Measures
AT: Insurance Supervision Act 2016, Article 13 para. 1 and 2, Federal Law Gazette I No. 34/2015
(Versicherungsaufsichtsgesetz 2016, § 13 Abs. 1 und 2, BGBI. I Nr. 34/2015)
DE: Versicherungsaufsichtsgesetz (VAG) for all insurance services; in connection with
Luftverkehrs-Zulassungs-Ordnung (LuftVZO) only for compulsory air liability insurance.
DK: Lov om finansiel virksomhed jf. lovbekendtggrelse 182 af 18. februar 2015. EL: Art. 130 of the Law 4364/ 2016 (Gov. Gazette 13/ A/ 05.02.2016).
HU: Act LX of 2003LT: Law on Insurance, 18 of September, 2003 m. Nr. [X-1737, last amendment 13 of June 2019 Nr. XII-2232.
SE: Lag om forsakringsdistribution (Insurance Distribution Mediation Act) (Chapter 3, section 3, 2018:1219); and Foreign Insurers Business in Sweden Act (Chapter 4, section 1 and 10, 1998:293).
SK: Act 39/2015 on insurance.
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Reservation 2: Sub-sector: Banking and other financial services
Type of reservation: National treatment Local presence Level of government: EU/Member State (unless otherwise specified)
With respect to Investment liberalisationâ National treatment and Cross-border trade in financial
services â Local presence:
In BG: For pursuing the activities of lending with funds which are not raised through taking of deposits or other repayable funds, acquiring holdings in a credit institution or another financial institution, financial leasing, guarantee transactions, acquisition of claims on loans and other forms of financing (factoring, forfeiting, etc.), non-bank financial institutions are subject to registration regime with the Bulgarian National Bank. The financial institution shall have its main business in
the territory of Bulgaria.
With respect to Investment liberalisation â National treatment and Cross-border trade in financial
services â Local presence:
In BG: Non-EEA banks may pursue banking activity in Bulgaria after obtaining a license from BNB for taking up and pursuing of business activities in the Republic of Bulgaria through a branch.
In IT: In order to be authorised to operate the securities settlement system or to provide central securities depository services with an establishment in Italy, a company is required to be
incorporated in Italy (no branches).
In the case of collective investment schemes other than undertakings for collective investment in transferable securities ("UCITS") harmonised under Union legislation, the trustee or depository is required to be established in Italy or in another Member State and have a branch in Italy.
Management enterprises of investment funds not harmonised under Union legislation are also
required to be incorporated in Italy (no branches).
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Only banks, insurance enterprises, investment firms and enterprises managing UCITS harmonised under Union legislation having their legal head office in the Union, as well as UCITS incorporated
in Italy, may carry out the activity of pension fund resource management.
In providing the activity of door-to-door selling, intermediaries must utilise authorised financial
salesmen resident within the territory of a Member State.
Representative offices of non-European Union intermediaries cannot carry out activities aimed at providing investment services, including trading for own account and for the account of customers,
placement and underwriting financial instruments (branch required). With respect to Investment liberalisation â National treatment
In PT: Pension fund management may be provided only by specialised companies incorporated in PT for that purpose and by insurance companies established in PT and authorised to take up life insurance business, or by entities authorised to provide pension fund management in other Member
States. Direct branching from non-European Union countries is not permitted. Measures:
BG: Law on Credit Institutions, article 2, paragraph 5, article 3a and article 17 Code Of Social Insurance, articles 121, 121b, 121f; and Currency Law, article 3.
IT: Legislative Decree 58/1998, articles 1, 19, 28, 30-33, 38, 69 and 80;
Joint Regulation of Bank of Italy and Consob 22.2.1998, articles 3 and 41;
Regulation of Bank of Italy 25.1.2005;
Title V, Chapter VI, Section II, Consob Regulation 16190 of 29.10.2007, articles 17-21, 78-81, 91- 111; and subject to:
Regulation (EU) No 909/2014 of the European Parliament and of the Council!.
1 Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257
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PT: Decree-Law 12/2006, as amended by Decree-Law 180/2007 Decree-Law 357-A/2007, Regulation 7/2007-R, as amended by Regulation 2/2008-R, Regulation 19/2008-R, Regulation 8/2009. Article 3 of the legal regime governing the establishment and functioning of pension funds and their management entities approved by Law 27/2020, of July 23rd.
