Sector or Sub-Sector

Description of Reservations

ALL SECTORS

Real estate

AT, BG, CY, CZ, DK, EE, ES, EL, FI, HR, HU, IE, IT, LT, LV, MT, PL, RO, SI, SK: Limitations on acquisition of land and real estate by foreign investors(2).

ALL SECTORS

Public utilities

EU: Economic activities considered as public utilities at a national or local level may be subject to public monopolies or to exclusive rights granted to private operators(3).

ALL SECTORS

Types of establishment

EU: Treatment accorded to subsidiaries (of third country companies) formed in accordance with the law of a European Union Member State and having their registered office, central administration or principal place of business within the territory of the European Union is not extended to branches or agencies established in a European Union Member State by a third country company.

BG: Establishment of branches is subject to authorisation

EE: At least one half of the members of the Board of directors shall have their residence in the European Union.

FI: A foreigner carrying on trade as a partner in a Finnish limited or general partnership needs a trade permit and has to be permanently resident in the European Union. For all sectors except telecommunications services, there is a nationality condition and residency requirement for at least half of the ordinary and deputy members of the Board of Directors. Company exemptions may, however, be granted. If a foreign organisation intends to carry on a business or trade by establishing a branch in Finland, a trade permit is required. A permission to act as a founder of a limited company is required of a foreign organisation or a private person, who is not an European Union citizen. For telecommunications services, permanent residency for half of the founders and half of the members of the Board of directors is required. If the founder is a juridical person, there is also a residence requirement for that juridical person.

IT: Access to industrial, commercial and artisanal activities is subject to a residence permit and specific authorisation to pursue the activity

BG, PL: The scope of operations of a representative office may only encompass advertising and promotion of the foreign parent company represented by the office.

PL: With the exception of financial services, unbound for branches. Non-European Union investors can undertake and conduct economic activity only in the form of a limited partnership, limited joint-stock partnership, limited liability company, and joint-stock company (in the case of legal services only in the form of registered partnership and limited partnership).

RO: The sole administrator or the chairman of the Board of directors as well as half of the total number of administrators of the commercial companies shall be Romanian citizens unless otherwise stipulated in the company contract or its statutes. The majority of the commercial companies’ auditors and their deputies shall be Romanian citizens.

SE: A foreign company (which has not established a legal entity in Sweden) shall conduct its commercial operations through a branch, established in Sweden with independent management and separate accounts. Building projects with duration of less than a year are exempted from the requirements of establishing a branch or appointing a resident representative. A limited liability company (joint stock company) may be established by one or several founders. A founding party shall either reside in Sweden or be a Swedish legal entity. A partnership can only be a founding party if each partner resides in Sweden. Corresponding conditions prevail for establishment of all other types of legal entities. At least 50 per cent of the members of the Board of directors shall reside in Sweden. Foreign or Swedish citizens not residing in Sweden, who wishes to conduct commercial operations in Sweden, shall appoint and register with the local authority a resident representative responsible for such activities. Residency conditions might be waived if it can be proved that they are not necessary in a given case.

SI: The establishment of branches by foreign companies is conditioned with the registration of the parent company in a court register in the country of origin for at least one year.

SK: A foreign natural person whose name is to be registered in the Commercial Register as a person authorised to act on behalf of an entrepreneur is required to submit residence permit for the Slovak Republic.

ALL SECTORS

Investment

ES: Investment in Spain by foreign government and foreign public entities (which tends to imply, besides economic, also non-economic interests to entity’s part), directly or through companies or other entities controlled directly or indirectly by foreign governments, needs prior authorisation by the government.

BG: In enterprises where the public (State or municipal) share in the equity capital exceeds 30 per cent, the transfer of these shares to third parties needs authorisation. Certain economic activities related to the exploitation or use of State or public property are subject to concessions granted under the provisions of the Concessions Act. Foreign investors cannot participate in privatisation. Foreign investors and Bulgarian juridical persons with controlling foreign participation require permission for a) prospecting, development or extraction of natural resources from the territorial sea, the continental shelf or the exclusive economic zone and b) acquisition of a controlling participation in companies engaged in any of the activities specified under a).

FR: Foreign purchases exceeding 33,33 per cent of the shares of capital or voting rights in existing French enterprise, or 20 per cent in publicly quoted French companies, are subject to the following regulations:

Foreign participation in newly privatised companies may be limited to a variable amount, determined by the government of France on a case by case basis, of the equity offered to the public. For establishing in certain commercial, industrial or artisanal activities, a specific authorisation is needed if the managing director is not holder of a permanent residence permit.

FI: Acquisition of shares by foreign owners giving more than one third of the voting rights of a major Finnish company or a major business undertaking (with more than 1 000 employees or with a turnover exceeding 168 million euro or with a balance sheet total exceeding 168 million euro) is subject to confirmation by the Finnish authorities; the confirmation may be denied only if an important national interest would be jeopardised. These limitations do not apply to telecommunications services.

HU: Unbound for foreign participation in newly privatised companies.

IT: Exclusive rights may be granted or maintained to newly-privatised companies. Voting rights in newly privatised companies may be restricted in some cases. For a period of five years, the acquisition of large equity stakes of companies operating in the fields of defence, transport services, telecommunications and energy may be subject to the approval of the competent authorities.

ALL SECTORS

Geographical zones

FI: In the Åland Islands, limitations on the right of establishment by natural persons who do not enjoy regional citizenship in Åland or by any juridical person without permission by the competent authorities of the Åland Islands.

AT, HR, HU, MT, RO: Unbound for agricultural activities.

CY: Non-European Union participation is allowed only up to 49 per cent.

FR: The establishment of agricultural enterprises by non-European Union nationals and the acquisition of vineyards by non-European Union investors are subject to authorisation.

IE: Establishment by non-European Union residents in flour milling activities is subject to authorisation.

BG: Unbound for logging activities.

AT: At least 25 per cent of vessels have to be registered in Austria.

BE, FI, IE, LV, NL, PT, SK: Foreign investors not incorporated and not having their principal office in Belgium, Finland, Ireland, Latvia, the Netherlands, Portugal and the Slovak Republic respectively cannot own Belgian, Finnish, Irish, Latvian, Dutch, Portuguese and Slovak flag vessels respectively

CY, EL: Non-European Union participation is allowed only up to 49 per cent.

DK: Non-European Union residents cannot own one-third or more of a business engaged in commercial fishing. Non-European Union residents cannot own Denmark flag vessels except through an enterprise incorporated in Denmark.

FR: Non-European Union nationals cannot participate in the maritime State property for fish/shellfish/algae farming. Foreign investors not incorporated and not having their principal office in France cannot own more than 50 per cent of a French flag vessel.

DE: Sea fishing licence granted only to vessels entitled to fly the flag of Germany. These are fishing vessels of which the majority of shares is owned by European Union citizens or companies established in accordance with European Union rules and that have their principal place of business in a European Union Member State. The use of the vessels must be headed and supervised by persons residing in Germany. In order to obtain a fishing licence, all fishing vessels must register with the relevant coastal states in which the ships have their homeports.

EE: Ships are entitled to fly Estonian flag if located in Estonia and majority ownership is held by Estonian nationals in general partnership and in limited partnership companies or other legal entities that are located in Estonia with voting majority held by Estonian nationals in the Board of directors.

BG, HR, HU, LT, MT, RO: Unbound.

IT: Foreigners other than European Union residents cannot own a majority interest in Italian flag vessels or a controlling interest in ship owning companies having their headquarters in Italy. Fishing in Italian territorial waters is reserved to Italian flag vessels.

SE: Foreign investors not incorporated and not having their principal office in Sweden cannot own more than 50 per cent of a Swedish flag vessel. Acquisition by foreign investors of 50 per cent or more of shares in firms engaged in commercial fishing activities in Swedish waters requires authorisation.

SI: Ships are entitled to fly the Slovenian flag if more than half of the ship is owned by European Union citizens or by juridical persons having their headquarters in a European Union Member State.

