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34 Colum. J. Transnat'l L. 37 (1996)
Trade in Financial Services under GATS, NAFTA and the EC: A Regulatory Jurisdiction Analysis

handle is hein.journals/cjtl34 and id is 45 raw text is: Trade in Financial Services under GATS, NAFTA and the EC: A Regulatory Jurisdiction Analysis JOEL P. TRACHTMAN This article analyzes the trade regulation aspects of international trade in financial services as a conflict of laws or regulatoryjurisdiction problem. It categorizes and compares various methods of institutionalizing trade in financial services, using GATS, NAFTA and the EC as case studies. It examines how trade regulation in financial services might affect prudential and other traditional types of regulation offinancial services, without addressing the regulatory perspective per se. This article analyzes national treatment, market access, proportionality, harmonization and recognition as both trade terms and regulatory terms, and shows that each of these terms may be analyzed as either a current orfuture choice of regulatory jurisdiction. It shows that increased free trade in financial services depends on the reduction of regulatory barriers. It argues that some reduction in these barriers may be achieved without sacrificing regulatory goals, by virtue of harmoni- zation and recognition where appropriate regulatory standards are set. Some reduction of regulatory barriers may be achieved by appropriate rules of regulatory juris- diction. Further reduction of regulatory barriers may require the reduction of regulatory benefits to society, presumably in exchange for trade benefits. I. INTRODUCTION .............................. 40 H. INTRODUCTION TO TRADE IN SERVICES AND TO THE SPECIAL PROBLEMS OF TRADE IN FINANCIAL SERVICES.. 44 A. Trade in Services ........................ 44 * Associate Professor of International Law, The Fletcher School of Law and Diplomacy, Tufts University. I would like to thank Jeffery Atik, Michael Gruson, Carsten Kowalczyk, Sol Picciotto, Hal Scott, and participants at seminars at Brooklyn Law School, Florida State University Law School and at the European Law Research Center at Harvard Law School for their helpful comments, and Javier Diaz and Daniel Grunberg for their able research assistance. Special thanks to William Barreda of the Treasury and Richard Self of the United States Trade Representative for taking the time to explain their work to me. Errors are mine alone.

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