The following abbreviation is used for the purpose of Annexes XXVII-E, XXVII-F, XXVII-G, XXVII-H:
MD Republic of Moldova
ANNEX XXVII-A. LIST OF RESERVATIONS ON ESTABLISHMENT (UNION)
1. The list of reservations below indicates the economic activities where reservations to national treatment or most favoured treatment by the Union pursuant to Article 205(2) of this Agreement apply to establishments and investors of the Republic of Moldova.
The list is composed of the following elements:
(a) a list of horizontal reservations applying to all sectors or sub-sectors;
(b) a list of sector or sub-sector specific reservations indicating the sector or sub-sector concerned along with the reservation(s) applying.
A reservation corresponding to an activity which is not liberalised (Unbound) is expressed as follows: ‘No national treatment and most favoured nation treatment obligations’.
When a reservation under (a) or (b) only includes Member State-specific reservations, Member States not mentioned therein undertake the obligations of 205(2) of this Agreement in the sector concerned without reservations (the absence of Member State-specific reservations in a given sector is without prejudice to horizontal reservations or to sectoral Union-broad reservations that may apply).
2. In accordance with Article 202(3) of this Agreement, the list below does not include measures concerning subsidies granted by the Parties.
3. The rights and obligations arising from the list below shall have no self-executing effect and thus confer no rights directly on natural or juridical persons.
4. In accordance with Article 205 of this Agreement, non-discriminatory requirements, such as those concerning the legal form or the obligation to obtain licences or permits applicable to all providers operating on the territory without distinction based on nationality, residency or equivalent criteria, are not listed in this Annex as they are not prejudiced by the Agreement.
5. Where the Union maintains a reservation that requires that a service supplier be a national, permanent resident or resident of its territory as a condition to the supply of a service in its territory, a reservation listed in Annex XXVII-C to this Agreement shall operate as a reservation with respect to establishment under this Annex, to the extent applicable.
Horizontal reservations
Public utilities
EU: Economic activities considered as public utilities at a national or local level may be subject to public monopolies or to exclusive rights granted to private operators (1).
Types of establishment
EU: Treatment accorded to subsidiaries (of companies of the Republic of Moldova) formed in accordance with the law of the Member States and having their registered office, central administration or principal place of business within the Union is not extended to branches or agencies established in the Member States by companies of the Republic of Moldova. (2)
AT: Managing directors of branches of juridical persons must be resident in Austria; natural persons responsible within a juridical person or a branch for the observance of the Austrian Trade Act must have a domicile in Austria.
EE: At least half of the members of the management board shall have their residence in the Union.
FI: A foreigner carrying on trade as a private entrepreneur and at least one of the partners in a general partnership or of general partners in a limited partnership have to be permanently resident in the European Economic Area (EEA). For all sectors, EEA residency is required for at least one of the ordinary and deputy members of the board of directors and the managing director; however exemptions may be granted to certain companies. If an organisation of the Republic of Moldova intends to carry on business or trade by establishing a branch in Finland, a trade permit is required.
HU: No national treatment and most favoured nation treatment obligations for the acquisition of state owned properties.
IT: Access to industrial, commercial and artisanal activities may be subject to a residence permit.
PL: Investors of the Republic of Moldova can undertake and conduct economic activity only in the form of a limited partnership, limited joint-stock partnership, limited liability company, and joint-stock company (in the case of legal services only in the form of registered partnership and limited partnership).
RO: The sole administrator or the chairman of the board of administration as well as half of the total number of administrators of the commercial companies shall be Romanian citizens unless otherwise stipulated in the company contract or its statutes. The majority of the commercial companies' auditors and their deputies shall be Romanian citizens.
SE: A foreign company, which has not established a legal entity in Sweden or is conducting its business through a commercial agent, shall conduct its commercial operations through a branch, registered in Sweden, with independent management and separate accounts. The managing director of the branch, and the vice-managing director if appointed, must reside in the EEA. A natural person not resident in the EEA, who conducts commercial operations in Sweden, shall appoint and register a resident representative responsible for the operations in Sweden. Separate accounts shall be kept for the operations in Sweden. The competent authority may in individual cases grant exemptions from the branch and residency requirements. Building projects with a duration of less than a year — conducted by a company located or a natural person residing outside the EEA — are exempted from the requirements for establishing a branch or appointing a resident representative. A Swedish limited liability company may be established by a natural person resident within the EEA, by a Swedish juridical person or by a juridical person that has been formed according to the legislation in a state within the EEA and that has its registered office, headquarters or principal place of business within the EEA. A partnership may be a founder, only if all owners with unlimited personal liability are resident within the EEA. Founders outside the EEA may apply for permission from the competent authority. For limited liability companies and cooperative economic associations, at least 50 % of the members of the board of directors, at least 50 % of the deputy board members, the managing director, the vice-managing director, the deputy board members and at least one of the persons authorized to sign for the company, if any, must reside within the EEA. The competent authority may grant exemptions from this requirement. If none of the company's/society's representatives reside in Sweden, the board must appoint and register a person resident in Sweden, who has been authorised to receive services on behalf of the company/society. Corresponding conditions prevail for establishment of all other types of legal entities.
