1.This Act may be cited as the
Currency Reform and Financial Markets
Access Act of 2007
.
<enum>I</enum><header display-inline="yes-display-inline">Exchange rates and international economic
policy coordination Act of 1988</header>
<section commented="no" display-inline="no-display-inline" id="id8A1686154FEE4C399D46459BAD8DB258" section-type="subsequent-section"><enum>101.</enum><header display-inline="yes-display-inline">Statement of policy</header><text display-inline="no-display-inline">Section 3003 of the Exchange Rates and
International Economic Policy Coordination Act of 1988 (22 U.S.C. 5303) is
amended—</text>
<paragraph commented="no" display-inline="no-display-inline" id="IDa5d57728b7224bfbab01e25f9d73dd12"><enum>(1)</enum><text display-inline="yes-display-inline">by striking <quote>and</quote> at the end
of paragraph (3);</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="IDb0cd0a8a90fb4085b9efa2111a46572c"><enum>(2)</enum><text display-inline="yes-display-inline">by striking the period at the end of
paragraph (4) and inserting a semicolon; and</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="ID11f25d92740747508956898fac293e7e"><enum>(3)</enum><text display-inline="yes-display-inline">by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="id3F70C12A5FF84776ABC970840EF7FFEF" style="OLC">
<paragraph commented="no" display-inline="no-display-inline" id="IDb8c547c3cf7f46f6b6fe0d1cd77b723a"><enum>(5)</enum><text display-inline="yes-display-inline">the United States, and other major
industrialized countries, should, where appropriate, work together, through
bilateral and multilateral discussions and international economic institutions,
to ensure that the rate of exchange of the currencies of the major trading
nations and the United States dollar—</text>
<subparagraph commented="no" display-inline="no-display-inline" id="ID7d8261fa85494f80a898aca9ff587ae0"><enum>(A)</enum><text display-inline="yes-display-inline">reflect economic fundamentals and market
forces; and</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="IDe15801fcfaa14fe59d5f6c18865a86a2"><enum>(B)</enum><text display-inline="yes-display-inline">contribute to the growth and balance of the
international economy; and</text>
</subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="IDba53d64bd8ac4336a359c309808c272b"><enum>(6)</enum><text display-inline="yes-display-inline">the United States should take all
appropriate and necessary measures to ensure that the major trading partners of
the United States are not engaged in hidden or unfair subsidies through
management of their currency or international exchange
rates.</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></section><section commented="no" display-inline="no-display-inline" id="ID27023ba86944414e8827ace1ebe49805" section-type="subsequent-section"><enum>102.</enum><header display-inline="yes-display-inline">Fair currency</header>
<subsection commented="no" display-inline="no-display-inline" id="ID6d80a43b0d20404fbbe2d37c8126c89e"><enum>(a)</enum><header display-inline="yes-display-inline">In general</header><text display-inline="yes-display-inline">Section 3004(b) of the Exchange Rates and
International Economic Policy Coordination Act of 1988 (22 U.S.C. 5304(b)) is
amended to read as follows:</text>
<quoted-block display-inline="no-display-inline" id="id7C82FCE75AE84BE4811561400DCA4C11" style="OLC">
<subsection commented="no" display-inline="no-display-inline" id="ID62790f6b4e3a4909b09ec884fc3e8f81"><enum>(b)</enum><header display-inline="yes-display-inline">Bilateral negotiations</header>
<paragraph commented="no" display-inline="no-display-inline" id="IDc165903de01d4d4681e4ac4a6f866a90"><enum>(1)</enum><header display-inline="yes-display-inline">Analysis</header><text display-inline="yes-display-inline">The Secretary of the Treasury shall analyze
on an annual basis the exchange rate policies of foreign countries, in
consultation with the International Monetary Fund, and consider whether any
country, regardless of intent, manipulates the rate of exchange between its
currency and the United States dollar in a manner that—</text>
<subparagraph commented="no" display-inline="no-display-inline" id="ID19c9a6abc9e74491a88183307012d49a"><enum>(A)</enum><text display-inline="yes-display-inline">prevents effective balance of payments
