7.B. Banking and other financial services (excluding insurance)
Horizontal sub-sector provisions:
(a) For commitments under mode (3): The establishment of financial institutions, such as any type of banks, consumer or real estate/mortgage finance companies, credit cooperatives or companies, leasing companies, brokers and dealers, as well as increases in the participation of foreign persons (individual or firms) in the capital of financial institutions incorporated under Brazil's laws and regulations, requires a specific authorisation granted on a case-by-case basis by the Executive Branch, by means of a Presidential decree. Specific conditions may be required. Institutions authorised to perform financial activities may perform only authorised activities, according to laws and regulations. Representative offices may not engage in commercial business.
(b) Securities are: corporate shares, debentures, secured bonds, founder's shares (extinguished in 2001, existing ones grandfathered), coupons of these securities; subscription warrants, and rights or receipts; securities certificates of deposit; any type of derivatives, including options, forwards swaps and futures contracts; commercial paper issued by public companies, except financial institutions; open or closed-ended mutual funds, including real estate-funds (shares of real estate investment funds) any type of collective investment instrument offered to the public that creates the right of participation in profits or other type of capital remuneration.
(c) All members of senior level management of financial service suppliers must be permanent residents in Brazil. Domicile in Brazil is needed, but this concept is non-discriminatory, as it is currently extendable to non-resident foreigners. In practice, only an address in Brazil is needed to register, with a working address being acceptable for these purposes. Note for sub-sector 7.B:
(1) Note for transparency purposes regarding domestic regulation: the activities listed in this sector are regulated by specific rules enacted by the Brazilian Securities Commission CVM. Current regulations are available at CVM s website (www.cvm.gov.br). The commitments are specific for the listed activities.
| Modes of Supply: | (1) Cross-border supply | (2) Consumption abroad | (3) Commercial presence |
| Sector or subsector. | Limitations on Market Access | Limitations on National Treatment | Additional Commitments |
| (a) Acceptance of deposits and other repayable funds from the public (CPC 81115-81119) | (1) Unbound (2) None for advisory services (item k) and for the financial leasing of capital goods, including vessels and aircraft, in accordance with the import conditions for internalisation of such goods in Brazil. None for acquisition of depository receipts of Brazilian Securities traded abroad (under items f and k). Unbound for other items (3) None other than horizontally indicated | (1) Unbound (2) None for advisory services (item k) and for the financial leasing of capital goods, including vessels and aircraft, in accordance with the import conditions for internalisation of such goods in Brazil. None for acquisition of depository receipts of Brazilian Securities traded abroad (under items f and k). Unbound for other items (3) None | |
| (b) Lending of all types, including consumer credit, mortgage credit, factoring and financing of commercial transaction (CPC 8113) | (1) Unbound (2) None for advisory services (item k) and for the financial leasing of capital goods, including vessels and aircraft, in accordance with the import conditions for internalisation of such goods in Brazil. None for acquisition of depository receipts of Brazilian Securities traded abroad (under items f and j). Unbound for other items (3) None other than horizontally indicated in this subsection and section. Unbound for factoring | (1) Unbound (2) None for advisory services (item k) and for the financial leasing of capital goods, including vessels and aircraft, in accordance with the import conditions for internalisation of such goods in Brazil. None for acquisition of depository receipts of Brazilian Securities traded abroad (under items f and j). Unbound for other items (3) Unbound | |
| (c) Financial leasing (CPC 8112) | (1) Unbound (2) None for advisory services (item k) and for the financial leasing of capital goods, including vessels and aircraft, in accordance with the import conditions for internalisation of such goods in Brazil. None for acquisition of depository receipts of Brazilian Securities traded abroad (under items f and j). Unbound for other items (3) None other than horizontally indicated in this subsection and section | (1) Unbound (2) None for advisory services (item k) and for the financial leasing of capital goods, including vessels and aircraft, in accordance with the import conditions for internalisation of such goods in Brazil. None for acquisition of depository receipts of Brazilian Securities traded abroad (under items f and j). Unbound for other items (3) None | |
| (d) All payment and money transmission services, including credit, charge and debit cards, travellers cheques and bankers drafts (CPC 81339**) | (1) Unbound (2) None for advisory services (item k) and for the financial leasing of capital goods, including vessels and aircraft, in accordance with the import conditions for internalisation of such goods in Brazil. None for acquisition of depository receipts of Brazilian Securities traded abroad (under items f and j). Unbound for other items (3) None other than horizontally indicated in this subsection and section | (1) Unbound (2) None for advisory services (item k) and for the financial leasing of capital goods, including vessels and aircraft, in accordance with the import conditions for internalisation of such goods in Brazil. None for acquisition of depository receipts of Brazilian Securities traded abroad (under items f and j). Unbound for other items (3) None | |
| (e) Guarantees and commitments (CPC 81199**) | (1) Unbound (2) None for advisory services (item k) and for the financial leasing of capital goods, including vessels and aircraft, in accordance with the import conditions for internalisation of such goods in Brazil. None for acquisition of depository receipts of Brazilian securities traded abroad (under items f and j). Unbound for other items (3) None other than horizontally indicated in this subsection and section. | (1) Unbound (2) None for advisory services (item k) and for the financial leasing of capital goods, including vessels and aircraft, in accordance with the import conditions for internalisation of such goods in Brazil. None for acquisition of depository receipts of Brazilian securities traded abroad (under items f and j). Unbound for other items (3) None | |
| (f) Trading for own account or for account of customers, whether on an exchange, in an over-the counter market or otherwise, the following: -money market instruments (including cheques, bills, certificates of deposits) (CPC 81339**); -foreign exchange (CPC 81333); -derivative products including, but not limited to, futures and options (CPC 81339**); -exchange rate and interest rate instruments, including products such as swaps, forward rate agreements (CPC 81339**); -transferable securities (CPC 81321*); -other negotiable instruments and financial assets, including bullion (CPC 81339**) | (1) Unbound (2) None for advisory services (item k) and for the financial leasing of capital goods, including vessels and aircraft, in accordance with the import conditions for internalisation of such goods in Brazil. None for acquisition of depository receipts of Brazilian securities traded abroad (under items f and j). Unbound for other items (3) None other than horizontally indicated in this subsection and section | (1) Unbound (2) None for advisory services (item k) and for the financial leasing of capital goods, including vessels and aircraft, in accordance with the import conditions for internalisation of such goods in Brazil. None for acquisition of depository receipts of Brazilian securities traded abroad (under items f and j). Unbound for other items (3) None | |
| (g) 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 (CPC 8132) | (1) Unbound (2) None for advisory services (item k) and for the financial leasing of capital goods, including vessels and aircraft, in accordance with the import conditions for internalisation of such goods in Brazil. None for acquisition of depository receipts of Brazilian securities traded abroad (under items f and j). Unbound for other items (3) None other than horizontally indicated in this subsection and section | (1) Unbound (2) None for advisory services (item k) and for the financial leasing of capital goods, including vessels and aircraft, in accordance with the import conditions for internalisation of such goods in Brazil. None for acquisition of depository receipts of Brazilian securities traded abroad (under items f and j). Unbound for other items (3) None | |
