World Trade
Organization RESTRICTED S/FIN/M/54
2 July 2007 (07-2786) Committee on Trade in Financial Services


REPORT OF THE MEETING HELD ON 7 JUNE 2007

Note by the Secretariat


The Committee on Trade in Financial Services held a meeting on 7 June 2007. The agenda is contained in airgram WTO/AIR/3024.
A. appointment of the new chairperson
The Committee elected Mr. Paul Myler, from Australia, as the chairperson of the Committee for this year.
Acceptance of the Fifth Protocol to the General Agreement on Trade in Services Embodying the Results of the Financial Services Negotiations
The Chairman recalled that three WTO Members had yet to accept the Fifth Protocol: Brazil, Jamaica, and the Philippines. He invited these three Members to provide information on the status of their domestic processes.
The representative of Brazil said that one of the main impediments to the acceptance of the Protocol had just been removed, as the Brazilian Congress approve

World Trade
Organization RESTRICTED S/FIN/M/25
8 May 2000 (00-1871) Committee on Trade in Financial Services

REPORT OF THE MEETING HELD ON 13 APRIL 2000

Note by the Secretariat

The twenty-sixth meeting of the Committee on Trade in Financial Services was chaired by Mr.
Item A: Acceptance of the Fifth Protocol to the General Agreement on Trade in Services Embodying the Results of the Financial Services Negotiations
The Chairman recalled that the Fifth Protocol to the General Agreement on Trade in Services (GATS) entered into force on 1 March 1999 for the 53 Member governments that had accepted it by that date.
However, the previous legislative period had concluded without its approval and the new government in office would present it once again in the current legislative period.
The representative of Kenya said that the necessary approval by the Cabinet had been obtained; he expected that the necessary an action by the Ministry for Tourism, Trade and Industry would take place shortly so the acceptance instrument should be received in the following two weeks.
She reminded those Members still in the ratification process that they were bound by the Services Council decision adopting the Fifth Protocol not to take measures that were inconsistent with their scheduled commitments to the fullest extent possible given existing legislation.
Although at the June 1999 meeting there had been no formal agreement to select any items as a priority, there was an exchange of views that had led the Chairman to believe that discussion could be started with the distinction between modes 1 and 2, and the sectoral classification of financial services.
That discussion had arrived at no conclusion as to how to clarify the matter; instead it had been agreed that further work was necessary.
Additionally, this issue had horizontal implications and, given that a more general consideration of the matter could be conducted at that stage, it would be preferable to proceed with caution in the financial services committee, showing prudence in assuming that GATS provisions needed to be rewritten or clarified.
Therefore, he believed that discussions on financial services classification aiming at a common understanding would help in the context of negotiations; however, his delegation had no specific proposal as to the most efficient way to address this matter at that point in time.
In relation to the suggestion on looking at the relation between the classification in the Annex and the CPC, her delegation did not exclude its consideration but it was necessary to ensure that the broad commitments made by countries not using the CPC were respected.
This year the interest rates would be deregulated on a phased basis, and in July the interest rate cap on time deposits with maturity of less than seven days would be removed.
The bill intended to consolidate 10 existing ordinances and simplify regulatory arrangements to reduce compliance burden, to close existing regulatory gaps in order to promote market confidence, to enhance investors' protection, to reduce market misconduct and systemic risks and facilitate innovation and competition.
Established in June 1994, the IAIS contributes to global financial stability through developing cooperation among members; setting international standards on insurance regulation; assisting members in complying with IAIS standards at national and international levels; coordinating work with other national and international financial institutions.
The representative of the United States said that her delegation would like to further consider the request until the following meeting; however, if a decision needed to be taken that day, her delegation would support the granting of "Ad hoc", meeting by meeting, observership.
The representative of Japan understood the concerns raised by some delegations, however, he argued that if cross-border transactions were to be liberalized Members had to bear in mind that proper supervision needed to be in place.

