ANNUAL REPORT OF THE Committee on trade in financial services

TO THE COUNCIL FOR TRADE IN SERVICES (2015)

Since its previous Annual Report to the Council for Trade in Services^[1], the Committee on Trade in Financial Services held two formal meetings, respectively on 17 March 2015 and 2 June 2015.^[2] 

1  acceptance of the fifth protocol to the gats

1.1.  The Committee continued to monitor the status of acceptance of the Fifth Protocol to the GATS, which has yet to be accepted by Brazil.

2  trade in financial services and development

2.1.  The Committee continued its consideration of the issue of financial inclusion, on the basis of a Background Note prepared by the Secretariat (Financial Inclusion and the GATS, document S/FIN/W/88). The purpose of the Note, prepared at the request of the Committee, was not to replicate the growing literature on financial inclusion, but rather, to discuss the issue from a trade policy perspective, addressing also the role that the GATS may play in that regard. As part of this discussion, several Members (Argentina, China, India, Korea, Nigeria, the Russian Federation and Turkey) provided overviews of the situation of financial inclusion in their respective economies and highlighted the most important initiatives and policies adopted towards its promotion.

3  regulatORY issues in financial serVices

3.1.  The Committee continued with its consideration of regulatory issues in financial services. In June, a representative of the Financial Action Task Force (FATF-GAFI) made a presentation before the Committee on the objectives and purposes of the FATF, and on the latest developments in its area of competence. The FATF-GAFI had been invited together with the Global Forum on Transparency and Exchange of Information for Tax Purposes, the latter being unable to attend on that occasion. The Secretariat will keep in touch with the Global Forum to ensure its participation at a future meeting.

4  technical issues (classification issues)

4.1.  Due to the lack of discussion, the Committee decided to put aside this agenda item until specific suggestions are made on the part of Members.

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