CHAPTER 11
FINANCIAL SERVICES

Article 11.1: Definitions
For the purposes of this Chapter:cross-border financial service supplier of a Party means a person of a Party
that is engaged in the business of supplying a financial service within the territoryof the Party and that seeks to supply or supplies a financial service through thecross-border supply of such a service;cross-border trade in financial services or cross-border supply of financial
services means the supply of a financial service:(a)from the territory of a Party into the territory of another Party;(b)in the territory of a Party to a person of another Party; or(c)by a national of a Party in the territory of another Party,

but does not include the supply of a financial service in the territory of a Party byan investment in that territory;financial institution means any financial intermediary or other enterprise that is
authorised to do business and regulated or supervised as a financial institution
under the law of the Party in whose territory it is located;financial institution of another Party means a financial institution, including abranch, located in the territory of a Party that is controlled by persons of anotherParty;
financial service means any service of a financial nature. Financial services
include all insurance and insurance-related services, and all banking and otherfinancial services (excluding insurance), as well as services incidental or auxiliary
to a service of a financial nature. Financial services include the following
activities:
Insurance and insurance-related services(a)direct insurance (including co-insurance):
(i)

life;

11-1

(ii)

non-life;(b)reinsurance and retrocession;(c)insurance intermediation, such as brokerage and agency; and(d)services auxiliary to insurance, such as consultancy, actuarial, risk
assessment and claim settlement services;

Banking and other financial services (excluding insurance)(e)

acceptance of deposits and other repayable funds from the public;(f)lending of all types, including consumer credit, mortgage credit,
factoring and financing of commercial transaction;(g)financial leasing;(h)all payment and money transmission services, including credit,
charge and debit cards, travellers cheques and bankers drafts;(i)

guarantees and commitments;(j)trading for own account or for account of customers, whether on an
exchange, in an over-the-counter market or otherwise, thefollowing:

(k)

(i)

money market instruments (including cheques, bills,
certificates of deposits);(ii)

foreign exchange;(iii)

derivative products, including futures and options;(iv)

exchange rate and interest rate instruments, including
products such as swaps, forward rate agreements;(v)

transferable securities; and(vi)other negotiable instruments and financial assets, includingbullion;participation in issues of all kinds of securities, including
underwriting and placement as agent (whether publicly or
privately) and provision of services related to such issues;

11-2

(l)

money broking;(m)asset management, such as cash or portfolio management, all formsof collective investment management, pension fund management,
custodial, depository and trust services;(n)settlement and clearing services for financial assets, including
securities, derivative products, and other negotiable instruments;(o)provision and transfer of financial information, and financial dataprocessing and related software by suppliers of other financial
services; and(p)advisory, intermediation and other auxiliary financial services on
all the activities listed in subparagraphs (e) through (o), including
credit reference and analysis, investment and portfolio research andadvice, advice on acquisitions and on corporate restructuring andstrategy;financial service supplier of a Party means a person of a Party that is engaged in
the business of supplying a financial service within the territory of that Party;
investment means “investment” as defined in Article 9.1 (Definitions), except
that, with respect to “loans” and “debt instruments” referred to in that Article:(a)a loan to or debt instrument issued by a financial institution is aninvestment only if it is treated as regulatory capital by the Party inwhose territory the financial institution is located; and(b)a loan granted by or debt instrument owned by a financial
institution, other than a loan to or debt instrument issued by afinancial institution referred to in subparagraph (a), is not an
investment;

for greater certainty, a loan granted by or debt instrument owned by a cross-borderfinancial service supplier, other than a loan to or debt instrument issued by afinancial institution, is an investment for the purposes of Chapter 9 (Investment),
if such loan or debt instrument meets the criteria for investments set out in Article
9.1 (Definitions);
investor of a Party means a Party, or a person of a Party, that attempts to make1,
is making, or has made an investment in the territory of another Party;

1

For greater certainty, the Parties understand that an investor “attempts to make” an investment
when that investor has taken concrete action or actions to make an investment, such as channelling
resources or capital in order to set up a business, or applying for permits or licenses.