SK: A natural person of the Republic of Moldova 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 a residence permit for the Slovak Republic.
Investment
ES: Investment in Spain by foreign governments and foreign public entities (which tends to affect, besides economic, also non-economic interests of the State), directly or through companies or other entities controlled directly or indirectly by foreign governments, needs prior authorisation by the government.
BG: Foreign investors cannot participate in privatisation. Foreign investors and Bulgarian juridical persons with controlling participation of a natural or a juridical person of the Republic of Moldova require permission for a) prospecting, development or extraction of natural resources from the territorial seas, the continental shelf or the exclusive economic zone and b) acquisition of a controlling equity interests in companies engaged in any of the activities specified under ‘a)’.
FR: Purchases by natural or juridical persons of the Republic of Moldova exceeding 33,33 % of the shares of capital or voting rights in existing French enterprises, or 20 % in publicly quoted French companies, are subject to the following regulations:
— investments of less than 7,6 million EUR in French enterprises with a turnover not exceeding 76 million EUR are free, after a delay of 15 days following prior notification and verification that these amounts are met;
— after a period of one month following prior notification, authorisation is tacitly granted for other investments unless the Minister of Economic Affairs has, in exceptional circumstances, exercised its right to postpone the investment.
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. For establishing in certain commercial, industrial or artisanal activities, a specific authorisation is needed if the managing director is not a holder of a permanent residence permit.
HU: No national treatment and most favoured nation treatment obligations with regard to participation of natural or juridical persons of the Republic of Moldova in newly privatised companies.
IT: The Government can exercise certain special powers in enterprises operating in the areas of defence and national security (in relation to all juridical persons carrying out activities considered of strategic importance in the areas of defence and national security), and in certain activities of strategic importance in the areas of energy, transport and communications.
PL: Acquisition of real estate, direct and indirect, by foreigners (foreign natural or foreign juridical persons) requires permission. Unbound in relation to acquisition of state-owned property, i.e. the regulations governing the privatizations process.
Real estate
The acquisition of land and real estate is subject to the following limitations (3):
AT: The acquisition, purchase as well as rent or lease of real estate by foreign natural persons and juridical persons requires an authorization by the competent regional authorities (Länder) which will consider whether important economic, social or cultural interests are affected or not.
BG: Foreign natural and juridical persons (incl. through a branch) cannot acquire ownership of land. Bulgarian juridical persons with foreign participation cannot acquire ownership of agricultural land. Foreign juridical persons and foreign citizens with permanent residence abroad can acquire ownership of buildings and limited property rights (right to use, right to build, right to raise a superstructure and servitudes) of real estate.
CY: No national treatment and most favoured nation treatment obligations.
CZ: Agricultural and forest land can be acquired only by foreign natural persons having permanent residence in the Czech Republic and enterprises established as juridical persons with permanent residence in the Czech Republic. Specific rules apply to the agricultural and forest land in the state ownership. State agricultural land can be acquired only by Czech nationals, by municipalities and by public universities (for training and research). Juridical persons (regardless of the form or place of residence) can acquire state agriculture land from the state only if a building, which they already own, is built on it or if this land is indispensable for the use of such building. Only municipalities and public universities can acquire state forests.
DK: Limitations on real estate purchase by non-resident physical and legal entities. Limitations on agricultural estate purchased by foreign physical and legal entities.
HU: Subject to the exceptions included in legislation on Arable Land, foreign natural and juridical persons are not allowed to acquire arable land. The purchase of real estate by foreigners is subject to obtaining permission from the country public administration agency competent on the basis of the location of real estate.
EL: According to Law No 1892/90, permission from the Ministry of Defence is needed for acquisition of land in areas near borders. According to administrative practices, permission is easily granted for direct investment.
