ANNEX IX FINANCIAL SERVICES. List provided for in Article 36(2)

Transcription

1 ANNEX IX FINANCIAL SERVICES List provided for in Article 36(2) INTRODUCTION When the acts referred to in this Annex contain notions or refer to procedures which are specific to the Community legal order, such as: - preambles; - the addressees of the Community acts; - references to territories or languages of the EC; - references to rights and obligations of EC Member States, their public entities, undertakings or individuals in relation to each other; and - references to information and notification procedures; Protocol 1 on horizontal adaptations shall apply, unless otherwise provided for in this Annex. SECTORAL ADAPTATIONS Regarding exchange of information between the competent authorities of EC Member States envisaged in the acts included in this Annex, paragraph 7 of Protocol 1 shall apply for the purposes of this Agreement. ACTS REFERRED TO I. Insurance (i) Non-life insurance L 0225: Council Directive 64/225/EEC of 25 February 1964 on the abolition of restrictions on freedom of establishment and freedom to provide services in respect of reinsurance and retrocession (OJ No 56, , p. 878/64). The provisions of the Directive shall, for the purposes of the present Agreement, be read with the following adaptation: Article 3 shall not apply L 0239: First Council Directive 73/239/EEC of 24 July 1973 on the coordination of laws, regulations and administrative provisions relating to the taking-up and pursuit of the business of direct insurance other than life assurance (OJ No L 228, , p. 3), as amended by: L 0580: Council Directive 76/580/EEC of 29 June 1976 (OJ No L 189, , p. 13), L 0641: Council Directive 84/641/EEC of 10 December 1984 amending, particularly as regards tourist assistance, the first Directive (73/239/EEC) on the coordination of laws,

2 EEA AGREEMENT - ANNEX IX p.2 regulations and administrative provisions relating to the taking up and pursuit of the business of direct insurance other than life assurance (OJ No L 339, , p. 21), L 0343: Council Directive 87/343/EEC of 22 June 1987 amending, as regards credit assurance and suretyship assurance, the first Directive (73/239/EEC) (OJ No L 185, , p. 72), L 0344: Council Directive 87/344/EEC of 22 June 1987 on the coordination of laws, regulations and administrative provisions relating to legal expenses insurance (OJ No L 185, , p. 77), L 0357: Second Council Directive 88/357/EEC of 22 June 1988 on the coordination of laws, regulations and administrative provisions relating to direct insurance other than life assurance and laying down provisions to facilitate the effective exercise of freedom to provide services and amending Directive 73/239/EEC (OJ No L 172, , p. 1), L 0618: Council Directive 90/618/EEC of 8 November 1990 amending, particularly as regards motor vehicle liability insurance, Directive 73/239/EEC and Directive 88/357/EEC which concern the coordination of laws, regulations and administrative provisions relating to direct insurance other than life assurance (OJ No L 330, , p. 44), -{ 1 } 392 L 0049: Council Directive 92/49/EEC of 18 June 1992 (OJ No L 228, , p. 1), -{ 2 } 395 L 0026: European Parliament and Council Directive 95/26/EC of 29 June 1995 (OJ No L 168, , p. 7), -{ 3 } L 0026: Directive 2000/26/EC of the European Parliament and of the Council of 16 May 2000 (OJ L 181, , p. 65). The provisions of the Directive shall, for the purposes of the present Agreement, be read with the following adaptations: The following shall be added to Article 4: "(f) in Iceland - Húsatryggingar Reykjavíkurborgar; - Viðlagatrygging Íslands."; [ ]{ 4 } (b) the following shall be added to Article 8: "- in the case of Austria: Aktiengesellschaft, Versicherungsverein auf Gegenseitigkeit. - in the case of Finland: Keskinäinen Vakuutusyhtiö/Ömsesidigt, Försäkringsbolag, Vakuutusosakeyhtiö/ Försäkrings-aktiebolag, Vakuutusyhdistys/Försäkringsförening. { 1 } Indent added by Decision No 7/94. { 2 } Indent added by Decision No 2/96 (OJ No L 90, , p. 39 and EEA Supplement No 16, , p. 4), e.i.f { 3 } Indent added by Decision No 4/2001 (OJ No L 66, , p. 46 and EEA Supplement No 12, , p. 4), e.i.f. pending. { 4 } Entry "(g) In Switzerland", including provision, deleted by the Adjusting Protocol.

3 EEA AGREEMENT - ANNEX IX p.3 - in the case of Iceland: Hlutafélag, Gagnkvæmt félag. - in the case of Liechtenstein: Aktiengesellschaft, Genossenschaft. - in the case of Norway: Aksjeselskaper, Gjensidige selskaper. - in the case of Sweden: Försäkringsaktiebolag, Ömsesidiga försäkringsbolag, Understödsföreningar."; [ ]{ 5 } (c) Article 29 shall not apply; the following provision shall be applicable: Each Contracting Party may, by means of agreements concluded with one or more third countries, agree to the application of provisions different from those provided for in Articles 23 to 28 of the Directive on the condition that its insured persons are given adequate and equivalent protection. The Contracting Parties shall inform and consult each other prior to concluding such agreements. The Contracting Parties shall not apply to branches of insurance undertakings having their head office outside the territory of the Contracting Parties provisions which result in more favourable treatment than that accorded to branches of insurance undertakings having their head office within the territory of the Contracting Parties; (d) Articles 30, 31, 32 and 34 shall not apply; the following provision shall be applicable: The non-life insurance undertakings to be identified separately by Finland, Iceland and Norway shall be exempt from Articles 16 and 17. The competent supervisory authority shall require such undertakings to meet the requirements of these Articles by 1 January Prior to that date the EEA Joint Committee shall examine the financial situation of the undertakings still not meeting the requirements and make appropriate recommendations. As long as an insurance undertaking fails to meet the requirements of Articles 16 and 17 it shall not establish a branch or provide services in the territory of another Contracting Party. Undertakings desiring to extend their operations within the meaning of Article 8(2) or Article 10 may not do so unless they comply immediately with the rules of the Directive; (e) as regards relations with third-country insurance undertakings described in Article 29b (see Article 4 of Council Directive 90/618/EEC) the following shall apply: 1. With a view to achieving a maximum degree of convergence in the application of a third-country regime for insurance undertakings, the Contracting Parties shall exchange information as described in Articles 29b(1) and 29b(5) and consultations shall be held regarding matters referred to in Articles 29b(2), 29b(3) and 29b(4), within the framework of the EEA Joint Committee and according to specific procedures to be agreed by the Contracting Parties. 2. Authorizations granted by the competent authorities of a Contracting Party to insurance undertakings being direct or indirect subsidiaries of parent undertakings governed by the laws of a third country shall have validity in accordance with the provisions of the Directive throughout the territory of all Contracting Parties. However, { 5 } Entry "- in the case of Switzerland:", including provision, deleted by the Adjusting Protocol.

