9.
Sector : Mining and Quarrying Subsector : Oil and gas Industry Classification : - Level of Government : All levels Type of Obligation : National Treatment (Article 10.3) Prohibition of Performance Requirements (Article 10.6) Senior Management and Board of Directors (Article 10.7) Description of Measure : Viet Nam reserves the right to adopt or maintain any measure relating to oil and gas. Source of Measure : - Law on Investment - Law on Minerals - Law on Oil and Gas
10.
Sector : Mining and Quarrying, except oil and gas, non-metallic minerals, and minerals as common construction material. Subsector : - Industry Classification : - Level of Government : All levels Type of Obligation : National Treatment (Article 10.3) Prohibition of Performance Requirements (Article 10.6) Senior Management and Board of Directors (Article 10.7) Description of Measure : Viet Nam reserves the right to adopt or maintain any measure relating to mining and quarrying, including but not limited to the following subsectors: - Survey, exploration and exploitation of minerals; - Exploitation and processing of rare and precious minerals, rare metals, raw materials; exploitation of clay for production of construction materials; exploitation of high-quality sand for production of construction and technical glasses; - Mineral activities related to the special, toxic, rare and precious minerals including basic geological investigation, prospecting, exploration, exploitation and processing; - Exploring, mining and processing of important minerals, including but not limited to marine minerals. Source of Measure : - Law on Minerals - Law on Investment
11.
Sector : Fishery and aquaculture Subsector : - Industry Classification : - Level of Government : All levels Type of Obligation : National Treatment (Article 10.3) Prohibition of Performance Requirements (Article 10.6) Senior Management and Board of Directors (Article 10.7) Description of Measure : Viet Nam reserves the right to adopt or maintain any measure relating to fishery and aquaculture within Viet Nam’s sovereignty and jurisdictional waters as defined in accordance with the United Nations Convention on the Law of the Sea done at Montego Bay on 10 December 1982 (UNCLOS). Source of Measure : -
12.
Sector : Forestry and Hunting Subsector : - Industry Classification : - Level of Government : All levels Type of Obligation : National Treatment (Article 10.3) Prohibition of Performance Requirements (Article 10.6) Senior Management and Board of Directors (Article 10.7) Description of Measure : Viet Nam reserves the right to adopt or maintain any measure relating to forestry and hunting. Source of Measure : - Law on Forestry - Law on Protection and Development of Forest - Law on Biodiversity
13.
Sector : Agriculture Subsector : Cultivating, producing or processing rare or precious plants, breeding or husbandry of precious or rare wild animal and processing of those plants or animals (including both living animals and processed matter taken from animals). Industry Classification : - Level of Government : All levels Type of Obligation : National Treatment (Article 10.3) Prohibition of Performance Requirements (Article 10.6) Senior Management and Board of Directors (Article 10.7) Description of Measure : Viet Nam reserves the right to adopt or maintain any measure relating to the above mentioned subsectors. Source of Measure : - Law on Crop Production - Law on Husbandry
14.
Sector : Power Development Subsector : - Industry Classification : - Level of Government : All levels Type of Obligation : National Treatment (Article 10.3) Prohibition of Performance Requirements (Article 10.6) Senior Management and Board of Directors (Article 10.7) Description of Measure : Viet Nam reserves the right to adopt or maintain any measure relating to power development. Source of Measure : -
15.
Sector : All sectors Subsector : - Industry Classification : - Level of Government : All levels Type of Obligation : National Treatment (Article 10.3) Prohibition of Performance Requirements (Article 10.6) Senior Management and Board of Directors (Article 10.7) Description of Measure : Viet Nam reserves the right to adopt or maintain any measure relating to sectors that do not exist in the territory of Viet Nam at the date of entry into force of this Agreement. Viet Nam reserves the right to adopt or maintain any measure relating to sectors other than those recognised by the Government of Viet Nam at the date of entry into force of this Agreement. Any sector classified explicitly in Viet Nam Standard Industry Classification (hereinafter referred to as “VSIC”) at the date of entry into force of this Agreement should have been recognised by the Government of Viet Nam at that time. For greater certainty, a sector, subsector or activity that is not specifically described in VSIC at the date of entry into force of this Agreement, such as sector, subsector or activity not elsewhere classified in VSIC, shall not be recognised by the Government of Viet Nam. Source of Measure : -
16.