HR: Unbound in relation to acquisition of real estate by services suppliers not established and incorporated in Croatia. Acquisition of real estate necessary for the supply of services by companies established and incorporated in Croatia as juridical persons is allowed. Acquisition of real estate necessary for the supply of services by branches requires the approval of the Ministry of Justice. Agricultural land cannot be acquired by foreign juridical or natural persons.
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 certification to this effect from the Minister for Enterprise, Trade and Employment. This law does not apply to land within the boundaries of cities and towns.
IT: The purchase of real estate by foreign natural and juridical persons is subject to a condition of reciprocity.
LT: Acquisition into ownership of land, internal waters and forests shall be permitted to foreign natural and juridical persons meeting the criteria of European and transatlantic integration. The land plot acquisition procedure, terms and conditions, as well as restrictions shall be established by the constitutional law.
LV: Limitations on the acquisition of land in rural areas and land in cities or urban areas; land lease not exceeding 99 years permitted.
PL: Acquisition of real estate, direct and indirect, by foreigners (foreign natural or foreign juridical persons) requires permission. Unbound in relation to acquisition of state-owned property, i.e. the regulations governing the privatizations process.
RO: Natural persons not having Romanian citizenship and residence in Romania, as well as juridical persons not having Romanian nationality and their headquarters in Romania, cannot acquire ownership over any kind of land plots, through inter vivos acts.
SI: Branches 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.
SK: Agricultural and forest land cannot be acquired by foreign juridical or natural persons. Specific rules apply to certain other real estate categories. 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 authorization (for modes 3 and 4).
Sectoral reservations
A: Agriculture, Hunting, Forestry and Logging
FR: The establishment of agricultural enterprises by non-EU companies and the acquisition of vineyards by non-EU investors are subject to authorisation.
AT, HR, HU, MT, RO: No national treatment and most favoured nation treatment obligations for agricultural activities.
CY: The participation of investors is allowed only up to 49 %.
IE: Establishment by residents of the Republic of Moldova in flour milling activities is subject to authorisation.
BG: No national treatment and most favoured nation treatment obligations for logging activities.
B: Fishing and Aquaculture
EU: Access to and use of the biological resources and fishing grounds situated in the maritime waters coming under the sovereignty or within the jurisdiction of the Member States may be restricted to fishing vessels flying the flag of a EU territory unless otherwise provided for.
SE: A ship shall be deemed Swedish and can carry the Swedish flag if more than half is owned by Swedish citizens or juridical persons. The Government may permit foreign vessels to fly the Swedish flag if their operations are under Swedish control or the owner has permanent residence in Sweden. Vessels which are 50 % owned by EEA nationals or companies having their registered office, central administration or principal place of business in the EEA and whose operation is controlled from Sweden, may also be registered in the Swedish register. A professional fishing license, needed for professional fishing, is only given if the fishing has a connection to the Swedish fishing industry. Connection can for example be landing half the catch during a calendar year (in value) in Sweden, half the fishing trips departs from a Swedish harbour or half of the fishermen in the fleet are domiciled in Sweden. For vessels over five meters, a vessel permit is needed together with the professional fishing license. A permit is granted if, among other things, the vessel is registered in the national registry and the vessel have a real economic connection to Sweden.
UK: No national treatment and most favoured nation obligations for the acquisition of UK flagged vessels, unless the investment is at least 75 % owned by British citizens and/or by companies which are at least 75 % owned by British citizens, in all cases resident and domiciled in the UK. Vessels must be managed, directed and controlled from within the UK.
C: Mining and quarrying
EU: No national treatment and most favoured nation treatment obligations for juridical persons controlled (4) by natural or juridical persons of a non-EU country which accounts for more than 5 % of the Union's oil or natural gas imports. No national treatment and most favoured nation treatment obligations for direct branching (incorporation is required).
D: Manufacturing
EU: No national treatment and most favoured national obligations for juridical persons controlled (5) by natural or juridical persons of a non-EU country which accounts for more than 5 % of the Union's oil or natural gas imports. No national treatment and most favoured nation treatment obligations for direct branching (incorporation is required).
HR: Residence requirement for publishing, printing and reproduction of recorded media.
IT: Owners of publishing and printing company and publishers must be citizens of a Member State. Companies must have their headquarters in a Member State.
SE: Owners of periodicals that are printed and published in Sweden, who are natural persons, must reside in Sweden or be citizens of the EEA. Owners of such periodicals who are juridical persons must be established in the EEA. Periodicals that are printed and published in Sweden, and technical recordings must have a responsible editor, who must be domiciled in Sweden.
