– the “commercial presence” obligations of a foreign company (mode 3) for all financial services, obligations relating to mode 1 (services provided from one country to another) and mode 2 (consumers or companies that use a service in another country) in appropriate subsectors (e..B g. financial services to demanding customers such as reinsurance, asset management and securities; marine and energy insurance services; Provision and transmission of financial information and financial data processes The Hong Kong Ministerial Conference in December 2005 gave new impetus to the services negotiations. Annex C of the Ministerial Declaration sets clear objectives for services, with the approval of the submission of plurilateral applications until February 2006 and revised offers until mid-2006. (b) a Member which is a party to such an agreement or arrangement referred to in point (a), whether concluded or exists in the future, gives other interested Members a reasonable opportunity to negotiate their accession to such agreements or arrangements or to negotiate similar agreements, in circumstances where there would be equivalent regulation or supervision; the implementation of this Regulation and, where appropriate, the procedures for the exchange of information between the parties to the agreement or agreement. If a member grants recognition autonomously, it shall give any other member sufficient opportunities to demonstrate the existence of such circumstances. (a) A Member may recognize supervisory measures taken by any other country to determine the application of measures taken by the Member with respect to financial services. Such recognition, which may be obtained by harmonisation or other means, may be based on an agreement or understanding with the country concerned or granted autonomously. (d) point (c) of the third paragraph of Article I of the Agreement shall not apply to services covered by this Annex. (xvi) advice, brokerage and other financial assistance services for all activities listed in points (v) to (xv), including credit referrals and analyses, investment and portfolio research and advice, acquisition, restructuring and corporate strategy advice. Roy, Martin, Juan A.
Marchetti and Aik Hoe Lim (2006), “Services Liberalization in the New Generation of Preferential Trade Agreements: How Much Further than the GATS?”, WTO Working Paper No. ERSD-2006-07 (September 2006), World Trade Organization. See the debate on the liberalisation of financial services in SAAs. Summary Download the WTO Secretariat study on financial services (1997): Opening Markets in Financial Services and the Role of the GATS. > Overview of the financial services negotiations in 1995 and 1997 Negotiations on financial services and other services sectors have gone through several stages since 2000. In accordance with the mandate of the GATS (Article XIX), negotiations on services were initiated in 2000. At the time, negotiations were almost exclusively multilateral and several negotiating proposals were put forward. These proposals underscored the objectives and concerns of several members during the negotiations.
(a) Notwithstanding other provisions of the Agreement, a Member may not be prevented from taking measures for prudential reasons, in particular to protect investors, depositors, policyholders or persons to whom a financial service provider owes a fiduciary duty, or to ensure the integrity and stability of the financial system. . . .