Sector : Manufacturing Subsector : Production of industrial explosive devices; Cement production; Production of ready mixed concrete, stone crushing; Automobile assembly and manufacture; Motorcycle assembly and manufacture. Industry Classification : - Level of Government : All levels Type of Obligation : National Treatment (Article 10.3) Prohibition of Performance Requirements (Article 10.6) Description of Measure : Investment in these subsectors shall be subject to planning of the Government of Viet Nam which may give preferences to local investors. (4) Source of Measure : - Law on Mineral - Decree No. 71/2018/ND-CP dated 15 May 2018 - Decision No. 02/2007/QD-BCT dated 29 August 2007
17.
Sector : All sectors Subsector : - Industry Classification : - Level of Government : All levels Type of Obligation : National Treatment (Article 10.3) Prohibition of Performance Requirements (Article 10.6) Description of Measure : Viet Nam reserves the right to adopt or maintain any measure relating to establishment and operation of cooperatives, union of cooperatives, households and sole-proprietorship. Source of Measure : -
18.
Sector : - Subsector : Traditional Markets Industry Classification : - Level of Government : All levels Type of Obligation : National Treatment (Article 10.3) Prohibition of Performance Requirements (Article 10.6) Senior Management and Board of Directors (Article 10.7) Description of Measure : Viet Nam reserves the right to adopt or maintain any measure relating to traditional markets. Source of Measure : -
19.
Sector : All sectors Subsector : - Industry Classification : - Level of Government : All levels Type of Obligation : National Treatment (Article 10.3) Senior Management and Board of Directors (Article 10.7) Description of Measure : Viet Nam reserves the right to adopt or maintain any measure with respect to securities to be listed or listed on a stock exchange and any matter relating to the acquisition of interests in, take-overs of, and mergers of a public-listed company. Source of Measure : -
20.
Sector : All sectors Subsector : - Industry Classification : - Level of Government : All levels Type of Obligation : National Treatment (Article 10.3) Prohibition of Performance Requirements (Article 10.6) Senior Management and Board of Directors (Article 10.7) Description of Measure : Viet Nam reserves the right to adopt or maintain any measure conferring rights or privileges to the socially, economically and geographically disadvantaged groups and ethnic minorities. Source of Measure : -
21.
Sector : All sectors Subsector : - Industry Classification : - Level of Government : All levels Type of Obligation : National Treatment (Article 10.3) Senior Management and Board of Directors (Article 10.7) Description of Measure : Viet Nam reserves the right to adopt or maintain any measure relating to the establishment of commercial presence of foreign enterprises and investors in Viet Nam in the form of branch. Source of Measure : -
22.
Sector : All sectors Subsector : - Industry Classification : - Level of Government : All levels Type of Obligation : National Treatment (Article 10.3) Prohibition of Performance Requirements (Article 10.6) Senior Management and Board of Directors (Article 10.7) Description of Measure : Viet Nam reserves the right to adopt or maintain any measure relating to national defence and security. Source of Measure : -
23.
Sector : All sectors Subsector : - Industry Classification : - Level of Government : All levels Type of Obligation : National Treatment (Article 10.3) Prohibition of Performance Requirements (Article 10.6) Senior Management and Board of Directors (Article 10.7) Description of Measure : Viet Nam reserves the right to adopt or maintain any measure relating to weapon, explosives and supporting tools. Source of Measure : Law on Management and use of weapons, explosives and supporting tools
24.
Sector : All sectors Subsector : - Industry Classification : - Level of Government : All levels Type of Obligation : National Treatment (Article 10.3) Prohibition of Performance Requirements (Article 10.6) Senior Management and Board of Directors (Article 10.7) Description of Measure : Viet Nam reserves the right to adopt or maintain any measure relating to the atomic energy. Source of Measure : Law on Atomic Energy
25.
Sector : All sectors Subsector : - Industry Classification : - Level of Government : All levels Type of Obligation : National Treatment (Article 10.3) Prohibition of Performance Requirements (Article 10.6) Senior Management and Board of Directors (Article 10.7) Description of Measure : Viet Nam reserves the right to adopt or maintain any measure relating to river ports, sea ports and airports. Source of Measure : -
26.
