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Old 06-19-2014, 10:56 AM
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Secret Trade in Services Agreement (TISA) - Financial Services Annex

Secret Trade in Services Agreement (TISA) - Financial Services Annex

TTIP, 'Tee-tip' Treaty on transatlantic investments and partnership, is a real horror treaty.
find it on YT, as I don't think there is a toic ab ttip here.
But this treaty is about services industries, and it is really shrouded in secrecy.
I searched to site of the EU, and found only 2 documents of 1 or 2 pages, only describing the vague outlines.

Now this Wiki leak is a real gem.



Today, WikiLeaks released the secret draft text for the Trade in Services Agreement (TISA) Financial Services Annex, which covers 50 countries and 68.2%1 of world trade in services. The US and the EU 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, the draft has been classified to keep it secret not just during the negotiations but for five years after the TISA enters into force.

Despite the failures in financial regulation evident during the 2007-2008 Global Financial Crisis and calls for improvement of relevant regulatory structures2, 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.

Read the full press release here.

http://wikileaks.org/tisa-financial/

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Old 06-20-2014, 03:44 AM
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Re: Secret Trade in Services Agreement (TISA) - Financial Services Annex

hmmm, interesting

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Old 06-21-2014, 01:44 PM
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Re: Secret Trade in Services Agreement (TISA) - Financial Services Annex

I wanted to add some info about TTIP from what I have on HD, but stumbled on this:

A Survey of the Size of the Financial Lobby at the EU level

like I said youtube is OK for obtaining general info ab TTIP.

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Old 06-21-2014, 04:47 PM
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Re: Secret Trade in Services Agreement (TISA) - Financial Services Annex

TTIP factsheet ISDS
https://dl.dropboxusercontent.com/u/...%20iceberg.pdf

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Old 07-02-2014, 08:35 AM
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Re: Secret Trade in Services Agreement (TISA) - Financial Services Annex

http://corporateeurope.org/financial...ial-regulation
================================================== ====
What the financial lobby wants from TTIP
Some examples from financial corporations' wish-list.

Restricting "prudential measures" to be taken

The European Banking Federation (EBF) wants governmental ability to take "prudential measures" unaffected by TTIP clauses to be severely restricted and only to apply when the measures are closely related to financial stability, investor and/or client protection, and when there are “unsurmountable differences” in EU and US provisions that “cannot be bridged in the foreseeable future”. Such a restricted interpretation of governmental ability to legislate under the so-called prudential carve-out would mean that the dominant way of regulating would be the EU and US creating common rules; the two blocs would only be able to introduce financial reforms independently of one another after a long process by which it becomes clear that they cannot have common rules.31
Undermine hedge funds and derivatives transparency

Regulations for “certain transactions” should not cover foreign investors, if for instance they deal with “sophisticated investors”. That means regulation on transparency of hedge funds in the EU would not apply to US funds, and US rules on derivatives reporting would not apply to European financial firms. 32.
Drop ban on speculation

Banks in the US – including subsidiaries of European banks – are barred from making risky bets with federally insured money for their own profit (“swap desk pushout”). This has annoyed Deutsche Bank. Along with other German banks in the Association for German Banks, they complain that such a demand is discriminatory and an example of unilateral extraterritorial conduct. 33

Drop extra safety for megabanks

The US is considering extra capital requirements for foreign banks as well as national banks. This has created a stir in the European financial sector, which feels more comfortable with the lenient and slow approach of the EU. The lobby group the European Services Forum, which includes some of the biggest banks, believes it should not be possible for the US to declare a European bank so big that this extra capital is needed. 34

Drop safety rules for investment firms

Insurance Europe wants to do away with state-level rules in the US that are meant to keep insurance companies from conducting overly risky speculation (leverage rules). 35

Drop supervision of foreign banks

Deutsche Bank and Barclays are among the European banks who prefer not to operate under US rules in the US, and to be supervised by the European Central Bank, not the US authorities. However, the US has now closed the last loopholes and insists on its right to keep an eye on big foreign banks – some of which were major sources to financial instability in 2008.

