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PART Ⅰ BACKGROUND3

1.Introduction3

1.1 Bilateral Relations of the North American States3

1.1.1 Mexican-United States Relations4

1.1.2 Canadian-Mexican Relations6

1.1.3 Canadian-United States Relations8

1.2 Multilateral Relations of the North American States： the GATT/WTO Relations10

1.2.1 Overview of GATT/WTO History10

1.2.1.1 The GATT 194710

1.2.1.2 Expansion of the GATT System11

1.2.1.3 The World Trade Organization12

1.2.2 United States Participation in GATT/WTO12

1.2.3 Canada’s Participation in GATT13

1.2.4 Mexico’s Participation in GATT14

1.3 Beginnings of the North American Free Trade Agreement15

1.3.1 Early Proposals for a Free Trade Area of North America15

1.3.1.1 From the Nineteenth Century to the Second World War15

1.3.1.2 The End of the Second World War to 199017

1.3.2 Mexican Initiative for a US-Mexico Free Trade Agreement22

1.3.3 Canada’s Entry Into the Negotiations23

1.4 Forces Encouraging the Formation of NAFTA28

1.4.1 Political Interest in Mexico’s Economic Reform28

1.4.2 Reaction to Faltering Multilateral Trade Negotiations30

1.4.3 Individual Leaders’ Personal Motivations32

1.5 Domestic Criticism of the NAFTA33

1.5.1 Labor Groups’ Opposition33

1.5.2 Environmental Protection Groups’ Opposition34

1.5.3 Human Rights Groups’ Opposition36

1.5.4 Sovereignty Concerns and Cultural Opposition37

1.5.5 Economic Opposition39

1.5.6 Subnational Government Opposition40

1.6 Aims of NAFTA41

1.6.1 NAFTA Aims Compared With Those of the WTO and the European Union41

1.6.1.1 NAFTA Compared With the GATT/ WTO System42

1.6.2 NAFTA Compared With the European Union42

1.6.3 NAFTA and the Regulation of International Trade in Financial Services47

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 Services49

1.6.3.3 NAFTA’s Aims and Trade in Financial Services51

1.7 Actual Results of NAFTA After Five Years52

2.Banking Systems of the NAFTA Parties55

2.1 United States’ Banking System Pre-NAFTA55

2.1.1 Supervisory Structure57

2.1.1.1 Federal Reserve System57

2.1.1.2 Federal Deposit Insurance Corporation57

2.1.2 National Banks58

2.1.2.1 Controlling Legislation58

2.1.2.1.1 The Constitution of the United States58

2.1.2.1.2 United States Code Title 1261

2.1.2.2 Powers of National Banks： the Separation of Commercial Banking and Securities Activities65

2.1.2.2.1 Glass-Steagall Act65

2.1.2.2.2 Bank Holding Companies： a Way Round the Glass-Steagall Act67

2.1.2.2.3 Developments in the separation of financial service activities68

2.1.3 State Banks69

2.1.3.1 Introduction69

2.1.3.2 Controlling Legislation70

2.1.3.2.1 Federal pre-emption70

2.1.3.2.2 Concurrent State regulation70

2.1.4 Federal Regulation of Foreign Banks71

2.1.4.1 Entry of Banks72

2.1.4.1.1 Required standards for approval72

2.1.4.1.2 Engaged in the business of banking72

2.1.4.1.3 Home country control73

2.1.4.1.4 Discretionary standards74

2.1.4.2 Foreign Bank Operations75

2.1.4.3 Foreign Bank Branching Within the United States78

2.2 Canadian Banking System79

2.2.1 Brief History of Canadian Banking79

2.2.2 Controlling Legislation81

2.2.2.1 Constitution81

2.2.2.2 The Bank Act82

2.2.2.2.1 Main provisions of the most recent Bank Acts82

2.2.2.2.2 Licensing procedures85

2.2.2.2.3 Type of license88

2.2.2.2.4 Establishment of a branch88

2.2.2.2.5 Powers of a bank89

2.2.2.3 Canadian Deposit Insurance Corporation92

2.2.3 Specific Provisions for Foreign Banks92

2.2.3.1 Foreign Banking Under CUFTA93

2.2.3.1.1 Restrictions of market access94

2.2.3.1.2 Other barriers95

2.2.3.2 Post-1997 Reforms and Remaining Barriers95

2.3 Mexico’s Banking System97

2.3.1 History97

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

2.3.1.2 Nationalization of Banks100

2.3.1.3 Reprivatization101

2.3.2 Mexico’s Banks in the Early 1990s101

2.3.2.1 Banking Market Structure101

2.3.2.2 Reasons Behind the Underdevelopment of Mexican Banking102

2.3.2.2.1 Macroeconomic factors102

