S/FIN/29  
 
28 November 2014  
(14-6989)  Page: 1/2  
   
 
  
ANNUAL REPORT OF THE COMMITTEE ON TRADE IN FINANCIAL SERVICES 
TO THE COUNCIL FOR TRAD E IN SERVICES (2014) 
 
Since its previous Annual Report to the Council for Trade in Services1, the Committee on 
Trade in Financial Services held five formal meetings, respectively on 28 October 2013, 
26 February 2014, 6 May 2014, 19 June 2014 and 18 September 2014.2   
 
1  ACCEPTANCE OF THE FIFT H 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 SE RVICES AND DEVELOPMENT 
2.1.  The Committee embarked on a discussion on "f inancial inclusion". In that context, Chinese 
Taipei made a presentation on the recent amen dments to the Regulations Governing Domestic 
Branches of Financial Institutions, which were specifically introduced to improve access to financial services in the domestic market; South Africa shared information on the Southern African 
Development Community (SADC) Integrated Region al Electronic Settlement System (SIRESS), 
which had recently come into operation; and China briefly described its policy on mobile banking. In order to continue the consideration of this issue, the Committee requested the Secretariat to prepare a Note on Financial Inclusion and the GATS. 
2.2.  At the meeting in September 2014, and foll owing a proposal by China, the Committee agreed 
to hold a seminar on mobile banking in November 2014.    
3  REGULATORY ISSUES IN FINANCIAL SERVICES 
3.1.  The Committee continued with its consideration of regulatory issues in financial services, on 
the basis of a Secretariat Note.
3 The section on financial services is to be found in paragraphs 185 
to 195 of the document.  
3.2.  In May 2014, the Committee heard presentati ons by representatives of the Basel Committee 
on Banking Supervision (BCBS), the Financial Stability Board (FSB), the International Association of Insurance Supervisors (IAIS), and the International Organizations of Securities Commissions (IOSCO), who had been invited to give an overview of the most recent international regulatory 
reforms and initiatives in the financial sector, and to discuss with Members the potential 
implications for trade in financial services. The presentations, as well as additional material sent by these organizations, had been circulated prior to this meeting as room documents.  
3.3.  In addition, the Committee addressed a communication by South Africa describing its 
regulatory framework for non-banking financial services.
4  
                                               
1 S/FIN/28, dated 29 October 2013. 
2 The reports of the formal  meetings are contained in documents S/FIN/M/78 to 82, and should be read 
in conjunction with this report. 
3 S/WPDR/W/48, dated 13 June 2012. 
4 JOB/SERV/179, dated 21 February 2014. S/FIN/29 
 
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  4  TECHNICAL ISSUES (CLASSIFICATION ISSUES) 
4.1.  The Committee discussed the issue of "new fina ncial services" on the basis of a note by the 
Secretariat.5 A summary of those discussions, where were held in informal mode, is contained in a 
note by the Chairperson.6 
 
__________  
 
                                               
5 JOB/SERV/187/Rev.1, dated 25 June 2014. 
6 JOB/SERV/188, dated 1 August 2014.