Investment Disputes In Financial Services. 1. If a claimant submits a claim to arbitration under this Section challenging a measure relating to financial services, all arbitrators appointed to the tribunal shall, to the extent practicable, have expertise or experience in financial services law or practice in addition to the criteria set out in Article 28.
2. If a claimant submits a claim to arbitration under this Section, and the respondent invokes Article 21 as a defence, the following provisions shall apply:
(a) The respondent shall, no later than the date the tribunal fixes for the respondent to submit its counter-memorial, or in the case of an amendment to the notice of arbitration, the date the tribunal fixes for the respondent to submit its response to the amendment, submit in writing to the authorities responsible for financial services of the non-disputing Party15 a request for a joint determination by the authorities of the respondent and the non-disputing Party on the issue of whether and to what extent Article 21 is a valid defence to the claim. The respondent shall promptly provide the tribunal, if constituted, a copy of the request. The arbitration may proceed with respect to the claim only as provided in paragraph 4, paragraph 5 and paragraph 6.
(b) The authorities of the respondent and the non-disputing Party shall attempt in good faith to make a determination as described in subparagraph (a). Any such determination shall be transmitted promptly to the disputing parties, the non- disputing Party and, if constituted, the tribunal. The determination shall be binding on the tribunal and any decision or award issued by the tribunal shall be consistent with that determination.
(c) If the authorities referred to in subparagraph (a) and subparagraph (b) have not made a determination within 120 days of the date of receipt of the respondent's request under subparagraph (a), the respondent or the non-disputing Party may request the establishment of a panel under Section B (Settlement of Disputes between the Parties) to consider whether and to what extent Article 21 is a valid defence to the claim. Unless otherwise agreed by the Parties, the panellists shall have expertise or experience in financial services law or practice, which may include the laws and regulations concerning financial service suppliers.
3. The final report of a panel referred to in paragraph 2(c) shall be binding on the tribunal, and any decision or award issued by the tribunal shall be consistent with the final report.
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Investment Disputes In Financial Services. 1. Where an investor of one Party submits a claim under Article 10.16 (Submission of a Claim to Arbitration — Investment Chapter) to arbitration under Section B of Chapter 10 (Investment) against the other Party and the respondent invokes Article 12.11, on the request of the respondent, the tribunal shall refer the matter in writing to the Parties for discussions under Article 12.
Investment Disputes In Financial Services. 1. Where an investor of a Party submits a claim under Section B (Investor-State Dispute Settlement) of Chapter 9 (Investment) against the other Party and the respondent invokes Article 11.10, on request of the respondent, the tribunal shall refer the matter in writing to the Committee for a decision. The tribunal may not proceed pending receipt of a decision or report under this Article.
Investment Disputes In Financial Services. 1. Where an investor of a Party submits a claim under Section C in Chapter 10 (Investment) against the other Party and the respondent invokes Article 10.12 or 12.6, on request of the respondent, the tribunal shall refer the matter in writing to the Financial Services Committee for a decision. The tribunal may not proceed pending receipt of a decision or report under this Article.
2. In a referral pursuant to paragraph 1, the Financial Services Committee shall decide the issue of whether and to what extent Article 10.12 or 12.6 is a valid defence to the claim of the investor. The Financial Services Committee shall transmit a copy of its decision to the tribunal. The decision shall be binding on the tribunal.
3. Where the Financial Services Committee has not decided the issue within sixty (60) days of the receipt of the referral under paragraph 1, the respondent or the Party of the claimant may request the establishment of a panel under relevant Articles in Chapter 20 (Dispute Settlement). The panel shall be constituted in accordance with Article 12.
Investment Disputes In Financial Services. 1. Where an investor of a Party submits a claim under Section C of Chapter 15 (Investor- State Dispute Settlement) against the other Party and the respondent invokes Article 10.10, on request of the respondent, the tribunal shall refer the matter in writing to the Financial Services Committee for a decision. The tribunal may not proceed pending receipt of a decision or report under this Article.
2. In a referral pursuant to paragraph 1, the Financial Services Committee shall decide the issue of whether and to what extent Article 10.10 is a valid defense to the claim of the investor. The Committee shall transmit a copy of its decision to the tribunal and to the Joint Committee. The decision shall be binding on the tribunal.
3. Where the Financial Services Committee has not decided the issue within 60 days of the receipt of the referral under paragraph 1, the respondent or the Party of the claimant may request the establishment of a panel under Article 20.4.4 (Additional Dispute Settlement Procedures). The panel shall be constituted in accordance with Article 10.18. The panel shall transmit its final report to the Committee and to the tribunal. The report shall be binding on the tribunal.
