Report for the NAFTA Commission Meeting
The Financial Services Committee (FSC) was established pursuant to Article 1412 of the NAFTA. Its key function is to oversee the implementation of the Chapter on Financial Services. The overall perception is that the implementation of Chapter 14 has functioned well. There have not been any disputes to date.
In terms of work accomplished, the Committee has provided a useful forum to discuss Chapter 14 implementation-related issues and regulatory and legislative developments in each Party's financial sector.
With respect to the ongoing work, the FSC members have agreed to finalise the panel roster on financial services.
Finally, the Committee has adopted a future Work Plan, pursuant to the decision taken by the NAFTA Commission during its June 1995 meeting in Toronto. Specifically, the three countries agreed to: 1) develop a process for keeping Annex VII Schedules up to date; 2) review the issue of limited scope securities firms as stipulated in Mexico's schedule; and 3) review the status of the Interstate Banking and Branching Efficiency Act in the U.S. in the context of Article 1403.