Cancer Cured - Tesla Multiwave Oscillator - http://www.multiwaveoscillator.nl/content/view/16/35/lang,en/

MWO super charged

220/240-volt version with timer, variable spark gap and with a fine-tuning knob to change the amount of pulse per second. The high voltage power supply inside is CE certified and with a safety shortcut system. The most stable and flexible MWO in the world. Also very useful in making all kinds of pure products of different metals in distilled water. Meditech Europe is supplier of high-quality Pure Water distillers. If you want to use the Multi Wave Oscillator in a country with 110 volt a 110/240-volt transformer is necessary. They are easy to get. MWO Lakhovsky: With therapy pillows With therapy pillow and therapy lamp With Lakhovsky antennas With Lakhovsky antennas and Rife tube Mwo with colloidal unit Multiwave Oscillator MWO with Lakhovsky antennas Multiwave Oscillator MWO with Lakhovsky antennas and Rife tube Multiwave Oscillator with therapy pillows Multiwave Oscillator MWO with therapy lamp Therapy lamp MWO front Lakhovsky antenna with shield (no metals) This Multi Wave Oscillator can also be used to drive the Lakhovsky antennas and for making colloidal solutions out of different metals. For instance pure colloidal silver, gold, platinum etc. This powerfull MWO is with a bipolar Tesla coil and flat primairy coil. All the MWO's designed by Hessel are with a sparkgap and bipolar coils. Like Lakhovsky had in mind. This is the construction of a sparkgap with cooling for long life. With this Multi Wave Oscillator you can also produce Multifrequency charged metals in distilled water, like pure colloidal silver, gold, platinum etc. This is a very interesting process and after many tests results, there is only one conclusion. This solution is far behind any other colloidal solution. The most purest form with a lot of energy. Heating of the distilled water is not necessary. Meditech Europe is supplier of high-quality Pure Water distillers. For instance. Test results show that pure colloidal silver made by the MWO is the most effective solution available. This process is a development of Hessel Hoornveld. This colloidal silver is not a medicine, but a mineral solution Warning. Never use the MWO when someone has a Pacemaker. The Multi Wave Oscillator is only for experimental use. Colloidal silver essence Colloidal gold You can find more information about colloidal silver and gold on the website of www.meditecheurope.nl

Aether - The Universal "One" 1926 by Walter Russell

JIM WILLIE Fingers Bush Regime For 9/11 & IRS transferred to China from Vatican

JIM WILLIE Fingers Bush Regime For 9/11 False Flag: “These Are The Neo-Nazis Who Brought Us The 9/11 Attacks… And They Are Running Out of Cards To Play”

June 28th, 2014

from TRUNEWS Rick.Wiles:

“Neocon is just a nice word for Neo-Nazi. So people need to wake up that when Bush Junior hit the office of the White House and his gang of Neocons came in with a lot of foreign passports (Note: Israeli passports),these were the Nazis. These were the Neo-Nazis who brought us 9/11. I fully believe they’re key players behind the 9/11 attacks.” – Jim Wille

Ed. Note: Don’t miss the blockbuster answer to the question at 34:30:

“They (Chinese) now own the future income from the Federal Reserve and the income taxes from the IRS. They own the IRS income stream. I believe it was transferred from the Vatican to China in the last year… we’re about to be colonized.” – Jim Wille

https://www.youtube.com/watch?v=OKwMKj6tMf8

TRUNEWS 6/27/14: Jim Willie (made with Spreaker)

 Source: http://www.spreaker.com/user/trunews/trunews-6-27-14-jim-willie 

Read more at http://investmentwatchblog.com/jim-willie-fingers-bush-regime-for-911-false-flag-these-are-the-neo-nazis-who-brought-us-the-911-attacks-and-they-are-running-out-of-cards-to-play/#3LbUf02jBWwMBTIU.99

Celebrities Seeking Sex With The Supernatural

Days of Lot:

Celebrities Seeking Sex With The Supernatural

By Minister Fortson

What’s the deal with Hollywood’s obsession with having sex with the supernatural and what does it have to do with the days of Lot? I’m gonna come back to that, but first, here’s the real deal about a subject that is often over complicated, rarely addressed, and easily misunderstood.

Why I’m Writing This Chances are you’ve never heard of spectrophilia (at least not by that name), but that’s all about to change. A few weeks ago, I had the opportunity to discuss this topic during Wednesday night Bible study at church. Recently, there have been several celebrities that have stated that they were open to engaging in spectrophilia, but the phenomena isn’t new by any stretch of the imagination. So what exactly is it?

Spectrophilia – “Spectrophilia is sexual attraction to ghosts or sexual arousal from images in mirrors, also the phenomenon of sexual encounters between ghosts and humans.” – Wikipedia

The above definition is the easiest way to define what spectrophilia is, but it is often a little more complicated when it comes to reports of its occurrence. One element that is usually a big part of the experience is the rape of both men and women, usually while they are sleeping. Just to make sure we get this right, we’re going to take a little bit of time to really dig into this topic.

Gilgamesh – Many people know the name, but the story of his birth isn’t as well known. According to the story, his father was Lugalbanda, was a post flood god-human hybrid (demigod) that had sex with a goddess (supernatural female entity). The result was Gilgamesh being born 2/3 god and 1/3 human.

Achilles – According to legend, Achilles was the son of Thetis (sea goddess) and Peleus. It is this supernatural sexual encounter that results in Achilles being born as a god-human hybrid (demigod).

Hercules – According to legend, he was the son of Zeus (male god) and a mortal woman. He was also a demigod (part god part human).

Nephilim – According to the Bible, they were the sons of angels and human women. Unfortunately, there is a lot of false doctrine that attempts to mask the truth behind these events.

Merlin – According to legend, he was a cambion. A cambion is part demon and part human. Often times that fact is left out of the King Arthur story.

But It’s Just Mythology!

I’m amazed at how many times people use the EXCUSE that its just mythology, as a means of ignoring ancient stories of the supernatural. Really think about this for a moment. The Bible testifies to the existence of beings with supernatural powers that are very similar in description to the gods of mythology. We call them angels.

Is it coincidence that fallen angels can seek worship, and the gods of mythology did the same? Maybe it’s just mythology. Genesis 6:1-4 mentions the sons of God (angels) coming down, having sex with human women, and creating hybrid offspring. Is it a coincidence that the gods of mythology did the same? Maybe its just mythology.

Is it a coincidence that the idea of sex with the supernatural exists all throughout history, regardless of politics, religion, or economic status? The following is a list of entities that past cultures believed had sex with humans:

Watchers: In the Book of Enoch, the Grigori, also known as the Watchers, were a group of 200 angels led by Samyaza. They made a pact to take human wives and as a result are punished by God. Their offspring become famous giants that terrorize the world and eventually their actions led to God sending the Great Flood.

The Gods: Zeus was ruler of the Greek gods and had the ability to shape shift. On one occasion, he shape shifted into a bull to abduct a woman by the name of Europa and impregnated her. The ability to shape shift and take people against their will was not exclusive to Zeus, but other gods in the Greek Pantheon also had the same ability.