Sector : All sectors Subsector : - Industry Classification : - Level of Government : All levels Type of Obligation : National Treatment (Article 10.3) Prohibition of Performance Requirements (Article 10.6) Senior Management and Board of Directors (Article 10.7) Description of Measure : Viet Nam reserves the right to adopt or maintain any measure relating to cultural heritage, belief and religion. Source of Measure : - Law on Cultural Heritage - Law on Belief and Religion
27.
Sector : Mining and Quarrying Subsector : Non-metallic minerals and minerals as common construction materials. Industry Classification : - Level of Government : All levels Type of Obligation : National Treatment (Article 10.3) Prohibition of Performance Requirements (Article 10.6) Senior Management and Board of Directors (Article 10.7) Description of Measure : Viet Nam reserves the right to adopt any measure relating to the above subsector, except processing of non-metallic minerals (5), and minerals as common construction material. Source of Measure : Law on Minerals
28.
Sector : - Subsector : Publishing, Printing, Press, News-gathering Agencies, Mass Media, Radio and television broadcasting, in any form. Industry Classification : - Level of Government : All levels Type of Obligation : National Treatment (Article 10.3) Prohibition of Performance Requirements (Article 10.6) Senior Management and Board of Directors (Article 10.7) Description of Measure : Viet Nam reserves the right to adopt or maintain any measure relating to the above subsectors. Source of Measure : -
29.
Sector : All sectors Subsector : - Industry Classification : - Level of Government : All levels Type of Obligation : Prohibition of Performance Requirements (Article 10.6) Description of Measure : Viet Nam reserves the right to adopt or maintain any measure relating to requirements on transfer of technology. Source of Measure : -
30.
Sector : All sectors Subsector : - Industry Classification : - Level of Government : All levels Type of Obligation : Prohibition on Performance Requirements (Article 10.6) Description of Measure : Viet Nam reserves the right to adopt or maintain any measure with respect to requirements on royalty relating to health, taxation, national defence and security, and public interest. Viet Nam reserves the right to adopt or maintain any measure with respect to requirements on royalty when Viet Nam holds shares, interest or benefits in a person who is a party to the licence contract, under which the royalty is related. Viet Nam reserves the right to adopt or maintain any measure with respect to requirements on royalty under a licence contract, between or among related parties (6). Source of Measure : -
31.
Sector : All sectors Subsector : - Industry Classification : - Level of Government : All levels Type of Obligation : National Treatment (Article 10.3) Senior Management and Board of Directors (Article 10.7) Description of Measure : Viet Nam reserves the right to adopt or maintain any measure in relation to the employment of expatriates. Restrictions (7) may be imposed on the number or ratio, minimum wages, duration and type of expatriates employed. Source of Measure : - Labour Code - Law on Enterprises
32.
Sector : All sectors Subsector : - Industry Classification : - Level of Government : All levels Type of Obligation : National Treatment (Article 10.3) Prohibition of Performance Requirements (Article 10.6) Senior Management and Board of Directors (Article 10.7) Description of Measure : Viet Nam reserves the right to adopt or maintain any measure relating to investment in all service sectors and subsectors. Source of Measure : -
Australia
List A. Explanatory Notes
1. This List A sets out, pursuant to Article 8.8 (Schedules of Non-Conforming Measures) and 10.8 (Reservations and Non-Conforming Measures), Australia’s existing measures that are not subject to some or all of the obligations imposed by: (a) Article 8.4 (National Treatment) or Article 10.3 (National Treatment);
(b) Article 8.5 (Market Access);
(c) Article 8.6 (Most-Favoured-Nation Treatment) or Article 10.4 (Most-Favoured-Nation Treatment);
(d) Article 8.11 (Local Presence);
(e) Article 10.6 (Prohibition of Performance Requirements); or
(f) Article 10.7 (Senior Management and Board of Directors).
2. Each entry in this List sets out the following elements:
(a) Sector refers to the sector for which the entry is made;
(b) Subsector, where referenced, refers to the specific subsector for which the entry is made;
(c) Level of Government indicates the level of government maintaining the listed measures;
(d) Obligations Concerned specifies the obligations referred to in paragraph 1 that, pursuant to Article 8.8 (Schedules of Non-Conforming Measures) and Article 10.8 (Reservations and Non-Conforming Measures), do not apply to the listed measures;
(e) Description sets out the non-conforming measure for which the entry is made; and
(f) Source of Measure means the laws, regulations or other measures that are the source of the non-conforming measure for which the entry is made. A measure cited in the Source of Measure element:
(i) means the measure as amended, continued or renewed as of the date of entry into force of this Agreement, and
(ii) includes any subordinate measure adopted or maintained under the authority of and consistent with the measure.