As risky as Lehman Brothers

The US is on course to adopt rules on how much a big bank can borrow, compared to its capital – the so-called leverage ratio. The yardstick is to ensure that banks are not as risky as Lehman Brothers and have enough financial reserves in case of crisis. In the EU, on the other hand, at best, a similar ratio will be adopted, but most likely a ratio at the same level as Lehman Brothers had before it went under will be allowed. In the TTIP debate, the bank lobby group Eurofi, is among those who have voiced its concern over the US rules. 36 European banks continue to fight hard to stave off the challenge of a restrictive leverage ratio in Europe. 37

Other reforms that could be undermined or complicated by a TTIP agreement on financial regulation due huge differences between the EU and US include rules on banking structure to tackle too big to fail banks, rules on credit exposure to a single “counterparty”, money market reforms to tackle shadow banking, financial transaction tax, transparency on the derivatives markets, and liquidity of banks. 38

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Old 07-04-2014, 12:07 AM
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Re: Secret Trade in Services Agreement (TISA) - Financial Services Annex

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Originally Posted by b0g View Post
Secret Trade in Services Agreement (TISA) - Financial Services Annex

TTIP, 'Tee-tip' Treaty on transatlantic investments and partnership, is a real horror treaty.
find it on YT, as I don't think there is a toic ab ttip here.
But this treaty is about services industries, and it is really shrouded in secrecy.
I searched to site of the EU, and found only 2 documents of 1 or 2 pages, only describing the vague outlines.

Now this Wiki leak is a real gem.



Today, WikiLeaks released the secret draft text for the Trade in Services Agreement (TISA) Financial Services Annex, which covers 50 countries and 68.2%1 of world trade in services. The US and the EU 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, the draft has been classified to keep it secret not just during the negotiations but for five years after the TISA enters into force.

Despite the failures in financial regulation evident during the 2007-2008 Global Financial Crisis and calls for improvement of relevant regulatory structures2, 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.

Read the full press release here.

http://wikileaks.org/tisa-financial/

I love wiki leaks..Never have time to browse these days. But this is EXACTLY what I love to read. Thanks for the post.

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Old 07-08-2014, 11:58 AM
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Re: Secret Trade in Services Agreement (TISA) - Financial Services Annex

http://jubileedebt.org.uk/reports-br...orporate-carve

this sat "no ttip day" in the UK

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Old 07-08-2014, 02:55 PM
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Re: Secret Trade in Services Agreement (TISA) - Financial Services Annex

US-EU trade agreement will make higher education ‘more commercial’
University lecturers hear warning over ‘predatory’ for-profit colleges
A planned new trade agreement between the EU and the United States will force higher education here to go further down the route of “privatisation and commercialisation”, a conference of university lecturers has heard.

A planned new trade agreement between the EU and the United States will force higher education here to go further down the route of “privatisation and commercialisation”, a conference of university lecturers has heard.

Joe Humphreys

Topics:
News
Education
Third Level
David Robinson
Irish Federation Of University Teachers

Sat, May 10, 2014, 13:03

First published: Sat, May 10, 2014, 13:03

A planned new trade agreement between the EU and the United States will force higher education here to go further down the route of “privatisation and commercialisation”, a conference of university lecturers has heard.

The Transatlantic Trade and Investment Partnership (TTIP), due to be agreed before the end of the year, would subject higher education “to the commercial rules of trade agreements for the first time”, said David Robinson, Canadian based senior consultant to Education International, the global federation of teachers’ associations and unions.

The trade deal, he claimed, would put at risk “a host of regulations and rules necessary to ensure quality and equity.

“The for-profit education sector in the United States, reeling from controversies about poor quality and poor student outcomes, is now seeking unfettered access to the European and Irish market.”

Mr Robinson is addressing the annual conference of the Irish Federation of University Teachers (IFUT) today.

He said: “If education is covered by the TTIP, Irish authorities would be powerless to protect students from these predatory providers entering Ireland or to defend and maintain quality of education.

“Ireland should strongly push the European Commission to demand an explicit exclusion of education from the TTIP.

“The EU Foreign Affairs Council of Ministers has already excluded the audiovisual sector from TTIP based on the public interest goal of preserving and promoting cultural and linguistic diversity within the EU. The same reasoning would justify an exemption for education from the TTIP.

