Common use of Referral mechanism Clause in Contracts

Referral mechanism. 5.1 The Authorities, through their Innovation Functions, will refer to each other Innovator Businesses that would like to operate in the other’s jurisdiction. 5.2 Referrals will be made in writing, and shall include information demonstrating that the Innovator Business seeking to operate in the Receiving Authority's jurisdiction meets, or would meet, the Referring Authority's Criteria for Support. 5.3 The Criteria for Support should include, but shall not be limited to, the following: 5.3.1 The Innovator Business shall offer innovative financial products or services that benefit the consumer, investor and/or industry; and 5.3.2 The Innovator Business shall demonstrate that they have conducted sufficient background research on the Receiving Authority’s Regulations as they might apply to it. 5.4 Following referral, and provided the Innovator Business meets the Criteria for Support, the Receiving Authority’s Innovation Function may offer support to the Innovator Business in accordance with paragraph 2.4 above. 5.5 The Referring Authority acknowledges that when a Receiving Authority provides assistance to an Innovator Business, the Receiving Authority is not expressing an opinion about whether an Innovator Business will ultimately meet the requirements for Authorisation in its jurisdiction. 5.6 The Authorities undertake, subject to applicable domestic laws and Regulations, to: 5.6.1 share information about innovations in financial services in their respective markets, where appropriate. This may include, but is not limited to: 5.6.1.1 Emerging trends and developments (including use of new technologies); and 5.6.1.2 Regulatory issues pertaining to innovation in financial services; 5.6.2 share further information on an Innovator Business which has been referred to a Receiving Authority for support through its Innovation Function by a Referring Authority (including the nature of the support to the Innovator Business by the Referring Authority); and 5.6.3 notify each other of any material changes to the other Authority's Criteria for Support.

Referral mechanism. 5.1 The Authorities, through their Innovation Functions, will refer to each other Innovator Businesses that would like to operate in the other’s jurisdiction. 5.2 Referrals will be made in writing, and shall include information demonstrating that the Innovator Business seeking to operate in the Receiving Authority's jurisdiction meets, or would meet, the Referring Authority's Criteria for Support. 5.3 The Criteria for Support should include, but shall not be limited to, the following: 5.3.1 The Innovator Business shall offer innovative financial products or services that benefit the consumer, investor and/or industry; andand‌ 5.3.2 The Innovator Business shall demonstrate that they have conducted sufficient background research on the Receiving Authority’s Regulations as they might apply to it. 5.4 Following referral, and provided the Innovator Business meets the Criteria for Support, the Receiving Authority’s Innovation Function may offer support to the Innovator Business in accordance with paragraph 2.4 above. 5.5 The Referring Authority acknowledges that when a Receiving Authority provides assistance to an Innovator Business, the Receiving Authority is not expressing an opinion about whether an Innovator Business will ultimately meet the requirements for Authorisation in its jurisdiction. 5.6 The Authorities undertake, subject to applicable domestic laws and Regulations, to:to:‌ 5.6.1 share information about innovations in financial services in their respective markets, where appropriate. This may include, but is not limited to: 5.6.1.1 Emerging trends and developments (including use of new technologies); andand‌ 5.6.1.2 Regulatory issues pertaining to innovation in financial services; 5.6.2 share further information on an Innovator Business which has been referred to a Receiving Authority for support through its Innovation Function by a Referring Authority (including the nature of the support to the Innovator Business by the Referring Authority); and 5.6.3 notify each other of any material changes to the other Authority's Criteria for Support.

