The GATS and Financial Services
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1 The GATS and Financial Services WTO Negotiations in Services Training Programme for Trade Officials and Negotiators from Pakistan Juan A. Marchetti WTO Trade in Services Division 29 June
2 What are we going to talk about? The Annex on Financial Services The Understanding on commitments in Financial Services Current negotiations
3 The Annex on Financial Services
4 The Annex on Financial Services Scope and Definition services supplied in the exercise of governmental authority Domestic Regulation Recognition Dispute Settlement Definitions
5 Annex on Financial Services Scope and Definitions Applies to measures affecting the supply of financial services... except services supplied in the exercise of governmental authority Monetary and Exchange rate policies Statutory systems of social security or public retirement plans* Activities conducted by a public entity for the account or with the guarantee or using the financial resources of the government* * without competition
6 Annex on Financial Services Definitions A financial service is any service of a financial nature offered by a financial service supplier of a Member Includes all insurance and insurance related services, all banking and other financial services Financial service supplier means any natural or juridical person wishing to supply or supplying financial services but does not include a public entity
7 Annex on Financial Services Classification of financial services Direct insurance (both life and non-life) Reinsurance and retrocession Insurance intermediation Auxiliary insurance services Acceptance of bank deposits Lending of all types Financial leasing Payment systems Guarantees and Trading, either for one s account or for others of negotiable instruments and financial assets Participation in issues of securities Money brokering Asset management Settlement and clearing services for financial asset Provision and transfer of financial information or data
8 Annex on Financial Services Domestic Regulations Members are allowed to take measures for prudential reasons including for the protection of investors, depositors, policy holders; or to ensure the integrity and stability of the financial system Those measures shall not be used as a means of avoiding commitments or obligations under the GATS Prudential measures should not be scheduled (ref. Scheduling guidelines)
9 Annex on Financial Services Recognition Members may recognize prudential measures of any other country Such recognition may be based on a bilateral agreement or accorded autonomously Adequate opportunity shall be afforded to other interested Members to join such agreements No need to notify to CTS the opening of negotiations on such agreements
10 The Understanding on Commitments in Financial Services
11 Understanding on commitments in financial services What is it? Alternative approach to scheduling specific commitments, without prejudice to the right to schedule according to GATS part III resulting specific commitments apply on a MFN basis 31 WTO Members have made commitments according to it
12 What minimum level of market access? Cross-border Trade: Supply by non-resident suppliers, with NT MAT insurance; reinsurance and retrocession; & services auxiliary to insurance Provision and transfer of financial information and data processing advisory and other auxiliary services, except intermediation, on banking and other FS Purchase by residents MAT insurance and reinsurance, and services auxiliary to insurance Banking and other financial services Commercial presence Right to establish, including through acquisitions, and expand a commercial presence guaranteed conditions and procedures may be imposed as long as they don t circumvent right to establish Temporary entry of personnel in relation to a commercial presence senior management sspecialist in operations specialist in computer and telecom services, and accounts of supplier actuarial and legal specialist
13 Other obligations in the Understanding Standstill - conditions limited to existing nonconforming measures To list and endeavour reduction or elimination of monopolies in the sector MFN and NT for established suppliers in government procurement of financial services Commits to allowing the supply of new financial services To allow transfer and processing of financial data and information, and transfers of equipment, necessary for business - Right to protect confidential information ensured
14 Other obligations... To endeavour to remove or limit significant adverse effects on foreign suppliers of non-discriminatory measures Offering all financial services permitted Expansion of the activities into the entire territory The ability to enter, operate and compete in the market N.T. for established suppliers in the access to: payment and clearing systems operated by public entities, and to official funding and refinancing facilities any self-regulatory body, securities or futures exchange or market, clearing agency, or any other organization or association necessary
15 Current Negotiations State of Play
16 Currents negotiations Proposals have been submitted by 11 Members: Australia, Canada, Colombia, Cuba, the European Communities, Japan, Kenya, Korea, Norway, Switzerland, and United States Objectives: Advocate further expansion of MA, NT and additional commitments for all modes of supply; Reaffirm the right to regulate for prudential reasons and the need to take into account special nature of the sector in liberalizing trade.
17 Negotiating Proposals Issue Aus Can EU Jap Kor Nor Swit US Cuba Colo m bia Classificat. Barriers Modes 1&2 dist. Grandfathering Regulatory issues Mutual recognition Pace of liberalizat. Understan ding Developing countries Ken ya
18 Barriers identified in the proposals (1) Restrictions on form of commercial presence Restrictions on foreign equity participation Discrimination between national and foreign providers Mandatory cession requirements Quantitative limitations on the number of suppliers
19 Barriers identified in the proposals (2) Restrictions on geographical expansion Restrictions on movement of key personnel Limitations on certain operations Restrictions on the supply of certain financial services on a cross-border basis
20 Domestic Regulation in FS: Towards more transparency? The US proposal on regulatory transparency 1 Transparency in developing regulations 2 Transparency in applying regulations 3 Other principles (e.g. independence of regulator)
21 Liberalization of financial services: Renewed impetus? Statement recently submitted by Quad, Australia, Bahrain, Ch. Taipei, Norway, Oman, Panama, Singapore and Switzerland Use classification in the Annex on FS For all sectors, make mode 3 commitments, incl. right to establish new and acquire existing companies, and in the form of whollyowned subsidiaries, joint ventures or branches. For modes 1 and 2, make appropriate commitments depending on the particular sub-sector. Remove limitations on NT for all modes. Remove non-discriminatory limitations such as monopolies, numerical quotas or economic needs tests and mandatory cessions. Schedule commitments on transparency in development and application of laws and regulations, transparent and speedy licensing procedures, and other regulatory issues also should be considered.
22 Initial offers so far 68 initial offers formally submitted (EC 25 as one) 30 offers contain something on Banking & Other financial services All the offers submitted by developed countries 38% of offers submitted by developing countries 31 offers contain something on Insurance services All the offers submitted by developed countries 39% of offers submitted by developing countries
23 Initial offers on FS vs. current commitments on FS For insurance Existing commitments improved: 31.6% of offers Commitments for first time in the sector: 0.7% For banking & other financial services Existing commitments improved: 31.6% of offers Commitments for first time in the sector: 0.0 %
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