11-3

new financial service means a financial service not supplied in the Party’s
territory that is supplied within the territory of another Party, and includes any
new form of delivery of a financial service or the sale of a financial product that is
not sold in the Party’s territory;
person of a Party means “person of a Party” as defined in Article 1.3 (General
Definitions) and, for greater certainty, does not include a branch of an enterpriseof a non-Party;
public entity means a central bank or monetary authority of a Party, or any
financial institution that is owned or controlled by a Party; andself-regulatory organisation means any non-governmental body, including any
securities or futures exchange or market, clearing agency, or other organisation or
association, that exercises regulatory or supervisory authority over financial
service suppliers or financial institutions by statute or delegation from central orregional government.

Article 11.2: Scope
1.
This Chapter shall apply to measures adopted or maintained by a Party
relating to:(a)financial institutions of another Party;(b)

investors of another Party, and investments of those investors, infinancial institutions in the Party’s territory; and(c)cross-border trade in financial services.

2.
Chapter 9 (Investment) and Chapter 10 (Cross-Border Trade in Services)shall apply to measures described in paragraph 1 only to the extent that those
Chapters or Articles of those Chapters are incorporated into this Chapter.
(a)

Article 9.6 (Minimum Standard of Treatment), Article 9.7(Treatment in the Case of Armed Conflict or Civil Strife), Article
9.8 (Expropriation and Compensation), Article 9.9 (Transfers),
Article 9.14 (Special Formalities and Information Requirements),
Article 9.15 (Denial of Benefits), Article 9.16 (Investment andEnvironmental, Health and other Regulatory Objectives) and
Article 10.10 (Denial of Benefits) are hereby incorporated into andmade a part of this Chapter.

11-4

(b)

Section B of Chapter 9 (Investment) is hereby incorporated intoand made a part of this Chapter2 solely for claims that a Party has
breached Article 9.6 (Minimum Standard of Treatment)3, Article
9.7 (Treatment in the Case of Armed Conflict or Civil Strife),
Article 9.8 (Expropriation and Compensation), Article 9.9(Transfers), Article 9.14 (Special Formalities and Information
Requirements) and Article 9.15 (Denial of Benefits) incorporated
into this Chapter under subparagraph (a).4(c)

Article 10.12 (Payments and Transfers) is incorporated into andmade a part of this Chapter to the extent that cross-border trade in
financial services is subject to obligations pursuant to Article 11.6
(Cross-Border Trade).

3.
This Chapter shall not apply to measures adopted or maintained by a Party
relating to:(a)activities or services forming part of a public retirement plan or
statutory system of social security; or(b)activities or services conducted for the account or with theguarantee or using the financial resources of the Party, including its
public entities,

except that this Chapter shall apply to the extent that a Party allows any of theactivities or services referred to in subparagraph (a) or (b) to be conducted by its
financial institutions in competition with a public entity or a financial institution.
4.
This Chapter shall not apply to government procurement of financial
services.

2

For greater certainty, Section B of Chapter 9 (Investment) shall not apply to cross-border tradein financial services.

3

With respect to Brunei Darussalam, Chile, Mexico and Peru, Annex 11-E applies.

4

For greater certainty, if an investor of a Party submits a claim to arbitration under Section B of
Chapter 9 (Investment): (1) as referenced in Article 9.23.7 (Conduct of the Arbitration), theinvestor has the burden of proving all elements of its claims, consistent with general principles ofinternational law applicable to international investment arbitration; (2) pursuant to Article 9.23.4, atribunal shall address and decide as a preliminary question any objection by the respondent that, asa matter of law, a claim submitted is not a claim for which an award in favour of the claimant may
be made under Article 9.29 (Awards); and (3) pursuant to Article 9.23.6, the tribunal may, if
warranted, award to the prevailing disputing party reasonable costs and attorney’s fees incurred insubmitting or opposing the objection and, in determining whether such an award is warranted, thetribunal shall consider whether either the claimant’s claim or the respondent’s objection was
frivolous and shall provide the disputing parties a reasonable opportunity to comment.

