Competitive Concerns of Foreign Financial Firms in Japan, the United Kingdom, and the United States
NSIAD-88-171: Published: Jun 24, 1988. Publicly Released: Jun 24, 1988.
- Full Report:
Pursuant to a congressional request, GAO reviewed the regulatory treatment of U.S. financial firms in Japan and the United Kingdom and the treatment of foreign financial firms in the United States to determine whether the three countries uniformly applied national treatment.
GAO found that: (1) all three countries made steady progress in reducing competitive barriers; and (2) national treatment appeared to be a reality in many areas of the international financial services industry. Specifically, GAO found that: (1) U.S. financial firms generally received national treatment in Japan and in the United Kingdom, but found it difficult to do business in Japan; (2) foreign firms in the United States generally received equivalent treatment with U.S. firms; (3) firms judged remaining national treatment concerns as minor relative to general conditions; and (4) firms expressed the most concern about additional issues which transcended national treatment, such as financial market deregulation and globalization.