36. Sector: Transport Services
Subsector: Land Transport Services - Rail and road freight transportation. Supporting services for rail and road transport services.
Industry Classification: -
Obligations Concerned: National Treatment (Trade in Services and Investment). Market Access. Most-Favoured-Nation Treatment (Trade in Services and Investment). Local Presence Prohibition of Performance Requirements. Senior Management and Board of Directors
Description: Trade in Services and Investment
Singapore reserves the right to adopt or maintain any measure affecting the supply of land transport services as set out above.
Existing Measure: -
37. Sector: Transport Services
Subsector: Services Auxiliary to All Modes of Transport
Industry Classification: CPC 742 Storage and warehousing services
CPC 742** Container station and depot services
CPC 748 Freight transport agency services
CPC 7123** Inland trucking services
Obligations Concerned: National Treatment (Trade in Services and Investment). Market Access. Most-Favoured-Nation Treatment (Trade in Services and Investment). Local Presence Prohibition of Performance Requirements. Senior Management and Board of Directors
Description: Trade in Services and Investment
Singapore reserves the right to adopt or maintain any measure that accords equivalent treatment to storage and warehousing, freight forwarding, inland trucking, container station and depot services of another Party.
Existing Measure: -
38. Sector: Transport Services
Subsector: Maritime Transport Services - Towing and tug assistance; provisioning, fuelling and watering; garbage collection and ballast waste disposal; port captain's services; navigation aids; emergency repair facilities; anchorage; and other shore-based operational services essential to ship operations, including communications, water and electrical supplies.
Industry Classification: CPC 74510 Port and Waterway Operation Services
CPC 74520 Pilotage and Berthing Services CPC 74530 Navigation Aid Services
CPC 74590 Other Supporting Services for Water Transport
Obligations Concerned: National Treatment (Trade in Services and Investment). Market Access. Most-Favoured-Nation Treatment (Trade in Services and Investment). Local Presence Prohibition of Performance Requirements. Senior Management and Board of Directors
Description: Trade in Services and Investment
Singapore reserves the right to adopt or maintain any measure affecting the supply of towing and tug assistance; provisioning, fuelling and watering; garbage collection and ballast waste disposal; port captain's services; navigation aids; emergency repair facilities; anchorage; and other shore-based operational services essential to ship operations, including communications, water and electrical supplies.
For greater certainty, no measures shall be applied which deny international maritime transport operators reasonable and non-discriminatory access to the above port services.
Existing Measure : Maritime and Port Authority of Singapore Act 1996, 2020 Revised Edition
39. Sector: Transport Services
Subsector: Internal Waterways Transport Services
Industry Classification: CPC 722 Transport Services by Non- seagoing Vessels
Obligations Concerned: National Treatment (Trade in Services and Investment). Market Access. Most-Favoured-Nation Treatment (Trade in Services and Investment). Local Presence. Senior Management and Board of Directors
Description: Trade in Services and Investment
Singapore reserves the right to adopt or maintain any measure affecting the supply of internal waterways transportation services.
Existing Measure: -
40. Sector: Trade Services
Subsector: Wholesale trade services and retail trade services of alcoholic beverages and tobacco
Industry Classification: -
Obligations Concerned: National Treatment (Trade in Services and Investment). Market Access. Most-Favoured-Nation Treatment (Trade in Services and Investment). Local Presence Prohibition of Performance Requirements. Senior Management and Board of Directors
Description: Trade in Services and Investment
Singapore reserves the right to adopt or maintain any measure affecting the supply of wholesale and retail trade services of tobacco products and alcoholic beverages.
Existing Measure: -
41. Sector: Energy
Subsector: -
Industry Classification: -
Obligations Concerned: National Treatment (Trade in Services and Investment). Market Access. Most-Favoured-Nation Treatment (Trade in Services and Investment). Local Presence Prohibition of Performance Requirements. Senior Management and Board of Directors
Description: Trade in Services and Investment:
Singapore reserves the right to adopt or maintain any measure affecting or relating to nuclear energy, including energy products (e.g. electricity, heat and steam) produced by nuclear energy.