11-5

5.
This Chapter shall not apply to subsidies or grants with respect to thecross-border supply of financial services, including government-supported loans,guarantees and insurance.
Article 11.3: National Treatment5
1.
Each Party shall accord to investors of another Party treatment no lessfavourable than that it accords to its own investors, in like circumstances, withrespect to the establishment, acquisition, expansion, management, conduct,
operation, and sale or other disposition of financial institutions and investments infinancial institutions in its territory.
2.
Each Party shall accord to financial institutions of another Party, and toinvestments of investors of another Party in financial institutions, treatment noless favourable than that it accords to its own financial institutions, and toinvestments of its own investors in financial institutions, in like circumstances,with respect to the establishment, acquisition, expansion, management, conduct,
operation, and sale or other disposition of financial institutions and investments.
3.
For greater certainty, the treatment to be accorded by a Party underparagraphs 1 and 2 means, with respect to a regional level of government,
treatment no less favourable than the most favourable treatment accorded, in likecircumstances, by that regional level of government to investors, financial
institutions and investments of investors in financial institutions, of the Party ofwhich it forms a part.
4.
For the purposes of the national treatment obligations in Article 11.6.1(Cross-Border Trade), a Party shall accord to cross-border financial service
suppliers of another Party treatment no less favourable than that it accords to its
own financial service suppliers, in like circumstances, with respect to the supplyof the relevant service.

Article 11.4: Most-Favoured-Nation Treatment
1.

Each Party shall accord to:(a)investors of another Party, treatment no less favourable than that it
accords to investors of any other Party or of a non-Party, in likecircumstances;5

For greater certainty, whether treatment is accorded in “like circumstances” under Article 11.3
(National Treatment) or Article 11.4 (Most-Favoured-Nation Treatment) depends on the totality of
the circumstances, including whether the relevant treatment distinguishes between investors,
investments, financial institutions or financial service suppliers on the basis of legitimate publicwelfare objectives.

11-6

(b)

financial institutions of another Party, treatment no less favourable
than that it accords to financial institutions of any other Party or ofa non-Party, in like circumstances;(c)

investments of investors of another Party in financial institutions,
treatment no less favourable than that it accords to investments ofinvestors of any other Party or of a non-Party in financial
institutions, in like circumstances; and(d)cross-border financial service suppliers of another Party, treatment
no less favourable than that it accords to cross-border financial
service suppliers of any other Party or of a non-Party, in likecircumstances.

2.
For greater certainty, the treatment referred to in paragraph 1 does notencompass international dispute resolution procedures or mechanisms such as
those included in Article 11.2.2(b) (Scope).

Article 11.5: Market Access for Financial Institutions
No Party shall adopt or maintain with respect to financial institutions ofanother Party or investors of another Party seeking to establish those institutions,either on the basis of a regional subdivision or on the basis of its entire territory,measures that:(a)impose limitations on:(i)the number of financial institutions whether in the form of
numerical quotas, monopolies, exclusive service suppliersor the requirement of an economic needs test;(ii)

the total value of financial service transactions or assets inthe form of numerical quotas or the requirement of an
economic needs test;(iii)

the total number of financial service operations or the total
quantity of financial services output expressed in terms ofdesignated numerical units in the form of quotas or therequirement of an economic needs test;6 or(iv)

the total number of natural persons that may be employed
in a particular financial service sector or that a financial

6

Subparagraph (a)(iii) does not cover measures of a Party which limit inputs for the supply offinancial services.

11-7

institution may employ and who are necessary for, anddirectly related to, the supply of a specific financial service
in the form of numerical quotas or the requirement of an
economic needs test; or(b)restrict or require specific types of legal entity or joint venture
through which a financial institution may supply a service.

Article 11.6: Cross-Border Trade1.
Each Party shall permit, under terms and conditions that accord national
treatment, cross-border financial service suppliers of another Party to supply thefinancial services specified in Annex 11-A (Cross-Border Trade).
2.
Each Party shall permit persons located in its territory, and its nationals
wherever located, to purchase financial services from cross-border financial
service suppliers of another Party located in the territory of a Party other than thepermitting Party. This obligation does not require a Party to permit those
suppliers to do business or solicit in its territory. A Party may define “doing
business” and “solicitation” for the purposes of this obligation provided that thosedefinitions are not inconsistent with paragraph 1.
3.
Without prejudice to other means of prudential regulation of cross-border
trade in financial services, a Party may require the registration or authorisation ofcross-border financial service suppliers of another Party and of financial
instruments.
Article 11.7: New Financial Services7
Each Party shall permit a financial institution of another Party to supply a
new financial service that the Party would permit its own financial institutions, inlike circumstances, to supply without adopting a law or modifying an existinglaw.8 Notwithstanding Article 11.5(b) (Market Access for Financial Institutions),a Party may determine the institutional and juridical form through which the newfinancial service may be supplied and may require authorisation for the supply of
the service. If a Party requires a financial institution to obtain authorisation to
supply a new financial service, the Party shall decide within a reasonable period
7

