Trade in Services Agreement (TISA)
Financial Services Annex
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WTO, GATS, TISA, G20, BCBS, IAIS, IOSCO, FATF, OECD, trade agreement, negotiation, draft, financial services, investment, banking,
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Limited - contains TISA-U.S. CONFIDENTIAL Information Modified handling authorized
Trade in Services Agreement (TISA) Annex [X]: Financial Services,
Consolidation of text proposals
 April 14, 2014
Trade in Services Agreement
Trade in Services Agreement country negotiators
his is the secret draft of the Trade in Services Agreement (TISA) Financial Services Annex, currently
under negotiation between Australia, Canada, Chile, Chinese Taipei (Taiwan), Colombia, Costa Rica,
Hong Kong, Iceland, Israel, Japan, Liechtenstein, Mexico, New Zealand, Norway, Pakistan, Panama,
Paraguay, Peru, South Korea, Switzerland, Turkey, the United States, and the European Union,
including its 28 member states Austria, Belgium, Bulgaria, Cyprus, Croatia, Czech Republic, Denmark,
Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg,
Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United
Kingdom. The Agreement is meant to liberalize trade in services amongst the world's largest services
providers, and it is being negotiated outside of the WTO framework. TISA members hold the largest
services markets worldwide, with a combined GDP of over two-thirds of the world economy. This text
was drafted just before the 6th round of TISA negotiations held from 28 April - 2 May in Geneva,
Switzerland. The next round of negotiations are set to be held 23-27 June in Geneva
This Document Contains TISA- U.S.CONFIDENTIAL Information
 Annex [X]: Financial Services
Consolidation of text proposals as of 14 April 2014
Reason: 1.4(b)
Declassify on:
Five years from entry
into force of the TISA
agreement or, if no
agreement enters into
force, five years from the
close of the negotiations.
This document must be protected from
unauthorized disclosure, but may be mailed or transmitted over unclassified e-mail or 
fax, discussed over unsecured phone lines, and stored on unclassified computer 
systems. It must be stored in a locked or 
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This Document Contains TISA- U.S.CONFIDENTIAL Information
 Annex [X]: Financial Services
*Working consolidated draft among the proponents as of 14 April 2014; draft is without
prejudice to further proposals or positions of the proponents.
 Article X.1: Scope
This section/Annex applies to measures affecting the supply of financial services
subject to any conditions, reservations and qualifications inscribed in its
Schedule of specific commitments.
For the purposes of subparagraph 3(b) of Article I-1 of the Agreement, “services
supplied in the exercise of governmental authority” means the following:
activities conducted by a central bank or monetary authority or by any other 
public entity in pursuit of monetary or exchange rate policies;
activities forming part of a statutory system of social security or public
retirement plans; and
other activities conducted by a public entity for the account or with the
guarantee or using the financial resources of the Party or its public entities.
For the purposes of subparagraph 3(b) of Article I-1 of the Agreement,
a Party
allows any of the activities referred to in subparagraphs (b) or (c) of paragraph 2 of 
this Article to be conducted by its financial service suppliers in competition with a
public entity or a financial service supplier, “services” shall include such activities.
Subparagraph 3(c) of Article I-1 of the Agreement shall not apply to services
covered by this Annex.
 Article X.2: Definitions
For purposes of this Annex/section:
 A financial service is any service of a financial nature offered by a financial
service supplier of a Party. Financial services include all insurance and insurance-related services and all banking and other financial services
(excluding insurance). Financial services include the following activities:
Insurance and insurance-related services
direct insurance (including co-insurance):
reinsurance and retrocession;
insurance intermediation, such as brokerage and agency;
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