| (h) Money broking (CPC 81339**) | (1) Unbound (2) None for advisory services (item k) and for the financial leasing of capital goods, including vessels and aircraft, in accordance with the import conditions for internalisation of such goods in Brazil. None for acquisition of depository receipts of Brazilian Securities traded abroad (under items f and j). Unbound for other items. (3) None other than horizontally indicated in this subsection and section | (1) Unbound (2) None for advisory services (item k) and for the financial leasing of capital goods, including vessels and aircraft, in accordance with the import conditions for internalisation of such goods in Brazil. None for acquisition of depository receipts of Brazilian Securities traded abroad (under items f and j). Unbound for other items. (3) None | |
| (i) Asset management, such as cash or portfolio management, all forms of collective investment management, pension fund management, custodial, depository and trust services (CPC 8119**+81323*) | (1) Unbound (2) None for advisory services (item k) and for the financial leasing of capital goods, including vessels and aircraft, in accordance with the import conditions for internalisation of such goods in Brazil. None for acquisition of depository receipts of Brazilian Securities traded abroad (under items f and j). Unbound for other items. (3) None other than horizontally indicated in this subsection and section | (1) Unbound (2) None for advisory services (item k) and for the financial leasing of capital goods, including vessels and aircraft, in accordance with the import conditions for internalisation of such goods in Brazil. None for acquisition of depository receipts of Brazilian Securities traded abroad (under items f and j). Unbound for other items. (3) None | |
| (j) Settlement and clearing services for financial assets, including securities, derivative products, and other negotiable instruments (CPC 81339**) | (1) Unbound (2) None for advisory services (item k) and for the financial leasing of capital goods, including leasing of capital goods, including vessels and aircraft, in accordance with the import conditions for internalisation of such goods in Brazil. None for acquisition of depository receipts of Brazilian Securities traded abroad (under items f and j). Unbound for other items (3) None other than horizontally indicated in this subsection and section | (1) Unbound (2) None for advisory services (item k) and for the financial leasing of capital goods, including leasing of capital goods, including vessels and aircraft, in accordance with the import conditions for internalisation of such goods in Brazil. None for acquisition of depository receipts of Brazilian Securities traded abroad (under items f and j). Unbound for other items (3) None | |
| (k) Advisory, intermediation and other auxiliary financial services on all the activities listed in items (a) through (j) and item (l), including credit reference and analysis, investment and portfolio research and advice, advice on acquisitions and on corporate restructuring and strategy (CPC 8131) | (1) Unbound (2) None (3) None other than horizontally indicated in this subsection and section | (1) Unbound (2) None (3) None | |
| (l) Provision and transfer of financial information, and financial data processing and related software by suppliers of other financial services (CPC 8133) | (1) Unbound (2) None for advisory services (item k) and for the financial leasing of capital goods, including vessels and aircraft, in accordance with the import conditions for internalisation of such goods in Brazil. None for acquisition of depository receipts of Brazilian Securities traded abroad (under items f and j). Unbound for other items. (3) None other than horizontally indicated in this subsection and section | (1) Unbound (2) None for advisory services (item k) and for the financial leasing of capital goods, including vessels and aircraft, in accordance with the import conditions for internalisation of such goods in Brazil. None for acquisition of depository receipts of Brazilian Securities traded abroad (under items f and j). Unbound for other items. (3) None |
ANNEX III . SCHEDULE OF RESERVATIONS AND NON-CONFORMING MEASURES FOR SERVICES AND INVESTMENT FOR SINGAPORE
LIST A OF SINGAPORE
Explanatory Notes
1. This List A sets out, pursuant to Article 9.9 (Schedules of Non-Conforming Measures), Article 9-A.7 (Schedules of Non-Conforming Measures) and Article 10.8 (Schedules of Non-Conforming Measures), the reservations taken by Singapore with respect to measures that do not conform with obligations imposed by:
(a) Article 9.3 (National Treatment) or Article 10.4 (National Treatment);
(b) Article 9.6 (Senior Management and Boards of Directors);
(c) Article 9-A.4 (Most-Favoured-Nation Treatment) or Article 10.10 (Most-Favoured Nation Treatment);
(d) Article 10.3 (Market Access); or
(e) Article 10.9 (Local Presence).
2. The sectors, subsectors, or activities to which a reservation applies shall be stated in the Description element. In the interpretation of a reservation, all elements of the reservation shall be considered in their totality.
3. With respect to trade in services, Local Presence and National Treatment are separate disciplines and a measure that is only inconsistent with Local Presence need not be reserved against National Treatment.
4. The reservations and commitments relating to trade in services shall be read together with the relevant guidelines stated in Scheduling of Initial Commitments in Trade in Services: Explanatory Note dated 3 September 1993 (MTN.GNS/W/164) and Scheduling of Initial Commitments in Trade in Services: Explanatory Note: Addendum dated 30 November 1993 (MTN.GNS/W/164 Add. 1).
5. Each entry in List A sets out the following elements:
(a) Sector refers to the general sector for which the entry is made;
(b) Subsector refers to the specific subsector for which the entry is made;
(c) Industry Classification refers where applicable, to the activity covered by the non-conforming measure, according to the provisional CPC codes as used in the Provisional Central Product Classification (Statistical Papers Series M No. 77, Department of International Economic and Social Affairs, Statistical Office of the United Nations, New York, 1991);
(d) Obligations Concerned specifies the obligations (Market Access, National Treatment, Most-Favoured-Nation Treatment, Local Presence and Senior Management and Boards of Directors) against which a reservation is taken;
(e) Description sets out the non-conforming measures to which the reservation applies; and
(f) Source of Measure identifies, for transparency purposes, the laws, regulations, or other measures to which the entry applies. The measures stipulated therein are not exhaustive.
6. References in this List A to any enterprise or entity apply as well to any successor enterprise or entity, which shall be entitled to benefit from any listing of a non conforming measure with respect to that enterprise or entity.
1. Sector : All
Subsector : -
Industry Classification : -
Obligations Concerned : National Treatment (Article 9.3 and Article 10.4) Market Access (Article 10.3)
Description : Trade in Services and Investment:
A non-resident financial institution may in certain circumstances be unable to borrow in Singapore dollars more than S$5 million from a resident financial institution owing to the following restrictions placed on financial institutions' lending of the Singapore dollar to non-resident financial institutions. A financial institution shall not extend to any nonresident financial institution Singapore dollar (S$) credit facilities exceeding S$5 million per non-resident financial institution: (a) where the S$ proceeds are to be used outside of Singapore, unless: (i) such proceeds are swapped or converted into foreign currency upon draw-down or before remittance abroad; or (ii) such proceeds are for the purpose of preventing settlement failures where the financial institution extends a temporary S$ overdraft to any vostro account of any non-resident financial institution, and the financial institution takes reasonable efforts to ensure that the overdraft is covered within two business days; and (b) where there is reason to believe that the S$ proceeds may be used for S$ currency speculation, regardless of whether the S$ proceeds are to be used in Singapore or outside of Singapore. A financial institution shall not arrange S$ equity or bond issues for any non-resident financial institution where the S$ proceeds are to be used outside Singapore, unless the proceeds are swapped or converted into foreign currency upon draw-down or before remittance abroad. "Non-resident financial institution" means any financial institution which is not a resident as defined in the relevant notice.
