Secretive TiSA documents leaked: Big impact on financial services
June 20, 2014: A highly secretive negotiating text for the Trade in Services Agreement (TiSA) has been leaked, exposing details about the financial services agenda of the negotiations.
According an article published in the Sydney Morning Herald titled 'Secret trade negotiations: is this the end of the big four?', the leaks show that the trade negotiations are "aimed at bringing about radical deregulation of Australia's banking and finance sector".
The article quotes AFTINET's Convener, Dr Patricia Ranald, who says that the US wants to ''tie the hands'' of governments.
''Amendments from the US are seeking to end publicly provided services like public pension funds, which are referred to as 'monopolies' and to limit public regulation of all financial services,'' she said.
''They want to freeze financial regulation at existing levels, which would mean that governments could not respond to new developments like another global financial crisis.''
The draft TiSA text also includes US and European Union proposals for each party to the agreement to allow financial service providers of other parties the right to establish or expand within its territory ''including through the acquisition of existing enterprises''.