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Protocol to Implement the Sixth Package of Commitments on Financial Services under the ASEAN Framework Agreement on Services

The Governments of Brunei Darussalam, the Kingdom of Cambodia, the Republic of Indonesia, the Lao People’s Democratic Republic, Malaysia, the Republic of the Union of Myanmar, the Republic of the Philippines, the Republic of Singapore, the Kingdom of Thailand, and the Socialist Republic of Viet Nam, Member States of the Association of Southeast Asian Nations (ASEAN) (hereinafter collectively referred to as “Member States” or singularly as “Member State”);
 
NOTING the ASEAN Framework Agreement on Services (AFAS) signed on 15 December 1995 in Bangkok, Thailand, which seeks to enhance cooperation in services amongst Member States, substantially eliminate restrictions to trade in services amongst Member States and liberalise trade in services by expanding the depth and scope of liberalisation beyond those undertaken by Member States under the General Agreement on Trade in Services (hereinafter referred to as “GATS”) of the World Trade Organization (hereinafter referred to as “WTO”);
 
PURSUANT to the Protocol to Amend the AFAS signed on 2 September 2003 in Phnom Penh, Cambodia, which incorporates a new Article IV bis into the AFAS that aims to expedite the liberalisation of trade in Services within ASEAN;
 
RECALLING the decision of the Leaders to establish the ASEAN Community including the ASEAN Economic Community (AEC) made in the Declaration of ASEAN Concord II adopted on 7 October 2003 in Bali, Indonesia;
 
NOTING, the Declaration on the AEC Blueprint signed in Singapore on 20 November 2007, which aims to transform ASEAN into a single market and production base, a highly competitive economic region, a region of equitable economic development and a region fully integrated into the global economy;
 
MINDFUL of the core elements to establish an ASEAN single market and production base including the element of free flow of services where there will be substantially no restriction to ASEAN services suppliers; and the targets and timelines of the AEC Blueprint;
 
RECALLING the Fifteenth ASEAN Finance Ministers’ Meeting that called on Member States to enter into the sixth round of negotiations on financial services beginning in 2011 and ending in 2013;
 
HAVING carried out and completed the negotiations on financial services pursuant to Article IV of the AFAS and finalised the package of commitments under the sixth round of negotiations on financial services;
 
ACKNOWLEDGING the ASEAN Banking Integration Framework (ABIF) conducted by ASEAN Central Bank Governors’ process.
 
HAVE AGREED AS FOLLOWS:
 
1. Member States who are WTO Members shall continue to extend their specific commitments under the GATS to other Member States who are non-WTO Members.
 
2. This Protocol and its Annexes shall form an integral part of the AFAS.
 
3. The Annexes to this Protocol shall consist of each Member State’s Consolidated Schedule of Specific Commitments on Financial Services which comprises the Member States’ horizontal and sector specific commitments and the Lists of Most-Favoured-Nation (MFN) Exemptions.
 
4. Subject to each Member State’s Consolidated Schedule of Specific Commitments on Financial Services and List of MFN Exemptions, Member States shall accord preferential treatment to one another on a MFN basis.
 
5. For the purpose of deepening regional banking integration, in accordance with Article IV bis of the AFAS and guided by the principles and governance of ABIF as approved by the ASEAN Central Bank Governors Meeting (ACGM), two or more Member States may conduct negotiations and agree to liberalise their banking sectors. Notwithstanding Article X of the AFAS that sets a minimum three-year requirement for modification or withdrawal of Schedules of Specific Commitments, each participating Member State may conclude negotiations at any time and shall inscribe its commitments in banking sectors in its respective Consolidated Schedule of Specific Commitments on Financial Services as referred to in paragraph 3. Any extension of preferential treatment in the banking sector to the remaining Member States on an MFN basis shall be voluntary on the part of the participating Member States.
 
6. This Protocol and the commitments set out in the Annexes shall enter into force ninety (90) days after the date of its signing. Subsequent commitments made in accordance with paragraph 5 shall enter into force ninety (90) days after the date such commitments are notified in writing to the ASEAN Finance Ministers’ Meeting.
 
7. Member States undertake to complete their internal procedures of ratification or acceptance for the entry into force of this Protocol and the commitments set out in the Annexes.
 
8. Each Member State shall, upon the completion of its internal procedures of ratification or acceptance of this Protocol and the commitments set out in the Annexes, notify the ASEAN Secretariat in writing.
 
9. (1) Where a Member State is unable to complete its internal procedures for the entry into force of this Protocol within ninety (90) days from the date of its signing, the rights and obligations of that Member State under this Protocol shall commence on the first day following the date on which notification was made under paragraph 8.
 
(2) Where a Participating Member State is unable to complete its internal procedures within ninety (90) days after the date upon which subsequent commitments made by participating Member States in accordance with paragraph 5 are notified to the ASEAN Finance Ministers’ Meeting, the rights and obligations of that Participating Member State shall commence on the tirst day following the date on which notification was made under paragraph 8.
 
10. This Protocol and the commitments set out in the Annexes shall be deposited with the Secretary-General of ASEAN who shall promptly furnish a certified copy thereof to each Member State. The Secretary-General of ASEAN shall also promptly furnish notifications of ratification or acceptance made pursuant to paragraph 8 to each Member State.
 
IN WITNESS WHEREOF, the undersigned, being duly authorized thereto by their respective Governments, have signed the Protocol to Implement the Sixth Package of Commitments on Financial Services under the AFAS.
 
DONE at Kuala Lumpur, Malaysia, this 20th Day of March in the year, Two Thousand and Fifteen, in a single original copy in the English language.
 
For the Government of Brunei Darussalam
PEHIN DATO ABD RAHMAN IBRAHIM
Minister of Finance II at the Prime Minister’s Office
 
For the Government of the Kingdom of Cambodia:
AUN PORNMONIROTH
Minister of Economy and Finance
 
For the Government of the Republic of Indonesia
BAMBANG PERMADI SOEMANTRI BRODJONEGORO
Minister of Finance
 
For the Government of the Lao People’s Democratic Republic
THIPPHAKONE CHANTHAVONGSA
Vice - Minister of of Finance
 
For the Government of Malaysia
DATO’ SERI AHMAD HUSNI MOHAMAD HANADZLAH
Minister of Finance II
 
For the Government of the Republic of the Union of Myanmar
U WIN SHEIN
Union Minister, Minister of Finance
 
For the Government of the Republic of the Philippines
CESAR V. PURISIMA
Secretary of Finance
 
For the Government of the Republic of Singapore
THARMAN SHANMUGARATNAM
Deputy Prime Minister and Minister for Finance
 
For the Government of the Kingdom of Thailand
SOMMAI PHASEE
Minister of Finance
 
For the Government of the Socialist Republic of Vietnam
DINH TIEN DUNG
Minister of Finance
 
Protocol to Implement the Sixth Package of Commitment on Financial Service
under the ASEAN Framework Agreement on Services

 
BRUNEI DARUSSALAM
SCHEDULE OF SPECIFIC SERVICES COMMITMENTS
Modes of Supply:    1) Cross-border supply      2) Consumption abroad    3) Commercial presence     4) Presence of natural persons
Sector or Subsector Limitations on Market Access Limitations on National Treatment Additional Commitments
All Sectors included in this Schedule 3) Unbound for measures concerning foreign equity or interest in companies established or wishing to establish a commercial presence.
4) Unbound except for measures concerning the entry and temporary presence of intra-corporate transferees at the level of managers, executives and specialists. Entry for theses intra- corporate transferees is limited to a three year period that may be extended up to two additional years for a total term not to exceed five years.
Intra-corporate transferees refers to managers, executives and specialists as defined below, who are employees of firms that provides services within Brunei Darussalam through a branch, subsidiary, or affiliate established in Brunei Darussalam and who have been in the prior employ of the their firms outside Brunei Darussalam for a period of not less than one year immediately preceding the date of their application for admission and who are one of the following:
a) Managers - persons within an organization who primarily direct the organization, or a department or sub- division of the organization, supervise and control the work of other supervisory, professional or managerial employees, have the authority to hire and fire or commend hiring, firing or other personnel actions (such as promotion or leave authorization) and exercise discretionary authority over day-to-day operations, Does not include firs-line supervisors, unless the employees supervised are professionals, nor does it include employees who primarily perform tasks necessary for the provision of the service.
b) Executives - persons within the organization who primarily direct the management of the organization, exercise wide latitude in decision-making and receive only general supervision or direction from higher- level executives, the board of directors, or stockholders of the business. Executives would not directly perform tasks related to the actual provision of the services or services of the organization.
c) Specialists - persons within an organization who possess knowledge at an advanced level of expertise and who possess proprietary knowledge of the organisation's services, research equipment, techniques, or management. (Specialists may include, but are not limited to members of licensed professions).
3) Unbound except with respect to existing commercial presence:
- Half of the board members of a public company and half the directors of a private company must be nationals or residents of Brunei Darussalam.
- All companies incorporated outside Brunei Darussalam which establish or have established a place of business in Brunei Darussalam must have one or more locally resident agents to accept service of process and any service of process or any notices required to be served on the company.
4) Unbound except for measures concerning the categories of natural persons referred to in the market access column.
 
A. All Insurance and Insurance Related Services  
Direct insurance (life) including annuity, disability income, accident and health insurance services. (8121) 1) Unbound
2) None
3) Entry is permitted in the form of a locally incorporated company or foreign branch, subject to the approval of AMBD.
Approval from AMBD is required before a person (together with associated persons) is allowed to acquire control of a locally incorporated insurance company.
4) Unbound except as indicated under horizontal measures
1) Unbound
2) None
3) None
 
 
 
 
4) Unbound except as indicated under horizontal measures
 
Direct insurance (non-life) including disability income, accident and health insurance and contracts of fidelity bonds, performance body or similar contracts of guarantee. (8129) 1) Unbound
2) Compulsory insurance of Motor Third Party Liability and Workmen’s Compensation can be purchased only from insurance companies established in Brunei Darussalam.
1) None
2) None
 
3) Entry is permitted in the form of a locally incorporated company or foreign branch, subject to the approval of AMBD. 3) None  
Approval from AMBD is required before a person (together with associated persons) is allowed to acquire control of a locally incorporated Insurance company.    
4) Unbound except as indicated under horizontal measures 4) Unbound except as indicated under horizontal measures  
Reinsurance and retrocession (life and non- life) (81299*) 1) None
2) None
1) None
2) None
 
3) Entry is permitted in the form of a locally incorporated company or foreign branch, subject to the approval of AMBD. 3) None  
4) Unbound except as indicated under horizontal measures 4) Unbound except as indicated under horizontal measures  
Insurance and intermediation comprising broking and agency services (8140) 1) Unbound
2) Agents registered in Brunei Darussalam are not allowed to transact on behalf of insurers registered outside Brunei Darussalam.
1) Unbound
2) None
 
  Direct broking services for domestic risks related to reinsurance risks and insurance risks relating to marine, aviation and goods in transit is subject to the approval of AMBD.    
  3) Brokers: Entry is permitted in the form of a locally incorporated company or subsidiary only, subject to the approval of AMBD. 3) Unbound  
  Agents: Entry is closed to foreigners. (Employees of Corporate agents can be foreigners)    
  4) Unbound except as indicated under horizontal measures 4) Unbound except as indicated under horizontal measures  
Services auxiliary to insurance, as follows:
a) consultancy (excl. insurance agency services to insurance industry)
b) actuarial risk assessment
c) risk management
d) maritime loss adjusting
1) None
2) None
3) Adjusters other than adjusters of maritime losses: Entry is permitted in the form of a locally incorporated company or subsidiary only, subject to the approval of AMBD.
Actuary: None except actuarial services (whether appointed in-house or externally) rendered to registered insurance companies in Brunei Darussalam must be approved by AMBD.
4) Unbound except as indicated under horizontal measures
1) None
2) None
3) None
 
 
 
 
 


