iii) airlines established in the country that must be majority owned and effectively controlled by EU states and/or nationals of EU states, unless otherwise provided for through an international agreement to which the EU is a signatory;
iv) operation of lotteries and similar games, except:
a) betting games in casinos for which an authorisation may be granted to legal persons established in the Czech Republic;
b) consumer lotteries in which the prize may be only in-kind fulfilment, services or goods, products, etc, provided that the total value of the in-kind prizes for one calendar year does not exceed the sum of 200 000 Czech crowns and the value of one prize does not exceed the sum of 20 000 Czech crowns;
the extent that under EU Directive 85/611/EEC, a depository of an undertaking for collective investment in transferable securities (UCITS) must either have its registered office in the same EU country as that of the undertaking or be established in the EU country if its registered office is in another EU country.
List B, Operations in real estate:
III/A1 —Building or purchase in the country concerned by non-residents.
List A, Operations in securities on capital markets:
Iv/B1
— Issue through placing or public sale of foreign securities on the domestic capital market.
Remarks: The reservation applies to:
i) residential mortgage securities backed to real estate which is situated outside the EU;
ii) the purchase of shares and other securities of a participating nature which may be affected by regulations on inward direct investment and establishment in air transport.
List B, Operations on money markets:
V/B1
—Issue through placing or public sale of foreign securities and other instruments on the domestic money market.
Remark: The reservation applies only to residential mortgage securities backed to real estate which is situated outside the EU.
List B, Operation of deposit accounts:
XI/B1
—By residents in domestic currency with non-resident institutions.
DENMARK
List A, Direct investment:
V/A—In the country concerned by non-residents.
Remark: The reservation applies only to:
i) ownership of Danish flag vessels by non-EU residents except through an enterprise incorporated in Denmark;
ii) ownership by non-EU residents of one-third or more of a business engaged in commercial fishing;
iii) airlines established in the country that must be majority owned and effectively controlled by EU states and/or nationals of EU states, unless otherwise provided for through an international agreement to which the EU is a signatory;
iv) investment in accountancy services by non-EU residents and in legal services by non-residents;
v) the extent that under EU Directive 85/611/EEC, a depository of an undertaking for collective investment in transferable securities (UCITS) must either have its registered office in the same EU country as that of the undertaking or be established in the EU country if its registered office is in another EU country.
List B, Operations in real estate:
III/A1—In the country concerned by non-residents.
Remark: The reservation does not apply to the acquisition of real estate by:
i) persons who have formerly been residents of Denmark for at least five years;
ii) EU nationals working in Denmark and EU-based companies operating in Denmark, for residential or business purposes;
iii) non-EU nationals who are either in possession of a valid residence permit or are entitled to stay in Denmark without such a permit, for residential or active business purposes.
ESTONIA
List A, I/A
– In the country concerned by non-residents.
Remark: The reservation applies only to:
i) the acquisition real estate in Estonia's islands (except the four largest ones) and in 17 local government units bordering the Russian Federation;
ii) majority ownership of an Estonian flag maritime vessel by non- EU residents except through an enterprise established in Estonia;
iii) majority ownership of an air company by non-EU residents;
iv) to the extent that under EU Directive 85/611/EEC, a depository of an undertaking for collective investment in transferable securities (UCITS) must either have its registered office in the same EU country as that of the undertaking or be established in the EU country if its registered office is in another EU country.
List B, III/A1
Operations in real estate:
—Building or purchase in the country concerned by non-residents.
Remark: The reservation applies only to the acquisition of real estate in Estonia's islands (except the four largest ones) and in 17 local government units bordering the Russian Federation.
List A, IV/C1
Operations in securities on capital markets:
—Purchase in the country concerned by non-residents.
Remark: The reservation applies only to the purchase of shares and other securities of a participating nature which may be affected by the laws on inward direct investment and establishment.