4 EEA AGREEMENT - ANNEX IX p.4 when a third country imposes quantitative restrictions on the establishment of insurance undertakings of an EFTA State or imposes restrictions on such insurance undertakings that it does not impose on Community insurance undertakings, authorizations granted by competent authorities within the Community to insurance undertakings being direct or indirect subsidiaries of parent undertakings governed by the laws of that third country shall have validity only in the Community, except where an EFTA State decides otherwise for its own jurisdiction; (b) where the Community has decided that decisions regarding authorizations of insurance undertakings being direct or indirect subsidiaries of parent undertakings governed by the laws of a third country shall be limited or suspended, any authorization granted by a competent authority of an EFTA State to such insurance undertakings shall have validity only in its jurisdiction, except where another Contracting Party decides otherwise for its own jurisdiction; (c) the limitations or suspensions referred to in sub-paragraphs and (b) may not apply to insurance undertakings or their subsidiaries already authorized in the territory of a Contracting Party. 3. Whenever the Community negotiates with a third country on the basis of Articles 29b(3) and 29b(4) in order to obtain national treatment and effective market access for its insurance undertakings, it shall endeavour to obtain equal treatment for the insurance undertakings of the EFTA States L 0240: Council Directive 73/240/EEC of 24 July 1973 abolishing restrictions on freedom of establishment in business of direct insurance other than life assurance (OJ No L 228, , p. 20). adaptation: Articles 1, 2 and 5 shall not apply L 0473: Council Directive 78/473/EEC of 30 May 1978 on the coordination of laws, regulations and administrative provisions relating to Community co-insurance (OJ No L 151, , p. 25). adaptation: Article 9 shall not apply L 0641: Council Directive 84/641/EEC of 10 December 1984 amending, particularly as regards tourist assistance, the First Directive (73/239/EEC) on the coordination of laws, regulations and administrative provisions relating to the taking-up and pursuit of the business of direct insurance other than life assurance (OJ No L 339, , p. 21) L 0344: Council Directive 87/344/EEC of 22 June 1987 on the coordination of laws, regulations and administrative provisions relating to legal expenses insurance (OJ No L 185, , p. 77) L 0357: Second Council Directive 88/357/EEC of 22 June 1988 on the coordination of laws, regulations and administrative provisions relating to direct insurance other than life assurance and laying down provisions to facilitate the effective exercise of freedom to provide services and amending Directive 73/239/EEC (OJ No L 172, , p. 1), as amended by: L 0618: Council Directive 90/618/EEC of 8 November 1990 amending, particularly as regards motor vehicle liability insurance, Directive 73/239/EEC and Directive 88/357/EEC which concern the coordination of laws, regulations and administrative provisions relating to direct insurance other than life assurance (OJ No L 330, , p. 44),

5 EEA AGREEMENT - ANNEX IX p.5 -{ 6 } 392 L 0049: Council Directive 92/49/EEC of 18 June 1992 (OJ No L 228, , p. 1), -{ 7 } L 0026: Directive 2000/26/EC of the European Parliament and of the Council of 16 May 2000 (OJ L 181, , p. 65). 7a.{ 8 } 392 L 0049: Council Directive 92/49/EEC of 18 June 1992 on the coordination of laws, regulations and administrative provisions relating to direct insurance other than life assurance and amending Directives 73/239/EEC and 88/357/EEC (third non-life insurance Directive) (OJ No L 228, , p. 1), as amended by: -{ 9 } 395 L 0026: European Parliament and Council Directive 95/26/EC of 29 June 1995 (OJ No L 168, , p. 7). The provisions of the Directive shall, for the purposes of the present Agreement, be read with the following adaptations: in Article 48, the words "notification of this Directive" shall read "decision by the EEA Joint Committee to include this Directive in the EEA Agreement', (b) this Directive shall not apply to Finland. (c){ 10 } Liechtenstein may postpone until 1 January 1996 the application of this Directive to compulsory insurance against accident. The situation shall be reviewed by the EEA Joint Committee during (ii) Motor insurance L 0166: Council Directive 72/166/EEC of 24 April 1972 on the approximation of the laws of the Member States relating to insurance against civil liability in respect of the use of motor vehicles, and to the enforcement of the obligation to insure against such liability (OJ No L 103, , p. 1), as amended by: L 0430: Council Directive 72/430/EEC of 19 December 1972 (OJ No L 291, , p. 162), L 0005: Second Council Directive 84/5/EEC of 30 December 1983 on the approximation of the laws of the Member States relating to insurance against civil liability in respect of the use of motor vehicles (OJ No L 8, , p. 17), L 0232: Third Council Directive 90/232/EEC of 14 May 1990 on the approximation of the laws of the Member States relating to insurance against civil liability in respect of the use of motor vehicles (OJ No L 129, , p. 33), D 0323: Commission Decision of 30 May 1991 relating to the application of Council Directive 72/166/EEC (OJ No L , p. 25), { 6 } Indent added by Decision No 7/94. { 7 } Indent added by Decision No 4/2001 (OJ No L 66, , p. 46 and EEA Supplement No 12, , p. 4), e.i.f { 8 } Point inserted by Decision No 7/94. { 9 } Indent, and words, as amended by: above, added by Decision No 2/96 (OJ No L 90, , p. 39 and EEA Supplement No 16, , p. 4), e.i.f { 10 } Adaptation added by EEA Council Decision No 1/95.