Source of Measure : Insurance Act 1966, MAS Notice 109 Banking Act 1970, MAS Notice 757 Finance Companies Act 1967, MAS Notice 816 Monetary Authority of Singapore Act 1970, MAS Notice 1105 Securities and Futures Act 2001, MAS Notice SFA 04- N04 5
2. Sector : All
Subsector : -
Industry Classification : -
Obligations Concerned : National Treatment (Article 9.3 and Article 10.4) Market Access (Article 10.3)
Description : Trade in Services and Investment:
The aggregate of foreign shareholdings in PSA Corporation or its successor body is subject to a 49 % limit. The "aggregate of foreign shareholdings" is defined as the total number of shares owned by: (a) any individual who is not a Singapore citizen; (b) any corporation which is not more than 50 % owned by Singapore citizens or by the Singapore Government; or (c) any other enterprise which is not owned or controlled by the Singapore Government.
Source of Measure : This is an administrative policy of the Singapore Government and is inscribed in the Memorandum and Articles of Association of the PSA Corporation.
3. Sector : All
Subsector : -
Industry Classification : -
Obligations Concerned : National Treatment (Article 9.3 and Article 10.4) Market Access (Article 10.3)
Description : Trade in Services and Investment:
All individual investors, apart from the Singapore Government, will be subject to the following equity ownership limits in the enterprises, or its successor bodies, as listed below: (a) Singapore Technologies Engineering – 15 %; (b) PSA Corporation – 5 %; (c) Singapore Airlines – 5 %; and (d) PowerGas, SP PowerGrid, SP PowerAssets, Singapore LNG Corporation – 10 %. For the purposes of this reservation, ownership of equity by an investor in these enterprises or its successor bodies includes both direct and indirect ownership of equity. Source of Measure : This is an administrative policy of the Singapore Government and is inscribed in the Memorandum and Articles of Association of the relevant enterprises. Gas Act 2001, 2020 Revised Edition, Section 63B Electricity Act 2001, 2020 Revised Edition, Section 30B 7 4. Sector : All Subsector : - Industry Classification : - Obligations Concerned : National Treatment (Article 9.3 and Article 10.4) Senior Management and Boards of Directors (Article 9.6) Most-Favoured-Nation Treatment (Article 9-A.4 and Article 10.10) Market Access (Article 10.3) Local Presence (Article 10.9) Description : Trade in Services and Investment: Where a person is required to be registered, or, in the case of any corporation, the directors, or secretaries of the corporation, do not reside in Singapore, an authorised representative who must be ordinarily resident* in Singapore must be appointed. * Persons who qualify to be appointed in such a capacity are primarily Singapore citizens, Singapore permanent residents and EntrePass holders (all with local address). Source of Measure : Business Names Registration Act 2014, 2020 Revised Edition Business Names Registration Regulations 2015 8 5. Sector : Business Services Subsector : Architectural Services Architectural services includes preparing and selling or supplying for gain or reward any architectural plan, drawing, tracing, design, specification, or the like for use in the construction, enlargement, or alteration of any building or part thereof. It includes the certification and inspection of buildings for compliance with a building authority or public authority. Industry Classification : - Obligations Concerned : National Treatment (Article 9.3 and Article 10.4) Market Access (Article 10.3) Local Presence (Article 10.9) Description : Trade in Services and Investment: Only persons who are registered with the Board of Architects (BOA) or its successor body and resident in Singapore are allowed to provide architectural services. All corporations, limited liability partnerships and partnerships (including those which are providing architectural services as part of a multi-disciplinary corporation or practice) providing architectural services shall obtain a licence from the BOA or its successor body. To qualify for the licence, the corporation or partnership shall: (a) be under the control and management of a director or partner who is a Singaporeregistered architect; where a multi-disciplinary corporation or partnership is concerned, the business of the corporation or partnership relating to architectural services shall be under the control and management of a director or partner who is a Singapore-registered architect; and (b) where limited corporations are concerned, the majority of the directors of a corporation shall be Singapore-registered architects or allied professionals; where unlimited corporations are concerned, the majority of directors shall be registered professional architects or allied professionals who have in force practising 9 certificates; where partnerships are concerned, the beneficial interest in the capital assets and profits of the partnership shall be held by Singapore-registered architects or allied professionals who have in force practising certificates. "Allied professionals" are Singapore-registered land surveyors and engineers. Source of Measure : Architects Act 1991, 2020 Revised Edition 10 6. Sector : Business Services Subsector : Public Accountancy Services (including statutory audit) Industry Classification : CPC 86211 Financial auditing services CPC 86309 Other Tax-related services Obligations Concerned : National Treatment (Article 9.3 and Article 10.4) Senior Management and Boards of Directors (Article 9.6) Market Access (Article 10.3) Local Presence (Article 10.9) Description : Trade in Services and Investment: Only public accountants, accounting firms, accounting corporations or accounting limited liability partnerships (LLPs) may provide public accountancy services. Public accountants must be registered with the Accounting and Corporate Regulatory Authority (ACRA) and fulfil the registration requirements under the Accountants Act, including requirements pertaining to qualifications, experience as well as membership with the Institute of Singapore Chartered Accountants (ISCA). Accounting firms, accounting corporations and accounting LLPs must be approved by the Public Accountants Oversight Committee, which is a Board Committee of ACRA under the Accountants Act. The business of an accounting firm, accounting corporation or an accounting LLP, so far as it relates to the provision or supply of public accountancy services in Singapore, shall be under the control and management of one or more directors (in the case of accounting corporation) or a partner (in the case of accounting firm and accounting LLP) who is a public accountant ordinarily resident in Singapore1. Source of Measure : Accountants Act 2004, 2020 Revised Edition, Sections 2, 10(1), 17(3)(d),18(3)(c), and 18A(3)(e) Accountants (Public Accountants) Rules, Second Schedule, Paragraph 7 1 Reference: See Sections 17, 18, and 18A of the Accountants Act. 11 Companies Act 1967, 2020 Revised Edition, Section 9 12 7. Sector : Business Services – Professional Services Subsector : Land Surveying Services Industry Classification : - Obligations Concerned : National Treatment (Article 9.3 and Article 10.4) Senior Management and Boards of Directors (Article 9.6) Market Access (Article 10.3) Local Presence (Article 10.9) Description : Trade in Services and Investment: All persons seeking to provide land surveying services in Singapore are required to register with the Land Surveyors Board (LSB) or its successor body, and be physically present in Singapore for the duration of the land surveying project which requires his supervision or certification. All corporations, limited liability partnerships and partnerships (including those which are providing land surveying services as part of a multi-disciplinary corporation or practice) seeking to provide land surveying services must obtain a licence from the LSB. To qualify for the licence, the corporation or partnership must: (a) be under the control and management of a director or partner who is a Singapore-registered surveyor; where a multi-disciplinary corporation or partnership is concerned, the business of the corporation or partnership relating to land surveying services must be under the control and management of a director or partner who is a Singapore-registered surveyor; and (b) where limited corporations are concerned, a simple majority of its directors must be Singapore- registered surveyors or allied professionals; where unlimited corporations are concerned, the directors or members shall be Singapore-registered surveyors or allied professionals; where partnerships are concerned, only Singapore- registered surveyors and allied professionals can have a beneficial interest in the capital assets and profits of the partnership. 