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| Author | : Carlo Maria Cantore |
| Publisher | : |
| Total Pages | : 283 |
| Release | : 2018-06-28 |
| Genre | : Law |
| ISBN | : 1108415768 |
Studies the GATS prudential carve-out as well as prudential carve-outs in preferential trade agreements.
| Author | : Carlo Maria Cantore |
| Publisher | : |
| Total Pages | : 250 |
| Release | : 2015 |
| Genre | : Financial services industry |
| ISBN | : |
Paragraph 2(a) of the GATS Annex on Financial Services is generally known as the Prudential Carve-Out (PCO). Essentially, it allows WTO Members to adopt the measures they deem appropriate for prudential reasons, when regulating trade in financial services. The provision has not yet been interpreted in WTO dispute settlement proceedings. However, it is extremely relevant in light of the 2008-2009 financial crisis and the regulatory developments that ensued worldwide. Few scholars have looked into the issue and it seems to be their common view that the PCO has to be classified in the technical sense as being an 'exception' to the obligations and the commitments of the GATS. This classification leads to important interpretative consequences, mostly with regard to the allocation of the burden of proof in the event of a dispute. The main argument of this thesis is that the PCO should rather be classified as a 'provision that excludes the application of other provisions'. This alternative interpretation is more consistent with the negotiating history of the provision, the negotiators' intention, as well as the economic rationale behind it. Characterizing the PCO in this manner has different implications for the allocation of the burden of proof (which should therefore fall on the complainant and not on the defendant) and for the degree of deference that WTO judges have to pay to the rights and the prerogatives of the regulators in the domain of financial services. The thesis is divided into three main parts. Part 1 is devoted to the negotiating history and the current understanding of the PCO in the literature and in relevant discussions of WTO Members in the Committee on Trade in Financial Services of the GATS. Part 2 analyzes the PCOs in all Preferential Trade Agreements notified to the WTO Secretariat up to December 2014, highlights the main features and categorises the different models of PCOs that have emerged. Part 3 is dedicated to the new approach advanced by the thesis. The final section of this part suggests an agenda for a reform of the PCO of the Annex on Financial Services of the GATS, taking into account the developments that have occurred in trade negotiations at the preferential level over the last twenty years.
| Author | : Mamiko Yokoi-Arai |
| Publisher | : |
| Total Pages | : 36 |
| Release | : 2012 |
| Genre | : |
| ISBN | : |
The General Agreement on Trade in Services (GATS) has been the leading force of trade liberalization in services. This article attempts to decipher the implications of GATS in financial services. It explains the schedules of commitments made by Member States, and the way countries engage in commitments in financial services. These are critical in understanding how the GATS rules are applied by each Member, and whether GATS has been effective.The so-called 'prudential carve out' is analysed in detail with consideration to the general prudential regime of the financial system since it has implications for the stability and integrity of the financial system. The article concludes with some policy analysis on how prudential carve out might be better implemented.
| Author | : Carlo Maria Cantore |
| Publisher | : Cambridge University Press |
| Total Pages | : 284 |
| Release | : 2018-05-31 |
| Genre | : Law |
| ISBN | : 1108246621 |
The World Trade Organization's General Agreement on Trade in Services (GATS) sets out a framework and rules for the liberalization of international trade in services. Paragraph 2(a) of the GATS Annex on Financial Services is generally known as the Prudential Carve-Out (PCO). Notwithstanding GATS obligations, it allows WTO Members to pursue prudential regulatory objectives. This book studies the GATS PCO in light of its negotiating history and economic rationale as well as PCOs in all preferential trade agreements notified to the WTO Secretariat up to the summer of 2017. The author clarifies the state of play of international cooperation on financial services regulation; provides a current understanding of the GATS PCO; analyses how PCOs are drafted in preferential trade agreements and, finally, he seeks to understand whether alternative approaches to the mainstream understanding of the PCO are possible and suggests options for reform.