6 EEA AGREEMENT - ANNEX IX p.6 -{ 11 } 393 L 0043: Commission Decision 93/43/EEC of 21 December 1992 (OJ No L 16, , p. 51), -{ 12 } 397 D 0828: Commission Decision 97/828/EC of 27 October 1997 (OJ L 343, , p. 25), -{ 13 } 399 D 0103: Commission Decision 1999/103/EC of 26 January 1999 (OJ L 33, , p. 25) L 0005: Second Council Directive 84/5/EEC of 30 December 1983 on the approximation of the laws of the Member States relating to insurance against civil liability in respect of the use of motor vehicles (OJ No L 8, , p. 17), as amended by: L 0232: Third Council Directive 90/232/EEC of 14 May 1990 on the approximation of the laws of the Member States relating to insurance against civil liability in respect of the use of motor vehicles (OJ No L 129, , p. 33) L 0232: Third Council Directive 90/232/EEC of 14 May 1990 on the approximation of the laws of the Member States relating to insurance against civil liability in respect of the use of motor vehicles (OJ No L 129, , p. 33). 10a.{ 14 } L 0026: Directive 2000/26/EC of the European Parliament and of the Council of 16 May 2000 on the approximation of the laws of the Member States relating to insurance against civil liability in respect of the use of motor vehicles and amending Council Directives 73/239/EEC and 88/357/EEC (Fourth motor insurance Directive) (OJ L 181, , p. 65). (iii) Life assurance L 0267: First Council Directive 79/267/EEC of 5 March 1979 on the coordination of laws, regulations and administrative provisions relating to the taking-up and pursuit of the business of direct life assurance (OJ No L 63, , p. 1), as amended by: L 0619: Council Directive 90/619/EEC of 8 November 1990 on the coordination of laws, regulations and administrative provisions relating to direct life assurance, laying down provisions to facilitate the effective exercise of freedom to provide services and amending Directive 79/267/EEC (OJ No L 330, , p. 50). -{ 15 } 392 L 0096: Council Directive 92/96/EEC of 10 November 1992 (OJ No L 360, , p.1), -{ 16 } 395 L 0026: European Parliament and Council Directive 95/26/EC of 29 June 1995 (OJ No L 168, , p. 7). adaptations: { 17 } The following shall be added to Article 4: { 11 } Indent added by Decision No 24/95 (OJ No L 224, , p. 34 and EEA Supplement No 35, , p. 1), e.i.f { 12 } Indent added by Decision No 73/98 (OJ No 172, , p. 52 and EEA Supplement No 30, , p. 127), e.i.f { 13 } Indent added by Decision No 117/1999 (OJ No L 325, , p. 32 and EEA Supplement No 60, , p. 420), e.i.f { 14 } Point inserted by Decision No 4/2001 (OJ No L 66, , p. 46 and EEA Supplement No 12, , p. 4), e.i.f { 15 } Indent added by Decision No 7/94. { 16 } Indent added by Decision No 2/96 (OJ No L 90, , p. 39 and EEA Supplement No 16, , p. 4), e.i.f { 17 } This adaptation, introduced by Decision No 7/94, replaces former adaptation.

7 EEA AGREEMENT - ANNEX IX p.7 This Directive shall not concern the pension activities of pension insurance undertakings prescribed in the Employees' Pensions Act (TEL) and other related Finnish legislation provided that: 1. pension insurance companies which already under Finnish law are obliged to have separate accounting and management systems for their pension activities will furthermore, as from the date of entry into force of the decision by the EEA Joint Committee to include the third life assurance Directive 92/96/EEC in the EEA Agreement, set up separate legal entities for carrying out these activities; 2. the Finnish authorities allow in a non-discriminatory manner all nationals and companies of Contracting Parties to perform according to Finnish legislation the activities specified in Article 1 related to this exemption whether by means of: - ownership or participation in an existing insurance company or group; - creation or participation of new insurance companies or groups, including pension insurance companies; 3. the Finnish authorities submit for the approval of the EEA Joint Committee a report before the date of entry into force of the decision by the EEA Joint Committee to include the third life assurance Directive 92/96/EEC in the EEA Agreement, stating which measures have been taken to split up TEL activities from normal insurance activities carried out by Finnish insurance companies in order to conform to all the requirements of the third life assurance Directive. It is understood that the Finnish authorities in accordance with the relevant provisions of the First Council Directive 79/267/EEC shall withdraw the authorization for insurance companies which have not carried out the provisions of paragraph 1 above by the date of entry into force of the decision by the EEA Joint Committee to include the third life assurance Directive 92/96/EEC in the EEA Agreement. (b) the following shall be added to Article 8(1): '- in the case of Austria: Aktiengesellschaft, Versicherungsverein auf Gegenseitigkeit. - in the case of Finland: Keskinäinen Vakuutusyhtiö/Ömsesidigt Försäkringsbolag, Vakuutusosakeyhtiö/ Försäkrings-aktiebolag, Vakuutusyhdistys/Försäringsförening. - in the case of Iceland: Hlutafélag, Gagnkvæmt félag. - in the case of Liechtenstein: Aktiengesellschaft, Genossenschaft, Stiftung. - in the case of Norway: Aksjeselskaper, Gjensidige selskaper. - in the case of Sweden: Försäkringsaktiebolag, Ömsesidiga försäkringsbolag, Understödsföreningar'. [ ]{ 18 } { 18 } Entry "- in the case of Switzerland:", including provision, deleted by the Adjusting Protocol.

