth operation of the internal market in insurance, and consider any issues that might have an impact on the internal market in insurance. (e) Part of the EC (AT, BE, DK, DE, ES, FI, FR, EL, IE, IT, LU, NL, PT, SE, UK) notes that, as regards motor insurance, under Community law as in force on 1 September 2001, and without prejudice to future legislation, premiums may be calculated taking several risk factors into account. (f) Part of the EC (AT, BE, DK, DE, ES, FI, FR, EL, IE, IT, LU, NL, PT, SE, UK) notes that under Community law, as in force on 1 September 2001, and without prejudice to future legislation, the prior approval by national supervisory authorities of policy conditions and scales of premiums that an insurance undertaking intends to use is generally not required. (g) Part of the EC (AT, BE, DK, DE, ES, FI, FR, EL, IE, IT, LU, NL, PT, SE, UK) notes that under Community law, as in force on 1 September 2001, and without prejudice to future legislation, the prior approval by national supervisory authorities of increases in premium rates is generally not required. Other financial services (a) In application of the relevant EC Directives, these Member States will make their best endeavours to consider within 12 months complete applications for licences to conduct banking activities, through the establishment in a Member State of a subsidiary in accordance with the legislation of that Member State, by an undertaking governed by the laws of Chile. In cases where such applications are refused, the Member State will make its best endeavours to notify the undertaking in question and give the reasons for the refusal of the application. (b) These Member States will make their best endeavours to respond without undue delay to requests for information by applicants on the status of complete applications for licenses to conduct banking activities, through the establishment in a Member State of a subsidiary in accordance with the legislation of that Member State, by an undertaking governed by the laws of Chile. (c) In application of the relevant EC Directives, these Member States will make their best endeavours to consider within six months complete applications for licences to conduct investment services in the securities field, as defined in the Investment Services Directive, through the establishment in a Member State of a subsidiary in accordance with the legislation of that Member State, by an undertaking governed by the laws of Chile. In cases where such applications are refused, the Member State will make its best endeavours to notify the undertaking in question and give the reasons for the refusal of the application. (d) These Member States will make their best endeavours to respond without undue delay to requests for information by applicants on the status of complete applications for licences to conduct investment services in the securities area, through the establishment in a Member State of a subsidiary in accordance with the legislation of that Member State, by an undertaking governed by the laws of Chile. UNDERSTANDING ON COMMITMENTS IN FINANCIAL SERVICES The Community has been enabled to take on specific commitments with respect to financial services under this Agreement on the basis of an alternative approach to that covered by the general provisions of part IV, Chapter II (Financial Services), thereof. It was agreed that this approach could be applied subject to the following understanding: (i) it does not conflict with the provisions of this Agreement; (ii) no presumption has been created as to the degree of liberalisation to which a Party is committing itself under this Agreement. The Community, on the basis of negotiations, and subject to conditions and qualifications where specified, has inscribed in its schedule specific commitments conforming to the approach set out below. A.   Market access Cross-border trade 1. The Community shall permit non-resident suppliers of financial services to supply, as a principal, through an intermediary or as an intermediary, and under terms and conditions that accord national treatment, the following services: (a) insurance of risks relating to: (i) maritime shipping and commercial aviation and space launching and freight (including satellites), with such insurance to cover any or all of the following: the goods being transported, the vehicle transporting the goods and any liability arising therefrom; and (ii) goods in international transit; (b) reinsurance and retrocession and the services auxiliary to insurance as referred to in subparagraph (iv) of Article 117(9); (c) provision and transfer of financial information and financial data processing as referred to in subparagraph (xv) of Article 117(9) and advisory and other auxiliary services, excluding intermediation, relating to banking and other financial services as referred to in subparagraph (xvi) of Article 117(9). 2. The Community shall permit its residents to purchase in the territory of Chile the financial services indicated in: (a) subparagraph 1(a); (b) subparagraph 1(b); and (c) subparagraphs (v) to (xvi) of Article 117(9). Commercial presence 3. The Community shall grant financial service suppliers of Chile the right to establish or expand within its territory, including through the acquisition of existing enterprises, a commercial presence. 