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SIFMA today released the following statement from Kenneth E. Bentsen, Jr., SIFMA president and CEO, applauding the Senate’s passage of the United States, Mexico and Canada Agreement (USMCA) and strongly supporting its adoption:
“USMCA includes a robust financial services chapter and SIFMA welcomes its passage by the Senate. For the first time in any U.S. trade agreement, USMCA includes a prohibition on forced data localization for financial services. This is a critically important outcome and it should be replicated in future trade and investment agreements beyond USMCA.”
In addition to how USMCA treats data, the agreement also enhances cross-border financial services flows by:
- Extending the market access article to financial services thereby prohibiting governments from imposing measures such as limiting the number of suppliers;
- Extending the scope of National Treatment in financial services to electronic payment systems, portfolio management and investment advice.