Purchase of bonds or other debt securities abroad by residents:
List A, IV/D1
Remark: The reservation applies only to the extent that undertakings for collective investment in transferable securities (UCITS) may not invest in covered bonds which are issued by a non-EU credit institution.
Finland (1)
List A, Direct investment:
I/A -In the country concerned by non-residents.
Remark: The reservation applies only to:
i) establishment of branches of non-EU companies, unless an authorisation is granted by the National Board of Patents and Registration of Finland;
ii) investment in an enterprise engaged in activities involving the use of nuclear energy by non-EU residents, unless an authorisation is granted for specific reasons;
iii) airlines established in the country that must be majority owned and effectively controlled by EU states and/or nationals of EU states, unless otherwise provided for through an international agreement to which the EU is a signatory;
iv) acquisition of 40 per cent or more in Finnish flag vessels, including fishing vessels, except through an enterprise incorporated in Finland or unless an authorisation is granted by the Ministry of Transport and Communication. The reservation does not apply to EU residents who own 60 per cent or more of a vessel and have their central place of management or principal place of business in an EU state;
v) the right of establishment or the right to acquire and hold real property by legal or natural persons who do not enjoy regional citizenship in Aaland, on the Aaland Islands without permission by the competent authorities of the Aaland Islands;
vi) investment by a non-EU national in a corporation or partnership carrying out activities as an “asianajaja” or “advokat”. The reservation does not apply to investment in a corporation or partnership supplying other legal services;
vii) investment in an auditing company by a person not authorised as an auditor in the EU forming the majority of voting rights in the company;
viii) the extent that under EU Directive 85/611/EEC, a depository of an undertaking for collective investment in transferable securities (UCITS) must either have its registered office in the same EU country as that of the undertaking or be established in the EU country if its registered office is in another EU country.
List B, Operations in real estate:
III/A1
-In the country concerned by non-residents.
Remark: The reservation applies only to the restriction on the right to acquire and hold real property on the Aaland Islands by legal or natural persons who do not enjoy regional citizenship in Aaland, without permission by the competent authorities of the Aaland Islands.
List A, Operations in securities on capital markets:
IV/C1
– Purchase in the country concerned by non-residents.
Remark: The reservation applies to the purchase of shares and other securities of a participating nature which may be affected by laws on inward direct investment and establishment.
FRANCE
*List A, Direct investment:
I/A —In the country concerned by non-residents.
Remark: The reservation applies only to:
i) airlines established in the country that must be majority owned and effectively controlled by EU states and/or nationals of EU states, unless otherwise provided for through an international agreement to which the EU is a signatory;
ii) ownership after acquisition of more than 49 per cent of a French flag vessel, except through an enterprise incorporated in the EU. Moreover, nationals of countries that are not members of the EU may not engage in cabotage;
iii) establishment of branches of insurance undertakings not headquartered in the EU, which are subject to special authorisation in respect to their representative and to specific requirements relating to the deposit, withdrawal and transfer of funds;
iv) the extent that under EU Directive 85/611/EEC, a depository of an undertaking for collective investment in transferable securities (UCITS) must either have its registered office in the same EU country as that of the undertaking or be established in the EU country if its registered office is in another EU country.
List A, IV/CI Operations in securities on capital markets:
—Purchase in the country concerned by non-residents.
Remark: The reservation applies only to the purchase by non-EU residents of securities not quoted on a recognised securities market which may be affected by laws on inward direct investment and establishment.
List B, V/B1 Operations on money markets:
—Issue through placing or public sale of foreign securities and other instruments on the domestic money market.
Remark: The reservation applies only to the issue of certificates of deposit by non-resident banks.
List A, VII/B1, B2 Operations in collective investment securities:
— Issue through placing or public sale of foreign collective investment securities on the domestic securities market.
Remark: The reservation does not apply to collective investment securities that are of EU origin and comply with EU Directive 85/611/EEC.
— Introduction of foreign collective investment securities on a recognised domestic securities market.