4) Unbound except as indicated under horizontal measures
 
B. Banking and Other Financial Services
Acceptance of deposits and other repayable funds from the public 1) Soliciting, advertising and acceptance of deposits is not allowed in Brunei Darussalam. 1) Unbound  
2) None 2) None  
3) Banks: Entry is permitted in the form of a locally-incorporated company or foreign branch subject to the type of licence approved by AMBD. 3) Subject to approval from the AMBD and relevant existing domestic law  
  Approval from AMBD is required before a person (together with associated persons) is allowed to acquire shareholdings or voting control in a bank of or exceeding 10%, 20%, 33% or majority control. In approving applications to exceed threshold limits, AMBD may impose conditions it considers necessary to prevent undue control, protect public interests and ensure the integrity of the financial system. '  
  Finance companies: Entry is permitted In the form of a locally-incorporated company subject to the approval of AMBD.    
  4) Unbound except as indicated in the horizontal section 4) Unbound except as indicated in the horizontal section  
Lending of all types, incl. inter alia, consumer credit, mortgage credit, factoring and financing of commercial transactions (8113) 1) Unbound
2) Unbound
3) Subject to type of licence approved by the AMBD in accordance with relevant existing domestic law
1) Unbound
2) Unbound
3) Subject to type of licence approved by the AMBD in accordance with relevant existing domestic law
 
  4) Unbound 4) Unbound  
Financial leasing (8112) 1) Unbound 1) Unbound  
  2) None 2) None  
  3) Subject to type of licence approved by the AMBD in accordance with relevant existing domestic law 3) Subject to type of licence approved by the AMBD in accordance with relevant existing domestic law  
  4) Unbound 4) Unbound  
Payment and money transmission activities including credit, charge and debit cards, banker’s drafts (81339**) 1) Unbound 1) Unbound  
2) None 2) None  
3) Remittance businesses: Only Brunei Darussalam citizens are permitted to conduct this business subject to AMBD approval. 3) Unbound  
  Banker’s draft can only be issued by a licensed bank.    
  Multi-purpose store value cards can only be issued by a licensed bank in Brunei Darussalam.    
  4) Unbound 4) Unbound  
Guarantees and commitments (81199**) 1) Unbound 1) Unbound  
2) None 2) None  
3) Unbound 3) Unbound  
4) Unbound 4) Unbound  
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 (cheques, bills, certificate of deposits, etc.) (81339**)
· Foreign exchange (81333)
· Transferable securities (81321**)
· Other negotiable instruments and financial assets, incl. bullion (81339)
1) Unbound
2) None
3) Entry is permitted in the form of a locally incorporated company or foreign branch subject to the approval of AMBD,
Approval from AMBD is required before a person (together with associated persons) is allowed to acquire control of a locally incorporated company.
Banks are required to set up separate entities to conduct trading for account of customers.
1) Unbound
2) None
3) Unbound
 
4) Unbound 4) Unbound  
Asset management, such as cash or portfolio management, all forms of collective investment management, pension fund management, custodial depository and trust services (81323) 1) Unbound 1) Unbound  
2) None 2) None  
3) Pension fund management custodial depository: Unbound 3) Unbound  
Asset Management companies: Entry is permitted in the form of a locally incorporated company or foreign branch subject to the approval of AMBD.    
Approval from AMBD is required before a person (together with associated persons) is allowed to acquire control of a locally incorporated company.    
Banks are required to set up separate entities to conduct trading for account of customers.    
4) Unbound 4) Unbound  
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 (8133) 1) Unbound
2) None
3) AMBD approval is required and subject to existing domestic laws
4) Presence of natural person is allowed temporarily lf there is a commercial presence and subject to AMBD approval
1) Unbound
2) None
3) AMBD approval is required and subject to existing domestic laws
4) Presence of natural person is allowed temporarily if there is a commercial presence and subject to AMBD approval
 
Provision and transfer of financial information, financial data processing and related software by providers of other financial services. (8131) 1) Unbound
2) Unbound
3) AMBD approval is required
4) Unbound
1) Unbound
2) Unbound
3) AMBD approval is required
4) Unbound
 
 
Protocol to Implement the Sixth Package of Commitment on Financial Services
under the ASEAN Framework Agreement on Services
 
CAMBODIA
SCHEDULE OF SPECIFIC SERVICES COMMITMENTS
 
CAMBODIA
SCHEDULE OF SPECIFIC COMMITMENTS FOR FINANCIAL SERVICES UNDER AFAS
Modes of Supply:    1) Cross-border supply        2) Consumption abroad     3) Commercial presence     4) Presence of natural persons
Sector or Subsector Limitations on Market Access Limitations on National Treatment Additional Commitments
FINANCIAL SERVICES
A. All insurance and insurance related services
Life insurance services (CPC81211) 1) Natural or juridical person can enter into contract only with the insurance companies licensed to carry out insurance business in the Kingdom of Cambodia
2) None
3) None
4) Unbound, except as indicated in the horizontal commitments
1) None
 
 
2) None
3) None
4) Unbound, except as indicated in the horizontal commitments
 
Non-life insurance services (CPC8129) 1) None for marine, aviation, and transport insurance from 1 January 2009, or once a law has been passed, the appropriate regulations in place and a local firm authorized, whichever comes first
Until the conditions above are met, marine, aviation and transport insurance services may be supplied by insurance companies licensed to carry out insurance business in the Kingdom of Cambodia
For all other non-life insurance services, natural or juridical persons can enter into contract only with the insurance companies licensed to carry out insurance business in the Kingdom of Cambodia
1) None  
  2) None 2) None  
  3) None 3) None  
  4) Unbound, except as indicated in the horizontal commitments 4) Unbound, except as indicated in the horizontal commitments  
Reinsurance and retrocession (CPC 81299) 1) None, except companies must reinsurance 20% of their risk in Cambodia Re until 31 December 2007. Insurance contracts of total sum insured of less than or equal to USD 500,000 must be reinsured locally until 31 December 2008. Thereafter, none 1) None  
  2) None 2) None  
  3) None, except companies must reinsure 20% of their risk in Cambodia Re until 1 January 2008. Thereafter, none 3) None  
  4) Unbound, except as indicated in the horizontal commitments 4) Unbound, except as indicated in the horizontal commitments  
Services auxiliary to insurance (including broking and agency services) (CPC 8140) 1) None
2) None
1) None
2) None
 
  3) None 3) None  
  4) Unbound, except as indicated in the horizontal commitments 4) Unbound, except as indicated in the horizontal commitments  
B. Banking and other financial services
Acceptance of deposits and other repayable funds from the public (CPC 81115-81119) 1) None, except deposits from the public must be reinvested in Cambodia 1) None  
Lending of all types, including consumer credit, mortgage credit, factoring and financing of commercial transaction (CPC 81113) 2) None
3) None, except only permitted through authorized financial institutions as banks
2) None
3) None
 
All payment and money transmission service, including credit, charge and debit cards, traveler cheques and bankers drafts (CPC81112) 4) Unbound, except as indicated in the horizontal commitments 4) Unbound, except as indicated in the horizontal commitments  
Financial leasing (CPC 81112) 1) None 1) None  
  2) None 2) None  
  3) Permitted through banks and financial lease institutions receiving licenses to operate banking business from the National Bank of Cambodia. Financial lease institutions are not be allowed to undertake banking operations other than the financial lease business 3) None  
  4) Unbound, except as indicated in the horizontal commitments 4) Unbound, except as indicated in the horizontal commitments  
Guarantees and commitments (CPC8119**) 1) Unbound 1) None  
  2) None 2) None  
  3) Unbound until related laws and regulations are established 3} None  
  4) Unbound, except as indicated in the horizontal commitments 4) Unbound, except as indicated in the horizontal commitments  
Trading for own account or for account of customers on an exchange:
- Listed equity securities
1) Unbound 1) None  
2) None 2) None  
3) Permitted through securities firms receiving license to operate securities underwriting and dealing business, and brokerage businesses (for account of customer only) from securities and Exchange Commission of Cambodia (SECC) according to laws and regulations of securities sector, other related regulations. Non-Cambodian natural and juridical persons may lease but not own land. 3) None  
  4) Unbound, except as indicated in the horizontal commitments 4) Unbound, except as indicated in the horizontal commitments  
Participation in public issues of equity securities, including underwriting as agent, and provision of services related to such issues 1) Unbound
2) None
1) None
2) None
 
3) Permitted through securities firms receiving license to operate securities underwriting business from securities and Exchange Commission of Cambodia (SECC) according to laws and regulations of securities sector, other related regulations, Non-Cambodian natural and juridical persons may lease but not own land.
4) Unbound, except as indicated in the horizontal commitments
3) None
 
 
 
 


4) Unbound, except as indicated in the horizontal commitments
 
 
Protocol to Implement the Sixth Package of Commitment on Financial Services
under the ASEAN Framework Agreement on Services

 
INDONESIA
SCHEDULE OF SPECIFIC SERVICES COMMITMENTS
 
INDONESIA
SCHEDULE OF SPECIFIC COMMITMENTS FOR FINANCIAL SERVICES UNDER AFAS
Modes of Supply:    1) Cross-border supply        2) Consumption abroad     3) Commercial presence     4) Presence of natural persons
Sector or Subsector Limitations on Market Access Limitations on National Treatment Additional Commitments
A. All insurance and Insurance Related Services
FINANCIAL SERVICES:
General conditions on Non Banking Financial Services Subsector:
1) All Market Access and National Treatment limitations specified in the Non Banking Financial Services Subsector will be eliminated by the year 2020 subject to similar commitment by other Members.
2) The share ownership of foreign services supplier is bound at the prevailing laws and regulations. The conditions of ownership and the percentage share of ownership as stipulated in the respective shareholder agreement establishing the existing individual joint venture in non banking financial services shall be respected. No transfer of ownership shall take place without the consent of all parties in the joint venture concerned.
3) Limitation on national treatment in terms of taxation which is specified in the Horizontal Measures is not applied on the Non Banking Financial Services Subsector.
4) In addition to the Horizontal Measures, temporary entry will be granted to technical expert(s)/adviser(s) for no longer than 3 (three) months per person for any given year.
5) Share of non-bank financial companies listed in the stock exchange may be 100% owned by foreign investors.
6) In relation to the presence of natural persons, only directors, managers, and experts/advisors can be assumed by expatriates with maximum stay of 3 years and can be extended.
7) All joint ventures companies shall provide training for their employee.
Life Insurance Services (CPC8121) 1) Unbound 1) Unbound  
2) Unbound except if: 2) Unbound  
  a. There is no insurance company in Indonesia, either individually or group, which could handle the insurance risks of the object in question.    
  b. There is no insurance company in Indonesia which wants to carry out an insurance coverage of the object in question.    
  c. The owners of insurance objects in question are not Indonesian citizens or Indonesian legal entities.    
  3) As specified in the Horizontal Measures and General Conditions. 3) As specified in the General Conditions.  
  4) Unbound except for director and technical advisor/expert. 4) As specified in the Horizontal Measures.  
Non-Life Insurance Services (CPC 8129) 1) Unbound
2) Unbound except if:
a. There is no insurance company in Indonesia, either individually or group, which could handle the insurance risks of the object in question.
b. There is no insurance company in Indonesia which want to carry out an insurance coverage of the object in question.
c. The owners of insurance objects in question are not Indonesian citizens or Indonesian legal entities.
3) As specified in the Horizontal Measures and General Conditions.
4) Unbound except for director and technical advisor/expert.
1) Unbound
2) Unbound
 
 
 
 
 
 
 
 
3) As specified in the General Conditions.
4) As specified in the Horizontal Measures,
 
Reinsurance Services 1) Reinsurance service suppliers from other member must be rated minimum as BBB by Standard and Poor or equivalent.
2) Reinsurance service suppliers from other member must be rated minimum as BBB by Standard and Poor or equivalent.
3) As specified in the Horizontal Measures and General Conditions.
4) Unbound except for director and technical advisor/expert
1) None
 
 
2) Unbound
3) As specified in the General Conditions.
4) As specified in the Horizontal Measures.
 
Insurance Brokerage Services
(CPC8140)
1) Unbound
2) None
3) As specified in the Horizontal Measures and General Conditions.
4) Unbound except for director and technical advisor/expert.
1) None
2) None
3) As specified in the General Conditions.
4) As specified in the Horizontal Measures.
 
Reinsurance Brokerage Services
(CPC8140)
1) Unbound 1) None  
2) None
3) As specified in the Horizontal Measures and General Conditions.
4) Unbound except for director and technical advisor/expert.
2) None
3) As specified in the General Conditions.
4) As specified in the Horizontal Measures.
 
Securities Business 1) Unbound 1) Unbound  
- Trading for own account or for account of customers, on an exchange or over-the-counter market 2) None 2) None  
3) Through establishment of a securities broker / dealer. 3) As specified in the General Conditions,  
- Listed shares
- Bonds
4) Unbound except as indicated in the Horizontal Measures. 4) As specified in the Horizontal Measures.  
Participation in issues of securities, including underwriting and placement as agent (whether publicly or privately), and provision of services related to such issues 1) Unbound 1) Unbound  
2) None 2) None  
3) Through establishment of a securities underwriter company.
4) Unbound except as indicated in the Horizontal Measures.
3) As specified in the General Conditions.
4) As specified in the Horizontal Measures.
 
