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12 JANVIER 1999. - Act enacting the Fifth Protocol annexed to the General Agreement on Trade in Services, done at Geneva on 27 February 1998 (1) (2)

ALBERT II, King of the Belgians,
To all, present and to come, Hi.
The Chambers adopted and We sanction the following:
Article 1^er. This Act regulates a matter referred to in Article 77 of the Constitution.
Art. 2. The Fifth Protocol annexed to the General Agreement on Trade in Services, done at Geneva on 27 February 1998, will come out of its full effect.
Promulgate this law, order that it be clothed with the seal of the State and published by the Belgian Monitor.
Given in Brussels on 12 January 1999.
Minister of Foreign Affairs,
E. DERYCKE.
Minister of Economy,
E. DI RUPO
Minister of Finance,
J.-J. VISEUR
Seal of the state seal:
Minister of Justice,
T. VAN PARYS
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Note
Session 1997-1999:
(1) Senate:
Documents. - Bill tabled on 30 September 1998, No. 1-1102/1
Report, no. 1-1102/2
Text adopted in session and transmitted to the Chamber, No.
Text adopted by the Commission, No. 1-1102/3
Annales parliamentarians. - Discussion, session of 18/11/98
Voting, meeting of 19/11/98
Room.
Documents. - Project transmitted by the Senate, No. 1836/1
Report, no.
Text adopted in plenary and subject to Royal Assent, No. 1836/2
Annales parliamentarians. - Discussion, meeting of 3 December 1998.
Voting, meeting of 3 December 1998.
(2) The Protocol entered into force on 1 March 1999.

Fifth Protocol to the General Agreement on Trade in Services
Members of the World Trade Organization (hereinafter referred to as the "WTO") whose Lists of Specific Commitments and Lists of Exemptions of Obligations set out in Article II of the General Agreement on Trade in Financial Services are annexed to this Protocol (hereinafter referred to as the "Members concerned"),
Having conducted negotiations in accordance with the provisions of the Second Decision on Financial Services adopted by the Council for Trade in Services on 21 July 1995 (S/L/9),
Consistent with the following provisions:
A List of Specific Commitments and a List of Exemptions from the obligations set out in Article II concerning financial services annexed to this Protocol for a Member shall replace, at the entry into force of this Protocol for that Member, the sections relating to the financial services of the List of Specific Commitments and the List of Exemptions from the obligations set out in Article II of that Member.
This protocol will be open to the acceptance, by signature or otherwise, of the Members concerned until 29 January 1999.
This Protocol shall enter into force on the thirtieth day following the date of its acceptance by all Members concerned. If it has not been accepted by all the Members concerned by 30 January 1999, the Members who have accepted it before that date may, within 30 days following, make a decision regarding its entry into force.
This protocol will be deposited with the Director General of the WTO. The Director-General of the WTO shall give each WTO Member a certified true copy of this Protocol and notifications of acceptances of the said Protocol in accordance with paragraph 3.
This Protocol shall be registered in accordance with the provisions of Article 102 of the Charter of the United Nations.
Done in Geneva, on the twenty-seventh of February, nine hundred and ninety-eight, in a single copy, in the English, French and Spanish languages, the three texts being equally authentic, unless otherwise specified in the Lists annexed to this Protocol.