He told union delegates meeting in Dublin that a US Congressional report on for-profit colleges in 2012 highlighted a 64 per cent dropout rate, and “substandard academic offerings”. The report also highlighted a financial imbalance in US insitutions with over 22 per cent of revenue spent on marketing, and just 17% devoted to instruction.

“The government and education sector in Ireland should be alert to, and resist this increasing pressure for commercialised education,” Mr Robinson said.

Sat, May 10, 2014, 13:03

First published: Sat, May 10, 2014, 13:03

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Old 07-08-2014, 03:12 PM
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Re: Secret Trade in Services Agreement (TISA) - Financial Services Annex

Read The Secret Trade Memo Calling For More Fracking and Offshore Drilling
Posted: 05/19/2014 5:59 am EDT Updated: 05/19/2014 5:59 pm EDT


WASHINGTON -- The European Union is pressing the Obama administration to expand U.S. fracking, offshore oil drilling and natural gas exploration under the terms of a secret negotiation text obtained by The Huffington Post.

The controversial document is an early draft of energy policies that EU negotiators hope to see adopted under the Transatlantic Trade and Investment Partnership (TTIP) trade deal, which is currently being negotiated. The text was shared with American officials in September. The Office of the U.S. Trade Representative declined to comment on the document.

Environmental groups fear the broad language proposed for the deal would eliminate key restrictions on the export of crude oil and natural gas, fossil fuels that contribute to climate change. The document marks the first major bone of contention in the EU deal, amid an outcry from environmentalists over leaked terms of the Trans-Pacific Partnership, a separate pact that the U.S. and 11 Pacific nations are also negotiating.

"Exports of energy goods to the other Party shall be deemed automatically to comply with any conditions and tests foreseen in the Parties’ respective legislation for the granting of export licenses," the memo reads, defining "energy goods" as "coal, crude oil, oil products, natural gas, whether liquefied or not, and electrical energy."

The U.S. government treats trade negotiation texts as classified information. Previous leaks concerning the EU deal have focused on lighter topics, including whether American cheesemakers can call their products "feta" or "parmesan."

By encouraging more crude oil and natural gas exports to the EU -- a massive economic force that uses a tremendous amount of global energy -- the proposal could spur more domestic oil and gas drilling and discourage the development of green energy in the EU, dealing a significant blow to efforts to avert climate change. Some environmental and citizens groups also object to the fracking process itself -- in which a high-pressure mixture of chemicals, water, and sand is injected into rock formations to release natural gas -- because of concerns that it might affect groundwater supplies.

"Encouraging trade in dirty fossil fuels would mean more dangerous fracking here in the U.S. and would push more climate-disrupting fuels into the European Union," Ilana Solomon, director of the Responsible Trade Program at Sierra Club, told HuffPost. "The oil and gas industry is the only winner in this situation."

The U.S. banned crude oil exports in 1975, and imposes a host of restrictions on the export of natural gas for both economic and national security reasons. But the president can issue special licenses to exempt some crude oil exports from the ban, and Energy Secretary Ernest Moniz said this month that he wants to consider relaxing it.

There has also been an increasing push to loosen constraints on natural gas exports from the U.S. to Europe, particularly as the conflict between Russia and the Ukraine has grown, highlighting Europe's dependency on Russian energy. Although burning natural gas produces lower emissions than oil or coal, the energy-intensive storage and shipping process -- liquefying the gas and then sending it in fuel-burning vessels -- eliminates many of its advantages. And critics of gas say that increasing exports would only increase reliance on fossil fuels, rather than speeding the transition to renewables. It would also likely increase energy prices in the U.S., although the effects of the deal would not come to fruition for several years.

Free trade agreements frequently bind all of their participants to a specific regulatory regime, hindering the deployment of future regulations in response to new problems. Trade pacts are enforced by international courts, which can issue economic sanctions against countries that violate the deals. The proposed EU language would run counter to existing environmental standards that limit the development of the fossil fuel industry.

"It expands a trend in trade negotiations of removing policy decisions from national and local governments and enshrining those policy decisions in international trade laws," said Sarah Burt, an attorney with the environmentalist legal organization Earthjustice, who has seen the document. Those negotiations, said Burt, happen outside of the public eye and are an "opaque process where trade and economics are elevated above any other values."