For production, transmission and distribution on own account of electricity, gas, steam and hot water (6) (excluding nuclear based electricity generation)
EU: No national treatment and most favoured nation obligations for production of electricity, transmission and distribution of electricity on own account and manufacture of gas, distribution of gaseous fuels.
For production, transmission and distribution of steam and hot water
EU: No national treatment and most favoured national obligations for juridical persons controlled (7) by natural or juridical persons of a non-EU country which accounts for more than 5 % of the Union's oil, electricity or natural gas imports. Unbound for direct branching (incorporation is required).
FI: No national treatment and most favoured nation obligations for production, transmission and distribution of steam and hot water.
1. Business services
Professional services
EU: No national treatment and most favoured nation treatment obligations with respect to legal advisory and legal documentations and certification services provided by legal professionals entrusted with public functions, such as notaries, ‘huissiers de justice’ or other ‘officiers publics et ministériels’, and with respect to services provided by bailiffs who are appointed by an official act of government.
EU: Full admission to the Bar required for the practice of domestic (EU and Member State) law, which is subject to a nationality condition and/or residency requirement.
AT: With respect to legal services, foreign lawyers' (who must be fully qualified in their home country) equity participation and shares in the operating result of any law firm may not exceed 25 %. They may not have decisive influence in decision-making. For foreign minority investors, or its qualified personnel, provision of legal services is only authorized in respect of public international law and the law of the jurisdiction where they are qualified to practice as a lawyer; provision of legal services in respect of domestic (EU and Member State) law including representation before courts requires full admission to the bar, which is subject to a nationality condition.
With respect to accounting, bookkeeping, auditing and taxation advisory services, equity participation and voting rights of persons entitled to exercise the profession according to foreign law may not exceed 25 %.
No national treatment and most favoured nation treatment obligations for medical (except for dental services and for psychologists and psychotherapists) and veterinary services.
BG: With respect to legal services, some types of legal form (‘advokatsko sadrujue’ and ‘advokatsko drujestvo’) are reserved to lawyers fully admitted to the Bar in the Republic of Bulgaria. For mediation services permanent residence is required. With respect to taxation services EU nationality condition applies. With respect to architectural services, urban planning and landscape architectural services, engineering and integrated engineering services foreign natural and juridical persons, possessing recognized licensed designer competence under their national legislation, may survey and design works in Bulgaria independently only after winning a competitive procedure and when selected as contractors under the terms and according to the procedure established by the Public Procurement Act; for projects of national or regional significance, investors of the Republic of Moldova must act in partnership with or, as subcontractors of, local investors. With respect to urban planning and landscape architectural services, nationality condition applies. No national treatment and most favoured national treatment obligation for midwives services and services provided by nurses, physiotherapists and paramedical personnel.
DK: Foreign auditors may enter into partnerships with Danish State authorized accountants after obtaining permission from the Danish Business Authority.
FI: No national treatment and most favoured nation treatment obligations with respect to services related to publicly or privately funded health and social services (i.e. Medical, including Psychologists, and Dental services; Midwives services; Physiotherapists and Paramedical Personnel).
FI: With respect to auditing services, residency requirement for at least one of the auditors of a Finnish Liability company.
FR: With respect to legal services, some types of legal form (‘association d'avocats’ and ‘société en participation d'avocat’) are reserved to lawyers fully admitted to the Bar in France. With respect to architectural services, medical (including psychologists) and dental services, midwife services and services provided by nurses, physiotherapists and paramedical personnel, foreign investors only have access to the legal forms of ‘société d'exercice liberal’ (sociétés anonymes, sociétés à responsabilité limitée ou sociétés en commandite par actions) and ‘société civile professionnelle’. Nationality condition and reciprocity apply with respect to veterinary services.
EL: No national and most favoured nation treatment with respect to dental technicians. EU nationality is required to obtain a licence to be a statutory auditor and in veterinary services.
ES: Statutory auditors and industrial property attorneys are subject to an EU nationality condition.
HR: Unbound except for consultancy on home country, foreign and international law. Representation of parties before courts can be practised only by the members of the Bar Council of Croatia (Croatian title ‘odvjetnici’). Citizenship requirement for membership in the Bar Council. In proceedings involving international elements, parties can be represented before arbitration courts — ad hoc courts by lawyers who are members of bar associations of other countries.