| Author | : Mary McAllister Shepro |
| Publisher | : |
| Total Pages | : 69 |
| Release | : 2014 |
| Genre | : |
| ISBN | : |
This note addresses the interplay of trade liberalization and financial services regulation -- namely the key issue of the United States' prudential regulation of financial services and its linkage to commitments made under the General Agreement on Trade in Services and free trade agreements. Focusing on the prudential carve-out exception present in the GATS, and nearly all of the United States' liberalization commitments, this Note suggests that the prudential carve-out is over-inclusive and thus well insulates the US from challenges to its prudential framework. This Note also argues that the United States is further protected from challenges to its national regulatory autonomy due to the political economy surrounding the WTO and its limited judgment-enforcing powers.
| Author | : Samuel Trujillo |
| Publisher | : |
| Total Pages | : 52 |
| Release | : 2016 |
| Genre | : |
| ISBN | : |
This article explores how the broadest spirited exception in the framework of the World Trade Organization, commonly referred to as the prudential carve-out, could be applied without adding to or diminishing the rights and obligations of WTO Members. It argues that through the customary rules of interpretation of international law, the only standard applicable to the prudential carve out is that of a reasonable means to ends connection. However, this broad standard of review can be enriched by expert knowledge on financial and prudential regulation, given that the form of dispute settlement established in the Annex to Financial Services of the GATS provides a window for dissecting the concept of "prudential". The AFS requires that an "expert panel" decide on controversies regarding financial and prudential issues, instead of the ordinary "highly qualified" WTO panel. The article draws on principles developed by the disciplines of micro- and macro-prudential regulation to exemplify how expert knowledge can guide an otherwise vague standard of review.
| Author | : |
| Publisher | : BRILL |
| Total Pages | : 660 |
| Release | : 2020-12-15 |
| Genre | : Law |
| ISBN | : 9004393412 |
Law and Practice of the Common Commercial Policy provides a comprehensive analysis of the salient features of the European Union’s trade law and policy since the Treaty of Lisbon: legislation, case law, treaty making and institutional practice.
| Author | : Kern Alexander |
| Publisher | : Bloomsbury Publishing |
| Total Pages | : 241 |
| Release | : 2018-01-11 |
| Genre | : Law |
| ISBN | : 1509915818 |
This timely book examines the legal and regulatory implications of Brexit for financial services. The UK's withdrawal from the EU is likely to have significant market, political, and policy consequences for the UK financial system, for the single market and the euro area, and for the international financial system. As the UK disentangles its financial system from the EU, law will matter to a profound extent. Treaties, legislation, and regulation, at UK, EU, and international levels, and the many dynamics and interests which drive them, will frame and shape the ultimate settlement between the UK and the EU. Law will also shape how the EU financial system develops post-Brexit and how the international financial system responds. Written by leading authorities in the field, this book addresses and contextualises the legal, regulatory, and policy issues across five dimensions, which correspond to the major legal spheres engaged: financial regulation implications and market access consequences for the UK financial system; labour law and free movement consequences for the UK financial system; the implications internally for EU financial governance and the euro area; the implications and relevance of the EEA/EFTA financial services market; and the trade law and World Trade Organization law implications.
| Author | : International Trade Law Center |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 3142 |
| Release | : 2007-12-31 |
| Genre | : Law |
| ISBN | : 0387226885 |
The editors have succeeded in bringing together an excellent mix of leading scholars and practitioners. No book on the WTO has had this wide a scope before or covered the legal framework, economic and political issues, current and would-be countries and a outlook to the future like these three volumes do. 3000 pages, 80 chapters in 3 volumes cover a very interdiscplinary field that touches upon law, economics and politics.
| Author | : International Monetary Fund. Strategy, Policy, & Review Department |
| Publisher | : International Monetary Fund |
| Total Pages | : 17 |
| Release | : 2010-07-09 |
| Genre | : Business & Economics |
| ISBN | : 149833685X |
This note addresses key issues with respect to trade policy in financial services and its linkages to capital flows, and prudential regulations and supervision under the General Agreement on Trade in Services (GATS), preferential trade agreements (PTAs), and bilateral investment treaties (BITs). The note should help inform the advice that country teams provide on such issues in the context of surveillance, program negotiations, and technical assistance. It is a response to the Executive Board’s call for guidance in this area stemming from the 2009 IEO Evaluation of IMF Involvement in International Trade Policy Issues.
