International Trade in Financial Services:The NAFTA ProvisionsPDF电子书下载

PART Ⅰ BACKGROUND 3

1.Introduction 3

1.1 Bilateral Relations of the North American States 3

1.1.1 Mexican-United States Relations 4

1.1.2 Canadian-Mexican Relations 6

1.1.3 Canadian-United States Relations 8

1.2 Multilateral Relations of the North American States： the GATT/WTO Relations 10

1.2.1 Overview of GATT/WTO History 10

1.2.1.1 The GATT 1947 10

1.2.1.2 Expansion of the GATT System 11

1.2.1.3 The World Trade Organization 12

1.2.2 United States Participation in GATT/WTO 12

1.2.3 Canada’s Participation in GATT 13

1.2.4 Mexico’s Participation in GATT 14

1.3 Beginnings of the North American Free Trade Agreement 15

1.3.1 Early Proposals for a Free Trade Area of North America 15

1.3.1.1 From the Nineteenth Century to the Second World War 15

1.3.1.2 The End of the Second World War to 1990 17

1.3.2 Mexican Initiative for a US-Mexico Free Trade Agreement 22

1.3.3 Canada’s Entry Into the Negotiations 23

1.4 Forces Encouraging the Formation of NAFTA 28

1.4.1 Political Interest in Mexico’s Economic Reform 28

1.4.2 Reaction to Faltering Multilateral Trade Negotiations 30

1.4.3 Individual Leaders’ Personal Motivations 32

1.5 Domestic Criticism of the NAFTA 33

1.5.1 Labor Groups’ Opposition 33

1.5.2 Environmental Protection Groups’ Opposition 34

1.5.3 Human Rights Groups’ Opposition 36

1.5.4 Sovereignty Concerns and Cultural Opposition 37

1.5.5 Economic Opposition 39

1.5.6 Subnational Government Opposition 40

1.6 Aims of NAFTA 41

1.6.1 NAFTA Aims Compared With Those of the WTO and the European Union 41

1.6.1.1 NAFTA Compared With the GATT/ WTO System 42

1.6.2 NAFTA Compared With the European Union 42

1.6.3 NAFTA and the Regulation of International Trade in Financial Services 47

1.6.3.1 Historical Development of the Concept of ’Trade in Services’ 47

1.6.3.2 Movement Toward International Regulation of Trade in Services 49

1.6.3.3 NAFTA’s Aims and Trade in Financial Services 51

1.7 Actual Results of NAFTA After Five Years 52

2.Banking Systems of the NAFTA Parties 55

2.1 United States’ Banking System Pre-NAFTA 55

2.1.1 Supervisory Structure 57

2.1.1.1 Federal Reserve System 57

2.1.1.2 Federal Deposit Insurance Corporation 57

2.1.2 National Banks 58

2.1.2.1 Controlling Legislation 58

2.1.2.1.1 The Constitution of the United States 58

2.1.2.1.2 United States Code Title 12 61

2.1.2.2 Powers of National Banks： the Separation of Commercial Banking and Securities Activities 65

2.1.2.2.1 Glass-Steagall Act 65

2.1.2.2.2 Bank Holding Companies： a Way Round the Glass-Steagall Act 67

2.1.2.2.3 Developments in the separation of financial service activities 68

2.1.3 State Banks 69

2.1.3.1 Introduction 69

2.1.3.2 Controlling Legislation 70

2.1.3.2.1 Federal pre-emption 70

2.1.3.2.2 Concurrent State regulation 70

2.1.4 Federal Regulation of Foreign Banks 71

2.1.4.1 Entry of Banks 72

2.1.4.1.1 Required standards for approval 72

2.1.4.1.2 Engaged in the business of banking 72

2.1.4.1.3 Home country control 73

2.1.4.1.4 Discretionary standards 74

2.1.4.2 Foreign Bank Operations 75

2.1.4.3 Foreign Bank Branching Within the United States 78

2.2 Canadian Banking System 79

2.2.1 Brief History of Canadian Banking 79

2.2.2 Controlling Legislation 81

2.2.2.1 Constitution 81

2.2.2.2 The Bank Act 82

2.2.2.2.1 Main provisions of the most recent Bank Acts 82

2.2.2.2.2 Licensing procedures 85

2.2.2.2.3 Type of license 88

2.2.2.2.4 Establishment of a branch 88