Licence is required to provide audit services. Natural and juridical persons may supply architectural and engineering services upon approval of the Croatian Chamber of Architects and Croatian Chamber of Engineers respectively.
HU: Establishment should take the form of partnership with a Hungarian barrister (ügyvéd) or a barrister's office (ügyvédi iroda), or representative office. Residency requirement for non EEA national in veterinary services.
LV: In a commercial company of sworn auditors more than 50 % of the voting capital shares shall be owned by sworn auditors or commercial companies of sworn auditors of the EU or the EEA.
LT: With respect to auditing services, at least 3/4 of shares of an audit company must belong to auditors or auditing companies of EU or EEA.
PL: While other types of legal form are available for EU lawyers, foreign lawyers only have access to the legal forms of registered partnership and limited partnership. EU nationality condition applies to provide veterinary services.
SK: Residency is required to provide architectural, engineering services, veterinary services.
SE: For legal services, admission to the Bar, necessary only for the use of the Swedish title ‘advokat’, is subject to a residency requirement. There is a residency requirement for liquidators. The competent authority may grant exemption from this requirement. There are EEA requirements connected to the appointing of a certifier of an economic plan. EEA residency requirement for auditing services.
Research and Development services
EU: For publicly funded Research and Development services, exclusive rights and/or authorisations can only be granted to EU nationals and to EU juridical persons having their headquarters in the EU.
Rental/Leasing without Operators
A: Relating to ships:
LT: Ships must be owned by Lithuanian natural persons or companies established in Lithuania.
SE: In the case of ownership interests in a ship by a natural or juridical person of the Republic of Moldova, proof of dominating Swedish operating influence must be shown to fly the Swedish flag.
B: Relating to aircraft:
EU: With respect to rental and leasing relating to aircraft, although waivers can be granted for short term lease contracts, aircraft must be owned either by natural persons meeting specific nationality criteria or by juridical persons meeting specific criteria regarding ownership of capital and control (including nationality of directors).
Other business services
EU, except HU and SE: No national treatment and most favoured nation treatment obligations for supply services of domestic help personnel, other commercial or industrial workers, nursing, and other personnel. Residency or commercial presence is required and nationality requirements may exist.
EU except BE, DK, EL, ES, FR, HU, IE, IT, LU, NL, SE, UK: Nationality conditions and residency requirement for placement services and supply services of personnel.
EU except AT and SE: For investigation services, no national treatment and most favoured treatment obligations. Residency or commercial presence is required and nationality requirements may exist.
AT: Regarding placement services and labour leasing agencies, an authorization can only be granted to juridical persons having their headquarter in the EEA and members of the management board or managing partners/shareholders entitled to represent the juridical person have to be EEA citizens and have to be domiciled in the EEA.
BE: A company having its head office outside the EEA has to prove that it supplies placement services in its country of origin. With respect to security services, EU citizenship and residence are required for managers.
BG: Nationality is required for activities in aerial photography and for geodesy, cadastral surveying and cartography. No national treatment and most favoured national treatment obligations for placement and supply services of personnel, placement services; supply services of office support personnel; investigation services; security services; technical testing and analysis services; services on contract basis for repair and dismantling of equipment in oil and gas fields. No national treatment and most favoured national treatment obligations for official translation and interpretation.
DE: Nationality condition for sworn interpreters.
DK: With respect to security services, residency requirement and nationality condition for majority of members of the board and for managers. No national treatment and most favoured nation treatment obligations for the supply of airport guard services.
EE: No national treatment and most favoured nation treatment obligations for security services. EU citizenship required for sworn translators.
FI: EEA residency is required for certified translators.
FR: No national treatment obligation and most favoured nation treatment obligations with respect to the attribution of rights in the area of placement services.
FR: Foreign investors are required to have a specific authorisation for exploration and prospection services for scientific and technical consulting services.
HR: No national treatment and most favoured nation treatment obligations for placement services; investigation and security services.
IT: Italian or EU nationality and residency requirement in order to obtain the necessary authorisation to supply security guard services. Owners of publishing and printing company and publishers must be citizens of a Member State. Companies must have their headquarters in a Member State. No national treatment and MFN obligation for collection agency and credit reporting services.
LV: With respect to investigations services, only detective companies whose head and every person who has an office in the administration thereof is a national of the EU or the EEA are entitled to obtain a license. With respect to security services at least half of the equity capital should be possessed by physical and juridical persons of the EU or the EEA to obtain a license.