Existing Measure: -
42. Sector: All
Subsector: -
Industry Classification: -
Obligations Concerned: Most-Favoured-Nation Treatment (Trade in Services and Investment).
Description: Trade in Services and Investment
Singapore reserves the right to adopt or maintain any measure that accords differential treatment to countries under any bilateral or multilateral international agreement in force or signed prior to the date of entry into force of the Second Protocol.*
Singapore reserves the right to adopt or maintain any measure that accords differential treatment to Member States of ASEAN under any international agreement in force or signed after the date of entry into force of the Second Protocol.
Singapore reserves the right to adopt or maintain any measure that accords differential treatment to countries under any international agreement in force or signed after the date of entry into force of the Second Protocol involving:
(a) aviation matters, including air services;
(b) maritime and services auxiliary to maritime matters; and port matters;
(c) land transport matters; (d) postal and courier services matters;
(e) telecommunications and information technology matters;
(f) electronic commerce matters; and
(g) environmental matters.
* For greater certainty, the wording in this paragraph extends to any differential treatment accorded to a country pursuant to a subsequent review or amendment of the relevant bilateral or multilateral agreement mentioned in this paragraph.
Existing Measure: -
43. Sector: Financial Services
Subsector: -
Industry Classification: -
Obligations Concerned: National Treatment (Trade in Services and Investment). Market Access. Most-Favoured-Nation Treatment (Trade in Services and Investment). Prohibition of Performance Requirements. Senior Management and Board of Directors
Description: Trade in Services and Investment
Singapore reserves the right to adopt or maintain any measure affecting the supply of financial services with respect to Most- Favoured-Nation Treatment, Prohibition of Performance Requirements, and Senior Management and Board of Directors.
Singapore reserves the right to adopt or maintain any measure with respect to National Treatment and Market Access, except as specified in the Appendix to this List (Commitments for Financial Services - Singapore) and subject to the limitations, conditions and qualifications specified therein.
Existing Measure: -
44. Sector: All
Subsector: -
Industry Classification: -
Obligations Concerned: Market Access. Local Presence
Description: Trade in Services
Singapore reserves the right to adopt or maintain any limit on the number of suppliers of credit bureau services where information provided by the supplier of credit bureau services is obtained from _ financial institutions in Singapore. The supplier must be established in Singapore.
Existing Measure: Monetary Authority of Singapore Act 1970, 2020 Revised Edition
APPENDIX TO LIST B. COMMITMENTS FOR FINANCIAL SERVICES SINGAPORE
EXPLANATORY NOTES
This Appendix shall be read together with entry 43 in List B of the Schedule of Singapore in Annex 3 (Schedules of Reservations and Non-Conforming Measures for Investment and Services). This Appendix does not include Singapore's commitments on the supply of a service by the presence of natural persons, or other movement of natural persons, including immigration, entry or temporary stay.
Modes of Supply:
1) Cross-border Supply
2) Consumption abroad
3) Commercial presence
FINANCIAL SERVICES
All the commitments in this Appendix are also subject to entry requirements, domestic laws, guidelines, rules and regulations, terms, and conditions of the Monetary Authority of Singapore (MAS) or any other relevant authority or body in Singapore, as the case may be, which are consistent with Article VI of GATS and paragraph 2 of the Annex on Financial Services of GATS.