Portfolio management, all forms of collective investment management 1) Unbound 1) Unbound  
2) None
3) Through establishment of an investment management company.
4) Unbound except for directors.
2) None
3) As specified in the General Conditions.
4) As specified in the Horizontal Measures.
 
Asset Management limited only to investment fund management 1) Unbound 1) Unbound  
2) None
3) Through establishment of an investment management company.
4) Unbound except for directors.
2) None
3) As specified in the General Conditions.
4) As specified in the Horizontal Measures.
 
Investment Advisory Services limited only to investment advisory in capital market 1) Unbound 1) Unbound  
2) None
3) Through establishment of an investment management company.
4) Unbound except for directors.
2) None
3) As specified in the General Conditions.
4) As specified in the Horizontal Measures.
 
Financial Lease Services (CPC 81120) 1) None
2) None
3) As specified in the Horizontal Measures and General Conditions.
4) Unbound except as indicated in the Horizontal Measures.
1) None
2) None
3) As specified in the General Conditions.
4) As specified in the Horizontal Measures.
 
Factoring Services (CPC8113) 1) None
2) None
3) As specified in the Horizontal Measures and General Conditions.
4) Unbound except as indicated in the Horizontal Measures.
1) None
2) None
3) As specified in the General Conditions.
4) As specified in the Horizontal Measures.
 
Credit Card Business (Issuer and Agent of Credit Card) (CPC8113) 1) None
2) None
3) As specified in the Horizontal Measures and General Conditions.
4) Unbound except as indicated in the Horizontal Measures.
1) None
2) None
3) As specified in the General Conditions.
4) As specified in the Horizontal Measures.
 
Consumers Finance Services (CPC8113) 1) None 1) None  
2) None 2) None  
3) As specified in the Horizontal Measures and General Conditions. 3) As specified in the General Conditions.  
  4) Unbound except as indicated in the Horizontal Measures. 4) As specified in the Horizontal Measures.  
B. Banking and Other Financial Services
Banking Subsector: General Conditions on Banking Subsector.
1. All Market Access and National Treatment limitation specified in the banking subsector will be eliminated by the year 2020 subject to similar commitment by other members.
2. Foreign bank(s) and foreign legal entity (ies) are, in cooperation with Indonesian national(s) and/or Indonesian legal entity(ies), allowed to establish or acquire locally incorporated banks in accordance with existing regulations.
3. To support national and/or local economies, branch office of the foreign bank and joint venture bank may open their offices in the cities of Jakarta, Surabaya, Semarang, Bandung, Medan, Denpasar, Batam Island, Padang, Manado, Ambon, Makassar and all other capitals of the provinces of Indonesia subject to economic need test.
4. Acquisition of local existing banks through the purchase of in the stock exchange is allowed up to 51% of the listed shares in the stock exchange.
5. The conditions of ownership and the percentage share of ownership as stipulated in the respective shareholder agreement establishing the existing individual joint venture bank shall be respected as the basis of ownership of the foreign Service provider(s) and their Indonesian partner(s).
6. With respect to presence of natural person no economic needs test will aplly. A non Indonesian employed as manager or as technical expert shall have at least two Indonesian under studies during his/her term.
7. In addition to the Horizontal Measures, temporary entry will granted to technical expert(s)/advisor(s) of branch office of the foreign bank and joint venture bank for no longer than 3 (three) months per person for any given year.
Commercial Banking Business 1) None 1) None  
(i) Acceptance of deposits and other repayable funds from the public 2) None 2) None  
3) a. Bound only 2 (two) sub-branches and 2 (two) auxiliary offices for foreign bank's branch office. 3) a. For foreign bank branch, only executive position can be assumed by expatriates with limitation that at least one of them shall be Indonesian national.  
  b. Bound only 2 (two) branches and 2 (two) sub-branches for joint venture bank. b. For the joint venture bank, only for the director can be assumed by the expatriates in proportion to the ownership sharing.  
  4) Unbound except as indicated in the Horizontal Measures and General Conditions on Banking Subsector. 4) Unbound except as indicated in the Horizontal Measures and General Conditions on Banking Subsector.  
(ii) Lending of all types, including consumer credit, mortgage, credit, factoring, and financing of commercial transaction 1) None
2) None
3) a. Bound only 2 (two) sub-branches and 2 (two) auxiliary offices for foreign bank's branch office.
1) None
2) None
3) a. For foreign bank branch, only executive position can be assumed by expatriates with limitation that at least one of them shall be Indonesian national.
 
  b. Bound only 2 (two) branches and 2 (two) sub-branches for joint venture bank. b. For the joint venture bank, only for the director can be assumed by the expatriates in proportion to the ownership sharing.  
  4) Unbound except as indicated in the Horizontal Measures and General Conditions on Banking Subsector. 4) Unbound except as indicated in the Horizontal Measures and General Conditions on Banking Subsector.  
(iii) All payment and money transmission Services including credit, charge and debit cards, travellers cheques and bankers drafts 1) None 1) None  
2) None 2) None  
3) a. Bound only 2 (two) sub-branches and 2 (two) auxiliary offices for foreign bank's branch office. 3) a. For foreign bank branch, only executive position can be assumed by expatriates with limitation that at least one of them shall be Indonesian national.  
  b. Bound only 2 (two) branches and 2 (two) sub-branches for joint venture bank.
 
4) Unbound except as indicated in the Horizontal Measures and General Conditions on Banking Subsector.
b. For the joint venture bank, only for the director can be assumed by the expatriates in proportion to the ownership sharing.
4) Unbound except as indicated in the Horizontal Measures and General Conditions on Banking Subsector.
 
(iv) Guarantees and Commitments 1) None
2) None
3) a. Bound only 2 (two) sub-branches and 2 (two) auxiliary offices for foreign bank's branch office.


b. Bound only 2 (two) branches and 2 (two) sub-branches for joint venture bank.

4) Unbound except as indicated in the Horizontal Measures and General Conditions on Banking Subsector.
1) None
2) None
3) a. For foreign bank branch, only executive position can be assumed by expatriates with limitation that at least one of them shall be Indonesian national.
b. For the joint venture bank, only for the director can be assumed by the expatriates in proportion to the ownership sharing.
4) Unbound except as indicated in the Horizontal Measures and General Conditions on Banking Subsector.
 
 (v) 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 deposits)
1) None 1) None  
2) None 2) None  
3) a. Bound only 2 (two) sub-branches and 2 (two) auxiliary offices for foreign bank’s branch office. 3) a. For foreign bank branch, only executive position can be assumed by expatriates with limitation that at least one of them shall be Indonesian national.  
b. Bound only 2 (two) branches and 2 (two) sub-branches for joint venture bank. b. For the joint venture bank, only for the director can be assumed by the expatriates in proportion to the ownership sharing.  
(4) Unbound except as indicated in the Horizontal Measures and General Conditions on Banking Subsector. 4) Unbound except as indicated in the Horizontal Measures and General Conditions on Banking Subsector.  
- Foreign Exchange 1) None 1) None  
  2) None 2) None  
  3) a. Bound only 2 (two) sub-branches and 2 (two) auxiliary offices for foreign bank’s branch office. 3) a. For foreign bank branch, only executive position can be assumed by expatriates with limitation that at least one of them shall be Indonesian national.  
  b. Bound only 2 (two) branches and 2 (íwo) sub-branches for joint venture bank. b. For the joint venture bank, only for the director can be assumed by the expatriates in proportion to the ownership sharing.  
  4) Unbound except as indicated in the Horizontal Measures and General Conditions on Banking Subsector. 4) Unbound except as indicated in the Horizontal Measures and General Conditions on Banking Subsector.  
Exchange rate and interest rate instruments, including products such as swaps, forward rate agreements 1) None 1) None  
2) None 2) None  
3) a. Bound only 2 (two) sub-branches and 2 (two) auxiliary offices for foreign bank's branch office. 3) a. For foreign bank branch, only executive position can be assumed by expatriates with limitation that at least one of them shall be Indonesian national.  
  b. Bound only 2 (two) branches and 2 (two) sub-branches for joint venture bank. b. For the joint venture bank, only for the director can be assumed by the expatriates in proportion to the ownership sharing.  
  4) Unbound except as indicated in the Horizontal Measures and General Conditions on Banking Subsector. 4) Unbound except as indicated in the Horizontal Measures and General Conditions on Banking Subsector.  
- Transferable securities issued in the money market 1) None 1) None  
2) None 2) None  
  3) a. Bound only 2 (two) sub-branches and 2 (two) auxiliary offices for foreign bank's branch office. 3) a. For foreign bank branch, only executive position can be assumed by expatriates with limitation that at least one of them shall be Indonesian national.  
  b. Bound only 2 (two) branches and 2 (two) sub-branches for joint venture bank. b. For the joint venture bank, only for the director can be assumed by the expatriates in proportion to the ownership sharing.  
  4) Unbound except as indicated in the Horizontal Measures and General Conditions on Banking Subsector. 4) Unbound except as indicated in the Horizontal Measures and General Conditions on Banking Subsector.  
(vi) Cash management, custodial and depository Services 1) None
2) None
3) a. Bound only 2 (two) sub-branches and 2 (two) auxiliary offices for foreign bank's branch office.



b. Bound only 2 (two) branches and 2 (two) sub-branches for joint venture bank.

4) Unbound except as indicated in the Horizontal Measures and General Conditions on Banking Subsector.
1) None
2) None
3) a. For foreign bank branch, only executive position can be assumed by expatriates with limitation that at least one of them shall be Indonesian national.
b. For the joint venture bank, only for the director can be assumed by the expatriates in proportion to the ownership sharing.
4) Unbound except as indicated in the Horizontal Measures and General Conditions on Banking Subsector.
 
 
Protocol to Implement the Sixth Package of Commitment on Financial Services
under the ASEAN Framework Agreement on Services

 
LAO PDR
SCHEDULE OF SPECIFIC SERVICES COMMITMENTS
 
LAO PDR
SCHEDULE OF SPECIFIC COMMITMENTS FOR FINANCIAL SERVICES UNDER AFAS
Modes of Supply:    1) Cross-border supply        2) Consumption abroad     3) Commercial presence     4) Presence of natural persons
Sector or Subsector Limitations on Market Access Limitations on National Treatment Additional Commitments
A. All insurance and Insurance Related Services
Direct branching is not allowed. Financial institutions in Lao PDR must adopt a specific legal form. All the commitments are subject to entry requirements, domestic laws, rules and regulations and the terms and conditions of the Ministry of Finance and/or any other competent authority in Lao PDR, as the case may be. Insurance companies are restricted from offering both Life and Non-life insurance Services. Excluded from the scope of these commitments are compulsory insurance, including but not limited to social security fund.
a. Direct insurance (including co-insurance) 1) None
2) None
1) None
2) None
 
(a) Life Insurance
(b) Non-life Insurance
3) None
4) Unbound, except the following:
3) None
4) Unbound, except as specified in the Limitation on Market Access.
 
  a. Only senior managers, experts are allowed. The entry and movement of the mentioned natural persons in Lao PDR shall be approved in accordance with the labor Law of Lao PDR. Foreign Service suppliers and their foreign personnel working within the Lao PDR shall pay to the Lao government the personal income tax, calculated in accordance with the provisions of the applicable laws and regulations of the Lao PDR.  
b. Reinsurance and retrocession 1) None
2) None
1) None
2) None
 
