In order to establish a branch in Portugal, foreign insurance companies need to demonstrate prior operational experience of at least five years. Direct branching is not permitted for insurance intermediation, which is reserved to companies formed in accordance with the law of a Member State.
FI: For insurance companies providing statutory pension insurance: at least one half of the promoters and members of the board of directors and the supervisory board shall have their place of residence in the EU, unless the competent authorities have granted an exemption.
Other insurance companies than those providing statutory pension insurance: residency requirement for at least one member of the board of directors and supervisory board and the managing director.
The general agent of an insurance company of the Republic of Moldova must have his place of residence in Finland, unless the company has its head office in the EU.
Foreign insurers cannot get a licence in Finland as a branch to carry on statutory pension insurance.
For banking services: residency requirement for at least one of the founders, one member of the board of directors and supervisory board, the managing director and the person entitled to sign the name of a credit institution.
IT: In order to be authorized to manage the securities settlement system with an establishment in Italy, a company is required to be incorporated in Italy (no branches). In order to be authorised to manage central securities depository services with an establishment in Italy, companies are required to be incorporated in Italy (no branches). In the case of collective investment schemes other than UCITS harmonized with the legislation of the EU, the trustee/depository is required to be incorporated in Italy or in another Member State and established through a branch in Italy. Management companies of UCITS not harmonized under the legislation of the EU are also required to be incorporated in Italy (no branches). Only banks, insurance companies, investment firms, and companies managing UCITS harmonised under the legislation of the EU, having their legal head office in the EU, as well as UCITS incorporated in Italy may carry out activity of pension fund resources management. In providing the activity of door-to-door selling, intermediaries must utilise authorised financial salesmen listed in the Italian register. Representative offices of foreign intermediaries cannot carry out activities aimed at providing investment services.
LT: For the purpose of asset management, incorporation as a specialized management company (no branches) is required.
Only firms having their registered office or branch in Lithuania can act as depositories of pension funds.
Only banks having their registered office or branch in Lithuania and authorized to provide investment services in a Member State or in a state within the European Economic Area (EEA)may act as the depositaries of the assets of pension funds.
PL: Local incorporation (no branches) required for insurance intermediaries.
SK: Foreign nationals may establish an insurance company in the form of a joint stock company or may conduct insurance business through their subsidiaries with registered office in Slovakia (no branches).
Investment services in Slovakia can be provided by banks, investment companies, investment funds and security dealers which have a legal form of joint-stock company with equity capital according to the law (no branches).
SE: Insurance broking undertakings not incorporated in Sweden may be established only though a branch.
A founder of a savings bank shall be a natural person resident in the Union.
8. Health, Social and Education services
EU: No national treatment and most favoured nation treatment obligations with respect to publicly funded health, social and education services.
EU: No national treatment and most favoured nation treatment obligations with respect to privately funded other human health services.
EU: With respect to privately funded education services, nationality conditions may apply for majority of members of the Board.
EU (except for NL, SE and SK): No national treatment and most favoured nation treatment obligations with respect to the provision of privately funded other education services, which means other than those classified as being primary, secondary, higher and adult education services.
BE, CY, CZ, DK, FR, DE, EL, HU, IT, ES, PT, UK: No national treatment and most favoured nation treatment obligations with respect to the provision of privately funded social services other than services relating to convalescent and rest houses and old people's homes.
FI: No national treatment and most favoured nation treatment obligations with respect to privately funded health and social services.
BG: Foreign high schools cannot open their divisions on the territory of the Republic of Bulgaria. Foreign high schools can open faculties, departments, institutes and colleges in Bulgaria only within the structure of the Bulgarian high schools and in cooperation with them.
EL: With respect to higher education services, no national or most favoured nation treatment obligations for establishment of education institutions granting recognized State diplomas. EU nationality condition for owners and majority of members of the Board, teachers in privately founded primary and secondary schools.
HR: No national treatment and most favorable nation treatment obligations with respect to primary education.
