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Law No. 18 Of 13 January 1999 On The Ratification Of The Fifth Protocol, The Annex To The General Agreement On Trade In Services, Adopted In Geneva On 27 February 1998

Original Language Title:  LEGE nr. 18 din 13 ianuarie 1999 pentru ratificarea celui de-al cincilea Protocol, anexa la Acordul general privind comerţul cu servicii, adoptat la Geneva la 27 februarie 1998

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LEGE no. 18 18 of 13 January 1999 for the ratification of the Fifth Protocol, the Annex to the General Agreement on Trade in Services, adopted in Geneva on 27 February 1998
ISSUER PARLIAMENT
Published in OFFICIAL MONITOR no. 11 11 of 18 January 1999



The Romanian Parliament adopts this law + Article 1 The fifth Protocol, the Annex to the General Agreement on Trade in Services, adopted in Geneva on 27 February 1998, and the List of specific commitments of Romania on financial services, annexed to this Protocol, shall be ratified. + Article 2 The list of specific commitments of Romania on financial services, referred to in art. 1, will replace, on the date of entry into force of the Fifth Protocol, the Annex to the General Agreement on Trade in Services, the sections on financial services of the List of specific commitments of Romania, annexed to this Agreement, ratified by Law no. 133/1994 133/1994. This law was adopted by the Senate at the meeting of 23 November 1998, in compliance with the provisions of art. 74 74 para. (2) of the Romanian Constitution. p. SENATE PRESIDENT, ULM SPINEANU This law was adopted by the Chamber of Deputies at the meeting of December 14, 1998, in compliance with the provisions of 74 74 para. (2) of the Romanian Constitution. p. CHAMBER OF DEPUTIES PRESIDENT, PAULA IVANESCU THE FIFTH PROTOCOL, Annex to the General Agreement on Trade in Services *) ----------- Note * *) Translation. Members of the World Trade Organization (hereinafter referred to as O.M.C.), whose lists of specific commitments and lists of exceptions to the obligations laid down in art. II of the General Agreement on trade in services, relating to financial services, are annexed to this Protocol (hereinafter referred to as members involved), Acting in negotiations, as provided for in the second Financial Services Decision, adopted by the Council for Trade in Services on 21 July 1995 (S/L/9), The following provisions are: 1. A list of specific commitments and a list of exceptions to the obligations set out in art. II on financial services, annexed to this Protocol for a Member, will replace, upon the entry into force of this Protocol, for this Member, the sections relative to the financial services of the list of specific commitments and of the list of exceptions to the obligations set out in art. II of this member. 2. This Protocol will be open for acceptance, by signature or otherwise, by the members involved, until January 29, 1999. 3. This Protocol will enter into force on the 30th day following the date of its acceptance by all involved members. If it is not accepted by 31 January 1999, the members who have accepted it before that date will be able, within the 30 days to come, to adopt a decision on its entry into force. 4. This Protocol will be submitted to the Director General of the O.M.C. The general manager of the O.M.C. shall submit as soon as possible to each member of the O.M.C. a certified copy of this Protocol and the notifications of acceptance of this protocol, according to paragraph 3. 5. This protocol will be registered according to art. 102 of the United Nations Charter. Done at Geneva on 27 February 1998, in a single copy, in French, English and Spanish, the three texts being equally authentic, with the exception of the contrary provisions concerning the lists annexed to this Protocol. + Annex 1 ------- to protocol ------------ ROMANIA-LIST OF SPECIFIC COMMITMENTS ON FINANCIAL SERVICES Supply mode: (1) Delivery across the border of services (2) Eating abroad (3) Commercial presence (4) Presence of individuals Sector or sub-sectorLimitations on Access to the marketLimitations on national treatment Additional commitments 7. Financial services Additional information for transparency and clarification: The normal prudential rules apply to financial institutions (insurance, reinsurance, banking and securities), in order to protect investors, depositors and to ensure stability of the financial system The establishment and activity of insurance and reinsurance companies are subject to the authorization of the Insurance and Reinsurance Activity Supervisory Office. The establishment and activity of banks are subject to the authorization of the National Bank There are no restrictions on the establishment of foreign banks in Romania, apart from the observance of prudential measures fixed by the National Bank of Romania. The establishment and activity of entities operating on the securities market (natural or legal persons, as the case may be) are subject to the authorization of the National Securities Commission of Romania (C.N.V.M.). After the establishment