2.2.2.2.5 Powers of a bank 89

2.2.2.3 Canadian Deposit Insurance Corporation 92

2.2.3 Specific Provisions for Foreign Banks 92

2.2.3.1 Foreign Banking Under CUFTA 93

2.2.3.1.1 Restrictions of market access 94

2.2.3.1.2 Other barriers 95

2.2.3.2 Post-1997 Reforms and Remaining Barriers 95

2.3 Mexico’s Banking System 97

2.3.1 History 97

2.3.1.1 First Stages of Banking Law Reform （1976-82） 98

2.3.1.2 Nationalization of Banks 100

2.3.1.3 Reprivatization 101

2.3.2 Mexico’s Banks in the Early 1990s 101

2.3.2.1 Banking Market Structure 101

2.3.2.2 Reasons Behind the Underdevelopment of Mexican Banking 102

2.3.2.2.1 Macroeconomic factors 102

2.3.2.2.2 High concentration of banking assets 103

2.3.2.3 Strengths of the Mexican Banking System 104

2.3.3 Controlling Legislation 104

2.3.4 Constitution 105

2.3.5 Ley de Instituciones de Credito 105

2.3.5.1 Establishment of Mexican Banks 106

2.3.5.2 Branching 107

2.3.6 Ownership of Banks 107

2.3.6.1 Development Banks 107

2.3.6.2 Commercial Banks 107

2.3.7 Scope of Permissible Activities 108

2.3.7.1 Development Banks 108

2.3.7.2 Commercial Banks 108

2.3.8 Specific Provisions for Foreign Banks 110

2.3.8.1 Foreign Bank Subsidiaries 110

2.3.8.2 Foreign Ownership of Mexican Banks 111

2.3.8.3 Remaining Restrictions 111

PART Ⅱ CHAPTER FOURTEEN AND THE NAFTA PARTIES 115

3.NAFTA Financial Service Provisions 115

3.1 Overview 115

3.2 The Negotiating of Chapter Fourteen 116

3.3 Legal Status of Chapter Fourteen Provisions 120

3.3.1 International Legal Status of Chapter Fourteen 120

3.3.2 Status of Chapter Fourteen Within the Parties’ National Courts 121

3.3.2.1 Canada and the United States： No Direct Effect 122

3.3.2.2 Mexico： Direct Effect 124

3.3.2.3 For All Parties， Investor-State Disputes Allow for Limited Direct Effect 126

3.4 Interpretation of the NAFTA Chapter Fourteen Provisions 126

3.4.1 Stare Decisis？ 129

3.4.2 Interpretation of a Trade in Financial Services Agreement 131

3.5 Institutional Structure of the NAFTA Financial Services Provisions 132

3.6 Scope of Application （Articles 1401 and 1402） 133

3.6.1 ‘Measures Adopted or Maintained’ 134

3.6.1.1 Wide Definition of ‘Measures’ 134

3.6.1.2 Rule for Existing Measures 134

3.6.2 ‘By a Party’ 135

3.6.2.1 National Governments 135

3.6.2.2 Subnational Units 135

3.6.2.3 Self-Regulatory Organizations 137

3.6.3 ‘Relating To’ 139

3.6.3.1 Panel Interpretations of ‘Relating To’ and ‘Affecting’ as Found in the WTO Agreements 140

3.6.3.1.1 Interpretation of GATT Article XX（g） 140

3.6.3.1.2 Interpretation of GATS Annex on financial services use of ‘affecting’ 141

3.6.3.2 Interpretation Based on Goals of Agreement 141

3.6.4 ‘Financial Institutions’ 142

3.6.4.1 ‘Financial Intermediary’ 144

3.6.4.2 ‘Financial Enterprise’ 144

3.6.4.3 Finance Corporations 145

3.6.5 ‘Financial Institutions of Another Party’ 145

3.6.5.1 Branch 145

3.6.5.2 Territory of a Party 145

3.6.5.3 Persons of Another Party 146

3.6.5.3.1 Natural person 146

3.6.5.3.2 Juridical person 146

3.6.5.3.3 Dual test 146

3.6.5.4 Treatment of Branches as ‘Financial Institutions’ and ’Financial Institutions of Another Party’ 147

3.6.6 ‘Investor of Another Party’ 148

3.6.7 ‘Cross-Border Trade in Financial Services’ 150

3.6.7.1 Cross-Border Trade 150

3.6.7.2 Financial Service 151

3.7 Establishment of Financial Institutions （Article 1403） 152

3.7.1 ‘Investors of Another Party’ 154

3.7.2 Parties’ Disagreement on the Extent of the Establishment Obligations： Direct Branching and Securities Activities 154

