(iii) services auxiliary to insurance;
(iv) provision and transfer of financial information and financial data processing and related software by suppliers of other financial services;
(v) advisory and other auxiliary services, excluding intermediation, relating to banking and other financial services of the definition of banking and other financial services (excluding insurance) in Article 3.45 (Definitions) of Sub- Section 3.5.3 (Financial Services), but not intermediation as described in that point; and
(vi) portfolio management services to a Norwegian professional client located in Norway.
For the purposes of subparagraph (vi):
“Portfolio management services” means discretionary management of investors’ portfolios of financial instruments on a client- by-client basis and in accordance with investors' mandates, but does not include:
(i) custodial services;
(ii) trustee services; or
(iii) execution services; and
“professional clients” means professional clients as defined in section 10-6 subparagraph 1, no 1 letter e of the Securities Trading Act 2007, last amended 01.05.2021.
(b) Insurance and insurance-related services
With respect to Investments and Cross-Border Trade in Services – Market Access, National Treatment:
Non-resident insurance companies must supply the services listed above through a branch or through an insurance broker authorised in Norway.
Authorisation as non-resident insurance intermediation service provider requires a branch in Norway.
With respect to Investments:
A separation requirement applies between life insurance, non-life insurance and credit risk insurance.
(c) Banking and other Financial Services
With respect to Investments – Market Access and Cross-border Trade in Services – Local Presence:
Only legal persons having their registered office in a Contracting Party to the EEA Agreement can act as depositories of the assets of investment funds. The establishment of a specialised management company, having its head office and registered office in the same Contracting Party to the EEA Agreement, is required to perform the activities of management of common funds, including unit trusts, and where allowed under national law, investment companies.
22. Sector: Health Related and Social Services
Sub-Sector: Not applicable
Industry Classification: Not applicable
Type of reservation: Article 3.6 (Market Access) Article 3.7 (National Treatment) Article 3.9 (Senior Management and Boards of Directors) Article 3.10 (Performance Requirements) Article 3.14 (Market Access) Article 3.15 (Local Presence) Article 3.16 (National Treatment)
Existing measures:
Description: Investments and cross-border trade in services: Norway reserves the right to adopt, maintain or modify any measure relating to hospital services, social services and other human health services, except deliveries and related services, nursing services, physiotherapeutic services and para- medical services.
23. Sector: Recreational and Sporting Services
Sub-Sector: Not applicable
Industry Classification: Not applicable
Type of reservation: Article 3.6 (Market Access) Article 3.7 (National Treatment) Article 3.9 (Senior Management and Boards of Directors) Article 3.10 (Performance Requirements) Article 3.14 (Market Access) Article 3.15 (Local Presence) Article 3.16 (National Treatment)
Existing measures:
Description: Investments and cross-border trade in services: Norway reserves the right to adopt, maintain or modify any measure relating to sport clubs, sport associations and other organised recreational services.
24. Sector: Maritime Transport Services
Sub-Sector: Domestic maritime transport (7), including inland waterway transport, domestic pushing and towing, and maritime transport servicing offshore energy exploration and production.
Maritime services incidental to installations and activities in Norwegian territorial waters, Exclusive Economic Zone or continental shelf.
For greater certainty domestic transport feeder services related to international cargo, transport of empty containers for international trade are not regarded as domestic maritime transport, and are excluded from this reservation.
Industry Classification: Not applicable
Type of reservation: Article 3.6 (Market Access) Article 3.7 (National Treatment) Article 3.8 (Most-Favoured-Nation Treatment) Article 3.9 (Senior Management and Boards of Directors) Article 3.10 (Performance Requirements) Article 3.14 (Market Access) Article 3.15 (Local Presence) Article 3.16 (National Treatment) Article 3.17 (Most-Favoured-Nation Treatment)
Existing measures:
Description: Investments and cross-border trade in services: Norway reserves the right to adopt, maintain or modify any measure relating to domestic maritime services, including inland waterway transport.
25. Sector: Maritime Transport Services
Sub-Sector: International maritime transport
Industry Classification: Not applicable
Type of reservation: Article 3.7 (National Treatment) Article 3.16 (National Treatment)
Existing measures:
Description: Investments and cross-border trade in services: Norway reserves the right to adopt, maintain or modify any measure relating to captains and ships crew onboard Norwegian registered vessels (Norwegian Ordinary Ship Register (NOR) and Norwegian International Ship Register (NIS)).
26. Sector: Air Transport Services
Sub-Sector: Computer reservation systems services and selling and marketing of air transport services.
Industry Classification: Not applicable
Type of reservation: Article 3.8 (Most-Favoured-Nation Treatment) Article 3.15 (Local Presence) Article 3.17 (Most-Favoured-Nation Treatment)
Existing measures:
Description: Investments and cross-border trade in services: Norway reserves the right to accord less favourable treatment to service suppliers regarding the obligations of parent or participating carriers in respect of computer reservation systems (CRS) controlled by an air carrier of one or more third countries.
27. Sector: Airport Operation Services
Sub-Sector: Not applicable
Industry Classification: Not applicable
Type of reservation: Article 3.6 (Market Access) Article 3.7 (National Treatment) Article 3.10 (Performance Requirements) Article 3.14 (Market Access) Article 3.15 (Local Presence) Article 3.16 (National Treatment)
Existing measures:
Description: Investments and cross-border trade in services: Norway reserves the right to adopt, maintain or modify any measure relating to airport operation services.
