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Legal Update

WTO Defines Limits of National Rules for Financial Service Providers

27 April 2016
Mayer Brown Legal Update

On April 14, 2016, the World Trade Organization’s Appellate Body overturned several aspects of a prior ruling by a WTO dispute settlement panel that had reviewed Panamanian claims against tax measures imposed by Argentina. The measures target services and service suppliers from countries that do not exchange information with Argentina for purposes of fiscal transparency.

While Panama did not challenge the underlying Argentine decree directly, it challenged eight of the retaliatory measures imposed by Argentina against countries designated as “non-cooperating” under the decree. The Appellate Body’s report, in addition to overturning some of the decisions of the dispute settlement panel, addresses key concepts under the General Agreement on Trade in Services and provides clarifications that will advance the body of WTO law on trade in services.


  • Timothy J. Keeler
    T +1 202 263 3774
  • Tiffany L. Smith
    Legal Professional / Consultant, Senior Policy Advisor
    T +1 202 263 3882

Related People

  • Duane W. Layton
    T +1 202 263 3811
  • Cecil Leong
    Chief Executive Officer, Asia Pacific, Mayer Brown Consulting
    T +65 6327 0254
  • Nikolay Mizulin
    T +32 2 551 5967
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