The Parties understand that nothing in this Article prevents a financial institution of a Party fromapplying to another Party to request that it authorise the supply of a financial service that is not
supplied in the territory of any Party. That application shall be subject to the law of the Party towhich the application is made and, for greater certainty, shall not be subject to this Article.
8

For greater certainty, a Party may issue a new regulation or other subordinate measure inpermitting the supply of the new financial service.

11-8

of time whether to issue the authorisation and may refuse the authorisation only
for prudential reasons.

Article 11.8: Treatment of Certain Information
Nothing in this Chapter shall require a Party to furnish or allow access to:(a)information related to the financial affairs and accounts ofindividual customers of financial institutions or cross-borderfinancial service suppliers; or(b)

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 particularenterprises.

Article 11.9: Senior Management and Boards of Directors
1.
No Party shall require financial institutions of another Party to engage
natural persons of any particular nationality as senior managerial or other essential
personnel.
2.
No Party shall require that more than a minority of the board of directorsof a financial institution of another Party be composed of nationals of the Party,
persons residing in the territory of the Party, or a combination thereof.

Article 11.10: Non-Conforming Measures
1.
Article 11.3 (National Treatment), Article 11.4 (Most-Favoured-Nation
Treatment), Article 11.5 (Market Access for Financial Institutions), Article 11.6
(Cross-Border Trade) and Article 11.9 (Senior Management and Boards of
Directors) shall not apply to:(a)any existing non-conforming measure that is maintained by a Partyat:(i)the central level of government, as set out by that Party in
Section A of its Schedule to Annex III;(ii)

a regional level of government, as set out by that Party in
Section A of its Schedule to Annex III; or(iii)

a local level of government;

11-9

(b)

the continuation or prompt renewal of any non-conforming
measure referred to in subparagraph (a); or(c)an amendment to any non-conforming measure referred to in
subparagraph (a) to the extent that the amendment does notdecrease the conformity of the measure as it existed:9(i)

immediately before the amendment, with Article 11.3
(National Treatment), Article 11.4 (Most-Favoured-Nation
Treatment), Article 11.5 (Market Access for Financial
Institutions) or Article 11.9 (Senior Management andBoards of Directors); or(ii)

on the date of entry into force of the Agreement for the
Party applying the non-conforming measure, with Article
11.6 (Cross-Border Trade).

2.
Article 11.3 (National Treatment), Article 11.4 (Most-Favoured-Nation
Treatment), Article 11.5 (Market Access for Financial Institutions), Article 11.6
(Cross-Border Trade) and Article 11.9 (Senior Management and Boards of
Directors) shall not apply to any measure that a Party adopts or maintains withrespect to sectors, subsectors or activities, as set out by that Party in Section B of
its Schedule to Annex III.
3.
A non-conforming measure, set out in a Party’s Schedule to Annex I or II
as not subject to Article 9.4 (National Treatment), Article 9.5 (Most-FavouredNation Treatment), Article 9.11 (Senior Management and Boards of Directors),
Article 10.3 (National Treatment) or Article 10.4 (Most-Favoured-Nation
Treatment), shall be treated as a non-conforming measure not subject to Article
11.3 (National Treatment), Article 11.4 (Most-Favoured-Nation Treatment) or
Article 11.9 (Senior Management and Boards of Directors), as the case may be, tothe extent that the measure, sector, subsector or activity set out in the entry iscovered by this Chapter.
4.

(a)Article 11.3 (National Treatment) shall not apply to any measurethat falls within an exception to, or derogation from, theobligations which are imposed by:(i)

Article 18.8 (National Treatment); or(ii)

Article 3 of the TRIPS Agreement, if the exception orderogation relates to matters not addressed by Chapter 18(Intellectual Property).