  3) None 3) None  
  4) Unbound, except the following: 4) Unbound, except as specified in the Limitation on Market Access.  
  a. Only senior managers, experts are allowed.
The entry and movement of the mentioned natural persons in Lao PDR shall be approved in accordance with the labor Law of Lao PDR.
Foreign service suppliers and their foreign personnel working within the Lao PDR shall pay to the Lao government the personal income tax, calculated in accordance with the provisions of the applicable laws and regulations of the Lao PDR.  
FINANCIAL SERVICES, EXCLUDING INSURANCE
Horizontal Commitments Applicable to the Financial Services Sector
Financial institutions in Lao PDR must adopt a specific legal form.
All the commitments are subject to entry requirements, domestic laws, rules and regulations and the terms and conditions of the Bank of Lao PDR, the Ministry of Finance and/or any other competent authority in Lao PDR, as the case may be. Commitment is with respect to commercial banking only and limited to financial institutions licensed to provide banking services. Foreign juridical person must incorporate as either a joint stock or limited liability company, but not incorporate as a sole ownership limited liability company.
B. Banking and Other Financial Services
1. Acceptance of deposits and other repayable funds from the public (CPC 81115-81119) 1) None 1) None  
2) None 2) None  
3) Refer to Commercial Banks Law 3) Refer to Commercial Banks Law  
  4) Unbound, except as indicated in the horizontal commitments 4) Unbound, except as indicated in the horizontal commitments  
2. Lending of all types, including consumer credit, mortgage credit, factoring and financing of commercial transaction (8113) 1) None 1) None  
2) None 2) None  
3) Refer to Commercial Banks Law 3) Refer to Commercial Banks Law  
  4) Unbound, except for the case of 4) Unbound, except for the case of  
  cooperation in line with the necessity of economy, allow for management level and expertise level to come in cooperation in line with the necessity of economy, allow for management level and expertise level to come in  
3. Financial leasing (CPC 8112) 1). Unbound 1) Unbound  
  2) Unbound 2) Unbound  
  3) Unbound 3) Unbound  
  4) Unbound, except as indicated in the horizontal commitments 4) Unbound, except as indicated in the horizontal commitments  
4. All payment and money transmission Services (CPC 81339**) 1) None 1) None  
2) None 2) None  
3) None 3) None  
  4) Unbound, except as indicated in the horizontal commitments 4) Unbound, except as indicated in the horizontal commitments  
5. Guarantees and commitments (CPC 81199**); 1) None 1) None  
2) Unbound unless it is approved by Bank of the Lao PDR
3) Refer to the Bank of the Lao PDR Law
4) Unbound, except the case of cooperation in line with the necessity of economy, ailow for management level and expertise level to come in
2) Unbound unless it is approved by Bank of the Lao PDR (*R4)
3) Refer to the Bank of the Lao PDR Law
4) Unbound, except the case of cooperation in line with the necessity of economy, allow for management level and expertise level to come in
 
6. Trading for own account or for account of customers, whether on an exchange, in an over-the- counter market or otherwise, the following: 1) Unbound 1) Unbound  
2) Refer to Decree Law on Management of Foreign Exchange and Precious Metals 2) Refer to Decree Law on Management of Foreign Exchange and Precious Metals  
transferable securities
· Foreign exchange (CPC 81321*)
3) Unbound except for foreign security companies are allowed to establish a joint venture security company with a commercial bank registered in Lao PDR.
4) Unbound except as indicated in horizontal commitments
3) Unbound except on the basis of regulations promulgated by SEC.



4) Unbound except as indicated in horizontal commitments
 
7. Participation in issues of all kinds of securities, incl. underwriting and placement as agent (whether publicly or privately) and provision of services related to such issues (CPC 8132) (*MS) 1) Unbound. 1) Unbound  
2) Unbound 2) Unbound  
3) Unbound except for foreign participation is allowed on the basis of establishment of a joint venture security company 3) Unbound except on the basis of Regulation promulgated by SEC  
4) Unbound except for categories of horizontal commitments 4) Unbound except for categories of horizontal commitments  
8. Provision and transfer of financial information, and financial data Processing and related software by providers of other financial services (CPC 8131). (*MS) 1) Unbound 1) Unbound  
2) Unbound 2) Unbound  
3) Unbound 3) Unbound  
4) Unbound except for categories of horizontal commitments 4) Unbound except for categories of horizontal commitments  
9. Money broking (CPC 81339**i). 1) Unbound 1) Unbound  
2) Unbound 2) Unbound  
  3) Unbound 3) Unbound  
  4) Unbound except for categories of horizontal commitments 4) Unbound except for categories of horizontal commitments  
10. Asset management, such as cash or portfolio management, all forms of collective investment management, pension fund management, custodial, depository and trust services (CPC 81323*). 1) Unbound 1) Unbound  
2) Unbound 2) Unbound  
3) Unbound 3) Unbound  
4) Unbound except for categories of horizontal commitments 4) Unbound except for categories of horizontal commitments  
11. Settlement and clearing services for financial assets, incl. securities, derivative products, and other negotiable instruments (CPC 81339** or 81319** (*MS) 1) Unbound 1) Unbound  
2) Unbound 2) Unbound  
3) Unbound 3) Unbound  
4) Unbound except for categories of horizontal commitments 4) Unbound except for categories of horizontal commitments  
12. Advisory, intermediation and other auxiliary financial services on all the activities listed in sub-sectors 6. above incl. credit reference and analysis, investment and portfolio research and advice, advice on acquisitions and on corporate restructuring and strategy (CPC 8131 or 8133) (*MS) 1) Unbound 1) Unbound  
2) Unbound 2) Unbound  
3) Unbound except for financial investment advisory related to security investments are allowed to operate through joint venture security company between foreign security company and commercial bank registered in Lao PDR. 3) Unbound except on the basis of regulations promulgated by SEC.  
4) Unbound except for categories of horizontal commitments 4) Unbound except for categories of horizontal commitments  
 
Protocol to Implement the Sixth Package of Commitment on Financial Services
under the ASEAN Framework Agreement on Services

 
MALAYSIA
SCHEDULE OF SPECIFIC SERVICES COMMITMENTS
 
MALAYSIA
SCHEDULE OF SPECIFIC COMMITMENTS FOR FINANCIAL SERVICES UNDER AFAS
Modes of Supply:    1) Cross-border supply        2) Consumption abroad     3) Commercial presence     4) Presence of natural persons
Sector or Subsector Limitations on Market Access Limitations on National Treatment Additional Commitments
PREAMBLE:
In addition to the Sixth Package of commitments under the ASEAN Framework Agreement on Services (AFAS), Malaysia’s schedule of specific commitments in financial services includes, where relevant, the First (1998), Second (2002), Third (2005), Fourth (2008) and Fifth (2011) Packages of commitments.
FINANCIAL SERVICES, INCLUDING INSURANCE
Horizontal Commitments Applicable to the Financial Services Sector
1. The commitments in the financial services sector are in accordance with the General Agreement on Trade in Services and the Annex on Financial Services.
2. The limitations listed under the all-sector horizontal section shall not apply to financial services, unless otherwise indicated.
3. In respect of offshore banks, offshore investment banks, commercial banks, international Islamic banks, investment banks, offshore insurance companies, offshore reinsurance companies, offshore insurance brokers, offshore insurance underwriting managers, offshore insurance managers, insurance companies, reinsurance companies, international takaful operators and representative offices of commercial banks and investment banks, the following limitations on market access and national treatment shall apply in addition to specific limitations to the activity of each financial service as specified for each activity in this Schedule.
4. For further clarity, Malaysia’s commitments cannot be interpreted as applying to the supply of Shariah-compliant financial Services, unless specific entries are made in the banking, insurance or capital markets sub-sectors accordingly1.
ALL FINANCIAL SERVICES (3) Limitations on investments as contained in the all-sector horizontal section. (3) Limitations on land and other immovable property as contained in the all-sector horizontal section.
Unbound for measures affecting financial services accorded, to any Bumiputera or to assist development of any Bumiputera financial institution to achieve objectives of the National Development Policy (NDP).
 
  (4) Limitations in the all-sector horizontal section will apply when indicated in each activity. (4) Limitations in the all-sector horizontal section will apply when indicated in each activity.  
1. Offshore banks, offshore investment banks, offshore direct insurance companies, offshore reinsurance companies, offshore insurance brokers, offshore insurance underwriting managers and offshore insurance managers. (1), (2) Unbound* except as otherwise specified in this schedule.
(3) Entry is confined to Labuan.
Entry is limited to establishment of a branch registered or a subsidiary incorporated in Malaysia.
(4) Unbound*, except for temporary presence of natural persons in respect of supply through the mode of commercial presence.
(1), (2) Unbound* except as otherwise specified in this schedule.
(3) None.
 


(4) Unbound*, except for temporary presence of natural persons in respect of supply through the mode of commercial presence.
 
2. Commercial banks, investment banks and international Islamic banks.
 


(Commercial banks, investment banks and international Islamic banks - cont'd)
(1), (2) Unbound* except as otherwise specified in this schedule.
(3) The 13 wholly-foreign owned commercial banks are permitted to remain wholly-owned by their existing shareholders.
Unbound for new licenses except for new licences for the establishment of international Islamic banks operating through a wholly foreign-owned subsidiary or branch to conduct International Islamic banking business.
For licensed International Islamic banking business, unbound except as specified in the respective sub- sectors.
Entry is limited to equity participation by foreign banks in Malaysian-owned or controlled commercial banks and investment banks and aggregate foreign shareholding in a commercial bank or an investment bank shall not exceed 30 percent.
Foreign commercial banks and investment banks are required to be locally incorporated in accordance with the Financial Services Act 2013.
Entry is also permitted through the setting up of representative offices. Representative offices can only undertake research, exchange of information and liaison services.
(1), (2) Unbound* except as otherwise specified in this schedule.
(3) None except as indicated in the all financial services horizontal section and in the respective activity listed below and the respective sub-sectors.
Acquisition by a foreign bank of an aggregate of 5 percent or more of shareholding in a Malaysian-owned or controlled commercial bank or investment bank must meet the following criteria:
(a) The foreign bank has the ability to facilitate trade and contribute to the financial and economic development of Malaysia;
(b) The country of the foreign bank has significant trade and investment interests in Malaysia; and
(c) The country of the foreign bank does not have significant representation in the Malaysian banking industry.
 
 (Commercial banks, investment banks and international Islamic banks - cont'd) (4) Unbound except for the following:
(a) Unless otherwise specified, temporary presence of natural persons is offered only in respect of supply through the mode of commercial presence.
(b) Five senior managers and ten specialists or experts for each commercial bank or investment bank.
A senior manager is an individual possessing proprietary knowledge and authority essential to the establishment, control and operation of the services of the financial service supplier.
Specialists or experts for each commercial bank or investment bank for areas relating to:
(i) Trade financing;
(ii) Corporate finance;
(iii) Treasury management;
(iv) Information technology;
(v) Risk management;
(vi) Capital market products;
(vii) Derivatives instruments;
(viii) Credit risk management;
and
(ix) Internal control.
(4) Unbound except for the categories of natural persons referred to under market access.  
(Commercial banks, investment banks and international Islamic banks - cont'd) (c) For a representative office of a commercial bank or investment bank, two foreign nationals.
Only one foreign national for the two top posts.
(d) None for international Islamic banks.
e) Entry shall be limited to a maximum period of five years.
   
3. Direct insurance companies, reinsurance companies and International takaful operators. (1), (2) Unbound* except as otherwise specified in this schedule.
(3) The carrying on of direct insurance and reinsurance business requires a license from the Minister of Finance. A license will not be granted unless the Minister of Finance determines that the application for license will be in the “best interest of Malaysia".
(1), (2) Unbound* except as otherwise specified in this schedule.
(3) None except as indicated in the all financial services horizontal section and in the respective activity listed below.
 
  The acquisition of shares or interest-in- shares requires approval by the Minister of Finance or the Central Bank, as the case may be. Approval will not be granted unless the Minister of Finance or the Central Bank, as the case may be, determines that the acquisition will be in the “best interest of Malaysia”.    
(Direct insurance companies, reinsurance companies and international takaful operators- cont'd) In making a determination of whether the granting of a license or the acquisition of shares is in the “best interest of Malaysia”, the Minister of Finance and the Central Bank will have regard to:
(a) The effect of the investment on the level and nature of economic activity in Malaysia, including the effect on productivity, efficiency and quality of financial services;
(b) The contribution towards enhancing international trade and investment linkages between Malaysia and other countries;
(c) The effect of the investment on the stability of the financial system, including on conduct and behaviors that could pose a risk to the financial system; and
(d) The degree and significance of participation of Malaysians in the financial sector.
None for international takaful operators.
Foreign insurance companies are required to be locally incorporated in accordance with the Financial Services Act 2013.
   
