Feeds

Bankers bid to use offshore temp techies

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

Choosing a cloud hosting partner with confidence

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? ®

Remote control for virtualized desktops

More from The Register

next story
MI6 oversight report on Lee Rigby murder: US web giants offer 'safe haven for TERRORISM'
PM urged to 'prioritise issue' after Facebook hindsight find
BIG FAT Lies: Porky Pies about obesity
What really shortens lives? Reading this sort of crap in the papers
Assange™ slumps back on Ecuador's sofa after detention appeal binned
Swedish court rules there's 'great risk' WikiLeaker will dodge prosecution
You think the CLOUD's insecure? It's BETTER than UK.GOV's DATA CENTRES
We don't even know where some of them ARE – Maude
prev story

Whitepapers

Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.
Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
10 ways wire data helps conquer IT complexity
IT teams can automatically detect problems across the IT environment, spot data theft, select unique pieces of transaction payloads to send to a data source, and more.
5 critical considerations for enterprise cloud backup
Key considerations when evaluating cloud backup solutions to ensure adequate protection security and availability of enterprise data.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?