9

With respect to Viet Nam, Annex 11-C (Non-Conforming Measures Ratchet Mechanism)
applies.

11-10

(b)

Article 11.4 (Most-Favoured-Nation Treatment) shall not apply to
any measure that falls within Article 5 of the TRIPS Agreement, oran exception to, or derogation from, the obligations which are
imposed by:(i)

Article 18.8 (National Treatment); or(ii)

Article 4 of the TRIPS Agreement.

Article 11.11: Exceptions
1.
Notwithstanding any other provisions of this Chapter and Agreement
except for Chapter 2 (National Treatment and Market Access for Goods), Chapter
3 (Rules of Origin and Origin Procedures), Chapter 4 (Textiles and Apparel),
Chapter 5 (Customs Administration and Trade Facilitation), Chapter 6 (Trade
Remedies), Chapter 7 (Sanitary and Phytosanitary Measures) and Chapter 8(Technical Barriers to Trade), a Party shall not be prevented from adopting ormaintaining measures for prudential reasons,10, 11 including for the protection of
investors, depositors, policy holders, or persons to whom a fiduciary duty is owed
by a financial institution or cross-border financial service supplier, or to ensure
the integrity and stability of the financial system. If these measures do notconform with the provisions of this Agreement to which this exception applies,
they shall not be used as a means of avoiding the Party’s commitments or
obligations under those provisions.
2.
Nothing in this Chapter, Chapter 9 (Investment), Chapter 10 (CrossBorder Trade in Services), Chapter 13 (Telecommunications) including
specifically Article 13.24 (Relation to Other Chapters), or Chapter 14 (Electronic
Commerce), shall apply to non-discriminatory measures of general application
taken by any public entity in pursuit of monetary and related credit policies or
exchange rate policies. This paragraph shall not affect a Party’s obligations under
Article 9.10 (Performance Requirements) with respect to measures covered by
Chapter 9 (Investment), under Article 9.9 (Transfers) or Article 10.12 (Payments
and Transfers).

10

The Parties understand that the term “prudential reasons” includes the maintenance of thesafety, soundness, integrity, or financial responsibility of individual financial institutions or crossborder financial service suppliers as well as the safety, and financial and operational integrity of
payment and clearing systems.

11

For greater certainty, if a measure challenged under Section B of Chapter 9 (Investment) is
determined to have been adopted or maintained by a Party for prudential reasons in accordancewith procedures in Article 11.22 (Investment Disputes in Financial Services), a tribunal shall findthat the measure is not inconsistent with the Party’s obligations in the Agreement and accordingly
shall not award any damages with respect to that measure.

11-11

3.
Notwithstanding Article 9.9 (Transfers) and Article 10.12 (Payments andTransfers), as incorporated into this Chapter, a Party may prevent or limit
transfers by a financial institution or cross-border financial service supplier to, or
for the benefit of, an affiliate of or person related to such institution or supplier,through the equitable, non-discriminatory and good faith application of measuresrelating to maintenance of the safety, soundness, integrity, or financial
responsibility of financial institutions or cross-border financial service suppliers.
This paragraph does not prejudice any other provision of this Agreement that
permits a Party to restrict transfers.
4.
For greater certainty, nothing in this Chapter shall be construed to preventa Party from adopting or enforcing measures necessary to secure compliance withlaws or regulations that are not inconsistent with this Chapter, including thoserelating to the prevention of deceptive and fraudulent practices or to deal with theeffects of a default on financial services contracts, subject to the requirement thatsuch measures are not applied in a manner which would constitute a means ofarbitrary or unjustifiable discrimination between Parties or between Parties andnon-Parties where like conditions prevail, or a disguised restriction on investment
in financial institutions or cross-border trade in financial services as covered bythis Chapter.

Article 11.12: Recognition
1.
A Party may recognise prudential measures of another Party or a nonParty in the application of measures covered by this Chapter.12 That recognition
may be:(a)accorded autonomously;(b)achieved through harmonisation or other means; or(c)based upon an agreement or arrangement with another Party or a
non-Party.

