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Great Britain
June 19, 2014 As the transparency group’s editor commemorated his two-year anniversary confined to the Ecuadorian Embassy in London, WikiLeaks released the secret draft text for the Trade in Services Agreement (TISA) Financial Services Annex, which covers fifty countries and 68.2% of world trade in services. The US and the European Union are the main proponents of the agreement, and the authors of most joint changes, which also covers cross-border data flow in a significant anti-transparency manoeuvre by the parties. Despite the failures in financial regulation evident during the 2007-2008 Global Financial Crisis and calls for improvement of relevant regulatory structures, proponents of TISA aim to further deregulate global financial services markets. The draft Financial Services Annex sets rules which would assist the expansion of financial multi-nationals – mainly headquartered in New York, London, Paris and Frankfurt – into other nations by preventing regulatory barriers. The leaked draft also shows that the US is particularly keen on boosting cross-border data flow, which would allow uninhibited exchange of personal and financial data. (Source: Wikileaks): http://tinyurl.com/o999yhd
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