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

Read the untranslated law here: https://www.global-regulation.com/law/romania/3071493/-lege-nr.-18-din-13-ianuarie-1999-pentru-ratificarea-celui-de-al-cincilea-protocol%252c-anexa-la-acordul-general-privind-comerul-cu-servicii%252c-adoptat-.html

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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 PARLIAMENT published in ISSUING the OFFICIAL GAZETTE nr. 11 of 18 January 1999 the Parliament adopts this law.


Article 1 shall ratify the fifth Protocol, annex to the general agreement on trade in services, adopted in Geneva on 27 February 1998, and the list of specific commitments of Romania concerning financial services annexed to this protocol.


Article 2 the list of specific commitments of Romania concerning financial services, referred to in art. 1, will replace, on the date of entry into force of the fifth Protocol, annexed to the general agreement on trade in services, the financial services sections of the list of specific commitments, Romania annexed to this agreement, ratified by law No. 133/1994.
This law was adopted by the Senate at its meeting on 23 November 1998, in compliance with the provisions of art. 74 para. (2) of the Constitution of Romania.
PRESIDENT of the SENATE, pp. ULM SADR this law was adopted by the Chamber of deputies at its meeting on 14 December 1998, in compliance with the provisions of art. 74 para. (2) of the Constitution of Romania.
p. CHAMBER of DEPUTIES PRESIDENT, PAULA IVANESCU of the FIFTH PROTOCOL, annex to the general agreement on trade in services *) — — — — — — — — — — — * Note) version.

Members of the World Trade Organization (hereafter called O.M.C.), whose list of specific commitments and lists of exemptions from the obligations laid down in article 21. II of the general agreement on trade in services concerning financial services are annexed to this protocol (hereinafter referred to as members involved) by carrying out 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), have agreed the following provisions: 1. A schedule of specific commitments and a list of exemptions from the obligations laid down in article 21. II concerning financial services annexed to this protocol in respect of a member, to replace, after the entry into force of this protocol for that Member, the financial services sections of the list of specific commitments and lists of exemptions from the obligations laid down in article 21. II of this member.
2. This protocol shall be open for acceptance, by signature or otherwise, by members concerned until 29 January 1999.
3. This protocol shall enter into force on the 30th day following the date of acceptance of his will by all members involved. If it is not accepted until January 31, 1999, the members of which have accepted it by that date will be able, in the 30 days that will follow, to adopt a decision concerning the date of entry into force.
4. This protocol shall be deposited with the Director general of the general director of O.M.C. O.M.C. will submit in the shortest time possible to each Member a certified copy O.M.C. on this protocol and notifications of acceptance of that protocol, in accordance with paragraph 3.
5. This protocol shall be registered in accordance with the provisions of article 3. 102 of the Charter of the United Nations.
Done at Geneva on 27 February 1998, in a single original in the Dutch, French, English and Spanish, the three texts being equally authentic, with the exception of the provisions to the contrary regarding the lists annexed to this protocol.


Annex 1 — — — — — — — — — — the protocol — — — — — — — —-India-SCHEDULE of SPECIFIC COMMITMENTS on FINANCIAL SERVICES of the supply Mode: (1) delivery of services abroad (2) consumption abroad (3) commercial Presence (4) presence of natural persons sector or sub-sector limitations on market access limitations on national treatment additional Commitments 7. Additional information for the financial services 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 undertakings are subject to authorisation by the Office for the supervision of insurance and reinsurance Activity. The establishment and activity of the banks are subject to authorisation of the National Bank of Romania. There are no restrictions on the establishment of foreign banks in Romania, apart from compliance with prudential measures set by the National Bank of Romania.

 

The establishment and activity of entities operating in the securities market (natural or legal persons as appropriate) shall be subject to the authorisation of the National Commission for securities (Cnvm) from Romania.

 

After the establishment of a commercial presence, financial institutions should carry out their transactions with residents only in the national currency of Romania.

 


 


 


 


 


 


 


 

A. insurance and reinsurance Services to) life insurance Services (8121) (1) Loose.
(1) Loose.

 


 

(2) Loose.
(2) Loose.

 


 


 

(3) the creation of companies with foreign participation is permitted only through association with legal and physical persons. Representatives of foreign companies and the associations of foreign insurers may conclude insurance contracts with foreign legal and physical 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 those (8129) (1) Loose.
(1) Loose.

 


 

(2) Loose.
(2) Loose.

 


 

(3) the creation of companies and intermediary agencies with foreign participation is allowed only through association with legal and physical persons. Representatives of foreign companies and the associations of foreign insurers may conclude insurance contracts only with foreign legal and physical persons and 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 retrocession (81299) (1) no restrictions, except that the reinsurance in the international market is permitted only if the reinsured risk cannot be placed on the domestic market.
(1) there are no restrictions.

