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On the GATS Financial Services Annex \

Author: XinKeJia
Tutor: ZhaoWei
School: China University of Political Science
Course: International Law
Keywords: GATS Financial services Prudential carve-out Prudent measures Management Ordinance of foreign banks
CLC: D996.2
Type: Master's thesis
Year: 2008
Downloads: 130
Quote: 2
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Abstract

Prudential carve-out provisions are the terms of the most unique in the GATS Financial Services Annex, it has the flexibility of countries to have reached full agreement on the issue of trade in financial services, to form the overall framework of an important prerequisite. Along with its flexibility from the clause as defined in the connotation, such as the scope of uncertainty. This article as a core around the definition of prudential measures analyzed and discussed from multiple perspectives. The terms of the prudential carve-out, Another \market access and national treatment provisions, as well as the constraints of the country-specific commitments, but adapted to the objective status quo of the uneven level of development of the world's financial markets, but also in line with the GATS progressive liberalization of the expected development path, GATS financial services trading system meaning in the title. The objective requirements of the prudential supervision of financial services liberalization, while opening up the financial services market in accordance with the requirements of the WTO legal system and the GATS, countries should adapt to the changing forms of financial markets to improve their own the rhyme financial regulatory legal system, through reasonable regulatory rules to maintain the safety of the financial system, promote the interests of financial services trade liberalization, the existence of the prudential carve-out clause for countries to play a regulation initiative to provide a legal basis. Concept extension and specific standards of prudential measures, whether the \the other hand, criteria should be appropriate tilt to the developing countries, allowing developing countries to the more robust pace of gradual liberalization of the financial services market. Prudential carve-out provisions of GATS interpretation can not be fundamentally contrary to the concept and spirit, should not be used to evade its obligations under GATS means. Between countries to establish mutual recognition of prudential measures mechanism, but also conducive to the prudent measures to gradually clear standards in a multilateral framework, but the mutual recognition mechanism itself inevitably there are some limitations. In addition, the controversy caused by the prudent measures, through the dispute settlement mechanism to be adjusted. WTO financial services trade legal system, \contribute to the standards of prudential carve-out clause from the side auxiliary further be clear, while drawing on international practice also help narrow the differences between the countries, to reduce friction in the process of liberalization of the financial market, a win-win, in need of financial liberalization process and form a dynamic, positive balance between the needs of members to the domestic regulatory policies. The specific provisions of the European Union and NAFTA also has a larger reference. Foreign banks Practices Ordinance enacted in 2006 and its implementation details, \New regulations at the same time to honor WTO commitments highlight the effective prudential supervision, prudential supervision of the concept into the legislation which reflects the distinctive corporate-oriented policies, and runs through the concept of prudential supervision, but also attach importance to the principle of national treatment, so that regulation The standard internal and external unity.

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