| Sector or Subsector | Limitations on Market Access | Limitations on National Treatment | Additional Commitments |
| A. Insurance and Insurance-related Services | |||
| a) Life insurance services including annuity, disability income, accident and health insurance services | (1) Unbound (2) None (3) These measures are also limitations on national treatment. None except foreign persons can only acquire equity stakes of up to 49 per cent in aggregate in locally-owned insurance companies provided the acquisition does not result in any foreign person being the largest shareholder; insurance companies must establish as branches or subsidiaries; and for activities relating to the use, including via investment, of monies from any social security, public retirement or statutory savings scheme. | (1) Unbound (2) None (3) None | |
| b) Non-life insurance services including disability income, accident and health insurance and contracts of fidelity bonds, performance bonds or similar contracts of guarantee | (1) Unbound (2) None except that compulsory insurance of Motor Third Party Liability and Workmen's Compensation may only be purchased from licensed insurance companies in Singapore. (3) Foreign persons can only acquire equity stakes of up to 49 per cent in aggregate in locally owned insurance companies provided the acquisition does not result in any foreign person being the largest shareholder. Unbound for licensing of new insurance companies and establishment of new representative offices. | (1) Unbound (2) None (3) None | |
| c) Reinsurance and retrocession | (1) None (2) None (3) None except that reinsurance companies must be established as branches or subsidiaries. | (1) None (2) None (3) None | |
| d) Insurance intermediation comprising broking and agency services | (1) Unbound (2) These measures are also limitations on national treatment. Agents are not allowed to act for unlicensed insurers. The placement of domestic tisks outside Singapore by brokers is subject to the approval of MAS, with the exception of reinsurance risks and insurance risks relating to maritime liabilities of shipowners insured by protection and indemnity clubs. (3) These measures are also limitations on national treatment. Unbound except for admission of direct insurance brokers (8) and reinsurance brokers as locally incorporated subsidiaries. | (1) Unbound (2) None (3) Unbound | |
| e) Services auxiliary to insurance comprising actuarial, loss adjustors, average adjustors and consultancy services | (1) None (2) None (3) None | (1) None (2) None (3) None |
| B. Banking and Other Financial Services | |||
| a) Acceptance of deposits, and other repayable funds from the public | (1) Unbound (2) None (3) These measures are also limitations on national treatment. Only institutions licensed or approved as banks, merchant banks and finance companies can accept deposits. Where a foreign financial institution is subject to legislation in its home country which requires that institution to confer lower priority to depositors of its foreign offices vis-a-vis the home country depositors in receivership or winding-up proceedings, the MAS may exercise appropriate differentiated measures against that foreign financial institution in Singapore to safeguard the interest of the Singapore office's depositors. MAS may require foreign banks to incorporate under Singapore law. Establishment and operation of foreign banks, merchant banks and finance companies are also subject to the limitations listed under activities B.a) through B.I) and the following limitations: Commercial banks: No new full and wholesale banks. New foreign banks may only establish as offshore bank branches or representative offices. Representative offices cannot conduct business or act as agents. Banks, with MAS' approval, can operate foreign currency savings accounts only for nonresidents. A single or related group of foreign shareholders can only hold up to 5 per cent of a local bank's shares. Merchant banks: Foreign banks and merchant banks may establish as merchant bank subsidiaries or merchant bank branches. Finance companies No new finance companies. No foreign person shall acting alone or in concert with other persons, assume control of any finance company. A foreign person is a person that is: (a) in the case of a natural person, not a citizen of Singapore; and (b) in the case of a corporation, not controlled by citizens of Singapore. Approval from the MAS is required before a person (together with associated persons) is allowed to acquire shareholdings or voting control in a finance company of or exceeding 5%, 12% and 20%, and before he obtains effective control of the finance company. In approving applications to exceed the threshold limits, MAS may impose conditions it considers necessary to prevent undue control, protect public interests, and ensure the integrity of the financial system. All finance companies, local and foreign-owned, can only conduct Singapore dollar business. With MAS' prior approval, eligible finance companies can also deal in foreign currencies, gold or other precious metals, and acquire foreign currency stocks, shares, or