4. The Community may impose terms, conditions and procedures for authorisation of the establishment and expansion of a commercial presence in so far as they do not circumvent its obligation under paragraph 3 and they are consistent with the other obligations of this Agreement. Temporary entry of personnel 5. (a) The Community shall permit temporary entry into its territory of the following personnel of a financial service supplier of Chile that is establishing or has established a commercial presence in the territory of the Community: (i) senior managerial personnel possessing proprietary information essential to the establishment, control and operation of the services of the financial service supplier; and (ii) specialists in the operation of the financial service supplier. (b) The Community shall permit, subject to the availability of qualified personnel in its territory, temporary entry into its territory of the following personnel associated with a commercial presence of a financial service supplier of Chile: (i) specialists in computer services, telecommunication services and accounts of the financial service supplier; and (ii) actuarial and legal specialists. Non-discriminatory measures 6. The Community shall endeavour to remove or to limit any significant adverse effects on financial service suppliers of Chile of: (a) non-discriminatory measures that prevent financial service suppliers from offering in the Community's territory, in the form determined by the Community, all the financial services permitted by the Community; (b) non-discriminatory measures that limit the expansion of the activities of financial service suppliers into the entire territory of the Community; (c) measures of the Community, when it applies the same measures to the supply of both banking and securities services, and a financial service supplier of Chile concentrates its activities in the provision of securities services; and (d) other measures that, although respecting the provisions of this Agreement, affect adversely the ability of financial service suppliers of Chile to operate, compete or enter the Community's market; provided that any action taken under this paragraph would not unfairly discriminate against financial service suppliers of the Party taking such action. 7. With respect to the non-discriminatory measures referred to in subparagraphs 6(a) and (b), the Community shall endeavour not to limit or restrict the present degree of market opportunities nor the benefits already enjoyed by financial service suppliers of Chile as a class in the territory of the Community, provided that this commitment does not result in unfair discrimination against financial service suppliers of the Community. B.   National treatment 1. Under terms and conditions that accord national treatment, the Community shall grant to financial service suppliers of Chile established in its territory access to payment and clearing systems operated by public entities, and to official funding and refinancing facilities available in the normal course of ordinary business. This paragraph is not intended to confer access to the Community's lender of last resort facilities. 2. When membership or participation in, or access to, any self-regulatory body, securities or futures exchange or market, clearing agency, or any other organisation or association, is required by the Community in order for financial service suppliers of Chile to supply financial services on an equal basis with financial service suppliers of the Community, or when the Community provides directly or indirectly such entities, privileges or advantages in supplying financial services, the Community shall ensure that such entities accord national treatment to Chilean financial service suppliers resident in its territory. C.   Definitions For the purposes of this approach: 1. A non-resident supplier of financial services is a financial service supplier of Chile which supplies a financial service into the territory of the Community from an establishment located in the territory of Chile, regardless of whether such a financial service supplier has or has not a commercial presence in the territory of the Community. 2. ‘Commercial presence’ means an enterprise within the Community's territory for the supply of financial services and includes wholly- or partly-owned subsidiaries, joint ventures, partnerships, sole proprietorships, franchising operations, branches, agencies, representative offices or other organisations. ( 1 )   In the case of Austria, Finland and Sweden no horizontal reservation has been taken for services considered as public utilities. ( 2 )   Explanatory Note: Public utilities exist in sectors such as related scientific and technical consulting services, R & D services on social sciences and humanities, technical testing and analysis services, environmental services, health services, transport services and services auxiliary to all modes of transport. Exclusive rights on such services are often granted to private operators, for instance operators with concessions from public authorities, subject to specific service obligations. Given that public utilities often also exist at the subcentral level, detailed and exhaustive sector-specific scheduling is not practical. ( 3 )   Exceptions from these requirements may be granted, if it can be proved that residency is not necessary. ( 4 )   SI: According to the Law on Commercial Companies, a branch established in the Republic of Slovenia is not considered a juridical person, but as regards their operation, their treatment is equal to a subsidiary. ( 5 )   Commercial, industrial or artisanal activities relate to sectors such as: other business services, construction, distribution and tourism services. It does not relate to telecommunications and financial services. ( 6 )   CZ: Non-discriminatory system of foreign exchange control is applied consisting of: — limitation on acquisition of foreign exchange by resident nationals for personal purposes; — foreign exchange authorisation in case of