Referral mechanism. 5.1 The Authorities, through their Innovation Functions, will refer to each other Innovator Businesses that would like to operate in the other’s jurisdiction. 5.2 Referrals will be made in writing, and shall include information demonstrating that the Innovator Business seeking to operate in the Receiving Authority's jurisdiction meets, or would meet, the Referring Authority's Criteria for Support. 5.3 The Criteria for Support should include, but shall not be limited to, include the following: 5.3.1 The Innovator Business shall offer innovative financial products or services that benefit the consumer, investor and/or industry; and 5.3.2 The Innovator Business shall demonstrate that they have conducted sufficient background research on the Receiving Authority’s Regulations as they might apply to it. 5.4 Following referral, and provided the Innovator Business meets the Criteria for Support, the Receiving Authority’s Innovation Innovator Function may offer support to the Innovator Business in accordance with paragraph 2.4 above. 5.5 The Referring Authority acknowledges that when a Receiving Authority provides assistance to an Innovator Business, the Receiving Authority is not expressing an opinion about whether an Innovator Business will ultimately meet the requirements for Authorisation in its jurisdiction. 5.6 The Authorities undertake, subject to applicable domestic laws and Regulations, to: 5.6.1 share information about innovations in financial services in their respective markets, where appropriate. This may include, but is not limited to: 5.6.1.1 Emerging market trends and developments (including use of new technologies); and 5.6.1.2 Regulatory issues pertaining to innovation in financial services;. 5.6.2 share further information on an Innovator Business which has been referred to a Receiving Authority for support through its Innovation Function by a Referring Authority (including the nature of the support to the Innovator Innovative Business by the Referring Authority); and 5.6.3 notify each other of any material changes to the other Authority's Criteria for Support.

Referral mechanism. 5.1 The Authorities, through their Innovation Functions, will refer to each other Innovator Businesses that would like to operate in the other’s jurisdiction. 5.2 Referrals will be made in writing, and shall include information demonstrating that the Innovator Business seeking to operate in the Receiving Authority's jurisdiction meets, or would meet, the Referring Authority's Criteria for Support. 5.3 The Criteria for Support should include, but shall not be limited to, the following: 5.3.1 The Innovator Business shall offer innovative financial products or services that benefit the consumer, investor and/or industry; and 5.3.2 The Innovator Business shall demonstrate that they have conducted sufficient background research on the Receiving Authority’s Regulations as they might apply to it. 5.4 Following referral, and provided the Innovator Business meets the Criteria for Support, the Receiving Authority’s Innovation Function may offer support to the Innovator Business in accordance with paragraph 2.4 above. 5.5 The Referring Authority acknowledges that when a Receiving Authority provides assistance to an Innovator Business, the Receiving Authority is not expressing an opinion about whether an Innovator Business will ultimately meet the requirements for Authorisation in its jurisdiction. 5.6 The Authorities undertakeintend, subject to applicable domestic laws and Regulations, to: 5.6.1 share Share information about innovations in financial services in their respective markets, where appropriate. This may include, but is not limited to: 5.6.1.1 Emerging trends and developments (including use of new technologies); and 5.6.1.2 Regulatory issues pertaining to innovation in financial services; 5.6.2 share Share further information on an Innovator Business which has been referred to a Receiving Authority for support through its Innovation Function by a Referring Authority (including the nature of the support to the Innovator Business by the Referring Authority); and 5.6.3 notify Notify each other of any material changes to the other Authority's Criteria for Support.

Referral mechanism. 5.1 The Authorities, through their Innovation Functions, will refer to each other Innovator Businesses that would like to operate in the other’s jurisdiction. 5.2 Referrals will be made in writing, and shall include information demonstrating that the Innovator Business seeking to operate in the Receiving Authority's jurisdiction meets, or would meet, the Referring Authority's Criteria for Support. 5.3 The Criteria for Support should include, but shall not be limited to, the following: 5.3.1 The Innovator Business shall offer innovative financial products or services that benefit the consumer, investor and/or industry; and 5.3.2 The Innovator Business shall demonstrate that they have conducted sufficient background research on the Receiving Authority’s Regulations as they might apply to it. 5.4 Following referral, and provided the Innovator Business meets the Criteria for Support, the Receiving Authority’s Innovation Function may offer support to the Innovator Business in accordance with paragraph 2.4 above. 5.5 The Referring Authority acknowledges that when a Receiving Authority provides assistance to an Innovator Business, the Receiving Authority is not expressing an opinion about whether an Innovator Business will ultimately meet the requirements for Authorisation in its jurisdiction. 5.6 The Authorities undertakeintend, subject to applicable domestic laws and Regulations, to: 5.6.1 share Share information about innovations in financial services in their respective markets, where appropriate. This may include, but is not limited to: 5.6.1.1 Emerging trends and developments (including use of new technologies); and 5.6.1.2 Regulatory issues pertaining to innovation in financial services; 5.6.2 share Share further information on an Innovator Business which has been referred to a Receiving Authority for support through its Innovation Function by a Referring Authority (including the nature of the support to the Innovator Business by the Referring Authority); and 5.6.3 notify Notify each other of any material changes to the other Authority's Criteria for Support.

