Common use of Regulatory Transparency Clause in Contracts

Regulatory Transparency. 1. The Parties recognise that transparent measures governing the activities of financial service suppliers are important in facilitating their ability to gain access to and operate in each other’s market. 2. Each Party shall ensure that measures of general application adopted or maintained by a Party are promptly published or otherwise made publicly available. 3. Each Party shall take such reasonable measures as may be available to it to ensure that the rules of general application adopted or maintained by self-regulatory organisations8 of the Party are promptly published or otherwise made publicly available. 4. Each Party shall maintain or establish appropriate mechanisms for responding to inquiries from interested persons9 of the other Party regarding measures of general application to which this Annex applies. 5. Each Party’s regulatory authorities shall make publicly available their requirements, including any documentation required, for completing applications relating to the supply of financial services. 6. Each Party’s regulatory authorities shall make administrative decisions on a completed application of a financial service supplier of the other Party seeking to supply a financial service in that Party's territory within 180 days and shall notify the applicant of the decision where possible in writing, without undue delay: (a) an application shall not be considered complete until all relevant proceedings are conducted and the regulatory authorities consider all necessary information has been received; and (b) where it is not practicable for a decision to be made within 180 days, the regulatory authority shall notify the applicant without delay and shall endeavour to make the decision within a reasonable time thereafter. 8 In the case of Mauritius, “self-regulatory organisation” means a self-regulatory organisation whose object is to regulate the operations of its members or of the users of its services, their standards of practice and business conduct in order to better protect investors and consumers of securities or related services and includes such other organisation as may be declared or recognised as a self-regulatory organisation by the Financial Services Commission; and in the case of China, “self-regulatory organisation” means an organisation recognised as a self-regulatory body by the central government according to China’s laws and regulations. 9 “Interested persons” in this Article should only be persons whose direct financial interest could potentially be affected by the adoption of the regulations of general application. 7. On the written request of an unsuccessful applicant, a regulatory authority that has denied an application shall endeavour to inform the applicant of the reasons for denial of the application in writing.

Regulatory Transparency. 1. The Parties recognise that transparent measures governing the activities of financial institutions and cross-border financial service suppliers are important in facilitating their ability to gain access to and operate in each other’s market. 2. Each Party shall ensure that measures of general application adopted or maintained by a Party are promptly published or otherwise made publicly available. 3. Each Party shall take such reasonable measures as may be available to it to ensure that the rules of general application adopted or maintained by self-regulatory organisations8 organisations1 of the Party are promptly published or otherwise made publicly available. 4. Each Party shall maintain or establish appropriate mechanisms for responding to inquiries from interested persons9 persons2 of the other Party regarding measures of general application to which this Annex applies. 5. Each Party’s regulatory authorities shall make publicly available their requirements, including any documentation required, for completing applications relating to the supply of financial services. 6. Each Party’s regulatory authorities shall make administrative decisions on a completed application of a financial service supplier of the other Party seeking to supply a financial service in that Party's territory within 180 days and shall notify the applicant of the decision where possible in writing, without undue delay: (a) an application shall not be considered complete until all relevant proceedings are conducted and the regulatory authorities consider all necessary information has been received; and (b) where it is not practicable for a decision to be made within 180 days, the regulatory authority shall notify the applicant without delay and shall endeavour to make the decision within a reasonable time thereafter. 8 . 1 In the case of MauritiusAustralia, “self-regulatory organisation” means a selfany non-regulatory organisation whose object is to regulate the operations of its members or of the users of its servicesgovernmental body, their standards of practice and business conduct in order to better protect investors and consumers of including any securities or related services and includes such futures exchange or market, clearing or payment settlement agency, or other organisation as may be declared or recognised as a self-association that exercises its own or delegated regulatory organisation by the Financial Services Commissionor supervisory authority over financial service suppliers or financial institutions; and in the case of China, “self-regulatory organisation” means an organisation recognised as a self-regulatory body by the central government according to China’s laws and regulations. 9 . 2 The Parties confirm their shared understanding that “Interested interested persons” in this Article should only be persons whose direct financial interest could potentially be affected by the adoption of the regulations of general application. 7. On the written request of an unsuccessful applicant, a regulatory authority that has denied an application shall endeavour to inform the applicant of the reasons for denial of the application in writing.

Regulatory Transparency. 1. The Parties recognise that transparent measures governing the activities of financial service suppliers are important in facilitating their ability to gain access to and operate in each other’s market. 2. Each Party shall ensure that measures of general application adopted or maintained by a Party are promptly published or otherwise made publicly available. 3. Each Party shall take such reasonable measures as may be available to it to ensure that the rules of general application adopted or maintained by self-regulatory organisations8 of the Party are promptly published or otherwise made publicly available. 4. Each Party shall maintain or establish appropriate mechanisms for responding to inquiries from interested persons9 of the other Party regarding measures of general application to which this Annex applies. 5. Each Party’s regulatory authorities shall make publicly available their requirements, including any documentation required, for completing applications relating to the supply of financial services. 6. Each Party’s regulatory authorities shall make administrative decisions on a completed application of a financial service supplier of the other Party seeking to supply a financial service in that Party's territory within 180 days and shall notify the applicant of the decision where possible in writing, without undue delay: (a) an application shall not be considered complete until all relevant proceedings are conducted and the regulatory authorities consider all necessary information has been received; and (b) where it is not practicable for a decision to be made within 180 days, the regulatory authority shall notify the applicant without delay and shall endeavour to make the decision within a reasonable time thereafter. 8 In the case of China, “self-regulatory organisation” means an organisation recognised as a self-regulatory body by the central government according to China’s laws and regulations; and in the case of Mauritius, “self-regulatory organisation” means a self-regulatory organisation whose object is to regulate the operations of its members or of the users of its services, their standards of practice and business conduct in order to better protect investors and consumers of securities or related services and includes such other organisation as may be declared or recognised as a self-regulatory organisation by the Financial Services Commission; and in the case of China, “self-regulatory organisation” means an organisation recognised as a self-regulatory body by the central government according to China’s laws and regulations. 9 “Interested persons” in this Article should only be persons whose direct financial interest could potentially be affected by the adoption of the regulations of general application. 7. On the written request of an unsuccessful applicant, a regulatory authority that has denied an application shall endeavour to inform the applicant of the reasons for denial of the application in writing.