adjustments;</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="ID88553de8313a4ddd81d5bbc28dd07d0a"><enum>(B)</enum><text display-inline="yes-display-inline">gains an unfair competitive advantage in
international trade; or</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="IDb15a8b22b4194c28ba992ba545cfcc85"><enum>(C)</enum><text display-inline="yes-display-inline">results in an accumulation of substantial
dollar currency reserves.</text>
</subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="ID17c5a4d801c54ffb90f49f7cd9c31cca"><enum>(2)</enum><header display-inline="yes-display-inline">Determination</header><text display-inline="yes-display-inline">The Secretary shall make an affirmative
determination that a country is manipulating its currency and take the action
described in paragraphs (3), (4), and (5) with respect to any country the
Secretary considers is manipulating its currency as described in paragraph (1),
if that country—</text>
<subparagraph commented="no" display-inline="no-display-inline" id="ID82d58ecc266f40c782cfc0d89009c2e8"><enum>(A)</enum><text display-inline="yes-display-inline">has a material global current account
surplus;</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="id8C008BF11540488D90869581A199CC88"><enum>(B)</enum><text display-inline="yes-display-inline">has significant bilateral trade surpluses
with the United States; and</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="IDcc07e194c2404e72a98ffd03dc1067e8"><enum>(C)</enum><text display-inline="yes-display-inline">has engaged in prolonged one-way
intervention in the currency markets.</text>
</subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="ID4b8eea8c94564166aaeb4578da6f2d09"><enum>(3)</enum><header display-inline="yes-display-inline">Action</header>
<subparagraph commented="no" display-inline="no-display-inline" id="IDab9cdccc7d6c40e8ba56fa090fa8878a"><enum>(A)</enum><header display-inline="yes-display-inline">In general</header><text display-inline="yes-display-inline">In the case of any country with respect to
which the Secretary makes an affirmative determination under paragraph (2), the
Secretary shall, not later than 30 days after the determination is made,
establish a plan of action to remedy the currency manipulation, and submit a
report regarding that plan, to the Committee on Banking, Housing, and Urban
Affairs of the Senate and the Committee on Financial Services of the House of
Representatives.</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="IDd57b253573ae42b0968ad31e5f3451d5"><enum>(B)</enum><header display-inline="yes-display-inline">Benchmarks</header><text display-inline="yes-display-inline">The report described in subparagraph (A)
shall include specific benchmarks and timeframes for correcting the currency
manipulation.</text>
</subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="ID36304beef9384844a8732bc548630a31"><enum>(4)</enum><header display-inline="yes-display-inline">Initial negotiations</header><text display-inline="yes-display-inline">The Secretary shall initiate, on an
expedited basis, bilateral negotiations with each country with respect to which
an affirmative determination is made under paragraph (2) for the purpose of
ensuring that the country regularly and promptly adjusts the rate of exchange
between its currency and the United States dollar to permit effective balance
of payment adjustments and to eliminate the unfair competitive
advantage.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="IDb7d766bbd8714ee78c526f9da2399f80"><enum>(5)</enum><header display-inline="yes-display-inline">Coordination with the international
monetary fund</header><text display-inline="yes-display-inline">The Secretary,
within 30 days of the determination made under paragraph (2), shall instruct
the Executive Director to the International Monetary Fund to use the voice and
vote of the United States, including requesting consultations under Article IV
of the Articles of Agreement of the International Monetary Fund, for the
purpose of ensuring that each country with respect to which an affirmative
determination is made under paragraph (2) regularly and promptly adjusts the
rate of exchange between its currency and the United States dollar to permit
effective balance of payments adjustments and to eliminate the unfair
competitive advantage in trade.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="ID073a5fc8ad414a6dba0f818a92fcd1eb"><enum>(6)</enum><header display-inline="yes-display-inline">Follow-up report</header><text display-inline="yes-display-inline">Not later than 300 days after an