of a commercial presence, financial institutions must carry out their transactions with residents only in the national currency of Romania. A. Insurance and Reinsurance Services a) Life Insurance Services (8121) (1) Unconsolidated. (1) Unbound. (2) Unconsolidated. (2) Unconsolidated. (3) The constitution of companies with foreign participation is allowed only by association with Romanian legal and physical persons. Representatives of foreign companies and associations of foreign insurers may conclude insurance contracts with foreign legal or natural persons. (3) There are no restrictions. ((4) Unbound, except as indicated in the section on horizontal measures. (4) There are no restrictions, other than those indicated in the section on horizontal measures. b) Insurance services other than life (8129) (1) Unconsolidated. (1) Non-consolidated. (2) Unconsolidated. (2) Unconsolidated. (3) The constitution of companies and intermediation agencies, with foreign participation, is allowed only by association with Romanian legal and physical persons. Representatives of foreign companies and associations of foreign insurers may enter into insurance contracts only with foreign legal or natural persons and for their goods. (3) There are no restrictions. ((4) Unbound, except as indicated in the section on horizontal measures. (4) There are no restrictions, other than those indicated in the section on horizontal measures. c) Reinsurance and reversion services (81299) (1) There are no restrictions, except that reinsurance on the international market is only allowed if the reinsured risk cannot be placed on the domestic market. (1) There are no restrictions. (2) There are no restrictions, except that the disposal of reinsurance on the international market can only be made if the reinsured risk cannot be placed on the domestic market. (2) There are no restrictions. (3) The constitution of companies with foreign participation is allowed only by association with Romanian legal and natural persons. (3) There are no restrictions. ((4) Unbound, except as indicated in the section on horizontal measures. (4) There are no restrictions, other than those indicated in the section on horizontal measures. d) Auxiliary insurance services (including brokerage and agenturation services) (8140) (1) Unconsolidated. (2) Unconsolidated. (2) Unconsolidated. (3) The constitution of companies and agents of intermediation, with foreign participation, is allowed only in association with Romanian legal and physical persons. Intermediation agencies may not enter into insurance contracts for foreign insurance companies with Romanian legal or natural persons or for their goods. The representations of foreign insurance companies and associations of foreign insurers have the right to conclude only the following types of insurance contracts: (3) There are no restrictions. a) insurance and reinsurance contracts with foreign legal and natural persons or for their goods; b) reinsurance contracts with insurance companies and insurance companies-Romanian reinsurance. ((4) Unbound, except as indicated in the section on horizontal measures. (4) There are no restrictions, other than those indicated in the section on horizontal measures. B. Banking and other financial services (excluding insurance) a) Acceptance of deposits and other repayable funds from the public (81115 -81119) (1) No restrictions. (1) No restrictions. (2) The opening of accounts and the use of foreign exchange resources outside the country by Romanian individuals and legal entities shall be made only with the prior permission of the National Bank of Romania. (3) There are no restrictions. (3) There are no restrictions. ((4) Unbound, except as indicated in the section on horizontal measures. (4) There are no restrictions, other than those indicated in the section on horizontal measures. b) Loans of all types (8113) (1) There are no restrictions. (1) There are no restrictions. (2) There are no restrictions. (2) There are no restrictions. (3) There are no restrictions. (3) There are no restrictions. ((4) Unbound, except as indicated in the section on horizontal measures. (4) There are no restrictions, other than those indicated in the section on horizontal measures. d) All services (payments and money transfers (81339 * *) (1) Permitted only through a resident bank. (1) There are no restrictions. (2) The opening of accounts and the use of foreign exchange resources outside the country by Romanian individuals and legal entities shall be made only with the prior permission of the National Bank of Romania. (3) There are no restrictions. (3) There are no restrictions. ((4) Unbound, except as indicated in the section on horizontal measures. (4) There are no restrictions, other than those indicated in the section on horizontal measures. e) Guarantees and commitments (81199 * *) (1) There are no restrictions. (1) There are no restrictions. (2) There are no restrictions. (2) There are no restrictions. (3) There are no restrictions. (3) There are no restrictions. ((4) Unbound, except as indicated in the section on horizontal