RESTRICTED  
  
WT/BFA/W/559  
 
7 June 2021  
(21-4691) Page: 1/2 
Committee on Budget, Finance and Administration    
 
REQUEST FOR THE ENDORSEMENT OF THE FINANCIAL REGULATIONS  
WHOSE REVISION WAS AGREED IN 2019  
1  BACKGROUND  
1.1.  Financial Regulation 4 stipulates that the Financial Regulations of the World Trade Organization 
shall be reviewed by the Committee on Budget, Finance and Administration (CBFA) at least every 
four years.  
1.2.  Financial Regulation 4 further states that the Gene ral Council has the exclusive authority to 
amend the Financial Regulations, on recommendation by the CBFA.  
1.3.  The Financial Regulations of the World Trade Organization that are currently in force are 
contained in document WT/L/156/Rev.3, dated 27 February 201 5. Therefore, a review is more than 
two years past due as the four years passed on 27 February 2019 . 
2  FINANCIAL REGULATION S PROPOSED FOR REVIEW  
2.1.  During its meetings on 30 April  2019, 17 June  2019, 24 September  2019, 21 October 2019 
and 12 November  the CBFA considered reformulated text for Financial Regulations 4, 17, 19, 23, 
26, 27, 28, 29, 37, 38 and 42, presented through documents WT/BFA/W/478 , WT/BFA/W/4 85, 
WT/BFA/W/4 94 and WT/BFA/W/500 .  
2.2.  By 17 June 2019, t he CBFA had endorsed the revised text for Financia l Regulations 4, 17, 19, 
26, 27, 37, 38 and 42.  
2.3.  On 24 September 2019, the CBFA held further discussions related to Financial Regulations 23, 
28 and 29 . As no agreement was reached, an informal session of the CBFA was held on 
3 October  2019 to further disc uss these three Financial Regulations.  
2.4.  Through consultations and discussions, a  determination was made that the version of 
Financial  Regulation 28 that is currently in force is preferable as some aspects of the changes 
proposed to it, in a bid to find consensus on the text, rendered the substance largely unchanged. 
Therefore, the Com mittee agreed to withdraw Financial Regulation 28 from the list of 
Financial  Regulations to be revised and submitted to the General Council.  
2.5.  The Committee agreed to accept the version of Financial Regulation 29 that was presented to 
it on 12 November  2019.  
2.6.  On 12 November 2019, a Member withdrew its support of Financial Regulation 19 and an 
impass e blocked the advancement of Financial Regulation 23 as well.  Therefore, these two financial 
regulations ought to remain unchanged at this stage and will be consid ered in a future version of 
revised financial  regulations.  
2.7.  The Secretariat further proposes that discussions of changes to Financial Regulations 19 and 
23 be continued without stymying the approval of the eight Financial Regulations that were longed 
approv ed in 2019 whilst ensuring that Financial Regulation 4 is complied with.   
 WT/BFA/W/559  
 
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  3  FINANCIAL REGULATIONS TO BE ENDORSED BY THE COMMITEE  
3.1.  The Secretariat proposes that the Committee endorses Financial Regulations that were long 
agreed in 2019 so that a complete set of the revised Financial Regulations can be submitted to the 
CBFA at its meeting of 12 July 2021. Subsequently to be tabled for approval by the General Council 
on 6 and 7  October  2021.   
3.2.  The recommendation to be presented for approval by the Ge neral Council reads as follows:  
3.3.  The Committee invites the General Council to approve the revised 
Financial  Regulations of the World Trade Organization, to be contained in document 
WT/L/156/Rev.4, with specific revisions to Financial Regulations 4, 17, 26, 27, 29, 37, 38 
and 42.  
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