Description: Trade in Services
Brunei Darussalam reserves the right to adopt or maintain any measure related to trade fair and exhibition organising services.
Existing Measures: Public Entertainment Act (Chapter 187)
57. Sector: Financial Services
Subsector: All Sectors
Obligations Concerned: Senior Management and Board of Directors
Description: Trade in Services and Investment
Brunei Darussalam reserves the right to adopt or maintain any measure related to the appointment of key responsible persons of the financial institutions including its senior executives, chairman, and the board of directors.
Existing Measures: -
58. Sector: Financial Services
Subsector: All Sectors
Obligations Concerned: National Treatment (Trade in Services and Investment)
Description: Trade in Services and Investment
1. Brunei Darussalam reserves the right to adopt or maintain any measure related to subsidies or grant of advantages including the following:
(a) government-owned or government- controlled entities for legitimate national economic development objectives; and
(b) Islamic financial institutions carrying out Islamic banking, fakaful or retakaful, and Islamic capital markets for the purpose of Islamic finance development.
2. Brunei Darussalam reserves the right to adopt or maintain any measure related to small and medium enterprises financing programme.
Existing Measures: -
59. Sector: Financial Services
Subsector: Capital Market
Clearing and Settlement Services
Obligations Concerned: National Treatment (Trade in Services and Investment). Market Access. Most-Favoured-Nation Treatment (Trade in Services). Senior Management and Board of Directors
Description: Trade in Services and Investment
1. Brunei Darussalam reserves the right to adopt or maintain any measure related to the establishment or operation of the following:
(a) clearing and settlement services;
(b) central securities depository;
(c) trade repository;
(d) trading facilities;
(e) credit rating agencies;
(f) exchanges; or
(g) securities and futures market.
2. For greater certainty, this entry applies to financial institutions participating in, or seeking to participate in, any such exchange or securities market.
Existing Measures:
Brunei Darussalam Central Bank Order, 2010 Securities Markets Order, 2013 Securities Markets Regulations, 2015
Payment and Settlement Systems (Oversight) Order, 2015
60. Sector: Credit Reporting Services
Subsector: -
Obligations Concerned: National Treatment (Trade in Services) Market Access. Most-Favoured-Nation Treatment (Trade in Services). Local Presence
Description: Trade in Services
Brunei Darussalam reserves the right to adopt or maintain any measure related to the establishment and operation of credit reporting services.
Existing Measures:
Brunei Darussalam Central Bank Order, 2010 Banking Order, 2006
Islamic Banking Order, 2008
61. Sector: Financial Services
Subsector: Banking
Obligations Concerned: National Treatment (Trade in Services). Market Access. Most-Favoured-Nation Treatment (Trade in Services).
Description: Trade in Services
Brunei Darussalam reserves the right to adopt or maintain any measure related to the treatment of locally incorporated banks that are not available to licensed foreign banks branches including the following:
(a) number of branch locations; or
(b) types of banking business (5) offered.
Existing Measures :
Brunei Darussalam Central Bank Order, 2010 Banking Order, 2006
Islamic Banking Order, 2008
62. Sector: Financial Services
Subsector: Banking
Obligations Concerned: National Treatment (Trade in Services and Investment). Market Access
Description: Trade in Services and Investment
Brunei Darussalam reserves the right to adopt or maintain any measure related to the granting of licences to banks.