3.7.2.1 Effects of Article 1403 156

3.7.3 Exceptions to Establishment Obligations 156

3.7.3.1 Canada’s Exceptions to Establishment 156

3.7.3.1.1 Federal restrictions on establishment 156

3.7.3.1.2 Provincial reservations 157

3.7.3.2 Mexico’s Exceptions to Establishment 157

3.7.3.3 United States’ Exceptions to Establishment 159

3.7.3.3.1 Federal restrictions on establishment 159

3.7.3.3.2 State reservations 160

3.8 Cross-Border Trade （Article 1404） 160

3.8.1 Introduction to the Concept of ‘Cross-Border Trade’ 160

3.8.2 Limitations on the Provision of Cross-Border Services 162

3.8.2.1 Doing Business and Soliciting 162

3.8.2.2 ‘Subject to Paragraph 1’ 163

3.9 National Treatment （Article 1405） 163

3.9.1 Scope 165

3.9.1.1 Obligation of Subnational Units 166

3.9.2 ‘Treatment No Less Favorable’ 167

3.9.3 ‘In Like Circumstances’ 169

3.9.3.1 Proposed Test for ‘Like Circumstances’ 172

3.9.4 Annex Ⅶ Exceptions to National Treatment Obligation 172

3.9.4.1 Canadian Exceptions 172

3.9.4.1.1 Federal restrictions on national treatment 172

3.9.4.1.2 Provincial reservations 172

3.9.4.2 Mexican Exceptions 173

3.9.4.2.1 Section A of Annex Ⅶ 173

3.9.4.2.2 Section B of Annex Ⅶ 174

3.9.4.3 United States’ Exceptions 176

3.9.4.3.1 Federal restrictions on national treatment 176

3.9.4.3.2 Section A of Annex Ⅶ 176

3.9.4.3.3 State reservations 178

3.10 Most-Favored-Nation Treatment （Article 1406） 179

3.10.1 Basic Rule： Unconditional MFN 179

3.10.1.1 ‘Treatment No Less Favorable’ 180

3.10.1.2 Unconditional Extension of Benefits 180

3.10.2 Recognition of Prudential Measures： Conditional MFN 181

3.10.2.1 Limits on Conditionality 182

3.10.2.2 Interpretation of Recognition Provisions 183

3.10.3 Exceptions to MFN 184

3.10.3.1 Canadian Exceptions 184

3.10.3.1.1 Federal restrictions on most- favored-nation treatment 184

3.10.3.1.2 Provincial reservations 185

3.10.3.2 Mexican Exceptions 185

3.10.3.3 United States’ Exceptions 185

3.10.3.3.1 Federal restrictions on most- favored-nation treatment 185

3.10.3.3.2 State reservations 185

3.11 New Services and Data Processing （Article 1407） 186

3.11.1 Article 1407 as a Loophole in Chapter Fourteen’s NTO 187

3.11.2 New Services 188

3.11.2.1 Scope 188

3.11.2.1.1 To whom/to what 188

3.11.2.1.2 Object of protection： new financial services 189

3.11.2.2 Basic Rule： National Treatment for New Financial Services 191

3.11.2.2.1 ‘In like circumstances’ 191

3.11.2.3 Obligatory Legal Form and Authorization for New Financial Services 192

3.11.3 Data Processing 193

3.11.3.1 Scope of Application 193

3.11.3.2 Data Processing Allowed If ‘In Ordinary Course of Business of Such Institution’ 194

3.11.3.2.1 Data processing 194

3.11.3.2.2 ‘Required’ 194

3.11.3.2.3 ‘Ordinary course of business’ 195

3.11.3.2.4 Hard case 197

3.11.4 Annex Ⅶ Reservations 198

3.11.4.1 Canadian Reservations 198

3.11.4.2 Mexican Reservations 198

3.11.4.3 United States’ Reservations 198

3.12 Management and Directors （NAFTA Article 1408） 198

3.12.1 Senior Management and Essential Personnel 199

3.12.2 Board of Directors 199

3.12.3 Annex Ⅶ Reservations 200

3.12.3.1 Canadian Reservations 200

3.12.3.2 Mexican Reservations 200

3.12.3.3 United States’ Reservations 200