3. In accordance with Article 8.8 (Schedules of Non-Conforming Measures) and Article 10.8 (Reservations and Non-Conforming Measures), the Articles of this Agreement specified in the Obligations Concerned element of an entry do not apply to the non-conforming measure identified in the Description element of that entry.
4. A measure that is reserved against Article 8.11 (Local Presence) need not be reserved against Article 8.4 (National Treatment).
5. For greater certainty, the Description element of each of the entries in this List A is to be interpreted in accordance with the relevant cited sources of the non-conforming measures.
6. The Schedules of other Parties shall not be used to interpret Australia’s commitments or obligations under Chapter 8 (Trade in Services) or Chapter 10 (Investment).
7. Commitments on measures with respect to or relating to trade in financial services are undertaken subject to the limitations and conditions set forth in Chapter 8 (Trade in Services), Annex 8A (Financial Services), Chapter 10 (Investment), these Explanatory Notes and this List A.
8. Without prejudice to other means of prudential regulation, Australia reserves the right to require licensing or registration of financial service suppliers and of financial instruments.
1.
Sector : All Sectors Subsector : - Level of Government : Central Obligations Concerned : National Treatment (Article 8.4 and Article 10.3) Market Access (Article 8.5) Most-Favoured-Nation Treatment (Article 8.6 and Article 10.4) Senior Management and Board of Directors (Article 10.7) Description : Trade in Services and Investment (1)
1. The following investments (2) are subject to approval by the Australian Government and may also require notification (3) to the Australian Government: a proposed investment by a foreign person (*) in an entity or Australian business valued at more than AUD275 million#; a proposed direct investment by a foreign government investor (4) of any interest regardless of value; a proposed investment by a foreign person (*) of five per cent or more in the media sector, regardless of the value of the investment; a proposed acquisition by a foreign person (*) of an interest in developed commercial land (5) where the value of the interest is more than AUD275 million (#), unless the land meets the conditions for the lower developed commercial land threshold of AUD60million(#)(6). Investments may be refused, subject to orders, or approved, subject to conditions. Foreign persons (*) that do not comply with the framework may be subject to civil and criminal penalties. For greater certainty, where an investment could qualify for the application of one or more of the above screening thresholds, approval and/or notification requirements apply from the lowest applicable threshold. Separate or additional requirements may apply to measures subject to other entries in this List and to sectors, subsectors or activities subject to List B. 2. The acquisition of a stake in an existing (7) financial sector company by a foreign investor, or entry into an arrangement by a foreign investor, that would lead to an unacceptable shareholding situation or to practical control (8) of an existing financial sector company, may be refused or be subject to certain conditions (9). Source of Measure : Australia’s Foreign Investment Framework, which comprises Australia's Foreign Investment Policy; Foreign Acquisitions and Takeovers Act 1975 (Commonwealth); Foreign Acquisitions and Takeovers Regulations 2015 (Commonwealth); Foreign Acquisitions and Takeovers Fees Imposition Act 2015 (Commonwealth); Foreign Acquisitions and Takeovers Fees Imposition Regulation 2015 (Commonwealth); Financial Sector (Shareholdings) Act 1998 (Commonwealth); and Ministerial Statements.
2.
Sector : All Sectors Subsector : - Level of Government : Regional Obligations Concerned : National Treatment (Article 8.4 and Article 10.3) Most-Favoured-Nation Treatment (Article 8.6 and Article 10.4) Local Presence (Article 8.11) Prohibition of Performance Requirements (Article 10.6) Senior Management and Board of Directors (Article 10.7) Description : Trade in Services and Investment All existing non-conforming measures at the regional level of government. Source of Measure : All existing non-conforming measures at the regional level of government.
3.