affirmative determination is made under paragraph (2), if the country with
respect to which the affirmative determination is made continues to manipulate
the rate of exchange between its currency and the United States dollar and the
benchmarks in the report required under paragraph (3) have not been met, the
Secretary shall initiate action pursuant to the Understanding on Rules and
Procedures Governing the Settlement of Disputes annexed to the WTO Agreement to
address the country’s currency manipulation and violations of the country’s
obligations under article XV of GATT 1994.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="IDf44cb1c6b8df4d2496796643a6537afd"><enum>(7)</enum><header display-inline="yes-display-inline">Exception</header><text display-inline="yes-display-inline">The Secretary is not required to initiate
action in any case in which the President determines that the action will have
a serious detrimental impact on the vital economic and security interests of
the United States. If the President makes a determination under the preceding
sentence, the President shall inform the chairman and the ranking minority
member of the Committee on Banking, Housing, and Urban Affairs of the Senate
and of the Committee on Financial Services of the House of Representatives of
the President’s
determination.</text>
</paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection commented="no" display-inline="no-display-inline" id="ID45cae343d48b44408a4e1a2a73d63bf4"><enum>(b)</enum><header display-inline="yes-display-inline">Definitions</header><text display-inline="yes-display-inline">Section 3006 of the Exchange Rates and
International Economic Coordination Act of 1988 (22 U.S.C. 5306) is amended by
adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="id2081E48DD9EF4ACCAB33C4BFE2EA2F26" style="OLC">
<paragraph commented="no" display-inline="no-display-inline" id="ID6489174d76df4c21a728f59c14eb34db"><enum>(3)</enum><header display-inline="yes-display-inline"><enum-in-header>GATT
1994</enum-in-header></header><text display-inline="yes-display-inline">The
term <term>GATT 1994</term> has the meaning given such term in section 2(1)(B)
of the Uruguay Round Agreements Act (19 U.S.C. 3501(1)(B)).</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="ID8e8a69d6ac96432eb617d8c15fbe2ab9"><enum>(4)</enum><header display-inline="yes-display-inline"><enum-in-header>WTO</enum-in-header>
agreement</header><text display-inline="yes-display-inline">The term <term>WTO
Agreement</term> means the Agreement Establishing the World Trade Organization
entered into on April 15,
1994.</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection></section><section commented="no" display-inline="no-display-inline" id="IDd9ab68cd054b4600be954a753819008b" section-type="subsequent-section"><enum>103.</enum><header display-inline="yes-display-inline">Reporting requirements</header><text display-inline="no-display-inline">Section 3005 of the Exchange Rates and
International Economic Policy Coordination Act of 1988 (22 U.S.C. 5305) is
amended—</text>
<paragraph commented="no" display-inline="no-display-inline" id="ID536e940d6951427e94aca1c539965024"><enum>(1)</enum><text display-inline="yes-display-inline">in subsection (a)—</text>
<subparagraph commented="no" display-inline="no-display-inline" id="idECBA3825530349569E32BEC62640845E"><enum>(A)</enum><text display-inline="yes-display-inline">by striking <quote>In furtherance</quote>
and inserting the following:</text>
<quoted-block display-inline="no-display-inline" id="idA6D3F61E177B4B2EB7D13F934D953046" style="OLC">
<paragraph commented="no" display-inline="no-display-inline" id="idEC6351FC68184412873B85ED8E0983DE"><enum>(1)</enum><header display-inline="yes-display-inline">In general</header><text display-inline="yes-display-inline">In
furtherance</text>
</paragraph><after-quoted-block>;
and</after-quoted-block></quoted-block>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="idB22979F17391474CA32FC91166543581"><enum>(B)</enum><text display-inline="yes-display-inline">by striking the last sentence; and</text>
</subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="idC2AB9E46E8F547B9BFF16A8AAF4509AB"><enum>(2)</enum><text display-inline="yes-display-inline">by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="id980CEED53B4B4CF2A86137EB00146E9B" style="OLC">
