Temporary Safeguard. 1. A Party may adopt or maintain measures inconsistent with its obligations provided for in Article 73 relating to cross-border capital transactions or Article 80:
Temporary Safeguard. 1. A Contracting Party may adopt or maintain measures inconsistent with its obligations under: • Article xx (Transfers); • Article yy, paragraph 1.1 (National Treatment) relating to cross-border capital transactions4 (a) in the event of serious balance-of-payments and external financial difficulties or threat thereof; or
Temporary Safeguard. 1. A Contracting Party may adopt or maintain measures inconsistent with its obligations under: Article xx (Transfers); Article yy, paragraph 1.1 (National Treatment) relating to cross-border capital transactions170 168 The public order exception may be invoked only where a genuine and sufficiently serious threat is posed to one of the fundamental interests of society. 169 While one delegation questions the need for any specific provisions carving out transactions by a central bank or monetary authority in pursuit of monetary and exchange rate policies, most delegations can support adoption of this text. 170 It is understood that such measures may not discriminate between resident entities owned or controlled by investors of other Contracting Parties and resident entities controlled by local investors. Some delegations question whether this bullet is necessary, but would like to consider the IMF arguments in this respect. See Commentary.
Temporary Safeguard. 1. A Party may adopt or maintain measures inconsistentwith its obligations provided for in Article 73 relating tocross-border capital transactions or Article 80: (a) in the event of serious balance-of-payments orexternal financial difficulties or threat thereof; or (b) where, in exceptional circumstances, movements ofcapital result in serious economic and financialdisturbance in the Party concerned. 2. The measures referred to in paragraph 1 above: (a) shall be consistent with the Articles of Agreement of the International Monetary Fund; (b) shall not exceed those necessary to deal with thecircumstances described in paragraph 1 above; (c) shall be temporary and shall be eliminated assoon as conditions permit; (d) shall promptly be notified to the other Party; (e) shall not discriminate between the Parties; (f) shall ensure that the other Party is treated asfavourably as any non-Party; and (g) shall avoid unnecessary damage to the commercial,economic and financial interests of the other Party. 3. Nothing in this Chapter shall be regarded as affectingthe rights enjoyed and obligations undertaken by a Party asa party to the Articles of Agreement of the InternationalMonetary Fund.