debt or convertible securities. | (1) Unbound (2) None (3) Commercial banks: Foreign banks can operate from only one office (excluding back- office operations). They cannot establish off-premise Automated Teller Machines (ATM) and ATM networking and new sub-branches. Unbound for provision of all electronic banking services. Location of banks and relocation of banks and sub-branches require prior approval from MAS. Wholesale banks can only accept foreign currency fixed deposits from and operate current accounts for residents and non-residents. For Singapore dollar deposits, they can only accept fixed deposits of $$250,000 or more per deposit. Offshore banks can accept foreign currency fixed deposits from residents and non-residents. For Singapore dollar deposits, they can only accept fixed deposits of $$250,000 or more per deposit from non-residents. A majority of the directors of a bank incorporated in Singapore must be either Singapore citizens or Singapore permanent residents. (9) Merchant banks: Merchant banks can operate from only one office (excluding backoffice operations). Location and relocation of merchant banks require MAS' prior approval. Merchant banks can, with MAS' authorisation, raise foreign currency funds from residents and non-residents, operate foreign currency savings accounts for nonresidents and raise Singapore dollar funds from their shareholders and companies controlled by their shareholders, banks, other merchant banks and finance companies. Finance companies: Location of finance companies and relocation of sub-branches require MAS' prior approval. Foreign-owned finance companies cannot establish off-premise ATMs, ATM networking and new sub-branches. |
| b) Lending of all types, including consumer credit, mortgage credit, factoring and financing of commercial transactions | (1) Unbound (2) None (3) These measures are also limitations on national treatment. (i) Other than in-house credit cards, credit and charge cards may be issued by card issuers approved by MAS subject to MAS' guidelines. (ii) Financial institutions extending Singapore dollar (S$) credit _ facilities exceeding S$5 million per entity to non-resident financial entities or arranging S$ equity or bond issues for non- residents, shall ensure that where the S$ proceeds are to be used outside Singapore, they are swapped or converted into foreign currency upon draw-down or before remittance abroad. Financial entities shall not extend S$ credit facilities to non-resident financial entities if there is reason to believe that the S$ proceeds may be used for S$ currency speculation. (iii) Establishment of credit companies which do not conduct activities requiring MAS' approval is allowed. | (1) None (2) None (3) Each offshore bank's lending in Singapore dollars to residents shall not exceed S$500 million in aggregate. Offshore banks should not use their related merchant banks to circumvent the $$500_ million lending limit. Unbound for establishment of off- premise cash dispensing machines for credit and charge cards issuers. | |
| c) Financial leasing | (1) None (2) None (3) None except as indicated for activity B.b) above | (1) None (2) None (3) None except as indicated for activity B.b) above | |
| d) Payment and money transmission services, including credit, charge and debit cards, travellers cheques and bankers' drafts | (1) Unbound (2) None (3) These measures are also limitations on national treatment. Remittance shops, except where the remittance business is conducted by banks and merchant banks, are required to be majority owned by Singapore citizens. Bankers' drafts can only be issued by banks. Multi-purpose stored value cards can only be issued by a bank in Singapore licensed by MAS. The limitations indicated in B.b) (3) above also apply to the activities listed in B.d). | (1) Unbound (2) None (3) None | |
| e) Guarantees and commitments | (1) None except for the limitations as indicated in activity A.b) for insurance companies providing contracts of fidelity bonds, performance bonds or similar contracts of guarantee. (2) None (3) None except for the limitations indicated in activity Ab) for insurance companies providing contracts of fidelity bonds, performance bonds or similar contracts of guarantee, and B.b) (3)(ii) above. | (1) None (2) None (3) None | |
| f) Trading for own account or for account of customers, whether on an exchange, in an over-the-counter market or otherwise, the following: - money market instruments (including cheques, bills, certificates of deposit) - foreign exchange - derivative products, including financial futures and options - exchange rate and interest rate instruments, including swaps and forward rate agreements - transferable securities - other negotiable instruments and financial assets, including bullion | (1) Unbound except for trading in products listed in B.f) for own account. Trading in money market instruments, foreign exchange, as well as exchange rate and interest rate instruments can be conducted with financial institutions only. Measures taken are also limitations on national treatment. (2) None (3) These measures are also