The Code of Liberalisation of Current Invisible

Transcript:The Code of Liberalisation of Current Invisible:
The Code of Liberalisation of Current Invisible Operations: Financial Services Etienne Lepers– Economist, OECD Outline The CLCIO and the General Agreement on Trade in Services (GATS) The CLCIO and cross-border trade in financial services Insurance and Pensions Insurance and Private Pensions Banking and Financial Services Country experiences on regulating and supervising bank branches Liberalisation list for CLCIO Business and Industry Foreign trade Transport Insurance and private pensions Banking and financial services Income from capital Travel and tourism Films Personal income and expenditure Public income and expenditure General (Professional Services, …) The CLCIO & the General Agreement on Trade in Services All OECD members are also members of the WTO GATS entered into force in 1995 Different but compatible obligations with GATS OECD Codes of Liberalisation: Invisible Operations & GATS OECD Codes of Liberalisation: Invisible Operations & GATS The CLCIO and cross-border trade in financial services - Insurance and Pensions Financial Services Insurance & pensions CLCIO liberalisation list Business and Industry Foreign trade Transport Insurance and private pensions Banking and financial services Income from capital Travel and tourism Films Personal income and expenditure Public income and expenditure L. General CLCM liberalisation list Item I/A Establishment (subsidiaries and branches) Portfolio restrictions on financial institutions Some specific provisions D. Insurance and private pensions Cross-border Branches D/1. Social security and social insurance. D/2. Insurance relating to goods in international trade. D/3. Life assurance. D/4. All other insurance. D/5. Reinsurance and retrocession. D/6. Conditions for establishment and operation of branches and agencies of foreign insurers. D/7. Entities providing other insurance services D/8. Private pensions D. Insurance and private pensions “Prudential considerations Members may take regulatory measures in the field of insurance and pensions, including the regulation of the promotion, in order to protect the interests of policyholders and beneficiaries, provided those measures do not discriminate against non-resident providers of such services.” D. Insurance and private pensions Liberalisation list D/1. Social security and social insurance. Transfers and payments only Services linked to public pension schemes but provided by the private sector are covered by: D/8 Private pensions Detailed provisions for items D2 to D8 D/2. Insurance relating to goods in international trade. Cross-border transfers and transactions For freight and for all means of transport (railway, road, ships, aircraft), also satellites. D/3. Life assurance. Cross-border transfers and transactions Includes pension products offered by insurance companies. Tax treatment of premiums paid. D. Insurance and private pensions D/4 Other