Common use of New Financial Services Clause in Contracts

New Financial Services. 1. Each Party shall permit a financial institution of the other Party established in its territory to supply any new financial services similar to those services that a Party would permit its own financial institutions, in like circumstances, to supply under its laws and regulations. 2. A Party may however determine the institutional and juridical form through which the new financial service may be supplied and may require authorisation for the supply of the service. Where the authorisation to supply new financial services is required, a decision shall be made within a reasonable time, and the authorisation may only be refused for prudential reasons. 3. Further to paragraph 1, a financial institution of a Party may apply to the other Party to consider authorising the supply of a financial service that is not supplied in either Party's territory. Such application shall be subject to the law of the Party to which the application is made.

New Financial Services. 1. Each Party shall permit a financial institution of the other Party established in its territory to supply any new financial services similar to those services service that a the first Party would permit its own financial institutions, in like circumstancessituations, to supply under its laws and regulationslaw, on request or notification to the relevant regulator, if required. 2. A Party may however determine the institutional and juridical form through which the new financial service may be supplied and may require authorisation for the supply of the service. Where the If authorisation to supply new financial services is required, a decision shall be made within a reasonable time, period of time and the authorisation may only be refused for prudential reasons. 3. Further to paragraph 1, This Article does not prevent a financial institution of a Party may apply from applying to the other Party to consider authorising the supply of a financial service that is not supplied in within either Party's territory. Such That application shall be is subject to the law of the Party to which receiving the application and is madenot subject to the obligations of this Article.