Nymphs: In Greek mythology, nymphs would abduct men and have sex with them against their will. They were also believed to have the power to change or manipulate the shape of things and themselves. Interestingly, this is where we get the word “nympho” commonly referring to a woman that constantly craves sex.

Bodach – Also known as a Bugbear or Bug-A-Boo, the Bodach is the mythical spirit or creature we know in America as the Bogeyman. They are believed to slide down chimneys to kidnap naughty children. The Bodach legend appears in at least 43 different countries under various names, but always with supernatural power, and the motive of abducting children. In several cultures the Bodach has the ability to shape shift into an old man or a giant.

Fairies: A lot of fairy mythology revolves around changelings. The fairies would abduct human children, and then leave fairy children in their place. People in the most danger of being abducted by fairies were old people, unchurched women that had just given birth, and anyone that ate fairy food. Fairies also seem to be able to manipulate time. In one story, Thomas the Rhymer stays seven years in Elfland, but when he crosses back over to the human world, over three hundred years have passed and he turns into an old man. Fairies also have the ability to change the appearance of objects and themselves. However, fairy ointment allows you to see through the veil of illusion, but as a consequence of using the ointment, you go blind in whichever eye you used the ointment on. Revelation 3:18 speaks of “eyesalve” that would allow the church to see what is really going on. There may or may not be a connection here, but it is an interesting reference. Simple charms such as an inverted coat, open iron scissors left where the child sleeps, or constant watch over the child were thought to ward them off. Fairies were also believed to be the spirits of the dead, fallen angels, or evil spirits depending on which culture we are referencing.

Spriggans – Small, grotesque and ugly in shape, they have the ability to inflate themselves into monstrous forms which has led some people to believe them to be the ghosts of old giants. Apart from their useful function as guardians of hill treasure, Spriggans are an infamous band of villains, skilled thieves, thoroughly destructive, and often dangerous. They are capable of robbing human houses, kidnapping children and leaving a baby Spriggan in its place, causing whirlwinds to destroy fields, blighting crops and all kinds of other mischief.

Tricksters – These are supernatural beings known to break the rules of the gods or some other divine order. They are seen as mischievous and cunning beings that can take on many forms. Many Native American cultures associate them with coyotes. There are at least 62 cultures that share various forms of a belief in Tricksters.

Succubus: This is a demonic sex spirit that takes the form of a woman to seduce men in their dreams and have sex with them. Some victims of the succubus claim that they were spiritually seduced in order to create intense sexual energy, and are thereafter permanently addicted to sex. Intercourse with a Succubus was said to result in health problems and even death.

Incubus: This is the male counterpart to the female Succubus. The demonic Incubus seduces women in order to father a child. One example of a child fathered by such a union is Merlin, the wizard in the King Arthur legend. Both the Incubus and Succubus generally prey on humans while they sleep, but the Incubus have been known to assault women while they are fully awake. Another interesting characteristic associated with the Incubus is the drinking of blood, which may explain the origins of vampirism. Vlad the Impaler was born November 25, 1431 A.D., but the earliest report of an incubus occurs in 2,400 B.C. on the Sumerian Kings list. According to the list, Lilu (Gilgamesh’s supernatural father) would seduce women in their sleep.

The above list was excerpted from my book, Beyond Flesh and Blood: The Ultimate Guide To Angels and Demons. These are only nine of the various types of supernatural entities that have been reported as having sex with humans throughout history.

Ancient Beliefs Modern Times

Its seems as though the old legends of incubus and succubus having sex with unsuspecting men and women in their sleep, may not be so far fetched, according to some celebrities. Katy Perry is one such celebrity that has talked about the subject in her song E.T., in which she invites an entity of supernatural or extraterrestrial origin to “take me”, as she states in her lyrics. In an attempt to be 100% objective here, I will point out that this song also seems to have a lot of sexual innuendo, in addition to its references to the metaphysical. Here are the opening lyrics:

“You’re so hypnotizing. Could you be the devil, could you be an angel? Your touch magnetizing. Feels like I am floating. Leaves my body glowing. They say be afraid. You’re not like the others futuristic lover. Different DNA. They don’t understand you. You’re from a whole other world. A different dimension. You opened my eyes. I’m ready to go. Lead me into the light.” – Katy Perry, E.T.

Human Supernatural Romance Is Popular

Did you know that Twilight wasn’t exactly original? It’s just an old tale being retold in a new way. Hollywood has a long history of romanticizing sex with supernatural beings such as vampires. Let’s take a quick look at this history of depicting human-supernatural relationships:

The Entity
Twilight
Vampire In Brooklyn
The Prophecy 2
Mortal Instruments
Stargate SG-1

If we just look at this short list of six items, we see representations of sex between humans and ghosts, humans and vampires, humans and nephilim, humans and angels, humans a gods/goddesses. Hollywood seems to be playing catch up to what the Bible and the rest of human history have been saying for a long time. But, how exactly does this tie into the days of Lot?

The Days of Lot

In Luke 17 Jesus said that one aspect of the last days is that they would be like the days of Lot. Many people have been conditioned to automatically focus on homosexuality, but there is something a little more specific going on. People were actively seeking a sexual encounter with the supernatural (the angels).

When we compare that with the growing trend of people seeking sexual experiences with the supernatural, it’s hard not to see the current connect.

Source: http://ministerfortson.com/?p=33841#sthash.x4NUaeiq.dpuf

Barack Obama - The Fraud

Pat Boone’s ‘Bombshell’: Obama’s Birth Certificate Will Be Proven Fake By September 2014

Posted by: Dan Simpson in Featured Stories, Politics, What The Hell? June 24, 2014 , 9:02 pm

 

Pat Boone, the legendary singer, actor, and writer, now apparently has a new title: Obama Birther. Even though he denies it.

“I’m not a birther,” he says. Right. Just like racists always deny that they are racist.
In an interview with liberal Fox News talk show host Alan Colmes, Boone claims that sometime before September of this year, President Obama’s birth certificate will prove to be fake. Why Boone picked an arbitrary date and who his “sources” are remains a mystery. He did say that “trained investigators” are on the case, which most likely can be translated as “pulling out of his *ss”.
Here is the transcript, from Liberaland.

Boone: What I’m going to predict here is by September of this year, the major smoking gun, which is a high crime, not just a misdemeanor, but a high crime, that supposed copy of the birth certificate that is displayed on the White House website as we talk, by many experts has already proven not to be not a copy of anything, of something that perhaps doesn’t exist, which is an actual birth certificate, but it is a Photoshopped fraud created to look like what they wanted it to look like. And I say “they” because I don’t think it was the President himself but those around him. But experts who understand the techniques of these things, including a guy in my own office who knows how things are Photoshopped, and knows the telltale signs of things that have been pasted on to other documents or other things. It is obviously to anyone who knows that process is a fraud. It is not a copy of anything and that is a high crime.”
COLMES: Tell me how you know this.
BOONE: Well I’m talking to some people that they are trained detectives and investigators and I’ve been trying to get people in Congress to pay attention to these things and create. We should have to be us citizens saying, “Wait a minute, this thing doesn’t look real.”
COLMES: The State of Hawaii said this is a legitimate birth certificate
BOONE: There are trained investigators who are finding out, and I can’t divulge any more than I will make a prediction that by September of this year, it will be proven that that is not the case. And look, if there was a hospital in Hawaii, in which the President had been born, and they had a birth certificate to prove it, do you think there would be a plaque, something to indicate they’re proud.

