"It can also be observed that the CBU plans to roll out new regulations to overcome excessive risks.TheCBU makes sure that the banks are not taking any form of risk that lead to financial crash in 2009. TheCBU is taking efforts to put in more rules and regulations to monitor the risks the lenders and borrowersfaced during the financial crash in 2009, and implement measures such that the economic meltdown doesnot occur again. The bank officials noted in their February 2016, announcement that the CBU would be45 releasing new risk management and CG rules for all the UAE banks by end of the year.The bank officials add that there will be a very clear additional stress laid upon the board and members ofthe board's accountability and responsibility. From this approach at the CBU it can be understood that thebank is striving hard to improve the banking sector to imbibe all the commitments it observes under theGATS. As discussed in the current section the CBU has been striving hard to imbibe the GATS obligation- transparency in the functionality of different banks. As discussed in the news release of February 2016, it can be noted that the CBU is thriving hard toimprove transparency in the banking sector by changing the regulatory framework of the UAE to beconsistent and transparent according to the international standards.Therefore, the CBU is definitelystriving hard to improve transparency in the UAE Banking sector, such that the nation, economy, foreigninvestors, customers and the bank itself is benefited by it.46 Domestic RegulationGATS majorly aims at striking balance between the government's regulations need to achieve alegal non-protectionists policies and its aim to obtain more open markets for trade in service. Forthis purpose the GATS categorizes certain measures as trade restrictions and some as domesticregulations. Pursuant to Article IV of the GATS domestic regulation is a measure that aims tominimize the restrictions of a potential or perhaps an inadvertent trade restriction regulation. The45Kassem Mahmoud,“UAE Central Bank to issue new regulations against excessive risks, 2016”46“Series on General Agreement on Trade in Services: Part 3,” ITC, Business Briefing Trade Policy, 2010 need to restrict trade restrictive regulations is because the businesses indeed feel that atransparent, predictable and fair regulatory environment will propose a more conducive area inwhich they can trade.Further, the GATS general obligations aim at increasing the participation of the developednations in the world?s trade in services by negotiating certain specific commitments and organizecontact points by the developed nations.The other obligation under GATS is the specific comments that include market access and thenational treatment. Obligations that apply to the Member countries on the basis of commitments,laid down in their individual schedules regarding the market access and national treatment forspecifically dedicated sector can be termed as specific obligation. A negotiated commitment for aspecified sector is the market access commitment. Unless the countries do not specify themeasure in its schedule, it cannot place any quantitative prohibition on services and servicesuppliers of the any sector listed in their schedule.Members of the WTO are committed to provide similar treatment to the foreign services andservice suppliers as they provide to their own services and service suppliers. This commitment istermed as the national treatment. In short, the countries are not allowed to give them any specialallowance to their services or service suppliers that may result in any form of competitiveadvantage to their goods. However, the extension of this specific commitment in any specificsector is subject to many qualifications and conditions.Every WTO Member is required to maintain its Schedule of Specific Commitments in Services.This schedule helps the other WTO members to get a brief idea on which services, sectors, sub- sectors or activities are subject to Market Access and the National Treatment obligations and limitations attached to them, if any. A detailed study of the principle of market access is made inthe further sections of the dissertation. The dissertation continues further in understanding howliberalization of services perfectly fit in the GATS framework.The domestic regulation provisions of the GATS are applicable to all service sectors. Six typesof domestic measures have been discussed as market access limitations under the GATSprovisions. Domestic regulations may imply de jure or the facts of discrimination between the47 host nation and the foreign members in relation to services and service providers.Being part of a conditional obligation the domestic regulations are not for the protective purposepursuant to Article XVI and Article XVII, might nevertheless restrict the trade practice. Suchrestrictive impact is acceptable in the light of prevailing objective policies or due to theinefficient or excessive intervention. The GATS has always taken measures to preserve the valueof commitments under specific obligations. The domestic regulations lay a form of discipline tobe adhered by the host nation while entering to agreement with the other member countries.These disciplines include administering all the measures of the general application affecting thetrade in service in an effective, unbiased, objective and reasonable manner; periodic implicationsuch as considering an application within specific period; licensing requirements and standardsof technology based on the criteria of objective and transparency, qualification requirements andprocedure, no heed for unnecessary barriers in trade in services and especially no licensingrestriction among the members of the WTO. Additionally, the domestic regulation also aims at47Kunaka Charles, Mustra Alina Monica, Saez Sebastian, “Trade Dimensions of Logistics Services A Proposal for Trade Agreements,” PolicyResearch Working Paper 6332; http://documents.worldbank.org/curated/en/978201468182646851/pdf/wps6332.pdfestablishing an adequate procedure that would help in verifying the professional competence of48 other members.These disciplines developed based on the requirements of the WTO members as a conditionalobligation during their agreement are not required to be submitted to the WTO for its approval.Every nation has the liberty to frame its own set of disciplines to be implemented in the trade inservices; they are required to justify their least trade restrictive practice only when WTOquestions the justification of a specific discipline if it is in turn conflicting with other nation?strade policies. The domestic regulations commitments never mention the measures that are saidto be at the risk of outlawing other negotiations. This approach is not surprising as thenegotiations under the Article VI:4 are limited to technical standards and licensing requirementsand qualification requirements and procedures such that the disciplines are not burdensome orrestrict the supply of services. The domestic regulation commitments are applicable only to49 services that are not rendered to exercise authority. As stated earlier the domestic regulation provisions of the GATS are discussed under Article VI.Analyzing the provisions it can be understood that four of the six paragraphs of the domesticregulations are applicable to the service sector. The paragraphs under the domestic regulationcommitments that specifically apply only to the scheduled commitment include paragraphs 1, 3,5 and 6, which include: the members will not pertain to licensing and qualification requirementsor any technical standards that would impair or nullify specific commitments in such a mannerwhich does not comply by the provisions of Article VI:4(a)(b) or (c) of the GATS agreement.48“Introduction to Trade in Services in the WTO,” WTO49“GATS – Facts and Fiction”; https://www.wto.org/english/tratop_e/serv_e/gatsfacts1004_e.pdfThus, it can be understood that the above discussed paragraphs impact the service sector of themember nation and the members which have listed legal services on its schedule of specificcommitments. Accordingly, it can also be noted that the scope of specific commitments underdomestic regulations is different in comparison to the market access and national treatment,because under this regulation the members do not have the obligation to exempt themselves fromthese three paragraphs (1, 3 and 6), nor they have the option to enforce any “standstillprovisions” especially with respect to legal services.As many nations including the UAE have added legal services in their specific commitmentschedule they have to compulsorily abide by the obligations laid in paragraph 1, 3 and 6 of thedomestic regulation article of the GATS. The members have to adhere to this obligationirrespective of the fact that they are bound by any other form of specific commitment.Market entry of a variety of logistic services, especially after the liberalization of the businessenvironment, will have important effect on the trade logistics internationally. Until this marketentry has a seamless operation across the nations, there would be lot of interruptions and highercosts in the supply chain. The foreign markets have to face the challenges between the foreignmembers and the local ones that offer limited services.Domestic regulations in such situations have the tendency of protecting the local members at thecost of integrity and door to door services that are provided by the foreign members with the helpof the participation of local providers. Therefore, reading through the above provisions it can beconcluded that domestic regulation is form of a conditional obligation and countries that areproviding legal services cannot claim any form of exemption from the provisions of domestic "