2.3.2.2.2 High concentration of banking assets103

2.3.2.3 Strengths of the Mexican Banking System104

2.3.3 Controlling Legislation104

2.3.4 Constitution105

2.3.5 Ley de Instituciones de Credito105

2.3.5.1 Establishment of Mexican Banks106

2.3.5.2 Branching107

2.3.6 Ownership of Banks107

2.3.6.1 Development Banks107

2.3.6.2 Commercial Banks107

2.3.7 Scope of Permissible Activities108

2.3.7.1 Development Banks108

2.3.7.2 Commercial Banks108

2.3.8 Specific Provisions for Foreign Banks110

2.3.8.1 Foreign Bank Subsidiaries110

2.3.8.2 Foreign Ownership of Mexican Banks111

2.3.8.3 Remaining Restrictions111

PART Ⅱ CHAPTER FOURTEEN AND THE NAFTA PARTIES115

3.NAFTA Financial Service Provisions115

3.1 Overview115

3.2 The Negotiating of Chapter Fourteen116

3.3 Legal Status of Chapter Fourteen Provisions120

3.3.1 International Legal Status of Chapter Fourteen120

3.3.2 Status of Chapter Fourteen Within the Parties’ National Courts121

3.3.2.1 Canada and the United States： No Direct Effect122

3.3.2.2 Mexico： Direct Effect124

3.3.2.3 For All Parties， Investor-State Disputes Allow for Limited Direct Effect126

3.4 Interpretation of the NAFTA Chapter Fourteen Provisions126

3.4.1 Stare Decisis？129

3.4.2 Interpretation of a Trade in Financial Services Agreement131

3.5 Institutional Structure of the NAFTA Financial Services Provisions132

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 Measures134

3.6.2 ‘By a Party’135

3.6.2.1 National Governments135

3.6.2.2 Subnational Units135

3.6.2.3 Self-Regulatory Organizations137

3.6.3 ‘Relating To’139

3.6.3.1 Panel Interpretations of ‘Relating To’ and ‘Affecting’ as Found in the WTO Agreements140

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 Agreement141

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 Corporations145

3.6.5 ‘Financial Institutions of Another Party’145

3.6.5.1 Branch145

3.6.5.2 Territory of a Party145

3.6.5.3 Persons of Another Party146

3.6.5.3.1 Natural person146

3.6.5.3.2 Juridical person146

3.6.5.3.3 Dual test146

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 Trade150

3.6.7.2 Financial Service151

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 Activities154

3.7.2.1 Effects of Article 1403156

3.7.3 Exceptions to Establishment Obligations156

3.7.3.1 Canada’s Exceptions to Establishment156

3.7.3.1.1 Federal restrictions on establishment156

3.7.3.1.2 Provincial reservations157

3.7.3.2 Mexico’s Exceptions to Establishment157

3.7.3.3 United States’ Exceptions to Establishment159

3.7.3.3.1 Federal restrictions on establishment159

3.7.3.3.2 State reservations160

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 Services162

3.8.2.1 Doing Business and Soliciting162

3.8.2.2 ‘Subject to Paragraph 1’163

3.9 National Treatment （Article 1405）163

3.9.1 Scope165

3.9.1.1 Obligation of Subnational Units166

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 Obligation172

3.9.4.1 Canadian Exceptions172

3.9.4.1.1 Federal restrictions on national treatment172

3.9.4.1.2 Provincial reservations172

3.9.4.2 Mexican Exceptions173

3.9.4.2.1 Section A of Annex Ⅶ173

3.9.4.2.2 Section B of Annex Ⅶ174

3.9.4.3 United States’ Exceptions176

3.9.4.3.1 Federal restrictions on national treatment176

3.9.4.3.2 Section A of Annex Ⅶ176

3.9.4.3.3 State reservations178

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

3.10.1 Basic Rule： Unconditional MFN179

3.10.1.1 ‘Treatment No Less Favorable’180

3.10.1.2 Unconditional Extension of Benefits180

3.10.2 Recognition of Prudential Measures： Conditional MFN181

3.10.2.1 Limits on Conditionality182

3.10.2.2 Interpretation of Recognition Provisions183

3.10.3 Exceptions to MFN184

3.10.3.1 Canadian Exceptions184

3.10.3.1.1 Federal restrictions on most- favored-nation treatment184

3.10.3.1.2 Provincial reservations185

3.10.3.2 Mexican Exceptions185

3.10.3.3 United States’ Exceptions185

3.10.3.3.1 Federal restrictions on most- favored-nation treatment185

3.10.3.3.2 State reservations185

