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ANNEX I V A
FI NANCI AL SERVI CES

I . Scope and Def i ni t i ons

1. Thi s Annex appl i es t o measur es af f ect i ng t he suppl y of
f i nanci al ser vi ces. Ref er ence t o t he suppl y of a f i nanci al
ser vi ce i n t hi s Annex shal l mean t he suppl y of a ser vi ce as
def i ned i n sub- par agr aph ( o) of par agr aph 6 of Ar t i cl e 58.

2. ( a) For t he pur poses of t hi s Annex:

( i ) t he t er mf i nanci al ser vi ce means any
ser vi ce of a f i nanci al nat ur e of f er ed by a
f i nanci al ser vi ce suppl i er of a Par t y.
Fi nanci al ser vi ces i ncl ude al l i nsur ance and
i nsur ance- r el at ed ser vi ces, and al l banki ng
and ot her f i nanci al ser vi ces ( excl udi ng
i nsur ance) . Fi nanci al ser vi ces i ncl ude t he
f ol l owi ng act i vi t i es:

( A) I nsur ance and I nsur ance- Rel at ed Ser vi ces

( AA) di r ect i nsur ance ( i ncl udi ng co-
i nsur ance) :

( aa) l i f e

( bb) non- l i f e

( BB) r ei nsur ance and r et r ocessi on;

( CC) i nsur ance i nt er medi at i on, such as
br oker age and agency;

( DD) ser vi ces auxi l i ar y t o i nsur ance, such
as consul t ancy, act uar i al , r i sk
assessment and cl ai mset t l ement
ser vi ces;

( B) Banki ng and Ot her Fi nanci al Ser vi ces
( Excl udi ng I nsur ance)

( AA) accept ance of deposi t s and ot her
r epayabl e f unds f r omt he publ i c;

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( BB) l endi ng of al l t ypes, i ncl udi ng
consumer cr edi t , mor t gage cr edi t ,
f act or i ng and f i nanci ng of commer ci al
t r ansact i on;

( CC) f i nanci al l easi ng;

( DD) al l payment and money t r ansmi ssi on
ser vi ces, i ncl udi ng cr edi t , char ge and
debi t car ds, t r avel l er s cheques and
banker s dr af t s;

( EE) guar ant ees and commi t ment s;

( FF) t r adi ng f or own account or f or account
of cust omer s, whet her on an exchange,
i n an over - t he- count er mar ket or
ot her wi se, t he f ol l owi ng:

( aa) money mar ket i nst r ument s
( i ncl udi ng cheques, bi l l s,
cer t i f i cat es of deposi t s) ;

( bb) f or ei gn exchange;

( cc) der i vat i ve pr oduct s i ncl udi ng, but
not l i mi t ed t o, f ut ur es and
opt i ons;

( dd) exchange r at e and i nt er est r at e
i nst r ument s, i ncl udi ng pr oduct s
such as swaps, f or war d r at e
agr eement s;

( ee) t r ansf er abl e secur i t i es;

( f f ) ot her negot i abl e i nst r ument s and
f i nanci al asset s, i ncl udi ng
bul l i on;

( GG) par t i ci pat i on i n i ssues of al l ki nds of
secur i t i es, i ncl udi ng under wr i t i ng and
pl acement as agent ( whet her publ i cl y or
pr i vat el y) and pr ovi si on of ser vi ces
r el at ed t o such i ssues;

( HH) money br oki ng;

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( I I ) asset management , such as cash or
por t f ol i o management , al l f or ms of
col l ect i ve i nvest ment management ,
pensi on f und management , cust odi al ,
deposi t or y and t r ust ser vi ces;

( J J ) set t l ement and cl ear i ng ser vi ces f or
f i nanci al asset s, i ncl udi ng secur i t i es,
der i vat i ve pr oduct s, and ot her
negot i abl e i nst r ument s;

( KK) pr ovi si on and t r ansf er of f i nanci al
i nf or mat i on, and f i nanci al dat a
pr ocessi ng and r el at ed sof t war e by
suppl i er s of ot her f i nanci al ser vi ces;
and

