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ARTICLES

LEGAL RESOURSES

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    • Article 1411: Transparency

    1. In lieu of Article 1802(2) (TLCAN: Art. 1802) (Publication), each Party shall, to the extent practicable, provide in advance to all interested persons any measure of general application that the Party proposes to adopt in order to allow an opportunity for such persons to comment on the measure. Such measure shall be provided:

  • By means of official publication;

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  • In other written form; or

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  • In such other form as permits an interested person to make informed comments on the proposed measure.

    • 2. Each Party's regulatory authorities shall make available to interested persons their requirements for completing applications relating to the provision of financial services.

    3. On the request of an applicant, the regulatory authority shall inform the applicant of the status of its application. If such authority requires additional information from the applicant, it shall notify the applicant without undue delay.

    4. A regulatory authority shall make an administrative decision on a completed application of an investor in a financial institution, a financial institution or a cross-border financial service provider of another Party relating to the provision of a financial service within 120 days, and shall promptly notify the applicant of the decision. An application shall not be considered complete until all relevant hearings are held and all necessary information is received. Where it is not practicable for a decision to be made within 120 days, the regulatory authority shall notify the applicant without undue delay and shall endeavor to make the decision within a reasonable time thereafter.

    5. Nothing in this Chapter requires a Party to furnish or allow access to:

  • Information related to the financial affairs and accounts of individual customers of financial institutions or cross-border financial service providers; or

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  • Any confidential information, the disclosure of which would impede law enforcement or otherwise be contrary to the public interest or prejudice legitimate commercial interests of particular enterprises.

    • 6. Each Party shall maintain or establish one or more inquiry points no later than 180 days after the date of entry into force of this Agreement, to respond in writing as soon as practicable, to all reasonable inquiries from interested persons regarding measures of general application covered by this Chapter.