3.11 New Services and Data Processing （Article 1407）186

3.11.1 Article 1407 as a Loophole in Chapter Fourteen’s NTO187

3.11.2 New Services188

3.11.2.1 Scope188

3.11.2.1.1 To whom/to what188

3.11.2.1.2 Object of protection： new financial services189

3.11.2.2 Basic Rule： National Treatment for New Financial Services191

3.11.2.2.1 ‘In like circumstances’191

3.11.2.3 Obligatory Legal Form and Authorization for New Financial Services192

3.11.3 Data Processing193

3.11.3.1 Scope of Application193

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

3.11.3.2.1 Data processing194

3.11.3.2.2 ‘Required’194

3.11.3.2.3 ‘Ordinary course of business’195

3.11.3.2.4 Hard case197

3.11.4 Annex Ⅶ Reservations198

3.11.4.1 Canadian Reservations198

3.11.4.2 Mexican Reservations198

3.11.4.3 United States’ Reservations198

3.12 Management and Directors （NAFTA Article 1408）198

3.12.1 Senior Management and Essential Personnel199

3.12.2 Board of Directors199

3.12.3 Annex Ⅶ Reservations200

3.12.3.1 Canadian Reservations200

3.12.3.2 Mexican Reservations200

3.12.3.3 United States’ Reservations200

3.12.3.3.1 Federal restrictions on management and directors’ requirements201

3.12.3.3.2 States’ reservations201

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 Process205

3.13.4 Transparency in the Functioning of Chapter Fourteen205

3.13.5 Exceptions to the Transparency Obligations： Privacy Provisions206

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 Transfers209

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 purpose214

3.14.2.2.2 Non-discriminatory215

3.14.2.2.3 Due process215

3.14.2.3 What is Just Compensation？217

3.14.2.3.1 Compensation for legal expropriations217

3.14.2.3.2 Payments for illegal expropriations218

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 relations220

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 Procedure226

3.14.6.1.1 Request for arbitration and panel selection226

3.14.6.1.2 Arbitration process227

3.14.6.2 Tribunal Decisions228

3.14.6.2.1 Awards228

3.14.6.2.2 Enforcement of the decision228

3.14.6.2.3 Publication of arbitration awards229

3.15 Reservations to Chapter Fourteen Provisions229

3.15.1 Annex Ⅶ229

3.15.1.1 Section A230

3.15.1.2 Section B230

3.15.1.3 Section C230

3.16 General Exceptions to Chapter Fourteen （Article 1410）230

3.16.1 Basic Rule： Exception for Prudential Measures231

3.16.2 Specific Exceptions235

3.16.2.1 Chapter Fourteen Exceptions235

3.16.2.2 NAFTA-Wide Exceptions236

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 Settlement242

3.17.1 WTO Procedures242

3.17.2 NAFTA Dispute Settlement243

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 proceedings244

3.17.2.2.2 Formation of panel244

3.17.2.2.3 Initial report245

3.17.2.2.4 Publication of the report246

3.17.2.2.5 Implementation of the report246

3.17.2.2.6 Sanctions246

4.Effect of Chapter Fourteen on NAFTA Members249

4.1 Banks Going to Canada251

4.1.1 United States Banks in Canada251

4.1.2 Mexican Banks in Canada254

4.2 Banks Going to Mexico255

4.2.1 Canadian and US Banks’ Enjoyment of Liberalizations255

4.2.1.1 The Concerns About ‘Country Risk’257

4.3 Banks Going to the United States258

4.4 The Effects of Chapter Fourteen on Party Banks260

PART Ⅲ CHAPTER FOURTEEN AND NON-PARTIES— EFFECTS ON THE INTERNATIONAL TRADE SYSTEM267

5.Effect of Chapter Fourteen on Third Country Banks267

5.1 Introduction267

5.2 Analytical Framework275

5.3 Determining a Bank’s ‘Nationality’： the NAFTA Rules276

5.3.1 Financial Institutions276

5.3.2 ‘Located In’277

5.3.2.1 Physical Presence277

5.3.2.2 Regulatory Existence278

5.3.2.3 Commercial Existence/ Activity Level278

5.3.2.4 Special Cases for ‘Located In’ Analyses280

5.3.2.4.1 Automated Teller Machines （ATMs）280

5.3.2.4.2 Internet banks282

5.3.2.5 Proposed Test for ‘Located In’288

5.3.3 Control289

5.3.3.1 Controlling Entity： ‘Person of a Party’289

5.3.3.2 Level of Control290

5.3.3.3 Types of Control291