2.
A Party that accords recognition of prudential measures under paragraph 1
shall provide adequate opportunity to another Party to demonstrate thatcircumstances exist in which there are or would be equivalent regulation,
oversight, implementation of regulation and, if appropriate, procedures
concerning the sharing of information between the relevant Parties.
3.
If a Party accords recognition of prudential measures under paragraph 1(c)and the circumstances set out in paragraph 2 exist, that Party shall provide

12

For greater certainty, nothing in Article 11.4 (Most-Favoured-Nation Treatment) shall be
construed to require a Party to accord recognition to prudential measures of any other Party.

11-12

adequate opportunity to another Party to negotiate accession to the agreement or
arrangement, or to negotiate a comparable agreement or arrangement.

Article 11.13: Transparency and Administration of Certain Measures
1.
The Parties recognise that transparent regulations and policies governing
the activities of financial institutions and cross-border financial service suppliers
are important in facilitating their ability to gain access to and operate in eachother’s markets. Each Party commits to promote regulatory transparency infinancial services.
2.
Each Party shall ensure that all measures of general application to which
this Chapter applies are administered in a reasonable, objective and impartial
manner.
3.
Paragraphs 2, 3 and 4 of Article 26.2 (Publication), shall not apply toregulations of general application relating to the subject matter of this Chapter.
Each Party shall, to the extent practicable:(a)publish in advance any such regulation that it proposes to adopt
and the purpose of the regulation; and(b)provide interested persons and other Parties with a reasonable
opportunity to comment on that proposed regulation.

4.
At the time that it adopts a final regulation, a Party should, to the extent
practicable, address in writing the substantive comments received from interested
persons with respect to the proposed regulation.13
5.
To the extent practicable, each Party should allow a reasonable period oftime between publication of a final regulation of general application and the datewhen it enters into effect.
6.
Each Party shall ensure that the rules of general application adopted or
maintained by a self-regulatory organisation of the Party are promptly publishedor otherwise made available in a manner that enables interested persons to becomeacquainted with them.
7.
Each Party shall maintain or establish appropriate mechanisms forresponding to inquiries from interested persons regarding measures of generalapplication covered by this Chapter.

13

For greater certainty, a Party may address those comments collectively on an official
government website.

11-13

8.
Each Party’s regulatory authorities shall make publicly available therequirements, including any documentation required, for completing anapplication relating to the supply of financial services.
9.
On request of an applicant, a Party’s regulatory authority shall inform theapplicant 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 acomplete application of an investor in a financial institution, a financial institution
or a cross-border financial service supplier of another Party relating to the supply
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 have been held and all necessary information has been received. If 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 endeavour to make thedecision within a reasonable period of time thereafter.
11.
On request of an unsuccessful applicant, a regulatory authority that hasdenied an application shall, to the extent practicable, inform the applicant of thereasons for denial of the application.

Article 11.14: Self-Regulatory Organisations
If a Party requires a financial institution or a cross-border financial service
supplier of another Party to be a member of, participate in, or have access to, aself-regulatory organisation in order to provide a financial service in or into its
territory, it shall ensure that the self-regulatory organisation observes theobligations contained in Article 11.3 (National Treatment) and Article 11.4 (MostFavoured-Nation Treatment).

Article 11.15: Payment and Clearing Systems
Under terms and conditions that accord national treatment, each Party
shall grant financial institutions of another Party established in its territory accessto payment and clearing systems operated by public entities, and to official
funding and refinancing facilities available in the normal course of ordinary
business. This Article is not intended to confer access to the Party’s lender of lastresort facilities.

Article 11.16: Expedited Availability of Insurance Services
The Parties recognise the importance of maintaining and developing
regulatory procedures to expedite the offering of insurance services by licensed

11-14

suppliers. These procedures may include: allowing introduction of products
unless those products are disapproved within a reasonable period of time; notrequiring product approval or authorisation of insurance lines for insurance otherthan insurance sold to individuals or compulsory insurance; or not imposing
limitations on the number or frequency of product introductions. If a Party
maintains regulatory product approval procedures, that Party shall endeavour tomaintain or improve those procedures.

Article 11.17: Performance of Back-Office Functions
1.
The Parties recognise that the performance of the back-office functions ofa financial institution in its territory by the head office or an affiliate of thefinancial institution, or by an unrelated service supplier, either inside or outside its
territory, is important to the effective management and efficient operation of that
financial institution. While a Party may require financial institutions to ensurecompliance with any domestic requirements applicable to those functions, theyrecognise the importance of avoiding the imposition of arbitrary requirements on
the performance of those functions.
2.
For greater certainty, nothing in paragraph 1 prevents a Party fromrequiring a financial institution in its territory to retain certain functions.

