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Financial services chapter summary

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The modernized financial services chapter promotes a level playing field between Canadian, Mexican and U.S. financial service providers through a framework of general rules tailored to the unique nature of the financial sector. The chapter also provides protections for investments in financial institutions for all three countries, establishes a framework for regulatory transparency and includes a state-to-state dispute settlement framework tailored to the financial sector. As with the investment chapter, there will be no investor-state dispute settlement mechanism for financial services that applies to Canada. Finally, the financial services chapter includes a strong prudential carve-out, ensuring the right of financial sector regulators to take measures to preserve the safety and soundness of the financial system.

The financial services chapter of the Canada-United States-Mexico Agreement (CUSMA) will provide legal certainty to Canadian financial institutions by locking in current levels of market access and future liberalization by Mexico and the United States. The chapter includes a number of features that bring CUSMA to the same high standard as Canada’s more recent trade agreements, including obligations ensuring that Canadian financial institutions do not face limitations or restrictions in accessing Mexican and U.S. markets, and provisions on financial services that may be supplied on a cross-border basis. The chapter also includes modernized provisions on data transfer and storage to enhance the free flow of information, protect the privacy and confidentiality of personal information and safeguard regulators’ ongoing and unrestricted access to the financial information they need, which is especially important in a financial crisis scenario.

Technical summary of negotiated outcomes: Financial services

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