Common use of Consultation and Co-operation Clause in Contracts

Consultation and Co-operation. (1) The Commission shall consult and co-operate with the Central Bank or any other agency in any member country that exercises regulatory authority under any enactment over a financial institution, insurance company or other body in order to minimise duplication of effort, to maximise the protection of investors and the interest of the public; (2) On the request of a foreign regulatory authority, the Commission may provide assistance in accordance with this Article— (a.) if the authority making the request states that the purpose for the request is to assist the authority in conducting an investigation in order to determine whether any person or entity has violated, is violating, or is about to violate, any laws or rules relating to securities matters that the authority administers or enforces; and (b.) whether or not the facts stated in the request disclose a violation of any of the laws of a member country; (3) Any assistance provided by the Commission under this Article shall be without prejudice to any investigation or examination which the Commission may carry out under securities laws, regardless of whether the Commission utilised any power given to it for the purposes of providing such assistance; (4) The provisions of this Article shall have effect notwithstanding anything contained in any other law providing for assistance by a member country, or any Government department or agency, to a foreign State or agency; (5) The assistance which may be provided for the purposes of this Article is the disclosure of any information which the Commission has in its possession or is able to obtain under any of the powers given to it by securities laws; (6) Any request for assistance received under securities laws from a foreign regulatory authority and the information or other assistance obtained or provided pursuant to such a request is subject to the confidentiality requirements of Article 24; (7) Paragraph (6) shall not apply to any disclosure ordered by a court— (a.) for the purpose of any civil proceedings in relation to any matter under securities laws; or (b.) for the purpose of any criminal proceedings; (8) Upon being ordered to make a disclosure referred to in paragraph (7), the Commission shall forthwith notify the foreign regulatory authority concerned, of the order; (9) The Commission may co-operate in the work of national, regional or international organisations on matters involving the regulation of securities markets.

Consultation and Co-operation. (1) The Commission shall consult and co-operate with the Central Bank or any other agency in any member country that exercises regulatory authority under any enactment over a financial institution, insurance company or other body in order to minimise duplication of effort, to maximise the protection of investors and the interest of the public; (2) On the request of a foreign regulatory authority, the Commission may provide assistance in accordance with this Article—Article- (a.a) if the authority making the request states that the purpose for the request is to assist the authority in conducting an investigation in order to determine whether any person or entity has violated, is violating, or is about to violate, any laws or rules relating to securities matters that the authority administers or enforces; and (b.b) whether or not the facts stated in the request disclose a violation of any of the laws of a member country; (3) Any assistance provided by the Commission under this Article shall be without prejudice to any investigation or examination which the Commission may carry out under securities laws, regardless of whether the Commission utilised any power given to it for the purposes of providing such assistance; (4) The provisions of this Article shall have effect notwithstanding anything contained in any other law providing for assistance by a member country, or any Government department or agency, to a foreign State or agency; (5) The assistance which may be provided for the purposes of this Article is the disclosure of any information which the Commission has in its possession or is able to obtain under any of the powers given to it by securities laws; (6) Any request for assistance received under securities laws from a foreign regulatory authority and the information or other assistance obtained or provided pursuant to such a request is subject to the confidentiality requirements of Article 24; (7) Paragraph (6) shall not apply to any disclosure ordered by a court—court- (a.a) for the purpose of any civil proceedings in relation to any matter under securities laws; or (b.b) for the purpose of any criminal proceedings; (8) Upon being ordered to make a disclosure referred to in paragraph (7), the Commission shall forthwith immediately notify the foreign regulatory authority concerned, of the order; (9) The Commission may co-operate in the work of national, regional or international organisations on matters involving the regulation of securities markets.

Consultation and Co-operation. (1) The Commission shall consult and co-operate with the Central Bank or any other agency in any member country that exercises regulatory authority under any enactment over a financial institution, insurance company or other body in order to minimise duplication of effort, to maximise the protection of investors and the interest of the public; (2) On the request of a foreign regulatory authority, the Commission may provide assistance in accordance with this Article—– (a.a) if the authority making the request states that the purpose for the request is to assist the authority in conducting an investigation in order to determine whether any person or entity has violated, is violating, or is about to violate, any laws or rules relating to securities matters that the authority administers or enforces; and (b.b) whether or not the facts stated in the request disclose a violation of any of the laws of a member country; (3) Any assistance provided by the Commission under this Article shall be without prejudice to any investigation or examination which the Commission may carry out under securities laws, regardless of whether the Commission utilised any power given to it for the purposes of providing such assistance; (4) The provisions of this Article shall have effect notwithstanding anything contained in any other law providing for assistance by a member country, or any Government department or agency, to a foreign State or agency; (5) The assistance which may be provided for the purposes of this Article is the disclosure of any information which the Commission has in its possession or is able to obtain under any of the powers given to it by securities laws; (6) Any request for assistance received under securities laws from a foreign regulatory authority and the information or other assistance obtained or provided pursuant to such a request is subject to the confidentiality requirements of Article 24; (7) Paragraph (6) shall not apply to any disclosure ordered by a court—– (a.a) for the purpose of any civil proceedings in relation to any matter under securities laws; or (b.b) for the purpose of any criminal proceedings; (8) Upon being ordered to make a disclosure referred to in paragraph (7), the Commission shall forthwith immediately notify the foreign regulatory authority concerned, of the order; (9) The Commission may co-operate in the work of national, regional or international organisations on matters involving the regulation of securities markets.