Read the full document here.

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Old 08-12-2014, 09:33 AM
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Re: Secret Trade in Services Agreement (TISA) - Financial Services Annex

http://www.atlantic-community.org/ar...ot-about-tra-1

===============================
TTIP: It's Not About Trade
===============================
Dean Baker | August 12, 2014



This month, we're reposting noteworthy articles from 2014. In his February 12th Op-Ed, Dean Baker argues that with TTIP, not all is as it seems. EU and US officials would have citizens believe promotion of trade is the impetus behind TTIP negotiations. But slashing already-low tariffs is hardly worth the effort. The real goal is the implementation of a new regulatory structure, resulting in an international policing mechanism unlikely to have been approved via normal political processes in each country.

The most important fact to know about the Transatlantic Trade and Investment Partnership (TTIP) is that promoting trade is not really the purpose of the deal. With few exceptions, traditional trade barriers, in the form of tariffs or quotas, between the United States and European Union (EU) are already low. No one would devote a great deal of effort to bringing them down further, there is not much to be gained.
The pursuit of free trade is just a cover for the real agenda of the TTIP. The deal is about imposing a regulatory structure to be enforced through an international policing mechanism that likely would not be approved through the normal political processes in each country. The rules that will be put in place as a result of the deal are likely to be more friendly to corporations and less friendly to the environment and consumers than current rules. And, they will likely impede economic growth.
In a wide variety of areas the EU has much stronger protections for consumers and the environment than in the United States. For example, the United States has a highly concentrated mobile phone industry that is allowed to charge consumers whatever they like. The same is true for Internet access. As a result, people in the United States pay far more for these services.
Fracking for oil and natural gas has advanced much more in the United States than in Europe is part because it is largely unregulated. In fact, the industry got a special exemption from laws on clean drinking water, so that they don't even have to disclose the chemicals they are using in the fracking process. As a result, if they end up contaminating ground water and drinking water in areas near a fracking site it will be almost impossible for the victims to prove their case.
These are the sorts of regulatory changes that industry will be seeking in the TTIP. It is unlikely the governments of individual European countries or the EU as a body would support the gutting of consumer and environmental regulations. Therefore the industry groups want to use a "free-trade" agreement to circumvent the democratic process.
However the worst part of the TTIP is likely to be in its rules on patents and copyright. The United States has a notoriously corrupt patent system. A major food manufacturer once patented a peanut butter sandwich and of course Amazon was able to get a patent on "1-click shopping." These frivolous patents, which are common in the United States, raise prices and impede competition. Europeans will likely see more of such patents as a result of the TTIP.
The deal is likely to have even more consequences for the cost and availability of prescription drugs. The United States pays roughly twice as much for its drugs as Europeans. This is due to the unchecked patent monopolies granted to our drug companies. A major goal of the pharmaceutical industry is to be able to get similar rules imposed in the EU so that they can charge higher prices.
Just to be clear, this part of the TTIP is 180 degrees at odds with free trade. The pharmaceutical industry will be seeking to make its patents stronger, longer, and more far-reaching, for example by applying protection to the data used to register drugs so that generic competitors cannot enter the market.
There is an enormous amount of money at stake in this battle. The United States spends close to $350 billion a year on drugs that would sell for around one-tenth this price in a free market. The difference is almost 2 percent of GDP or more than 25 percent of after-tax corporate profits. This amounts to a huge transfer from the public at large to the pharmaceutical industry.
The enormous gap between the patent-protected price and production costs gives drug companies an incentive to mislead the public about the safety and effectiveness of their drugs, which they do with considerably regularity. In short, an outcome of the deal can be much higher drug prices and lower quality health care.
None of the models used to project economic gains from a TTIP even try to estimate the economic losses that would result from higher drug prices or other negative consequences of stronger patent protection. For this reason these models do not provide a useful guide to the likely economic impact of a TTIP.
The notion that a TTIP will provide some quick boost to the economies of the EU and the United States is absurd on its face. The public should scrutinize whatever comes out of the negotiating process very carefully. If politicians demand a quick yes or no answer, then the obvious answer must be "no."

Dean Baker is co-director of the Center for Economic and Policy Research in Washington, DC.

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