With respect to Investment liberalisationâ National treatment:
In HU: Branches of non-EEA investment fund management companies may not engage in the management of European investment funds and may not provide asset management services to
private pension funds.
Measures:
HU: Act CCXXXVII of 2013 on Credit Institutions and Financial Enterprises; Act CCXXXVII of 2013 on Credit Institutions and Financial Enterprises; and Act CXX of 2001 on the Capital Market.
With respect to Investment liberalisation â National Treatment
In BG: A bank shall be managed and represented jointly by at least two persons. The persons who manage and represent the bank shall be personally present at its management address. Legal persons may not be elected members of the managing board or the board of directors of a bank.
Measures:
BG: Law on Credit Institutions, article 10;
Code Of Social Insurance, article 121¢; and
Currency Law, article 3.
With respect to Investment liberalisation â National treatment:
In HU: The board of directors of a credit institution shall have at least two members recognised as
resident according to foreign exchange regulations and having had prior permanent residence in HU
for at least one year.
28,8,2014, p. 1). 21
Measures:
HU: Act CCXXXVII of 2013 on Credit Institutions and Financial Enterprises; Act CCXXXVII of 2013 on Credit Institutions and Financial Enterprises; and Act CXX of 2001 on the Capital Market.
With respect to Cross-border trade in financial services â Local presence: In HU: Non-EEA companies may provide financial services or engage in activities auxiliary to
financial services solely through a branch in HU.
Measures:
HU: Act CCXXXVII of 2013 on Credit Institutions and Financial Enterprises; Act CCXXXVII of 2013 on Credit Institutions and Financial Enterprises; and Act CXX of 2001 on the Capital Market.
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Section SECTION D: FUTURE MEASURES FOR FINANCIAL SERVICES
Reservation 1: Sub-sector: Insurance and insurance-related services
Type of reservation: National treatment Local presence Level of government: EU/Member State (unless otherwise specified)
The EU reserves the right to adopt or maintain any measure with respect to the following:
With respect to Cross-border trade in financial services â Local presence:
In BG: Transport insurance, covering goods, insurance of vehicles as such and liability insurance regarding risks located in Bulgaria may not be underwritten by foreign insurance companies directly.
In 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.
Existing measures:
DE: Luftverkehrsgesetz (LuftVG); and
Luftverkehrszulassungsordnung (LuftVZO).
With respect to Investment liberalisation â National treatment and Cross-border trade in financial
services â Local presence:
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In ES: Residence is required, or alternatively to have two years of experience, for the actuarial
profession.
In FI: The supply of insurance broker services is subject to a permanent place of business in the EU. Only insurers having their head office in the European Union or having their branch in Finland may
offer direct insurance services, including co-insurance.
Existing measures:
FI: Laki ulkomaisista vakuutusyhtidisté (Act on Foreign Insurance Companies) (398/1995); Vakuutusyhtidlaki (Insurance Companies Act) (521/2008);
Laki vakuutusten tarjoamisesta (Act on Insurance Distribution) (234/2018).
With respect to Cross-border trade in financial services â Local presence: In FR: Insurance of risks relating to ground transport may be underwritten only by insurance firms
established in the European Union.
Existing measures:
FR: Code des assurances.
In HU: Only legal persons of the EU and branches registered in Hungary may supply direct
insurance services.
Existing measures: HU: Act LX of 2003.
In IT: Transport insurance of goods, insurance of vehicles and liability insurance regarding risks located in Italy may be underwritten only by insurance companies established in the European Union, except for international transport involving imports into Italy.
Cross-border supply of actuarial services is not allowed.
Existing measures: IT: Article 29 of the code of private insurance (Legislative decree no. 209 of 7 September 2005),
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With respect to Investment liberalisation â National treatment and Cross-border trade in financial services â Local presence:
In PT: Air and maritime transport insurance, covering goods, aircraft, hull and liability can be underwritten only by enterprises legal persons of the European Union. Only natural persons of, or enterprises established in, the European Union may act as intermediaries for such insurance
business in Portugal.
Existing measure: PT: Article 3 of Law 147/2015, Article 8 of Law 7/2019.
With respect to Investment liberalisationâ National treatment and Cross-border trade in services
â Local presence:
In SK: Foreign nationals may establish an insurance company in the form of a joint stock company or may conduct insurance business through their branches having a registered office in the Slovak
Republic. The authorisation in both cases is subject to the evaluation of the supervisory authority.
