Islamic Development Bank Multilateral Negotiations on Trade in Services Financial Services Daniel C. Crosby - Casablanca, 16 June 2009 Budin & Associés.

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Presentation transcript:

Islamic Development Bank Multilateral Negotiations on Trade in Services Financial Services Daniel C. Crosby - Casablanca, 16 June 2009 Budin & Associés

OUTLINE Structure / Sources of Law Annex on Financial Services Understanding on Commitments in Financial Services The Protocols to the GATS Budin & Associés 2

Global Financial Crisis… … and the relevance of the GATS… To be determined Budin & Associés 3

GATS Review General Obligations MFN Transparency Domestic regulation Budin & Associés 4

Annex on Financial Services Excludes financial services « supplied in the exercise of governmental authority » e.g., central bank services, exchange rates, statutory social security, retirement plans « prudential measures » as domestic regualtion Includes « recognition » and specific definitions Budin & Associés 5

Understanding on Commitments in Financial Services Alternative approach to scheduling specific commitments Commitments apply on MFN basis 31 WTO Members have scheduled commitments Budin & Associés 6

Substance of the Understanding Market access for specified services “Standstill”- conditions limited to existing nonconforming measures Listing and reduction or elimination of monopolies MFN and NT for established suppliers in financial services procurement from state entities Commits to allowing the supply of “new financial services” To allow transfer and processing of financial data and information, and transfers of equipment,necessary for business (Right to protect confidential information ensured) Budin & Associés 7

GATS Protocols Second protocol: financial services (1995) Third protocol: movement of natural persons (1995) Fourth protocol: basic telecommunications (1997) Fifth protocol: financial services (1997) Budin & Associés 8

GATS Protocols Principal elements of a protocol – Relationship between old and new commitments – Timeframe for acceptance – Conditions for entry into force – Special procedures in case of non- acceptance by all Members Budin & Associés 9

Back to the Crisis Is the GATS - a cause? part of the solution? Budin & Associés 10

IsDB & Morocco MERCI & THANK YOU 11