UK: Reservation on the acquisition of UK flagged vessels, unless the investment is at least 75 per cent owned by British citizens and/or by companies which are at least 75 per cent owned by British citizens, in all cases resident and domiciled in the UK. Vessels must be managed, directed and controlled from within the UK.

EU: Investors from countries which are energy suppliers may be prohibited to obtain control of the activity. Unbound for direct branching (incorporation is required). Unbound for extraction of crude petroleum and natural gas.

ES: Unbound for foreign investment in strategic minerals.

None

None

None

None

None

None

None

IT: Nationality condition for owner of publishing and printing companies.

None

EU: Investors from countries which are energy suppliers may be prohibited to obtain the control of the activity. Unbound for direct branching (incorporation is required).

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

EU: Investors from countries which are energy suppliers may be prohibited to obtain control of the activity. Unbound for direct branching (incorporation is required).

EU: Investors from countries which are energy suppliers may be prohibited to obtain control of the activity. Unbound for direct branching (incorporation is required).

EU: Investors from countries which are energy suppliers may be prohibited to obtain control of the activity. Unbound for direct branching (incorporation is required).

AT: Foreign lawyers’ (who must be fully qualified in their home country) equity participation and shares in the operating result of any law firm may not exceed 25 per cent. They may not have decisive influence in decision making.

BE: Quotas apply for appearing before the “Cour de cassation” in non-criminal cases.

FR: Lawyers’ access to the profession of “avocat auprès de la Cour de Cassation” and “avocat auprès du Conseil d’Etat” is subject to quotas.

DK: Only lawyers with a Danish license to practice and law firms registered in Denmark may own shares in a Danish law firm. Only lawyers with a Danish license to practise may sit on the Board of directors or be part of the management of a Danish law firm. Requirement of a Danish legal examination in order to obtain a Danish licence.

FR: Some types of legal form (“association d’avocats” and “société en participation d’avocat”) are reserved to lawyers fully admitted to the Bar in FR. In a law firm providing services in respect of French or European Union law, at least 75 per cent of the partners holding 75 per cent of the shares shall be lawyers fully admitted to the Bar in FR.

HR: Representation of parties before courts can be practised only by the members of the Bar Council of Croatia (Croatian title “odvjetnici”). Citizenship requirement for membership in the Bar Council.

HU: Commercial presence should take the form of partnership with a Hungarian barrister (ügyvéd) or a barrister’s office (ügyvédi iroda), or representative office.

PL: While other types of legal forms are available for European Union lawyers, foreign lawyers only have access to the legal forms of registered partnership and limited partnership.

AT: Foreign accountants’ (who must be authorised according to the law of their home country) equity participation and shares in the operating results of any Austrian legal entity may not exceed 25 per cent, if they are not members of the Austrian Professional Body.

CY: Access is subject to economic needs test. Main criteria: the employment situation in the sub-sector.

DK: In order to enter into partnerships with Danish authorised accountants, foreign accountants have to obtain permission from the Danish Commerce and Companies Agency.

AT: Foreign auditors’ (who must be authorised according to the law of their home country) equity participation and shares in the operating results of any Austrian legal entity may not exceed 25 per cent, if they are not members of the Austrian Professional Body.

CY: Access is subject to economic needs test. Main criteria: the employment situation in the sub-sector.

CZ, SK: At least 60 per cent of capital share or voting rights are reserved to nationals.

DK: In order to enter into partnerships with Danish authorised accountants, foreign accountants have to obtain permission from the Danish Commerce and Companies Agency.

FI: Residency requirement for at least one of the auditors of a Finnish Liability company.

HR: None, except that auditing can be performed only by legal persons.

LV: In a commercial company of sworn auditors more than 50 per cent of the voting capital shares shall be owned by sworn auditors or commercial companies of sworn auditors of the European Union.

LT: Not less than 75 per cent of shares should belong to European Union auditors or auditing companies.

SE: Only auditors approved in Sweden may perform legal auditing services in certain legal entities, a.o. in all limited companies. Only such persons may be shareowners or form partnerships in companies which practice qualified auditing (for official purposes). Residency required for approval.

SI: The share of foreign persons in auditing companies may not exceed 49 per cent of the equity.

AT: Foreign tax advisors’ (who must be authorised according to the law of their home country) equity participation and shares in the operating results of any Austrian legal entity may not exceed 25 per cent; this applies only to non-members of the Austrian Professional Body.

CY: Access is subject to economic needs test. Main criteria: the employment situation in the sub-sector.

BG: For projects of national or regional significance, foreign investors have to act in partnership or as subcontractors of local investors.

LV: For architectural services, in order to receive a licence enabling to engage in business activity with full range of legal responsibility and rights to sign a project, practice of 3 years in Latvia in the field of projecting and university degree is required.

BG: For projects of national or regional significance, foreign investors have to act in partnership or as subcontractors of local investors.

AT: Unbound except for dental services and for psychologists and psychotherapists, where: none

DE: Economic needs test when medical doctors and dentists are authorised to treat members of public insurance schemes. Main criteria: shortage of doctors and dentists in the given region.

FI: Unbound

FR: While other types of legal form are available for European Union investors, foreign investors only have access to the legal forms of “société d’exercice liberal” and “société civile professionnelle”.

LV: Economic needs test. Main criteria: shortage of doctors and dentists in the given region.

BG, LT: The supply of service is subject to authorisation which is based on a health services plan established in function of needs, taking into account the population and already existing medical and dental services.

SI: Unbound for social medicine, sanitary, epidemiological, medical/ecological services; the supply of blood, blood preparations and transplants; autopsy

UK: Establishment for doctors under the National Health Service is subject to medical manpower planning.

AT: Unbound

BG: Economic needs test. Main criteria: population and density of existing business.

HU: Economic needs test. Main criteria: labour market conditions in the sector.

FR: While other types of legal form are available for European Union investors, foreign investors only have access to the legal forms of “société d’exercice liberal” and “société civile professionnelle”.

BG, FI, MT, SI: Unbound.

FR: While other types of legal form are available for European Union investors, foreign investors only have access to the legal forms of “société d’exercice liberal” and “société civile professionnelle”.

LT: Economic needs test may be applied. Main criteria: employment situation in the sub-sector.

AT: Foreign investors are only allowed in the following activities: nurses, physiotherapists, occupational therapists, logotherapists, dieticians and nutricians.

BG, MT: Unbound.

FI, SI: Unbound for Physiotherapists and Paramedical Personnel.

FR: While other types of legal form are available for European Union investors, foreign investors only have access to the legal forms of “société d’exercice liberal” and “société civile professionnelle”.

LT: Economic needs test may be applied. Main criteria: employment situation in the sub-sector.

LV: Economic needs test for foreign physiotherapists and paramedical personnel. Main criteria: employment situation in the given region.

AT, BG, CY, FI, MT, PL, RO, SE, SI: Unbound

BE, DE, DK, EE, ES, FR, IT, HR, HU, IE, LV, PT, SK: Authorisation is subject to an economic needs test. Main criteria: population and geographical density of existing pharmacies.

None

For a) and c):

EU: For publicly funded Research and Development services, exclusive rights and/or authorisations can only be granted to European Union nationals and to European Union juridical persons having their headquarters in the European Union.

For b):

None

None

None

LT: Ships must be owned by Lithuanian natural persons or companies established in Lithuania.

SE: To fly the Swedish flag proof of dominating Swedish operating influence must be shown in case of foreign ownership interests in ships

EU: Aircraft used by European Union carriers have to be registered in the European Union Member State licensing the carrier or elsewhere in the European Union. The aircraft must be owned either by natural persons meeting specific nationality criteria or by juridical persons meeting specific criteria regarding ownership of capital and control (including nationality of directors). Waivers can be granted for short term lease contracts or under exceptional circumstances.

None

None

AT, BE, BG, CY, CZ, DE, DK, ES, FI, FR, EL, IE, IT, LU, MT, NL, PL, PT, RO, SI, SE, SK, UK: Unbound for CPC 83202

None

None

None

None

HU: Unbound for arbitration and conciliation services (CPC 86602).