3.12.3.3.1 Federal restrictions on management and directors’ requirements 201

3.12.3.3.2 States’ reservations 201

3.13 Transparency （Article 1411） 202

3.13.1 Scope： ‘Interested Persons’ 202

3.13.2 Transparency in Rules （Widely Defined） 204

3.13.3 Transparency in the Application Process 205

3.13.4 Transparency in the Functioning of Chapter Fourteen 205

3.13.5 Exceptions to the Transparency Obligations： Privacy Provisions 206

3.14 Incorporation of Chapter Eleven Investment and Chapter Twelve Service Provisions （Article 1401：2） 208

3.14.1 Transfers （Article 1109） 209

3.14.1.1 Permissible Limits on Transfers 209

3.14.2 Expropriation and Compensation （Article 1110） 210

3.14.2.1 What is an Expropriation or a Nationalization？ 211

3.14.2.2 Under What Conditions Is the Taking of the Property Legal？ 213

3.14.2.2.1 Public purpose 214

3.14.2.2.2 Non-discriminatory 215

3.14.2.2.3 Due process 215

3.14.2.3 What is Just Compensation？ 217

3.14.2.3.1 Compensation for legal expropriations 217

3.14.2.3.2 Payments for illegal expropriations 218

3.14.3 Formalities and Information Requirements （Article 1111） 219

3.14.4 Denial of Benefits to Investors （Article 1113 and Article 1211） 220

3.14.4.1 Denial of Benefits in Chapter Eleven （Article 1113） 220

3.14.4.1.1 Diplomatic relations 220

3.14.4.1.2 ‘Measures that would be violated or circumvented’ 221

3.14.4.1.3 ‘Substantial business activities’ 222

3.14.4.2 Denial of Benefits Provision of Chapter Twelve （Article 1211） 223

3.14.5 Environmental Measures （Article 1114） 223

3.14.6 Settlement of Disputes Between a Party and an Investor of Another Party （Articles 1115-1138） 224

3.14.6.1 Arbitration Procedure 226

3.14.6.1.1 Request for arbitration and panel selection 226

3.14.6.1.2 Arbitration process 227

3.14.6.2 Tribunal Decisions 228

3.14.6.2.1 Awards 228

3.14.6.2.2 Enforcement of the decision 228

3.14.6.2.3 Publication of arbitration awards 229

3.15 Reservations to Chapter Fourteen Provisions 229

3.15.1 Annex Ⅶ 229

3.15.1.1 Section A 230

3.15.1.2 Section B 230

3.15.1.3 Section C 230

3.16 General Exceptions to Chapter Fourteen （Article 1410） 230

3.16.1 Basic Rule： Exception for Prudential Measures 231

3.16.2 Specific Exceptions 235

3.16.2.1 Chapter Fourteen Exceptions 235

3.16.2.2 NAFTA-Wide Exceptions 236

3.16.2.2.1 National security （Article 2102） 236

3.16.2.2.2 Taxation （Article 2103） 238

3.16.2.2.3 Balance of payments （Article 2104） 239

3.16.2.2.4 Privacy of persons and law enforcement needs （Article 2105） 240

3.16.2.2.5 Environmental measures （Article 1114） 241

3.16.2.2.6 Labor standards？ 241

3.17 Dispute Settlement 242

3.17.1 WTO Procedures 242

3.17.2 NAFTA Dispute Settlement 243

3.17.2.1 Consultation （Article 1413） 244

3.17.2.2 Dispute Settlement by Panel （Article 1414） 244

3.17.2.2.1 Initiation of panel proceedings 244

3.17.2.2.2 Formation of panel 244

3.17.2.2.3 Initial report 245

3.17.2.2.4 Publication of the report 246

3.17.2.2.5 Implementation of the report 246

3.17.2.2.6 Sanctions 246

4.Effect of Chapter Fourteen on NAFTA Members 249

4.1 Banks Going to Canada 251

4.1.1 United States Banks in Canada 251

4.1.2 Mexican Banks in Canada 254

4.2 Banks Going to Mexico 255