Existing measures: SK: Act 39/2015 on Insurance.
With respect to Investment liberalisationâ National treatment:
In FI: At least one half of the members of the board of directors and the supervisory board, and the managing director of an insurance company providing statutory pension insurance shall have their place of residence in the EEA, unless the competent authorities have granted an exemption. Foreign insurers cannot obtain a licence in Finland as a branch to carry out statutory pension insurance. At
least one auditor shall have his permanent residence in the EEA.
For other insurance companies, residency in the EEA is required for at least one member of the board of directors, the supervisory board and the managing director. At least one auditor shall have his permanent residence in the EEA. The general agent of an insurance company of Chile must have
his place of residence in Finland, unless the company has its head office in the European Union.
Existing measures:
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FI: Laki ulkomaisista vakuutusyhtidisté (Act on Foreign Insurance Companies) (398/1995); Vakuutusyhtidlaki (Insurance Companies Act) (521/2008);
Laki vakuutusedustuksesta (Act on Insurance Mediation) (570/2005);
Laki vakuutusten tarjoamisesta (Act on Insurance Distribution) (234/2018) and
Laki tydeliékevakuutusyhtidista (Act on Companies providing statutory pension insurance) (354/1997).
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Reservation 2: Sub-sector: Banking and other Financial Services Type of reservation: National treatment Senior management and boards of directors
Local presence
Level of government: EU/Member State (unless otherwise specified)
The EU reserves the right to adopt or maintain any measure with respect to the following:
With respect to Investment liberalisation - National treatment and Cross-border trade in financial
services â Local presence:
The EU: Only legal persons 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 common funds, including unit trusts, and where allowed under national law, investment companies.
Existing measures:
EU: Directive 2009/65/EC of the European Parliament and of the Councilâ; and Directive 2011/61/EU of the European Parliament and of the Council of 8 June 201 1°.
With respect to Cross-border trade in financial services â Local presence: In EE: For acceptance of deposits, requirement of authorisation by the Estonian Financial Supervision Authority and registration under Estonian law as a joint-stock company, a subsidiary or
a branch,
Existing measures:
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EE: Krediidiasutuste seadus (Credit Institutions Act) § 206 and §21.
With respect to Investment liberalisation âNational treatment, Senior management and board of
directors:
In FI: At least one of the founders of a credit institution and at least one of the members of its Board of Directors as well as its Managing Director shall be permanently resident or, if the founder is a legal person, have its registered office in the European Economic Area unless the Financial Supervision Authority grants an exemption therefrom. The exemption may be granted if it does not endanger the efficient supervision of the credit institution and the management of the credit institution in accordance with sound and prudent business principles. At least one auditor shall have his permanent residence in the EEA.
For payment services, residency or domicile in Finland may be required.
Existing measures:
FI: Laki liikepankeista ja muista osakeyhtiémuotoisista luottolaitoksista (Act on Commercial Banks and Other Credit Institutions in the Form of a Limited Company) (1501/2001); Saastépankkilaki (1502/2001) (Savings Bank Act);
Laki osuuspankeista ja muista osuuskuntamuotoisista luottolaitoksista (423/2013) (Act on Cooperative Banks and Other Credit Institutions in the Form of a Cooperative Bank);
Laki hypoteekkiyhdistyksisté (936/1978) (Act on Mortgage Societies);
Maksulaitoslaki (297/2010) (Act on Payment Institutions);
Laki ulkomaisen maksulaitoksen toiminnasta Suomessa (298/2010) (Act on the Operation of Foreign Payment Institution in Finland); and
Laki luottolaitostoiminnasta (Act on Credit Institutions) (610/2014).
With respect to Investment liberalisationâ National treatment In IT: Services of "consulenti finanziari" (financial consultant). In providing the activity of door-to- door selling, intermediaries must utilise authorised financial salesmen resident within the territory
of a Member State.
Existing measures:
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IT: Articles 91-111 of Consob Regulation on Intermediaries (no. 16190 of 29 October 2007).
With respect to Cross-border trade in financial services â Local presence:
In LT: Only banks having their registered office or branch in Lithuania and authorised to provide investment services in the EEA may act as the depositories of the assets of pension funds. At least one head of a bank's administration must speak the Lithuanian language.
Existing measures: