Common use of Investment Disputes In Financial Services Clause in Contracts

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. 4. If no request for the establishment of a panel in accordance with paragraph 2(c) has been made within 10 days of the expiration of the 120 day period referred to in paragraph 2(c), the tribunal may proceed with respect to the claim. 5. The tribunal shall draw no inference regarding the application of Article 21 from the fact that the authorities have not made a determination as described in paragraph 2(c). 6. The non-disputing Party may make oral and written submissions to the tribunal regarding the issue of whether and to what extent Article 21 is a valid defence to the claim. Unless it makes such a submission, the non-disputing Party shall be presumed, for the purposes of the arbitration, to take a position on Article 21 that is not inconsistent with that of the respondent.

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 ’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. 4. If no request for the establishment of a panel in accordance with paragraph 2(c) has been made within 10 days of the expiration of the 120 day period referred to in paragraph 2(c), the tribunal may proceed with respect to the claim. 5. The tribunal shall draw no inference regarding the application of Article 21 from the fact that the authorities have not made a determination as described in paragraph 2(c). 6. The non-disputing Party may make oral and written submissions to the tribunal regarding the issue of whether and to what extent Article 21 is a valid defence to the claim. Unless it makes such a submission, the non-disputing Party shall be presumed, for the purposes of the arbitration, to take a position on Article 21 that is not inconsistent with that of the respondent.

Investment Disputes In Financial Services. 1. If Where an investor of a claimant Party 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 SectionB of Chapter Ten (Investor-State Dispute Settlement), and the respondent invokes Article 21 12.10 as a defencedefense, the following provisions shall apply: (a) The respondent shall, no later than within 120 days of the date the tribunal fixes for the respondent claim is submitted to submit its counterarbitration under Section B of Chapter Ten (Investor-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 amendmentState Dispute Settlement), submit in writing to the authorities responsible for financial services of the non-disputing Party15 Financial Services Committee 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 12.10 is a valid defence defense to the claim. The respondent shall promptly provide the tribunal, if constituted, a copy of the such request. The arbitration may proceed with respect to the claim only as provided in paragraph 4, paragraph 5 and paragraph 6subparagraph (d). (b) The authorities of the respondent and the non-disputing Party Financial Services Committee 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 parties and, if constituted, to the tribunal. The determination shall be binding on the tribunal and any decision or award issued by the tribunal shall be consistent with that determinationtribunal. (c) If the authorities referred to in subparagraph (a) and subparagraph (b) have not made a determination Financial Services Committee, within 120 60 days of the date of receipt of by which it has received the respondent's ’s written request for a determination 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. 4. If no request for the establishment of a panel in accordance with paragraph 2(c) has been made within 10 days of the expiration of the 120 day period referred to in paragraph 2(c), the tribunal may proceed with respect to the claim. 5. The tribunal shall draw no inference regarding the application of Article 21 from the fact that the authorities have not made a determination as described in paragraph 2(cthat subparagraph, the tribunal shall decide the issue left unresolved by the Financial Services Committee. The provisions of Section B of Chapter Ten (Investor-State Dispute Settlement) shall apply, except as modified by this subparagraph. (i) In the appointment of all arbitrators not yet appointed to the tribunal, each disputing party shall take appropriate steps to ensure that the tribunal has expertise or experience as described in Article 12.18.3(a). The expertise or experience of particular candidates with respect to financial services shall be taken into account to the greatest extent possible in the appointment of the presiding arbitrator. (ii) If, prior to the submission of the request for a determination in conformance with subparagraph (a), the presiding arbitrator has been appointed pursuant to Article 10.18.3, such arbitrator shall be replaced upon the request of either disputing party and the tribunal shall be reconstituted consistent with subparagraph (c)(i). If, within 30 days of the date the arbitration proceedings are resumed under subparagraph (d), the disputing parties have not agreed on the appointment of a new presiding arbitrator, the Secretary-General, on the request of a disputing party, shall appoint the presiding arbitrator consistent with subparagraph (c)(i). 6. (iii) The non-disputing Party of the claimant may make oral and written submissions to the tribunal regarding the issue of whether and to what extent Article 21 12.10 is a valid defence defense to the claim. Unless it makes such a submission, the non-disputing Party of the claimant shall be presumed, for the purposes of the arbitration, to take a position on Article 21 that is 12.10 not inconsistent with that of the respondent. (d) The arbitration referred to in subparagraph (a) may proceed with respect to the claim: (i) 10 days after the date the determination of the Financial Services Committee has been received by the disputing parties and, if constituted, the tribunal; or (ii) 10 days after the expiration of the 60-day period extended to the Financial Services Committee in subparagraph (c). 2. For purposes of this Article, the definitions of the following terms set out in Article 10.27 (Definitions) are incorporated, mutatis mutandis: disputing parties; disputing party; respondent; and Secretary-General.

Investment Disputes In Financial Services. 1. If Where an investor of a claimant Party 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 SectionB of Chapter Ten (Investor-State Dispute Settlement), and the respondent invokes Article 21 12.10 as a defencedefense, the following provisions shall apply: (a) The respondent shall, no later than within 120 days of the date the tribunal fixes for the respondent claim is submitted to submit its counterarbitration under Section B of Chapter Ten (Investor-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 amendmentState Dispute Settlement), submit in writing to the authorities responsible for financial services of the non-disputing Party15 Financial Services Committee 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 12.10 is a valid defence defense to the claim. The respondent shall promptly provide the tribunal, if constituted, a copy of the such request. The arbitration may proceed with respect to the claim only as provided in paragraph 4, paragraph 5 and paragraph 6subparagraph (d). (b) The authorities of the respondent and the non-disputing Party Financial Services Committee 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 parties and, if constituted, to the tribunal. The determination shall be binding on the tribunal and any decision or award issued by the tribunal shall be consistent with that determinationtribunal. (c) If the authorities referred to in subparagraph (a) and subparagraph (b) have not made a determination Financial Services Committee, within 120 60 days of the date of receipt of by which it has received the respondent's written request for a determination 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. 4. If no request for the establishment of a panel in accordance with paragraph 2(c) has been made within 10 days of the expiration of the 120 day period referred to in paragraph 2(c), the tribunal may proceed with respect to the claim. 5. The tribunal shall draw no inference regarding the application of Article 21 from the fact that the authorities have not made a determination as described in paragraph 2(cthat subparagraph, the tribunal shall decide the issue left unresolved by the Financial Services Committee. The provisions of Section B of Chapter Ten (Investor-State Dispute Settlement) shall apply, except as modified by this subparagraph. (i) In the appointment of all arbitrators not yet appointed to the tribunal, each disputing party shall take appropriate steps to ensure that the tribunal has expertise or experience as described in Article 12.18.3(a). The expertise or experience of particular candidates with respect to financial services shall be taken into account to the greatest extent possible in the appointment of the presiding arbitrator. (ii) If, prior to the submission of the request for a determination in conformance with subparagraph (a), the presiding arbitrator has been appointed pursuant to Article 10.18.3, such arbitrator shall be replaced upon the request of either disputing party and the tribunal shall be reconstituted consistent with subparagraph (c)(i). If, within 30 days of the date the arbitration proceedings are resumed under subparagraph (d), the disputing parties have not agreed on the appointment of a new presiding arbitrator, the Secretary-General, on the request of a disputing party, shall appoint the presiding arbitrator consistent with subparagraph (c)(i). 6. (iii) The non-disputing Party of the claimant may make oral and written submissions to the tribunal regarding the issue of whether and to what extent Article 21 12.10 is a valid defence defense to the claim. Unless it makes such a submission, the non-disputing Party of the claimant shall be presumed, for the purposes of the arbitration, to take a position on Article 21 that is 12.10 not inconsistent with that of the respondent. (d) The arbitration referred to in subparagraph (a) may proceed with respect to the claim: (i) 10 days after the date the determination of the Financial Services Committee has been received by the disputing parties and, if constituted, the tribunal; or (ii) 10 days after the expiration of the 60-day period extended to the Financial Services Committee in subparagraph (c). 2. For purposes of this Article, the definitions of the following terms set out in Article 10.27 (Definitions) are incorporated, mutatis mutandis: disputing parties; disputing party; respondent; and Secretary-General.