Sector : All Sectors Subsector : - Level of Government : Central Obligations Concerned : National Treatment (Article 8.4 and Article 10.3) Senior Management and Board of Directors (Article 10.7) Description : Trade in Services and Investment At least one director of a private company must be ordinarily resident in Australia. At least two directors of a public company must be ordinarily resident in Australia. At least one secretary of a private company (if such a private company appoints one or more secretaries) must be ordinarily resident in Australia. At least one secretary of a public company must be ordinarily resident in Australia. Source of Measure : Corporations Act 2001 (Commonwealth) Corporations Regulations 2001 (Commonwealth)
4.
Sector : Professional Services Subsector : - Level of Government : Central Obligations Concerned : National Treatment (Article 8.4) Most-Favoured-Nation Treatment (Article 8.6) Description : Trade in Services In order to register to practise in Australia, patent attorneys must have been employed for at least two continuous years, or a total of two years within five continuous years, in Australia or New Zealand, or in both countries, in a position or positions that provided the applicant with required experience in Australia’s and New Zealand’s patent attorney regime. Source of Measure : Patents Act 1990 (Commonwealth) Patent Regulations 1991 (Commonwealth)
5.
Sector : Professional Services Subsector : - Level of Government : Central Obligations Concerned : National Treatment (Article 8.4) Most-Favoured-Nation Treatment (Article 8.6) Description : Trade in Services To practise as a migration agent in Australia a person must be an Australian citizen or permanent resident or a citizen of New Zealand with a special category visa. Source of Measure : Migration Act 1958 (Commonwealth)
6.
Sector : Professional Services Subsector : - Level of Government : Central Obligations Concerned : Local Presence (Article 8.11) Description : Trade in Services A person who is not ordinarily resident in Australia may be refused registration as a company auditor or liquidator. At least one partner in a firm providing auditing services must be a registered company auditor who is ordinarily resident in Australia. Source of Measure : Corporations Act 2001 (Commonwealth)
7.
Sector : Professional Services Subsector : - Level of Government : Central Obligations Concerned : Local Presence (Article 8.11) Description : Trade in Services To act as a customs broker in Australia, service suppliers must supply the service in and from Australia. Source of Measure : Customs Act 1901 (Commonwealth)
8.
Sector : Fishing and services incidental to fishing Subsector : - Level of Government : Central Obligations Concerned : National Treatment (Article 8.4 and Article 10.3) Description : Trade in Services and Investment Foreign fishing vessels (10) seeking to undertake fishing activity, including any activity in support of or in preparation for any fishing activity or the processing, carrying or transhipment of fish, in the Australian Fishing Zone must be authorised. Where foreign fishing vessels are authorised they may be subject to a levy (11). Source of Measure : Fisheries Management Act 1991 (Commonwealth) Foreign Fishing Licences Levy Act 1991 (Commonwealth)
9.
Sector : Communication Services Subsector : - Level of Government : Central Obligations Concerned : National Treatment (Article 8.4 and Article 10.3) Market Access (Article 8.5) Senior Management and Board of Directors (Article 10.7) Description : Trade in Services and Investment Aggregate foreign equity is restricted to no more than 35 per cent of shares of Telstra. Individual or associated group foreign investment is restricted to no more than five per cent of shares. The Chairperson and a majority of directors of Telstra must be Australian citizens and Telstra is required to maintain its head office, main base of operations and place of incorporation in Australia. Source of Measure : Telstra Corporation Act 1991 (Commonwealth)
10.
Sector : Health Services Subsector : - Level of Government : Central Obligations Concerned : National Treatment (Article 8.4 and Article 10.3) Senior Management and Board of Directors (Article 10.7) Description : Trade in Services and Investment The votes attached to significant foreign shareholdings (12) may not be counted in respect of the appointment, replacement or removal of more than one-third of the directors of Commonwealth Serum Laboratories (CSL) who hold office at a particular time. The head office, principal facilities used by CSL and any CSL subsidiaries used to produce products derived from human plasma collected from blood or plasma donated by individuals in Australia must remain in Australia. Two-thirds of the directors of the board of CSL and the Chairperson of any meeting must be Australian citizens. CSL must not seek incorporation outside of Australia. Source of Measure : Commonwealth Serum Laboratories Act 1961 (Commonwealth)
11.