13 "Allied professionals" are Singapore-registered engineers and architects. Source of Measure : Land Surveyors Act 1991, 2020 Revised Edition, Sections 12 through 23 Land Surveyors Rules, Rules 2 through 20 14 8. Sector : Business Services Subsector : Patent Agent Services Industry Classification : - Obligations Concerned : National Treatment (Article 9.3 and Article 10.4) Senior Management and Boards of Directors (Article 9.6) Market Access (Article 10.3) Local Presence (Article 10.9) Description : Trade in Services and Investment: Only service suppliers registered with the Intellectual Property Office of Singapore (IPOS) or its successor body and resident in Singapore shall be allowed to carry on a business, practise or act as a patent agent in Singapore. Only service suppliers which have at least one Singapore-registered patent agent resident in Singapore either as a director or partner, shall be allowed to carry on a business, practise or act as a patent agent in Singapore. Source of Measure : Patents Act 1994, 2020 Revised Edition 15 9. Sector : Business Services Subsector : Placement and supply services of personnel Industry Classification : - Obligations Concerned : Market Access (Article 10.3) Local Presence (Article 10.9) Description : Trade in Services: Only service suppliers with local presence shall be allowed to set up employment agencies and place foreign workers in Singapore. Source of Measure : Employment Agencies Act 1958, 2020 Revised Edition 16 10. Sector : Business Services Subsector : Professional Engineering Services Professional engineering services includes any professional service, consultation, investigation, evaluation, planning, design or responsible supervision of construction or operation in connection with any public or privately owned public utilities, buildings, machines, equipment, processes, works or projects wherein the public interest and welfare, or the safeguarding of life, public health or property is concerned or involved, and that requires the application of engineering principles and data. Industry Classification : - Obligations Concerned : National Treatment (Article 9.3 and Article 10.4) Market Access (Article 10.3) Local Presence (Article 10.9) Description : Trade in Services and Investment: Only persons who are registered with or firms which are licensed by the Professional Engineers Board (PEB) are allowed to provide professional engineering services in Singapore in prescribed branches of engineering, namely: civil, electrical and mechanical engineering. The implementation in Singapore of professional engineering works which require approval by the authorities shall be carried out by a professional engineer physically present in Singapore for the duration when the project is being implemented. All corporations, multi-discipline partnerships and limited liability partnerships providing professional engineering services shall obtain a licence from the PEB or its successor body. To qualify for the licence, the corporation, multi-disciplinary partnership or limited liability partnership shall meet the following requirements: (a) the business of the corporation, multi-disciplinary partnership or limited liability partnership relating to professional engineering services shall be under the control and management of a director or a partner who is a Singapore-registered professional engineer and who has a valid practising certificate and who, in the case of corporations or limited 17 liability partnerships, is authorised under a resolution of the board of directors of the corporation or partners of the limited liability partnership to make all final engineering decisions on behalf of the corporation or limited liability partnership; and (b) where limited or unlimited corporations are concerned, not less than 51 % of the directors shall be Singapore-registered professional engineers or allied professionals; where multi-disciplinary partnerships are concerned, the beneficial interest in the capital assets and profits of the partnerships shall be held by Singapore-registered professional engineers or allied professionals; where limited liability partnerships are concerned, partners shall be Singapore–registered professional engineers or allied professionals, licensed corporations or licensed limited liability partnerships. "Allied professionals" are Singapore-registered land surveyors and architects. Source of Measure : Professional Engineers Act 1991, 2020 Revised Edition, Sections 10, 11, and 20 through 26 18 11. Sector : Business Services Subsector : Real Estate Services Industry Classification : CPC 82202 Non-residential property management services on a fee or contract basis Obligations Concerned : National Treatment (Article 9.3 and Article 10.4) Market Access (Article 10.3) Description : Trade in Services and Investment: Only the Sentosa Development Corporation or its successor body shall be allowed to develop and manage the resort island of Sentosa and its waterways. Only the Singapore Land Authority, the National Parks Board, or their successor bodies shall be allowed to develop and manage the Southern Islands of Singapore. For the purpose of this reservation, the "Southern Islands of Singapore" are St. John’s Island, Lazarus Island, Kusu Island, Pulau Renggit, Sisters' Island, Pulau Hantu, Pulau Biola, Pulau Jong and Pulau Tekukor. Source of Measure : Sentosa Development Corporation Act 1972, 2020 Revised Edition Section 9 Singapore Land Authority Act 2001, 2020 Revised Edition, Section 6(1)(e)(ii) 19 12. Sector : Business Services Subsector : Private Investigation Services Unarmed Guard Services Industry Classification : CPC 87301 Investigation Services CPC 87302 Security Consultation Services CPC 87305 Guard Services (only applies to unarmed security guard services) Obligations Concerned : National Treatment (Article 9.3 and Article 10.4) Senior Management and Boards of Directors (Article 9.6) Most-Favoured-Nation Treatment (Article 9-A.4 and Article 10.10) Market Access (Article 10.3) Local Presence (Article 10.9) Description : Trade in Services and Investment: Foreigners are permitted to set up security agencies to provide unarmed guards for hire but must register a company with local participation. At least one of the directors must be a Singapore citizen or Singapore permanent resident. Foreigners, except Malaysians, shall not be allowed to work as security officers, but can be involved in the administration of the company. The foreign directors shall produce a certificate of no criminal conviction from their country of origin to the effect that they have never been convicted in any court of law for any criminal offence. Source of Measure : Private Security Industry Act 2007, 2020 Revised Edition 20 13. Sector : Education Services Subsector : Higher Education Services in relation to the training of doctors Industry Classification : CPC 92390 Other Higher Education Services (Only applies to Higher Education Services in relation to the training of doctors) Obligations Concerned : National Treatment (Article 9.3 and Article 10.4) Market Access (Article 10.3) Description : Trade in Services and Investment: Only local tertiary institutions which are established pursuant to an Act of Parliament, or as designated by the Ministry of Education shall be allowed to operate