8 EEA AGREEMENT - ANNEX IX p.8 (c) Articles 13(5), 33, 34, 35 and 36 shall not apply; the following provision shall be applicable: the life assurance undertakings to be identified separately by Iceland shall be exempt from Articles 18, 19 and 20. The competent supervisory authority shall require such undertakings to meet the requirements of these Articles by 1 January Prior to that date the EEA Joint Committee shall examine the financial situation of the undertakings still not meeting the requirements and make appropriate recommendations. As long as an insurance undertaking fails to meet the requirements of Articles 18, 19 and 20 it shall not establish a branch or provide services in the territory of another Contracting Party. Undertakings desiring to extend their operations within the meaning of Article 8(2) or Article 10 may not do so unless they comply immediately with the rules of the Directive. (d) Article 32 shall not apply; the following provision shall be applicable: Each Contracting Party may, by means of agreements concluded with one or more third countries, agree to the application of provisions different from those provided for in Articles 27 to 31 of the Directive on the condition that its insured persons are given adequate and equivalent protection. The Contracting Parties shall inform and consult each other prior to concluding such agreements. The Contracting Parties shall not apply to branches of insurance undertakings having their head office outside the territory of the Contracting Parties provisions which result in more favourable treatment than that accorded to branches of insurance undertakings having their head office within the territory of the Contracting Parties; (e) as regards relations with third-country insurance undertakings described in Article 32b (see Article 9 of Council Directive 90/619/EEC) the following shall apply: 1. With a view to achieving a maximum degree of convergence in the application of a third-country regime for insurance undertakings, the Contracting Parties shall exchange information as described in Articles 32b(1) and 32b(5) and consultations shall be held regarding matters referred to in Articles 32b(2), 32b(3) and 32b(4), within the framework of the EEA Joint Committee and according to specific procedures to be agreed by the Contracting Parties. 2. Authorizations granted by the competent authorities of a Contracting Party to insurance undertakings being direct or indirect subsidiaries of parent undertakings governed by the laws of a third country shall have validity in accordance with the provisions of the Directive throughout the territory of all Contracting Parties. However, when a third country imposes quantitative restrictions on the establishment of insurance undertakings of an EFTA State, or imposes restrictions on such insurance undertakings that it does not impose on Community insurance undertakings, authorizations granted by competent authorities within the Community to insurance undertakings being direct or indirect subsidiaries of parent undertakings governed by the laws of that third country shall have validity only in the Community, except where an EFTA State decides otherwise for its own jurisdiction; (b) where the Community has decided that decisions regarding authorizations of insurance undertakings being direct or indirect subsidiaries of parent undertakings governed by the laws of a third country, shall be limited or suspended, any authorization granted by a competent authority of an EFTA State to such insurance undertakings shall have validity only in its jurisdiction, except where another Contracting Party decides otherwise for its own jurisdiction,

9 EEA AGREEMENT - ANNEX IX p.9 (c) the limitations or suspensions referred to in subparagraphs and (b) may not apply to insurance undertakings or their subsidiaries already authorized in the territory of a Contracting Party. 3. Whenever the Community negotiates with a third country on the basis of 32b(3) and 32b(4), in order to obtain national treatment and effective market access for its insurance undertakings, it shall endeavour to obtain equal treatment for the insurance undertakings of the EFTA States; (f) in Article 13(3), the words "at the time of notification of this Directive" shall be replaced by "at the time of signature of the EEA Agreement" L 0619: Council Directive 90/619/EEC of 8 November 1990 on the coordination of laws, regulations and administrative provisions relating to direct life assurance, laying down provisions to facilitate the effective exercise of freedom to provide services and amending Directive 79/267/EEC (OJ No L 330, , p. 50), as amended by: - { 19 } 392 L 0096: Council Directive 92/96/EEC of 10 November 1992 (OJ No L 360, , p. 1). adaptation: Article 9: see adaptation (e) to Council Directive 79/267/EEC. 12a.{ 20 } 392 L 0096: Council Directive 92/96/EEC of 10 November 1992 on the co-ordination of laws, regulations and administrative provisions relating to direct life assurance and amending Directives 79/267/EEC and 90/619/EEC (third life assurance Directive) (OJ No L 360, , p. 1). The provisions of the Directive shall, for the purposes of the present Agreement, be read with the following adaptations: (b) 1. Article 2: see adaptation to Council Directive 79/267/EEC; Sweden shall adopt the laws, regulations and administrative provisions necessary for it to comply with Article 22(1)(b) of this Directive by 1 January By 1 July 1994, the Swedish authorities shall submit for the approval of the EEA Joint Committee a schedule of the measures to be adopted to have the exposures exceeding the limits of Article 22(1)(b) of this Directive brought within the said limits. 3. Not later than 31 December 1997 the Swedish authorities shall present a progress report to the EEA Joint Committee on the measures taken to comply with this Directive. 4. The EEA Joint Committee shall review the measures on the basis of the reports described in paragraphs 2 and 3. In the light of developments, these measures shall, if appropriate, be adapted with a view to accelerating the process of reduction of the exposures. 5. The Swedish authorities shall require the life assurance companies concerned to initiate immediately the process of reduction of the relevant exposures. The companies concerned will at no time increase these exposures, unless they are already within the limits prescribed by the Directive and any such increase does not lead them to exceed those limits. { 19 } Indent, and words ", as amended by:" above, added by Decision No 7/94. { 20 } Point inserted by Decision No 7/94.