LT: The activity of security services, may only be undertaken by persons with the citizenship of the EEA country or a NATO country.
PL: With respect to investigation services, the professional license can be granted to a person holding Polish citizenship or to a citizen of another Member State, EEA or Switzerland. With respect to security service, a professional license may be granted only to a person holding Polish citizenship or to a citizen of another Member State, EEA or Switzerland. EU nationality condition for sworn translators. Polish nationality condition to provide aerial photographic services and for the editor-in chief of newspapers and journals.
PT: No national treatment and most favoured nation treatment obligations for investigation services. An EU nationality condition for investors to provide Collection agency services and credit reporting services. Nationality requirement for specialised personnel for security services.
SE: Residency requirement for publisher and owner of publishing and printing companies. Only Sami people may own and exercise reindeer husbandry.
SK: With respect to investigation services and security services, licences may be granted only if there is no security risk and if all managers are citizens of the EU, EEA or Switzerland.
4. Distribution services
EU: No national treatment and most favoured nation treatment obligations with respect to distribution of arms, munitions and explosives.
EU: Nationality condition and residency requirement applies in some countries to operate a pharmacy and operate as tobacconists.
FR: No national treatment and most favoured nation treatment obligations with respect to granting of exclusive rights in the areas of tobacco retail.
FI: No national treatment and most favoured nation treatment obligations with respect to distribution of alcohol and pharmaceuticals.
AT: No national treatment and most favoured nation treatment obligations with respect to distribution of pharmaceuticals
BG: No national treatment and most favoured nation treatment obligations with respect to distribution of alcoholic beverages, chemical products, tobacco and tobacco products, pharmaceuticals, medical and orthopaedic goods; weapons, munitions and military equipment; petroleum and petroleum products, gas, precious metals, precious stones.
DE: Only natural persons are permitted to provide retail services of pharmaceuticals and specific medical goods to the public. Residency is required in order to obtain a licence as a pharmacist and/or to open a pharmacy for the retail of pharmaceuticals and certain medical goods to the public. Nationals of other countries or persons who have not passed the German pharmacy exam may only obtain a licence to take over a pharmacy which has already existed during the preceding three years.
HR: No national treatment and most favoured nation treatment obligations with respect to distribution of tobacco products.
6. Environmental services
EU: No national treatment and most favoured nation treatment obligations in respect of the provision of services relating to the collection, purification and distribution of water to household, industrial, commercial or other users, including the provision of drinking water, and water management.
7. Financial services (8)
EU: Only firms having their registered office in the Union can act as depositories of the assets of investment funds. The establishment of a specialised management company, having its head office and registered office in the same Member State, is required to perform the activities of management of unit trusts and investment companies.
AT: The licence for a branch office of foreign insurers shall be denied if the foreign insurer does not have a legal form corresponding or comparable to a joint stock company or a mutual insurance association. The management of a branch office must consist of two natural persons resident in Austria.
BG: Pension insurance shall be implemented through participation in incorporated pension insurance companies. Permanent residence in Bulgaria is required for the chairperson of the management board and the chairperson of the board of directors. Before establishing a branch or agency to provide certain classes of insurance, a foreign insurer must have been authorized to operate in the same classes of insurance in its country of origin.
CY: Only members (brokers) of the Cyprus Stock Exchange can undertake business pertaining to securities brokerage in Cyprus. 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 (no branches).
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.
ES: Before establishing a branch or agency to provide certain classes of insurance, a foreign insurer must have been authorized to operate in the same classes of insurance in its country of origin.
HU: Branches of foreign institutions are not allowed to provide asset management services for private pension funds or management of venture capital. The board of a financial institution should include at least two members, who are Hungarian citizens, residents in the meaning of the relevant foreign exchange regulations and have permanent residency in Hungary for at least one year.
IE: In the case of collective investment schemes constituted as unit trusts and variable capital companies (other than undertakings for collective investment in transferable securities, UCITS) the trustee/depository and management company is required to be incorporated in Ireland or in another Member State (no branches). In the case of an investment limited partnership, at least one general partner must be incorporated in Ireland. To become a member of a stock exchange in Ireland, an entity must either (a) be authorized in Ireland, which requires that it be incorporated or be a partnership, with a head/registered office in Ireland, or (b) be authorized in another Member State.
PT: Pension fund management may be provided only by specialized companies incorporated in Portugal for that purpose and by insurance companies established in Portugal and authorised to take up the life insurance business or by entities authorised to pension fund management in other Member States.