SE: reserves the right to adopt and maintain any measure with respect to educational services suppliers that are approved by public authorities to provide education. This reservation applies to publicly funded and privately funded educational services suppliers with some form of State support, inter alia, educational service suppliers recognized by the State, educational services suppliers under State supervision or education which entitles to study support.
UK: No national treatment and most favoured nation treatment obligations with respect to the provision of privately-funded ambulance services or privately-funded residential health services other than hospital services.
9. Tourism and travel related services
BG, CY, EL, ES, FR: Nationality condition for tourist guides.
BG: For hotel, restaurant and catering services (excluding catering in air transport services) incorporation is required (no branching).
IT: Tourist guides from non-EU countries need to obtain a specific licence.
10. Recreational cultural and sporting services
News and Press Agencies Services
FR: Foreign participation in existing companies publishing publications in the French language may not exceed 20 % of the capital or of the voting rights in the company. With respect to press agencies, national treatment for the establishment of juridical persons is subject to reciprocity.
Sporting and other recreational services
EU: No national treatment and most favoured nation treatment obligations with respect to gambling and betting services. For legal certainty it is clarified that no market access is granted.
AT: With respect to ski schools and mountain guide services, management directors of juridical persons have to be EEA citizens.
Libraries, archives, museums and other cultural services
BE, FR, HR, IT: No national treatment and most favoured nation treatment with respect to libraries, archives, museum and other cultural services.
11. Transport
Maritime transport
EU: No national treatment and most favoured treatment obligations for the establishment of a registered company for the purpose of operating a fleet under the national flag of the State of establishment.
FI: For services auxiliary to maritime transport, services can be provided only by ships operating under the Finnish flag.
HR: For services auxiliary to maritime transport foreign juridical person is required to establish a company in Croatia which should be granted a concession by the port authority, following a public tendering procedure. The number of service suppliers may be limited reflecting limitations in port capacity.
Internal Waterways Transport (9)
EU: No national treatment and most favoured nation treatment obligations with respect to national cabotage transport. Measures based upon existing or future agreements on access to inland waterways (incl. agreements following the Rhine-Main-Danube link) reserve some traffic rights for operators based in the countries concerned and meeting nationality criteria regarding ownership. Subject to regulations implementing the Mannheim Convention on Rhine Shipping.
AT, HU: No national treatment and most favoured nation treatment obligations for the establishment of a registered company for the purpose of operating a fleet under the national flag of the State of establishment.
AT: With respect to internal waterways a concession is only granted to EEA juridical persons and more than 50 % of the capital share, the voting rights and the majority in the governing boards are reserved to EEA citizens.
HR: No national treatment and most favoured nation treatment obligations for internal waterways transport.
Air transport services
EU: The conditions of mutual market access in air transport shall be dealt with by the Common Aviation Area Agreement between the European Union and its Member States, of the one part, and the Republic of Moldova, of the other part.
EU: Aircraft used by an air carrier of the EU have to be registered in the Member State licensing the carrier or elsewhere in the EU. With respect to rental of aircraft with crew, 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. Aircraft must be operated by air carriers owned either by natural persons meeting specific nationality criteria or by juridical persons meeting specific criteria regarding ownership of capital and control.
EU: With respect to computer reservation systems (CRS) services, where air carriers of the Union are not accorded equivalent treatment (10) to that provided in the Union by CRS services suppliers outside the Union, or where CRS services suppliers of the European Union are not accorded equivalent treatment to that provided in the Union by non-EU air carriers, measures may be taken to accord equivalent treatment, respectively, to the non-EU air carriers by the CRS services suppliers in the Union, or to the non-EU CRS services suppliers by the air carriers in the Union.
Rail transport
HR: No national treatment and most favoured nation treatment obligations for passenger and freight transportation and for pushing and towing services.
Road transport
EU: Incorporation is required (no branching) for cabotage operations. Residency requirement for the transport manager.