Existing Measures:
ANNEX 3 . SCHEDULE OF RESERVATIONS AND NON-CONFORMING MEASURES FOR INVESTMENT AND SERVICES. NEW ZEALAND
LIST A. EXPLANATORY NOTES
1. This List A sets out, pursuant to Article 12 (Non-Conforming Measures) of Chapter 8 (Trade in Services) and Article 13 (Reservations and Non-Conforming Measures) of Chapter 11 (Investment), New Zealand's existing measures that are not subject to some or all of the obligations imposed by:
(a) Article 4 (National Treatment) of Chapter 8 (Trade in Services) or Article 3 (National Treatment) of Chapter 11 (Investment);
(b) Article 9 (Most-Favoured-Nation Treatment) of Chapter 8 (Trade in Services) or Article 4 (Most-Favoured-Nation Treatment) of Chapter 11 (Investment);
(c) Article 5 (Market Access) of Chapter 8 (Trade in Services); (d) Article 10 (Local Presence) of Chapter 8 (Trade in Services);
(e) Article 5 (Senior Management and Board of Directors) of Chapter 11 (Investment); or
(f) Article 6 (Prohibition of Performance Requirements) of Chapter 11 (Investment).
For greater certainty, Article 5 (Market Access) of Chapter 8 (Trade in Services) refers to non-discriminatory measures.
2. Article 10 (Local Presence) of Chapter 8 (Trade in Services) and Article 4 (National Treatment) of Chapter 8 (Trade in Services) are separate disciplines and a measure that is only inconsistent with Article 10 (Local Presence) of Chapter 8 (Trade in Services) need not be reserved against Article 4 (National Treatment) of Chapter 8 (Trade in Services).
3. Each entry in New Zealand's Schedule sets out the following elements: (a) Sector refers to the sector in 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 obligation(s) referred to in Paragraph 1;
(e) Description sets out the non-conforming measure to which the entry applies;
(f) Source of Measure identifies laws, regulations, procedures, requirements or practices for which the entry is made. A measure cited in the Measures element:
(i) means the measure as amended, continued, or renewed as of the date of entry into force of the Second Protocol;
(ii) includes any subordinate measure adopted or maintained under the authority of and consistent with the measure
4. In accordance with Articles 12 (Schedules of Non-Conforming Measures) of Chapter 8 (Trade in Services) and Article 13 (Reservations and Non-Conforming Measures) of Chapter 11 (Investment), the Articles of this Agreement specified in the Obligations Concerned element of an entry do not apply to the laws, regulations, procedures, requirements or practices identified in the Description element of that entry.
5. All elements of the entry shall be considered in their totality for the purposes of its interpretation.
6. To clarify New Zealand's commitment with respect to Article 5 (Market Access) of Chapter 8 (Trade in Services), juridical persons supplying financial services and constituted under the laws of New Zealand are subject to non-discriminatory limitations on juridical form. (1)
7. For greater certainty, the measures that New Zealand may take in accordance with Article 3 (Prudential Measures) of Annex 8A (Financial Services), provided they meet the requirements of that Article, include those governing:
(a) licensing, registration or authorisation as a financial institution or cross- border financial service supplier, and corresponding requirements;
(b) juridical form, including legal incorporation requirements for systemically important financial institutions and limitations on deposit- taking activities of branches of overseas banks, and corresponding requirements;
(c) requirements pertaining to directors and senior management of a financial institution or cross-border financial service supplier;
(d) capital, related party exposures, liquidity, disclosure and other risk management requirements;
(e) payment, clearance and settlement systems (including securities systems);
(f) anti-money laundering and countering financing of terrorism; and
(g) distress or failure of a financial institution or cross-border financial service supplier.
8. For greater certainty, New Zealand reaffirms its right to regulate within its territory to achieve legitimate policy objectives, such as the protection of human, animal or plant life or health, social services, public education, safety, the environment including climate change, public morals, social or consumer protection, animal welfare, privacy and data protection, or the promotion and protection of cultural diversity and the promotion and protection of the rights, interests, duties and responsibilities of Maori related to Te Tiriti o WaitangiAthe Treaty of Waitangi. The interpretation of Te Tiriti o Waitangi/the Treaty of Waitangi, including as to the nature of the rights and obligations arising under it, shall not be subject to the dispute settlement provisions of this Agreement.