Remark: The reservation does not apply to collective investment securities that are of EU origin and comply with EU Directive 85/611/EEC.
GERMANY
*List A, Direct investment:
I/A
—In the country concerned by non-residents.
Remark: The reservation applies only to:
i) the role of depository bank for investment funds of capital investment companies, which is not permitted to branches of non-resident financial institutions having their head office outside the EU;
ii) airlines established in the country that must be majority owned and effectively controlled by EU states and/or nationals of EU states, unless otherwise provided for through an international agreement to which the EU is a signatory;
iii) acquisition of a German flag vessel, except through an enterprise incorporated in Germany;
iv) investment in the broadcasting (radio and television) sector except through a subsidiary incorporated in a German Land, as required for both residents and non-residents;
v) the extent that under EU Directive 85/611/EEC, a depository of an undertaking for collective investment in transferable securities (UCITS) must either have its registered office in the same EU country as that of the undertaking or be established in the EU country if its registered office is in another EU country.
GREECE
*List A, Direct investment:
I/A—In the country concerned by non-residents.
Remark: The reservation applies only to non-EU investors as follows:
i) acquisition of real estate in border regions;
ii) investment in the mining sector unless concession in mineral rights are granted;
iii) establishment of a representative office or a branch of a foreign bank, unless an authorisation is granted;
iv) airlines established in the country that must be majority owned and effectively controlled by EU states and/or nationals of EU states, unless otherwise provided for through an international agreement to which the EU is a signatory;
v) ownership of more than 49 per cent of a Greek flag vessel for maritime transport or fishing purposes;
vi) ownership of more than 25 per cent of the capital of a television (including cable television) company and 49 per cent of the capital of a radio broadcasting company;
vii) investment in the accountancy sector;
viii) the extent that under EU Directive 85/611/EEC, a depository of an undertaking for collective investment in transferable securities (UCITS) must either have its registered office in the same EU country as that of the undertaking or be established in the EU country if its registered office is in another EU country.
List B, III/A1 Operations in real estate:
—Building or purchase by non-residents.
Remark: The reservation applies only to the acquisition of real estate in border regions by non-EU residents.
List A, Operations in securities on capital markets:
IV/Cl
—Purchase in the country concerned by non-residents.
Remark: The reservation applies only to the purchase of shares and other securities of a participation nature in the broadcasting and maritime sectors which may be affected by the laws on inward direct investment and establishment.
List B, Operation of deposit accounts:
XI/BI —By residents in domestic currency with non-resident institutions.
HUNGARY
List A, Direct investment: Inthe country concerned by non-residents.
Remark: The reservation applies only to:
i) airlines established in the country that must be majority owned and effectively controlled by EU states and/or nationals of EU states, unless otherwise provided for through an international agreement to which the EU is a signatory;
ii) acquisition of a shipping license to operate in international waters, which is reserved to enterprises established in Hungary and operating shipping vessels registered in EU member states;
iii) the provision of asset management services by branches of non- resident investors located outside the EU to domestic and compulsory and voluntary private pension funds;
iv) the extent that under EU Directive 85/61 1/EEC, a depository of an undertaking for collective investment in transferable securities (UCITS) must either have its registered office in the same EU country as that of the undertaking or be established in the EU country if its registered office is in another EU country.
List B, Operations in real estate:
III/A1, B1— In the country concerned by non-residents. Bl Remark: The reservation does not apply to:
i) the acquisition of agricultural land by EU nationals who want to establish themselves as self-employed farmers and who have been legally resident and active in farming in Hungary for at least three years continuously;
ii) the acquisition of primary residence by EU nationals and the acquisition of real estate other than agricultural land by legal persons and unincorporated entities established the EU;
iii) the acquisition of secondary residences by EU nationals who have been legally resident in Hungary at least for four years continuously. Building or purchase abroad by residents.
Remark: The reservation applies only to the acquisition of real estate outside the EU by a voluntary mutual insurance fund and a compulsory pension fund.