undergraduate or graduate programmes for the training of doctors in Singapore. Currently, only the National University of Singapore, Nanyang Technological University, and Duke-NUS Graduate Medical School are allowed to operate undergraduate or graduate programmes for the training of doctors in Singapore. Source of Measure : Medical Registration Act 1997, 2020 Revised Edition, Sections 2, 3, 34 and 35 Private Education Act 2009, 2020 Revised Edition 21 14. Sector : Health and Social Services Subsector : Medical Services Pharmacy Services Deliveries and related services, nursing services, paramedical services and allied health services2 Optometrists and Opticians Industry Classification : - Obligations Concerned : Local Presence (Article 10.9) Description : Trade in Services: Only persons who are resident in Singapore are allowed to provide the following services: medical services, pharmacy services, deliveries and related services, nursing services, para-medical services and allied health services and optometry and opticianry services. Source of Measure : Medical Registration Act 1997, 2020 Revised Edition Pharmacists Registration Act 2007, 2020 Revised Edition Medicines Act 1975, 2020 Revised Edition Health Products (Licensing of Retail Pharmacies) Regulations 2016 Nurses and Midwives Act 1999, 2020 Revised Edition Allied Health Professions Act 2011, 2020 Revised Edition Optometrists and Opticians Act 2007, 2020 Revised Edition 2 Includes physiotherapy services. 22 15. Sector : Import, export and trading services Subsector : - Industry Classification : - Obligations Concerned : Local Presence (Article 10.9) Description : Trade in Services: Only services suppliers with local presence shall be allowed to apply for import or export permits, certificates of origin or other trade documents from the relevant authorities. Source of Measure : Regulation of Imports and Exports Act 1995, 2020 Revised Edition Regulation of Imports and Exports Regulations 23 16. Sector : Telecommunication Services Subsector : Telecommunication Services Industry Classification : - Obligations Concerned : National Treatment (Article 9.3 and Article 10.4) Market Access (Article 10.3) Local Presence (Article 10.9) Description : Trade in Services and Investment: Facilities-based operators and service-based operators must be locally incorporated under the Companies Act 1967, 2020 Revised Edition. "Facilities-based operators" are operators who deploy any form of telecommunication networks, systems and facilities, outside of their own property boundaries, to offer telecommunication services to third parties, which may include other licensed telecommunication operators, business customers, or the general public. "Service-based operators" are operators who lease telecommunication network elements (such as transmission capacity and switching services) from any Facilities-Based Operator (FBO) licensed by Infocomm Media Development Authority of Singapore (IMDA) so as to provide their own telecommunication services, or to resell the telecommunication services of FBOs to third parties. The number of licences granted will be limited only by resource constraints, such as the availability of radio frequency spectrum. In view of spectrum constraints, parties interested in deploying networks based on wireless technology may be licensed to use radio frequency spectrum via a tender or auction process. Source of Measure : Info-communications Media Development Authority Act 2016, 2020 Revised Edition Telecommunications Act 1999, 2020 Revised Edition 24 17. Sector : Power Supply Subsector : - Industry Classification : - Obligations Concerned : National Treatment (Article 9.3 and Article 10.4) Market Access (Article 10.3) Description : Trade in Services and Investment: Power producers shall not be allowed to sell power directly to consumers and shall only sell power through the Singapore electricity wholesale market operators licensed by the Energy Market Authority. The amount of power supplied cumulatively by power producers located outside of Singapore to Singapore’s wholesale power market shall not exceed 600 (six hundred) megawatt. Singapore reserves the right and flexibility to revise or reduce the power supply threshold of 600 (six hundred) megawatt. Source of Measure : Electricity Act 2001, 2020 Revised Edition, Sections 6(1) and 9(1) 25 18. Sector : Power Supply Subsector : - Industry Classification : - Obligations Concerned : National Treatment (Article 9.3 and Article 10.4) Market Access (Article 10.3) Local Presence (Article 10.9) Description : Trade in Services and Investment: Only a Market Support Service Licensee shall be allowed to supply electricity to: (a) all household consumers of electricity; and (b) non-household consumers of electricity whose Average monthly consumption is below 2,000 (two thousand) kilowatt-hour. Only retail electricity licensees with local presence may supply electricity in Singapore.* *With the full liberalisation of Singapore’s retail electricity market (i.e. Open Electricity Market Initiative), the retailing of electricity to all consumers shall be subject to competition as consumers could buy electricity from retail electricity licensees as well. Source of Measure : Electricity Act 2001, 2020 Revised Edition, Sections 6(1) and 9(1) 26 19. Sector : Power Transmission and Distribution Subsector : - Industry Classification : - Obligations Concerned : National Treatment (Article 9.3 and Article 10.4) Market Access (Article 10.3) Description : Trade in Services and Investment: Only a Transmission Licensee shall be the owner and operator of the electricity transmission and distribution network in Singapore. Source of Measure : Electricity Act 2001, 2020 Revised Edition, Sections 6(1) and 9(1) 27 20. Sector : Tourism and Travel Related Services Subsector : Beverage serving services for consumption on the premises Meal serving services in eating facilities run by the Singapore Government Retail sales of food Industry Classification : CPC 643 Beverage serving services for consumption on the premises CPC 642 Food serving services CPC 6310 Retail sales of food Obligations Concerned : National Treatment (Article 9.3 and Article 10.4) Market Access (Article 10.3) Local Presence (Article 10.9) Description : Trade in Services and Investment: Only a Singapore citizen or permanent resident can apply for a licence to operate a stall in government-run markets or hawker centres in his or her personal capacity. To provide food or beverage catering services in Singapore, a foreign service supplier must incorporate as a limited company in Singapore, and apply for the food establishment licence in the name of the limited company to operate a food or beverage establishment in non-government run eating facilities. Only Singapore citizens or permanent residents can apply to run stalls at hawker centres managed by the National Environment Agency or the National Environment Agency’s appointed managing agents. Source of Measure : Environmental Public Health Act 1987, 2020 Revised Edition 28 21. Sector : Sewage and Refuse Disposal, Sanitation and other Environmental Protection Services Subsector : Waste Management, including collection, disposal, and treatment of hazardous waste Industry Classification : - Obligations Concerned : National Treatment (Article 9.3 and Article 10.4) Market Access (Article 10.3) Local Presence (Article 10.9) Description : Trade in Services and Investment: Foreign service suppliers must be locally incorporated in Singapore. The public waste collectors (PWCs) rendering services to domestic and trade premises are appointed by public competitive tender. The number of PWCs is limited by the number of geographical sectors in Singapore. For industrial and commercial waste, the market is opened to any licensed general waste collectors (GWCs). Source of Measure : Environmental Public Health Act 1987, 2020 Revised Edition 29 22. Sector : Trade Services Subsector : Distribution and Sale of Hazardous Substances Industry Classification : - Obligations Concerned : National