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Panama-Singapore Free Trade Agreement |
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ANNEX III
FINANCIAL SERVICES
(NON-CONFORMING MEASURES) SECTION B
SINGAPORE
Section B
Banking
Sector Financial Services
Sub-Sector Banking
Industry
Classification
CPC 811 Financial intermediation services except insurance and
pension
fund services
Type of
Reservation
Market Access for Financial Institutions
National Treatment
Description of
Reservation
Singapore reserves the right to adopt or maintain any
measure
relating to—
(a) institutions accepting deposits
(b) full bank licences, and qualifying
full bank privileges.
Existing
Measures
Banking Act, Cap. 19
MAS Notice 619
IIIB - SG -1
Sector Financial Services
Sub-Sector Banking
Industry
Classification
CPC 811 Financial intermediation services except insurance and
pension
fund services
CPC 8113 Other Credit Granting Services
Type of
Reservation
National Treatment
Market Access for Financial Institutions
Description of
Reservation
Singapore reserves the right to adopt or maintain any
measure
relating to the extension of Singapore dollar loans
to, or arrangements of Singapore dollar equity or bond issues for, non-
resident financial institutions.
Existing
Measures
Banking Act, Cap. 19
MAS Notice 109, 757, 816, 1105 and 1201
IIIB - SG -2
Sector Financial Services
Sub-Sector Banking
Industry
Classification
CPC 811 Financial intermediation services except insurance
and pension
fund services
Type of
Reservation
Market Access for Financial Institutions
National Treatment
Description of
Reservation
Singapore reserves the right to adopt or maintain any measure
in relation
to the use, including via investment, of monies from any social security,
public retirement or statutory savings scheme.
Existing
Measures
Banking Act, Cap. 19
Central Provident Fund Act, Cap. 36
IIIB - SG -3
Sector Financial Services
Sub-Sector Banking
Industry
Classification
CPC 811 Financial intermediation services except insurance and
pension
fund services
Type of
Reservation
Market Access for Financial Institutions
National Treatment
Description
of
Reservation
Singapore reserves the right to adopt or maintain any measure,
which may
include limitations on juridical form, with regard to safeguarding the interest
of depositors of the Singapore branch.
Existing
Measures
Where a foreign financial institution is subject to legislation in
its
home country which requires that institution to confer lower
priority to depositors of its foreign offices vis-à-vis the home
country depositors in receivership or winding-up proceedings, or
if that
institution is systemically important, Singapore may
exercise appropriate differentiating measures against that foreign financial
institution in Singapore to safeguard the interest
of depositors of the
Singapore branch.
IIIB - SG -4
Sector Financial Services
Sub-Sector Banking
Industry
Classification
CPC 811 Financial intermediation services except insurance
and pension
fund services
Type of
Reservation
Market Access for Financial Institutions
National Treatment
Description of
Reservation
Singapore reserves the right to adopt or maintain any measure
Existing
Measures
Finance Companies Act, Cap. 108
IIIB - SG -5
Sector Financial Services
Sub-Sector All Financial Services
Industry
Classification:
CPC 811 Financial intermediation services except insurance and
pension
fund services, CPC 8132 Services related to securities markets
CPC 8131
Services related to the administration of financial markets, Market Insurance
Act, Cap. 142,CPC 8133 Other services auxiliary to financial
intermediation.
CPC 812 Insurance (including reinsurance) and pension fund
services except compulsory social security services
CPC 813 Services
auxiliary to financial intermediation other than to insurance and pension
funding.
CPC 814 Service auxiliary to insurance and pension funding
Type of
Reservation
Market Access for Financial Institutions
National
Treatment
Cross-Border Trade in Financial services
Description of
Reservation
Singapore reserves the right to adopt or maintain any measure
relating to
cross-border supply of all financial services, securities, direct insurance,
insurance and reinsurance intermediation, except reinsurance/retrocession and
services auxiliary to insurance comprising actuarial, lost adjustors, average
adjustors and consultancy services.
Existing
Measures
Insurance Act, Cap. 142
Banking Act, Cap. 19
Finance Companies Act,
Cap. 108
Monetary Authority of Singapore Act, Cap. 186
Securities and
Futures Act, Cap. 289
Financial Advisers Act, Cap. 110
Money-changing and
Remittance Businesses Act, Cap. 187
IIIB - SG -6
Sector Financial Services
Sub-Sector Settlement and clearing services for financial assets, including securities, derivative products and other negotiable instruments
Industry
Classification
CPC 81329 Other services related to securities market
Type of
Reservation
Market Access for Financial Institutions
National Treatment
Description
of
Reservation
Singapore reserves the right to adopt or maintain any measure
affecting
the supply of clearing and settlement services for exchange traded securities
and financial futures and Singapore dollar cheques and interbank transfers.
Existing
Measures
Companies Act, Cap. 50
Securities and Futures Act 2001, Cap. 289
IIIB - SG -7
Insurance
Sector Financial Services
Sub-Sector Insurance
Industry
Classification
CPC 812 Insurance (including reinsurance) and pension fund
services,
except compulsory social security service
Type of
Reservation
Market Access for Financial Institutions
National Treatment
Description of
Reservation
Singapore reserves the rights to adopt or maintain
any
measure in relation to using CPF monies for the purchase of
health insurance schemes and annuities.
Existing
Measures
Admission criteria set by CPF Board and Ministry of Health
IIIB - SG -8
Sector Financial Services
Sub-Sector Insurance
Industry
Classification
CPC 814 – Services auxiliary to insurance and pension funding
Type of
Reservation
Cross-Border Trade in Financial Services
National Treatment
Description of
Reservation
Singapore reserves the right to adopt or maintain any measure
affecting
the supply of services for the placement of domestic risks outside Singapore,
with the exception of reinsurance risks and insurance risks relating to maritime
liabilities of ship owners insured by protection and indemnity clubs.
Existing
Measures
Insurance Act Cap. 142
Financial Advisers Act 2001, Act 43 of 2001
IIIB - SG -9
Sector Financial Services
Sub-Sector Insurance
Industry
Classification
CPC 812 Insurance (including reinsurance) and pension fund
services,
except compulsory social security service
Type of
Reservation
Senior Management and Board of Directors
National Treatment
Description of
Reservation
Singapore reserves the rights to adopt or maintain
any
measure relating to the composition and residency of the board
of
directors of Singapore incorporated insurers and reinsurers.
Existing
Measures
Insurance Act, Cap. 142
IIIB - SG -10
Transfer of Financial Information, Data Processing and Other Providers of
Financial Services
Sector Financial Services
Sub-Sector Provisions of Financial Information, Data processing
Industry
Classification
CPC 8131 Services related to the administration of financial
markets
Type of
Reservation
Market Access for Financial Institutions
National Treatment
Description of
Reservation
Singapore reserves the right to adopt or maintain any measure
Existing
Measures
Banking Act, Cap. 19
IIIB - SG -11
Sector Financial Services
Sub-Sector All sub-sectors
Industry classification
Type of
Reservation
Most-Favoured Nation Treatment
Description of
Reservation
Singapore reserves the right to maintain or adopt any
measures that accord
differential treatment to any country under any bilateral or multilateral
international agreement between Singapore and such country in force or signed
prior to, on or after the date of entry into force of this
Agreement.1
Existing
Measures
1 If Singapore enters into an agreement of the type referred to in this reservation, it shall, in future reviews of this Agreement pursuant to Article 17.1 (Administrative Commission of the
Agreement), afford adequate opportunity to Panama to negotiate the benefits therein.