10 EEA AGREEMENT - ANNEX IX p The Swedish authorities shall submit by the end of the transitional period a final report on the results of the above measures; (c) in Article 45, the words "the date of notification of this Directive" shall read "the date of the Decision by the EEA Joint Committee to include this Directive in the EEA Agreement". (iv) Supervision and accounts { 21 } 12b. 391 L 0674: Council Directive 91/674/EEC of 19 December 1991 on the annual accounts and consolidated accounts of insurance undertakings (OJ No L 374, , p. 7). The provisions of the Directive shall, for the purpose of the present Agreement, be read with the following adaptations: in Article 2(1), "Article 58 of the Treaty" shall read "Article 34 of the EEA Agreement"; (b) Norway and Sweden shall adopt the laws, regulations and administrative provisions necessary for them to comply with this Directive before 1 January 1995; (c) in Article 46(3) "the date of the notification of this Directive" shall read "the date of the decision by the EEA Joint Committee to include this Directive in the EEA Agreement", and the reference to "the date referred to in Article 70(1)" shall be understood to be to the date by which the respective EFTA State must adopt the laws, regulations and administrative provisions necessary for it to comply with this Directive, (d){ 22 } Liechtenstein shall adopt the laws, regulations and administrative provisions necessary for it to comply with this Directive before 1 January c.{ 23 } 398 L 0078: Directive 98/78/EC of the European Parliament and of the Council of 27 October 1998 on the supplementary supervision of insurance undertakings in an insurance group (OJ L 330, , p. 1). (v) Other issues { 24 } L 0092: Council Directive 77/92/EEC of 13 December 1976 on measures to facilitate the effective exercise of freedom of establishment and freedom to provide services in respect of the activities of insurance agents and brokers (ex. ISIC group 630) and, in particular, transitional measures in respect of those activities (OJ No L 26, , p. 14). The provisions of the Directive shall, for the purposes of the present Agreement, be read with the following adaptations: the following shall be added to Article 2(2): 'in Austria: - Versicherungsmakler - Rückversicherungsmakler in Finland: - Vakuutuksenvälittäjä/Försäkringsmäklare { 21 } Heading and point 12b inserted by Decision No 7/94. { 22 } Adaptation added by EEA Council Decision No 1/95. { 23 } Point inserted by Decision No 95/1999 (OJ No L 296, , p. 61 and EEA Supplement No 55, , p. 160), e.i.f { 24 } This heading, inserted by Decision No 7/94, replaces former heading "(iv) Other issues".

11 EEA AGREEMENT - ANNEX IX p.11 in Iceland: - Vátryggingamiðlari in Liechtenstein: - Versicherungsmakler in Norway: - Forsikringsmegler in Sweden: - Försäkringsmäklare'; [ ]{ 25 } (b) the following shall be added to Article 2(2)(b): 'in Austria: - Versicherungsvertreter in Finland: - Vakuutusasiamies/Försäkringsombud in Iceland: - Vátryggingaumboðsmaður in Liechtenstein: - Versicherungs-Generalagent - Versicherungsagent - Versicherungsinspektor in Norway: - Assurandør - Agent in Sweden: - Försäkringsombud'; [ ]{ 26 } (c) the following shall be added to Article 2(2)(c): 'in Iceland: - Vátryggingasölumaður in Norway: - Underagent'. { 25 } Entry "in Switzerland:", including provision, deleted by the Adjusting Protocol. { 26 } Entry "in Switzerland:", including provision, deleted by the Adjusting Protocol.

12 EEA AGREEMENT - ANNEX IX p.12 II. Banks and other credit institutions (i) Coordination of legislation on establishment and freedom to provide services 14.{ 27 } L 0012: Directive 2000/12/EC of the European Parliament and of the Council of 20 March 2000 relating to the taking up and pursuit of the business of credit institutions (OJ L 126, , p. 1), as amended by: -{ 28 } L 0028: Directive 2000/28/EC of the European Parliament and of the Council of 18 September 2000 amending Directive 2000/12/EC relating to the taking up and pursuit of the business of credit institutions (OJ L 275, , p. 37). The provisions of the Directive shall, for the purposes of the present Agreement, be read with the following adaptations: the following shall be added to Article 2(3): " in Iceland 'Byggingarsjóðir ríkisins'; in Liechtenstein, the 'Liechtensteinische Landesbank'."; (b) Article 5(4) shall read: "A Contracting Party may decide that credit institutions already in existence on 1 January 1994, the own funds of which do not attain the levels prescribed for initial capital in paragraphs 1 and 2, may continue to carry on their activities. In that event, their own funds may not fall below the highest level reached with effect from 2 May 1992."; (c) As regards relations with third-country credit institutions described in Article 23 of the Directive, the following shall apply: 1. With a view to achieving a maximum degree of convergence in the application of a third-country regime for credit institutions, the Contracting Parties shall exchange information as described in Articles 23(2) and 23(6) and consultations shall be held regarding matters referred to in Articles 23(3), 23(4) and 23(5), within the framework of the EEA Joint Committee and according to specific procedures to be agreed on by the Contracting Parties. 2. Authorisations granted by the competent authorities of a Contracting Party to credit institutions which are direct or indirect subsidiaries of parent undertakings governed by the laws of a third country shall have validity in accordance with the provisions of this Directive throughout the territory of all Contracting Parties. However, when a third country imposes quantitative restrictions on the establishment of credit institutions of an EFTA State, or imposes restrictions on such credit institutions that it does not impose on Community credit institutions, authorisations granted by competent authorities within the Community to credit institutions which are direct or indirect subsidiaries of parent undertakings governed by the laws of that third country shall have validity only in the Community, except where an EFTA State decides otherwise for its own jurisdiction; { 27 } Text of point 14 replaced by Decision No 15/2001 (OJ No L [to be published]), e.i.f { 28 } Indent, and words ", as amended by:", added by Decision No 44/2001 (OJ No L [to be published]), e.i.f

