xv) the provision and transmission of financial information and processing of financial data and related software by providers of other financial services; WTO Secretariat Study on Financial Services (1997): opening up financial services markets and the role of GATS. b) A member who is a party to such an agreement or agreement covered in point (a) must give other interested members the appropriate opportunity to negotiate their membership of these agreements or agreements or to negotiate similar agreements with them, in cases where an equivalent regime, control, implementation of this regulation and, if necessary, procedures for exchanging information between the parties to the agreement or agreement would be required. When a member grants recognition independently, it offers any other member the opportunity to prove that such circumstances exist. A multi-lateral request on financial services was prepared and forwarded. The main objectives of the application are: the obligation, see mode 3, to create rights to create new businesses and to acquire existing businesses; Commitments of species 1 and 2 in a defined list of sub-sectors; Eliminating the main restrictions on domestic treatment; and the need for transparency in the development and enforcement of relevant laws and regulations for the financial services sector (TN/S/M/19, point 54). As negotiations were suspended in July 2006, no member submitted a second revised offer. To date, 71 bids (the first and revised) have been submitted, representing 95 members. Almost half of them have improved commitments in the financial services sector. However, the improvements are not significant and, in many cases, lag behind the current, more open regulatory framework (see TN/S/20, points 46 to 48). (viii) all payment and payment services, including credit, fee and debit cards, traveller`s cheques and bankers` projects; (a) This schedule applies to measures relating to the provision of financial services.
The reference to the provision of a financial service in this appendix is the provision of a service within the meaning of Article I, paragraph 2, of the agreement. (a) A member may recognize the prudential measures taken by another country to determine the application of the member`s financial services actions. Such recognition, which can be achieved through harmonization or other means, may be based on an agreement or agreement with the country concerned or granted independently. Members had defined their main negotiating objectives for financial services prior to the Hong Kong Ministerial Conference. As described in TN/S/23, these objectives are as follows: Financial services, like all services, are currently included in the new services negotiations that began in January 2000. The principles of financial services trade are included in the GATS, as are all services. In addition, an GATS annex contains specific provisions for trade in financial services. These include issues such as sectoral definitions, services provided in the exercise of public authority and prudential measures. Roy, Martin, Juan A. Marchetti and Aik Hoe Lim (2006), “Services Liberalization in the New Generation of Preferential Trade Agreements (PTAs): How Much Further than the GATS?, WTO Staff Working Paper No. ERSD-2006-07 (September 2006), World Trade Organization. See the debate on the liberalisation of financial services in the PTAs.
Abstract Download For consolidated information on country commitments and exceptions in the financial services sector, see the services database. If you aspire to the obligations of a particular WTO member, go to “Jump to a particular sector for a particular member,” select financial services from the industry drop-down list, select the member who is of interest and click “Go.”