None

CY, CZ, EE, LT, MT, SK, SI: Unbound

None

None

BG, CY, CZ, DE, EE, FI, HR, LV, LT, MT, PL, PT, RO, SK, SI: Unbound

AT, BG, CY, CZ, EE, FI, HR, LV, LT, MT, PL, PT, RO, SK: Unbound

BE, FR, IT: State monopoly

DE: Authorisation is subject to an economic needs test. Main criteria: situation and development of the labour market

AT, BG, CY, CZ, DE, EE, FI, HR, LV, LT, MT, PL, PT, RO, SK, SI: Unbound

IT: State monopoly

None.

BE, BG, CY, CZ, DE, ES, EE, FR, EL, HR, HU, IE, IT, LV, LT, LU, MT, NL, PL, PT, RO, SK, SI: Unbound

DK: Requirement of nationality and residence for members of the Board of directors. Unbound for the supply of airport guard services

BG, CY, CZ, EE, FI, LV, LT, MT, PL, RO, SI, SK: Licence may be granted only to nationals and to national registered organisations.

ES: Unbound for direct branching (incorporation is required). Access is subject to prior authorisation.

HR: Unbound.

FR: Foreign investors require a specific authorisation for exploration and prospecting services.

None

LV: State monopoly.

SE: Economic needs tests apply when an investors intends to establish its own terminal infrastructure facilities. Main criteria: space and capacity constraints.

SE: Economic needs tests apply when an investors intends to establish its own terminal infrastructure facilities. Main criteria: space and capacity constraints

None

None

None

CY, EE, MT: Unbound

None

LT, LV: Establishment rights in publishing sector granted only to nationally incorporated juridical persons (no branches).

PL: Nationality requirement for the editor-in-chief of newspapers and journals.

SE: Residency requirements for publisher and owner of publishing and printing company.

None

DK: Authorisation for authorised public translators and interpreters may limit the scope of activity.

HR: Unbound for translation and interpretation services for/before Croatian courts.

PL: Unbound for the supply of sworn interpretation services.

BG, HU, SK: Unbound for official translation and interpretation.

None

IT, PT: Nationality condition for investors.

BE: For consumer credit databanks, nationality condition for investors.

IT, PT: Nationality condition for investors.

None

None

None

None(32)

Sub-sectors (i), (iv) and (v) are however excluded when they fall into the scope of the services which may be reserved, which is: for items of correspondence the price of which is less than 2.5 times the public basic tariff, provided that they weigh less than 50 grams(33), plus the registered mail service used in the course of judicial or administrative procedures.)

(part of CPC 751, part of CPC 71235(34) and part of CPC 73210(35))

None(38)

EU: service suppliers in this sector may be subject to obligations to safeguard general interest objectives related to the conveyance of content through their network in line with the European Union regulatory framework for electronic communications.

BE: Unbound

BG: For projects of national or regional significance, foreign investors have to act in partnership or as subcontractors of local investors.

CY, CZ, HU, MT, SK: Unbound

AT: Unbound for distribution of pyrotechnical goods, of ignitable articles and blasting devices and of toxic substances. For the distribution of pharmaceutical products and of tobacco products, exclusive rights and/or authorisations can only be granted to European Union nationals and to European Union juridical persons having their headquarters in the European Union.

FI: Unbound for distribution of alcoholic beverages and pharmaceutical products.

HR: Unbound for distribution of tobacco products.

None

None

None

None

FR, IT: State monopoly on tobacco.

FR: Authorisation of wholesale pharmacies is subject to an economic needs test. Main criteria: population and geographical density of existing pharmacies.

ES, FR, IT: State monopoly on tobacco.

BE, BG, DK, FR, IT, MT, PT: Authorisation for department stores (in the case of FR only for large stores) is subject to an economic needs test. Main criteria: number of and impact on existing stores, population density, geographic spread, impact on traffic conditions and creation of new employment.

IE, SE: Unbound for the retail sale of alcoholic beverages.

SE: Authorisation for temporary trade in clothing, shoes and foodstuffs that are not consumed at the point of sale may be subject to an economic needs test. Main criteria: impact on existing stores in the geographic area in question.

None

EU: Participation of private operators in the education network is subject to concession.

AT: Unbound for higher education services. Unbound for education services for adults by means of radio or television broadcasting.

BG: Unbound for the supply of primary and/or secondary education services by foreign natural persons and associations and for the supply of higher education services.

CZ, SK: Nationality condition for majority of members of the Board of directors. Unbound for the supply of higher education services except for post-secondary technical and vocational education services (CPC 92310).

CY, FI, MT, RO, SE: Unbound

EL: Nationality condition for majority of members of the Board of directors in primary and secondary schools. Unbound for higher education institutions granting recognised States diplomas.

ES, IT: Needs test for opening private universities authorised to issue recognised diplomas or degrees; procedure involves an advice of the Parliament. Main criteria: population and density of existing establishments.

HR: Unbound for Primary Education Services (CPC 921). For Secondary Education Services: None for legal persons.

HU, SK: The number of schools being established may be limited by local authorities (or in the case of high schools and other higher education institutions by central authorities) in charge of granting licenses.

LV: Unbound for the supply of education services relating to technical and vocational secondary school-type education services for handicapped students (CPC 9224).

SI: Unbound for primary schools. Nationality condition for majority of members of the Board of directors in secondary and high schools.

AT, BE, BG, CY, DE, DK, ES, EE, FI, FR, EL, HU, IE, IT, LV, LT, LU, MT, NL, PL, PT, RO, SI, SE, UK: Unbound

CZ, SK: Participation of private operators in the education network is subject to concession. Nationality condition for majority of members of the Board of directors.

None

AT: The licence for branch offices of foreign insurers has to be denied if the insurer, in the home country, does not have a legal form corresponding or comparable to a joint stock company or a mutual insurance association.

BG, ES: Before establishing a branch or agency in Bulgaria or Spain to provide certain classes of insurance, a foreign insurer must have been authorised to operate in the same classes of insurance in its country of origin for at least five years.

EL: The right of establishment does not cover the creation of representative offices or other permanent presence of insurance companies, except where such offices are established as agencies, branches or head offices.

FI: At least one half of the promoters and members of the board of directors and the supervisory board of an insurance company shall have their place of residence in the European Union, unless the competent authorities have granted an exemption. Foreign insurers cannot get a licence in Finland as a branch to carry on statutory pension insurance.

IT: The authorisation of the establishment of branches is ultimately subject to the evaluation of supervisory authorities.

BG, PL: Local incorporation (no branches) required for insurance intermediaries.

PT: In order to establish a branch in Portugal, foreign insurance companies need to demonstrate prior operational experience of at least five years. Direct branching is not permitted for insurance intermediation, which is reserved to companies formed in accordance with the law of a European Union Member State.

SK: A foreign national may establish an insurance company in the form of a joint stock company or may conduct insurance business through their subsidiaries with registered office in the Slovak Republic (no branches).

SE: Insurance broking undertakings not incorporated in Sweden may establish only through a branch.

EU: Only firms having their registered office in the European Union can act as depositories of the assets of investment funds. The establishment of a specialised management company, having its head office and registered office in the same European Union Member State, is required to perform the activities of management of unit trusts and investment companies.

BG: Pension insurance shall be implemented through participation in incorporated pension insurance companies (no branches). Permanent residence in Bulgaria is required for the chairperson of the management board and the chairperson of the board of directors.

CY: Only members (brokers) of the Cyprus Stock Exchange can undertake business pertaining to securities brokerage in Cyprus. A brokerage firm may only be registered as a member of the Cyprus Stock Exchange if it has been established and registered in accordance with the Companies Law of Cyprus (no branches).

FI: At least one half of the founders, the members of the board of directors, at least one ordinary and one deputy member of the supervisory board and the person entitled to sign in the name of the credit institution shall have their permanent residence in the European Union. Exemption from these requirements may be granted by the competent authorities.