COLMES: What I don’t understand is though Pat is two different Hawaiian publications within weeks of the birth of Barack Obama in 1961 there were notices, which are now on microfiche, you can find them, how can have appeared in Hawaiian newspapers within weeks of his birth, how did that happen?
BOONE: Well, the things that appeared in the paper were juts blanket announcements of his birth but they didn’t name a hospital or a birth certificate.
BOONE: For instance, just as an example, what if he was born in Mombasa? To a woman who could not get on the plane because she was too close to birth and after she delivered the baby she came to Honolulu because she wanted him to be known as an American citizen. What if her mother was working in the documents department?
COLMES: You believe he was not born in the United States?
BOONE: All I can tell you is I was in Mombasa just after he was elected and everybody there said, “You know you’re President was born here.” I brought home a T-shirt that said “Birthplace of the President of the United States.” Either the whole nation was fooled or there was something else going on.
COLMES: You also used the phrase “High Crimes and Misdemeanors.” So are you suggesting that with this revelation were it to occur as your predicting that it would be an impeachable offense?
BOONE: Look, I’m not a constitutional law expert so all I’m saying is I’m not going to try to draw, you know, either a judgment or a verdict. But I’m saying there are facts, smoking guns on the table that a Congressional committee ought to at least if nothing else settle all the doubt and the allegations that have been made and show substantive proof. But if this thing is a fraud if is a Photoshopped fraud, then there has to be some kind of reason for that.
BOONE: I’m not a birther
COLMES: But it sounds like it Pat, you know that based on what you’re saying?
BOONE: I’m a questioner

If there were any questions at all about the legitimacy of President Obama’s birthplace, it would have been brought up a long time ago. The Republicans in office would have left no stone unturned if indeed there was anything to this whole birther conspiracy, but that fact is lost on the likes of Pat Boone.

You can watch the rest of the interview here.

Source: http://firebrandprogressives.org/pat-boones-bombshell-obamas-birth-certificate-will-proven-fake-september-2014/

TISA (Trade in Services Agreement) Press Release

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

2014-06-19

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.

TISA negotiations are currently taking place outside of the General Agreement on Trade in Services (GATS) and the World Trade Organization (WTO) framework. However, the Agreement is being crafted to be compatible with GATS so that a critical mass of participants will be able to pressure remaining WTO members to sign on in the future. Conspicuously absent from the 50 countries covered by the negotiations are the BRICS countries of Brazil, Russia, India and China. The exclusive nature of TISA will weaken their position in future services negotiations.

The draft text comes from the April 2014 negotiation round - the sixth round since the first held in April 2013. The next round of negotiations will take place on 23-27 June in Geneva, Switzerland.
Current WTO parties negotiating TISA are: Australia, Canada, Chile, Chinese Taipei (Taiwan), Colombia, Costa Rica, Hong Kong, Iceland, Israel, Japan, Liechtenstein, Mexico, New Zealand, Norway, Pakistan, Panama, Paraguay, Peru, South Korea, Switzerland, Turkey, the United States, and the European Union, which includes its 28 member states Austria, Belgium, Bulgaria, Cyprus, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom.

China and Uruguay have expressed interest in joining the negotiations but so far are not included.
[1] Swiss National Center for Competence in Research: A Plurilateral Agenda for Services?: Assessing the Case for a Trade in Services Agreement, Working Paper No. 2013/29, May 2013, p. 10.
[2] For example, in June 2012 Ecuador tabled a discussion on re-thinking regulation and GATS rules; in September 2009 the Commission of Experts on Reforms of the International Monetary and Financial System, convened by the President of the United Nations and chaired by Joseph Stiglitz, released its final report, stating that "All trade agreements need to be reviewed to ensure that they are consistent with the need for an inclusive and comprehensive international regulatory framework which is conducive to crisis prevention and management, counter-cyclical and prudential safeguards, development, and inclusive finance."

Read the Secret Trade in Services Agreement (TISA) - Financial Services Annex
Read the Analysis Article - Secret Trade in Services Agreement (TISA) - Financial Services Annex

Recommended reading

• On the Wrong Side of Globalization, by Joseph E. Stiglitz, March 15, 2014.
• U.S. Foreign Trade in Services: Trends and Policy Challenges, by the Congressional Research Service, May 15, 2014.
• TISA versus Public Services, a Public Services International study by Scott Sinclair and Hadrian Mertins-Kirkwood, April 28, 2014.
• Public Citizen's Finance Regulation Factsheet
• Our World is Not for Sale Factsheet on TISA

For Comment

AFL-CIO
Media Outreach Department, 202-637-5018
Josh Goldstein  JGoldstein@aflcio.org
Jeff Hauser  jhauser@aflcio.org
Gonzalo Salvador gsalvador@aflcio.org
Celeste Drake, Trade and Globalisation Policy Specialist cdrake@aflcio.org

Canadian Centre for Policy Alternatives
https://www.policyalternatives.ca
National Office: tel: 613-563-1341 fax: 613-233-1458
ccpa@policyalternatives.ca

Our World is Not for Sale
http://www.ourworldisnotforsale.org/

Public Services International
http://www.world-psi.org/en/
Tel: +33 (0)4 50 40 64 64Fax: +33 (0)4 50 40 73 20
E-mail:psi@world-psi.org
Senior Policy and Advocacy Officer daniel.bertossa@world-psi.org

Public Citizen's Global Trade Watch division
https://www.citizen.org/Page.aspx?pid=1223
gtwinfo@citizen.org

Joseph E. Stiglitz
Chair of the Commission of Experts of the President of the United Nations General Assembly on Reforms of the International Monetary and Financial System, Nobel Prize winner, and professor at Columbia University
http://www.josephstiglitz.com/
Phone: (212) 854-0671
Fax: (212) 662-8474
jes322@columbia.edu

Public Submissions

The only avenue TISA negotiators offer for public input is via public submissions. Each country has their own method for handling submissions. Below are the public submissions from the biggest proponents of TISA.

• Australia: All submissions will be made publicly available on the DFAT website unless the author specifies otherwise. Submissions may be lodged electronically to: services.negotiations@dfat.gov.au website
  
• United States Request for comments submissions from September to October 2013.
  
• European Union Public consultation Results of the public survey on TISA
  
• Canada: Submissions may be sent by e-mail to: TMSconsultation@international.gc.ca Consultations on a Plurilateral Services Agreement

TISA - The newest secret trade agreement

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

2014-06-19

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.

---

[1] Swiss National Center for Competence in Research: A Plurilateral Agenda for Services?: Assessing the Case for a Trade in Services Agreement, Working Paper No. 2013/29, May 2013, p. 10.
[2] For example, in June 2012 Ecuador tabled a discussion on re-thinking regulation and GATS rules; in September 2009 the Commission of Experts on Reforms of the International Monetary and Financial System, convened by the President of the United Nations and chaired by Joseph Stiglitz, released its final report, stating that "All trade agreements need to be reviewed to ensure that they are consistent with the need for an inclusive and comprehensive international regulatory framework which is conducive to crisis prevention and management, counter-cyclical and prudential safeguards, development, and inclusive finance."