limitations on national treatment. Banks and merchant banks are required to set up separate subsidiaries to trade financial futures for customers. Financial futures brokers can establish as branches or subsidiaries. The offer of derivative products by both local and foreign-owned financial institutions is allowed provided: - the product has been offered by the financial institution in other internationally-reputable financial centres and the supervisory authorities of those centres agree to the offer of such products in their markets; - the financial institution's parent supervisor and its head office must be aware and have no objection to the offer of such products in the Singapore branch or subsidiary; and - MAS is satisfied that the financial institution has and continues to have the financial strength and adequate internal controls and risk management systems to trade in these products. The offer of derivative products involving the Singapore dollar is subject to the requirement indicated in B.b)(3)(ii). Moneychangers, except where the money changing business is conducted by banks and merchant banks, are required to be majority owned by Singapore citizens. | (1) None (2) None (3) None except as indicated for activity B.b) above. | |
| g) Participation in issues of all kinds of securities, including underwriting and placement as agent and provision of service related to such issues | (1) Unbound except for participation in issues of securities for own account, and underwriting and placement of securities through stockbroking companies, banks or merchant banks in Singapore. Measures taken are also limitations on national treatment. (2) None (3) Measures taken are also limitations on national treatment. Singapore Exchange Securities Trading Ltd (SGX-ST) will admit new trading members. New members will be able to trade directly in Singapore dollar (S$) denominated securities of Singapore incorporated companies with resident investors for a minimum value of $$200,000. Representative offices cannot conduct business or act as agents. Unbound for foreign acquisition of new and existing equity interests in SGX-ST member companies. Banks' and merchant banks' membership on SGX-ST and Singapore Exchange Derivatives Trading Ltd (SGX- DT) must be held through subsidiaries. Unbound for new Primary and Registered dealers of Singapore Government Securities. | (1) None (2) None (3) None except as indicated for activity B.b) above | |
| h) Money broking | (1) Unbound (2) None (3) Unbound for new money brokers. Measures taken are also limitations on national treatment. | (1) Unbound (2) None (3) None | |
| i) Asset management, such as cash or portfolio management, all forms of collective investment management, pension fund management, custodial, depository and trust services | (1) Unbound (2) None (3) These measures are also limitations on national treatment. None, except asset management companies, custodial depositories, and trust services companies can establish as branches, subsidiaries or joint ventures; only the Central Depositary Pte Ltd is authorised to provide securities custodial depository services under the scripless trading system. Unbound for activities relating to the use, including via investment, of monies from any social security, public retirement, or statutory saving scheme. | (1) Unbound (2) None (3) None | |
| j) Settlement and clearing services for financial assets, including securities, derivative products and other negotiable instruments | (1) Unbound, except for the provision of settlement and clearing services for financial assets which are listed on overseas exchanges only. (2) None (3) These measures are also limitations on national treatment. Settlement and clearing services for exchange traded securities and financial futures can only be provided by Central Depository (Pte) Limited and SGX-DT respectively. Only one clearing house established under the Banking Act may provide clearing services for Singapore dollar cheques and interbank fund transfer. | (1) Unbound (2) None (3) Unbound | |
| k) Advisory and other auxiliary financial services, including credit reference and analysis, investment and portfolio research and advice, advice on acquisitions and on corporate restructuring and strategy | (1) Commercial presence is required for provision of investment and portfolio research and advice to the public. (2) None (3) Financial advisers can establish as branches, subsidiaries or representative offices. Representative offices cannot conduct business or act as agents. | (1) None (2) None (3) None | |
