In the context of WTO dispute settlement proceedings, the European Union, together with the United States and Canada, has reached an agreement with China on the treatment of financial services information in China. Financial service suppliers such as Thomson Reuters, Bloomberg and Dow Jones will benefit from the new rules to be put in place in China. The European Union had been concerned by Chinese regulations requiring foreign financial information suppliers to operate through a Chinese agent that was run by a Chinese news agency in competition with the suppliers for the provision of the same financial information services. The Chinese Government has agreed to a new regulatory regime. Responsibility for the agency will now pass to an independent regulator and the requirement that foreign service providers act through a Chinese agent will be removed. China has committed to put the new regime into effect by 1 June 2009