European Communities and their Member States
List of specific commitments
Modes of delivery: 1) Transboundary supplies 2) Foreign consumption 3) Commercial presence 4) Presence of physical persons
For the consultation of the table, see image
Additional commitment of the European Communities and their Member States
ASSURANCE
(a) The European Communities and their Member States note the close cooperation that has been established between the authorities of the Member States responsible for regulation and monitoring in the field of insurance and support the efforts they have undertaken to promote improved monitoring rules.
(b) Member States will do their utmost to review within six months the duly established applications submitted by companies governed by the laws of a third country with a view to obtaining the licences necessary to carry out direct insurance activities through the establishment of a subsidiary in a Member State, in accordance with the legislation of that State. In cases where these requests are rejected, the authority of the Member State will do everything possible to inform the companies in question and to give reasons for the rejection of the application.
(c) the authorities of the Member States responsible for monitoring shall do their utmost to provide without undue delay the information requested by companies governed by the laws of a third country on the State of advancement of the examination of their duly established applications submitted for the purpose of obtaining the licences necessary for the execution of direct insurance activities through the establishment of a subsidiary in a Member State, in accordance with the law of that State.
(d) The European Communities and their Member States will do their utmost to consider any issues relating to the proper functioning of the internal insurance market and to consider any issues that might have an impact on this market.
(e) The European Communities and their Member States note that in respect of motor insurance, in accordance with the Community legislation in force on 31 December 1997 and without prejudice to future legislation, premiums may be calculated based on several risk factors.
(f) The European Communities and their Member States note that, in accordance with future legislation, prior approval by the national supervisory authorities of the conditions set out in the policies and premium rates that an insurance company intends to use is generally not necessary.
(g) The European Communities and their Member States note that, in accordance with the Community legislation in force on 31 December 1997 and without prejudice to future legislation, the prior approval by the national supervisory authorities of the increase in premium rates is generally not necessary.
OTHER FINANCIAL SERVICES
(a) Pursuant to the relevant EU directives, Member States will do their utmost to examine within twelve months the duly established applications submitted by companies governed by the laws of a third country with a view to obtaining the necessary licences for the execution of banking activities through the establishment of a subsidiary in a Member State in accordance with the law of that State. In cases where these requests are rejected, the Member State will do its utmost to inform the companies in question and to give reasons for the rejection of the application.
(b) Member States shall make every possible effort to provide without undue delay the information requested by companies governed by the laws of a third country on the status of the examination of their duly-established applications submitted with a view to obtaining the licences necessary for the execution of banking activities through the establishment of a subsidiary in a Member State, in accordance with the law of that State.
(c) Pursuant to the relevant EU directives, Member States will do their utmost to review within six months the duly established applications submitted by companies governed by the laws of a third country with a view to obtaining the necessary licences for the provision of investment services in the field of securities, as defined in the Directive on Investment Services, through the establishment of a subsidiary in a Member State, in accordance with the legislation of that Member State. In cases where these requests are rejected, the Member State will do its utmost to inform the companies in question and to give reasons for the rejection of the application.
(d) Member States will do their best to provide without undue delay the information requested by companies governed by the laws of a third country on the status of the examination of their duly established applications submitted for the purpose of obtaining the licences necessary for the provision of investment services in the field of securities through the establishment of a subsidiary in a Member State, in accordance with the law of that State.
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Notea's
(1) Unlike subsidiaries of foreign companies, branches established directly in a Member State by a non-community financial institution are not, with limited exceptions, subject to the Community-wide harmonized prudential regulations that provide the above-mentioned subsidiaries with expanded facilities to establish new institutions and provide cross-border services throughout the Community. These branches are therefore allowed to operate in the territory of a Member State in conditions equal to those applicable to the national financial institutions of that Member State and may be required to meet several specific prudential rules such as, in the case of banks and investment services in the field of securities, a separate capital and other requirements relating to credit, as well as to the presentation and publication of particular accounts, or, Member States may apply the restrictions set out in this list only to the direct establishment, from a third country, of a commercial presence or the provision of cross-border services from a third country; a Member State may therefore not apply these restrictions, including those relating to the establishment, has subsidiaries of third-country companies established in other countries Member States of the Community, unless these restrictions are also applicable to companies or nationals of other Member States in accordance with Community law.
(2) I: The provision and transfer of financial information and the processing of financial data leading to the negotiation of financial instruments may be prohibited where there is a risk of serious breach of investor protection. Only registered banks and investment companies are required to comply with the rules governing the conduct of business when providing investment advice on financial instruments and advice to companies on capital structure, industrial strategy and related matters, and when providing advice and services on mergers or acquisitions of businesses. Advisory activities should not include asset management.
(3) I: Persons authorized to manage collective assets shall be deemed to be responsible for any investment activity carried out by their substitutes (management of collective assets, with the exception of the UCITS).