<paragraph commented="no" display-inline="no-display-inline" id="ID63081971310e4c8eb4cc1a9b5a144d62"><enum>(2)</enum><header display-inline="yes-display-inline">Appearances before the
Congress</header><text display-inline="yes-display-inline">The Secretary shall
appear before the Congress at semi-annual hearings to provide testimony on the
reports referred to in paragraph (1)—</text>
<subparagraph commented="no" display-inline="no-display-inline" id="ID491431ae8c744cb9a981bf4963dda253"><enum>(A)</enum><text display-inline="yes-display-inline">before the Committee on Banking, Housing
and Urban Affairs of the Senate on or about October 15 of each even numbered
calendar year and on or about April 15 of each odd numbered calendar
year;</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="ID54a82307fb984c7db82d78987829721b"><enum>(B)</enum><text display-inline="yes-display-inline">before the Committee on Financial Services
of the House of Representatives on or about April 15 of each even numbered
calendar year and on or about October 15 of each odd numbered calendar year;
and</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="ID9a1c50f5babb4572a4d0029809b192ab"><enum>(C)</enum><text display-inline="yes-display-inline">before either Committee referred to in
subparagraph (A) or (B), upon request of the Chairman, following the scheduled
appearance of the Secretary before the other
Committee.</text>
</subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></section><section commented="no" display-inline="no-display-inline" id="IDaefba250cc2043a89621e3cc8ecadb08" section-type="subsequent-section"><enum>104.</enum><header display-inline="yes-display-inline">Congressional determination of currency
manipulation</header><text display-inline="no-display-inline">The Exchange
Rates and International Economic Policy Coordination Act of 1988 (22 U.S.C.
5301 et seq.) is amended by inserting after section 3004 the following:</text>
<quoted-block display-inline="no-display-inline" id="id8BB406C6E50542DAA55A2A83A9C4DE44" style="OLC">
<section commented="no" display-inline="no-display-inline" id="IDf13a37b3211d4455956f306edc20c923" section-type="subsequent-section"><enum>3004A.</enum><header display-inline="yes-display-inline">Action based on committee
resolution</header>
<subsection commented="no" display-inline="no-display-inline" id="ID65d533b550954f48ae279da15bdd7de1"><enum>(a)</enum><header display-inline="yes-display-inline">In general</header><text display-inline="yes-display-inline">In this section, the term
<term><added-phrase><italic>joint resolution</italic></added-phrase></term>
means only a joint resolution introduced in the period beginning on the date on
which the report referred to section 3004(b)(3) of the Exchange Rates and
International Economic Policy Coordination Act of 1988 is received by the
Committee on Banking, Housing and Urban Affairs of the Senate or the Committee
on Financial Services of the House of Representatives and ending 60 days
thereafter (excluding days either House of Congress is adjourned for more than
3 days during a session of Congress), the matter after the resolving clause of
which is as follows: <quote>That Congress disapproves of the determination of
the Secretary of the Treasury relating to the finding of currency manipulation
as described in section 3004(b) of the Exchange Rates and International
Economic Policy Coordination Act of 1988 in the report relating to ________,
submitted on ___________.</quote>, with the first blank space being filled with
the name of the country (or countries) to which the determination relates and
the second blank space being filled with the date the report was
submitted.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="ID5CDB54DEAA564D7F8A990A03A1226653"><enum>(b)</enum><header display-inline="yes-display-inline">Procedures for considering
resolutions</header>
<paragraph commented="no" display-inline="no-display-inline" id="ID7D84EF70E36C48C79E506A3FB464CE5F"><enum>(1)</enum><header display-inline="yes-display-inline">Original resolutions</header><text display-inline="yes-display-inline">Resolutions of disapproval shall be
original resolutions, which—</text>
<subparagraph commented="no" display-inline="no-display-inline" id="ID1DB6F619130E4C74A67B19B615499042"><enum>(A)</enum><text display-inline="yes-display-inline">in the House of Representatives shall