Treatment (Article 9.3 and Article 10.4) Market Access (Article 10.3) Local Presence (Article 10.9) Description : Trade in Services and Investment: Only companies with local presence and a valid hazardous substances licence shall be allowed to distribute and sell hazardous substances as defined in the Environmental Protection and Management Act and the Environmental Protection and Management (Hazardous Substances) Regulations. Singapore reserves the right and flexibility to modify or increase the list of hazardous substances as defined or listed in the Environmental Protection and Management Act and the Environmental Protection and Management (Hazardous Substances) Regulations. Source of Measure : Environmental Protection and Management Act 1999, 2020 Revised Edition, Section 22 Environmental Protection and Management (Hazardous Substances) Regulations 30 23. Sector : Manufacturing and Services Incidental to Manufacturing Subsector : - Industry Classification : - Obligations Concerned : National Treatment (Article 9.3 and Article 10.4) Most-Favoured-Nation Treatment (Article 9-A.4 and Article 10.10) Market Access (Article 10.3) Description : Trade in Services and Investment: Singapore reserves the right to adopt or maintain any measures affecting the imposition of duty, restrictions on the manufacture of goods, or penalties for offences under the Control of Manufacture Act 1959. Singapore reserves the right and flexibility to modify or increase the list of goods as scheduled in the Control of Manufacture Act 1959. The current list of scheduled goods is: (a) beer and stout; (b) cigars; (c) drawn steel products; (d) chewing gum, bubble gum, dental chewing gum or any like substance, not being a health product categorised as an oral dental gum or a therapeutic product in the First Schedule to the Health Products Act 2007; (e) cigarettes; and (f) matches. Source of Measure : Control of Manufacture Act 1959, 2020 Revised Edition Health Products Act 2007, 2020 Revised Edition 31 24. Sector : Trade Services Subsector : Distribution Services Retailing Services Wholesale Trade Services Industry Classification : - Obligations Concerned : National Treatment (Article 9.3 and Article 10.4) Market Access (Article 10.3) Local Presence (Article 10.9) Trade in Services and Investment: Only service suppliers with local presence shall be allowed to supply wholesale, retail and distribution services for medical and health-related products and materials as defined under the Medicines Act 1975 and Health Products Act 2007. Singapore reserves the right and flexibility to modify or increase the list of medical and health-related products and materials as defined or listed in the Medicines Act 1975 and Health Products Act 2007. Source of Measure : Medicines Act 1975, 2020 Revised Edition Health Products Act 2007, 2020 Revised Edition 32 25. Sector : Transportation and Distribution of Manufactured Gas and Natural Gas Subsector : - Industry Classification : - Obligations Concerned : National Treatment (Article 9.3 and Article 10.4) Market Access (Article 10.3) Description : Trade in Services and Investment: Only the holder of a gas transporter licence shall be allowed to transport and distribute manufactured and natural gas. Only one gas transporter licence has been issued given the size of the Singapore market. Source of Measure : Gas Act 2001, 2020 Revised Edition 33 26. Sector : Business Services Subsector : Leasing or rental services concerning private cars, goods transport vehicles and other land transport equipment without operator Industry Classification : CPC 83101, 83102, 83105 Leasing or rental services concerning private cars, goods transport vehicles and other land transport equipment without operator Obligations Concerned : National Treatment (Article 9.3 and Article 10.4) Market Access (Article 10.3) Description : Trade in Services and Investment: The cross-border rental of private cars, goods transport vehicles and other land transport equipment without operator by Singapore residents with the intent to use the vehicles in Singapore is prohibited. Source of Measure : Road Traffic Act 1961, 2020 Revised Edition 34 27. Sector : Transport Services Subsector : Maritime Transport Services Cargo Handling Services Pilotage Services Supply of Desalinated Water to Ships berthed at Singapore ports or in Singapore territorial waters Industry Classification : CPC 741 Cargo Handling Services CPC 74520 Pilotage and Berthing Services (only applies to Pilotage Services) CPC 74590 Other Supporting Services for Water Transport Obligations Concerned : National Treatment (Article 9.3 and Article 10.4) Most-Favoured-Nation Treatment (Article 9-A.4 and Article 10.10) Market Access (Article 10.3) Description : Trade in Services and Investment: Only PSA Corporation Ltd and Jurong Port Pte Ltd or their respective successor bodies are allowed to provide cargo handling services. Only PSA Marine (Pte) Ltd or its successor bodies are allowed to provide pilotage services and supply desalinated water to ships berthed at Singapore ports or in Singapore territorial waters. Source of Measure : Maritime and Port Authority of Singapore Act 1996, 2020 Revised Edition, Section 81 35 28. Sector : Transport Services Subsector : Maritime Transport Services Industry Classification : - Obligations Concerned : National Treatment (Article 9.3 and Article 10.4) Market Access (Article 10.3) Local Presence (Article 10.9) Description : Trade in Services and Investment: Only local service suppliers shall be allowed to operate and manage cruise and ferry terminals. Local service suppliers are either Singapore citizens or juridical persons which are more than 50 % owned by Singapore citizens. Source of Measure : Maritime and Port Authority of Singapore Act 1996, 2020 Revised Edition, Section 81 36 29. Sector : Transport Services Subsector : Maritime Transport Services – Registration of ships under Singapore flag Industry Classification : CPC 74590 Other Supporting Services for Water Transport Obligations Concerned : National Treatment (Article 9.3 and Article 10.4) Market Access (Article 10.3) Local Presence (Article 10.9) Description : Trade in Services and Investment: Only a Singapore citizen, permanent resident or Singapore legal person may register a ship under the Singapore flag. All Singapore legal persons seeking to register ships under the Singapore flag shall appoint a ship manager who is resident in Singapore. Vessels or ships owned by Singapore legal persons that are not majority owned by Singapore citizens or Singapore permanent residents shall be of at least 1,600 (one thousand six hundred) Gross Tonnage and be self-propelled before they can be registered under the Singapore flag. For the purposes of this reservation, a "Singapore legal person" is a locally incorporated company. Source of Measure : Merchant Shipping Act 1995, 2020 Revised Edition Merchant Shipping (Registration of Ships) Regulations 37 30. Sector : Transport Services Subsector : Maritime Transport Services – Seaman Services Industry Classification : - Obligations Concerned : National Treatment (Article 9.3 and Article 10.4) Market Access (Article 10.3) Description : Trade in Services and Investment: Only Singapore citizens and permanent residents can register as Singapore seamen as defined in the Maritime and Port Authority of Singapore Act 1996. Source of Measure : Maritime and Port Authority of Singapore Act 1996, 2020 Revised Edition, Section 40 Maritime and Port Authority of Singapore (Registration and Employment of Seamen) Regulations 38 31. Sector : Telecommunications Services Subsector : Telecommunications services Domain name allocation policies in Internet country code top level domains (ccTLDs) corresponding to Singapore territories (.sg) Industry Classification : - Obligations Concerned : Market Access (Article 10.3) Local Presence (Article 10.9) Description : Trade in Services: A registrar must be a company incorporated or a foreign company registered under the Companies Act 1967, 2020 Revised Edition. Source of Measure : Info-communications Media Development Authority Act 2016, 2020 Revised Edition Telecommunications Act 1999, 2020 Revised Edition The Internet Corporation for Assigned Names and Numbers (ICANN), which recognises the ultimate authority of sovereign Governments over ccTLDs corresponding to their territories. 