---

Click on the partners listed to the left for their articles on this TISA Financial Services Annex.
Download the full secret TISA Financial Services Annex as PDF here.

Download Analysis Article of secret TISA Financial Services Annex as PDF here or read it online here.

WikiLeaks Release of Secret Trade in Services Agreement (TISA)

Financial Services Annex Consolidated Text
(April 14, 2014)

Go to start of document

Show table of contents

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This Document Contains TISA- U.S.CONFIDENTIAL Information
MODIFIED HANDLING AUTHORIZED*
LIMITED

Annex [X]: Financial Services

Consolidation of text proposals as of 14 April 2014

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Reason: 1.4(b) Declassify on:   Five years from entry into force of the TISA agreement or, if no agreement enters into force, five years from the close of the negotiations. * This document must be protected from unauthorized disclosure, but may be mailed or transmitted over unclassified e-mail or fax, discussed over unsecured phone lines, and stored on unclassified computer systems. It must be stored in a locked or secured building, room, or container.

Annex [X]: Financial Services

*Working consolidated draft among the proponents as of 14 April 2014; draft is without prejudice to further proposals or positions of the proponents.

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Article X.1: Scope

• This section/Annex applies to measures affecting the supply of financial services [TR: subject to any conditions, reservations and qualifications inscribed in its Schedule of specific commitments.]
• For the purposes of subparagraph 3(b) of Article I-1 of the Agreement, “services supplied in the exercise of governmental authority” means the following:
  
  • activities conducted by a central bank or monetary authority or by any other public entity in pursuit of monetary or exchange rate policies;
  • activities forming part of a statutory system of social security or public retirement plans; and
  • other activities conducted by a public entity for the account or with the guarantee or using the financial resources of the Party or its public entities.
• For the purposes of subparagraph 3(b) of Article I-1 of the Agreement, if a Party allows any of the activities referred to in subparagraphs (b) or (c) of paragraph 2 of this Article to be conducted by its financial service suppliers in competition with a public entity or a financial service supplier, “services” shall include such activities.
• Subparagraph 3(c) of Article I-1 of the Agreement shall not apply to services covered by this Annex.

Article X.2: Definitions

For purposes of this Annex/section:

• A financial service is any service of a financial nature offered by a financial service supplier of a Party. Financial services include all insurance and insurance-related services and all banking and other financial services (excluding insurance). Financial services include the following activities:
  
  Insurance and insurance-related services
  
  • direct insurance (including co-insurance):
    • life;
    • non-life;
  • reinsurance and retrocession;
  • insurance intermediation, such as brokerage and agency;
  • services auxiliary to insurance, such as consultancy, actuarial, risk assessment and claim settlement services;
    
    Banking and other financial services (excluding insurance)
    
  • acceptance of deposits and other repayable funds from the public;
  • lending of all types, including consumer credit, mortgage credit, factoring and financing of commercial transaction;
  • financial leasing;
  • all payment and money transmission services, including credit, charge and debit cards, travelers checks and bankers drafts;
  • guarantees and commitments;
  • trading for own account or for account of customers, whether on an exchange, in an over-the-counter market or otherwise, the following:
    • money market instruments (including checks, bills, certificates of deposits);
    • foreign exchange;
    • derivative products including, but not limited to, futures and options;
    • exchange rate and interest rate instruments, including products such as swaps, forward rate agreements;
    • transferable securities;
    • other negotiable instruments and financial assets, including bullion;
  • participation in issues of all kinds of securities, including underwriting and placement as agent (whether publicly or privately) and provision of services related to such issues;
  • money broking;
  • asset management, such as cash or portfolio management, all forms of collective investment management, pension fund management, custodial, depositary and trust services;
  • settlement and clearing services for financial assets, including securities, derivative products and other negotiable instruments;
  • provision and transfer of financial information, and financial data processing and related software by suppliers of other financial services;
  • advisory, intermediation and other auxiliary financial services on all the activities listed in subparagraphs (v) through (xv), including credit reference and analysis, investment and portfolio research and advice, advice on aquisitions and on corporate restructuring and strategy.
• A “financial service supplier” means any natural or juridical person of a Party wishing to supply or supplying financial services, but the term “financial service supplier” does not include a public entity.
• “public entity” means:
  • a government, a central bank or a monetary authority, of a Party, or an entity owned or controlled by a Party, that is principally engaged in carrying out governmental functions or activities for governmental purposes, not including an entity principally engaged in supplying financial services on commercial terms; or
  • a private entity performing functions normally performed by a central bank or monetary authority, when exercising those functions.
• “commercial presence” means an enterprise within a Party’s territory for the supply of financial services and includes wholly or partly owned subsidiaries, joint ventures, partnerships, sole proprietorships, franchising operations, branches, agencies, representative offices or other organizations;
• [PA: “financial institution” means a financial intermediary or other commercial presence that is authorized to do business and regulated or supervised as a financial institution under the domestic law of the Party in whose territory it is located;]
• A “new financial service” is a service of a financial nature, including services related to existing and new products or the manner in which a product is delivered, that is not supplied by any financial service supplier in the territory of a Party but which is supplied in the territory of [PA: another Party].
• [PA: “self-regulatory organization” means a non-governmental body that exercises its own or delegated regulatory or supervisory authority over financial service suppliers or financial institutions, including a securities or futures exchange or market, clearing agency, or other organization or association.]
• [EU, US: A “non-resident supplier of financial services” is a financial service supplier of a Party which supplies a financial service into the territory of another Party from an establishment located in the territory of another Party, regardless of whether such a financial services supplier has or has not a commercial presence in the territory of the Party in which the financial service is supplied.]

[US: Article X.3: Scheduling Financial Services Commitments

Market Access

• Each Party shall [HKC: subject to any conditions, reservations, and qualifications inscribed in the Schedule] inscribe in its Schedule, pursuant to Article I-3 of the Agreement, a commitment with respect to
  • the supply of financial services through commercial presence; and
  • the supply of financial services listed in Article X.8 [cross-border trade] with respect to the supply of a financial service from the territory of one Party into the territory of any other Party, or in the territory of one Party to the service consumer of any other Party.
  National Treatment
• With respect to the supply of a financial service from the territory of one Party into the territory of any other Party, or in the territory of one Party to the service consumer of any other Party,
  • Article I-4 (National Treatment) of the Agreement shall apply to only the supply of financial services listed in Article X.8 [cross-border trade], unless a Party otherwise specifies in its Schedule; and
  • paragraph 3 of Article II-2 of the Agreement shall not apply.]

[EU, US: Article X.4: Standstill

[EU, US: Any conditions, limitations and qualifications to the commitments] [EU: according to Articles 6, 7, 8 and 9 (Financial services purchased by public entities, commercial presence, cross-border Trade, Temporary Entry of Personnel)] [US: in Articles 6, 7 and 8(Financial services purchased by public entities, commercial presence, cross-border trade)] [EU, US: shall be limited to existing non-conforming measures.]
[AU: The conditions and qualifications on commitments [EU: according to Articles 6, 7, 8 and 9] [US: in Articles 6, 7 and 8] shall be limited to measures that a Party maintains on the date this Agreement takes effect, or the continuation or prompt renewal of such measures.]