(Direct insurance companies, reinsurance companies and international takaful operators- cont'd) (4) Unbound except the following:
(a) Unless otherwise specified, temporary presence of natural persons is offered only in respect of supply through the mode of commercial presence.
(b) Five senior managers and ten specialists or experts for locally incorporated insurance companies.
A senior manager is an individual possessing proprietary knowledge and authority essential to the establishment, control and operation of the services of the financial service supplier.
Specialists or experts for each insurance institution for areas relating to:
(i) Underwriting of specialized classes of general business;
(ii) Information technology;
(iii) Actuarial functions;
(iv) Risk management;
(v) Investment management;
(vi) Product development;
(vii) Customer Service; and
(viii) Servicing of foreign and regional business.
(4) Unbound except for the categories of natural persons referred to under market access.  
 (Direct insurance companies, reinsurance companies and international takaful operators- cont’d) (c) None for international takaful operators.
(d) Entry shall be limited to a maximum period of five years.
   
FINANCIAL SERVICES ACTIVITIES
A. BANKING AND OTHER FINANCIAL SERVICES, EXCLUDING INSURANCE
Acceptance of deposits, and other repayable funds from the public, wholesale and retail.
(1) Soliciting, advertising and acceptance of deposits in Malaysia are not allowed.
(2) None.
(3) Only permitted through a commercial bank, an investment bank or an offshore bank.
Offshore banks in Labuan are permitted to accept foreign currency deposits only. Offshore investment banks in Labuan are not permitted to accept deposits.
(4) Unbound except as indicated in the all financial services horizontal section.
(1) None.
(2) None.
(3) For commercial banks, unbound for branching (including off-premises ATMs) and networking with ATMs in Malaysia.
 
 
 


(4) Unbound except as indicated in the all financial services horizontal section.
 
Lending of all types, including consumer credit, mortgage credit, factoring and financing of commercial transactions. (1), (2) Financial services associated with lending to residents in any currency In excess of an equivalent of RM25 million must be undertaken jointly with commercial banks or investment banks in Malaysia. (1), (2) None.
 
 
 
 
(Lending of all types - cont'd) (3) Entry as a non-bank for scheduled businesses is limited to:
(a) Foreign financial institutions through the establishment of a locally incorporated joint-venture company and aggregate foreign shareholding in such company shall net exceed 30 percent; or
(b) A representative office.
Representative offices can only undertake research and liaison services.
Provision of factoring services by a commercial bank requires the setting up of a separate entity and shareholding by a foreign-controlled commercial bank shall not exceed 30 percent.
Investment banks are not permitted to provide consumer credit and home mortgages.
Only commercial banks are permitted to provide overdraft facilities.
Offshore banks and offshore investment banks are permitted to lend in foreign currencies only.
(3) Foreign controlled banking institutions in Malaysia are allowed to extend credit facilities (including factoring and leasing) up to a maximum of 50 percent of the total credit facilities obtained by non-resident controlled companies from banking institutions.
For commercial banks, unbound for branching (including off- premises ATMs) and networking with ATMs in Malaysia.
 
 (Lending of all types - cont'd) (4) For banks, unbound except as indicated in the all financial services horizontal section.
For non-banks, unbound except one foreign national for a management post which is not the CEO post, for each establishment.
For representative offices of scheduled businesses, two foreign nationals subject to only one foreign national for the two top posts.
Entry shall be limited to a maximum period of five years.
(4) For banks, unbound except as indicated in the all financial services horizontal section.
For non-banks, unbound except for the categories of natural persons referred to under market access.
 
Financial leasing. (1), (2) Leasing services to residents in any currency must be undertaken jointly with leasing companies or investment banks in Malaysia. (1), (2) None.  
  (3) Provision of leasing services by a commercial bank requires the setting up of a separate entity and shareholding by a foreign controlled commercial bank shall not exceed 49 percent. (3) None.  
  Entry as a non-bank is limited to:    
(Financial leasing - cont’d) (a) Foreign financial institutions through the establishment of a locally incorporated joint- venture company and aggregate foreign shareholding in such company shall not exceed 49 percent; or
(b) A representative office.
Representative offices can only undertake research and liaison services.
Entry is permitted through the establishment of a branch or subsidiary in Labuan by reputable foreign leasing companies. Such offshore entity can only transact in foreign currencies,
International Islamic banks, offshore banks and offshore investment banks are permitted to carry on financial leasing business in foreign currencies only.
   
  (4) Unbound except for the following:
(a) Two foreign nationals, one for management post which is not the CEO post and one technical post, for each establishment; and
(b) None for international Islamic banks.
For representative offices, two foreign nationals subject to one foreign national for the two top posts.
Entry shall be limited to a maximum period of five years.
For offshore leasing companies, unbound except for temporary presence of natural persons in respect of supply through the mode of commercial presence.
(4) Unbound except for the categories of natural persons referred to under market access.
For offshore leasing companies, unbound except for temporary presence of natural persons in respect of supply through the mode of commercial presence.
 
All payment and money transmission services, namely credit and debit cards, travellers cheques and bankers drafts. (1) Electronic fund transfer system requires approval.
(2) None.
(3) Offshore banks are permitted to extend payment and money transmission services to non- residents only.
Only commercial banks are permitted to issue credit cards, debit cards or provide checking account services.
International Islamic banks are only permitted to issue travellers cheques and bankers drafts.
(1) None.
(2) None.
(3) For commercial banks, unbound for branching (including off-premises ATMs) and networking with ATMs in Malaysia.
Branching (including dispensers) is permitted for travellers cheques companies with foreign shareholding not exceeding 30 percent.
 
  Sale or purchase of foreign currency and purchase of travellers cheques other than by commercial banks require money changer’s license. Entry is limited to establishment of a locally incorporated joint-venture company and aggregate foreign shareholding in such company shall not exceed 30 percent.    
(All payment and money transmission services - cont’d) (4) For banks, unbound except as indicated in the all financial services horizontal section.
For non-banks, unbound except one foreign national for a management post which is not the CEO post, for each establishment.
Entry shall be limited to a maximum period of five years.
(4) For banks, unbound except as indicated in the all financial services horizontal section.
For non-banks, unbound except for the categories of natural persons referred to under market access.
 
Charge cards. (1), (2) None. (1), (2) None.  
  (3) Entry is limited to establishment of a company incorporated in Malaysia. Approval of the Central Bank is required. (3) None.  
  (4) Unbound except for two senior managers for each establishment. Entry shall be limited to a maximum period of five years. (4) Unbound except for the categories of natural persons referred to under market access.  
Guarantees and commitments. (1), (2) None except banks established in Malaysia may be given the right of first refusal. (1), (2) None.  
  (3) None. (3) None.  
(Guarantees and commitments - cont’d) (4) Unbound except as indicated in the all financial services and all-sector horizontal section. (4) Unbound except as indicated in the all financial services and all-sector horizontal section.  
Money and foreign exchange broking services. (1), (2) Broking services, involving Ringgit Malaysia and financial instruments issued in Malaysia must be effected through authorized dealers and money and foreign exchange brokers incorporated in Malaysia. (1), (2) None.  
  (3) Entry is limited to:
(a) equity participation in existing institutions and aggregate foreign shareholding in such institutions shall not exceed 30 percent; or
(3) None.  
  (b) the establishment of a branch or subsidiary, by a money and foreign exchange broker, registered or incorporated in Labuan.    
  Money and foreign exchange broking services by offshore entities are confined to foreign currencies only.    
  (4) Unbound. (4) Unbound.  
  For offshore money and foreign exchange brokers, unbound except for temporary presence of natural persons in respect of supply through the mode of commercial presence. For offshore money and foreign exchange brokers, unbound except for temporary presence of natural persons in respect of supply through the mode of commercial presence.  
Trading for own account or account of customers in the following:
- money market instruments
- foreign exchange
- transferable securities
- exchange rate and interest rate instruments
- derivative products, including futures and options
- other negotiable instruments, including bullion.
(1) Dealing in securities for account of customers is limited to securities traded on recognised stock exchanges.
Dealing in derivatives for account of customers is limited to:
(a) Standardized derivatives listed on the derivatives market of a Specified Exchange; or
(b) Approved classes of standardized derivatives.
(1) None.  
  (2) None. (2) None.  
  (3) Transactions by offshore banks and offshore investment banks in Labuan must be conducted in foreign currencies, except for the sale or purchase of currencies with authorized banks in Malaysia.
Transactions by offshore banks and offshore investment banks in Labuan for own accounts are limited to instruments created and issued by offshore companies in Labuan and foreign companies abroad.
Trading for accounts of customers by offshore banks, offshore investment banks and offshore companies in Labuan is confined to non-resident customers and in instruments created and issued by offshore companies in Labuan and foreign companies abroad.
(3) None.  
(Trading for own account or account of customers - cont’d) Trading in shares of Malaysian companies by offshore banks, offshore investment banks and offshore companies in Labuan is confined to non-resident customers who are not offshore companies registered or incorporated in Labuan.
Only commercial banks, offshore banks and offshore investment banks are permitted to trade in foreign currency.
None for trading for own account in:
(a) securities that are listed on the Malaysian stock exchange; and
(b) standardized derivatives fisted on the Malaysian derivatives exchange.
Trading for account of customers by a non-bank in securities that are listed on the Malaysian stock exchange is only permitted through equity participation in an existing locally incorporated company licensed by the securities Commission Malaysia to deal in securities. Authorisation to carry on this activity is subject to the demonstration of a value proposition as determined by the Securities Commission Malaysia.
   
(Trading for own account or account of customers - cont’d) Trading for the account of customers by a non-bank in standardized derivatives that are listed on the Malaysian derivatives exchange is only permitted through equity participation in an existing locally incorporated company or establishment of a locally incorporated company licensed by the Securities Commission Malaysia to deal in derivatives. Authorisation to carry on this activity is subject to the demonstration of a value proposition as determined by the Securities Commission Malaysia.
None for trades for own account by international Islamic banks. Trades for account of customers by international Islamic banks are limited to non-resident customers only.
   
  (4) For banks, unbound except as indicated in the all financial services horizontal section.
For non-banks, unbound except as indicated in the all-sector horizontal section.
(4) For banks, unbound except as indicated in the all financial services horizontal section.
For non-banks, unbound except as indicated in the all-sector horizontal section.
 
Services related to the issues of all kinds of securities and placement as agents (whether publicly or privately) (excluding issuing and rating houses). (1), (2) Participation in issues and services related to such issues requires authorization.
(3) Participation by offshore banks and offshore investment banks in Labuan is limited to non-resident customers and for issues of securities outside Malaysia.
Participation in issues of securities by international Islamic banks is limited to foreign currencies only.
Only persons who are authorised by the securities Commission Malaysia and/or the Malaysian stock exchange are permitted to make submissions related to the issues of securities and offer services related to the issues of securities and placement as agents.
Participation as a non-bank is only permitted through equity participation in an existing locally incorporated company licensed by the Securities Commission Malaysia to deal in securities. Authorisation to carry on this activity is subject to the demonstration of a value proposition as determined by the Securities Commission Malaysia.
Unbound for appointment as principal dealers.
(1), (2) None.


(3) None.
 
(Services related to the issues of all kinds of securities and placement as agents - cont'd) (4) For banks, unbound except as indicated in the all financial services horizontal section.
For non-banks, unbound except as indicated in the all-sector horizontal section.
(4) For banks, unbound except as indicated in the all financial services horizontal section.
For non-banks, unbound except as indicated in the ail-sector horizontal section.
 
Underwriting. (1) Commercial presence is required.
(2) Authorization is required.
(3) Participation as a non-bank is only permitted through equity participation in an existing focally incorporated company licensed by the Securities Commission Malaysia to deal in securities. Authorisation to carry on this activity is subject to the demonstration of a value proposition as determined by the Securities Commission Malaysia.
Commercial banks are permitted to underwrite private debt securities only.
Offshore banks and offshore investment banks are permitted to underwrite foreign currency denominated securities created and issued by offshore companies in Labuan and foreign companies abroad.
International Islamic banks are limited to underwrite foreign currency denominated securities only.
(1) Unbound.
(2) None.
(3) None.
 
(Underwriting - cont’d) (4) For commercial banks, investment banks, offshore banks and offshore investment banks, unbound except as indicated in the all financial services horizontal section.
For non-banks, unbound except as indicated in the ail-sector horizontal section.
(4) For commercial banks, investment banks, offshore banks and offshore investment banks, unbound except as indicated in the all financial services horizontal section.
For non-banks, unbound except as indicated in the all-sector horizontal section.
 
