World Trade
Organization RESTRICTED S/FIN/W/46
2 September 2005 (05-3835) Committee on Trade in Financial Services Original: English

Communication from JAPAN

Transitional Review Mechanism in connection with Paragraph 18 of
the Protocol on the Accession of the People's Republic of China

The following communication, dated 30 August 2005, from the delegation of Japan is being circulated to the Members of the Committee on Trade in Financial Services.
As
Japan
pointed out in last year’s communication, regulatory transparency as well as consistency in implementing regulations is vital for China to enjoy the fruit of liberalization.
Japan understands that one of the licensing requirements for foreign banks wishing to engage in foreign exchange futures trading is that the amount of currency trading by the bank exceeds
US$ 
20
 
billion in the previous year.
Please in
dicate whether
China plans to introduce flexibility in the requirement for a newly established branch to engage in local currency business
.