( LL) advi sor y, i nt er medi at i on and ot her
auxi l i ar y f i nanci al ser vi ces on al l t he
act i vi t i es l i st ed i n sub- par agr aphs
( AA) t hr ough ( KK) above, i ncl udi ng
cr edi t r ef er ence and anal ysi s,
i nvest ment and por t f ol i o r esear ch and
advi ce, advi ce on acqui si t i ons and on
cor por at e r est r uct ur i ng and st r at egy;

( i i ) t he t er mf i nanci al ser vi ce suppl i er means
any nat ur al or j ur i di cal per son of a Par t y
wi shi ng t o suppl y or suppl yi ng f i nanci al
ser vi ces, but t he t er mf i nanci al ser vi ce
suppl i er does not i ncl ude a publ i c ent i t y;

( i i i ) t he t er mpubl i c ent i t y means:

( A) a gover nment , a cent r al bank or a monet ar y
aut hor i t y of a Par t y, or an ent i t y owned or
cont r ol l ed by a Par t y, t hat i s pr i nci pal l y
engaged i n car r yi ng out gover nment al
f unct i ons or act i vi t i es f or gover nment al
pur poses, not i ncl udi ng an ent i t y
pr i nci pal l y engaged i n suppl yi ng f i nanci al
ser vi ces on commer ci al t er ms; or

( B) a pr i vat e ent i t y, per f or mi ng f unct i ons
nor mal l y per f or med by a cent r al bank or
monet ar y aut hor i t y, when exer ci si ng t hose
f unct i ons;

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( i v) f or t he pur poses of sub- par agr aph ( q) of
par agr aph 6 of Ar t i cl e 58, t he t er m
ser vi ces suppl i ed i n t he exer ci se of
gover nment al aut hor i t y means t he f ol l owi ng:

( A) act i vi t i es conduct ed by a cent r al bank or
monet ar y aut hor i t y or by any ot her publ i c
ent i t y i n pur sui t of monet ar y or exchange
r at e pol i ci es;

( B) act i vi t i es f or mi ng par t of a st at ut or y
syst emof soci al secur i t y or publ i c
r et i r ement pl ans; and

( C) ot her act i vi t i es conduct ed by a publ i c
ent i t y f or t he account or wi t h t he guar ant ee
or usi ng t he f i nanci al r esour ces of t he
Gover nment .

( b) For t he pur poses of sub- par agr aph ( q) of
par agr aph 6 of Ar t i cl e 58, i f a Par t y al l ows any
of t he act i vi t i es r ef er r ed t o i n ( i v) ( B) of sub-
par agr aph ( a) or ( i v) ( C) of sub- par agr aph ( a)
above t o be conduct ed by i t s f i nanci al ser vi ce
suppl i er s i n compet i t i on wi t h a publ i c ent i t y or
a f i nanci al ser vi ce suppl i er , t he t er mser vi ces
shal l i ncl ude such act i vi t i es.

( c) Sub- par agr aph ( r ) of par agr aph 6 of Ar t i cl e 58
shal l not appl y t o ser vi ces cover ed by t hi s Annex.

I I . Domest i c Regul at i on

1. Not wi t hst andi ng any pr ovi si ons of Chapt er 7, a Par t y
shal l not be pr event ed f r omt aki ng measur es f or pr udent i al
r easons, i ncl udi ng measur es f or t he pr ot ect i on of i nvest or s,
deposi t or s, pol i cy hol der s or per sons t o whoma f i duci ar y
dut y i s owed by a f i nanci al ser vi ce suppl i er , or t o ensur e
t he i nt egr i t y and st abi l i t y of t he f i nanci al syst em. Wher e
such measur es do not conf or mwi t h t he pr ovi si ons of Chapt er
7, t hey shal l not be used as a means of avoi di ng t he
Par t y s commi t ment s or obl i gat i ons under Chapt er 7.

2. Not hi ng i n Chapt er 7 shal l be const r ued t o r equi r e a
Par t y t o di scl ose i nf or mat i on r el at i ng t o t he af f ai r s and
account s of i ndi vi dual cust omer s or any conf i dent i al or
pr opr i et ar y i nf or mat i on i n t he possessi on of publ i c
ent i t i es.

