5. Guarantees and commitments.
6. Trading for own account or for the account of customers, whether on an exchange, in an over the counter market or otherwise, the following:
(a) money market instruments (cheques, bills, certificates of deposits, etc.)
(b) foreign exchange
(c) derivative products including, but not limited to, futures and options
(d) exchange rates and interest rate instruments, including products such as swaps, forward rate agreements, etc.
(e) transferable securities
(f) other negotiable instruments and financial assets, including bullion.
7. Participation in issues of all kinds of securities, including under-writing and placement as agent (whether publicly or privately) and provision of services related to such issues.
8. Money brokering.
9. Asset management, such as cash or portfolio management, all forms of collective investment management, pension fund management, custodial depository and trust services.
10. Settlement and clearing services for financial assets, including securities, derivative products, and other negotiable instruments.
11. Advisory intermediation and other auxiliary financial services on all the activities listed in points 1 to 10 above, including credit reference and analysis, investment and portfolio research and advice, advice on acquisitions and on corporate restructuring and strategy.
12. Provision and transfer of financial information, and financial data processing and related software by providers of other financial services.
The following activities are excluded from the definition of financial services:
(a) Activities carried out by central banks or by any other public institution in pursuit of monetary and exchange rate policies.
(b) Activities conducted by central banks, government agencies or departments, or public institutions, for the account or with the guarantee of the government, except when those activities may be carried out by financial service providers in competition with such public entities.
(c) Activities forming part of a statutory system of social security or public retirement plans, except when those activities may be carried out by financial service providers in competition with public entities or private institutions.
Annex V. Intellectual, Industrial and Commercial Property Conventions Referred to in Article 40
1. Article 40(2) concerns the following multilateral conventions:
- Berne Convention for the Protection of Literary and Artistic Works (Paris Act, 1971);
- International Convention for the Protection of Performers, Producers of Phonograms and Broadcasting Organizations (Rome, 1961);
- Madrid Agreement concerning the International Registration of Marks (Stockholm Act, 19677 and amended in 1979);
- Protocol relating to the Madrid Agreement concerning the International Registration of Marks (Madrid,1989);
- Nice Agreement concerning the International Classification of Goods and Services for the purposes of the Registration of Marks (Geneva 1977 and amended in 1979);
- Budapest Treaty on the International Recognition of the Deposit of Micro Organisms for the purposes of Patent Procedures (1977, modified in 1980);
- International Convention for the Protection of New Varieties of Plants (UPOV) (Geneva Act, 1991).
2. The Cooperation Council may recommend that Article 40(2) shall apply to other multilateral conventions. If problems in the area of intellectual, industrial and commercial property affecting trading conditions were to occur, urgent consultations will be undertaken, at the request of either Party, with a view to reaching mutually satisfactory solutions.
3. The Parties confirm the importance they attach to the obligations arising from the following multilateral conventions:
- Paris Convention for the Protection of Industrial Property (Stockholm Act, 1967 and amended in 1979);
- Patent Cooperation Treaty (Washington, 197013, amended in 1979 and modified in 1984).
4. From the entry into force of this Agreement, Turkmenistan shall grant to Community companies and nationals, in respect of the recognition and protection of intellectual, industrial and commercial property, treatment no less favourable than that granted by it to any third country under bilateral agreements.
5. The provisions of paragraph 4 shall not apply to advantages granted by Turkmenistan to any third country on an effective reciprocal basis and to advantages granted by Turkmenistan to another country of the former USSR.
Final Act
The plenipotentiaries of: THE KINGDOM OF BELGIUM, THE KINGDOM OF DENMARK, THE FEDERAL REPUBLIC OF GERMANY, THE HELLENIC REPUBLIC, THE KINGDOM OF SPAIN, THE FRENCH REPUBLIC, IRELAND, THE ITALIAN REPUBLIC, THE GRAND DUCHY OF LUXEMBOURG, THE KINGDOM OF THE NETHERLANDS, THE REPUBLIC OF AUSTRIA, THE PORTUGUESE REPUBLIC, THE REPUBLIC OF FINLAND, THE KINGDOM OF SWEDEN, THE UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND, Contracting Parties to the Treaty establishing the EUROPEAN COMMUNITY, the Treaty establishing the EUROPEAN COAL AND STEEL COMMUNITY and the Treaty establishing the EUROPEAN ATOMIC ENERGY COMMUNITY, hereinafter referred to as "the Member States", and of the EUROPEAN COMMUNITY, the EUROPEAN COAL AND STEEL COMMUNITY, and the EUROPEAN ATOMIC ENERGY COMMUNITY,
hereinafter referred to as "the Community",
of the one part, and
the plenipotentiaries of TURKMENISTAN,
of the other part,
meeting at... for the signature of the Partnership and Cooperation Agreement establishing a partnership between the European Communities and their Member States, of the one part, and Turkmenistan, of the other part, hereinafter referred to as the "Agreement", have adopted the following texts:
the Agreement including its Annexes and the following Protocol:
Protocol on mutual administrative assistance in customs matters
The plenipotentiaries of the Member States and of the Community and the plenipotentiaries of Turkmenistan have adopted the texts of the Joint Declarations listed below and annexed to this Final Act:
Joint Declaration on personal data
Joint Declaration in relation to Article 5 of the Agreement
Joint Declaration concerning Article 13 of the Agreement
Joint Declaration concerning the Notion of "control" in Article 23(b) and Article 34 Joint Declaration concerning Article 33 of the Agreement
Joint Declaration concerning Article 40 of the Agreement
Joint Declaration concerning Article 94 of the Agreement
The plenipotentiaries of the Member States and of the Community and the plenipotentiaries of Turkmenistan have also taken note of the following Exchange
of Letters annexed to this Final Act:
Exchange of Letters between the Community and Turkmenistan in relation to the establishment of companies
The plenipotentiaries of the Member States and of the Community and the
plenipotentiaries of Turkmenistan have further taken note of the following Declaration annexed to this Final Act:
Declaration by the French Government
JOINT DECLARATION ON PERSONAL DATA
In applying this Agreement, the parties are aware of the necessity of an adequate protection of individuals with regard to the processing of personal data and on the free movement of such data.