HR: None, except for settlement and clearing services where the Central Depositary Agency (CDA) is the sole supplier in Croatia. Access to the services of the CDA will be granted to non-residents on a non-discriminatory basis.

HU: Branches of foreign institutions are not allowed to provide asset management services for private pension funds or management of venture capital. The board of a financial institution should include at least two members, who are Hungarian citizens, residents in the meaning of the relevant foreign exchange regulations and have permanent residency in Hungary for at least one year.

IE: In the case of collective investment schemes constituted as unit trusts and variable capital companies (other than undertakings for collective investment in transferable securities, UCITS), the trustee/depository and management company is required to be incorporated in Ireland or in another European Union Member State (no branches). In the case of an investment limited partnership, at least one general partner must be incorporated in Ireland. To become a member of a stock exchange in Ireland, an entity must either (I) be authorised in Ireland, which requires that it be incorporated or be a partnership, with a head/registered office in Ireland, or (II) be authorised in another European Union Member State in accordance with the European Union Investment Services Directive.

IT: In order to be authorised to manage the securities settlement system with an establishment in Italy, a company is required to be incorporated in Italy (no branches). In order to be authorised to manage central securities depository services with an establishment in Italy, companies are required to be incorporated in Italy (no branches). In the case of collective investment schemes other than UCITS harmonised under European Union legislation, the trustee/ depository is required to be incorporated in Italy or in another European Union Member State and established through a branch in Italy. Management companies of UCITS not harmonised under European Union legislation are also required to be incorporated in Italy (no branches). Only banks, insurance companies, investment firms and companies managing UCITS harmonised under European Union legislation having their legal head office in the European Union, as well as UCITS incorporated in Italy may carry out the activity of pension fund resources management. In providing the activity of door-to-door selling, intermediaries must utilise authorised financial salesmen resident within the territory of a European Union Member State. Representative offices of foreign intermediaries cannot carry out activities aimed at providing investment services.

LT: For the purpose of asset management, incorporation as a specialised management company (no branches) is required. Only firms having their registered office in Lithuania can act as the depositories of the assets.

PT: Pension fund management may be provided only by specialised companies incorporated in Portugal for that purpose and by insurance companies established in Portugal and authorised to take up the life insurance business or by entities authorised to pension fund management in other European Union Member States (unbound for direct branching from non-European Union countries).

RO: Branches of foreign institutions are not allowed to provide asset management services.

SK: Investment services in the Slovak Republic can be provided by banks, investment companies, investment funds and security dealers which have legal form of joint-stock company with equity capital according to the law (no branches).

SI: Unbound for private pension funds (non-compulsory pension funds).

SE: A founder of a savings bank shall be a natural person resident in the European Union.

EU: Participation of private operators in the health and social network is subject to concession. Economic needs tests may apply. Main criteria: number of and impact on existing establishments, transport infrastructure, population density, geographic spread, and creation of new employment.

AT, SI: Unbound for ambulance services.

BG: Unbound for hospital services, for ambulance services and for residential health facilities other than hospital services.

CZ, FI, MT, SE, SK: Unbound

HU, SI: Unbound for social services.

PL: Unbound for ambulance services, for residential health facilities other than hospital services and for social services.

BE, UK: Unbound for ambulance services, for residential health facilities other than hospital services and for social services other than convalescent and rest houses and old people’s homes.

CY: Unbound for hospital services, ambulance services, for residential health facilities other than hospital services and for social services other than convalescent and rest houses and old people’s homes.

BG: Incorporation is required (no branches).

IT: Economic needs tests applied on bars, cafes and restaurants. Main criteria: population and density of existing establishments.

BG: Unbound for direct branching (incorporation is required).

PT: Requirement of constitution of a commercial company having its corporate base in Portugal (unbound for branches).

CZ: Economic needs test based on population criterion.

BG, CY, HU, LT, MT, PL: Unbound

CY, CZ, FI, MT, PL, RO, SI, SK: Unbound

BG: Unbound except for theatrical producer, singer group, band and orchestra entertainment services (CPC 96191), services provided by authors, composers, sculptors, entertainers and other individual artists (CPC 96192) and ancillary theatrical services (CPC 96193).

EE: Unbound for other entertainment services (CPC 96199) except for cinema theatre services.

LV: Unbound except for cinema theatre operation services (part of CPC 96199).

FR: Foreign participation in companies publishing publications in the French language may not exceed 20 per cent of the capital or of voting rights in the company. Establishment of press agencies by foreign investors is subject to reciprocity.

BE, BG, CY, CZ, DE, DK, ES, EE, FI, FR, EL, HR, HU, IE, IT, LV, LU, MT, NL, PL, PT, RO, SK, SI, SE, UK: Unbound

AT, LT: Participation of private operators in the libraries, archives, museums and other cultural services’ network is subject to concession or licence.

AT, SI: Unbound for ski school services and mountain guide services.

BG, CY, CZ, EE, LV, MT, PL, RO, SK: Unbound

None

EU: Unbound for the establishment of a registered company for the purpose of operating a fleet under the national flag of the State of establishment.

BG: Unbound for direct branching (incorporation is required).

BG, CY, DE, EE, ES, FR, FI, EL, IT, LT, LV, MT, PL, PT, RO, SI, SE: Feedering services by authorisation.

EU: Measures based upon existing or future agreements on access to inland waterways (incl. agreements following the Rhine-Main-Danube link) reserve some traffic rights for operators based in the countries concerned and meeting nationality criteria regarding ownership. Regulations implementing the Mannheim Convention on Rhine Shipping.

EU: Unbound for the establishment of a registered company for the purpose of operating a fleet under the national flag of the State of establishment.

AT: Nationality condition in order to set up a shipping company by natural persons. In the case of establishment as legal person, nationality condition for the board of directors and the supervisory board. Registered company or permanent establishment in Austria is required. In addition the majority of the business shares must be held by European Union citizens.

BG: Unbound for direct branching (incorporation is required).

FI: Services can be provided only by ships operating under the Finnish flag.

HR: Unbound.

BG: Unbound for direct branching (incorporation is required).

HR: Unbound.

EU: Foreign investors cannot provide transport services within a European Union Member State (cabotage), except for rental of non-scheduled services of buses with operator.

EU: Economic needs test for taxi services. Main criteria: number of and impact on existing establishments, population density, geographic spread, impact on traffic conditions and creation of new employment.

AT, BG: Exclusive rights and/or authorisation can only be granted to European Union nationals and to European Union juridical persons having their headquarters in the European Union.

BG: Unbound for direct branching (incorporation is required).

FI, LV: Authorisation required, not extended to foreign registered vehicles.

LV, SE: Requirement on established entities to use vehicles with national registration.

ES: Economic needs test for CPC 7122. Main criteria: Local demand.

IT, PT: Economic needs test for limousine services. Main criteria: number of and impact on existing establishments, population density, geographic spread, impact on traffic conditions and creation of new employment.

ES, IE, IT: Economic needs test for intercity bussing services. Main criteria: number of and impact on existing establishments, population density, geographic spread, impact on traffic conditions and creation of new employment.

FR: Unbound for intercity bussing services.

AT, BG: Exclusive rights and/or authorisation can only be granted to European Union nationals and to European Union juridical persons having their headquarters in the European Union.

BG: Unbound for direct branching (incorporation is required).

FI, LV: Authorisation required, not extended to foreign registered vehicles.

LV, SE: Requirement on established entities to use vehicles with national registration.

IT, SK: Economic needs test. Main criteria is local demand.

AT: Exclusive rights can only be granted to European Union nationals and to European Union juridical persons having their headquarters in the European Union.

EU: Unbound for rental of vessels with crew, pushing and towing services and supporting services for maritime transport.

IT: Economic needs test for maritime cargo-handling services. Main criteria: number of and impact on existing establishments, population density, geographic spread and creation of new employment.

BG: Unbound for direct branching (incorporation is required). Participation in Bulgarian companies is limited to 49 per cent.

SI: Only juridical persons established in the Republic of Slovenia (no branches) can perform customs clearance.

