A financial services supplier authorised in its home state that wishes to supply services cross-border into another state will, absent any relief, have in addition to meet the regulatory requirements of that host state to trade in it. Regulatory frictions including duplicative regulatory requirements are barriers to cross-border trade. This article considers certain techniques deployed to reduce such barriers, noting that trust plays a part in many of them. These techniques grant relief to incoming firms from obligations to comply with the regulatory requirements of a host state. They may take the form of unilateral arrangements, with or without any conditions. There may be assessments of equivalence as a basis for relief from compliance with the host state’s rules: deference to the home state’s regime, a basis for recognition, whether unilateral or mutual. Recognition may be given effect through a party’s domestic laws or in international law under the General Agreement on Trade in Services (GATS) Article VII. A GATS Article VII agreement can relieve regulatory frictions in the financial services sector alone as there is no requirement for “substantial sectoral coverage” as required for regional trade agreements under GATS Article V. Mutual recognition agreements for financial services in international law are, however, few in number.

在其所在州获得授权的金融服务提供商，如果希望向另一州跨境提供服务，在没有任何救济的情况下，还必须满足该东道国的监管要求才能进行交易。包括重复监管要求在内的监管摩擦是跨境贸易的障碍。本文考虑了为减少此类障碍而部署的某些技术，并指出信任在其中许多障碍中发挥着重要作用。这些技术减轻了新入驻公司遵守东道国监管要求的义务。它们可以采取单方面安排的形式，有或没有任何条件。可能会有对等性的评估，作为免除遵守东道国规则的基础：尊重母国的制度，承认的基础，无论是单方面的还是相互的。承认可以通过一方的国内法或根据《服务贸易总协定》（GATS）第七条的国际法予以生效。服务贸易总协定第七条协议本身就可以缓解金融服务部门的监管摩擦，因为服务贸易总协定第五条下的区域贸易协定并不要求“实质性的部门覆盖”。然而，国际法中的金融服务互认协议是：数量很少。