BG: the specific commitments in respect of mode (4) on financial services are as well subject to the general limitations contained in the "all sectors" section.5.The admission to the market of new financial services or products may be subject to the existence of, and consistency with, a regulatory framework aimed at achieving the objectives indicated in Article 121.6.As a general rule and in a non discriminatory manner, financial institutions incorporated in a Member State of the Community must adopt a specific legal form.7.BG: insurance or banking activities, as well as securities trading and activities related thereto, are to be carried out separately by companies that are licensed for the supply of ...[+++]such services.8.HU: insurance, banking, securities and collective investment management services should be performed by legally separate and independently capitalised suppliers of financial services, although banks may be authorised to provide services in the securities field as well.9.HU: it is intended to bind direct branching once it is bound in the GATS, and under the conditions set therein.10.HU: 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.

BGB operates primarily in private and corporate retail banking, real estate financing, real estate services (investment fund and project business) and capital markets (money and securities dealings).

An International Central Securities Depository or ICSD is a securities settlement system which clears and settles international securities such as eurobonds (in which case the primary deposit is with the ICSD) or cross-border transactions in domestic securities (in which case the primary deposit is in the national CSD).

A person may use the name of a bank in a prospectus, offering, memorandum, takeover bid circular, advertisement, or a transaction related to securities, or in any other document in connection with a transaction related to securities where the use is required by law, or the bank has given its express written permission for the use.

(28) It is necessary for the annual information to be provided by issuers whose securities are admitted to trading on a regulated market to be appropriately monitored by Member States in accordance with their obligations under the provisions of Community and national law concerning the regulation of securities, issuers of securities and securities markets.

Common approaches to regulation of securities markets cannot be divorced from the way such regulation is enforced, in particular as the pace of change accelerates towards the emergence of European securities networks.