HR: Unbound for c) Customs Clearance Services, d) Container Station and Depot Services, e) Maritime Agency Services and f) Maritime Freight Forwarding Services. For a) Maritime Cargo Handling Services, b) Storage and warehousing Services, j) Other supporting and auxiliary services (including catering), h) Pushing and towing services and i) Supporting services for maritime transport: None, except that foreign legal person is required to establish a company in Croatia which should be granted a concession by the port authority, following a public tendering procedure. The number of service suppliers may be limited reflecting limitations in port capacity.

EU: Measures based upon existing or future agreements on access to inland waterways (incl. agreements following the Rhine-Main-Danube link) reserve some traffic rights for operators based in the countries concerned and meeting nationality criteria regarding ownership. Regulations implementing the Mannheim Convention on Rhine Shipping.

EU: Unbound for rental of vessels with crew, pushing and towing services and supporting services for internal waterway transport.

AT: Nationality condition in order to set up a shipping company by natural persons. In the case of establishment as legal person, nationality condition for the board of directors and the supervisory board. Registered company or permanent establishment in Austria is required. In addition the majority of the business shares must be held by European Union citizens.

BG: Unbound for direct branching (incorporation is required). Participation in Bulgarian companies is limited to 49 per cent.

HU: Participation of the State may be required in an establishment.

SI: Only juridical persons established in the Republic of Slovenia (no branches) can perform customs clearance.

HR: Unbound.

BG: Unbound for direct branching (incorporation is required). Participation in Bulgarian companies is limited to 49 per cent

SI: Only juridical persons established in the Republic of Slovenia (no branches) can perform customs clearance

HR: Unbound for d) pushing and towing services and g) Customs Clearance Services.

HU: Unbound for customs clearance services

PL: national restrictions concerning direct representation in customs clearance services: it can be performed by customs agents only who have the residence in the territory of European Union.

FR: Unbound except if full reciprocity is granted.

FI: Unbound for direct branching

NL: the admittance of natural or juridical persons to act as customs representatives is subject to discretion by the inspector, as provided by articles 1(3) and 1(9) of the General Customs Act. Admittance will be denied in case the applicant has been irrevocably sentenced for a criminal act in the past five years. Customs representatives, who are not a resident of or established in the Netherlands, are required to take residence or establish a fixed location in the Netherlands, before they perform activities as an admitted customs representative.

AT: For rental of commercial road vehicles with operators, authorisation can only be granted to European Union nationals and to European Union juridical persons having their headquarters in the European Union.

BG: Unbound for direct branching (incorporation is required). Participation in Bulgarian companies is limited to 49 per cent.

FI: For rental of commercial road vehicles with operators, authorisation required, not extended to foreign registered vehicles.

SI: Only juridical persons established in the Republic of Slovenia (no branches) can perform customs clearance.

HR: Unbound for d) Rental of Commercial Road Vehicles with Operators and g) Customs Clearance Services.

HU: Unbound for customs clearance services

PL: national restrictions concerning direct representation in customs clearance services: it can be performed by customs agents only who have the residence in the territory of European Union.

FR: Unbound except if full reciprocity is granted.

FI: Unbound for direct branching

NL: the admittance of natural or juridical persons to act as customs representatives is subject to discretion by the inspector, as provided by articles 1(3) and 1(9) of the General Customs Act. Admittance will be denied in case the applicant has been irrevocably sentenced for a criminal act in the past five years. Customs representatives, who are not a resident of or established in the Netherlands, are required to take residence or establish a fixed location in the Netherlands, before they perform activities as an admitted customs representative.

EU: Categories of activities depend of size of airport. The number of providers in each airport can be limited due to available-space constraints and to not less than two suppliers for other reasons.

BG: Unbound for direct branching (incorporation is required).

HR: Unbound.

BG: Unbound for direct branching (incorporation is required).

PL: For storage services of frozen or refrigerated goods and bulk storage services of liquids or gases, categories of activities depend of size of airport. The number of providers in each airport can be limited due to available-space constraints and to not less than two suppliers for other reasons.

BG: Unbound for direct branching (incorporation is required).

HU: Unbound

SI: Only juridical persons established in the Republic of Slovenia (no branches) can perform customs clearance.

EU: Aircraft used by European Union carriers have to be registered in a European Union Member State licensing the carrier or, if the licensing European Union Member State allows so, elsewhere in the European Union.

To be registered, aircraft may be required to be owned either by natural persons meeting specific nationality criteria or by juridical persons meeting specific criteria regarding ownership of capital and control.

Aircraft must be operated by air carriers owned either by natural persons meeting specific nationality criteria or by juridical persons meeting specific criteria regarding ownership of capital and control.

EU: Specific obligations for investors operating computer reservation systems that are owned or controlled by air carriers.

EU: Specific obligations for investors operating computer reservation systems that are owned or controlled by air carriers.

BG: Unbound for direct branching (incorporation is required).

PL: Foreign participation is limited to 49 per cent.

HR: Unbound.

BG: Unbound for direct branching (incorporation is required).

SI: Only juridical persons established in the Republic of Slovenia (no branches) can perform customs clearance.

HR, HU: Unbound

PL: national restrictions concerning direct representation in customs clearance services: it can be performed by customs agents only who have the residence in the territory of European Union.

FR: Unbound except if full reciprocity is granted.

FI: Unbound for direct branching

NL: the admittance of natural or juridical persons to act as customs representatives is subject to discretion by the inspector, as provided by articles 1(3) and 1(9) of the General Customs Act. Admittance will be denied in case the applicant has been irrevocably sentenced for a criminal act in the past five years. Customs representatives, who are not a resident of or established in the Netherlands, are required to take residence or establish a fixed location in the Netherlands, before they perform activities as an admitted customs representative.

None

None

AT, BE, BG, CY, CZ, DE, DK, ES, EE, FI, FR, EL, IE, IT, LV, LU, MT, NL, PL, PT, RO, SK, SI, SE, UK: Unbound

CY, CZ, MT, PL, SK: Investors from countries which are energy suppliers may be prohibited to obtain control of the activity. Unbound for direct branching (incorporation is required).

EU: Unbound for wholesale trade services of electricity, steam and hot water.

EU: Unbound for retailing services of motor fuel, electricity, (non-bottled) gas, steam and hot water.

BE, BG, DK, FR, IT, MT, PT: For retail sales of fuel oil, bottled gas, coal and wood, authorisation for department stores (in the case of France only for large stores) is subject to an economic needs test. Main criteria: number of and impact on existing stores, population density, geographic spread, impact on traffic conditions and creation of new employment.

AT, BE, BG, CY, CZ, DE, DK, ES, EE, FI, FR, EL, IE, HU, IT, LU, LT, MT, NL, PL, PT, RO, SK, SE, UK: Unbound except for consultancy services, where: none.

SI: Unbound except for services incidental the distribution of gas, where: none.

None

IT: Economic needs tests applied on a national treatment basis. The economic needs test, when applied, sets a limit on the number of enterprises. Main criteria: population and density of existing business.

IT: Economic needs tests applied on a national treatment basis. The economic needs test, when applied, sets a limit on the number of enterprises. Main criteria: population and density of existing business.

IT: Economic needs tests applied on a national treatment basis. The economic needs test, when applied, sets a limit on the number of enterprises. Main criteria: population and density of existing business.

None

(CPC 7543)

None

Sector or Sub-Sector

Description of Reservations

ALL SECTORS

Real estate

For Modes 1 and 2

AT, BG, CY, CZ, DK, EE, EL, FI, HU, IE, IT, LT, LV, MT, PL, RO, SI, SK: Limitations on acquisition of land and real estate by foreign investors(2).

For Modes 1 and 2

AT, CY, ES, EL, LT, MT, SK: Full admission to the Bar, required for the practice of domestic (European Union and its Member States) law, is subject to a nationality condition.

HR: Unbound for practicing of Croatian law.

BE, FI: Full admission to the Bar, required for legal representation services, is subject to a nationality condition, coupled with residency requirements. In Belgium quotas apply for appearing before the “Cour de cassation” in non-criminal cases.

