Relevance of WTO Law for Financial Services
Lessons from “Argentina – Financial Services”

In the past debates about financial markets regulations the fact that most countries are Member States of the World Trade Organization (WTO) was often neglected. Through its recent decision “Argentina – Financial Services” the WTO Dispute Settlement Body now shifted the focus to the impact of WTO law on financial services. Even if very concrete findings have not been given, the assessment of the likeness test, of the less favorable treatment and of the prudential carve-out bring at least partly additional legal certainty notwithstanding the lack of considerations to issues such as market delineation or standard-setting.