Article X.5: Monopoly Rights

[EU, US: In addition to (Article XX/monopolies and exclusive service suppliers) of the Agreement, the following shall apply:
Each Party shall list in its Schedule pertaining to financial services existing monopoly rights and shall endeavor to eliminate them or reduce their scope. Notwithstanding paragraph 2 of Article 1 of this Annex/section, this paragraph applies to the activities referred to in paragraph 2(c) of Article 1 of this Annex/section.]

Article X.6: Financial Services Purchased by Public Entities

[EU, US: Notwithstanding [Section/Article X] of the Agreement [on government procurement] and subject to any conditions, limitations and qualifications that a Party shall set out in its Schedule in accordance with Article X.4 (Standstill), each Party shall ensure that financial service suppliers of any other Party established in its territory are accorded most-favored-nation treatment and national treatment as regards the purchase or acquisition of financial services by public entities of the Party in its territory.]

Article X.7: Commercial Presence

• [EU, US: Subject to any conditions, limitations and qualifications that a Party shall set out in its Schedule in accordance with Article X.4 (Standstill),] [AU: Subject to any terms limitations, conditions, and qualifications that the Party shall set out in its Schedule,] [E][e]ach Party shall grant financial service suppliers of any other Party the right to establish or expand within its territory, including through the acquisition of existing enterprises, [PA: and without the imposition of numerical restrictions, ¹] a commercial presence.

1bis. A Party may impose terms, conditions and procedures for authorization of the establishment and expansion of a commercial presence in so far as they do not circumvent the Party’s obligation under paragraph 1 and they are consistent with the other obligations of this Agreement [PA: in particular:

• impose a term or condition on the establishment of additional commercial presences and determine the institutional and juridical form to be used to supply a specified financial service or to carry out of а specified activity;
• prohibit a particular financial service or activity. Such a prohibition may not apply to all financial services or to a complete financial services sub-sector such as banking; or
• require that a financial service supplier of another Party be engaged in the business of providing financial services in the territory of that other Party, without prejudice to other forms of prudential regulation.]

• [PA: Each Party shall permit financial service suppliers of any other Party that owns or controls a financial institution in the Party’s territory to establish in that territory as many additional commercial presences as may be necessary for the supply of the full range of financial services allowed under the domestic law of the Party at the time of establishment of the additional commercial presences.]

Article X.8: Cross-Border Trade

• [EU, US: Subject to any conditions, limitations and qualifications that a Party shall set out in its Schedule in accordance with Article X.4 (Standstill),] [AU: Subject to any terms limitations, conditions and qualifications that the Party shall set out in its Schedule,] [e][E]ach Party shall permit non-resident suppliers of financial services to supply, as a principal, through an intermediary or as an intermediary, [PA, EU, Norway: and under terms and conditions that accord national treatment,]: the following services:
  • insurance of risks relating to:
    • maritime shipping and commercial aviation and space launching and freight (including satellites), with such insurance to cover any or all of the following: the [Norway: passengers and] goods being transported, the vehicle transporting the [Norway: passengers and] goods and any liability arising therefrom;
    • [Norway: ocean-going fishing vessels];
    • [Norway: exploration, development, production activities, and properties in the offshore energy sector by large customers ²]; and
    • goods in international transit];
  • reinsurance and retrocession;
  • services auxiliary to insurance as referred to in subparagraph (a)(iv) of Article 2 of the Annex;
  • provision and transfer of financial information and financial data processing [US: and related software] as referred to in subparagraph (a) (xv) and advisory and other auxiliary services, excluding intermediation, relating to banking and other financial services as referred to in subparagraph (a)(xvi), both of Article 2 of the Annex.
  • [US, CA, CH: investment advice to a collective investment scheme located in the Party’s territory;]
  • [US, CH: portfolio management services to a collective investment scheme located in the Party’s territory, excluding
    • trustee services;
    • custodial services and execution services that are not related to managing a collective investment scheme.³]
  • [US: electronic payment services for payment card transactions ⁴ into its territory from the territory of another Party by a person of that Party. For the purposes of this subsection:
    • a “payment card” includes a credit card, charge card, debit card, check card, automated teller machine (“ATM”) card, prepaid card, and other similar card or access device, and the unique account number associated with that card or access device; and
    • “electronic payment services for payment card transactions” does not include the transfer of funds to and from transactors’ accounts. Furthermore, “electronic payment services for payment card transactions” includes only those payment network services that use proprietary networks to process payment transactions.]
• [PA: Each Party shall permit a person located in its territory, and its nationals wherever located, to purchase a financial service from a cross-border financial service supplier of another Party located in the territory of another Party.]
  
  [US, EU: Subject to any conditions, limitations and qualifications that a Party shall set out in its Schedule in accordance with Article X.4 (Standstill),] [EU, Norway, US: [e] [E]ach Party shall permit its residents to purchase in the territory of any other Party the financial services indicated in:
  • paragraph 1(a);
  • paragraphs 1(b) and 1(c); and
  • subparagraphs (a)(v) to (xvi) of Article X.2.]
• [PA: Without prejudice to other means of prudential regulation of cross-border trade in financial services, a Party may require the registration of cross-border financial service suppliers of another Party and of financial instruments.]

[EU: Article X.9: Temporary Entry of Personnel (to be adapted to horizontal M4 provisions)

• Subject to any conditions, reservations and qualifications that a Party shall set out in its Schedule in accordance with Article X.4 (Standstill), [AU: Subject to any terms limitations, conditions and qualifications that the Party shall set out in its Schedule,] each Party shall permit temporary entry into its territory of the following personnel of a financial service supplier of any other Party that is establishing or has established a commercial presence in the territory of the Party:
  • senior managerial personnel possessing proprietary information essential to the establishment, control and operation of the services of the financial service supplier; and
  • specialists in the operation of the financial service supplier.
• Subject to conditions, reservations and qualifications that a Party shall set out in its Schedule in accordance with Article X.4 (Standstill), [AU: Subject to any terms limitations, conditions and qualifications that the Party shall set out in its Schedule,] each Party shall permit, subject to the availability of qualified personnel in its territory, temporary entry into its territory of the following personnel associated with a commercial presence of a financial service supplier of any other Party:
  • specialists in computer services, telecommunication services and accounts of the financial service supplier; and
  • actuarial and legal specialists.]

Article X.10: New Financial Services

Each Party shall permit financial service suppliers of any other Party established in its territory to [PA, US: supply any new financial service that the Party would permit its own like financial services supplier to supply without adopting a law or modifying an existing law.⁵]
[EU: to offer in its territory any new financial service.]
[PA, EU: A Party may determine the juridical form through which the service may be provided and may require authorization for the provision of the service. Where such authorization is required, a decision shall be made within a reasonable time and the authorization may only be refused for prudential reasons.]
[US: Notwithstanding (Market Access, paragraph on juridical form), a Party may determine the institutional and juridical form through which the new financial service may be supplied, and may require authorization for the supply of the service. Where a Party requires a financial service supplier to obtain authorization to supply a new financial service, the Party shall decide within a reasonable time whether to issue the authorization and the authorization may only be refused for prudential reasons.]