Asset management as follows:
- cash or portfolio management
- all forms of collective investment management
- custodial and depository services.
(Asset management - cont'd)
(1) Commercial presence is required. (1) None.  
(2) None. (2) None.  
(3) Asset management by offshore banks, offshore investment banks and offshore companies is confined to non-resident customers and foreign currency assets.
Asset management by offshore banks, offshore investment banks and offshore companies in Malaysian equities or equity-linked investments are confined to non-residents which are not offshore companies registered in Labuan.
Entry as a non-bank is only permitted through:
(a) Equity participation in an existing locally incorporated company or establishment of a locally incorporated company licensed by the securities Commission Malaysia to carry on fund management activities whether conventional or Islamic;
(3) None  
  (b) equity participation in an existing locally incorporated company or establishment of a locally incorporated company licensed by the Securities Commission Malaysia to deal in securities restricted to unit trust, with aggregate foreign shareholding in such a company not exceeding 70 percent; or    
  (c) equity participation in an existing locally incorporated company or establishment of a locally incorporated company registered by the Securities Commission Malaysia to carry on venture capital activities or venture capital management activities, where applicable.    
(Asset management - cont'd) Authorisation to carry on the activities as mentioned in (a), (b) and (c) above is subject to the demonstration of a value proposition as determined by the Securities Commission Malaysia.
Asset management by a commercial bank requires establishment as a separate entity. Shareholding by a foreign-controlled commercial bank shall not exceed 30 percent.
   
  (4) For banks, unbound except as indicated in the all financial services horizontal section. (4) For banks, unbound except as indicated in the all financial services horizontal section.  
  For non-banks, unbound except as indicated in the all-sector horizontal section. For non-banks, unbound except as indicated in the ail-sector horizontal section.  
Advisory, intermediation and other auxiliary financial Services, including credit reference and analysis, investment advice on acquisitions, corporate restructuring and strategy. (1) Commercial presence is required.
(2) None.
(3) Entry as a non-bank is only permitted through:
(a) equity participation in an existing locally incorporated company or establishment of a locally incorporated company licensed by the Securities Commission Malaysia to carry on corporate finance advisory activities;
(1) None.
(2) None,
(3) None.
 
(Advisory, intermediation and other auxiliary financial services - cont’d) (b) equity participation in an existing locally incorporated company or establishment of a locally incorporated company licensed by the Securities Commission Malaysia to carry on financial planning activities;
(c) equity participation in an existing locally incorporated company or establishment of a locally incorporated company licensed by the Securities Commission Malaysia to carry on investment advisory activities; or
(d) A representative office.
Representative offices (including those of commercial banks, investment banks and securities companies) are permitted to undertake information research and liaison services only.
Authorisation to carry on the activities as mentioned in (a), (b) and (c) above is subject to the demonstration of a value proposition as determined by the Securities Commission Malaysia.
Offshore banks, offshore investment banks and offshore companies in Labuan and international Islamic banks can only provide services to non-resident customers.
   
(Advisory, intermediation and other auxiliary financial services - cont’d) (4) For banks, one specialist or expert.
For non-banks, one senior manager and one specialist or expert.
For representative offices, three foreign nationals subject to only one foreign national for the two top posts and the other two for managerial level posts. Entry shall be limited to a maximum period of five years.
(4) For banks, unbound except as indicated in the all financial services horizontal section.
For non-banks, unbound except as indicated in the all-sector horizontal section.
 
Operational headquarters (OHG) for financial sector (Provides services to commercial and investment banking institutions in activities relating to work carried out in Malaysia for its offices and related companies outside Malaysia, pertaining to general management and administration, business planning, technical support, marketing control and sales promotion planning, training and personnel management, provision of treasury and fund management services and research and development). (1), (2) Unbound*
(3) Only through a locally incorporated wholly foreign-owned company.
A foreign-owned company, a regional office of a foreign-owned company which transfers its OHQ services to Malaysia, a regional office of a foreign-owned company established in Malaysia, and a foreign-owned company which is already incorporated in Malaysia, may seek to qualify as an OHQ.
An OHQ must operate in Malaysia and fulfill the following criteria:
(a) Carry out at least three of the OHQ service activities;
(b) Have a sizeable network of companies outside Malaysia which includes the parent company or its head office and related companies;
(1), (2) Unbound*
(3) None.
 
(Operational headquarters (OHQ) - cont'd) (c) Have a well established foreign- owned company which is sizeable in terms of assets and employees;
(d) Have a network of companies with a substantial number of qualified executives, professionals, technical and other supporting personnel;
(e) Be able to make decisions independently without consultation with its head office or parent company located outside Malaysia;
(f) Be able to contribute to the Malaysian economy by:
a. Using services such as legal, accounting etc. provided by Malaysians;
b. Creating job opportunities for Malaysians;
c. Enabling greater inflow of foreign funds.
   
(Operational headquarters (OHQ) - cont’d) (4) One specialist or expert per organization subject to the following conditions:
(a) Such persons must possess knowledge at an advanced level of continued expertise and who possess proprietary knowledge of the organisation’s new service products and technology, research equipment and techniques or management.
(b) Entry shall be limited to a maximum of five years and renewable.
(4) None.  
Securities broking services. (1) Trades on Malaysian stock exchanges must be transacted through focally incorporated companies which are participating organisations of the stock exchange. (1) None.  
  (2) None. (2) None.  
  (3) Entry as a non-bank is only permitted through equity participation in an existing locally incorporated company licensed by the Securities Commission Malaysia to deal in securities. Authorisation to carry on this activity is subject to the demonstration of a value proposition as determined by the Securities Commission Malaysia. (3) None.  
  Representative offices (including those of commercial banks, investment banks and securities companies) are permitted to undertake information research and liaison services only. Representative offices are not permitted to publish and circulate research work in Malaysia.    
(Securities broking services - cont’d) (4) Unbound for a stockbroking company, except as indicated in the all-sector horizontal section. Notwithstanding the above, for stockbroking companies, no restriction on the number of foreign dealer’s representatives.
For representative offices, two foreign nationals subject to only one foreign national for the two top posts. Entry shall be limited to a maximum period of five years.
(4) Unbound except for the categories of natural persons referred to under market access.  
Commodity futures broking services. (1), (2) Trades on any Malaysian derivatives exchange must be conducted through locally incorporated companies which are trading participants of the derivatives exchange. (1), (2) None.  
  (3) Entry as a non-bank is only permitted through: (3) None.  
  (a) equity participation in an existing locally incorporated company or establishment of a locally incorporated company licensed by the Securities Commission Malaysia to deal in derivatives. Authorisation to carry on this activity is subject to the demonstration of a value proposition as determined by the Securities Commission Malaysia; or    
  (b) A representative office.    
(Commodity futures broking services - cont'd) Representative offices (including those of commercial banks, investment banks and securities companies) are permitted to undertake information research and liaison services only.    
  (4) Unbound except one foreign national for a management post per establishment, subject to market test. (4) Unbound except for the categories of natural persons referred to under market access.  
B. INSURANCE SERVICES (1) Soliciting and advertising in Malaysia are not allowed. (1) None.  
Direct insurance and international takaful operators (non-life). Approval of the Central Bank is required for direct placement abroad of insurance of:    
  (a) movable or immovable property located in Malaysia, including any ship or aircraft registered in Malaysia; and    
  (b) liability of residents to third party.    
  Approval will be granted if such Insurance is not available from direct insurance companies in Malaysia.    
(Direct insurance and international takaful operators (non-life) - cont’d) (2) Approval of the Central Bank is required for direct placement abroad of Insurance of:
(a) movable or immovable property located in Malaysia, including any ship or aircraft registered in Malaysia; and
(b) liability of residents to third party.
Approval will be granted if such insurance is not available from direct insurance companies in Malaysia.
The above limitation does not apply to direct placement abroad of insurance risks relating to:
(a) International maritime shipping and international commercial aviation and any liability deriving therefrom; and
(b) goods in international transit.
(2) None.  
  (3) Only permitted through direct insurance companies and international takaful operators.
Offshore direct insurance companies in Labuan and international takaful operators are not permitted to accept direct insurance of Malaysian risks.
 
 
(4) Unbound except as indicated in the all financial services horizontal section.
(3) Branching is permitted for direct insurance companies with aggregate foreign shareholding of less than 50 percent. Direct insurance companies are permitted to maintain their existing network of branches.
Unbound for special assistance to Malaysian-owned direct insurance companies to promote their development.
(4) Unbound except as indicated in the all financial services horizontal section.
 
Direct insurance and international takaful operators (1), (2) Unbound. (1), (2) Unbound.  
(3) Only permitted through direct insurance companies.
Investment-linked insurance business and new life insurance products provided by direct insurance companies require approval,
Offshore direct insurance companies in Labuan and international takaful operators are not permitted to underwrite life insurance of residents. This limitation does not apply to ordinary life insurance of high net worth residents by offshore direct insurance companies in Labuan.
(4) Unbound except as indicated in the all financial services horizontal section.
(3) Branching is only permitted for direct insurance companies with aggregate foreign shareholding of less than 50 percent. Direct insurance companies are permitted to maintain their existing network of branches.
Unbound for special assistance to Malaysian-owned direct insurance companies to promote their development.
 



(4) Unbound except as indicated in the all financial services horizontal section.
 
Reinsurance/retakaful and retrocession/retrotakaful (non-life).
 
 

(Reinsurance/retakaful and retrocession/retrotakaful (non-life) - cont’d)
(1), (2) Outward reinsurance and retakaful is permitted to ASEAN “Owned institutions, only if local capacity is not available.



(3) Obligation on all insurers other than offshore direct insurance and offshore reinsurance companies to optimise national retention capacity before any outward reinsurance.
Unbound for new licenses for retakaful operators.
Entry as an offshore reinsurance company is confined to Labuan.
(1), (2) Voluntary cession up to 30 percent of each class of non-life reinsurance business to the Malaysian Reinsurance Berhad.
Unbound for fiscal incentives to promote reinsurance in Malaysia.
(3) Unbound for measures granting special position to Malaysian Reinsurance Berhad.
 
  (4) Unbound except as indicated in the all financial services horizontal section. (4) Unbound except as indicated in the all financial services horizontal section.  
    For offshore reinsurance companies, unbound except as indicated in the all financial services horizontal section.  
Reinsurance/retakaful and retrocession/retrotakaful (life). (1), (2) Outward reinsurance and retakaful is permitted to ASEAN-owned institutions, only if local capacity is not available. (1), (2) Unbound for fiscal incentives to promote reinsurance in Malaysia.  
  (3) National retention capacity is required to be optimised before any outward reinsurance by: (3) None.  
  (a) direct life insurance and life reinsurance companies in Malaysia; and    
  (b) offshore direct life insurance and offshore life reinsurance companies which are permitted to insure or reinsure life insurance of high net worth residents.    
(Reinsurance/retakaful and retrocession/retrotakaful (life) - cont’d) Unbound for new licenses for retakaful operators.
Entry as an offshore reinsurance company is confined to Labuan.
   
  (4) Unbound except as indicated in the all-financial services horizontal section. (4) Unbound except as indicated in the all financial services horizontal section.  
    For offshore reinsurance companies, unbound except as indicated in the all financial services horizontal section.  
Insurance intermediation - insurance broking (excluding agency). (1), (2) Direct insurance broking services can only be provided to offshore companies in Labuan. (1), (2) None.  
  ASEAN-owned insurance broking companies are permitted to provide direct insurance broking services to onshore companies for risks relating to international maritime shipping, international commercial aviation and any liability deriving therefrom, and goods in international transit.    
  Reinsurance broking is permitted.    
  Unbound for onshore insurance broking. (3) None.  
(Insurance intermediation - insurance broking (excluding agency) - cont’d) Broking of direct insurance of Malaysian risks by offshore insurance brokers is not permitted. This limitation does not apply to broking of reinsurance of Malaysian risks.    
  (4) Unbound except as indicated in the all financial services horizontal section. (4) Unbound except as indicated in the all financial services horizontal section.  
Insurance intermediation - insurance underwriting and insurance management. (1), (2) Insurance underwriting and insurance management are not permitted. (1), (2) None.  
  (3) Unbound for onshore insurance underwriting and insurance management (3) None.  
  An offshore insurance underwriting manager is not permitted to provide services to any person other than offshore insurance companies in Labuan.    
  An offshore insurance manager is permitted to provide insurance management services to persons other than residents.    
  (4) Unbound except as indicated in the all financial services horizontal section. (4) Unbound except as indicated in the all financial services horizontal section.  
Services auxiliary to insurance as follows:
(a) Consultancy (excludes insurance agency services to insurance industry)
(1) None. (1) None.  
(2) None. (2) None.  
(3) Limited to the establishment of: (3) None.  
(a) Locally incorporated companies;    
 (b) Actual risk assessment
(c) Risk management
(d) Maritime loss adjusting.
(b) Branches; or
(c) Partnerships.
Offshore companies are not permitted to provide services to Malaysian residents.
   
