Details Leak On How Secret Global Treaty Will Force Countries To Further Deregulate Financial Sector

Techdirt published an article on how Wikileaks has leaked a draft copy of the new Trade In Services Agreement (TISA). The draft seems like a wet dream for investment bankers and spies, and a disaster for just about everyone else.

A sample of provisions from this leaked text show that governments signing on to TISA will: be expected to lock in and extend their current levels of financial deregulation and liberalisation; lose the right to require data to be held onshore; face pressure to authorise potentially toxic insurance products; and risk a legal challenge if they adopt measures to prevent or respond to another crisis.

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The crucial provision is Art X.4, which would apply a standstill to a country’s existing financial measures that are inconsistent with the rules. That means governments must bind their existing levels of liberalization for foreign direct investment on financial services, cross-border provision of financial services and transfers of personnel. The current rules will be the most restrictive of financial services that a government would be allowed to use. They would be encouraged to bind in new liberalization beyond their status quo.

 

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