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Two Model Schedule of Wto Commitments for Investment Banking, Trading, and Asset Management: Explanatory Memorandum

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Chapter Summary

Securities companies face two types of trade barriers created by government regulation. The first consists of barriers that on their face restrict the ability of foreign securities companies to enter a market, such as quotas on number of licenses granted, caps on foreign ownership of domestic companies and discriminatory restrictions on the type of securities that foreign companies may trade or underwrite. The second type includes barriers that do not on their face restrict the ability of foreign securities companies to enter a market, but nonetheless impede the delivery of service by those companies. The Model Schedule addresses both types of barriers. The adoption of the Model Schedule by Members would serve two main objectives. First, it would bind the most favorable current market access conditions. Second, the Model Schedule would reduce existing trade barriers. The Model Schedule includes commitments in several securities-related subsectors, including trading, asset management, and underwriting.

Keywords: asset management; foreign securities companies; investment banking; market access; Model Schedule; trade barriers; trading; underwrite; World Trade Organization (WTO)

10.1163/ej.9789004162440.1-1024.144
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