Feeds

Bankers bid to use offshore temp techies

WikiLeaks publishes Financial Services Annex to 50-nation Trade in Services Agreement

HP ProLiant Gen8: Integrated lifecycle automation

Financial services organisations could parachute IT staff in wherever they please instead of employing locals, under provisions of an annex to the Trade in Services Agreement (TISA) revealed today by WikiLeaks.

TISA is a trade agreement aimed at making it easier for service providers to access foreign markets. But the Financial Services Annex (PDF), which WikiLeaks says is secret, contains some un-nerving provisions.

There's broad concern about the document's suggestion that financial services organisations should enjoy unrestricted access to TISA signatories' markets. Reg readers may also be worried by Article X.9, titled “Temporary Entry of Personnel” as it provides that parties to the treaty “shall permit temporary entry into its territory of … (i)senior managerial personnel possessing proprietary information essential to the establishment, control and operation of the services of the financial service supplier; and (ii) specialists in the operation of the financial service supplier. specialists in the operation of the financial service supplier.”

That sounds an awful lot like a provision to parachute in IT staff, rather than hiring locally.

Article X.9 is proposed by the European Union (EU), so a kinder interpretation is possible given the EU is keen on open borders. And Australia has added an amendment suggesting the Article be “Subject to any terms limitations, conditions and qualifications that the Party shall set out in its Schedule,” which suggests parties to the treaty will be able to regulate the kind of folks allowed temporary entry.”

Trade in Services Agreement parties

Nations negotiating the Trade in Services Agreement

As the map above shows, 50 nations are negotiating TISA.While nations noted as sources offshore IT workers aren't included, it's not hard to imagine a financial services organisation could consider creating expert teams in a lower-wage nation and using the Agreement's provisions to parachute them into higher-wage nations.

The Agreement does not, as yet, specify term limitations. Let's hope future versions of the Annex make them short, shall we? ®

Bridging the IT gap between rising business demands and ageing tools

More from The Register

next story
ONE EMAIL costs mining company $300 MEEELION
Environmental activist walks free after hoax sent share price over a cliff
Arrr: Freetard-bothering Digital Economy Act tied up, thrown in the hold
Ministry of Fun confirms: Yes, we're busy doing nothing
Help yourself to anyone's photos FOR FREE, suggests UK.gov
Copyright law reforms will keep m'learned friends busy
Apple smacked with privacy sueball over Location Services
Class action launched on behalf of 100 million iPhone owners
US judge: YES, cops or feds so can slurp an ENTIRE Gmail account
Crooks don't have folders labelled 'drug records', opines NY beak
UK government officially adopts Open Document Format
Microsoft insurgency fails, earns snarky remark from UK digital services head
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
prev story

Whitepapers

Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Top 8 considerations to enable and simplify mobility
In this whitepaper learn how to successfully add mobile capabilities simply and cost effectively.
Seven Steps to Software Security
Seven practical steps you can begin to take today to secure your applications and prevent the damages a successful cyber-attack can cause.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.