Study Of Cross-border Financial Information Services And Market Access, Legal Issues

A dramatic integration of world financial markets has taken place in recent years, as financial institutions carry out an increasing number of international transactions. To promote the financial cross-border transferring developing, efficient and creditable international financial information services is necessarily required.Considering the condition, China consents the foreign financial information service providers can access its market in its specific commitments. However, Chinese financial information service industry is established lately and lack of local mutual service provider. Large numbers of sophisticated foreign financial information providers accessing Chinese market without control would spoil Chinese financial industry.Therefore, China government constituted the "Measures for the Administration of Release of News and Information in China by Foreign News Agencies "(hereinafter regard as "2006 Measures") to establish a system to regulate the qualification and action of the foreign financial information service providers in 2006. However,2006 Measures was sued by three WTO members (the United States, European Union, Canada) to DSB. They argued: the Administration set a trade barrier for financial information service. China violated its commitments in the field of financial service.In the article, the author will analyze this case from three aspects:Conception Analyzing, Treaty Interpretation and Case Studies. The author will discuss whether Chinese government could use the general exception and / or the famous prudential carve-out to exempt from its obligation to comply with the commitment of market access.Expected the preamble and the conclusion, the article is divided into four chapters as followed:The first chapter mainly recommends the conception of cross-border financial information services industry. Trough the introduction of the present global condition of the financial information service industry, the author explains that opening the financial information service market is a double-edged sword to China. The second chapter coordinates and makes a conclusion of regulations of the financial information services in GATS.The author deeply analyzes the Panel's and the Appeal Body's statement on general exception which was presented in "The United States Gambling Case", Discuss what factors are the general exception clause can be quoted needed. The third chapter sets forth the content of Chinese commitment in the field of financial information service. Through deeply analysis of the WTO case "Dispute between the United States, European Union, Canada and China Regarding Measures Affecting Foreign Suppliers of Financial Information Services" careful analysis, the author summarizes the legal issues in 2006 Measures. The forth chapter recommends some developed country's regulation on foreign financial information service providers, as well as makes some proposals on Chinese regulatory system on cross-border financial information services.