Abstract

CASTRO-RIBEROS, Miguel. COLOMBIA'S POLICY SPACE FOR PRUDENTIAL REGULATION: AN ANALYSIS FROM ITS INTERNATIONAL TRADE COMMITMENTS. Int. Law: Rev. Colomb. Derecho Int. [online]. 2013, n.23, pp.119-152. ISSN 1692-8156.

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.

Keywords : WTO law; trade in financial services; prudential regulation; users; financial system; economic stability; regional trade agreements; Colombia; exceptions to regulation.

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