Trade: WTO negotiations on financial services to be approved by EU Council

United Kingdom

The Commission has proposed a Council Decision concerning the conclusion on behalf of the EC of the results of the World Trade Organisation negotiations on financial services. The Decision approves the Fifth Protocol to the General Agreement on Trade in Services concerning financial services (S/L/45) in so far as it falls within the competence of the European Community. The Fifth Protocol contains a Schedule of Specific Commitments and a List of Exemptions covering insurance (including compulsory air insurance, the supply of insurance broker services, insurance for transport of goods, the supply of direct insurance); banking (including the provision of investment services, issues of securities, sterling issues, management of unit trusts and investment companies); direct non-life insurance and other financial services.