measures. (4) There are no restrictions, other than those indicated in the section on horizontal measures. f) Operations on own account or on the account of clients, in a stock exchange, on a market without quotations or otherwise, regarding:-negotiable securities (81321 *). (1) Unconsolidated. (2) The opening of accounts and the use of foreign exchange resources outside the country by Romanian individuals and legal entities shall be made only with the prior permission of the National Bank of Romania. (3) The securities company (securities intermediation) must be a Romanian legal entity, constituted as a joint-stock company, according to the Romanian law, and having as its sole objective the intermediation of securities. are restrictions, with the following exceptions: -transactions with securities on the organized securities market, carried out by a natural or legal person, who is not resident in Romania, are taxed up to 1.5% of the total value of each purchase contract; -repatriation of the invested capital and profits must be made in the same currency in which the initial investment was made. ((4) Unbound, except as indicated in the section on horizontal measures. (4) There are no restrictions, other than those indicated in the section on horizontal measures. g) Participation in issues of any type of securities; including guarantee or placement, as agent (either public or private) and provision of services related to these issues (81322 + 81329) (1) Unconsolidated. (2) Unconsolidated. (2) Unconsolidated. (3) The securities company must be a Romanian legal entity, constituted as a joint-stock company, according to the Romanian law, and having as its sole objective the intermediation of securities. Any public offering of securities requires, prior to the publication of the prospectus, the authorization of the National Securities Commission of Romania. (3) There are no restrictions, except that the repatriation of the invested capital and profits must be made in the same currency in which the initial investment was made. ((4) Unbound, except as indicated in the section on horizontal measures. (4) There are no restrictions, other than those indicated in the section on horizontal measures. h) Monetary brokerage (81339 * *) (1) There are no restrictions. (1) There are no restrictions. (2) There are no restrictions. (2) There are no restrictions. (3) There are no restrictions. (3) There are no restrictions. ((4) Unbound, except as indicated in the section on horizontal measures. (4) There are no restrictions, other than those indicated in the section on horizontal measures. i) Asset management, for example: treasury or portfolio management, all forms of collective investment management, pension fund management, custodial storage services and trust services: -portfolio management ((81323 *); (1) Unbound. (1) Unbound. (2) Unconsolidated. (2) Unconsolidated. -services on closed investment funds (81191 *); (3) There are no restrictions, with the following exceptions: (3) There are no restrictions, except that the repatriation of invested capital and profits must be made in the same currency in which it was made initial investment. services on open investment funds (81193 *);-commercial companies providing listed services (except PC 81193 *) must be constituted as joint stock companies, according to the Romanian law; -custody services for the values securities (81319 *). -the open investment funds must be established according to the Romanian civil law. ((4) Unbound, except as indicated in the section on horizontal measures. (4) There are no restrictions, other than those indicated in the section on horizontal measures. j) Settlement and clearing services related to financial assets, including securities, derivatives and other negotiable instruments. It shall apply to:-settlement and clearing services for securities (81319 * *). (1) Unconsolidated. (1) Non-consolidated. (2) Unconsolidated. (2) Unconsolidated. (3) There are no restrictions. (3) There are no restrictions. ((4) Unbound, except as indicated in the section on horizontal measures. (4) There are no restrictions, other than those indicated in the section on horizontal measures. k) Consulting and other ancillary services (8133) (1) No restrictions. (1) No restrictions. (2) There are no restrictions. (2) There are no restrictions. (3) There are no restrictions. (3) There are no restrictions. ((4) Unbound, except as indicated in the section on horizontal measures. (4) There are no restrictions, other than those indicated in the section on horizontal measures. l) Provide and transfer of financial information processing of financial and software data corresponding to the providers of other financial services. Only applies to: -securities services (8131 *). (1) No restrictions. (1) No restrictions. (2) There are no restrictions. (2) There are no restrictions. (3) There are no restrictions. (3) There are no restrictions. ((4) Unbound, except as indicated in the section on horizontal measures. (4) There are no restrictions, other than those indicated in the section on horizontal measures. ---------