Details Leak On How Secret Global Treaty Will Force Countries To Further Deregulate Financial Sector

Details Leak On How Secret Global Treaty Will Force Countries To Further Deregulate Financial Sector | Techdirt:
Here's how WikiLeaks describes its latest release:

Today, WikiLeaks released the secret draft text for the Trade in Services Agreement (TISA) Financial Services Annex, which covers 50 countries and 68.2%1 of world trade in services. 

The US and the EU are the main proponents of the agreement, and the authors of most joint changes, which also covers cross-border data flow.
In a significant anti-transparency manoeuvre by the parties, the draft has been classified to keep it secret not just during the negotiations but for five years after the TISA enters into force.
Despite the failures in financial regulation evident during the 2007-2008 Global Financial Crisis and calls for improvement of relevant regulatory structures, proponents of TISA aim to further deregulate global financial services markets. 

The draft Financial Services Annex sets rules which would assist the expansion of financial multi-nationals -- mainly headquartered in New York, London, Paris and Frankfurt -- into other nations by preventing regulatory barriers. 

The leaked draft also shows that the US is particularly keen on boosting cross-border data flow, which would allow uninhibited exchange of personal and financial data.
...The TISA is being promoted by the same governments that installed the failed model of financial (de)regulation in the WTO and which has been blamed for helping to fuel the Global Financial Crisis (GFC).
The same states shut down moves by other WTO Members to critically debate these rules following the GFC with a view to reform.

... Here, it means that restrictions on the financial industry can only be reduced, never increased, no matter how badly they screw up the global economy (again).