39 32. Sector : Nature Reserve Services (includes national parks, nature reserves and parklands) Subsector : - Industry Classification : - Obligations Concerned : National Treatment (Article 9.3 and Article 10.4) Senior Management and Boards of Directors (Article 9.6) Most-Favoured-Nation Treatment (Article 9-A.4 and Article 10.10) Market Access (Article 10.3) Description : Trade in Services and Investment: National Parks Board or its successor body is the only agency authorised to control, administer and manage national parks, nature reserves and parklands as defined under the National Parks Board Act 1996. Source of Measure : National Parks Board Act 1996, 2020 Revised Edition Parks and Trees Act 2005, 2020 Revised Edition 40 33. Sector : Postal Services Subsector : - Industry Classification : - Obligations Concerned : Market Access (Article 10.3) Local Presence (Article 10.9) Description : Trade in Services: For the provision of basic letter services, all service suppliers must be incorporated as companies under the Companies Act 1967, 2020 Revised Edition. Source of Measure : Postal Services Act 1999, 2020 Revised Edition 41
LIST B OF SINGAPORE
Explanatory Notes
1. This List B of Singapore sets out, pursuant to Article 9.9 (Schedules of Non-Conforming Measures), Article 9-A.7 (Schedules of Non-Conforming Measures) and Article 10.8 (Schedules of Non-Conforming Measures), the reservations taken by Singapore for sectors, subsectors or activities for which it may maintain existing or adopt new or more restrictive measures that do not conform with obligations imposed by:
(a) Article 9.3 (National Treatment) or Article 10.4 (National Treatment);
(b) Article 9.6 (Senior Management and Boards of Directors);
(c) Article 9-A.4 (Most-Favoured-Nation Treatment) or Article 10.10 (Most-Favoured Nation Treatment);
(d) Article 10.3 (Market Access); or
(e) Article 10.9 (Local Presence).
2. The sectors, subsectors, or activities to which a reservation applies shall be stated in the Description element. In the interpretation of a reservation, all elements of the reservation shall be considered in their totality.
3. With respect to trade in services, Local Presence and National Treatment are separate disciplines and a measure that is only inconsistent with Local Presence need not be reserved against National Treatment.
4. The reservations and commitments relating to trade in services shall be read together with the relevant guidelines stated in Scheduling of Initial Commitments in Trade in Services: Explanatory Note dated 3 September 1993 (MTN.GNS/W/164) and Scheduling of Initial Commitments in Trade in Services: Explanatory Note: Addendum dated 30 November 1993 (MTN.GNS/W/164 Add. 1).
5. Each entry in List B sets out the following elements:
(a) Sector refers to the general sector for which the entry is made;
(b) Subsector refers to the specific subsector for which the entry is made;
(c) Industry Classification refers where applicable, to the activity covered by the non-conforming measure, according to the provisional CPC codes as used in the Provisional Central Product Classification (Statistical Papers Series M No. 77, Department of International Economic and Social Affairs, Statistical Office of the United Nations, New York, 1991);
(d) Type of Reservation specifies the obligations (Market Access, National Treatment, Most-Favoured-Nation Treatment, Local Presence and Senior Management and Boards of Directors) against which a reservation is taken;
(e) Description sets out the non-conforming measures to which the reservation applies; and
(f) Existing Measures identifies, for transparency purposes, existing measures that apply to the sector, subsector, or activities covered by the entry. The measures stipulated therein are not exhaustive.
6. References in this List B to any enterprise or entity apply as well to any successor enterprise or entity, which shall be entitled to benefit from any listing of a non conforming measure with respect to that enterprise or entity.
Industry Classification :
-
Industry Classification :
Industry Classification : -Industry Classification : -Industry Classification : -Industry Classification : -Industry Classification : - Industry Classification : -Industry Classification : -Industry Classification : -
Industry Classification : -Industry Classification : - Industry Classification : CPC 87305 Guard Services Industry Classification : - Industry Classification : - Industry Classification : -Industry Classification : -Industry Classification : - Industry Classification : -
Subsector : Primary Education Services Secondary Education Services
21. Sector : Health and Social Services
Type of Reservation : National Treatment (Article 9.3 and Article 10.4) Market Access (Article 10.3)
1 Includes physiotherapy services.
Industry Classification : CPC 96312 Archive services Industry Classification : -Industry Classification : -Industry Classification : CPC 9401 Sewage Services
Industry Classification : CPC 9409 Other environmental protection services not elsewhere classified
Industry Classification : -
Industry Classification : -
2 Telecommunication services exclude broadcasting services, which is defined as the transmission of signs or signals via any technology for the reception or display of aural or visual programme signals by all or part of the public. For supply of service from the territory of another State Party into the territory of Singapore, market access is subject to commercial arrangements with licensed operators.
3 Basic Telecommunication Services may be provided using satellite technology.
4 This includes voice, data and facsimile services.
5 Mobile Services may be provided using satellite technology. For supply of service from the territory of another State Party into the territory of Singapore, market access is subject to commercial arrangements with licensed operators.
Subsector : Supply of potable water for human consumption Industry Classification : - Industry Classification : - Industry Classification : -
Industry Classification : CPC 731 Passenger Transportation by Air CPC 732 Freight Transportation by Air
Industry Classification : -35. Sector : Transport Services
Industry Classification : -36. Sector : Transport Services
Industry Classification : -
Subsector : Services Auxiliary to All Modes of Transport 38. Sector : Transport Services Industry Classification : -Industry Classification : -
Type of Reservation : Most-Favoured-Nation Treatment (Article 9-A.4 and Article 10.10)
Type of Reservation : Market Access (Article 10.3) Local Presence (Article 10.9)
Industry Classification : - Subsector : -
APPENDIX TO LIST B COMMITMENTS FOR FINANCIAL SERVICES SINGAPORE
EXPLANATORY NOTES
This Appendix shall be read together with entry 44 in List B of the Schedule of Reservations and Non-Conforming Measures for Services and Investment for Singapore in Annex III. This Appendix does not include Singapore s commitments on the supply of a service by the presence of natural persons, or other movement of natural persons, including immigration, entry or temporary stay.
1
Modes of Supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence
Sector or Subsector Limitations on Market Access Limitations on National Treatment Additional Commitments
7. FINANCIAL SERVICES
A. Insurance and insurance-related services All the commitments in this Appendix are also subject to entry requirements, domestic laws, guidelines, rules and regulations, terms and conditions of the Monetary Authority of Singapore (MAS) or any other relevant authority or body in Singapore, as the case may be, which are consistent with Article 10.11 (Domestic Regulation) of Chapter 10 (Trade in Services) and Article 10-B.4 (Domestic Regulation) of Annex 10-B (Financial Services).