13 EEA AGREEMENT - ANNEX IX p.13 (b) where the Community has decided that decisions regarding authorisations of credit institutions which are direct or indirect subsidiaries of parent undertakings governed by the laws of a third country shall be limited or suspended, authorisations granted by a competent authority of an EFTA State to such credit institutions shall have validity only in its jurisdiction, except where another Contracting Party decides otherwise for its own jurisdiction; (c) the limitations or suspensions referred to in subparagraphs and (b) may not apply to credit institutions or their subsidiaries already authorised in the territory of a Contracting Party. 3. Whenever the Community negotiates with a third country on the basis of Articles 23(4) and 23(5), in order to obtain national treatment and effective market access for its credit institutions, it shall endeavour to obtain equal treatment for the credit institutions of the EFTA States; (d) Article 24(2) and 24(3) shall not apply; (e) Whenever a Contracting Party has decided to initiate negotiations as referred to in Article 25 of the Directive, it shall inform the EEA Joint Committee thereof. The Contracting Parties shall consult within the framework of the EEA Joint Committee on what course to take, whenever this is of mutual interest; (f) Article 61 shall apply to Norway; (g) Article 64(1) shall read: "If, on 28 June 1994, a credit institution had already incurred an exposure or exposures exceeding either the large exposure limit or the aggregate large exposure limit laid down in Article 49, the competent authorities shall require the credit institution concerned to take steps to have that exposure or those exposures brought within the limits laid down in Article 49."; (h) Article 64(3) shall read: "A credit institution may not take any measure which would cause the exposures referred to in paragraph 1 to exceed their level on 28 June 1994."'. 15.{ 29 } L 0046: Directive 2000/46/EC of the European Parliament and of the Council of 18 September 2000 on the taking up, pursuit of and prudential supervision of the business of electronic money institutions (OJ L 275, , p. 39). 16.{ 30 } 16a.{ 31 } 397 L 0005: Directive 97/5/EC of the European Parliament and of the Council of 27 January 1997 on cross-border credit transfers (OJ No L 43, , p. 25). The provisions of the Directive shall, for the purposes of the present Agreement, be read with the following adaptations: { 29 } Initial text of point 15 deleted by Decision No 15/2001 (OJ No L [to be published]), e.i.f and replaced by new point 15 by Decision No 45/2001, e. i. f. pending. { 30 } Text of point 16 deleted by Decision No 15/2001 (OJ No L [to be published]), e.i.f { 31 } Point inserted by Decision No 1/98 (OJ No 272, , p. 1 and EEA Supplement No 42, , p. 1), e.i.f

14 EEA AGREEMENT - ANNEX IX p.14 in Article 1, the words currencies of the Member States shall be replaced by currencies of the Member States and of the EFTA States ; (b) Article 2 (c) shall be replaced by the following: financial institution means: -{ 32 } credit institutions as defined in the first subparagraph of Article 1 of Directive 2000/12/EC, - insurance undertakings as defined in Article 1, point of Directive 92/49/EEC, - assurance undertakings as defined in Article 1, point of Directive 92/96/EEC, - UCITS as defined in Article 1 (2) of Directive 85/611/EEC, - investment firms as defined in Article 1 (2) of Directive 93/22/EEC, - other undertakings the activities of which are similar to those of the undertakings referred to in the previous indents or the principal activity of which is to acquire holdings of financial assets or to transform financial claims. 16b.{ 33 } 398 L 0026: Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, , p. 45). 17.{ 34 } (ii) Prudential requirements and regulations 18.{ 35 }{ 36 } 19.{ 37 } 19a.{ 38 } 394 L 0019: Directive 94/19/EC of the European Parliament and of the Council of 30 May 1994 on deposit-guarantee schemes (OJ No L 135, , p. 5). 20.{ 39 }{ 40 } (iii) Supervision and accounts { 32 } Indent replaced by Decision No 15/2001 (OJ No L [to be published]), e.i.f { 33 } Point inserted by Decision No 53/1999 (OJ No 284, , p. 12 and EEA Supplement No 50, , p. 99), e.i.f { 34 } Text of point 17 deleted by Decision No 15/2001 (OJ No L [to be published]), e.i.f { 35 } This point, including the indents, introduced by Decision No 109/98 (OJ No L 277, , p. 44 and EEA Supplement No 46, , p. 110), e.i.f , replaces former point 18. { 36 } Text of point 18 deleted by Decision No 15/2001 (OJ No L [to be published]), e.i.f { 37 } Text of point 19 deleted by Decision No 15/2001 (OJ No L [to be published]), e.i.f { 38 } Point inserted by Decision No 18/94 (OJ No L 325, , p. 70 and EEA Supplement No 50, , p. 52), e.i.f { 39 } This point, introduced by Decision No 7/94, replaces former point 20. { 40 } Text of point 20 deleted by Decision No 15/2001 (OJ No L [to be published]), e.i.f

15 EEA AGREEMENT - ANNEX IX p L 0635: Council Directive 86/635/EEC of 8 December 1986 on the annual accounts and consolidated accounts of banks and other financial institutions (OJ No L 372, , p. 1). adaptation: Austria, Norway and Sweden shall implement the provisions of the Directive by 1 January 1995, and Liechtenstein [ ]{ 41 } by 1 January 1997{ 42 }. During the transition periods, there shall be mutual recognition of the annual accounts published by the credit institutions of the Contracting Parties relative to branches L 0117: Council Directive 89/117/EEC of 13 February 1989 on the obligations of branches established in a Member State of credit institutions and financial institutions having their head offices outside that Member State regarding the publication of annual accounting documents (OJ No L 44, , p. 40). adaptation: Article 3 shall not apply L 0308: Council Directive 91/308/EEC of 10 June 1991 on prevention of the use of the financial system for the purpose of money laundering.(oj No L 166, , p. 77). Modalities for association of EFTA States in accordance with Article 101 of the Agreement: an expert from each EFTA State may participate in the tasks of the Contact Committee on money laundering which are described in Article 13(1) and 13(1)(b). With regard to the involvement of experts from the EFTA States in the tasks described in Article 13(1)(c) and 13(1)(d), the relevant provisions of the Agreement shall apply. The EC Commission shall, in due time, inform the participants about the date of the meeting of the Committee and transmit the relevant documentation. 23a.{ 43 }{ 44 } III. Stock exchange and securities (i) Stock exchange listing and transactions L 0279: Council Directive 79/279/EEC of 5 March 1979 coordinating the conditions for admission of security to official stock exchange listing (OJ No L 66, , p. 21), as amended by: - 88 L 0627: Council Directive 88/627/EEC of 12 December 1988 on the information to be published when a major holding in a listed company is acquired or disposed of (OJ No L 348, , p. 62). adaptation: { 41 } Words "and Switzerland" deleted by the Adjusting Protocol. { 42 } This date, introduced by EEA Council Decision No 1/95, replaces former date. { 43 } Point inserted by Decision No 7/94. { 44 } Text of point 23a deleted by Decision No 15/2001 (OJ No L [to be published]), e.i.f