  (4) Unbound except for the temporary presence of natural persons in respect of supply through the mode of commercial presence. (4) Unbound except for the temporary presence of natural persons in respect of supply through the mode of commercial presence.  
 
Protocol to Implement the Sixth Package of Commitment on Financial Services
under the ASEAN Framework Agreement on Services

 
MYANMAR
SCHEDULE OF SPECIFIC SERVICES COMMITMENTS
 
MYANMAR
SCHEDULE OF SPECIFIC COMMITMENTS FOR FINANCIAL SERVICES UNDER AFAS
Modes of Supply:    1) Cross-border supply        2) Consumption abroad     3) Commercial presence     4) Presence of natural persons
Sector or Subsector Limitations on Market Access Limitations on National Treatment Additional Commitments
A. All Insurance and insurance related services
Average and loss adjustment services (CPC 81403) 1) None
2) None
3) None
1) None
2) None
3) None
 
  4) Only senior managerial personnel, specialists and technical assistants with the approval of the Supervisory Board Insurance 4) None  
Actuai Services 1) None 1) According to the existing laws & regulations and subject to the permission of Myanmar Insurance  
  2) Unbound 2) Unbound  
  3) None 3) According to the existing laws & regulations and subject to the permission of Myanmar insurance  
  4) None 4) According to the existing laws & regulations and subject to the permission of Myanmar insurance  
B. Banking and other financial sector
Foreign Bank’s Representative Offices Services (CPC 811) 1) Unbound 1 1) Unbound  
2) Unbound 2) Unbound  
3) Foreign Banks are allowed to open their representative offices in Myanmar 2 3) Unbound  
  4) Unbound 4) Unbound  
Provision of financial information, and financial data processing and related software by suppliers of other financial services (CPC 8131) 1) Unbound 1) Unbound  
2) None 2) None  
3) Approval from the Central Bank of Myanmar is required and subject to existing domestic laws. 3) Approval from the Central Bank of Myanmar is required and subject to existing domestic laws.  
  4) Presence of natural person is allowed temporarily if there is a commercial presence, and subject to the approval from the Central Bank of Myanmar according to existing domestic laws. 4) Presence of natural person is allowed temporarily if there is a commercial presence, and subject to the approval from the Central Bank of Myanmar according to existing domestic laws.  
Banking Sector 1) Unbound 1) Unbound  
Guarantee and Commitments (CPC 81199) 2) None 2) None  
3) Approval from the Central Bank of Myanmar is required and subject to existing domestic laws.
According to the Union of Myanmar Foreign investment Law (2012) and Myanmar Companies Act (1914), commercial presence of foreign service suppliers and/or providers is permitted with the recommendation of concerned Ministry.
3) Approval from the Central Bank of Myanmar is required and subject to existing domestic laws.
According to the Union of Myanmar Foreign Investment Law (2012) and Myanmar Companies Act (1914), commercial presence of foreign service suppliers and/or providers is permitted with the recommendation of concerned Ministry.
 
  According to Myanmar Companies Act Section 5 and Section 17(A), Representative Office/Branch of foreign bank can be established obtained prior sanction of the Central Bank. According to Myanmar Companies Act Section 5 and Section 17(A), Representative Office/Branch of foreign bank can be established obtained prior sanction of the Central Bank.  
  4) Presence of natural persons is allowed temporarily if there is a commercial presence, and subject to the approval from the Central Bank of Myanmar according to existing domestic laws. 4) Presence of natural persons is allowed temporarily if there is a commercial presence, and subject to the approval from the Central Bank of Myanmar according to existing domestic laws.  
Footnote: The Horizontal Commitment of Myanmar witl not affect the commitments for the sectors / subsectors that had been made under the GATS and the earlier rounds of AFAS, and that this will only apply to the new subsector that has been included as an outcome of the fifth round of negotiations.
Other Sector      
Advisory, Intermediation and other Auxiliary Financial Services 1) None 1) None  
2) None 2) None  
3) Approval from the Central Bank of Myanmar is required and subject to existing domestic Laws. 3) Approval from the Central Bank of Myanmar is required and subject to existing domestic Laws.  
  According to the Union of Myanmar Foreign Investment Law (2012) and Myanmar Companies Act (1914), commercial presence of Foreign service suppliers and / or providers is permitted with the recommendation of concerned Ministry. According to the Union of Myanmar Foreign Investment Law (2012) and Myanmar Companies Act (1914), commercial presence of Foreign Service suppliers and / or providers is permitted with the recommendation of concerned Ministry.  
  4) Presence of natural persons is allowed temporarily if there is a commercial presence, and subject to the approval from the Central Bank of Myanmar according to existing domestic laws. 4) Presence of natural persons is allowed temporarily if there is a commercial presence, and subject to the approval from the Central Bank of Myanmar according to existing domestic laws.  
 
Protocol to Implement the Sixth Package of Commitment on Financial Services
under the ASEAN Framework Agreement on Services

 
PHILIPPINES
SCHEDULE OF SPECIFIC SERVICES COMMITMENTS
 
PHILIPPINES
SCHEDULE OF SPECIFIC COMMITMENTS FOR FINANCIAL SERVICES UNDER AFAS
Modes of Supply:    1) Cross-border supply        2) Consumption abroad     3) Commercial presence     4) Presence of natural persons
Sector or Subsector Limitations on Market Access Limitations on National Treatment Additional Commitments
All sub-sectors (3) The appropriate regulatory authority in the Philippines shall determine whether public interest and economic conditions justify authorization for the establishment of commercial presence or expansion of existing operations in banking and other financial services in the Philippines, For foreign financial institutions with internationally recognized standing, such determination shall include a demonstrated capacity to contribute to the attainment of Philippine development objectives particularly in the promotion of trade, investments and appropriate technology transfer; and the country of incorporation has strategic trade and investment relations with the Philippines.    
  In banking, the Monetary Board shall ensure that at ali times seventy per cent (70%) of the resources or assets of the Philippine banking system is held by domestic banks which are at least majority-owned by Filipinos.
(3), (4) Limitations listed in the horizontal section shall also apply.
   
A. All Insurance and Insurance Related Services (3), (4) Limitations listed in the all-sector horizontal section and all financial services section of the Philippines' GATS Schedule of Specific Commitments shall apply.    
  (3) Limitations in market access listed in the specific sub-sectors below shall not apply to existing wholly or majority foreign-owned authorized insurance/reinsurance companies as of the entry into force of the WTO Financial Services agreement.    
  (4) Qualified non-Filipino citizens may be employed for technical positions only within the first five (5) years of operation of the enterprise, their stay not to exceed live (5) years upon entry. (4) Each employed non-Filipino citizen shall have at least two Filipino understudies.  
1. Life Insurance as follows:
- Ordinary
- Group
- Industrial
- Health and Accident
- Annuities
(1) Risks located in the Philippines shall be insured with the companies authorized to transact business in the Philippines.
(2) Same as above
(3) Commercial presence required subject to:
(1) Unbound



(2) Unbound
(3) None
 
  a. Acquisition of up to eighty percent (80%) of voting stock of an existing domestic insurance company; or    
  b. Investments of up to eighty percent (80%) of the voting stock of new locally incorporated insurance company; and    
  c. Participation of non-Filipino citizens in the Board of Directors of locally incorporated insurance company is proportional to the percentage of foreign equity.    
  (4) Qualified non-Filipino citizens may be employed for technical positions only within the first five (5) years of operation of the enterprise, their stay not to exceed five (5) years upon entry. (4) Unbound  
2. Non-Life:
- fire
- marine
- casually
- surety
(1) Except for marine hull and marine cargo insurance, risks located in the Philippines shall be insured with the companies authorized to transact business in the Philippines. (1) Unbound  
(2) Same as (1) above (2) Unbound  
(3) Commercial presence required subject to: (3) None  
  a. Acquisition of up to eighty percent (80%) of voting stock of an existing domestic insurance company.    
  b. investments of up to eighty percent (80%) of the voting stock of new locally incorporated insurance company.    
  c. Participation of non-Filipino citizen in the Board of Directors of locally incorporated insurance company is proportional to the percentage of foreign equity.    
  (4) Qualified non-Filipino citizens may be employed for technical positions only within the first five (5) years of operation of the enterprise, their stay not to exceed five (5) years upon entry. (4) Unbound  
3. Reinsurance, Retrocession (1) Priority cessions to authorized insurance/reinsurance companies (1) None  
(2)
a. Foreign unauthorized reinsurers should be represented by resident agents duly registered with the Insurance Commission
(2) None  
  b. Ten percent (10%) of the total cessions to foreign unauthorized reinsurers should be offered first to the Philippine National Reinsurance Corporation formerly National Reinsurance Company of the Philippines.    
  (3) Commercial presence required subject to: (3)None  
  a. Acquisition of up to eighty percent (80%) of voting stock of an existing domestic insurance company.    
  b. Investments of up to eighty percent (80%) of the voting stock of new locally incorporated insurance company.    
  c. Participation of non-Filipino citizen in the Board of Directors of locally incorporated insurance company is proportional to the percentage of foreign equity.    
  (4) Qualified non-Filipino citizens may be employed for technical positions only within the first five (5) years of operation of the enterprise, their stay not to exceed five (5) years upon entry. (4) Unbound  
4. Services Auxiliary to Insurance:
Actuaries, Average Adjusters
(1) None
(2) None
(3) Commercial presence required subject to foreign equity limitation of 50% or joint venture
(1) Unbound
(2) None
(3) None
 
  (4) Qualified non-Filipino citizens may be employed for technical positions only within the first five (5) years of operation of the enterprise, their stay not to exceed five (5) years upon entry. (4) Unbound  
B. Banking and Other Financial Services (excluding Insurance)      
Commercial banking      
  (1) Commercial presence is required. (1) None  
- Acceptance of deposits and  other repayable funds from the public (2) None (2) None  
(3) (3) None  
- Lending of all types, including consumer credit, mortgage credit, and financing of commercial transaction I. Forms of commercial presence    
A foreign bank, widely-owned and publicly listed, may avail itself only of one form of commercial presence at a time. However, this shall not preclude secondary investment in the equity of a locally incorporated bank not exceeding forty percent (40%) of voting stock.
  a) Establishment of foreign bank branches    
  Bound for ten (10) new licences for the period 1995-2000. Full banking authority to new and existing foreign bank branches.    
- All payment and money transmission services, including credit, charge and debit cards, travellers cheques and bankers drafts Each foreign bank shall be allowed to establish a maximum of six (6) branches, with the first three (3) of these branches at locations of its choice and the remaining three (3) branches at locations designated by the Monetary Board.    
- Guarantees and commitments      
- 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 (bank's own promissory notes, repurchase agreements, and certificates of assignment/participation with recourse);
- foreign exchange;
- derivative products including, but not limited to, futures and options;
- exchange rate and interest rate instruments, including products such as swaps, forward rate agreements; and
- other allowable negotiable instruments and financial assets.
The prescribed capital ratio shall consist of the permanently assigned capital and "net due to" account not exceeding the equivalent of four (4) times the amount of permanently assigned capital. The permanently assigned capital and fifteen per cent (15%) of the required "net due to" account shall be inwardly remitted and converted into Philippine currency.
b) Acquisition of up to sixty percent (60%) of the voting stock of an existing domestic bank.
c) Investing in up to sixty percent 60% of the voting stock of a new locally incorporated banking subsidiary.
Non Filipino citizens may become members of the Board of Directors of a bank to the extent of the foreign participation in the equity of said bank.
For foreign service suppliers other than banks, aggregate share in the voting stock of a locally incorporated bank shall be limited to forty per cent (40%). Shareholding in a locally incorporated bank must not exceed twenty per cent (20%) for an individual and thirty per cent (30%) for a Corporation.
   
- Participation in issues of all kinds of securities, including underwriting and placement as agent (whether publicly or privately) and provision of services related to such issues
- Asset management, such as cash or portfolio management, all forms of collective investment management, custodial, depository and trust services
- Bancassurance
- Electronic Banking
- Outsourcing of banking support and marketing activities, except inherent banking functions
II. Scope of operations
Prior authorization is required for the following:
- acceptance of deposit substitutes and other repayable funds from the public;
- guarantees and commitments;
- performance of trust, investment management and other fiduciary functions;
- foreign currency deposit unit operations; and
- derivatives activities; and
- bancassurance.
Underwriting (firm and best efforts basis) may be performed only by commercial banks with expanded commercial banking authority.
   