(a) Life insurance services including annuity, disability income, accident and health insurance services (1) Unbound (2) None (3) These measures are also limitations on national treatment. Foreign parties can only acquire equity stakes of up to 49 % in aggregate in locally owned insurance companies provided the acquisition does not result in any foreign party being the largest shareholder. (1) Unbound (2) None (3) None
2
Modes of Supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence
Sector or Subsector Limitations on Market Access Limitations on National Treatment Additional Commitments
Unbound for licensing of new insurance companies and establishment of new representative offices and activities relating to the use including via investment, of monies from any social security, public retirement or statutory savings scheme.
(b) Non-life insurance services including disability income, accident and health insurance and contracts of fidelity bonds, performance bonds or similar contracts of guarantee (1) Unbound (2) None except that compulsory insurance of Motor Third Party Liability and Workmen s Compensation may only be purchased from licensed insurance companies in Singapore. (3) Foreign parties can only acquire equity stakes of up to (1) Unbound (2) None (3) None
3
Modes of Supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence
Sector or Subsector Limitations on Market Access Limitations on National Treatment Additional Commitments
49 % in aggregate in locally owned insurance companies provided the acquisition does not result in any foreign party being the largest shareholder. Unbound for licensing of new insurance companies and establishment of new representative offices.
(c) Reinsurance and retrocession (1) None (2) None (3) None except that reinsurance companies must be established as branches or subsidiaries. (1) None (2) None (3) None
(d) Insurance intermediation comprising broking and agency services (1) Unbound (2) These measures are also limitations on national treatment. (1) Unbound (2) None
4
Modes of Supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence
Sector or Subsector Limitations on Market Access Limitations on National Treatment Additional Commitments
Agents are not allowed to act for unlicensed insurers. The placement of domestic risks outside Singapore by brokers is subject to the approval of MAS, with the exception of reinsurance risks and insurance risks relating to maritime liabilities of shipowners insured by protection and indemnity clubs. (3) These measures are also limitations on national treatment. (3) Unbound
5
Modes of Supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence
Sector or Subsector Limitations on Market Access Limitations on National Treatment Additional Commitments
Unbound except for admission of direct1 insurance and reinsurance brokers as locally incorporated subsidiaries.
(e) Services auxiliary to insurance comprising actuarial, loss adjustors, average adjustors and consultancy services (1) None (2) None (3) None (1) None (2) None (3) None
B. Banking and other financial services All the commitments in this Appendix are also subject to entry requirements, domestic laws, guidelines, rules and regulations, terms and conditions of MAS or any other relevant authority or body in Singapore, as the case may be, which are consistent with Article 10.11 (Domestic Regulation) of Chapter 10 (Trade in Services) and Article 10-B.4 (Domestic Regulation) of the Annex 10-B (Financial Services).
(a) Acceptance of deposits and other repayable funds from the public (1) Unbound (2) None (1) Unbound (2) None
Direct insurance broker means an insurance broker which is licensed under the Insurance Act in respect of insurance policies relating to general
insurance and long term accident and health policies, other than insurance policies relating to reinsurance business.
6
Modes of Supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence
Sector or Subsector Limitations on Market Access Limitations on National Treatment Additional Commitments
(3) These measures are also limitations on national treatment. Only institutions licensed or approved as banks, merchant banks and finance companies can accept deposits. Where a foreign financial institution is subject to legislation in its home country which requires that institution to confer lower priority to depositors of its foreign offices vis- -vis the home country depositors in receivership or winding-up proceedings, the MAS may (3) Commercial banks Foreign banks can operate from only one office (excluding back-office operations). They cannot establish off-premise ATMs and ATM networking and new sub-branches. Unbound for provision of all electronic banking services. Location of banks and relocation of banks and sub branches require prior approval from MAS. Wholesale banks can only accept foreign currency fixed deposits from and operate
7
Modes of Supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence
Sector or Subsector Limitations on Market Access Limitations on National Treatment Additional Commitments
exercise appropriate differentiated measures against that foreign financial institution in Singapore to safeguard the interest of the Singapore office s depositors. MAS may require foreign banks to incorporate under Singapore law. Establishment and operation of foreign banks, merchant banks and finance companies are also subject to the limitations listed under activities B(a) to B(l) and the following limitations: Commercial banks current accounts for residents and non-residents. For Singapore dollar deposits, they can only accept fixed deposits of S$250,000 or more per deposit. Offshore banks can accept foreign currency fixed deposits from residents and non residents. For Singapore dollar deposits, they can only accept fixed deposits of S$250,000 or more per deposit from non residents. A majority of the directors of a bank incorporated in Singapore must be either Singapore
8
Modes of Supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence
Sector or Subsector Limitations on Market Access Limitations on National Treatment Additional Commitments
No new full and Wholesale banks. New foreign banks may only establish as offshore bank branches or representative offices. Representative offices cannot conduct business or act as agents. Banks, with MAS' approval, can operate foreign currency savings accounts only for non-residents. A single / related group of foreign shareholders can only hold up to 5 % of a local bank s shares. citizens or Singapore permanent residents2 . Merchant banks Merchant banks can operate from only one office (excluding back-office operations). Location and relocation of merchant banks require MAS' prior approval. Merchant banks can, with MAS' authorisation, raise foreign currency funds from residents and non-residents, operate foreign currency savings accounts for non residents and raise Singapore
MAS may permit a bank incorporated in Singapore which is a wholly owned subsidiary of a bank of another State Party incorporated outside
Singapore, to have less than a majority of directors who are either Singapore citizens or Singapore permanent residents.
9
Modes of Supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence
Sector or Subsector Limitations on Market Access Limitations on National Treatment Additional Commitments
Merchant banks Foreign banks and merchant banks may establish as merchant bank subsidiaries or merchant bank branches. Finance companies No new finance companies. No foreign person shall acting alone or in concert with other persons, assume control of any finance company. A foreign person is a person that is: (a) in the case of a natural person, not a citizen of dollar funds from their shareholders and companies controlled by their shareholders, banks, other merchant banks and finance companies. Finance companies Location of finance companies and relocation of sub-branches require MAS' prior approval. Foreign-owned finance companies cannot establish off premise ATMs, ATM networking and new sub branches.
10
Modes of Supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence
Sector or Subsector Limitations on Market Access Limitations on National Treatment Additional Commitments
Singapore and (b) in the case of a juridical person, not controlled by citizens of Singapore. Approval from the MAS is required before a person (together with associated persons) is allowed to acquire shareholdings or voting control in a finance company of or exceeding 5 %, 12 % and 20 %, and before he obtains effective control of the finance company. In approving applications to exceed the threshold limits,