Page 318 - Regional Comprehensive Economic Partnership (RCEP)

9. On request of an applicant in writing, a Party’s regulatory authority
shall inform the applicant of the status of its application. If the
authority requires additional information from the applicant, it shall
notify the applicant without undue delay.

10. A Party’s regulatory authority shall make an administrative
decision on a complete application of a financial service supplier
of another Party relating to the supply of a financial service within
180 days, and shall notify the applicant of the decision without
undue delay. An application shall not be considered complete
until all relevant proceedings are conducted and all necessary
information is received. Where it is not practicable for such a
decision to be made within 180 days, the regulatory authority shall
notify the applicant without undue delay and shall endeavour to
make the decision within a reasonable period of time thereafter.

11. On request of an unsuccessful applicant in writing, a Party’s
regulatory authority that has denied an application shall, to the
extent practicable, inform the applicant of the reasons for the
denial of the application.

Article 8: Financial Services Exceptions

For greater certainty, nothing in this Annex shall be construed to prevent
a Party from adopting or enforcing measures necessary to secure
compliance with laws or regulations that are not inconsistent with this
Annex, including those relating to the prevention of deceptive and
fraudulent practices or to deal with the effects of a default on financial
services contracts, subject to the requirement that such measures are
not applied in a manner which would constitute a means of arbitrary or
unjustifiable discrimination between Parties or between Parties and non-
Parties where like conditions prevail, or a disguised restriction on
investment in financial institutions or trade in financial services.

Article 9: Transfers of Information and Processing of Information

1. The Parties recognise that each Party may have its own
regulatory requirements concerning the transfer of information
and the processing of information.
8

8 For greater certainty, a Party may adopt a different regulatory approach, and this
paragraph does not affect and is without prejudice to a Party’s rights and obligations
under this Article.

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