AT: For passenger and freight transportation, exclusive rights and/or authorisations may only be granted to nationals of the Member States and to juridical persons of the Union having their headquarters in the Union.
BG: For passenger and freight transportation, exclusive rights and/or authorisations may only be granted to nationals of the Member States and to juridical persons of the Union having their headquarters in the Union. Incorporation is required. Condition of EU nationality for natural persons.
EL: In order to engage in the occupation of road freight transport operator a Hellenic licence is needed. Licences are granted on non–discriminatory terms. Road freight transport operations established in Greece may only use vehicles that are registered in Greece.
FI: Authorisation is required to provide road transport services, which is not extended to foreign registered vehicles.
FR: Foreign investors are not allowed to provide intercity bussing services.
LV: For passenger and freight transportation services, an authorisation is required, which is not extended to foreign registered vehicles. Established entities are required to use nationally registered vehicles.
RO: In order to obtain a licence, road haulage and road passenger transport operators may only use vehicles that are registered in Romania, owned and used according to the Government Ordinance provisions.
SE: In order to engage in the occupation of road transport operator, a Swedish licence is needed. Criteria for receiving a taxi licence include that the company has appointed a natural person to act as the transport manager (a de facto residency requirement — see the Swedish reservation on types of establishment). Criteria for receiving a licence for other road transport operators require that the company be established in the EU, have an establishment situated in Sweden and have appointed a natural person to act as the transport manager, who must be resident in the EU. Licences are granted on non-discriminatory terms, except that operators of road haulage and road passenger transport services may as a general rule only use vehicles that are registered in the national road traffic registry. If a vehicle is registered abroad, owned by a natural or juridical person whose principal residence is abroad and is brought to Sweden for temporary use, the vehicle may be temporarily used in Sweden. Temporary use is usually defined by the Swedish Transport Agency as meaning not more than one year.
14. Energy services
EU: No national treatment and most favoured treatment obligations with respect to juridical persons of Republic of Moldova controlled (11) by natural or juridical persons of a country which accounts for more than 5 % of the EU's oil or natural gas imports (12), unless the EU provides comprehensive access to this sector to natural or juridical persons of this country, in the context of an economic integration agreement concluded with that country.
EU: No national treatment and most favoured nation treatment obligations for nuclear-based electricity generation and with respect to processing of nuclear fuel.
EU: Certification of a transmission system operator which is controlled by a natural or juridical person or persons from a third country or third countries may be refused where the operator has not demonstrated that granting certification will not put at risk the security of energy supply in a Member State and/or the EU, in accordance with Article 11 of Directive 2009/72/EC of the European Parliament and of the Council of 13 July 2009 concerning common rules for the internal market in electricity and Article 11 of Directive 2009/73/EC of the European Parliament and of the Council of 13 July 2009 concerning common rules for the internal market in natural gas.
AT, BE, BG, CY, CZ, DE, DK, ES, EE, FI, FR, EL, IE, IT, LV, LU, MT, NL, PL, PT, RO, SK, SI, SE, UK: No national treatment and most favoured nation treatment obligations with respect to pipeline transportation of fuels services, other than consultancy services.
BE, LV: No national treatment and most favoured nation treatment obligations with respect to pipeline transportation of natural gas, other than consultancy services.
AT, BE, BG, CY, CZ, DE, DK, ES, EE, FI, FR, EL, IE, HU, IT, LU, LT, MT, NL, PL, PT, RO, SK, SE, UK: No national treatment and most favoured nation treatment obligations with respect to services incidental to energy distribution, other than consultancy services.
SI: No national treatment and most favoured nation treatment obligations with respect to services incidental to energy distribution, other than services incidental to the distribution of gas.
CY: Reserves the right to require reciprocity for licensing in relation to the activities of prospecting, exploration and exploitation of hydrocarbons.
15. Other services not included elsewhere
PT: No national treatment and most favoured nation treatment obligations with respect to services related to the sale of equipment or to the assignment of a patent.
