9 Amendments of Matt CARTHY related to 2015/2233(INI)
Amendment 1 #
Draft opinion
Paragraph 1 – point a
Paragraph 1 – point a
(a) to makexclude financial services one of the EU’s priorities in the TiSA negotiations, as the EU’s own market for those services is already comparatively open; to ensure that, in the area of financial services, no new commitments will be taken on that would jeopardise EU financial regulation, and that EU regulators retain the ability to authorise or deny any new financial productfrom the TISA negotiations by adding them in the text proposed by INTA rapporteur Reding in Article 1 (b) i., as is stands the EU’s own market for those services is already comparatively open and regulation and supervision reforms, including of cross- border financial operators still have to be assessed for their effectiveness to avoid another crisis;
Amendment 13 #
Draft opinion
Paragraph 1 – point b
Paragraph 1 – point b
(b) to ensure that TiSA results in limiting market access reservations to duly justified exceptions and in a commitment by all parties to a standstill on nation, in the area of financial services, no new commitments will be taken on that would jeopardise any existing or future EU financial treatment, and thereby to defend the position that market openness will not prevent the introduction of new measures for prudential reasons or the modification of existing domestic disciplinesgulation, and that EU regulators retain the ability amongst others to authorise or deny any new financial product, to ban certain financial products, and to impose certain legal forms (e.g. restructuring requirements);
Amendment 16 #
Draft opinion
Paragraph 1 – point b
Paragraph 1 – point b
(b) to ensure that TiSA results in limitallowing market access reservations to dulyhat are justified exceptions and in a commitment by all parties to a standstill on national treatmentfor prudential, economic and sustainability reasons and that no commitment to a standstill or ratchet clauses on national treatment and market access is taken, and thereby to defend the position that market openness rules and commitments will not prevent the introduction of new measures for prudential reasons or the modification of existing domestic disciplines;
Amendment 29 #
Draft opinion
Paragraph 1 – point c
Paragraph 1 – point c
Amendment 37 #
Draft opinion
Paragraph 1 – point d
Paragraph 1 – point d
(d) to ensure that the TiSA in no way hinders the negotiating agenda of the WTO, but, rather, fosters a valuable discussion on establishing ‘gold standards’ for tackling trade obstacles and developing regulatory best practices for financial servicregulatory best practices for financial services which promote economic and sustainability objectives, and also prepares the ground for itstheir possible adoption at multilateral level;
Amendment 42 #
Draft opinion
Paragraph 1 – point e
Paragraph 1 – point e
(e) to urge the negotiating parties to establish a binding high-levelnsure that the framework for the domestic regulation of financial services is based on the needs to make financial sector resilient and serve the needs of the economy and the society, and not repeat the WTO’s GATS Annex on Financial Services, as well asnor make deeper commitments based on the sui generis Understanding on Commitments in Financial Services;, and at least not repeating phrases of the Understanding such as No Member shall take measures that prevent transfers of information or the processing of financial information, including transfers of data by electronic means (Understanding Art. 8) and ‘Art. 10. Each Member shall endeavour to remove or to limit any significant adverse effects on financial service suppliers of any other Member of: [...] (b.) non-discriminatory measures that limit the expansion of the activities of financial service suppliers into the entire territory of the Member;[...] (d) other measures that, although respecting the provisions of the Agreement, affect adversely the ability of financial service suppliers of any other Member to operate, compete or enter the Member’s market’.
Amendment 52 #
Draft opinion
Paragraph 1 – point f
Paragraph 1 – point f
(f) to lay down, in the regulatory chapter on financial services and inter alia, strong transversal rules on regulatory transparency that ensures access by all stakeholders and a balance between the interests of diverse stakeholders that is taken into account while protecting the public interest; and solutions for ensuring respect of national treatment for cross- border suppliers too.
Amendment 53 #
Draft opinion
Paragraph 1 – point f a (new)
Paragraph 1 – point f a (new)
(fa) Not to replicate the GATS prudential carve-out so as to allow parties to deviate from their trade commitments when this is necessary for prudential reasons; but to amend the GATS prudential carve-out as in CETA by including that the ‘safety, soundness, integrity or financial responsibility of a Financial Institution, cross-border financial service supplier or financial service supplier’ and the ‘registration of cross-border financial service suppliers of the other Party and of financial instruments’ are protected; furthermore include ‘consumer protection’ and ‘social and environmental goals’ as legitimate purposes; and delete the phrases ‘Notwithstanding any other provisions of the Agreement’ and ‘Where such measures do not conform with the provisions of the Agreement, they shall not be used as a means of avoiding the Member’s commitments or obligations under the Agreement.’
Amendment 66 #
Draft opinion
Paragraph 1 – point f c (new)
Paragraph 1 – point f c (new)
(fc) Not to strive to regulatory convergence nor to use regulatory convergence as a condition for more market access commitments.