Referral mechanism. 5.1 The Authorities, through their Innovation Functions, will refer to each other Innovator Businesses that would like to operate in the other’s jurisdiction. 5.2 Referrals will be made in writing, and shall include information demonstrating that the Innovator Business seeking to operate in the Receiving Authority's jurisdiction meets, or would meet, the Referring Authority's Criteria for Support. 5.3 The Criteria for Support should include, but shall not be limited to, the following: 5.3.1 The Innovator Business shall offer innovative financial products or services that benefit the consumer, investor and/or industry; andand‌ 5.3.2 The Innovator Business shall demonstrate that they have conducted sufficient background research on the Receiving Authority’s Regulations as they might apply to it. 5.4 Following referral, and provided the Innovator Business meets the Criteria for Support, the Receiving Authority’s Innovation Function may offer support to the Innovator Business in accordance with paragraph 2.4 above. 5.5 The Referring Authority acknowledges that when a Receiving Authority provides assistance to an Innovator Business, the Receiving Authority is not expressing an opinion about whether an Innovator Business will ultimately meet the requirements for Authorisation in its jurisdiction. 5.6 The Authorities undertakeintend, subject to applicable domestic laws and Regulations, to: 5.6.1 share Share information about innovations in financial services in their respective markets, where appropriate. This may include, but is not limited to: 5.6.1.1 Emerging trends and developments (including use of new technologies); and 5.6.1.2 Regulatory issues pertaining to innovation in financial services; 5.6.2 share Share further information on an Innovator Business which has been referred to a Receiving Authority for support through its Innovation Function by a Referring Authority (including the nature of the support to the Innovator Business by the Referring Authority); and 5.6.3 notify Notify each other of any material changes to the other Authority's Criteria for Support.

Referral mechanism. 5.1 The Authorities, through their Innovation Functions, will refer to each other Innovator Businesses that would like to operate in the other’s jurisdiction. 5.2 Referrals will be made in writing, and shall include information demonstrating that the Innovator Business seeking to operate in the Receiving Authority's jurisdiction meets, or would meet, the Referring Authority's Criteria for Support. 5.3 The Criteria for Support should include, but shall not be limited to, the following: 5.3.1 The Innovator Business shall offer innovative financial products or services that benefit the consumer, investor and/or industry; andand‌ 5.3.2 The Innovator Business shall demonstrate that they have conducted sufficient background research on the Receiving Authority’s Regulations as they might apply to it. 5.4 Following referral, and provided the Innovator Business meets the Criteria for Support, the Receiving Authority’s Innovation Function may offer support to the Innovator Business in accordance with paragraph 2.4 above. 5.5 The Referring Authority acknowledges that when a Receiving Authority provides assistance to an Innovator Business, the Receiving Authority is not expressing an opinion about whether an Innovator Business will ultimately meet the requirements for Authorisation in its jurisdiction. 5.6 The Authorities undertakeintend, subject to applicable domestic laws and Regulations, to: 5.6.1 share Share information about innovations in financial services in their respective markets, where appropriate. This may include, but is not limited to: 5.6.1.1 Emerging trends and developments (including use of new technologies); andand‌ 5.6.1.2 Regulatory issues pertaining to innovation in financial services; 5.6.2 share Share further information on an Innovator Business which has been referred to a Receiving Authority for support through its Innovation Function by a Referring Authority (including the nature of the support to the Innovator Business by the Referring Authority); and 5.6.3 notify Notify each other of any material changes to the other Authority's Criteria for Support.