SE: No national treatment and most favoured nation treatment obligations with respect to funeral, cremation and undertaking services.
(1) 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 sub-central level, detailed and exhaustive sector-specific scheduling is not practical. This reservation does not apply to telecommunications and to computer and related services.
(2) In accordance with Article 54 of the Treaty on the Functioning of the European Union, these subsidiaries are considered as juridical persons of the Union. To the extent that they have a continuous and effective link with the economy of the Union, they are beneficiaries of the Union's Internal Market, which includes, inter alia, the freedom to establish and to provide services in all Member States.
(3) As regards services sectors, these limitations do not go beyond the limitations reflected in the existing commitments under GATS.
(4) A juridical person is controlled by other natural or juridical person(s) if the latter has/have the power to name majority of its directors or otherwise legally direct its actions. In particular, ownership of more than 50 % of the equity interests in a juridical person shall be deemed to constitute control.
(5) A juridical person is controlled by other natural or juridical person(s) if the latter has/have the power to name a majority of its directors or otherwise legally direct its actions. In particular, ownership of more than 50 % of the equity interests in a juridical person shall be deemed to constitute control.
(6) The horizontal limitation on public utilities applies.
(7) A juridical person is controlled by other natural or juridical person(s) if the latter has/have the power to name a majority of its directors or otherwise legally direct its actions. In particular, ownership of more than 50 % of the equity interests in a juridical person shall be deemed to constitute control.
(8) The horizontal limitation on the difference in treatment between branches and subsidiaries applies. Foreign branches may only receive an authorisation to operate in the territory of a Member State under the conditions provided for in the relevant legislation of that Member State and may therefore be required to satisfy a number of specific prudential requirements.
(9) Including Services auxiliary to internal waterways transport.
(10) Equivalent treatment implies non-discriminatory treatment of Union air carriers and Union CRS services suppliers.
(11) A juridical person is controlled by other natural or juridical person(s) if the latter has/have the power to name a majority of its directors or otherwise legally direct its actions. In particular, ownership of more than 50 % of the equity interest in a juridical person shall be deemed to constitute control.
(12) Based on figures published by the Directorate-General in charge of Energy in the latest EU energy statistical pocketbook: crude oil imports expressed in weight, gas imports in calorific value.
ANNEX XXVII-E. LIST OF RESERVATIONS ON ESTABLISHMENT (REPUBLIC OF MOLDOVA)
1. The list below indicates the economic activities where reservations to national treatment or most favoured treatment by the Republic of Moldova pursuant to Article 205(1) of this Agreement apply to establishments and investors of the Union.
The list is composed of the following elements:
(a) the first column indicating the sector or subsector in which limitations apply;
(b) the second column describing the applicable reservations in the sector or subsector indicated in the first column.
2. In identifying individual sectors and sub-sectors:
(a) CPC means the Central Products Classification as set out in Statistical Office of the United Nations, Statistical Papers, Series M, No 77, CPC prov, 1991;
(b) CPC ver. 1.0 means the Central Products Classification as set out in Statistical Office of the United Nations, Statistical Papers, Series M, No 77, CPC ver 1.0, 1998.
3. In accordance with Article 202(1) of this Agreement, the list below does not include measures concerning subsidies granted by the Parties.
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. 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.
Sector or sub-sector
Description of reservations
I. HORIZONTAL RESERVATIONS
Land
Reservations include all sectors
Land lease not exceeding 99 years permitted.
Foreign supplier may purchase land except for agriculture land and forestry land.
I. SPECIFIC RESERVATIONS
1. BUSINESS SERVICES
A. Professional Services
(a) Legal Services:
— Limited on consultancy on host country law; (CPC 861)
Legal services related to representation in courts and other public authorities can be provided by a legal professional from a EU Member State upon association with a local lawyer or following 1 year internship to get a licence in the Republic of Moldova.