  (4) Unbound, except as provided in the horizontal section. (4) A non-Filipino citizen employed as officer or assigned to do technical functions shall have two Filipino understudies.  
Money broking and Foreign Exchange broking (1) Commercial presence is required
(2) None
(1) None
(2) None
 
  (3) Required to be organized as a commercial bank or a non-bank financial intermediary (3) None  
  For commercial banks, all other limitations mentioned under mode 3 above for commercial banks shall apply    
  Foreign equity bound at 40 per cent for non-bank financial intermediary    
  (4) Unbound, except as provided in the horizontal section. (4) For commercial banks and financing companies, foreign service suppliers shall perform technical functions only, with Filipino understudy  
Credit card services (1) Commercial presence is required (1) None  
  (2) None (2) None  
  (3) Required to be organized as a commercial bank or a non-bank financial intermediary (3) None  
  For commercial banks, all other limitations mentioned under mode 3 above for commercial banks shall apply    
  Foreign equity bound at 40 per cent for non-bank financial intermediary    
  (4) Unbound, except as those provided in the horizontal section. (4) A non-Filipino citizen employed as officer or assigned to do technical functions shall have two Filipino understudies.  
Promotion and provision of information about the services/products offered by a foreign bank (1) Commercial presence is required (1) None  
(2) None
(3) None
(4) Unbound, except as those provided in the horizontal section.
(2) None
(3) None
(4) Unbound, except as those provided in the horizontal section.
 
Financial advisory services as follows:
- Credit reference and analysis
- Investmentand portfolio research and advice
(1) None (1) None  
(2) None (2) None  
(3) Required to be organized as a commercial bank, oran investment house, or a non-bank financial intermediary.
For commercial banks, all limitations mentioned under mode 3 above for commercial banks shall apply.
For investment houses, all limitations mentioned under mode 3 above for investment houses shall apply.
Foreign equity participation is bound at forty percent (40%) for non-bank financial intermediary.
(3) None  
  (4) Unbound, except as provided in the horizontal section. (4) A non-Filipino citizen employed as officer or assigned to do technical functions shall have two Filipino understudies.  
Investment houses: (1) Commercial presence is required (1) None  
- Purchase and sell, distribute or arrange to distribute on a guaranteed basis securities of corporations (2) None (2) None  
(3) Must be organized as a stock Corporation. (3) None  
- Participate as soliciting dealer of selling group member in tender offers, block sales, or exchange offering of securities Subject to foreign equity limitation of  sixty percent (60%).    
The majority of the members of the Board of Directors shall be citizens of the Philippines.    
- Deal in options, rights or warrants relating to securities An investment house is not allowed to engage in banking operations.    
- Act as financial consultant, investment adviser or broker Prior authorization is required for the  performance of quasi-banking functions.    
- Act as portfolio manager/financial agent (4) Unbound, except as provided in the  horizontal section (4) Unbound, except as provided in the  horizontal section  
- Design pension, profit- sharing and other employee benefits plans      
Factoring (1) Commercial presence is required
(2) None
(3) Must be performed by a financing company only, organized either as a corporation or general partnership
Subject to foreign equity limitation of forty percent (40%).
Membership of aliens in the Board of Directors is limited to one-third of the Board’s total membership in the case of a corporation; no foreign managing partners in the case of a general partnership.
(1) None
(2) None
(3) None
 
  (4) Unbound, except as provided in the horizontal section (4) A non-Filipino citizen employed as officer or assigned to do technical functions shall have two Filipino understudies.  
Financial leasing (1) Commercial presence is required
(2) None
(3) Must be performed by a financing company only, organized either as a corporation or general partnership Subject to foreign equity limitation of forty percent (40%).
Membership of aliens in the Board of Directors is limited to one-third of the Board’s total membership in the case of a corporation; no foreign managing partners in the case of a general partnership.
(1) None
(2) None
(3) None
 
  (4) Unbound, except as provided in the horizontal section (4) A non-Filipino citizen employed as officer or assigned to do technical functions shall have two Filipino understudies.  
Securities dealership/brokerage
- Trading for own account or for account of customers, whether in an exchange, in an over-the-counter market or otherwise the following:
- Equities and its derivative Products such as warrants and options
- Transferable securities
(1) Commercial presence is required
(2) None
(1) None
(2) None
 
(3) Reserved to be organized as an investment house or as a securities broker/dealer corporation or partnership,
For investment houses, all other limitations mentioned under mode (3) above for investment houses shall apply.
For securities broker/dealer - must be a member of the stock exchange. Membership is limited to 200. Underwriting is allowed only on best-effort basis.
(3) None  
(4) Unbound, except as provided in the horizontal section (4) Unbound, except as provided in the horizontal section  
Participation is issues of all kinds of securities, including underwriting and placement as agent (whether publicly or privately) and provision of services related to such issues. (1) Commercial presence is required (1) None  
(2) None (2) None  
(3) Required to be organized as an Investment House or as a securities broker/dealer corporation or partnership. (3) None  
  For investment houses, all other limitations mentioned under mode (3) above for investment houses shall apply.    
  For securities broker/dealer - must be a member of the stock exchange. Membership is limited to 200. Underwriting is allowed only on best- effort basis. -  
  (4) Unbound, except as provided in the horizontal section (4) Unbound, except as provided in the horizontal section  
Performance of the functions of a stock transfer agent such as but not limited to monitoring the issuance and transfer of stock certificates (1) Commercial presence is required (1) None  
(2) None (2) None  
(3) Must be organized as a corporation or partnership with at least one certified public accountant duly licensed in the Philippines (3) None  
  (4) Unbound, except as those provided in the horizontal section. (4) Unbound, except as those provided in the horizontal section.  
Transactions of an issuer primarily engaged in the business of investing, reinvesting or trading securities (1) Commercial presence is required (1) None  
(2) None (2) None  
(3) Must be performed by an investment company
Foreign equity bond at forty percent (40%).
All members of the Board of Directors must be citizens of the Philippines
(3) None  
  (4) Unbound, except as those provided in the horizontal section (4) Unbound, except as those provided in the horizontal section  
Sale of contracts for the payment of benefits or performance of future services such as life, education, pension and internment plans (1) Commercial presence is required (1) None  
(2) None (2) None  
(3) Foreign equity bond at forty percent (40%). (3) None  
  (4) Unbound, except as those provided in the horizontal section (4) Unbound, except as those provided in the horizontal section  
Stock broker dealer (1) Commercial presence is required (1) None Philippine SEG reserves the right to rationalized domestic registration procedures in its effort to promote cross border trading.
For branch offices of foreign corporations:
For the effective implementation of cross border trading and solicitation of securities business, the Philippine SEC may explore mutual recognition of securities registration and registration of broker dealers and sales agent in domicile country. Thus, the Philippines SEC reserves the right to accord favorable treatment to those service providers/suppliers of member countries that accord similar treatment to Filipino financial service suppliers in their country, on a discriminatory basis.
  (2) Unbound (2) None
  (3)
A. Forms of commercial presence
1. Foreign equity participation in domestic corporation
2. Establishment of a branch office by a foreign Corporation in the Philippines
B. Scope of operations prior registration with the Philippine Securities and Exchange Commission as a stock broker dealer is required before it can engage in the buying and selling of securities.
C. Establishment of stock broker dealer branches all over the country
Each foreign stock broker dealer (i.e., domestic corporation but majority of outstanding stocks is foreign owned, or foreign corporation with brand license) shall be limited to two (2) branches the location of which shall be subject to approval of the Philippines Securities and Exchange Commission.
For domestic corporations with foreign equity participation, non-Filipino citizens may become members of the Board of Directors of a stock broker dealer to the extent of foreign equity participation in the said stock broker dealer.
For foreign corporations allowed to transact business in the Philippines, a resident agent has to be appointed as a condition precedent to the issuance of the license.
(3) None
  (4) Unbound, except as those provided in the horizontal section (4) Generally none but subject to Philippines labor laws  
Salesman of a stock broker dealer (1) Unbound (1) None Remarks:
(2) Unbound (2) None A salesman of a foreign stock broker dealer (i.e., domestic corporation but majority of outstanding stocks is foreign owned, or foreign corporation with branch license issued by the Philippine Securities and Exchange Commission) may be registered and licensed as such by the Philippine SEC without need of examination provided that:
(1) The foreign stock broker dealer sponsoring the salesman has been registered and issued a secondary license as a stock broker dealer by the Philippine SEC before it can engage in the buying and selling of securities;
(2) The salesman has been registered and issued a license as such by his home country’s regulatory agency which has jurisdiction over the sponsoring foreign stock broker dealer;
(3) There are no big gaps in the proficiency requirements or business conduct rules between the salesman’s host country and the Philippine SEC but will have to undergo training to ensure that the salesman understands Philippine laws, rules and regulations;
(4) The salesman maintains active status of his registration and license as such in his home country; and
(5) The salesman’s home country allows Filipinos who has been registered and licensed by the Philippine SEC as a salesman (of a Philippine- registered stock broker dealer) to act as such in the salesman's home country.
Philippine SEC reserves the right to rationalize domestic registration procedures in its effort to promote cross border trading.
For the effective implementation of cross border trading and solicitation of securities business, the Philippine SEC may explore mutual recognition of securities registration and registration of broker dealers and sales agent in domicile country. Thus, the Philippines SEC reserves the right to accord favorable treatment to those service providers/suppliers of member countries that accord similar treatment to Filipino financial service suppliers in their country, on a discriminatory basis.
(3) Prior registration as a salesman of a broker dealer with the Philippine Securities and Exchange Commission is required before a natural person can be employed as such or as an agent, by a dealer, issuer or broker to buy and sell securities. (3) None
  (4) Unbound, except as provided in the horizontal section. (4) Generally none but subject to Philippines labor laws
 
Protocol to Implement the Sixth Package of Commitment on Financial Services
under the ASEAN Framework Agreement on Services

 
SINGAPORE
SCHEDULE OF SPECIFIC SERVICES COMMITMENTS
 
SINGAPORE
SCHEDULE OF SPECIFIC COMMITMENTS FOR FINANCIAL SERVICES UNDER AFAS
Modes of Supply:    1) Cross-border supply        2) Consumption abroad     3) Commercial presence     4) Presence of natural persons
Sector or Subsector Limitations on Market Access Limitations on National Treatment Additional Commitments
A. Insurance and insurance related services      
The commitments on financial services are made in accordance with the GATS and the Annex on Financial Services. All the commitments in this schedule are subject to horizontal commitments in Singapore’s Schedule of Horizontal Commitments to the present Protocol (“the horizontal section”). All the commitments in this Schedule are subject to entry requirements, domestic laws, guidelines, rules and regulations, terms and conditions of MAS or any other relevant authority or body in Singapore, as the case may be, which are consistent with Article VI of the GATS and paragraph 2 of the Annex on Financial Services.
(a) Life insurance including annuity, disability income, accident and health insurance Services 1) Unbound 1) Unbound  
2) None 2) None  
3) These measures are also limitations on national treatment. 3) None  
  None, except
a) insurance companies must establish as branches or subsidiaries; and
b) activities relating to the use, including via investment, of monies from any social security, public retirement or statutory savings scheme.
-  
  4) Unbound except as indicated in the horizontal section 4) Unbound except as indicated in the horizontal section  
(b) Non-life insurance services including disability income, accident and health insurance and contracts of fidelity bonds, performance body or similar contracts of guarantee. 1) Unbound 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 2) None  
  3) None except that foreign parties can only acquire equity stakes of up to 49% in aggregate in locally-owned insurance companies provided the acquisition does not result in any foreign party being the largest shareholder; and insurance companies must establish as branches or subsidiaries.
4) Unbound except as Indicated In the horizontal section
3) None
 
 
 
 

4) Unbound except as indicated in the horizontal section
 
(c) Reinsurance and retrocession 1) None
2) None
3) None except reinsurance companies must be established as branches or subsidiaries.
4) Unbound except as indicated in the horizontal section
1) None
2) None
3) None


4) Unbound except as indicated in the horizontal section
 
(d) Insurance intermediation comprising broking and agency services 1) Unbound 1) Unbound  
2) These measures are also limitations on national treatment. Agents are not allowed to act for unlicensed insurers. The placement of domestic risk 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 ship owners insured by protection & indemnity clubs. 2) None  
  3) These measures are also limitations on national treatment. None except that direct insurance