Article X.11: [PA: Data Processing and Treatment of Certain Information] [EU: Transfers of Information and Processing of Information] [US: Transfer of Information]

• [PA, EU: No Party shall take measures that prevent transfers of information or the processing of financial information, including transfers of data by electronic means, into and out of its territory, for data processing or that, subject to importation rules consistent with international agreements, prevent transfers of equipment, where such transfers of information, processing of financial information or transfers of equipment are necessary for the conduct of the ordinary business of a financial service supplier. Nothing in this paragraph restricts the right of a Party to protect personal data, personal privacy and the confidentiality of individual records and accounts so long as such right is not used to circumvent the provisions of this Agreement.]
• [PA: Notwithstanding paragraph 1, a Party is not required to furnish or allow access to:
  • information related to the financial affairs and accounts of an individual customer of a financial institution or a cross-border financial service supplier; or
  • confidential information which if disclosed would impede law enforcement or otherwise contrary to the public interest or prejudice legitimate commercial interests of a particular commercial presence.]

[US: Each Party shall allow a financial service supplier of another Party to transfer information in electronic or other form, into and out of its territory, for data processing where such processing is required in the financial service supplier’s ordinary course of business.]
[KR: The scope of financial information will be defined by each Party’s domestic laws and regulations.]

Article X.12: Payment and Clearing Systems

Under terms and conditions that accord national treatment, each Party shall grant to financial service suppliers of any other Party established in its territory access to payment and clearing systems operated by public entities, and to official funding and refinancing facilities available in the normal course of ordinary business. This paragraph is not intended to confer access to the Party’s lender of last resort facilities.

Article X.13: Self-Regulatory Organizations

[PA, EU: When membership or participation in, or access to, any self-regulatory body, securities or futures exchange or market, clearing agency, or any other organization or association, is required by a Party in order for financial service suppliers of any other Party to supply financial services on an equal basis with financial service suppliers of the Party, or when a Party provides directly or indirectly such entities, privileges or advantages in supplying financial services, the Party shall ensure that such entities accord national treatment to financial service suppliers of any other Party resident in the territory of the Party.] [PA: subject to any conditions and qualifications set out in its Schedule.]
[US: Where a Party requires a financial service supplier of another Party to be a Party of, participate in, or have access to, a self-regulatory organization to provide a financial service in or into the territory of that Party, the Party shall ensure observance of the obligations of Articles [I-4] (National Treatment) and [xx] (Most Favored Nation Treatment) by such self-regulatory organization.]

• [PA: For purposes of the national treatment obligations in Article X.7 (Cross-Border Trade), a Party shall accord to a cross-border financial service supplier of another Party treatment no less favorable than that it accords to its own financial service suppliers, in like circumstances, with respect to the supply of the relevant service.]
• [PA: Differences in market share, profitability or size do not in themselves establish a breach of the obligations under this Article.]

PA: Article X.14: Senior Management and Boards of Directors

• [PA: A Party may not require a financial institution of another Party to engage natural persons of any particular nationality as senior managerial or other essential personnel.]
• [PA: A Party may not require that more than a simple majority of the board of directors of a financial institution of another Party be composed of nationals of the Party or natural persons residing in the territory of the Party.]

Article X.15 Non-discriminatory measures

• Each Party shall endeavor to remove or to limit any significant adverse effects on financial service suppliers of any other Party of:
  • non-discriminatory measures that prevent financial service suppliers from offering in the Party’s territory, in the form determined by the Party, all the financial services permitted by the Party;
  • non-discriminatory measures that limit the expansion of the activities of financial service suppliers into the entire territory of the Party;
  • measures of a Party, when such a Party applies the same measures to the supply of both banking and securities services, and a financial service supplier of any other Party concentrates its activities in the provision of securities services; and
  • other measures that, although respecting the provisions of the Agreement, affect adversely the ability of financial service suppliers of any other Party to operate, complete or enter the Party’s market;
  provided that any action taken under this paragraph would not unfairly discriminate against financial service suppliers of the Party taking such action.
  
• With respect to the non-discriminatory measures referred to in [subparagraphs [x(a) and (b) (immediately above)]] a Party shall endeavor not to limit or restrict the present degree of market opportunities, nor the benefits already enjoyed by financial service suppliers of another Party as a class in the territory of the Party, provided that this commitment does not result in unfair discrimination against financial service suppliers of the Party applying such measures.

[PA: Article X.16: Transparent Regulations

• The Parties recognize that transparent regulations and policies governing the activities of financial institutions and financial service suppliers are important in facilitating access of financial institutions and financial suppliers to, and their operations in, each other’s markets.
• Each Party shall make available to interested persons domestic requirements and applicable procedures for completing applications relating to the supply of financial services. Upon request of an applicant, the Party concerned shall inform the applicant of the status of its application. If the Party concerned requires additional information from the applicant, it shall notify the applicant without undue delay.
• Where a license or an authorization is required for the supply of a financial service, the competent authorities of a Party shall make the requirements for such a license or authorization publicly available. The period of time normally required to reach a decision concerning an application for a license or an authorization shall:
  • be made available to the applicant upon request;
  • be made publicly available; or
  • be made available by a combination of both.]

[EU, TR: Article X.16 Effective and Transparent Regulation

• Each Party shall, to the extent practicable, provide in advance to all interested persons any measure of general application that the Party proposes to adopt in order to allow an opportunity for such persons to comment on the measure. Such measure shall be provided:
  • by means of an official publication; or
  • in other written or electronic form.
• Each Party shall make available to interested persons its requirements for completing applications relating to the supply of financial services.
  
  On the request of an applicant, the concerned Party shall inform the applicant of the status of its application. If the concerned Party requires additional information from the applicant, it shall notify the applicant without undue delay. [para. 2 may need to be adapted to DR chapter]
• [EU: Each Party shall make its best endeavors to ensure that] [TR: Parties are encouraged to ensure that/ Parties shall take into consideration, where appropriate, that/ Special regard shall be given that] internationally agreed standard for regulation and supervision in the financial services sector and for the fight against tax evasion and avoidance are implemented and applied in its territory. Such internationally agreed standards are, inter alia, those adopted by the G20, the Financial Stability Board (FSB), the Basel Committee on Banking Supervision (BCBS), the International Association of Insurance Supervisors (IAIS), the International Organization of Securities Commissions (IOSCO), the Financial Action Task Force (FATF) and the Organization for Economic Cooperation and Development (OECD).

The Parties [EU: also take note of the] [TR: shall, whenever appropriate draw guidance from the] “Ten Key Principles for Information Exchange” promulgated by the G7, and will take all steps necessary to try to apply them in their bilateral contacts.]

