Common use of Committee on Financial Services Clause in Contracts

Committee on Financial Services. 1. The Parties hereby establish a Committee on Financial Services (hereinafter referred to as the “Committee”). 2. The Committee shall comprise officials of each Party from authorities responsible for financial services. The authorities responsible for financial services are: (a) for Australia, the Treasury and the Department of Foreign Affairs and Trade and, as necessary, officials from the relevant regulatory authorities including the Australian Prudential Regulation Authority, Reserve Bank of Australia and Australian Securities and Investment Commission; and (b) for China, the Ministry of Commerce and, as necessary, officials from the relevant regulatory authorities, including the People’s Bank of China, China Banking Regulatory Commission, China Securities Regulatory Commission, China Insurance Regulatory Commission and the State Administration of Foreign Exchange. 3. The Committee shall: (a) supervise the implementation of this Annex and its further elaboration; and (b) consider issues regarding financial services that are referred to it by a Party, including ways for the Parties to incorporate into this Agreement development in their markets for financial services and to cooperate more effectively in the financial services sector. 4. The Committee shall meet every two years, or as otherwise agreed, to assess the functioning of this Agreement as it applies to financial services.

Committee on Financial Services. 1. The Parties hereby establish a Committee on Financial Services (hereinafter referred to as the “"Committee”"). 2. The Committee shall comprise officials of each Party from authorities responsible for financial services. The authorities responsible for financial services are: (a) for Australia, the Treasury and the Department of Foreign Affairs and Trade and, as necessary, officials from the relevant regulatory authorities including the Australian Prudential Regulation Authority, Reserve Bank of Australia and Australian Securities and Investment Commission; and (b) for China, the Ministry of Commerce and, as necessary, officials from the relevant regulatory authorities, including the People’s 's Bank of China, China Banking Regulatory Commission, China Securities Regulatory Commission, China Insurance Regulatory Commission and the State Administration of Foreign Exchange. 3. The Committee shall: (a) supervise the implementation of this Annex and its further elaboration; and (b) consider issues regarding financial services that are referred to it by a Party, including ways for the Parties to incorporate into this Agreement development in their markets for financial services and to cooperate more effectively in the financial services sector. 4. The Committee shall meet every two years, or as otherwise agreed, to assess the functioning of this Agreement as it applies to financial services.