Sector : Transport Services Subsector : - Level of Government : Central Obligations Concerned : National Treatment (Article 8.4 and Article 10.3) Local Presence (Article 8.11) Description : Trade in Services and Investment Every ocean carrier who provides international liner cargo shipping services to or from Australia must, at all times, be represented by a natural person who is resident in Australia. Only a person (13) affected by a registered conference agreement or by a registered non-conference ocean carrier with substantial market power may apply to the Australian Competition and Consumer Commission (ACCC) to examine whether conference members, and non-conference operators with substantial market power, are hindering other shipping operators from engaging efficiently in the provision of outward liner cargo services to an extent that is reasonable. For greater certainty, matters which are relevant to the determination of “reasonable” include Australia’s national interest and the interests of Australian shippers. Source of Measure : Competition and Consumer Act 2010 (Commonwealth)
12.
Sector : Transport Services Subsector : - Level of Government : Central Obligations Concerned : National Treatment (Article 8.4 and Article 10.3) Market Access (Article 8.5) Senior Management and Board of Directors (Article 10.7) Description : Trade in Services and Investment Total foreign ownership of individual Australian international airlines (other than Qantas) is restricted to a maximum of 49 per cent. Furthermore, it is required that: at least two-thirds of the board members must be Australian citizens; the Chairperson of the board must be an Australian citizen; the airline’s head office must be in Australia; and the airline’s operational base must be in Australia. Source of Measure : Air Navigation Act 1920 (Commonwealth) Ministerial Statements
13.
Sector : Transport Services Subsector : - Level of Government : Central Obligations Concerned : National Treatment (Article 8.4 and Article 10.3) Market Access (Article 8.5) Senior Management and Board of Directors (Article 10.7) Description : Trade in Services and Investment Total foreign ownership of Qantas Airways Ltd is restricted to a maximum of 49 per cent. In addition: the head office of Qantas must always be located in Australia; the majority of Qantas’ operational facilities must be located in Australia; at all times, at least two-thirds of the directors of Qantas must be Australian citizens; at a meeting of the board of directors of Qantas, the director presiding at the meeting (however described) must be an Australian citizen; and Qantas is prohibited from taking any action to become incorporated outside Australia. Source of Measure : Qantas Sale Act 1992 (Commonwealth)
14.
Sector : Transport Services Subsector : - Level of Government : Central Obligations Concerned : National Treatment (Article 8.4 and Article 10.3) Market Access (Article 8.5) Description : Trade in Services and Investment The following functions and services are reserved to provision by the statutory authority, Airservices Australia: airspace management, air traffic flow information, air traffic control, traffic and flight information, navigation services, aeronautical information, and aerodrome rescue and fire fighting services. Source of Measure : Air Services Act 1995 (Commonwealth) Air Services Regulations 1995 (Commonwealth) Public Governance, Performance and Accountability Act 2013 (Commonwealth)
15.
Sector : Communication Services Subsector : - Level of Government : Central Obligations Concerned : National Treatment (Article 8.4 and Article 10.3) Market Access (Article 8.5) Most-Favoured-Nation Treatment (Article 8.6 and Article 10.4) Description : Trade in Services and Investment Australia Post, a wholly-owned government entity, has the exclusive right to issue postage stamps and carry letters within Australia, whether the letters originated within or outside Australia. This includes: the collection within Australia of letters for delivery within Australia; and the delivery of letters within Australia. This entry does not include: the carriage of a letter weighing more than 250 grams; the carriage of a letter within Australia for a charge or fee that is at least four times the rate of postage that is current at the time for the carriage within Australia of a standard postal article by ordinary post; and other exceptions to the reserved services set out in section 30 of the Australian Postal Corporation Act 1989 (Commonwealth). Australia Post also has certain rights, powers and immunities ascribed only to it, such as the use and access to public land for the provision of postal and courier services. Source of Measure : Australian Postal Corporation Act 1989 (Commonwealth)
16.
Sector : All Sectors Subsector : - Level of Government : Central Regional Obligations Concerned : Prohibition of Performance Requirements (Article 10.6) (14) Description : Investment A design that has been registered or disclosed in a filed design application may be used by an Australian government (or a person authorised by an Australian government) and, if it is used, any agreement or licence fixing the terms on which a person other than that government may use the design may be inoperative with respect to the government use unless the agreement or licence has been approved by that government. Source of Measure : Designs Act 2003 (Commonwealth)
17.