BG: Foreign lawyers can only provide legal representation services of a national of their home country and subject to reciprocity and cooperation with a Bulgarian lawyer. For legal mediation services permanent residence is required.

FR: Lawyers’ access to the profession of “avocat auprès de la Cour de Cassation” and “avocat auprès du Conseil d’Etat” is subject to quotas and to a nationality condition.

HU: Full admission to the Bar is subject to a nationality condition, coupled with residency requirements. For foreign lawyers the scope of legal activities is limited to the provision of legal advice.

LV: Nationality requirement for sworn solicitors, to whom legal representation in criminal proceedings is reserved.

DK: Marketing of legal advice activities is restricted to lawyers with a Danish licence to practice and law firms registered in Denmark. Requirement of a Danish legal examination in order to obtain a Danish licence.

SE: Admission to the Bar, necessary only for the use of the Swedish title “advokat”, is subject to a residency requirement.

For Mode 1

FR, HU, IT, MT, RO, SI: Unbound

AT: Nationality condition for representation before competent authorities

For Mode 2

None

For Mode 1

BE, BG, CY, DE, ES, FI, FR, EL, HU, IE, IT, LU, MT, NL, PT, RO, SI, UK: Unbound

AT: Nationality condition for representation before competent authorities and for performing audits provided for in specific Austrian laws (e.g. joint stock companies law, stock exchange law, banking law, etc.).

HR: Foreign audit firms may provide audit services on Croatian territory when they have established a branch.

SE: Only auditors approved in Sweden may perform legal auditing services in certain legal entities, a.o. in all limited companies. Only such persons may be shareowners or form partnerships in companies which practice qualified auditing (for official purposes). Residency required for approval.

LT: Auditor’s report must be prepared in conjunction with an auditor accredited to practice in Lithuania

For Mode 2

None

For Mode 1

AT: Nationality condition for representation before competent authorities.

CY: Tax agents must be duly authorised by the Minister of Finance. Authorisation is subject to an economic needs test. The criteria used are analogous to those for granting permission for foreign investment (listed in horizontal section), as they apply to this sub-sector, always taking into consideration the employment situation in the sub-sector.

BG, MT, RO, SI: Unbound

For Mode 2

None

For Mode 1

AT: Unbound except for planning services.

BE, BG, CY, EL, IT, MT, PL, PT, SI: Unbound

DE: Application of the national rules on fees and emoluments for all services which are performed from abroad.

HR: Natural and legal persons may supply architectural services upon approval of the Croatian Chamber of Architects. A design or project elaborated abroad must be recognised (validated) by an authorised natural or legal person in Croatia with regard to its compliance with Croatian law. Unbound for urban planning.

HU, RO: Unbound for landscape architectural services

For Mode 2

None

For Mode 1

AT, SI: Unbound except for pure planning services.

BG, CY, EL, IT, MT, PT: Unbound

HR: Natural and legal persons may supply engineering services upon approval of the Croatian Chamber of Engineers. A design or project elaborated abroad must be recognised (validated) by an authorised natural or legal person in Croatia with regard to its compliance with Croatian law.

For Mode 2

None

For Mode 1

AT, BE, BG, CY, DE, DK, EE, ES, FI, FR, EL, IE, IT, LU, MT, NL, PT, RO, SK, UK: Unbound

HR: Unbound, except for telemedicine.

SI: Unbound for social medicine, sanitary, epidemiological, medical/ecological services, the supply of blood, blood preparations and transplants and autopsy.

For Mode 2

None

For Mode 1

AT, BE, BG, CY, CZ, DE, DK, EE, ES, FR, EL, HU, IE, IT, LV, LT, MT, NL, PT, RO, SI, SK: Unbound

UK: Unbound except for veterinary laboratory and technical services supplied to veterinary surgeons, general advice, guidance and information e.g.: nutritional, behaviour and pet care.

For Mode 2

None

For Mode 1

AT, BE, BG, CY, CZ, DE, DK, EE, ES, FR, EL, HU, IE, IT, LV, LT, LU, MT, NL, PT, RO, SI, SK, UK: Unbound

FI, PL: Unbound except for nurses.

HR: Unbound, except for telemedicine.

For Mode 2

None

For Mode 1

AT, BE, BG, DE, CY, DK, ES, FI, FR, EL, IE, IT, LU, MT, NL, PL, PT, RO, SK, SE, SI, UK: Unbound

CZ, LV, LT: Unbound except for mail order.

HU: Unbound except for CPC 63211.

For Mode 2

None

For Modes 1 and 2

None

For a) and c):

For Modes 1 and 2

EU: For publicly funded Research and Development services, exclusive rights and/or authorisations can only be granted to European Union nationals and to European Union juridical persons having their headquarters in the European Union.

For b):

None

For Mode 1

BG, CY, CZ, EE, HU, IE, LV, LT, MT, PL, RO, SK, SI: Unbound

HR: Commercial presence required.

For Mode 2

None

For Mode 1

BG, CY, CZ, EE, HU, IE, LV, LT, MT, PL, RO, SK, SI: Unbound

HR: Commercial presence required.

For Mode 2

None

For Mode 1

BG, CY, DE, HU, MT, RO: Unbound

For Mode 2

None

For Modes 1 and 2:

BG, CY, CZ, HU, LV, MT, PL, RO, SK: Unbound

EU: Aircraft used by European Union air carriers have to be registered in the European Union Member State licensing the air carrier or elsewhere in the European Union. Waivers can be granted for short term lease contracts or under exceptional circumstances.

For Mode 1

BG, CY, HU, LV, MT, PL, RO, SI: Unbound

For Mode 2

None

For Mode 1

BG, CY, CZ, HU, MT, PL, RO, SK: Unbound

For Mode 2

None

For Modes 1 and 2

AT, BE, BG, CY, CZ, DE, DK, ES, FI, FR, EL, HU, IE, IT, LU, MT, NL, PL, PT, RO, SI, SE, SK, UK: Unbound

EE: Unbound except for leasing or rental services concerning pre-recorded video-cassettes for use in home entertainment equipment.

For Modes 1 and 2:

None.

For Modes 1 and 2:

None.

For Modes 1 and 2:

None

For Modes 1 and 2:

None.

For Modes 1 and 2:

HU: Unbound for arbitration and conciliation services (CPC 86602).

For Mode 1

IT: Unbound for the profession of biologist and chemical analyst.

HR: Unbound for services related to issuance of mandatory certificates and similar official documents.

BG, CY, CZ, MT, PL, RO, SK, SE: Unbound

For Mode 2

BG, CY, CZ, MT, PL, RO, SK, SE: Unbound

HR: Unbound for services related to issuance of mandatory certificates and similar official documents.

For Mode 1

IT: Unbound for activities reserved to agronomist and “periti agrari”.

CY, EE, MT, RO, SI: Unbound

For Mode 2

None

For Mode 1

LV, MT, RO, SI: Unbound

For Mode 2

None

For Modes 1 and 2

None.

For Mode 1

AT, BG, CY, CZ, DE, EE, ES, FI, HR, IE, LV, LT, MT, PL, PT, RO, SK, SI, SE: Unbound

For Mode 2

AT, BG, CY, CZ, DE, EE, ES, FI, HR, IE, LV, LT, MT, PL, PT, RO, SK, SI: Unbound

For Mode 1

AT, BE, BG, CY, CZ, DE, DK, EE, ES, EL, FI, FR, HR, IE, IT, LU, LV, LT, MT, NL, PL, PT, RO, SI, SE, SK, UK: Unbound

For Mode 2

AT, BG, CY, CZ, DE, DK, EE, ES, EL, FI, FR, HR, IE, IT, LU, LV, LT, MT, NL, PL, PT, RO, SI, SK, UK: Unbound

For Mode 1

AT, BG, CY, CZ, DE, EE, ES, FI, FR, HR, IT, IE, LV, LT, MT, NL, PL, PT, RO, SE, SK, SI: Unbound

For Mode 2

AT, BG, CY, CZ, DE, EE, ES, FI, FR, HR, IT, IE, LV, LT, MT, NL, PL, PT, RO, SK, SI: Unbound

For Modes 1 and 2

BE, BG, CY, CZ, DE, DK, ES, EE, FI, FR, EL, HR, HU, IE, IT, LV, LT, LU, MT, NL, PL, PT, RO, SK, SI, UK: Unbound

For Modes 1 and 2

HU: Unbound for CPC 87304, CPC 87305.