16 EEA AGREEMENT - ANNEX IX p.16 Iceland [ ]{ 45 } shall implement the provisions of the Directive by 1 January During the transition period, this country{ 46 } shall provide for exchange of information with the competent authorities of the other Contracting Parties relative to the issues regulated by the Directive L 0390: Council Directive 80/390/EEC of 17 March 1980 coordinating the requirements for the drawing up, scrutiny and distribution of the listing particulars to be published for the admission of securities to official stock exchange listing (OJ No L 100, , p. 1), as amended by: L 0345: Council Directive 87/345/EEC of 22 June 1987, (OJ No L 185, , p. 81), L 0211:Council Directive 90/211/EEC of 23 April 1990 amending Directive 80/390/EEC in respect of mutual recognition of public-offer prospectuses as stock exchange listing particulars (OJ No L 112, , p. 24), -{ 47 } 394 L 0018: Directive 94/18/EC of the European Parliament and of the Council of 30 May 1994 (OJ No L 135, , p. 1). adaptations: Article 25a of the Directive, introduced by Directive 87/345/EEC, shall not apply; (b) Iceland [ ]{ 48 } shall implement the provisions of the Directive by 1 January During the transition period, this country{ 49 } shall provide for exchange of information with the competent authorities of the other Contracting Parties relative to the issues regulated by the Directive L 0121: Council Directive 82/121/EEC of 15 February 1982 on information to be published on a regular basis by companies the shares of which have been admitted to official stock exchange listing (OJ No L 48, , p. 26). adaptation: Iceland [ ]{ 50 } shall implement the provisions of the Directive by 1 January During the transition period, this country{ 51 } shall provide for exchange of information with the competent authorities of the other Contracting Parties relative to the issues regulated by the Directive L 0627: Council Directive 88/627/EEC of 12 December 1988 on the information to be published when a major holding in a listed company is acquired or disposed of (OJ No L 348, , p. 62). adaptation: Iceland [ ]{ 52 } [ ]{ 53 } shall implement the provisions of the Directive by 1 January During the transition period, these countries shall provide for exchange of information with the competent { 45 } Words "and Switzerland" deleted by the Adjusting Protocol. { 46 } Words "this country", introduced by the Adjusting Protocol, replace words "these countries". { 47 } Indent added by Decision No 19/94 (OJ No L 325, , p. 71 and EEA Supplement No 50, , p. 63), e.i.f { 48 } Words "and Switzerland" deleted by the Adjusting Protocol. { 49 } Words "this country", introduced by the Adjusting Protocol, replace words "these countries". { 50 } Words "and Switzerland" deleted by the Adjusting Protocol. { 51 } Words "this country", introduced by the Adjusting Protocol, replace words "these countries". { 52 } Word ", Switzerland" deleted by the Adjusting Protocol. { 53 } Words "and Liechtenstein" deleted by EEA Council Decision No 1/95.

17 EEA AGREEMENT - ANNEX IX p.17 authorities of the other Contracting Parties relative to the issues regulated by the Directive. Liechtenstein shall implement the provisions of the Directive by 1 January 1996 { 54 } L 0298: Council Directive 89/298/EEC of 17 April 1989 coordinating the requirements for the drawing-up, scrutiny and distribution of the prospectus to be published when transferable securities are offered to the public (OJ No L 124, , p. 8). adaptations: the provisions of Article 24 of the Directive shall not apply; (b) Iceland [ ]{ 55 } [ ]{ 56 } shall implement the provisions of the Directive by 1 January During the transition period, these countries shall provide for exchange of information with the competent authorities of the other Contracting Parties relative to the issues regulated by the Directive. Liechtenstein shall implement the provisions of the Directive by 1 January 1996{ 57 } L 0592: Council Directive 89/592/EEC of 13 November 1989 coordinating regulations on insider dealing (OJ No L 334, , p. 30). adaptations: Austria, Iceland [ ]{ 58 } [ ]{ 59 } shall implement the provisions of the Directive by 1 January During the transition period, these countries shall provide for exchange of information with the competent authorities of the other Contracting Parties relative to the issues regulated by the Directive. Liechtenstein shall implement the provisions of the Directive by 1 January 1996{ 60 }.; (b) Article 11 shall not apply. (ii) Undertakings for Collective Investment in Transferable Securities (UCITS) L 0611: Council Directive 85/611/EEC of 20 December 1985 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ No L 375, , p. 3), as amended by: L 0220: Council Directive 88/220/EEC of 22 March 1988 amending, as far as concerns the investment policy of certain UCITS, Directive 85/611/EEC (OJ No L 100, , p. 31), -{ 61 } 395 L 0026: European Parliament and Council Directive 95/26/EC of 29 June 1995 (OJ No L 168, , p. 7). { 54 } Sentence inserted by EEA Council Decision No 1/95. { 55 } Word ", Switzerland" deleted by the Adjusting Protocol. { 56 } Words "and Liechtenstein" deleted by EEA Council Decision No 1/95. { 57 } Sentence inserted by EEA Council Decision No 1/95. { 58 } Word ", Switzerland" deleted by the Adjusting Protocol. { 59 } Words "and Liechtenstein" deleted by EEA Council Decision No 1/95. { 60 } Sentence inserted by EEA Council Decision No 1/95. { 61 } Indent added by Decision No 2/96 (OJ No L 90, , p. 39 and EEA Supplement No 16, , p. 4), e.i.f