4.2.1 Canadian and US Banks’ Enjoyment of Liberalizations 255

4.2.1.1 The Concerns About ‘Country Risk’ 257

4.3 Banks Going to the United States 258

4.4 The Effects of Chapter Fourteen on Party Banks 260

PART Ⅲ CHAPTER FOURTEEN AND NON-PARTIES— EFFECTS ON THE INTERNATIONAL TRADE SYSTEM 267

5.Effect of Chapter Fourteen on Third Country Banks 267

5.1 Introduction 267

5.2 Analytical Framework 275

5.3 Determining a Bank’s ‘Nationality’： the NAFTA Rules 276

5.3.1 Financial Institutions 276

5.3.2 ‘Located In’ 277

5.3.2.1 Physical Presence 277

5.3.2.2 Regulatory Existence 278

5.3.2.3 Commercial Existence/ Activity Level 278

5.3.2.4 Special Cases for ‘Located In’ Analyses 280

5.3.2.4.1 Automated Teller Machines （ATMs） 280

5.3.2.4.2 Internet banks 282

5.3.2.5 Proposed Test for ‘Located In’ 288

5.3.3 Control 289

5.3.3.1 Controlling Entity： ‘Person of a Party’ 289

5.3.3.2 Level of Control 290

5.3.3.3 Types of Control 291

5.3.3.3.1 Canadian control test 291

5.3.3.3.2 Mexican control test 291

5.3.3.3.3 United States’ control test 292

5.3.4 Financial Service Provider 293

5.4 If a Third Party Bank is a ‘Financial Institution of Another Party’ or a ‘Financial Service Provider of a Party’ 294

5.4.1 The Usual Effects of Being a ‘NAFTA-Party Bank’ 294

5.4.2 Denial of Benefits on Diplomatic Grounds or for Shell Corporations 295

5.5 If a Third Party Bank is Not a ‘Financial Institution of Another Party’ or a ‘Financial Service Provider of a Party’ 297

5.5.1 Non-WTO Member Third Parties 298

5.5.2 WTO Member Third Parties 298

5.5.2.1 WTO System Limits on Regional Trade Agreements 300

5.5.2.1.1 Customs unions and free trade zones： GATT Article ⅩⅩⅣ 302

5.5.2.1.2 Economic integration areas for services： GATS Article Ⅴ 308

5.5.2.1.3 Differences between GATT Article ⅩⅩⅣ and GATS Article Ⅴ 308

5.5.2.1.4 WTO procedure for review of preferential agreements 309

5.5.2.2 The Effect of a Determination of ‘WTO-Illegality’ 310

5.5.2.3 The Effect of a Determination of WTO-Legality 311

5.5.2.4 Is NAFTA ‘Legal’ Under WTO Rules？ 312

6.Interaction of NAFTA Chapter Fourteen with the WTO Provisions on Trade in Financial Services 315

6.1 Comparison of the Substantive Rules on Trade in Financial Services Under NAFTA and GATS 315

6.1.1 The General Agreement on Trade in Services： Framework Agreement 316

6.1.1.1 Structure of the Agreement 317

6.1.1.1.1 GATS’ general obligations 317

6.1.1.1.2 GATS’ specific commitments 318

6.1.1.2 Progressive Liberalization of Trade in Services 318

6.1.1.3 GATS’ Institutional Provisions 318

6.1.1.4 Trade Elements of the GATS 319

6.1.1.4.1 Object of GATS protection： services and service suppliers 319

6.1.1.4.2 Idea of ‘like’-ness of services and service suppliers 320

6.1.1.4.3 Idea of market access for services 320

6.1.1.4.4 Requirement of ‘treatment no less favorable’ 320

6.1.1.5 Development of the GATS Regulation on Trade in Financial Services 321

6.1.2 Note 323

6.1.3 Coverage of the Treaties 323

6.1.3.1 To Whom/To What the Treaties Apply 323

6.1.3.2 To What Types of Actions the Treaties Apply 325

6.1.3.3 Covered Activities： How the Approach to Liberalization of Trade in Financial Services Differs Between NAFTA and GATS 327