5.3.3.3.1 Canadian control test291

5.3.3.3.2 Mexican control test291

5.3.3.3.3 United States’ control test292

5.3.4 Financial Service Provider293

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 Corporations295

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 Parties298

5.5.2 WTO Member Third Parties298

5.5.2.1 WTO System Limits on Regional Trade Agreements300

5.5.2.1.1 Customs unions and free trade zones： GATT Article ⅩⅩⅣ302

5.5.2.1.2 Economic integration areas for services： GATS Article Ⅴ308

5.5.2.1.3 Differences between GATT Article ⅩⅩⅣ and GATS Article Ⅴ308

5.5.2.1.4 WTO procedure for review of preferential agreements309

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

5.5.2.3 The Effect of a Determination of WTO-Legality311

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 Services315

6.1 Comparison of the Substantive Rules on Trade in Financial Services Under NAFTA and GATS315

6.1.1 The General Agreement on Trade in Services： Framework Agreement316

6.1.1.1 Structure of the Agreement317

6.1.1.1.1 GATS’ general obligations317

6.1.1.1.2 GATS’ specific commitments318

6.1.1.2 Progressive Liberalization of Trade in Services318

6.1.1.3 GATS’ Institutional Provisions318

6.1.1.4 Trade Elements of the GATS319

6.1.1.4.1 Object of GATS protection： services and service suppliers319

6.1.1.4.2 Idea of ‘like’-ness of services and service suppliers320

6.1.1.4.3 Idea of market access for services320

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 Services321

6.1.2 Note323

6.1.3 Coverage of the Treaties323

6.1.3.1 To Whom/To What the Treaties Apply323

6.1.3.2 To What Types of Actions the Treaties Apply325

6.1.3.3 Covered Activities： How the Approach to Liberalization of Trade in Financial Services Differs Between NAFTA and GATS327

6.1.3.3.1 NAFTA and GATS approaches to liberalization327

6.1.3.3.2 How the NAFTA and GATS approaches affect the provision of provision of non-financial services327

6.1.4 GATS Obligations of the NAFTA Parties328

6.1.4.1 Canada’s GATS Obligations330

6.1.4.1.1 MFN exemptions in banking services330

6.1.4.1.2 Specific commitments in banking services331

6.1.4.1.3 Presence of natural persons333

6.1.4.1.4 Limitations on national treatment333

6.1.4.2 Mexico’s GATS Obligations334

6.1.4.2.1 MFN exemptions in banking services335

6.1.4.2.2 Specific commitments in banking services335

6.1.4.3 United States’ GATS Obligations338

6.1.4.3.1 MFN exemptions in banking services339

6.1.4.3.2 Specific commitments in banking services340

6.2 Individual NAFTA Financial Services Provisions From the WTO Perspective342

6.2.1 Complete Incompatibility Between NAFTA and GATS： Where Non-NAFTA WTO Member Banks’ Rights Under WTO Law Are Clearly Violated343

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 Members344

6.2.2 Complete Compatibility Between NAFTA and GATS： Where NAFTA Does Not Affect the Legal Rights of Non-NAFTA Member Banks Under WTO Law346

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 Violated356

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 Banks365

PART Ⅳ THE EFFECTS OF NAFTA EXPANSION AND CONCLUDING REMARKS375

8.Possible Effects of a NAFTA Expansion on Banks375

8.1 The Growth of NAFTA376

8.1.1 Latin American Integration Efforts376

8.2 The Enterprise of the Americas Initiative378

8.2.1 The Miami Summit378

8.2.2 Trade Ministerials379

8.2.2.1 Denver Ministerial380

8.2.2.2 Cartegena Ministerial380

8.2.2.3 Belo Horizonte Ministerial380

8.2.2.4 San Jose Ministerial380

8.2.3 Second Summit of the Americas381

8.3 The FTAA and the Expansion of NAFTA381

8.3.1 Possible FTAA Structure385

8.4 The Effect of NAFTA Accessions387

8.4.1 Effect of NAFTA Expansion on Parties’ Banks387

8.5 Effects of NAFTA Expansion on Non-Party Banks388

8.6 Potential Effects of a Free Trade Area of the Americas389

9.Conclusion393

9.1 Summary of Results393

9.2 Reflection396

PART Ⅴ APPENDIX405

Appendix405

Chapter Fourteen Financial Services405

Selected Bibliography415

Index441