18 EEA AGREEMENT - ANNEX IX p.18 adaptation: in Article 57(2), the words "on the date of implementation of the Directive" shall be replaced by "on the date of entry into force of the EEA Agreement". (iii) Investment services { 62 } 30a. 393 L 0006: Council Directive 93/6/EEC of 15 March 1993 on the capital adequacy of investment firms and credit institutions (OJ No L 141, , p. 1), as amended by: -{ 63 } 398 L 0031: Directive 98/31/EC of the European Parliament and of the Council of 22 June 1998 (OJ L 204, , p. 13) as corrected by OJ L 248, , p. 20, -{ 64 } 398 L 0033: Directive 98/33/EC of the European Parliament and of the Council of 22 June 1998 (OJ L 204, , p. 29). The provisions of the Directive shall, for the purposes of the present Agreement, be read with the following adaptation: in Article 3(5), the words "the date of notification of this Directive" shall read "the date of entry into force of the decision by the EEA Joint Committee to include this Directive in the EEA Agreement". 30b. 393 L 0022: Council Directive 93/22/EEC of 10 May 1993 on investment services in the securities field (OJ No L 141, , p. 27), as amended by: -{ 65 } 395 L 0026: European Parliament and Council Directive 95/26/EC of 29 June 1995 (OJ No L 168, , p. 7). The provisions of the Directive shall, for the purposes of the present Agreement, be read with the following adaptation: as regards relations with third-country investment firms described in Article 7 of the Directive, the following shall apply: 1. with a view to achieving a maximum degree of convergence in the application of a third-country regime for investment firms, the Contracting Parties shall exchange information as described in Articles 7(2) and 7(6) and consultations shall be held regarding matters referred to in Articles 7(3), 7(4) and 7(5), within the framework of the EEA Joint Committee and according to specific procedures to be agreed by the Contracting Parties; 2. authorizations granted by the competent authorities of a Contracting Party to investment firms being direct or indirect subsidiaries of parent undertakings governed by the laws of a third country shall have validity in accordance with the provisions of this Directive throughout the territory of all Contracting Parties. However, when a third country imposes quantitative restrictions on the establishment of investment firms of an EFTA State or imposes restrictions on such investment firms that it does not impose on Community investment firms, authorizations granted by competent authorities within the Community to investment firms being direct or indirect subsidiaries of parent undertakings governed by the laws of that third { 62 } Heading and points 30a. and 30b. inserted by Decision No 7/94. { 63 } Indent, and words, as amended by: above, added by Decision No 108/98 (OJ No L 277, , p. 43 and EEA Supplement No 46, , p. 94), e.i.f { 64 } Indent added by Decision No 110/98 (OJ No L 277, , p. 46 and EEA Supplement No 46, , p. 116), e.i.f { 65 } Indent, and words, as amended by: above, added by Decision No 2/96 (OJ No L 90, , p. 39 and EEA Supplement No 16, , p. 4), e.i.f

19 EEA AGREEMENT - ANNEX IX p.19 country shall have validity only in the Community, except where an EFTA State decides otherwise for its own jurisdiction; (b) where the Community has decided that decisions regarding authorizations of investment firms being direct or indirect subsidiaries of parent undertakings governed by the law of a third country shall be limited or suspended, any authorization granted by a competent authority of an EFTA State to such investment firms shall have validity only in its own jurisdiction, except where another Contracting Party decides otherwise for its own jurisdiction; (c) the limitations or suspensions referred to in subparagraphs and (b) may not apply to investment firms or their subsidiaries already authorized in the territory of a Contracting Party; 3. whenever the Community negotiates with a third country on the basis of Articles 7(4) and 7(5), in order to obtain national treatment and effective market access for its investment firms, it shall endeavour to obtain equal treatment for the investment firms of the EFTA States. 30c.{ 66 } 397 L 0009: Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor-compensation schemes (OJ No L 84, , p. 22). ACTS OF WHICH THE CONTRACTING PARTIES SHALL TAKE NOTE The Contracting Parties take note of the contents of the following acts: X 0165: Commission Recommendation 74/165/EEC of 6 February 1974 to the Member States concerning the application of the Council Directive of 24 April (OJ No L 87, , p. 12) X 0076: Commission Recommendation 81/76/EEC of 8 January 1981 on the accelerated settlement of claims under insurance against civil liability in respect of the use of motor vehicles (OJ No L 57, , p. 27) X 0612: Council Recommendation 85/612/EEC of 20 December 1985 concerning the second subparagraph of Article 25(1) of Council Directive 85/611/EEC (OJ No L 375, , p. 19) X 0062: Commission Recommendation 87/62/EEC of 22 December 1986 on monitoring and controlling large exposures of credit institutions (OJ No L 33, , p.10) X 0063: Commission Recommendation 87/63/EEC of 22 December 1986 concerning the introduction of deposit-guarantee schemes in the Community (OJ No L 33, , p. 16) X 0109: Commission Recommendation 90/109/EEC of 14 February 1990 on the transparency of banking conditions relating to cross-border financial transactions in the EEC (OJ No L 67, , p. 39). 37.{ 67 } 392 X 0048: Commission Recommendation 92/48/EEC of 18 December 1991 on insurance intermediaries (OJ No L 19, , p. 32). 38.{ 68 } 397 X 0489: Commission Recommendation 97/489/EC of 30 July 1997 concerning transactions by electronic payment instruments and in particular the relationship between issuer and holder (OJ L 208, , p. 52). { 66 } Point inserted by Decision No 12/98 (OJ No 272, , p. 17 and EEA Supplement No 42, , p. 72), e.i.f { 67 } Point inserted by Decision No 7/94. { 68 } Point inserted by Decision No 74/98 (OJ No L 172, , p. 53 and EEA Supplement No 30, , p. 130), e.i.f