BE, BG, CY, CZ, ES, EE, FI, FR, HR, IT, LV, LT, MT, PT, PL, RO, SI, SK: Unbound

For Mode 1

BE, BG, CY, DE, DK, ES, FR, EL, IE, IT, LU, MT, NL, PL, PT, RO, SI, UK: Unbound for exploration services.

HR: Services of basic geological, geodetic and mining consulting services as well as related environmental protection consulting services on the territory of Croatia can be carried out only jointly with/or through domestic legal persons.

For Mode 2

None

For Mode 1

For maritime transport vessels: BE, BG, CY, DE, DK, ES, FI, FR, EL, HR, IE, IT, LT, MT, NL, PL, PT, RO, SE, SI, UK: Unbound

For internal waterways transport vessels: EU: Unbound

For Mode 2

None

For Mode 1

AT, BE, BG, DE, CY, CZ, DK, ES, FI, FR, EL, HR, IE, IT, LT, LV, LU, MT, NL, PL, PT, RO, SE, SI, SK, UK: Unbound

For Mode 2

None

For Modes 1 and 2

None

For Mode 1

BE, BG, CY, CZ, DE, DK, ES, FI, FR, EL, HR, IE, IT, LT, LU, MT, NL, PT, RO, SK, SI, SE, UK: Unbound

For Mode 2

None

For Modes 1 and 2

None

For Mode 1

AT, BE, BG, CY, CZ, DE, DK, ES, EE, FI, FR, EL, HR, IE, IT, LU, LV, MT, NL, PL, PT, RO, SI, SE, SK, UK: Unbound

For Mode 2

None.

For Mode 1

CY, MT: Unbound

BG, EE, LV, LT, PL, SE, SI: Unbound for the supply of aerial photographic services.

HR, LV: Unbound for specialty photographic services (CPC 87504).

For Mode 2

None.

For Modes 1 and 2

None

For Modes 1 and 2

None

For Modes 1 and 2

None

For Mode 1

PL: Unbound for services of sworn interpreters.

HU, SK: Unbound for official translation and interpretation.

HR: Unbound for official documents.

For Mode 2

None

For Mode 1

DE: Application of the national rules on fees and emoluments for all services which are performed from abroad.

For Mode 2

None

For Modes 1 and 2

BE, BG, CY, CZ, DE, DK, ES, EE, FI, FR, EL, HR, HU, IE, IT, LT, LU, MT, NL, PL, PT, RO, SK, SI, SE, UK: Unbound

For Modes 1 and 2

BE, BG, CY, CZ, DE, DK, ES, EE, FI, FR, EL, HR, HU, IE, IT, LT, LU, MT, NL, PL, PT, RO, SK, SI, SE, UK: Unbound

For Mode 1

AT, BE, BG, CY, CZ, DE, DK, ES, EE, FI, FR, EL, HR, HU, IE, IT, LT, LU, MT, NL, PL, PT, RO, SI, SE, SK, UK: Unbound

For Mode 2

None

For Modes 1 and 2

None

For Modes 1 and 2

None

For Modes 1 and 2

None(17)

Sub-sectors (i), (iv) and (v) are however excluded when they fall into the scope of the services which may be reserved, which is: for items of correspondence the price of which is less than two and a half times the public basic tariff, provided that they weigh less than 50 grams(18), plus the registered mail service used in the course of judicial or administrative procedures.)

(part of CPC 751, part of CPC 71235(19) and part of CPC 73210(20))

For Modes 1 and 2

None

For Modes 1 and 2

EU: None except that service providers in this sector may be subject to obligations to safeguard general interest objectives related to the conveyance of content through their network in line with the European Union regulatory framework for electronic communications.

BE: Unbound

For Mode 1

CY, CZ, HU, LV, MT, SK: Unbound

For Mode 2

None

For Modes 1 and 2

EU: Unbound for distribution of chemical products, of precious metals (and stones).

AT: Unbound for distribution of pyrotechnical goods, of ignitable articles and blasting devices and of toxic substances.

AT, BG: Unbound for distribution of products for medical use such as medical and surgical devices, medical substances and objects for medical use.

HR: Unbound for tobacco products.

For Mode 1

AT, BG, PL, RO: Unbound for distribution of tobacco and tobacco products.

IT: For wholesale trade services, state monopoly on tobacco.

BG, FI, PL, RO: Unbound for distribution of alcoholic beverages.

SE: Unbound for retail distribution of alcoholic beverages

AT, BG, CZ, FI, RO, SK, SI: Unbound for distribution of pharmaceuticals.

BG, HU, PL: Unbound for commodity brokers’ services.

FR: For commission agents’ services, unbound for traders and brokers working in 17 markets of national interest on fresh food products. Unbound for wholesale of pharmaceuticals.

MT: Unbound for commission agents’ services.

BE, BG, CY, CZ, DE, DK, ES, FR, EL, IE, IT, LU, MT, NL, PL, PT, SK, UK: For retailing services, unbound except for mail order.

For Mode 1

BG, CY, FI, FR, HR, IT, MT, RO, SE, SI: Unbound

For Mode 2

CY, FI, HR, MT, RO, SE, SI: Unbound

For Mode 1

BG, CY, FI, FR, HR, IT, MT, RO, SE: Unbound

For Mode 2

CY, FI, MT, RO, SE: Unbound

For Modes 1 and 2

LV: Unbound for education services relating to technical and vocational secondary school-type education services for handicapped students (CPC 9224).

For Mode 1

AT, BG, CY, FI, FR, IT, MT, RO, SE: Unbound

For Mode 2

AT, BG, CY, FI, MT, RO, SE: Unbound

For Modes 1 and 2

CZ, SK: Unbound for higher education services, except post-secondary technical and vocational education services (CPC 92310).

For Modes 1 and 2

AT: Unbound for adult education services by means of radio or television broadcasting.

CY, FI, MT, RO, SE: Unbound.

For Modes 1 and 2

AT, BE, BG, CY, DE, DK, ES, EE, FI, FR, EL, HU, IE, IT, LV, LT, LU, MT, NL, PL, PT, RO, SI, SE, UK: Unbound.

HR: None for correspondence education or education via telecommunications.

For Mode 1

EU: Unbound except for consulting services.

For Mode 2

None

For Modes 1 and 2

AT, BE, CZ, DE, DK, ES, FI, FR, EL, HU, IE, IT, LU, NL, PL, PT, RO, SK, SE, SI, UK: Unbound for direct insurance services except for insurance of risks relating to:

AT: Promotional activity and intermediation on behalf of a subsidiary not established in the European Union or of a branch not established in Austria (except for reinsurance and retrocession) are prohibited. Compulsory air insurance, except for insurance of international commercial air transport, can be underwritten only by a subsidiary established in the European Union or by a branch established in Austria. Higher premium tax is due for insurance contracts (except for contracts on reinsurance and retrocession) which are written by a subsidiary not established in the European Union or by a branch not established in Austria. Exception from the higher tax can be granted.

DK: Compulsory air transport insurance can be underwritten only by firms established in the European Union. No persons or companies (including insurance companies) may for business purposes in Denmark assist in effecting direct insurance for persons resident in Denmark, for Danish ships or for property in Denmark, other than insurance companies licensed by Danish law or by Danish competent authorities.

DE: Compulsory air insurance policies can be underwritten only by a subsidiary established in the European Union or by a branch established in Germany. If a foreign insurance company has established a branch in Germany, it may conclude insurance contracts in Germany relating to international transport only through the branch established in Germany.

FR: Insurance of risks relating to ground transport may be carried out only by insurance firms established in the European Union.