originate from the Committee on Financial Services and, in addition, be
referred to the Committee on Rules; and</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="ID11FABFC021F040B788C538EDF3A9A74D"><enum>(B)</enum><text display-inline="yes-display-inline">in the Senate shall originate from the
Committee on Banking, Housing, and Urban Affairs.</text>
</subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="IDAA22FCE6ABAA4CCC9E6A196FA3EB9992"><enum>(2)</enum><header display-inline="yes-display-inline">Floor consideration</header>
<subparagraph commented="no" display-inline="no-display-inline" id="id161A3B3BD4C5468096A478064C2D5CC9"><enum>(A)</enum><header display-inline="yes-display-inline">In general</header><text display-inline="yes-display-inline">Except as otherwise provided in this
section, the provisions of subsections (d) through (f) of section 152 of the
<act-name parsable-cite="TA74">Trade Act of 1974</act-name> (19 U.S.C. 2192(d)
through (f)) (relating to floor consideration of certain resolutions in the
House and Senate) apply to a joint resolution of disapproval under this section
to the same extent as such subsections apply to joint resolutions under such
section 152.</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="idD453399887DC47BF82625461A34BA55E"><enum>(B)</enum><header display-inline="yes-display-inline">Modification of section 152</header><text display-inline="yes-display-inline">Section 152(f) of the Trade Act of 1974
shall be applied—</text>
<clause commented="no" display-inline="no-display-inline" id="id30E7D66299DC436889B7120E01EBA043"><enum>(i)</enum><text display-inline="yes-display-inline">by substituting <quote>described in section
3004A of the Exchange Rates and International Economic Policy Coordination Act
of 1988</quote> for <quote>described in section 152 or 153(a), whichever is
applicable,</quote> in paragraph (2); and</text>
</clause><clause commented="no" display-inline="no-display-inline" id="idA866100B924C43079EBBEB2E517D9427"><enum>(ii)</enum><text display-inline="yes-display-inline">by substituting <quote>a joint resolution
described in section 3004A of the Exchange Rates and International Economic
Policy Coordination Act of 1988</quote> for <quote>a joint resolution described
in subsection (a)(2)(B)</quote> in paragraph (3).</text>
</clause></subparagraph></paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="ID4D4DD4D83D6F46CEAEA8542A58789AB0"><enum>(c)</enum><header display-inline="yes-display-inline">Rules of House of Representatives and
Senate</header><text display-inline="yes-display-inline">This section is
enacted by the Congress—</text>
<paragraph commented="no" display-inline="no-display-inline" id="ID34F8806C7E5E41E8B61AFB6E90C951C6"><enum>(1)</enum><text display-inline="yes-display-inline">as an exercise of the rulemaking power of
the House of Representatives and the Senate, respectively, and as such are
deemed a part of the rules of each House, respectively, and such procedures
supersede other rules only to the extent that they are inconsistent with such
other rules; and</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="ID9CFB3C390F4241A9823B2C991E2F3985"><enum>(2)</enum><text display-inline="yes-display-inline">with the full recognition of the
constitutional right of either House to change the rules (so far as relating to
the procedures of that House) at any time, in the same manner, and to the same
extent as any other rule of that
House.</text>
</paragraph></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</section><enum>II</enum><header display-inline="yes-display-inline">Financial reports Act of 1988</header>
<section commented="no" display-inline="no-display-inline" id="id6A4A445ACC334B0DB3C2E8ED4DD68F4D" section-type="subsequent-section"><enum>201.</enum><header display-inline="yes-display-inline">Short title</header><text display-inline="no-display-inline">This title may be cited as the
<quote><short-title>Promoting Market Access for Financial
Services Act</short-title></quote>.</text>
</section><section commented="no" display-inline="no-display-inline" id="ID44ea51d2dba54166a46c08c5e92071d8" section-type="subsequent-section"><enum>202.</enum><header display-inline="yes-display-inline">Report on foreign treatment of United
States financial institutions</header><text display-inline="no-display-inline">The Financial Reports Act of 1988 (22 U.S.C.