[US: Article X.16: Transparency

• Articles [XX] of Annex [XX] (Domestic Regulations and/or Transparency) shall not apply to measures within the scope of this Annex.
• The Parties recognize that transparent regulations and policies governing the activities of financial service suppliers are important in facilitating their ability to gain access to and operate in each other’s market. Each Party commits to promote regulatory transparency in trade in financial services.
• Each Party shall ensure that all measure of general application to which this Annex applies are administered in a reasonable, objective, and impartial manner.
• Each Party shall, to the extent practicable,
  • publish in advance any regulations of general application relating to the subject matter of this Annex that it proposes to adopt and the purpose of the regulation; and
  • provide interested persons and Parties a reasonable opportunity to comment on such proposed regulations.
• At the time it adopts a final regulation, a Party should, to the extent practicable, address in writing substantive comments received from interested persons with respect to the proposed regulation.
• Each Party should, to the extent practicable, allow reasonable time between publication of a final regulation of general application and its effective date.
• Each Party shall ensure that a rule of general application adopted or maintained by self-regulatory organizations of the Party is promptly published or otherwise made available in such a manner as to enable interested persons to become acquainted with it.
• Each Party shall maintain or establish appropriate mechanisms for responding to inquires from interested persons regarding a measure of general application covered by this Annex.
• Each Party’s regulatory authorities shall make publicly available to interested persons the requirements, including any documentation required, for completing an application relating to the supply of financial services.
• On the request of an applicant, a Party’s regulatory authority shall inform the applicant of the status of its application. If the authority requires additional information from the applicant, it shall notify the applicant without undue delay.
• A Party’s regulatory authority shall make an administrative decision on a completed application of a financial service supplier of another Party relating to the supply of a financial service within 120 days, and shall promptly notify the applicant of the decision. An application shall not be considered complete until all relevant hearing are held and all necessary information is received. Where it is not practicable for a decision to be made within 120 days, the regulatory authority shall notify the applicant without undue delay and shall endeavor to make the decision within a reasonable time thereafter.
• On the request of an unsuccessful applicant, a regulatory authority that has denied an application shall, to the extent practicable, inform the applicant of the reasons for denial of the application.]

Article X.17: Prudential Measures

• Notwithstanding any other provision of the Agreement, a Party shall not be prevented from [PA, EU: taking] [US: adopting or maintaining] measures for prudential reasons, including for:
  • the protection of investors, depositors, [PA, US financial market users], policy-holders or persons to whom a fiduciary duty is owed by a financial service supplier; or
  • to ensure the integrity and stability of a Party’s financial system.
• Where such measures do not conform with the provisions of this Agreement, they shall not be used as a means of avoiding the Party’s commitments or obligations under the Agreement.

[US, EU Article X.18: Treatment of Information

Nothing in this Agreement shall be construed to require a Party to disclose information relating to the affairs and accounts of individual consumers or any confidential or proprietary information in the possession of public entities.]

[EU, US: Article X.19: Recognition

• A Party may recognize a prudential measure of any other country in determining how the Party’s measure relating to financial services shall be applied. Such recognition, which may be achieved through harmonization or otherwise, may be based upon an agreement or arrangement with the country concerned or may be accorded autonomously.
• A Party that is a party to such an agreement or arrangement referred to in paragraph [1], whether future or existing, shall afford adequate opportunity for other interested Parties to negotiate their accession to such agreements or arrangements, or to negotiate comparable ones with it, under circumstances in which there would be equivalent regulation, oversight, implementation of such regulation, and, if appropriate, procedures concerning the sharing of information between the Parties to the agreement or arrangement. Where a Party accords recognition autonomously, it shall afford adequate opportunity for any other Party to demonstrate that such circumstances exist.]

[EU, US: Article X.20: Dispute Settlement [EU: may need to be adapted to DS section]]

• [EU, US: A Panel for disputes on prudential issues and other financial matters shall have the necessary expertise relevant to the specific financial service under dispute.]
• [US: Where a [Panel] finds a measure to be inconsistent with this Agreement and the measure affects:
  • only a sector other than the financial services sector, the complaining Party may not suspend benefits in the financial services sector; or
  • the financial services sector and any other sector, the complaining Party may suspend benefits in the financial services sector that have an effect equivalent to the effect of the measure in the Party’s financial services sector.]

[US: Article X.21: Expedited Availability of Insurance

The Parties recognize the importance of maintaining and developing regulatory procedures to expedite the offering of insurance services by licensed suppliers. These procedures may include allowing introduction of products unless those products are disapproved within a reasonable time; not requiring product approval or authorization of insurance lines for insurance other than insurance sold to individuals or compulsory insurance; and not imposing limitations on the number or frequency of product introductions. If a Party maintains regulatory product approval procedures related to the offering of products within the scope of an insurance license, the Party shall endeavor to maintain or improve these existing procedures.]

[US: Article X.22: Supply of Insurance by Postal Insurance Entities

• The disciplines set out in this section apply where a Party allows its postal insurance entity to underwrite and supply direct insurance services to the general public. The services covered by this paragraph do not include the supply of insurance related to the collection, transport and delivery of letters or packages by a Party’s postal insurance entity.
• No Party [KR: to the extent possible] adopt or maintain a measure that creates conditions of competition that are more favorable to a postal insurance entity with respect to the supply of insurance services described in paragraph 1 as compared to a private supplier of like insurance services in its market, including by:
  • imposing more onerous conditions on a private supplier’s license to supply insurance services than the conditions the Party imposes on a postal insurance entity to supply like services; or
  • making a distribution channel for the sale of insurance services available to a postal insurance entity under terms and conditions more favorable than those it applies to private suppliers of like services.
• With respect to the supply of insurance services described in paragraph 1 by a postal insurance entity, a Party shall apply the same [KR: level of] regulations and enforcement activities as apply to the supply of like insurance services by private suppliers.
• In implementing its obligations under paragraph 3, a Party shall require a postal insurance entity that supplies insurance services described in paragraph 1 to publish an annual financial statement with respect to the supply of such services. The statement shall provide the level of detail and meet the auditing standards required under the generally accepted accounting and auditing principles, or equivalent rules, applied in the Party’s territory with respect to publicly traded private enterprises supplying like services.
  
  
  [KR: The statement shall provide the level of detail and meet the auditing standards required under the generally accepted accounting and auditing principles, or equivalent rules, applied in the Party’s territory with respect to publicly traded private enterprises supplying like services.]
  