Czech residents for acceptance of financial credits from foreign subjects, direct capital investment abroad, acquisition of real estate abroad and purchases of foreign securities. ( 7 )   PL: There is non-discriminatory system of foreign exchange controls relating to limitations in foreign exchange turnover and to system of foreign exchange permits (general and individual) among others limitations of capital flows and currency payments. The following foreign exchange transactions require authorisation: — transfer of foreign exchange out of the country, — transfer of Polish currency into the country, — ownership transfer of the right to monetary assets between domestic and foreign persons, — granting and drawing of loans and credits by domestic persons in foreign exchange transactions, — fixing or executing payments in foreign currencies within Poland for acquired goods, real estate, property rights, services or labour, — opening and possessing of a banking account in a bank situated abroad, — acquiring and holding foreign securities and acquiring real estate abroad, — undertaking other obligations abroad of similar effect. ( 8 )   SK: Entries being listed for transparency reasons. ( 9 )   PL: The footnote under market access is also applicable for national treatment. ( 10 )   The duration of ‘temporary stay’ is defined by the Member States and, where they exist, Community laws and regulations regarding entry, stay and work. The precise duration can vary according to the different categories of natural persons mentioned in this schedule. For category (i), the length of stay is limited in the following Member States as follows: EE — three years, which may be extended for up to two additional years for a total term not to exceed five years; LV — five years; LT — three years, extendable in the case of senior personnel only for up to two additional years; PL and SI — one year, which may be extended. For category (ii), the length of stay is limited in the following Member States as follows: EE — 90 days per six month period; PL — three months; LT — three months a year; HU, LV, SI — 90 days. ( 11 )   All other requirements of Community and Member States' laws and regulations regarding entry, stay, work and social security measures shall continue to apply, including regulations concerning period of stay, minimum wages as well as collective wage agreements. ( 12 )   An ‘intra-corporate transferee’ is defined as a natural person working within a legal person, other than a non-profit making organisation, established in the territory of Chile, and being temporarily transferred in the context of the provision of a service through commercial presence in the territory of a Member State; the legal persons concerned must have their principal place of business in the territory of Chile and the transfer must be to an establishment (office, branch or subsidiary) of that legal person, effectively providing like services in the territory of a Member State to which the EC Treaty applies. ( 13 )   Commercial, industrial or artisanal activities relate to sectors such as: other business services, construction, distribution and tourism services. It does not relate to telecommunications and financial services. ( 14 )   Unlike foreign subsidiaries, branches established directly in a Member State by a Chilean financial institution are not , with certain limited exceptions, subject to prudential regulations harmonised at Community level which enable such subsidiaries to benefit from enhanced facilities to set up new establishments and to provide cross-border services throughout the Community. Therefore, such branches receive an authorisation to operate in the territory of a Member State under conditions equivalent to those applied to domestic financial institutions of that Member State, and may be required to satisfy a number of specific prudential requirements such as, in the case of banking and securities, separate capitalisation and other solvency requirements and reporting and publication of accounts requirements or, in the case of insurance, specific guarantee and deposit requirements, a separate capitalisation, and the localisation in the Member State concerned of the assets representing the technical reserves and at least one third of the solvency margin. Member States may apply the restrictions indicated in this schedule only with regard to the direct establishment from Chilean of a commercial presence or to the provision of cross-border services from Chile; consequently, a Member State may not apply these restrictions, including those concerning establishment, to Chilean 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. ( 15 )   CZ: When monopoly rights concerning compulsory motor third party liability insurance are removed, providing this service will be open on a non-discriminatory basis to Czech established service providers. ( 16 )   IT: Provision and transfer of financial information and financial data processing entailing trading of financial instruments may be prohibited where the protection of investors is likely to be seriously prejudiced. Only authorised banks and investment firms must comply with conduct of business rules in providing investment advice concerning financial instruments and advice to undertakings on capital structure, industrial strategy and related matters, and advice and service relating to mergers and acquisition of undertakings. Advisory activity should not include asset management. ( 17 )   IT: Authorised persons enabled to conduct collective asset management are deemed responsible for any investment activity conducted by their delegated advisers (Collective asset management, excluding UCITS).