For the purposes of the national treatment obligations in Article 11.6.1 (Trade across borders), a Party must accord to cross-border financial service providers of another party treatment no less favorable than it accords to its own financial service providers, in similar circumstances, in relation to the provision of the relevant service. For greater certainty, whether treatment is granted in "equal circumstances" in terms of Article 11.3 (National Treatment) or Article 11.4 (Most-favoured-nation treatment) depends on the totality of the circumstances, including whether the relevant treatment discriminates between investors, investments, financial institutions or financial service providers based on legitimate public welfare objectives. For greater certainty, the treatment referred to in paragraph 1 does not include international dispute resolution procedures or mechanisms such as those included in Article 11.2.2(b) (Scope).
Each Party shall, under terms and conditions granting national treatment, permit cross-border financial service providers of another Party to provide the financial services specified in Annex 11-A (Cross-Border Trade). Each Party shall permit persons located in its territory, and its nationals wherever located, to purchase financial services from providers of cross-border financial services of another Party established in the territory of a Party other than the permitting Some are located. Each Party shall allow a financial institution of another Party to provide a new financial service that the Party would allow its own financial institutions in similar circumstances to provide without adopting a law or amending an existing law. amend.8 Notwithstanding Article 11.5(b) (Market Access for Financial Institutions), a Party may determine the institutional and legal form through which the new financial service may be provided and may require authorization for the provision of the service.
A non-conforming measure specified in a Party's list to Annex I or II that is not subject to Article 9.4 (National Treatment), Article 9.5 (Most Favored Nation Treatment), Article 9.11 (Senior Management and Boards of Directors), Article 10.3 (National Treatment), or Article 10.4 (Most Favored Nation Treatment) shall be treated as a non-conforming measure to which Article 11.3 (National Treatment), Article 11.4 (Most Favored Nation Treatment) or Article 11.9 (Senior Management and Boards of Directors), as the case may be, shall not apply. insofar as the measure, sector, sub-sector or activity specified in the entry is covered by this chapter. 9 Annex 11-C (Non-conforming measures, trigger mechanism) applies in relation to Vietnam. b) Article 11.4 (Most Favored Nation Treatment) shall not apply to any measure falling under Article 5 of the TRIPS Agreement, or to an exception or derogation from the obligations imposed by:.
Exceptions
Notwithstanding Article 9.9 (Transfers) and Article 10.12 (Payments and Transfers), as incorporated into this Chapter, a Party may prevent or limit transfers from a financial institution or cross-border financial services provider to or for the benefit of an affiliate of or person related to to such institution or supplier through the fair, non-discriminatory and good faith application of measures relating to maintaining the safety, soundness, integrity or financial responsibility of financial institutions or suppliers of cross-border financial services. For greater certainty, nothing in this chapter shall be construed to prevent a Party from adopting or enforcing measures necessary to ensure compliance with laws or regulations not inconsistent with this chapter, including those relating to the prevention of deceptive and fraudulent practices or dealings resulting from breaches of financial services contracts, subject to the requirement that such measures are not applied in a manner that would constitute a means of arbitrary or unjustified discrimination between parties or between parties and non- parties where similar conditions apply, or a hidden restriction on investments in financial institutions or cross-border trade in financial services as covered by this chapter.
Recognition
This paragraph is without prejudice to any other provision of this Agreement that permits a party to restrict transfers.
Transparency and Administration of Certain Measures
The regulatory authorities of each Party shall publish the requirements, including all necessary documentation, to complete an application relating to the provision of financial services. At the request of an applicant, a party's regulatory authority shall notify the applicant of the status of its application. If the authority requires additional information from the applicant, it must notify the applicant without undue delay.
The regulatory authority of a Party shall make an administrative decision on a complete application of an investor to a financial institution, a financial institution or a cross-border financial service supplier of another Party in relation to the provision of a financial service, within 120 days and will notify the applicant of the decision. An application will not be considered complete until all relevant hearings have been held and all necessary information has been received. If it is not practical for a decision to be made within 120 days, the regulatory authority will notify the applicant without undue delay and will endeavor to make the decision within a reasonable time thereafter.
At the request of an unsuccessful applicant, a regulatory authority which has refused an application will, to the extent practicable, inform the applicant of the reasons for the refusal of the application.
Self-Regulatory Organisations
Payment and Clearing Systems
Expedited Availability of Insurance Services
These procedures may include: permitting the release of products unless those products are rejected within a reasonable time; not require product approval or authorization of lines of insurance for insurance other than insurance sold to individuals or compulsory insurance; or impose no restrictions on the number or frequency of product introductions. If a Party maintains regulatory procedures for product approval, that Party shall endeavor to maintain or improve those procedures.
Performance of Back-Office Functions
Specific Commitments
Committee on Financial Services
The Committee shall meet annually or as it otherwise decides to review the operation of this Agreement as it applies to financial services.
Consultations
Dispute Settlement
Investment Disputes in Financial Services
A joint decision is taken by the authorities responsible for the financial services of the defendant and the plaintiff's clients. Unless it makes such an application, the claimant's party shall, for purposes of the arbitration, be presumed to take a position on Article 11.11 that is not inconsistent with the defendant's position. For the purposes of this article, the definitions of the following terms from article 9.1 (Definitions of Terms) are meaningfully included: "plaintiff".
16 The parties understand that if the financial information or processing of financial data referred to in subparagraphs (a) and (b) includes personal data, the processing of such personal data is in accordance with Chilean legislation governing the protection of such data. p) the definition of "financial service" in Article 11.1 (Definitions). 21 The parties understand that advisory and other auxiliary financial services do not include services from subparagraphs (e) to (o) of the definition of "financial service" in Article 11.1 (Definitions). 24 The parties understand that advisory and other auxiliary financial services do not include services from subparagraphs (e) to (o) of the definition of "financial service" in Article 11.1 (Definitions).
These legal requirements and guidelines do not deviate from the commitments made by Singapore in paragraph 2 and section B of Schedule 11-B (Specific Commitments). b) advisory and other support services, other than intermediation, relating to banking and other financial services, as referred to in subparagraph (p) of the definition of "financial service" in Section 11.1 (Definitions). 33 For greater certainty, the electronic payment services for payment card transactions referred to in this Commitment fall under subparagraph (h) of the definition of "financial service" in Section 11.1 (Definitions), and under subcategory 71593 of the United Nations Central Product Classification , version 2.0, and only include the processing of financial transactions such as verification of financial balances, authorization of transactions, notification to banks (or credit card issuers) of individual transactions and provision of daily statements and instructions regarding the net financial position of relevant institutions for authorized transactions. With respect to such payment cards, instead of the scope of cross-border electronic payment services referred to in this commitment, only the following cross-border financial services may be provided:.