5351 et seq.) is amended—</text>
<paragraph commented="no" display-inline="no-display-inline" id="ID7b595a7d736445a2acf18c19d162de40"><enum>(1)</enum><text display-inline="yes-display-inline">in section 3602—</text>
<subparagraph commented="no" display-inline="no-display-inline" id="IDfbe0dfb274604842bf5e8e4dc5f5c868"><enum>(A)</enum><text display-inline="yes-display-inline">by striking <quote><header-in-text level="section" style="OLC">Quadrennial</header-in-text></quote> and inserting
<quote><header-in-text level="section" style="OLC">Annual</header-in-text></quote> in the heading;</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="IDea1d8d536e7d40cdb6883138442b6fb3"><enum>(B)</enum><text display-inline="yes-display-inline">by striking <quote>not less frequently than
every 4 years, beginning December 1, 1990</quote> and inserting
<quote>beginning July 1, 2008, and annually thereafter,</quote>; and</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="IDfcb9b6fb22784b2fa5c516388c59d5c8"><enum>(C)</enum><text display-inline="yes-display-inline">by striking <quote>to the Congress</quote>
and inserting <quote>to the Committee on Banking, Housing, and Urban Affairs of
the Senate and the Committee on Financial Services of the House of
Representatives</quote>;</text>
</subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="IDaf01db4dc8dc498cb4cce2165a8644c5"><enum>(2)</enum><text display-inline="yes-display-inline">in section 3603—</text>
<subparagraph commented="no" display-inline="no-display-inline" id="ID15761a5191df4d9ea84ca9adb6888067"><enum>(A)</enum><text display-inline="yes-display-inline">by redesignating subsections (b), (c), and
(d) as subsections (c), (d), and (e), respectively; and</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="ID08297cf1f90c4ba48cee7e2aa0322ee3"><enum>(B)</enum><text display-inline="yes-display-inline">by inserting after subsection (a), the
following:</text>
<quoted-block display-inline="no-display-inline" id="id5463EEB730274FCAB85E14D99D16A155" style="OLC">
<subsection commented="no" display-inline="no-display-inline" id="ID0cb9d17ab24547e588b40ca57097bec2"><enum>(b)</enum><header display-inline="yes-display-inline">Report on
<enum-in-header>SED</enum-in-header></header><text display-inline="yes-display-inline">The Secretary shall include in the initial
report required under section 3602 a summary of the results of the most recent
US–China Strategic Economic Dialogue (SED) and the results of the SED as it
relates to promoting market access for financial institutions. The reports
required under section 3602 shall include a progress report on the
implementation of any agreements resulting from the SED, a description of the
remaining challenges, if any, in improving market access for financial
institutions, and a plan, including benchmarks and timeframes, for dealing with
the remaining challenges. Each report shall specifically address issues
regarding—</text>
<paragraph commented="no" display-inline="no-display-inline" id="IDe02763965be447bab40d34727882e9c4"><enum>(1)</enum><text display-inline="yes-display-inline">foreign investment rules;</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="IDed257c974d2b4b5eb66e416d0e70b94b"><enum>(2)</enum><text display-inline="yes-display-inline">the problems of a dual-share stock
market;</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="ID7d8e3c8fde014b27bef11d18b2cd7cce"><enum>(3)</enum><text display-inline="yes-display-inline">the openness of the derivatives
market;</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="ID846b2c711ef940fe8703f474b3739e40"><enum>(4)</enum><text display-inline="yes-display-inline">restrictions on foreign bank
branching;</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="ID214717aa9a77432e9c7b3c81601b467e"><enum>(5)</enum><text display-inline="yes-display-inline">the ability to offer insurance (including
innovative products); and</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="IDe8c5fc671af149e2af25d9c88cf9a061"><enum>(6)</enum><text display-inline="yes-display-inline">regulatory and procedural
transparency.</text>
</paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subparagraph></paragraph></section>