Sector : Financial Services Subsector : - Level of Government : Central Obligations Concerned : National Treatment (Article 8.4 and Article 10.3) Market Access (Article 8.5) Description : Trade in Services and Investment To undertake banking business in Australia an entity must be a body corporate and authorised as an authorised deposit-taking institution (ADI). Foreign deposit-taking institutions (including foreign banks) may only operate a banking business in Australia through locally incorporated deposit-taking subsidiaries or authorised branches (foreign ADIs), or through both structures. A branch of a foreign bank that is authorised as a deposit-taking institution in Australia (foreign ADI) is not permitted to accept initial deposits (and other funds) from individuals and non-corporate institutions of less than AUD250,000. A representative office of a foreign bank is not permitted to undertake any banking business, including advertising for deposits, in Australia. Such a representative office is only permitted to act as a liaison point. Source of Measure : Banking Act 1959 (Commonwealth) Payment Systems (Regulation) Act 1998 (Commonwealth)
18.
Sector : Financial Services Subsector : - Level of Government : Central Obligations Concerned : National Treatment (Article 8.4 and Article 10.3) Description : Trade in Services and Investment Liabilities of the Commonwealth Bank, previously Commonwealth Government-owned, are covered by transitional guarantee arrangements. Source of Measure : Commonwealth Banks Act 1959 (Commonwealth)
19.
Sector : Financial Services Subsector : Life insurance services Level of Government : Central Obligations Concerned : National Treatment (Article 8.4 and Article 10.3) Market Access (Article 8.5) Most-Favoured-Nation Treatment (Article 8.6 and Article 10.4) Description : Trade in Services and Investment Approval of non-resident life insurers is restricted to subsidiaries incorporated under Australian law. Source of Measure : Life Insurance Act 1995 (Commonwealth)
List B. Explanatory Notes
1. This List B sets out, pursuant to Article 8.8 (Schedules of Non-Conforming Measures) and Article 10.8 (Reservations and Non-Conforming Measures), the specific sectors, subsectors or activities for which Australia may maintain existing, or adopt new or more restrictive, measures that do not conform with obligations imposed by:
(a) Article 8.4 (National Treatment) or Article 10.3 (National Treatment);
(b) Article 8.5 (Market Access);
(c) Article 8.6 (Most-Favoured-Nation Treatment) or Article 10.4 (Most-Favoured-Nation Treatment);
(d) Article 8.11 (Local Presence);
(e) Article 10.6 (Prohibition of Performance Requirements); or
(f) Article 10.7 (Senior Management and Boards of Directors).
2. Each entry in this List sets out the following elements:
(a) Sector refers to the sector for which the entry is made;
(b) Subsector, where referenced, refers to the specific subsector for which the entry is made;
(c) Obligations Concerned specifies the obligations referred to in paragraph 1 that, pursuant to Article 8.8 (Schedules of Non-Conforming Measures) and Article 10.8 (Reservations and Non-Conforming Measures), do not apply to the sectors, subsectors or activities listed in the entry;
(d) Description sets out the scope of the sector, subsector or activities covered by the entry; and
(e) Existing Measures where specified, identifies, for transparency purposes, a non-exhaustive list of existing measures that apply to the sectors, subsectors or activities covered by the entry.
3. In accordance with Article 8.8 (Schedules of Non-Conforming Measures) and Article 10.8 (Reservations and Non-Conforming Measures), the Articles of this Agreement specified in the Obligations Concerned element of an entry do not apply to the sectors, subsectors and activities identified in the Description element of that entry.
4. For greater certainty, where Australia has more than one entry in this List B that could apply to a measure, each entry is to be read independently, and is without prejudice to the application of any other entry to the measure.
5. The Schedules of other Parties shall not be used to interpret Australia’s commitments or obligations under Chapter 8 (Trade in Services) or Chapter 10 (Investment).
6. Commitments on measures with respect to or relating to trade in financial services are undertaken subject to the limitations and conditions set forth in Chapter 8 (Trade in Services), Annex 8A (Financial Services), Chapter 10 (Investment), these Explanatory Notes and this List B.
7. Without prejudice to other means of prudential regulation, Australia reserves the right to require licensing or registration of financial service suppliers and of financial instruments.
8. For the avoidance of doubt, in relation to education services, nothing in Chapter 8 (Trade in Services) or Chapter 10 (Investment) shall interfere with: