Consolidated TPP Text – Annex III – Schedule of Japan

Headnotes

1. Commitments under Chapter 11 (Financial Services) are undertaken subject to the limitations and conditions set forth in these headnotes and the Schedule below.

2. In the interpretation of a reservation in Section A, all elements of the reservation shall be considered.  A reservation shall be interpreted in the light of the relevant provisions of the Chapter against which the reservation is taken, and the Measures element shall prevail over all the other elements.

3. In the interpretation of a reservation in Section B, all elements of the reservation shall be considered.  The Description element shall prevail over all the other elements.

4. To clarify Japan’s commitment with respect to Article 11.5 (Market Access for Financial Institutions), enterprises supplying financial services are subject to non-discriminatory limitations on juridical form.

5.

6. For the purposes of this Annex, JSIC means Japan Standard Industrial Classification set out by the Ministry of Internal Affairs and Communications, and revised on November 6, 2007.

Annex III - Section A

Sector:

Financial Services

Sub-Sector:

Banking and other financial services (excluding insurance and insurance-related services)

Industry Classification:

JSIC 622 Banks, except central bank

JSIC 631 Financial institutions for small-businesses

Obligations Concerned:

National Treatment (Article 11.3)

Level of Government:

Central

Measures:

Deposit Insurance Law (Law No. 34 of 1971), Article 2

Description:

The deposit insurance system does not cover deposits taken by branches of foreign banks.

Sector:

Financial Services

Sub-Sector:

Insurance and insurance-related services

Industry Classification:

JSIC 672 Non-life insurance institutions

JSIC 6742 Non-life insurance agents and brokers

Obligations Concerned:

Cross-Border Trade (Article 11.6)

Level of Government:

Central

Measures:

Insurance Business Law (Law No.105 of 1995), Articles 185, 186, 275, 276, 277, 286 and 287

Cabinet Order for Enforcement of Insurance Business Law (Cabinet Order No. 425 of 1995), Articles 19 and 39.2

Ministerial Ordinance for Enforcement of Insurance Business Law (Ministerial Ordinance of the Ministry of Finance No. 5 of 1996), Articles 116 and 212.6

Description:

Commercial presence is in principle required for insurance contracts on the following items and any liability arising therefrom:

Annex III - Section B

Sector:

Financial Services

Sub-Sector:

Insurance and insurance-related services

Industry Classification:

-

Obligations Concerned:

National Treatment (Article 11.3)

Cross-Border Trade (Article 11.6)

Level of Government:

Central

Description:

Japan reserves the right to adopt or maintain any measure with respect to cross-border supply of or trade in financial services as defined in subparagraph (b) of the definition of “cross-border supply of financial services” in Article 11.1 (Definitions) for insurance and insurance-related services, other than the following services, whether supplied by a cross-border financial service supplier of another Party established in that Party as a principal, through an intermediary or as an intermediary:

Note: Insurance intermediation services may be supplied only for insurance contracts allowed to be supplied in Japan.

Existing Measures:

Insurance Business Law (Law No. 105 of 1995), Articles 185, 186, 275, 276, 277, 286 and 287

Cabinet Order for Enforcement of Insurance Business Law (Cabinet Order No. 425 of 1995), Articles 19 and 39.2

Ministerial Ordinance for Enforcement of Insurance Business Law (Ministerial Ordinance of the Ministry of Finance No. 5 of 1996), Articles 116 and 212.6

Date Modified: