Keywords
financial system
economic stability
regional trade agreements
Colombia
exceptions to regulation
wto law
trade in financial services
prudential regulation
How to Cite
Abstract
Prudential regulation is aimed to protect consumers of financial services and the preservation of the integrity and the stability of the financial system. The adoption of this type of regulation has been proven to be vital for the economic stability of countries. Since the creation of the World Trade Organization (wto), international commitments towards the liberalization on trade in services, including financial services, have had a direct impact on the policy space of countries for adopting prudential regulation. Such is the case of Colombia, as Member of the wto and as party of different regional trade agreements (rtas). This article makes a comparative analysis of the scope of the prudential regulation exceptions that Colombia has negotiated in relevant rtas vis-à-vis, the so-called “prudential carve-out” under the General Agreement on Trade in Services (gats). This comparative analysis intends to show that, from this perspective, Colombia’s policy space for adopting prudential measures has been limited considerably, especially with respect to discriminatory measures.This journal is registered under a Creative Commons Attribution 4.0 International Public License. Thus, this work may be reproduced, distributed, and publicly shared in digital format, as long as the names of the authors and Pontificia Universidad Javeriana are acknowledged. Others are allowed to quote, adapt, transform, auto-archive, republish, and create based on this material, for any purpose (even commercial ones), provided the authorship is duly acknowledged, a link to the original work is provided, and it is specified if changes have been made. Pontificia Universidad Javeriana does not hold the rights of published works and the authors are solely responsible for the contents of their works; they keep the moral, intellectual, privacy, and publicity rights.
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