by the laws of a third country. In cases where such applications are refused, the Member State will make its best endeavours to notify the undertaking in question and give the reasons for the refusal of the application.(b) Member States will make their best endeavours to respond without undue delay to requests for information by applicants on the status of complete applications for licences to conduct banking activities, through the establishment in a Member State of a subsidiary in accordance with the legislation of that Member State, by an undertaking governed by the laws of a third country.(c) In application of the relevant EC directives, Member States will make their best endeavours to consider within six months complete applications for licences to conduct investment services in the securities field, as defined in the Investment Services Directive, through the establishment in a Member State of a subsidiary in accordance with the legislation of that Member State, by an undertaking governed by the laws of a third country. In cases where such applications are refused, the Member State will make its best endeavours to notify the undertaking in question and give the reasons for the refusal of the application.(d) Member States will make their best endeavours to respond without undue delay to requests for information by applicants on the status of complete applications for licenses to conduct investment services in the securities area, through the establishment in a Member State of a subsidiary in accordance with the legislation of that Member State, by an undertaking governed by the laws of a third country.EUROPEAN COMMUNITIES AND THEIR MEMBER STATES FINAL LIST OF ARTICLE II (MFN) EXEMPTIONS (This is authentic in English only)>POSIÇÃO NUMA TABELA>DECISION ADOPTING THE FIFTH PROTOCOL TO THE GENERAL AGREEMENT ON TRADE IN SERVICES adopted by the Committee on Trade in Financial Services on 14 November 1997 THE COMMITTEE ON TRADE IN FINANCIAL SERVICES,Having regard to the results of the negotiations conducted under the terms of the Second Decision on Financial Services adopted by the Council for Trade in Services on 21 July 1995 (S/L/9),DECIDES AS FOLLOWS:1. To adopt the text of the 'Fifth Protocol to the General Agreement on Trade in Services`.2. Commencing immediately and continuing until the date of entry into force of the Fifth Protocol to the General Agreement on Trade in Services, Members concerned shall, to the fullest extent consistent with their existing legislation, not take measures which would be inconsistent with their undertakings resulting from these negotiations.3. The Committee shall monitor the acceptance of the Protocol by Members concerned and shall, at the request of a Member, examine any concerns raised regarding the application of paragraph 2 above.DECISION OF DECEMBER 1997 ON COMMITMENTS IN FINANCIAL SERVICES adopted by the Council for Trade in Services on 12 December 1997 THE COUNCIL FOR TRADE IN SERVICES,Having regard to the Second Decision on Financial Services adopted by the Council for Trade in Services on 21 July 1995 (S/L/9),Noting the results of the negotiations carried out under the terms of that Decision,Having regard to the Decision adopting the Fifth Protocol to the General Agreement on Trade in Services adopted by the Committee on Trade in Financial Services on 14 November 1997 (S/L/44),DECIDES AS FOLLOWS:1. If the Fifth Protocol to the General Agreement on Trade in Services (GATS) does not enter into force in accordance with paragraph 3 therein:(a) notwithstanding Article XXI of the GATS, a Member may, during a period of 60 days beginning on 1 March 1999, modify or withdraw all or part of the commitments on financial services inscribed in its schedule;(b) notwithstanding Article II of the GATS and paragraphs 1 and 2 of the Annex on Article II exemptions, a Member may, during the same period referred to in paragraph 1(a), list in that Annex measures relating to financial services which are inconsistent with paragraph 1 of Article II of the GATS.2. The Committee on Trade in Financial Services shall establish any procedures necessary for the implementation of paragraph 1.