(iii) registration of a UK branch of a foreign company at Companies House.

To be a party to a licence that covers a producing field, a company must either (a) be registered at Companies House as a UK company; or (b) carry on its business through a fixed place of business in the United Kingdom as defined in section 148 of the Finance Act 2003 (which normally requires a staffed presence).

This reservation does not cover the provision of mining and quarrying services to the licence holder. Such services may be provided without restriction, provided that the holder of the production licence meets the criteria above.

Measures:

Petroleum Act 1998

Schedule of Iceland

List of Reservations

Reservation No. 1 – Business Services - Professional Services

Reservation No. 2 – Other Business Services

Reservation No. 3 – Debt Collection Agency (collection agency services)

Reservation No. 4 – Financial Services

Reservation No. 5 – Tourism and Travel Related Services

Reservation No. 6 – Transport Services 

1. Sector: Business Services - Professional Services

Sub-Sector: Legal Services and Auditing services

Industry Classification: Part of CPC 861, CPC 862

Type of reservation: Article 3.6 (Market Access) Article 3.7 (National Treatment)

Article 3.9 (Senior Management and Board of Directors)

Article 3.14 (Market Access) Article 3.15 (Local Presence)

Article 3.16 (National Treatment)

Measures: Act No. 77/1998 on Professional Lawyers

Regulation No. 243/2018 on Granting Foreign Lawyers Licence to Practice Law in Iceland as a district Court lawyer.

Act No. 94/2019 on Auditors and Auditing.

Description: Legal services

A licence to practice law is based on reciprocity.

Participation in a company operating a law office, or ownership of such a company, is prohibited for others than licensed attorneys (1).

Members of the General Bar Association of Iceland have an exclusive right to represent clients before courts in Iceland.

Auditing services

At least one of the auditors of an Icelandic limited liability company must be a resident in Iceland or a competent resident CPA company.

2.  Sector: Other Business Services

Sub-Sector: Real Estate services and Rental/leasing services without operators relating to Ships, aircraft, transport and machinery equipment

Industry Classification: CPC 821,

CPC 83101-83104, CPC72130

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)

Measures: Act No.70/2015 on Real Estate Sales

Act No. 115/1985 on the Registration of Ships Act No. 60/1998 on Air Travel

Act No. 65/2015 on Car Rental Services

Act No. 139/2005 on Temporary Work Agencies

Description: Real estate services

Condition of residency in order to obtain a licence to provide services in residential building and land sales, including ships, and other related intermediary services for purchase and sale of real- estate.

Rental/leasing services without operators

To be registered in the national ship register, the ship must be owned by an Icelandic natural or legal person resident in Iceland.

To be registered in the aircraft register, the aircraft must be owned by an Icelandic natural or legal person resident in Iceland.

Residency requirements for car rental services.

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Temporary work agencies need to be established in Iceland.

3. Sector: Debt Collection Agency (collection agency services)

Sub-Sector: Collection Agency Services

Industry Classification: CPC 87902, CPC 87901

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)

Measures: Act No. 95/2008 on debt collection

Description: Residency requirement for authorisation to supply debt collection services in Iceland.

4. Sector: Financial Services

Sub-Sector: Insurance and Banking

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)

Measures: Act on Insurance Activities, No. 100/2016 Act No. 2/1995 on Public Limited Companies Insurance Mediation Act No.62/2019

Act No. 92/2019 on the CBI

Act No. 161/2002 on Financial Undertakings Act No. 2/1995 on Public Limited Companies Act No. 108/2007 on Securities Activities

Act No. 128/2011 on undertakings in collective investment and alternative investment funds

Act No. 45/2020 on Alternative Investment Fund Managers

Description: Insurance and Insurance-related Services

A founder of an insurance undertaking shall be a natural or legal person resident in a Contracting Party to the EEA Agreement, a Contracting Party to the Convention establishing the European Free Trade Association, as amended at Vaduz on 21 June

2001 (EFTA Convention) or the Faroe Islands.

Managers shall be resident in a Contracting Party to the EEA Agreement.

Branch offices of foreign insurance undertakings must be managed by a resident agent.

Banking and Other Financial Services

A founder of a credit institution shall be a natural or legal person resident in a Contracting Party to the EEA Agreement, a Contracting Party to the EFTA Convention or the Faroe Islands.

Managers shall be resident in a Contracting Party to the EEA Agreement.