JOINT DECLARATION IN RELATION TO ARTICLE 5
Should the Parties agree that circumstances warrant meetings at the highest level, such meetings may be arranged on an ad hoc basis.
JOINT DECLARATION CONCERNING ARTICLE 13
Until Turkmenistan accedes to the WTO, the Parties shall hold consultations in the Cooperation Committee on Turkmenistan's import tariff policies, including changes in tariff protection. In particular, such consultations shall be offered prior to the increase of tariff protection.
JOINT DECLARATION CONCERNING THE NOTION OF "CONTROL" IN ARTICLE 23(b) AND ARTICLE 34
1. The Parties confirm their mutual understanding that the question of control shall depend on the factual circumstances of the particular case.
2. Accompany shall, for example, be considered as being "controlled" by another company, and thus a subsidiary of such other company if:
- the other company holds directly or indirectly a majority of the voting rights, or
- the other company has the right to appoint or dismiss a majority of the administrative organ, of the management organ or of the supervisory organ and is at the same time a shareholder or member of the subsidiary.
3. The Parties consider the criteria in paragraph 2 to be non-exhaustive. JOINT DECLARATION CONCERNING ARTICLE 33 The sole fact of requiring a visa for natural persons of certain Parties and not for those of others shall not be regarded as nullifying or impairing benefits under a specific commitment.
JOINT DECLARATION CONCERNING ARTICLE 40
The Parties agree that for the purpose of the Agreement, intellectual, industrial and commercial property includes in particular copyright, including the copyright in computer programs, and neighbouring rights, the rights relating to patents, industrial designs, geographical indications, including appellations of origin, trademarks and service marks, topographies of integrated circuits as well as protection against unfair competition as referred to in Article 10 bis of the Paris Convention for the protection of Industrial Property and protection of undisclosed information on know-how.
JOINT DECLARATION CONCERNING ARTICLE 94
1. The Parties agree, for the purpose of its correct interpretation and its practical application, that the term "cases of special urgency" included in Article 94 of the Agreement means cases of material breach of the Agreement by one of the Parties. A material breach of the Agreement consists in
(a) repudiation of the Agreement not sanctioned by the general rules of international law or
(b) violation of the essential elements of the Agreement set out in Article 2. 2. The parties agree that the "appropriate measures" referred to in Article 94 are measures taken in accordance with international law. If a party takes a measure in a case of special urgency as provided for under Article 94, the other party may avail itself of the procedure relating to settlement of dispute.
EXCHANGE OF LETTERS BETWEEN THE COMMUNITY AND TURKMENISTAN IN RELATION TO THE ESTABLISHMENT OF COMPANIES
A. Letter from the Government of Turkmenistan Dear Sir,
I refer to the Partnership and Cooperation Agreement initialled on
As I underlined during the negotiations, Turkmenistan grants to Community companies establishing and operating in Turkmenistan in certain respects a privileged treatment. I explained that this reflects the Turkmen policy to promote by all means the establishment of Community companies in Turkmenistan.
With this in mind, it is my understanding that during the period between the date of initialling of this agreement and the entry into force of the relevant articles on establishment of companies, Turkmenistan shall not adopt measures or regulations which would introduce or worsen discrimination of Community companies vis-a-vis Turkmen companies or companies from any third country as compared to the situation existing on the date of initialling of this Agreement.
I would be obliged if you would acknowledge receipt of this letter.
Please accept, Sir, the assurance of my highest consideration.
For the Government of Turkmenistan
B. Letter from the European Community Dear Sir, Thank you for your letter of today's date, which reads as follows:
"I refer to the Partnership and Cooperation Agreement initialled on
As I underlined during the negotiations, Turkmenistan grants to Community companies establishing and operating in Turkmenistan in certain respects a privileged treatment. I explained that this reflects the Turkmen policy to promote by all means the establishment of Community companies in Turkmenistan.
With this in mind, it is my understanding that during the period between the date of initialling of this agreement and the entry into force of the relevant articles on establishment of companies, Turkmenistan shall not adopt measures or regulations which would introduce or worsen discrimination of Community companies vis-a-vis Turkmen companies or companies from any third country as compared to the situation existing on the date of initialling of this Agreement.
I would be obliged if you would acknowledge receipt of this letter."
I acknowledge receipt of the letter.
Please accept, Sir, the assurance of my highest consideration.
On behalf of the European Community
DECLARATION BY THE FRENCH GOVERNMENT
The French Republic notes that the Partnership and Cooperation Agreement with Turkmenistan does not apply to the overseas countries and territories associated with the European Community pursuant to the Treaty establishing the European Community.