 


 


 

(2) no restrictions, except that the cession of reinsurance in the international market can be made only if the reinsured risk cannot be placed on the domestic market.
(2) no restrictions.

 


 


 

(3) the creation of companies with foreign participation is permitted only through association with legal and physical 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) services auxiliary to insurance (including broking and agency services) (8140) (1) Loose.
(1) Loose.

 


 

(2) Loose.
(2) Loose.

 


 

(3) the creation of companies and intermediary agencies with foreign participation is allowed only in association with legal and physical persons. Intermediary agencies may not conclude insurance contracts for foreign insurance companies with Romanian legal or natural persons or their goods. Representative offices of foreign insurance companies and associations of foreign insurers have the right to conclude only the following types of insurance contracts: (3) no restrictions.

 


 


 

a) insurance contracts and reassurance with legal and physical persons or their goods;

 


 


 


 


 

(b) reinsurance contracts) with insurance companies and insurance-reinsurance companies.

 


 


 


 


 

(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) Acceptance of deposits) and other repayable funds from the public (81115-81119) (1) there are no restrictions.
(1) there are no restrictions.

 


 

(2) the opening of foreign currency accounts and use of resources abroad by Romanian natural and legal persons shall be made only with the prior permission of the National Bank of Romania.
(2) 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.

 

b) Loans of all kinds (8113) (1) there are no restrictions.
(1) there are no restrictions.

 


 

(2) no restrictions.
(2) 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 payments and monetary transfers ((81339 *) (1) Permitted only by a resident Bank.
(1) there are no restrictions.

 


 


 

(2) the opening of foreign currency accounts and use of resources abroad by Romanian natural and legal persons shall be made only with the prior permission of the National Bank of Romania.
(2) 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.

 

e) guarantees and commitments (81199 *) (1) there are no restrictions.
(1) there are no restrictions.

 


 

(2) no restrictions.
(2) 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 their own account or on account of clients, into a publicly traded on a stock market or otherwise, concerning:-negotiable securities (81321).
(1) Loose.
(1) Loose.

 


 

(2) the opening of foreign currency accounts and use of resources abroad by Romanian natural and legal persons shall be made only with the prior permission of the National Bank of Romania.
(2) no restrictions.

 


 


 

(3) the company securities (securities broker) must be a legal entity established by Romanian in the form of a joint stock company, according to the Romanian law, and having as its objective the intermediation of securities exclusively.
(3) no restrictions, with the following exceptions:-transactions in securities on the organized securities market, carried out by a natural or legal person who is not a resident in Romania, are taxed up to 1.5% of the total value of each purchase contract;

 


 


 


 


 

-repatriation of invested capital and profits to be made in the same currency in which the 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 all kinds of securities; including guarantee or placement as agent (whether public or private) and provision of services related to these broadcasts (81329 81322 +) (1) Loose.
(1) Loose.

 


 

(2) Loose.
(2) Loose.

 


 

(3) securities firm must be a Romanian legal entity constituted in the form of a joint stock company, according to the Romanian law, and having as its objective the intermediation of securities exclusively. Any public offering of securities, before the publication of the prospectus, approval of the National Commission on securities from Romania.
(3) no restrictions, except that the repatriation of invested capital and profits to be made in the same currency in which the 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) currency Broking (81339 *) (1) there are no restrictions.
(1) there are no restrictions.

 


 


 

(2) no restrictions.
(2) 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, such as cash management or portfolio management, all forms of collective investment management, pension funds, depository and trust services: custodiale-portfolio management (81323 *);
(1) Loose.
(1) Loose.

 


 

(2) Loose.
(2) Loose.

 

-services relating to closed end funds (81191);
(3) no restrictions, with the following exceptions: (3) no restrictions, except that the repatriation of invested capital and profits to be made in the same currency in which the investment was made.

 

-services relating to open-end investment (81193);
-supplier of services firms listed (except PC * 81193) must be formed as joint stock companies, according to the Romanian law;

 


 

-custody services for securities (81319).

 


 


 


 


 

-open-end investment should be made in accordance with 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 financial assets, including securities, derivative products, and other negotiable instruments. Applies to:-clearing and settlement services for securities (81319 *).
(1) Loose.
(1) Loose.

 


 

(2) Loose.
(2) Loose.

 


 

(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 services and other ancillary services (8133) (1) there are no restrictions.
(1) there are no restrictions.

 


 

(2) no restrictions.
(2) 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) provision and transfer of financial information and financial data processing software by providers of other financial services.

 


 


 


 


 


 

Applies only to:-Securities Services (8131 *).
(1) there are no restrictions.
(1) there are no restrictions.

 


 

(2) no restrictions.
(2) 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.

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