Mock Text Of The Trans-Pacific Partnership Agreement ... - AFTINET

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[Fn This clause does not cover measures of a Party that limit inputs for the supply of financial services.] 25 (iv) the total number of natural persons that may be employed in a particular financial service sector or that a financial institution may employ and who are necessary for, and directly related to, the supply of a specific financial service in the form of numerical quotas or the requirement of an economic needs test; or (b) restrict or require specific types of legal entity or joint venture through which a financial institution may supply a service. [Fn. For the purposes of this Article, the term “financial institutions of the other Party” includes financial institutions that are located within the territory of the other Party and controlled by persons of the other Party that seek to establish financial institutions within the territory of the Party.] 26 ARTICLE 5: CROSS-BORDER TRADE IN FINANCIAL SERVICES 1. Each Party shall permit, under terms and conditions that accord national treatment, cross-border financial service suppliers of another Party to supply the services specified in Annex A {Cross-Border Services}. [National treatment requires that a Party shall accord to cross-border financial service suppliers of the other Party treatment no less favourable than that which it accords to its own financial service suppliers, in like circumstances, with respect to the supply of the relevant service.] 27 2. Each Party shall permit persons located in its territory, and its nationals wherever located, to purchase financial services from cross-border financial service suppliers of the other Party located in the territory of the other Party. This obligation does not require a Party to permit such suppliers to do business or solicit in its territory. Each Party may define “doing business” and “solicitation” for purposes of this obligation, provided that those definitions are not inconsistent with paragraph 1. [3. Without prejudice to other means of prudential regulation of cross-border trade in financial services, a Party may require the registration of cross-border financial service suppliers of the other Party and of financial instruments.] 28 ARTICLE 6: NEW FINANCIAL SERVICES (Fn) 1. Each Party shall permit a financial institution of another Party [on request or notification to the relevant regulator, where required] 29 [established in its territory] 30 to supply any new financial service that the Party would permit its own financial institutions, in like circumstances, to supply [without additional legislative action by the Party] 31 [under its domestic law, provided that the introduction of the financial 25 AUSFTA, PUSFTA 26 SUSFTA 27 AUSFTA, correlates to Article 2.3 28 AUSFTA, ChUSFTA, PUSFTA 29 ChUSFTA 30 PUSFTA 31 AUSFTA, PUSFTA, SUSFTA 6
service does not require the Party to adopt a new law or modify an existing law] 32 . 2. [Notwithstanding Article 4 (Market Access) subparagraph (b),] 33 A Party may determine the institutional and juridical form through which the new financial service may be supplied and may require authorization for the supply of the service. [Where a Party requires such authorization to supply a new financial service] 34 [Where a Party would permit the new financial service and authorization is required] 35 , a decision shall be made within a reasonable time and the authorization may be refused only for prudential reasons. Fn <strong>The</strong> Parties understand that nothing in this Article prevents a financial institution of a Party from applying to another Party to [request that it authorize] 36 [consider authorizing] 37 the supply of a financial service that is not supplied [within] 38 [in] 39 the territory of any Party. Such application shall be subject to the [domestic] 40 law of the Party to which the application is made and, for greater certainty, shall not be subject to the obligations of Article 6. ARTICLE 7: TREATMENT OF CERTAIN INFORMATION Nothing in this Chapter requires a Party to furnish or allow access to: (a) information related to the financial affairs and accounts of individual customers of financial institutions or cross-border financial service suppliers; or [(b) any confidential information the disclosure of which would impede law enforcement or otherwise be contrary to the public interest or prejudice legitimate commercial interests of particular enterprises.] 41 ARTICLE 8: SENIOR MANAGEMENT AND BOARDS OF DIRECTORS 1. A Party may not require financial institutions of another Party [Fn] 42 to engage individuals of any particular nationality as senior managerial or other essential personnel. [Fn For purposes of this Article, the term “financial institutions of the other Party” includes financial institutions that are located within the territory of the other Party and controlled by persons of the other Party that seek to establish financial institutions within the territory of the Party.] 43 2. A Party may not require that more than a minority of the board of directors of a financial institution of another Party be composed of nationals of the Party, persons residing in the territory of the Party, or a combination thereof. 32 ChUSFTA 33 AUSFTA, PUSFTA, SUSFTA 34 SUSFTA 35 ChUSFTA 36 PUSFTA 37 AUSFTA, ChUSFTA, SUSFTA, 38 ChUSFTA 39 AUSFTA, PUSFTA, SUSFTA 40 CUSFTA 41 SUSFTA, ChUSFTA, PUSFTA 42 SUSFTA 43 SUSFTA 7
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