• If a Panel under [Dispute Settlement] finds that a Party is maintaining a measure inconsistent with any of the commitments in paragraphs 2 through 4, the Party shall notify the complaining Party or Parties and provide an opportunity for consultations prior to allowing the postal insurance entity to:
  • issue a new insurance product, or modify an existing product in a manner equivalent to the creation of a new product, in competition with like insurance products supplied by a private supplier in the Party’s market; or
  • increase any limitation on the value of insurance, either in total or with regard to any type of insurance product, that the entity may sell to a single policyholder.
  [KR: If a Panel under [Dispute Settlement] finds that a Party is maintaining a measure inconsistent with any of the commitments in paragraphs 2 through 4, the Party shall notify the complaining Party or Parties and provide an opportunity for consultations prior to allowing the postal insurance entity to:
  • (a) issue a new insurance product, or modify an existing product in a manner equivalent to the creation of a new product, in competition with like insurance products supplied by a private supplier in the Party’s market; or
  • (b) increase any limitation on the value of insurance, either in total or with regard to any type of insurance product, that the entity may sell to a single policyholder.]
• This section does not apply to a postal insurance entity in the territory of a Party:
  • that the Party neither owns nor controls, directly or indirectly, as long as the Party does not maintain any advantage that modifies the conditions of competition in favor of the postal insurance entity in the supply of insurance services as compared to a private supplier of like insurance services in its market; or
  • if neither the sale of direct life nor non-life insurance underwritten by the postal insurance entity accounts for more than ten percent of total annual premium income in the relevant segment of the Party’s market as of [DATE CERTAIN].
• If a postal insurance entity in the territory of a Party exceeds the percentage threshold referred to in paragraph 6(b) after the date the Party signs the Agreement, the Party shall [KR: to the extent practicable,] ensure that the postal insurance entity is:
  • regulated by and subject to the enforcement of the same authorities that regulate and conduct enforcement activities with respect to the supply of insurance services by private suppliers; and
  • subject to the financial reporting requirements applying to financial services supplies supplying insurance services.
• For purposes of this section, postal insurance entity means an entity that underwrites and sells insurance to the general public and is owned or controlled, directly or indirectly by a postal entity of the Party.]

[US: Additional proposal on sectoral cooperatives selling insurance under consideration.]

---

1 For the purpose of this Article, “numerical restrictions” means limitations imposed either on the basis of a regional subdivision or on the basis of the entire territory of a Party, on the number of financial institutions whether in the form of a numerical quota, a monopoly, an exclusive service supplier or the requirements of an economic needs test.
2 [Norway: with an activity of at least 10 man-years or annual sales of above USD 10 million]
3 Custodial services are included in paragraph (e) only with respect to investments for which the primary market is outside of the territory of the Party.
4 For great certainty, the electronic payment services for payment card transactions referred to in this commitment fall within subparagraph (h) of the definition of “financial service” in Article 2, and within subcategory 71593 of the United Nations Central Product Classification, Version 2.0, and include only the processing of financial transactions such as verification of financial balances, authorization of transactions, notification of banks (or credit card issuers) of individual transactions and provision of daily summaries and instructions regarding the net financial position of relevant institutions for authorized transactions.
5 For greater certainty, a Party may issue a new regulation or other subordinate measure in permitting the supply of the new financial service.

Source: https://wikileaks.org/tisa-financial/

America's Criminal Empire Given New Life

House Passes Bill To Aid Koch Brothers, Deregulate Wall Street

Posted: 06/24/2014 4:33 pm EDT Updated: 06/25/2014 11:59 am EDT

WASHINGTON -- The U.S. House of Representatives on Tuesday passed a financial deregulation package that would benefit the Koch brothers and the nation's largest banks by a vote of 265-143.

The legislation would significantly weaken elements of the 2010 Dodd-Frank financial reform law dealing with derivatives -- the complex products at the heart of the 2008 meltdown. Many components of the bill approved Tuesday had previously passed the House with bipartisan support.

However, Democratic backing had been weakest on the most controversial measure, which allows U.S. firms to skirt domestic regulations on some derivatives by conducting trades through offshore affiliates in other major financial centers.

Republicans were almost uniform in their support, with Rep. Walter Jones (N.C.) the lone GOP holdout. Democratic opposition was broad, with only 46 Democrats voting in support -- a marked change from several recent House votes on Wall Street deregulation that have drawn substantial backing from dozens, and in some cases an overwhelming majority, of House Democrats. The White House issued a formal statement last week saying that it "strongly opposes" the legislation that passed Tuesday.

The bill includes several separate deregulatory measures sought by the largest Wall Street banks and the Koch brothers, who control significant financial and energy derivatives operations. Americans for Financial Reform, the premier policy analysis organization among bank watchdogs, advocated strongly against the bill alongside consumer groups and the AFL-CIO.

The bill also reauthorizes the existence of the primary derivatives regulator, the Commodity Futures Trading Commission. Bank reform advocates, however, are confident that the agency cannot be shut down, unless it's defunded by Congress. The CFTC's formal authorization expired in October 2013.
The Democratic Party has been roiled in recent months by internal divisions over its relationship with Wall Street, with one wing of the party attempting to cozy up to financiers in pursuit of campaign cash and another seeking to rein in banking excess. In Congress, the turmoil has divided even traditionally progressive organizations, including the Congressional Black Caucus. The CBC largely opposed the CFTC bill Tuesday, with only Reps. G.K. Butterfield (D-N.C.) and David Scott (D-Ga.) voting for it. Twenty-five members of the corporate-friendly New Democrat Coalition voted for the bill.

The offshoring provision of the bill is derided as the "London Whale Loophole Act" by its critics, a reference to JPMorgan's infamous trade conducted out of its London office that cost the bank over $6.2 billion in abrupt losses. The provision received 73 Democratic votes on the floor last year and had two Democratic co-sponsors, Scott and Rep. John Carney (Del.). Both have frequently backed Wall Street deregulatory measures. Reps. Jim Himes (D-Conn.) and Gwen Moore (D-Wis.), who have also been sympathetic to Wall Street, co-sponsored a similar bill in 2011. Himes, Moore and Carney all voted against today's bill.

Other deregulatory provisions in the bill had previously passed the House in bipartisan blowouts, with one clearing 423-0 and another 441-12. Some of the provisions in the bill voted on Tuesday are now largely symbolic, as they have already influenced CFTC rules.

But the Democrat-controlled Senate has not taken up the various deregulatory measures, most of which first cleared the House separately more than a year ago. By lumping the measures together, deregulation supporters had hoped to generate broader support to pressure the Senate into action, an unlikely prospect after Tuesday's vote.

Tuesday's bill would also require the CFTC to conduct extensive cost-benefit analyses for a host of derivatives regulations. The GOP has insisted that such analyses will improve efficiency, but bank watchdogs view them as an effort to hamstring ordinary oversight. Quantifying the long-term costs and benefits of a rule is effectively impossible when the risks include financial panics and their aftermath. Many traditional regulations on food safety and other measures have been considered critical to the public good irrespective of their cost. Both Moore and Financial Services ranking Democrat Maxine Waters (Calif.) introduced amendments that would have curtailed the effects of these analyses, but they were voted down by the GOP.

Republicans on the House Rules Committee had blocked more aggressive oversight amendments from Waters and Rep. Stephen Lynch (D-Mass.), preventing floor votes on them. Lynch's proposal would have required greater scrutiny of high-frequency trading. Waters' amendment would have banned anyone who had been convicted of violating securities laws, or who is the subject of a formal ongoing securities law investigation, from serving on the CFTC's advisory committee.

Former JPMorgan Managing Director Blythe Masters was named to that committee early this year, but quickly resigned the post. In April, reports surfaced that she was being investigated by the FBI over the bank's commodity trading operations. The company agreed to pay $410 million last year to settle civil allegations of impropriety in Masters' division.

Source: http://www.huffingtonpost.com/2014/06/24/koch-brothers-wall-street_n_5525566.html?ncid=fcbklnkushpmg00000013