1. Sector: All Sectors
Subsector: -
Level of Government: Central
Obligations Concerned : National Treatment (Investment)
Description : Investment
1. Consistent with New Zealand's financial reporting regime established under the Companies Act 1993 and Financial Reporting Act 2013, the following types of entities are required to prepare financial statements that comply with generally accepted accounting practice, and have those statements audited and registered with the Registrar of Companies (unless exceptions to any of those requirements apply):
a) any. body corporate that is incorporated outside New Zealand (an "overseas company") that carries on business in New Zealand within the meaning of the Companies Act 1993 and which is "large" (2);
b) any "large" New Zealand company in which shares that in aggregate carry the right to exercise or control the exercise of 25 per cent or more of the voting power at a meeting of the company are held by: (3)
(i) a subsidiary of a body corporate incorporated outside New Zealand;
(iI) a body corporate incorporated outside New Zealand; or
(iii) a person not ordinarily resident in New Zealand; or
c) any "large" company incorporated in New Zealand which is a subsidiary of an overseas company. (4)
2. If a company is required to prepare financial statements and if they have one or more subsidiaries, they must, instead of preparing financial statements in respect of themselves, prepare group financial statements that comply with generally accepted accounting practice in relation to that group. This obligation does not apply if:
a) that company (A) is itself a subsidiary of a body corporate (B), where body corporate (B) is:
(i) incorporated in New Zealand; or
(ii) registered or deemed to be registered under Part 18 of the Companies Act 1993;
b) group financial statements in relation to a group comprising B, A, and all other subsidiaries of B that comply with generally accepted accounting practice are completed; and
c) a copy of the group financial statements referred to in paragraph (b) and a copy of the auditor's report on those statements are delivered for registration under the Companies Act 1993 or for lodgement under another Act.
3. If an overseas company is required to prepare:
a) financial statements under the Companies Act 1993 it must also, if its New Zealand business meets the asset and revenue thresholds that apply in respect of "large" overseas companies, prepare, in addition to the financial statements of the large overseas company itself, financial statements for its New Zealand business prepared as if that business were conducted by a company formed and registered in New Zealand; and
b) group financial statements under the Companies Act 1993, and if the group's New Zealand business meets the asset and revenue thresholds that apply in respect of "large" overseas companies, the group financial statements that are prepared must include, in addition to the financial statements of the group, financial statements for the group's New Zealand business prepared as if the members of the group were companies formed and registered in New Zealand.
Source of Measure
- Companies Act 1993
- Financial Reporting Act 2013
2. Sector: Business Services
Subsector: -
Level of Government: Central
Obligations Concerned: National Treatment (Trade in Services) Most-Favoured-Nation Treatment (Trade in Services)
Description: Trade in Services
Registration of patent attorneys is restricted to those who satisfy the criteria set out under the joint trans-Tasman registration regime.
Source of Measure:
Part 6 of the Patents Act 2013 (New Zealand) Section 198 of the Patents Act 1990 (Australia)
3. Sector: Agriculture, including services incidental to agriculture
Subsector: -
Level of Government: Central
Obligations Concerned: National Treatment (Trade in Services and Investment) Prohibition of Performance Requirements. Senior Management and Board of Directors
Description: Investment and Trade in Services
The Dairy Industry Restructuring Act 2007 (DIRA) and Regulations provide for the management of a national database for herd testing data.
The DIRA:
(a) provides for the New Zealand Government to determine arrangements for the database to be managed by another dairy industry entity. In doing so the New Zealand Government may:
(i) take into account the nationality and residency of the entity, persons that own or control the entity, and the senior management and board of directors of the entity; and
(ii) restrict who may hold shares in the entity, including on the basis of nationality;
(b) requires the transfer of data by those engaged in herd testing of dairy cattle to the Livestock Improvement Corporation (LIC) or successor entity; and
(c) establishes rules regarding access to the database and that access may be denied on the basis that the database's intended use could be "harmful to the New Zealand dairy industry", which may take into account the nationality or residency of the person seeking access.
Source of Measure:
Dairy Industry Restructuring Act 2001 and Regulations
4. Sector: Communication services Telecommunications