Page 317 - Regional Comprehensive Economic Partnership (RCEP)

customers, or any confidential or proprietary information in the 2. Each Party shall ensure that all measures of general application
possession of public entities. to which this Annex applies are administered in a reasonable,
objective, and impartial manner.

Article 6: Recognition 3. Each Party shall ensure that measures of general application
adopted or maintained by a Party are promptly published, or
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1. A Party may recognise prudential measures of any international otherwise made publicly available.
standard-setting body, another Party, or a non-Party in
determining how its measures relating to financial services shall 4. To the extent practicable, each Party shall:
be applied. Such recognition, which may be achieved through
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harmonisation or otherwise, may be based on an agreement or (a) publish or make available to interested persons in
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arrangement with the international standard-setting body, other advance any regulation of general application relating to
Party, or non-Party concerned, or may be accorded this Annex that it proposes to adopt, and the purpose of
autonomously. such regulation; and

2. A Party that is party to an agreement or arrangement referred to (b) provide interested persons and other Parties with a
in paragraph 1, whether existing or future, shall afford adequate reasonable opportunity to comment on such proposed
opportunity for other interested Parties, to negotiate their regulation.
accession to such an agreement or arrangement, or to negotiate
comparable ones with it, under circumstances in which there 5. To the extent practicable, each Party should allow a reasonable
would be equivalent regulation, oversight, implementation of such period of time between the date of publication of any final
regulation, and, if appropriate, procedures concerning the sharing regulation of general application and the date when it enters into
of information between the parties to the agreement or effect.
arrangement.
6. Each Party shall take such reasonable measures as may be
3. Where a Party accords recognition autonomously, it shall afford available to it to ensure that the rules of general application
adequate opportunity for any other Party to demonstrate that the adopted or maintained by a self-regulatory organisation of the
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circumstances referred to in paragraph 2 exist. Party are promptly published or otherwise made available.

7. Each Party shall maintain or establish appropriate mechanisms
Article 7: Transparency for responding to enquiries from interested persons of another
Party regarding measures of general application covered by this
1. The Parties recognise that transparent measures governing the Annex.
activities of financial service suppliers are important in facilitating
their ability to gain access to, and operate in, each other’s 8. A Party’s regulatory authority shall make available to interested
markets. Each Party commits to promote regulatory transparency persons of another Party its requirements, including any
in financial services. documentation required, for completing applications relating to
the supply of financial services.

5 For greater certainty, each Party may publish such information in its chosen language.

6 For the purposes of this Article, the Parties confirm their shared understanding that
4 For greater certainty, nothing in Article 8.6 (Most-Favoured-Nation Treatment) shall “interested persons” are persons whose direct financial interest could potentially be
be construed to require a Party to accord such recognition to prudential measures of affected by the adoption of the regulations of general application.
any other Party.
7 For greater certainty, each Party may publish such information in its chosen language.

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