DESCRIPTION: The Primary Dealers Act of 1988 prohibits a foreign firm to be designated as a primary dealer in U.S. government debt obligations unless the home country of the foreign firm accords to U.S. firms the same competitive opportunities as are accorded to domestic firms in the underwriting and distribution of government debt instruments in the firm's home country.
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ANNEX VII PART A Schedule of the United States
TYPE OF RESERVATION: Articles 1407, 1408 and 1409 (National Treatment, MFN Treatment, Staffing)
MEASURE: Eligibility of foreign trust indentures
LEGAL CITATION: Trust Indenture Act of 1939, 15 U.S.C. 77jjj(a)(1) and rules thereunder.
DESCRIPTION: Under the Trust Indenture Act of 1939, foreign firms located outside the United States may be prohibited from acting as sole trustees under an indenture for debt securities sold in the United States if U.S. institutional trustees cannot act as sole trustee for securities sold in the foreign country.
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ANNEX VII PART A Schedule of the United States
TYPE OF RESERVATION: Article 1409 (MFN Treatment)
LEGAL CITATION: Rule 15c3-3 of the Securities Exchange Act of 1934, 17 C.F.R. 240.15c3-3.
DESCRIPTION: Broker-dealers that maintain their principal place of business in Canada may maintain their reserve requirement at a Canadian bank subject to supervision by an authority of Canada; however, other foreign broker-dealers not in the U.S. or Canada must maintain reserves in the U.S.
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ANNEX VII PART A Schedule of the United States
SUB-SECTOR: Commodity Futures and Options
TYPE OF RESERVATION: Articles 1405 and 1406 (Cross-Border Trade, New Financial Services)
LEGAL CITATION: Commodity Exchange Act, 7 U.S.C. 2.
DESCRIPTION: Federal law prohibits the offer or sale of futures contracts on onions, options contracts on onions and options on futures contracts on onions in the United States and services related thereto.
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ANNEX VII PART A Schedule of the United States