PL: Unbound for reinsurance and retrocession except for risks relating to goods in international trade.

PT: Air and maritime transport insurance, covering goods, aircraft, hull and liability can be underwritten only by firms established in the European Union; only persons or companies established in the European Union may act as intermediaries for such insurance business in Portugal.

RO: Reinsurance on international market is allowed only if the reinsured risk cannot be placed on the domestic market.

ES: For actuarial services, residence requirement and three-year relevant experience.

For Mode 1

AT, BE, CZ, DE, DK, ES, FI, FR, EL, HU, IE, IT, LU, NL, PT, RO, SK, SE, SI, UK: Unbound for direct insurance intermediation services except for insurance of risks relating to:

BG: Unbound for direct insurance, except for services supplied by foreign suppliers to foreign persons in the territory of the Republic of Bulgaria. Transport insurance, covering goods, insurance of vehicles as such and liability insurance regarding risks located in the Republic of Bulgaria may not be underwritten by foreign insurance companies directly. A foreign insurance company may conclude insurance contracts only through a branch. Unbound for deposit insurance and similar compensations schemes, as well as mandatory insurance schemes.

CY, LV, MT: Unbound for direct insurance services except for insurance of risks relating to:

LT: Unbound for direct insurance services except for insurance of risks relating to:

BG, LV, LT, PL: Unbound for insurance intermediation.

FI: Only insurers having their head-office in the European Union or having their branch in Finland may offer direct insurance (including co-insurance) services. The supply of insurance broker services is subject to a permanent place of business in the European Union.

HR: Unbound for direct insurance and direct insurance intermediation services, except

HU: The supply of direct insurance in the territory of Hungary by insurance companies not established in the European Union is allowed only through a branch office registered in Hungary.

IT: Unbound for the actuarial profession. Transport insurance of goods, insurance of vehicles as such and liability insurance regarding risks located in Italy may be underwritten only by insurance companies established in the European Union. This reservation does not apply for international transport involving imports into Italy.

SE: The supply of direct insurance is allowed only through an insurance service supplier authorised in Sweden, provided that the foreign service supplier and the Swedish insurance company belong to the same group of companies or have an agreement of cooperation between them.

For Mode 2

AT, BE, BG, CZ, CY, DE, DK, ES, FI, FR, EL, HU, IE, IT, LU, MT, NL, PL, PT, RO, SK, SE, SI, UK: Unbound for intermediation.

BG: For direct insurance, Bulgarian natural and juridical persons, as well as foreign persons who conduct business activity in the territory of the Republic of Bulgaria, can conclude insurance contracts only with suppliers with respect to their activity in Bulgaria, which are licensed to conduct insurance activity in Bulgaria. Insurance compensation resulting from these contracts shall be paid in Bulgaria. Unbound for deposit insurance and similar compensations schemes, as well as mandatory insurance schemes.

HR: Unbound for direct insurance and direct insurance intermediation services, except

IT: Transport insurance of goods, insurance of vehicles as such and liability insurance regarding risks located in Italy may be underwritten only by insurance companies established in the European Union. This reservation does not apply for international transport involving imports into Italy.

For Mode 1

AT, BE, BG, CZ, DE, DK, ES, FI, FR, EL, HU, IE, IT, LU, NL, PL, PT, SK, SE, UK: Unbound except for provision of financial information and financial data processing and for advisory and other auxiliary services excluding intermediation.

BE: Establishment in Belgium is required for the provision of investment advisory services.

BG: Limitations and conditions relating to the use of telecommunications network may apply.

CY: Unbound except for trading of transferable securities, for provision of financial information and financial data processing and for advisory and other auxiliary services excluding intermediation.

EE: For acceptance of deposits, requirement of authorisation by Estonian financial Supervision Authority and registration under Estonian Law as a joint-stock company, a subsidiary or a branch.

EE: The establishment of a specialised management company is required to perform the activities of management of investment funds, and only firms having their registered office in the European Union can act as depositories of the assets of investment funds.

HR: Unbound except for lending, financial leasing, payment and money transmission services, guarantees and commitments, money broking, provision and transfer of financial information and advisory and other auxiliary financial services, excluding intermediation.

LT: The establishment of a specialised management company is required to perform the activities of management of unit trusts and investment companies, and only firms having their registered office in the European Union can act as depositories of the assets of investment funds.

IE: The provision of investment services or investment advice requires either:

IT: Unbound for “promotori di servizi finanziari” (financial salesmen).

LV: Unbound except for participation in issues of all kinds of securities, for provision of financial information and financial data processing and for advisory and other auxiliary services excluding intermediation.

LT: Commercial presence is required for pension fund management

MT: Unbound except for acceptance of deposits, for lending of all types, for provision of financial information and financial data processing and for advisory and other auxiliary services excluding intermediation.

PL: For the provision and transfer of financial information, and financial data processing and related software: Requirement to use the public telecommunication network, or the network of other authorised operator.

RO: Unbound for financial leasing, for trading of money market instruments, foreign exchange, derivative products, exchange rate and interest rate instruments, transferable securities and other negotiable instruments and financial assets, for participation in issues of all kinds of securities, for asset management and for settlement and clearing services for financial assets. Payments and money transmission services are allowed only through a resident bank.

SI:

Members of the Slovenian Stock Exchange must be incorporated in the Republic of Slovenia or be branches of foreign investment firms or banks.

For Mode 2

BG: Limitations and conditions relating to the use of telecommunications network may apply.

PL: For the provision and transfer of financial information, and financial data processing and related software: Requirement to use the public telecommunication network, or the network of another authorised operator.

For Mode 1

AT, BE, BG, DE, CY, CZ, DK, ES, EE, FI, FR, EL, HR, IE, IT, LV, LT, MT, LU, NL, PL, PT, RO, SI, SE, SK, UK: Unbound

For Mode 2

None

For Mode 1

AT, BE, BG, CY, CZ, DE, DK, EE, ES, EL, FI, FR, HR, HU, IE, IT, LU, MT, NL, PL, PT, RO, SE, SI, SK, UK: Unbound

For Mode 2

BE: Unbound for social services other than convalescent and rest houses and old people’s homes.

For Mode 1

AT, BE, BG, CY, CZ, DE, DK, ES, FR, EL, IE, IT, LV, LT, LU, MT, NL, PL, PT, RO, SK, SI, SE, UK: Unbound except for catering.

HR: Unbound.

For Mode 2

None

For Mode 1

BG, CY, HU, MT, SK: Unbound

For Mode 2

None

For Mode 1

BG, CY, CZ, HU, IT, LT, MT, PL, SK, SI: Unbound.

For Mode 2

None

For Mode 1

BE, BG, CY, CZ, DE, DK, ES, EE, FI, FR, EL, HR, HU, IE, IT, LV, LT, LU, MT, NL, PL, PT, RO, SK, SI, UK: Unbound

For Mode 2

CY, CZ, FI, HR, MT, PL, RO, SK, SI: Unbound

BG: Unbound, except for theatrical producer, singer group, band and orchestra entertainment services (CPC 96191); services provided by authors, composers, sculptors, entertainers and other individual artists (CPC 96192); ancillary theatrical services (CPC 96193).

EE: Unbound for other entertainment services (CPC 96199), except for cinema theatre services.

LT, LV: Unbound, except for cinema theatre operation services (part of CPC 96199).

For Modes 1 and 2

None

For Mode 1

BE, BG, CY, CZ, DE, DK, ES, EE, FI, FR, EL, HR, HU, IE, IT, LT, LV, LU, MT, NL, PL, PT, RO, SK, SI, SE, UK: Unbound

For Mode 2

BE, BG, CY, CZ, DE, DK, ES, FI, FR, EL, HR, HU, IE, IT, LT, LV, LU, MT, NL, PL, PT, RO, SK, SI, SE, UK: Unbound

For Modes 1 and 2

AT: Unbound for ski school services and mountain guide services.

BG, CZ, HR, LV, MT, PL, RO, SK: Unbound

For Mode 1

CY, EE: Unbound

For Modes 1 and 2

None