Macroprudential Regulation: Potential Implications for Rules for Cross-Border Banking.

In the post-crisis agenda of reform of financial regulation, macroprudential policy has been assigned a central role. Some of the measures of this agenda involve restrictions on cross-border financial flows and discriminatory restrictions targeting particular financial institutions and activities. Others target corporate form and the relations between the constituent parts of banking groups. Many of the measures implemented or proposed as part of the reform agenda may be inconsistent with the World Trade Organization (WTO) General Agreement on Trade in Services (GATS) and with other bilateral and regional agreements on trade and investment in banking services. As a result both sets of rules may eventually require revision. [ABSTRACT FROM AUTHOR]