4. Where no request for the establishment of a panel pursuant to paragraph 3 has been made within 10 days of the expiration of the 60-day period referred to in paragraph 3, a tribunal may proceed to decide the matter.
5. For purposes of this Article, tribunal means a tribunal established pursuant to Section C of Chapter 15 (Investor-State Dispute Settlement).
Investment Disputes In Financial Services. Where an investor of a Party submits a claim under Article G-17 (Investment – Claim by an Investor of a Party on Its Own Behalf) or G-18 (Investment – Claim by an Investor of a Party on Behalf of an Enterprise) to arbitration under Section II of Chapter G (Investment) and the respondent Party invokes Article H bis-10, on request of the respondent Party the Tribunal shall refer the matter in writing to the Committee for a decision. The Tribunal may not proceed pending receipt of a decision or report under this Article.
Investment Disputes In Financial Services. 1. Notwithstanding Article 2.3(a) (Scope), with respect to:
(a) financial institutions of a Party; and
(b) investors of a Party, and investments of those investors, in financial institutions in the respondent’s area, this Section shall only apply to claims that the respondent has breached an obligation under Article 10 (Expropriation) or Article 11 (Transfers). For greater certainty, Article 14 (Taxation Measures), Article 18 (Exceptions) and Article 19 (Denial of Benefits) shall also apply to an investment dispute where such claims have been made.
2. If a disputing party claims that an investment dispute involves measures adopted or maintained by the respondent relating to financial institutions of the non-disputing Party or investors of the non-disputing Party and their investments in financial institutions in the respondent’s area, or where the respondent invokes Article 18.2, 18.3,
Investment Disputes In Financial Services. 1. Notwithstanding Article 2.3(a) (Scope), with respect to:
(a) financial institutions of a Party; and
(b) investors of a Party, and investments of those investors, in financial institutions in the respondent's area, This Section shall only apply to claims that the respondent has breached an obligation under Article 10 (Expropriation) or Article 11 (Transfers). For greater certainty, Article 14 (Taxation Measures), Article 18 (Exceptions) and Article 19 (Denial of Benefits) shall also apply to an investment dispute where such claims have been made.
2. If a disputing party claims that an investment dispute involves measures adopted or maintained by the respondent relating to financial institutions of the non-disputing Party or investors of the non-disputing Party and their investments in financial institutions in the respondent's area, or where the respondent invokes Article 18.2, 18.3, 18.4 or 18.5 (Exceptions), the arbitrators shall, in addition to the criteria set out in Article 25 (Selection of Arbitrators), have expertise or experience in financial services law or practice, which may include the regulation of financial institutions.
3. If a claimant submits a claim to arbitration under this Section, and the respondent invokes Article 18.2, 18.3, 18.4 or 18.5 (Exceptions) as a defence, the following provisions of this Article shall apply:
(a) the respondent shall, no later than the date the tribunal fixes for the respondent to submit its defence, or in the case of an amendment to the notice of arbitration, the date the tribunal fixes for the respondent to submit its response to the amendment, submit in writing to the authorities responsible for financial services of the non-disputing Party, as set out in Annex VII (Authorities Responsible for Financial Services), a request for a joint determination by the authorities of the respondent and the nondisputing Party on the issue of whether and to what extent Article 18.2, 18.3, 18.4 or 18.5 (Exceptions) is a valid defence to the claim. The respondent shall promptly provide the tribunal, if constituted, and the nondisputing Party a copy of the request. The arbitration may proceed with respect to the claim only as provided in paragraph 5 11;
(b) the authorities of the respondent and of the non-disputing Party shall attempt in good faith to make a determination as described in subparagraph (a). Any such determination shall be transmitted promptly to the disputing parties and, if constituted, to the tribunal. Th...
Investment Disputes In Financial Services. Section F of Chapter Eight (Resolution of investment disputes between investors and states) applies, as modified by this article and annex 13-B, to:
Investment Disputes In Financial Services. Where an investor of a Party submits a claim under Article 819 (Investment - Claim by an Investor of a Party on Its Own Behalf) or 820 (Investment - Claim by an Investor of a Party on Behalf of an Enterprise) to arbitration under Section II of Chapter Eight (Investment) and the respondent invokes an exception under Article 1110, on request of the respondent the Tribunal shall refer the matter in writing to the Committee for a decision in accordance with paragraph 2. The Tribunal may not proceed pending receipt of a decision or report under this Article.