All Financial Services

Domestic financial institutions shall inform the Central Bank of Iceland of the balances of service providers’ accounts held by non-residents.

Service providers shall inform the responsible Ministry of investments made by non-residents in business enterprises in Iceland and the Central Bank of Iceland of investments made by non-residents in securities in Iceland.

5. Sector: Tourism and Travel Related Services

Sub-Sector: Hotels and restaurants (incl. catering) Travel Agency and tour operator services

Tourist Guides Services

Industry Classification: CPC641-643, CPC74717472

Type of reservation: Article 3.7 (National Treatment)

Article 3.15 (Local Presence) Article 3.16 (National Treatment)

Measures: Act No. 85/2007 on Restaurants, Collective Accommodation Establishments and Entertainment Services

The Tourism Administration Act No. 73/2005

Description: Residency required for a licence to operate a restaurant, collective accommodation establishment or entertainment venue.

Residency required for a licence to operate as a tour operator, tourism agency or to exercise the profession of a tourist guide.

6. Sector: Transport

Sub-Sector: Road Transport Services and Related Services

Storage and Warehousing services Freight transport and agency services

Industry Classification: CPC 711, CPC 7122, CPC 7123, CPC 7124, CPC 744 CPC 741, CPC 742, CPC 7480, CPC 7490

Type of reservation: Article 3.6 (Market Access) Article 3.7 (National Treatment)

Article 3.9 (Senior Management and Boards of Directors)

Article 3.15 (Local Presence) Article 3.16 (National Treatment)

Measures: Act No. 28/2017 on Passenger and Freight Transport by Road

Regulation No. 474/2017 Freight Transport by Road

Customs Act No. 88/2005

Description: Road transport services and related Services

Authorisation required for commercial land transport services.

Numerical quotas may be imposed as well as exclusive licence for certain areas or routes.

Storage and warehousing services and freight transport and agency services

Residency requirement for board members of the legal person applying for a licence for operating customs brokerage.

Schedule of Liechtenstein

List of Reservations:

Reservation No. 1 - All Sectors

Reservation No. 2 - Business services (professional services)

Reservation No. 3 - Other business services

Reservation No. 4 - Financial services

1.  Sector: All Sectors

Sub-Sector:

Industry Classification:

Type of reservation: Article 3.7 (National Treatment)

Measures: Persons and Companies Act, LGBl. 1926/4, LR 216

Description: Investment Liberalisation

Transfer of registered shares

Liechtenstein company law does not prohibit companies limited by shares from foreseeing in their articles of incorporation the preclusion or limitation of the transfer of registered shares.

2. Sector: Business Services - Professional Services

Sub-Sector: Professional services - legal services, patent agent, industrial property agent, intellectual property attorney; accounting and auditing services; taxation services; management consulting services; architectural, engineering and other technical services

Industry Classification: CPC 861, 8621 863, part of 865, 867, part of 879

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 3.14 (Market Access) Article 3.15 (Local Presence) Article 3.16 (National Treatment)

Article 3.17 (Most-Favoured-Nation Treatment)

Article 3.76 (Obligations)

Measures: Lawyers’ Act, LGBl. 2013/415, LR 173.510

Patent Attorney Act, LGBl. 1993/43, LR 173.530 Auditors and Auditing Companies Act, LGBl.

1993/44, LR 173.540

Professional Trustees Act, LGBl. 2013/421, LR 173.520

Law on Professional Due Diligence in Financial Transactions (Due Diligence Act), LGBl. 2009/47, LR 952.1

Law on Banks and Finance Companies (Banking Act), LGBl. 1992/108, LR 952.0

Investment Undertakings Act, LGBl. 2016/45, LR 951.30

Asset Management Act, LGBl. 2005/278, LR 950.4

Law on the Supervision of Insurance Undertakings (Insurance Supervision Act), LGBl. 2015/231, LR 961.01

Occupational Pensions Act, LGBl. 1988/12, LR 831.40

Retirement Provision (Pension Funds Act), LGBl. 2018/464, LR 831.42

Persons and Companies Act, LGBl. 1926/4, LR 216

Act concerning the supervision of persons pursuant to Article 180a of Persons and Companies Act, LGBl. 2013/426, LR 173.550

Building and Construction Professions Act, LGBl. 2008/188, LR 933.1

Building Act, LGBl. 2009/044, LR 701.0