6.1.3.3.1 NAFTA and GATS approaches to liberalization 327

6.1.3.3.2 How the NAFTA and GATS approaches affect the provision of provision of non-financial services 327

6.1.4 GATS Obligations of the NAFTA Parties 328

6.1.4.1 Canada’s GATS Obligations 330

6.1.4.1.1 MFN exemptions in banking services 330

6.1.4.1.2 Specific commitments in banking services 331

6.1.4.1.3 Presence of natural persons 333

6.1.4.1.4 Limitations on national treatment 333

6.1.4.2 Mexico’s GATS Obligations 334

6.1.4.2.1 MFN exemptions in banking services 335

6.1.4.2.2 Specific commitments in banking services 335

6.1.4.3 United States’ GATS Obligations 338

6.1.4.3.1 MFN exemptions in banking services 339

6.1.4.3.2 Specific commitments in banking services 340

6.2 Individual NAFTA Financial Services Provisions From the WTO Perspective 342

6.2.1 Complete Incompatibility Between NAFTA and GATS： Where Non-NAFTA WTO Member Banks’ Rights Under WTO Law Are Clearly Violated 343

6.2.1.1 Most-Favored-Nation Obligation and Economic Integration Areas （GATSArticles Ⅱ-Ⅲ） 343

6.2.1.2 Extent to Which GATS Article V Relieves the NAFTA Parties From Their Obligations Toward Non-Party WTO Members 344

6.2.2 Complete Compatibility Between NAFTA and GATS： Where NAFTA Does Not Affect the Legal Rights of Non-NAFTA Member Banks Under WTO Law 346

6.2.2.1 Cross-Border Trade （GATS Article I and NAFTA Article 1404） 346

6.2.2.2 Progressive Liberalization （GATS Articles ⅩⅨ-ⅩⅪ and NAFTA Annex 1404：4） 347

6.2.2.3 Transparency （GATS Article Ⅲ and NAFTA Article 1411） 348

6.2.2.4 Protection of Privacy （GATS Annex on Financial Services 2（b） and NAFTA Article 1411：5） 350

6.2.2.5 Competition Rules （GATS Articles Ⅷ and Ⅸ and NAFTA Chapter Fifteen） 351

6.2.2.6 Movement of Natural Persons （GATS Annex on Movement on Natural Persons and NAFTA Chapter Sixteen） 351

6.2.2.7 Movement of Capital （GATS Articles Ⅺ and Ⅻ and NAFTA Article 1109） 353

6.2.2.8 General Exceptions （GATS Articles ⅩⅣ and ⅩⅣVbis and NAFTA Chapter Twenty-One and Article 1114：2） 354

6.2.2.9 Prudential Exceptions （GATS Annex on Financial Services 2a and NAFTA Article 1410） 355

6.2.2.10 Expropriation Rules （No GATS Provisions， NAFTA Article 1110） 356

6.2.3 Potential Incompatibility of NAFTA and GATS： Where Non-NAFTA WTO Member Banks’ Rights Under WTO Law Might Be Violated 356

6.2.3.1 Grandfather Rights in Regional Integration Areas （GATS Article V：6） 357

6.2.3.2 Obligations on Domestic Regulations （GATS Article Ⅵ and NAFTA Chapter Eighteen and Article 1411） 358

6.2.3.3 Recognition （GATS Article Ⅷ and NAFTA Article 1406：2-3） 359

6.2.3.4 Dispute Settlement （WTO Understanding on the Settlement of Disputes and NAFTA Chapter Twenty） 360

7.Indirect Effects of Chapter Fourteen on Third Country Banks 365

PART Ⅳ THE EFFECTS OF NAFTA EXPANSION AND CONCLUDING REMARKS 375

8.Possible Effects of a NAFTA Expansion on Banks 375

8.1 The Growth of NAFTA 376

8.1.1 Latin American Integration Efforts 376

8.2 The Enterprise of the Americas Initiative 378

8.2.1 The Miami Summit 378

8.2.2 Trade Ministerials 379

8.2.2.1 Denver Ministerial 380

8.2.2.2 Cartegena Ministerial 380

8.2.2.3 Belo Horizonte Ministerial 380

8.2.2.4 San Jose Ministerial 380

8.2.3 Second Summit of the Americas 381

8.3 The FTAA and the Expansion of NAFTA 381

8.3.1 Possible FTAA Structure 385

8.4 The Effect of NAFTA Accessions 387

8.4.1 Effect of NAFTA Expansion on Parties’ Banks 387

8.5 Effects of NAFTA Expansion on Non-Party Banks 388

8.6 Potential Effects of a Free Trade Area of the Americas 389

9.Conclusion 393

9.1 Summary of Results 393

9.2 Reflection 396

PART Ⅴ APPENDIX 405

Appendix 405

Chapter Fourteen Financial Services 405

Selected Bibliography 415

Index 441