List A, Operations in securities on capital markets:
IV/C1, D1— Purchase in the country concerned by non-residents.
Remark: The reservation applies only to the purchase of shares and other securities of participating nature which may be affected by regulations on inward direct investment and establishment in air transport and in companies licensed to operate in international waters.
—Purchase abroad by residents.
Remark: The reservation applies to the acquisition of bonds issued by foreign corporates or foreign municipalities which would cause pension funds investment into these assets to exceed respectively 10 per cent of total investments.
List B, Operations in foreign exchange:
XII/B— Abroad by residents
Remark: The reservation applies only to the extent that banks may not hold foreign exchange on balance sheet positions vis-a-vis non- residents in excess of the maximum percentage of their total assets.
ICELAND
*List A, Direct investment:
I/A—In the country concerned by non-residents.
Remark: The reservation applies only to:
i) airlines established in the country that must be majority owned and effectively controlled by EU states and/or nationals of EU states, unless otherwise provided for through an international agreement to which the EU is a signatory;
ii) investment in real estate, except for a legal entity which has acquired rights to conduct a business enterprise and provided that the real estate is only accompanied by normal rights to ground and does not include other rights, such as fishing or water exploitation rights;
iii) acquisition of rights to natural resources or energy exploitation, and investment in energy production or distribution;
iv) investment in fishing and primary fish processing (i.e. excluding retail packaging and later stages of preparation of fish products for distribution and consumption); except through indirect investment in Icelandic legal entities with a share no more than 25% ownership of foreign residents calculated on the basis of share capital or initial capital, which is increased to no more than 33% foreign ownership in the case of Icelandic legal person which own no more than 5% of any fishing operations in the Icelandic fisheries jurisdiction or fish processing in Iceland;
v) investment in an air transport company exceeding 49 per cent of share capital;
vi) ownership of Icelandic flag vessels, except through an enterprise incorporated in Iceland.
List B,
III/A1—In the country concerned by non-residents.
Remark: The reservation does not apply to the building or purchase of real estate where:
i) in the case of limited-liability companies non-resident ownership does not exceed 1/5 of the total equity and Icelandic citizens hold a majority of the total voting power at shareholders' meetings;
ii) an authorisation is granted.
List A, Operations in securities on capital markets:
IV/C1—Purchase in the country concerned by non-residents.
Remark: The reservation applies only to the purchase of shares or other securities of a participating nature which may be affected by laws on inward direct investment and establishment.
List B, Other operations in negotiable instruments and non-securitised claims:
VI/D3—Exchange for other assets abroad by residents.
Remark: The reservation applies only to the extent that resident commercial banks may not hold forward foreign currency positions in excess of the maximum percentage of their capital base.
List B, Operations in Foreign Exchange:
XII/B —Abroad by residents.
Remark: The reservation applies only to the extent that resident commercial banks may not hold forward foreign currency positions in excess of the maximum percentage of their capital base.
IRELAND
List A, Direct investment:
I/A—In the country concerned by non-residents.
Remark: The reservation applies only to:
i) airlines established in the country that must be majority owned and effectively controlled by EU states and/or nationals of EU states, unless otherwise provided for through an international agreement to which the EU is a signatory;
ii) acquisition by non-EU nationals of land for agricultural purposes, unless an authorisation is granted;
iii) acquisition of Irish-registered shipping vessels except through an enterprise incorporated in Ireland;
iv) acquisition by non-EU nationals of sea fishing vessels registered in Ireland;
v) investment by residents of non-EU member countries in flour milling activities;
vi) the establishment of branches of insurance undertakings not headquartered in the EU;
vii) the extent that under EU Directive 85/611/EEC, a depository of an undertaking for collective investment in transferable securities (UCITS) must either have its registered office in the same EU country as that of the undertaking or be established in the EU country if its registered office is in another EU country.
List B, Operations in real estate:
III/A1— In the country concerned by non-residents.