28. Sector: Rail Transport Services
Sub-Sector: Not applicable
Industry Classification: Not applicable
Type of reservation: Article 3.6 (Market Access) Article 3.7 (National Treatment) Article 3.10 (Performance Requirements) Article 3.14 (Market Access) Article 3.15 (Local Presence) Article 3.16 (National Treatment)
Existing measures:
Description: Investments and cross-border trade in services: Norway reserves the right to adopt, maintain or modify any measure relating to market access to passenger and freight transportation by rail and related services. Norway reserves the right to require commercial presence for the supply of pushing and towing services (8) and supporting services for rail transport services (9).
29. Sector: Road transport services and related services, including hovercrafts
Sub-Sector: Not applicable
Industry Classification: Not applicable
Type of reservation: Article 3.6 (Market Access) Article 3.7 (National Treatment) Article 3.14 (Market Access) Article 3.15 (Local Presence) Article 3.16 (National Treatment) Article 3.17 (Most-Favoured-Nation Treatment)
Existing measures:
Description: Investments and cross-border trade in services: Norway reserves the right to adopt, maintain or modify any measure relating to cross-border provision of passenger and freight transportation, ownership of roads and related infrastructure and the operation of road infrastructure on a fee or contract basis.
Local presence required for domestic transport.
Norway reserves the right to adopt, maintain or modify any measure relating to regular services and taxi services for passenger transport.
30. Sector: Water
Sub-Sector: Not applicable
Industry Classification: Not applicable
Type of reservation: Article 3.6 (Market Access) Article 3.7 (National Treatment) Article 3.8 (Most-Favoured-Nation Treatment) Article 3.10 (Performance Requirements) Article 3.14 (Market Access) Article 3.15 (Local Presence) Article 3.16 (National Treatment) Article 3.17 (Most-Favoured-Nation Treatment)
Existing measures:
Description: Investments and cross-border trade in services: Norway reserves the right to adopt or maintain any measure with respect to water, including the allocation, collection, treatment/purification and distribution of water to household, industrial, commercial or other users, including the provision of drinking water and water management.
31. Sector: Funeral, cremation and undertaking services
Sub-Sector: Not applicable
Industry Classification: Not applicable
Type of reservation: Article 3.6 (Market Access) Article 3.7 (National Treatment) Article 3.14 (Market Access) Article 3.15 (Local Presence) Article 3.16 (National Treatment)
Existing measures:
Description: Investments and cross-border trade in services: Norway reserves the right to adopt or maintain any measure relating to services provided by membership organisations and measures related to funeral, cremation and undertaking services.
32. Sector: All Sectors
Sub-Sector: Measures aimed at promoting Nordic co-operation
Industry Classification: Not applicable
Type of reservation: Article 3.8 (Most-Favoured-Nation Treatment) Article 3.17 (Most-Favoured-Nation Treatment)
Existing measures:
Description: Investments and cross-border trade in services: Norway reserves the right to adopt or maintain any measures that are part of Nordic co-operation and are aimed at promoting Nordic co-operation, such as:
- guarantees and loans to investment projects and exports (The Nordic Investment Bank);
- financial support to R&D projects (The Nordic Industrial Fund);
- funding of feasibility studies for international projects (The Nordic Fund for Project Exports); and
- financial assistance to companies utilising environmental technology (The Nordic Environment Finance Co-operation).
33. Sector: Investigation and Security Services
Sub-Sector: Not applicable
Industry Classification: Not applicable
Type of reservation: Article 3.6 (Market Access) Article 3.7 (National Treatment) Article 3.9 (Senior Management and Boards of Directors) Article 3.14 (Market Access) Article 3.15 (Local Presence) Article 3.16 (National Treatment)
Existing measures:
Description: Investments and cross-border trade in services: Norway reserves the right to adopt, maintain or modify any measure relating to investigation and security services.
34. Sector: Condemnation of Maritime Vessels
Sub-Sector: Not applicable
Industry Classification: Not applicable
Type of reservation: Article 3.10 (Performance Requirements)
Existing measures:
Description: Investments:
Norway reserves the right to adopt, maintain or modify any measure relating to breaking and condemnation of maritime vessels.
ANNEX XXV. ADDITIONAL PROVISIONS CONCERNING THE SCOPE OF “REGULATORY MEASURES” REFERRED TO IN ARTICLE 11.2 (DEFINITIONS) OF SECTION 11.1 (GENERAL PROVISIONS) OF CHAPTER 11 (GOOD REGULATORY PRACTICES AND REGULATORY COOPERATION)
1. The legislation referred to in paragraph (b) of Article 11.2 (Definitions) of Section 11.1 (General Provisions) of Chapter 11 (Good Regulatory Practices and Regulatory Cooperation), is legislation of general application in relation to a business activity excluding:
(a) measures imposing, abolishing or varying any tax, duty, levy or other charge (or measures in connection with such measures);
(b) measures in connection with procurement;
(c) measures in connection with the giving of grants or other financial assistance by or on behalf of a public authority; and
(d) measures which are to have effect for a period of less than 12 months.
2. For the United Kingdom, the legislation referred to in paragraph (b) of Article 11.2 (Definitions) of Section 11.1 (General Provisions) of Chapter 11 (Good Regulatory Practices and Regulatory Cooperation) refers to its primary and secondary legislation.