Legal advising services, except representation in court and other authorities, can be provided after prior registration in special registry of the Council of Bar Association.
Translation and/or interpretation services for the judiciary can be provided after prior recognition of the authorization as a sworn interpreter/translator issued in another state, by the Attestation Commission of the Ministry of Justice.
Mediation services can be provided by a person licensed as a mediator in another state after certification by the Mediation Board.
Services of authorized bankruptcy administrator can be provided following one year internship and after passing the exam in the Commission for certification and discipline of the Ministry of Justice.
Nationality requirement for public notaries and bailiffs.
(h) Private medical and dental services (CPC 9312) (CPC 9312 excluding services provided by the public sector)
Practice of medical profession by foreigners requires the permission from local health authorities, based on economic needs test.
F. Other Business Services
(k) Placement and supply services of personnel (CPC 872);
Services can only be supplied through juridical persons incorporated in the Republic of Moldova.
(l) Investigation and security (CPC 873);
2. COMMUNICATION SERVICES
A. Postal Services
(a) International postal services, as well as internal postal services related to letters up to 350 grams; (CPC 7511)
Monopoly of the ‘Posta Moldova’ State Company.
7. FINANCIAL SERVICES
Banking sector and other financial services (excluding insurance)
Participation in issues of all kinds of securities, including underwriting and placement as agent (whether publicly or privately) and provision of service related to such issues.
The National Bank of Moldova is a fiscal agency of the Government on the T-bills market.
ANNEX XXXII. MEDIATION MECHANISM
1. Objective
The objective of this Annex is to facilitate a mutually agreed solution through a comprehensive and expeditious procedure with the assistance of a mediator.
Section 1. Procedure Under the Mediation Mechanism
2. Request for Information
1. Before the initiation of the mediation procedure, a Party may request, at any time, in writing, information regarding a measure adversely affecting trade or investment between the Parties. The Party to which such request is made shall provide, within 20 days, a written response containing its comments on the information contained in the request.
2. Where the responding Party considers that a response within 20 days is not practicable, it shall inform the requesting Party of the reasons for the delay, together with an estimate of the shortest period within which it will be able to provide its response.
3. Initiation of the Procedure
1. A Party may request, at any time, that the Parties enter into a mediation procedure. Such request shall be addressed to the other Party in writing. The request shall be sufficiently detailed in order to clearly present the concerns of the requesting Party and shall:
(a) identify the specific measure at issue;
(b) provide a statement of the alleged adverse effects that the requesting Party believes the measure has, or will have, on trade or investment between the Parties; and
(c) explain how the requesting Party considers that those effects are linked to the measure.
2. The mediation procedure may only be initiated by mutual agreement of the Parties. The Party to which a request pursuant to paragraph 1 is addressed shall give sympathetic consideration to the request and reply by accepting or rejecting it in writing within 10 days of its receipt.
4. Selection of the Mediator
1. Upon the launch of the mediation procedure, the Parties shall endeavour to agree on a mediator no later than 15 days after the receipt of the reply to the request referred to in Article 3 of this Annex.
2. In the event that the Parties are unable to agree on the mediator within the time frame laid down in paragraph 1 of this Article, either Party may request the chair or co-chairs of the Association Committee in Trade configuration as set out in Article 438(4) of this Agreement, or their delegates, to select the mediator, by drawing lots, from the list established under Article 404(1) of this Agreement. Representatives of both Parties shall be invited, with sufficient advance notice, to be present when the lots are drawn. In any event, the drawing of lots shall be carried out with the Party/Parties that is/are present.
3. The chair or co-chairs of the Association Committee in Trade configuration as set out in Article 438(4) of this Agreement, or their delegates, shall select the mediator within five working days of the request made under paragraph 2 of this Article by either Party.
4. Should the list referred to in Article 404(1) of this Agreement not be established at the time a request is made pursuant to Article 3 of this Annex, the mediator shall be selected, by drawing lots, from the individuals which have been formally proposed by one or both of the Parties.