Common use of Purpose and general principles Clause in Contracts

Purpose and general principles. 1. This MMoU is a statement of intent to consult, cooperate and exchange information in connection with the discharge of the responsibilities entrusted to the Authorities under the Laws and Regulations, in a manner consistent with, and permitted by, the laws and requirements that govern the Authorities. 2. This MMoU does not create any legally binding obligations, confer any enforceable rights, or supersede applicable legislation. This MMoU does not confer upon any Person the right or ability directly or indirectly to obtain, suppress, or exclude any information or to challenge the execution of a request for assistance under this MMoU. 3. This MMoU does not intend to limit an Authority to taking solely those measures described herein in fulfilment of its functions. In specific circumstances, in accordance with applicable legislation of the Authorities, information may be obtained by an Authority directly from a Covered Entity operating in its jurisdiction. In such a case, a copy of any request to the Covered Entity is sent at the same time to the Home Authority. 4. The Authorities will, within the framework of this MMoU, provide one another with the fullest cooperation permissible to better enable them to carry out the responsibilities entrusted to them under the Laws and Regulations. Following consultation, assistance may be denied: a) where the cooperation would require an Authority to act in a manner that would violate the applicable legislation; b) where a request for assistance is not falling within the scope of this MMoU or is not made in accordance with the terms of this MMoU, or c) on reasons of public interest. Assistance will not be denied based on the fact that the type of conduct described in the request for assistance would not be a violation of the Laws and Regulations of the Requested Authority. In case of denial, the Requested Authority will provide the reasons for not granting the assistance. Where the Requested Authority presents objective grounds by reasons of which the request cannot be fulfilled in part or in whole, the Authorities will consult with a view to reaching an understanding on the assistance to be provided. 5. No domestic banking secrecy, blocking laws or regulations should prevent an Authority from providing assistance to the other Authority. 6. The Authorities will periodically review the functioning and effectiveness of the cooperation arrangements between the Authorities with a view, inter alia, to expanding or altering the scope or operation of this MMoU should that be deemed necessary, for instance, in the event of changes in the Laws and Regulations in force or applied by either the UK Authority or the EEA Authorities. 7. To facilitate cooperation under this MMoU, the Authorities hereby designate contact points as set forth in Appendix B.

Purpose and general principles. 1. This MMoU is a statement of intent to consult, cooperate and exchange information in connection with the discharge of the responsibilities entrusted to the Authorities under the Laws and Regulations, in a manner consistent with, and permitted by, the laws and requirements that govern the Authorities. 2. This MMoU does not create any legally binding obligations, confer any enforceable rights, or supersede applicable legislation. This MMoU does not confer upon any Person the right or ability directly or indirectly to obtain, suppress, or exclude any information or to challenge the execution of a request for assistance under this MMoU. 3. This MMoU does not intend to limit an Authority to taking solely those measures described herein in fulfilment of its functions. In specific circumstances, in accordance with applicable legislation of the Authorities, information may be obtained by an Authority directly from a Covered Entity operating in its jurisdiction. In such a case, a copy of any request to the Covered Entity is sent at the same time to the Home Authority. 4. The Authorities will, within the framework of this MMoU, provide one another with the fullest cooperation permissible to better enable them to carry out the responsibilities entrusted to them under the Laws and Regulations. Following consultation, assistance may be denied: a) where the cooperation would require an Authority to act in a manner that would violate the applicable legislation; b) where a request for assistance is not falling within the scope of this MMoU or is not made in accordance with the terms of this MMoU, or or c) on reasons of public interest. Assistance will not be denied based on the fact that the type of conduct described in the request for assistance would not be a violation of the Laws and Regulations of the Requested Authority. In case of denial, the Requested Authority will provide the reasons for not granting the assistance. Where the Requested Authority presents objective grounds by reasons of which the request cannot be fulfilled in part or in whole, the Authorities will consult with a view to reaching an understanding on the assistance to be provided. 5. No domestic banking secrecy, blocking laws or regulations should prevent an Authority from providing assistance to the other Authority. 6. The Authorities will periodically review the functioning and effectiveness of the cooperation arrangements between the Authorities with a view, inter alia, to expanding or altering the scope or operation of this MMoU should that be deemed necessary, for instance, in the event of changes in the Laws and Regulations in force or applied by either the UK Authority or the EEA Authorities. 7. To facilitate cooperation under this MMoU, the Authorities hereby designate contact points as set forth in Appendix B.