World Trade
Organization RESTRICTED S/FIN/M/72
31 May 2012
(12-2900) Committee on Trade in Financial Services


REPORT OF THE MEETING HELD ON 19 march 2012

Note by the Secretariat


The Committee on Trade in Financial Services held a meeting on 19 March 2012, under the chairmanship of Mr Quan ZHAO (China). The agenda is contained in Airgram WTO/AIR/3905.
Acceptance of the fifth protocol to the general agreement on trade in services
The Chairperson recalled that Brazil and Jamaica had yet to accept the Protocol and invited them to provide any update on the status of their domestic ratification processes. In response, the representative of Brazil stated that the situation had remained unchanged.
The Chairperson encouraged these delegations to accelerate the internal procedures and accept the Fifth Protocol. The Committee took note of those statements and decided to revert to this agenda item at its next meeting.
Recent developments in financial serv

World Trade
Organization RESTRICTED S/FIN/M/34
26 April 2002 (02-2442) Committee on Trade in Financial Services

REPORT OF THE MEETING HELD ON 18 MARCH 2002

Note by the Secretariat

The Committee on Trade in Financial Services held a meeting on 18 March 2002, under the Chairmanship of Mr Jan-Peter Mout (The Netherlands).

Acceptance of the Fifth Protocol to the General Agreement on Trade in Services Embodying the Results of the Financial Services Negotiations
The Chairman recalled that seven WTO Members had not yet ratified the Fifth Protocol, namely Bolivia, Brazil, Dominican Republic, Jamaica, Philippines, Poland, and Uruguay.
Paragraph 9 of the proposal submitted by Canada (S/CSS/W/50) stated that one of its objectives for the GATS negotiation in financial services was to further "the benefits of liberalization by addressing certain ambiguities in the GATS framework as it applies to financial services.
She then asked the following questions:
Could Switzerland please provide specific examples of classification problems that should be resolved in financial services (besides electronic merchanting systems and finance/insurance)?

The representative of Canada took note of the questions raised by Thailand and said that he would respond to them during the discussions on financial services to be held in the Council for Trade in Services in Special Session, because no expert on financial services was available at the meeting.

The representative of the European Communities said that the communication submitted by the United States showed that the system of prior comments was very rigid and did not necessarily meet all the different types of regulatory systems.
This involved the consultation with different participants of Canada's civil society, as well as a broad range of practices, such as the effective communication of laws and related regulations, a clear drafting of the legislation, the publication and codification of laws, appropriate monitoring of procedures carried out by regulators, and appeal procedures.
he asked the United States what measures had been taken to ensure the implementation of the Gramm-Leach-Bliley Act at the sub-federal level.
They included the provision of advance notice and comment period for draft regulations; the publication of final regulations, including a summary of comments received on draft regulations; and providing a reasonable time between the publication of final regulations and their entry into force.
briefing session by the international monetary fund
The Chairman recalled that at the previous meeting, the representative of the International Monetary Fund made a statement under Other Business, suggesting to conduct a briefing session on the Fund/Bank Financial Sector Assessment Program (FSAP).
In the course of those discussions, executive directors from a number of countries expressed particular appreciation for the initiative to hold this seminar, with the idea to explore links and synergies between the two processes –the negotiations on financial services in the WTO and the FSAP in the Fund- while respecting the mandate of both institutions and coherence in overall policy advice.
At the end, the Chairman provided the following summary:
Almost all delegations considered that, in keeping with paragraph 16 of the Negotiating Guidelines and Procedures, subsidiary bodies should be used to their maximum capacity.
It was also pointed out that subsidiary bodies should not be precluded from taking up technical issues raised in the negotiating proposals submitted to the Council for Trade in Services in Special Session.
appointment of the chairperson
The Chairman recalled that according to the Rules of Procedures, the Committee should elect its Chairperson at the first meeting of the year, effective at the end of such meeting.
However, given that the consultation on that matter by the Chairman of the Council for Trade in Services had not yet concluded, he proposed that the formal election of the Committee's Chair for this year and the hand over took place at the beginning of the next meeting.

World Trade
Organization RESTRICTED S/FIN/M/58
7 May 2009 (09-2254) Committee on Trade in Financial Services


REPORT OF THE MEETING HELD ON 31 march 2009

Note by the Secretariat


The Committee on Trade in Financial Services held a meeting on 31 March 2009, under the chairmanship of Mr. Tom Goodwin (United Kingdom). The agenda is contained in Airgram WTO/AIR/3341.
acceptance of the fifth protocol to the general agreement on trade in services embodying the results of the financial services negotiations
The Chairman recalled that three WTO Members had yet to accept the Fifth Protocol: Brazil, Jamaica, and the Philippines. At the previous meeting, the three Members had informed the Committee that they were not in a position to indicate a specific timeframe for the acceptance of the Protocol. He invited these three Members to provide further information on the status of their domestic processes.
The representative of Jamaica said that internal discussio