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I I I . Recogni t i on

1. A Par t y may r ecogni se t he pr udent i al measur es of any
i nt er nat i onal r egul at or y body or non- Par t y i n det er mi ni ng
how t he Par t y s measur es r el at i ng t o f i nanci al ser vi ces
shal l be appl i ed. Such r ecogni t i on, whi ch may be achi eved
t hr ough har moni sat i on or ot her wi se, may be based upon an
agr eement or ar r angement wi t h t he i nt er nat i onal r egul at or y
body or non- Par t y concer ned or may be accor ded aut onomousl y.

2. A Par t y t hat i s a par t y t o such an agr eement or
ar r angement r ef er r ed t o i n par agr aph 1 above, whet her
f ut ur e or exi st i ng, shal l af f or d adequat e oppor t uni t y f or
t he ot her Par t y t o negot i at e i t s accessi on t o such
agr eement s or ar r angement s, or t o negot i at e compar abl e ones
wi t h i t , under ci r cumst ances i n whi ch t her e woul d be
equi val ent r egul at i on, over si ght , i mpl ement at i on of such
r egul at i on, and i f appr opr i at e, pr ocedur es concer ni ng t he
shar i ng of i nf or mat i on bet ween t he par t i es t o t he agr eement
or ar r angement . Wher e a Par t y accor ds r ecogni t i on
aut onomousl y, i t shal l af f or d adequat e oppor t uni t y f or t he
ot her Par t y t o demonst r at e t hat such ci r cumst ances exi st .

I V. Di sput e Set t l ement

Ar bi t r al t r i bunal s est abl i shed under Ar t i cl e 143 f or
di sput es on pr udent i al i ssues and ot her f i nanci al mat t er s
shal l have t he necessar y exper t i se r el evant t o t he speci f i c
f i nanci al ser vi ce under di sput e.

V. New Fi nanci al Ser vi ces

1. Each Par t y shal l gi ve due consi der at i on t o
appl i cat i ons by f i nanci al ser vi ce suppl i er s of t he ot her
Par t y t o of f er i n t he t er r i t or y of t he f or mer Par t y any new
f i nanci al ser vi ce t hat i s r egul at ed by t he ot her Par t y
wi t hi n t he t er r i t or y of t he ot her Par t y. Wher e an
appl i cat i on i s appr oved, t he pr ovi si on of t he new f i nanci al
ser vi ce i s subj ect , on a non- di scr i mi nat or y basi s, t o
r el evant l i censi ng, i nst i t ut i onal and j ur i di cal f or m
r equi r ement s of t he f or mer Par t y.

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2. For t he pur poses of par agr aph 1 above, t he t er mnew
f i nanci al ser vi ce shal l i ncl ude ser vi ces r el at ed t o
exi st i ng and new pr oduct s or ser vi ces, or t he manner i n
whi ch such pr oduct s or ser vi ces ar e del i ver ed, t hat ar e not
suppl i ed i n t he t er r i t or y of a Par t y but ar e suppl i ed i n
t he t er r i t or y of t he ot her Par t y.

VI . Modi f i cat i on of Schedul es

The Par t i es shal l , on t he r equest i n wr i t i ng by ei t her
Par t y, hol d consul t at i ons t o consi der any modi f i cat i on or
wi t hdr awal of a commi t ment i n t he Schedul e of speci f i c
commi t ment s on t r ade i n f i nanci al ser vi ces. Such
consul t at i ons shal l be hel d wi t hi n t hr ee mont hs af t er t he
r equest i ng Par t y makes such a r equest . I n such
consul t at i ons, t he Par t i es shal l ai mt o ensur e t hat a
gener al l evel of mut ual l y advant ageous commi t ment s not l ess
f avour abl e t o t r ade t han t hat pr ovi ded f or i n t he Schedul e
of speci f i c commi t ment s i n Annex I V C pr i or t o such
consul t at i ons i s mai nt ai ned.