Investment Disputes In Financial Services. 1. If Where an investor of a claimant Party 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 SectionB (Investor-State Dispute Settlement) of Chapter Eleven (Investment), and the respondent invokes Article 21 13.10 as a defencedefense, the following provisions shall apply: (a) The respondent shall, no later than within 120 days of the date the tribunal fixes for the respondent claim is submitted to submit its counter-memorial, or in the case arbitration under Section B of an amendment to the notice of arbitration, the date the tribunal fixes for the respondent to submit its response to the amendmentChapter Eleven, submit in writing to the authorities responsible for financial services of the non-disputing Party15 Financial Services Committee 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 13.10 is a valid defence defense to the claim. The respondent shall promptly provide the tribunal, if constituted, a copy of the such request. The arbitration may proceed with respect to the claim only as provided in paragraph 4, paragraph 5 and paragraph 6subparagraph (d). (b) The authorities of the respondent and the non-disputing Party Committee 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 parties and, if constituted, to the tribunal. The determination shall be binding on the tribunal and any decision or award issued by the tribunal shall be consistent with that determinationtribunal. (c) If the authorities referred to in subparagraph (a) and subparagraph (b) have not made a determination Committee, within 120 60 days of the date of receipt of by which it has received the respondent's respondentâs written request for a determination 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. 4. If no request for the establishment of a panel in accordance with paragraph 2(c) has been made within 10 days of the expiration of the 120 day period referred to in paragraph 2(c), the tribunal may proceed with respect to the claim. 5. The tribunal shall draw no inference regarding the application of Article 21 from the fact that the authorities have not made a determination as described in paragraph 2(cthat subparagraph, the tribunal shall decide the issue left unresolved by the Committee. The provisions of Section B of Chapter Eleven shall apply, except as modified by this subparagraph. (i) In the appointment of all arbitrators not yet appointed to the tribunal, each disputing party shall take appropriate steps to ensure that the tribunal has expertise or experience as described in Article 13.18.3(a). The expertise or experience of particular candidates with respect to financial services shall be taken into account to the greatest extent possible in the appointment of the presiding arbitrator. (ii) If, prior to the submission of the request for a determination in conformance with subparagraph (a), the presiding arbitrator has been appointed pursuant to Article 11.19.3 (Selection of Arbitrators), such arbitrator shall be replaced upon the request of either disputing party and the tribunal shall be reconstituted consistent with clause (i). If, within 30 days of the date the arbitration proceedings are resumed under subparagraph (d), the disputing parties have not agreed on the appointment of a new presiding arbitrator, the Secretary-General, on the request of a disputing party, shall appoint the presiding arbitrator consistent with clause (i). 6. (iii) The non-disputing Party of the claimant may make oral and written submissions to the tribunal regarding the issue of whether and to what extent Article 21 13.10 is a valid defence defense to the claim. Unless it makes such a submission, the non-disputing Party of the claimant shall be presumed, for the purposes of the arbitration, to take a position on Article 21 that is 13.10 not inconsistent with that of the respondent. (d) The arbitration referred to in subparagraph (a) may proceed with respect to the claim: (i) ten days after the date the determination of the Committee has been received by the disputing parties and, if constituted, the tribunal; or (ii) ten days after the expiration of the 60-day period extended to the Committee in subparagraph (c). 2. The definitions of the following terms set out in Article 11.28 (Definitions) are incorporated into this Article, mutatis mutandis: claimant, disputing parties, disputing party, respondent, and Secretary-General.