| (l) Provision and transfer of financial information, and financial data processing and related software by providers of other financial services | (1) Unbound except for the provision of financial information by providers such as Reuters and Bloomberg. Measures taken are also limitations on national treatment. The Singapore branches of foreign banks can transmit data to their head offices and sister branches for processing provided proper controls exist, the integrity and confidentiality of the data and information are safeguarded, and MAS is allowed on-site access to the data and information at the place where the data and information is processed. (2) Only the provision of financial information by providers such as Reuters and Bloomberg is allowed. Measures taken are also limitations on national treatment. (3) The provision of financial information by providers, such as Reuters and Bloomberg, is allowed. The provision of financial data processing services to banks and merchant banks is subject to domestic laws on protection of confidentiality of information of customers of banks and merchant banks. | (1) None for the provision of financial information by providers such as Reuters and Bloomberg. (2) None (3) None |
ANNEX 3. SCHEDULE OF RESERVATIONS AND NON-CONFORMING MEASURES FOR SERVICES. INDONESIA
LIST A. EXPLANATORY NOTES
1. This List A sets out, pursuant to Article 12 (Schedules of Non-Conforming Measures) of Chapter 8 (Trade in Services), Indonesia'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);
(b) Article 5 (Market Access) of Chapter 8 (Trade in Services);
(c) Article 9 (Most-Favoured-Nation Treatment) of Chapter 8 (Trade in Services); or
(d) Article 10 (Local Presence) of Chapter 8 (Trade in Services);
2. Each entry in this List A sets out the following elements:
(a) Sector refers to the sector for which the entry is made;
(b) Subsector, refers to the specific subsector for which the entry is made;
(c) Industry Classification, where referenced in sector or subsector row, refers to the activity covered by the non-conforming measure, according to:
(i) the provisional CPC codes as used in the Provisional Central Product Classification (Statistical Papers Series M No. 77, Department of International Economic and Social Affairs, Statistical Office of the United Nations, New York, 1991); or
(ii) Indonesian Standard of Industrial Classification (Kiasifikasi Baku Lapangan Usaha Indonesia/KBLI) 2015.
(d) Level of Government indicates the level of government maintaining the listed measures;
(e) Obligations Concerned specifies the obligations referred to in Paragraph 1 that, pursuant to Article 12 (Schedules of Non-Conforming Measures) of Chapter 8 (Trade in Services), do not apply to the listed measures;
(f) Description sets out the non-conforming measure for which the entry is made;
(g) Source of Measure identifies the laws, regulations or other measures 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 the Second Protocol; and
(ii) includes any subordinate measure adopted or maintained under the authority of and consistent with the measure.
3. An entry that reserves against 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), however it shall also be considered as a reservation against Article 4 (National Treatment) of Chapter 8 (Trade in Services).
4. In accordance with Article 12 (Schedules of Non-Conforming Measures) of Chapter 8 (Trade in Services), the Articles of this Agreement specified in the Obligations Concerned element of an entry do not apply to the non-conforming measures identified in the Description element of that entry.
5. Entries that apply to all Sectors specified in entries four through nine of List B apply to supply of services on subsectors specified in this list, unless otherwise provided.
6. The Schedules of other Parties shall not be used to interpret Indonesia's obligations under Chapter 8 (Trade in Services).
7. This note shall form part of Indonesia's reservations.
1. Sector: Professional Services
Subsector: Legal Services (CPC 861):
(a) Only for advisory services on foreign and international law
(b) For greater certainty, advisory service shall not include:
(i) legal representation in Indonesian court of justice or undertake legal proceedings under any circumstances
(ii) notarial activities
Level of Government: Central
Obligations Concerned: National Treatment. Market Access
Description: Trade in Services
Commercial presences of foreign law firm services supplier are prohibited.
Source of Measure: Law No. 18 of 2003 concerning Advocate
2. Sector: Communication Services
Subsector:
(a) Postal Services (CPC 75111 and CPC 75112) (Indonesia Standard Industrial Classification 2015, Code 53102- Commercial Postal) excluding Intercity Delivery and Universal Post Services
(b) Courier Services (CPC 75121) (Indonesia Standard Industrial Classification 2015, Code 53102-Commercial Postal) excluding Intercity Delivery and Universal Post Services
Level of Government: Central
Obligations Concerned: National Treatment. Market Access
Description: Trade in Services
Foreign service suppliers are not permitted to establish a commercial presence in Indonesia to supply postal or courier services, except through a joint venture with only one Indonesian postal service supplier with foreign equity participation not exceeding 49 per cent. The Indonesian joint venture partner must be wholly owned by Indonesian nationals.
The joint venture may only operate within a provincial capital that has an international airport or seaport and is prohibited from providing postal and courier services between cities in Indonesia.
Source of Measure: Law No. 38 of 2009 concerning Postal
3. Sector : Maritime Transport Services