Page 319 - 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 2. A Party shall not take measures that prevent:
authority requires additional information from the applicant, it shall
notify the applicant without undue delay. (a) transfers of information, including transfers of data by
electronic or other means, necessary for the conduct of the
10. A Party’s regulatory authority shall make an administrative ordinary business of a financial service supplier in its
decision on a complete application of a financial service supplier territory; or
of another Party relating to the supply of a financial service within
180 days, and shall notify the applicant of the decision without (b) processing of information necessary for the conduct of the
undue delay. An application shall not be considered complete ordinary business of a financial service supplier in its
until all relevant proceedings are conducted and all necessary territory.
information is received. Where it is not practicable for such a
decision to be made within 180 days, the regulatory authority shall 3. Nothing in paragraph 2 prevents a regulatory authority of a Party,
notify the applicant without undue delay and shall endeavour to for regulatory or prudential reasons, from requiring a financial
make the decision within a reasonable period of time thereafter. service supplier in its territory to comply with its laws and
regulations in relation to data management and storage and
11. On request of an unsuccessful applicant in writing, a Party’s system maintenance, as well as to retain within its territory copies
regulatory authority that has denied an application shall, to the of records, provided that such requirements shall not be used as
extent practicable, inform the applicant of the reasons for the a means of avoiding the Party’s commitments or obligations under
denial of the application. this Agreement.

4. Nothing in paragraph 2 restricts the right of a Party to protect
Article 8: Financial Services Exceptions personal data, personal privacy, and the confidentiality of
individual records and accounts including in accordance with its
For greater certainty, nothing in this Annex shall be construed to prevent laws and regulations, provided that such a right shall not be used
a Party from adopting or enforcing measures necessary to secure as a means of avoiding the Party’s commitments or obligations
compliance with laws or regulations that are not inconsistent with this under this Agreement.
Annex, including those relating to the prevention of deceptive and
fraudulent practices or to deal with the effects of a default on financial 5. Nothing in paragraph 2 shall be construed to require a Party to
services contracts, subject to the requirement that such measures are allow the cross-border supply or consumption abroad of services
not applied in a manner which would constitute a means of arbitrary or in relation to which it has not made commitments, including to
unjustifiable discrimination between Parties or between Parties and non- allow non-resident suppliers of financial services to supply, as a
Parties where like conditions prevail, or a disguised restriction on principal, through an intermediary or as an intermediary, the
investment in financial institutions or trade in financial services. provision and transfer of financial information and financial data
processing as referred to in subparagraph (b)(xv) of Article 1
(Definitions).
Article 9: Transfers of Information and Processing of Information

1. The Parties recognise that each Party may have its own Article 10: Self-Regulatory Organisations
regulatory requirements concerning the transfer of information
and the processing of information. If a Party requires a financial institution of another Party to be a member
8
of, participate in, or have access to a self-regulatory organisation to
provide a financial service in its territory, that Party shall ensure that the
8 For greater certainty, a Party may adopt a different regulatory approach, and this self-regulatory organisation observes that Party’s obligations under
paragraph does not affect and is without prejudice to a Party’s rights and obligations
under this Article. Article 8.4 (National Treatment).

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