The topic to be discussed in this chapter is the legal issues arising for central banks under Chapter Fourteen of the North American Free Trade Agreement (NAFTA).1 The discussion is a brief primer for lawyers engaged in financial services negotiations or advising on the regulation of financial services, particularly banking services, where NAFTA is applicable. This discussion may be viewed in light of the recent initiatives by the United States to seek further liberalization of financial services in Asia, Latin America, and other emerging markets of the world. It is intended to promote consideration of NAFTA, rather than to serve as a comprehensive explanation of NAFTA provisions. Those interested in the particulars of NAFTA should refer to the agreement itself or to the U.S. Government’s summary of NAFTA, which is included as part of the implementing legislation.2