Translation of "ftaa financial services negotiating group " (English → French) :

Financial Services Negotiating Group [ FTAA Financial Services Negotiating Group ]

Financial Services Consumer Group | FSCG [Abbr.]

Inter-Institutional Monitoring Group for financial services | IIMG [Abbr.]

Financial Services Policy Group | FSPG [Abbr.]

Negotiating Group on Financial Services

i. to urge the negotiating parties to establish regulatory disciplines in the area of financial services going beyond the WTO’s GATS Annex on Financial Services, which already covers all TiSA parties as WTO members, as well as deeper commitments going beyond the sui generis Understanding on Commitments in Financial Services, which is not mandatory for WTO members and therefore only covers a very limited set of TiSA parties; to aim at including in the chapter of TiSA on financial services ...[+++] a prudential carve-out building on the version agreed in the Canada-EU Trade Agreement which steps up the carve-out laid down in Article 2(a) of the GATS Annex on Financial Services, which preserves the sovereign right of parties to adopt measures for prudential reasons, to the extent that these measures do not aim at escaping other commitments, with a view to ensuring that governments retain the ability to take necessary actions to maintain the stability and integrity of the financial system; to take action in order for the key elements of the Understanding, such as the specific provisions on data transfer and non-discriminatory access to clearing systems, to be taken over in TiSA, while improving the drafting of the Understanding to bring it in line with the exact current policy lines of the EU in these areas;

a. to make financial services one of the EU’s priorities in the TiSA negotiations, as the EU’s own market for those services is already comparatively open; to achieve an agreement that contains ambitious yet balanced disciplines and provisions covering the provision of all types of financial services, in particular banking and insurance, across all modes of supply, paying particular attention to the new disciplines on new services; to achieve an agreement that brings val ...[+++]ue to European consumers in the form of upward convergence in financial regulation, a broader choice of financial services and enhanced consumer protection (understandable and correct information is fundamental for striking a better balance in the asymmetry of information) and that fosters long-term growth, in line with the Europe 2020 Strategy goals;

to combine market access negotiations on financial services with convergence in financial regulation at the highest level, in order to support the introduction and compatibility of necessary regulation in order to reinforce financial stability, to ensure adequate protection for consumers of financial goods and services and support ongoing cooperation efforts in other international forums, such as the Basel Committee on Banking Supervision and the Financial Stability Board; to ensure that these cooperation efforts do not limit the EU and member states regulatory and supervisory sovereignty, inclu ...[+++]ding their ability to ban certain financial products and activities;

(x) to combine market access negotiations on financial services with convergence in financial regulation at the highest level, in order to support the introduction and compatibility of necessary regulation in order to reinforce financial stability, to ensure adequate protection for consumers of financial goods and services and support ongoing cooperation efforts in other international forums, such as the Basel Committee on Banking Supervision and the Financial Stability Board; to ensure that these cooperation efforts do not limit the EU and member states regulatory and supervisory sovereignty, i ...[+++]ncluding their ability to ban certain financial products and activities;