Article 11.18: Specific Commitments
Annex 11-B (Specificcommitments by each Party.

Commitments)

sets

out

certain

specific

Article 11.19: Committee on Financial Services
1.
The Parties hereby establish a Committee on Financial Services(Committee). The principal representative of each Party shall be an official of theParty’s authority responsible for financial services set out in Annex 11-D
(Authorities Responsible for Financial Services).
2.

The Committee shall:(a)supervise the implementation of this Chapter and its further
elaboration;(b)consider issues regarding financial services that are referred to it by
a Party; and(c)participate in the dispute settlement procedures in accordance with
Article 11.22 (Investment Disputes in Financial Services).

11-15

3.
The Committee shall meet annually, or as it decides otherwise, to assess
the functioning of this Agreement as it applies to financial services. The
Committee shall inform the Commission of the results of any meeting.

Article 11.20: Consultations
1.
A Party may request, in writing, consultations with another Party
regarding any matter arising under this Agreement that affects financial services.
The other Party shall give sympathetic consideration to the request to holdconsultations. The consulting Parties shall report the results of their consultations
to the Committee.
2.
With regard to matters relating to existing non-conforming measures
maintained by a Party at a regional level of government as referred to in Article
11.10.1(a)(ii) (Non-Conforming Measures):(a)

A Party may request information on any non-conforming measure
at the regional level of government of another Party. Each Party
shall establish a contact point to respond to those requests and to
facilitate the exchange of information regarding the operation of
measures covered by those requests.

(b)

If a Party considers that a non-conforming measure applied by aregional level of government of another Party creates a material
impediment to trade or investment by a financial institution, an
investor, investments in a financial institution or a cross-borderfinancial service supplier, the Party may request consultations withregard to that measure. These Parties shall enter into consultations
with a view to exchanging information on the operation of themeasure and to considering whether further steps are necessary andappropriate.

3.
Consultations under this Article shall include officials of the authorities
specified in Annex 11-D (Authorities Responsible for Financial Services).
4.
For greater certainty, nothing in this Article shall be construed to require a
Party to derogate from its law regarding sharing of information between financial
regulators or the requirements of an agreement or arrangement between financial
authorities of the Parties, or to require a regulatory authority to take any actionthat would interfere with specific regulatory, supervisory, administrative or
enforcement matters.

11-16

Article 11.21: Dispute Settlement
1.
Chapter 28 (Dispute Settlement) shall apply as modified by this Article tothe settlement of disputes arising under this Chapter.
2.
If a Party claims that a dispute arises under this Chapter, Article 28.9
(Composition of Panels) shall apply, except that:(a)if the disputing Parties agree, each panellist shall meet thequalifications in paragraph 3; and(b)in any other case:(i)each disputing Party shall select panellists that meet thequalifications set out in either paragraph 3 or Article
28.10.1 (Qualifications of Panellists); and(ii)

if the responding Party invokes Article 11.11 (Exceptions),
the chair of the panel shall meet the qualifications set out inparagraph 3, unless the disputing Parties otherwise agree.

3.
In addition to the requirements set out in Article 28.10.1(b) to (d)(Qualifications of Panellists), panellists in disputes arising under this Chapter
shall have expertise or experience in financial services law or practice, which may
include the regulation of financial institutions.
4.
A Party may request the establishment of a panel pursuant to Article
11.22.2(c) (Investment Disputes in Financial Services) to consider whether and towhat extent Article 11.11 (Exceptions) is a valid defence to a claim without
having to request consultations under Article 28.5 (Consultations). The panel
shall endeavour to present its initial report pursuant to Article 28.17 (Initial
Report) within 150 days after the last panellist is appointed.
5.
If a Party seeks to suspend benefits in the financial services sector, a panelthat reconvenes to make a determination on the proposed suspension of benefits,in accordance with Article 28.20.5 (Non-Implementation – Compensation and
Suspension of Benefits), shall seek the views of financial services experts, asnecessary.

Article 11.22: Investment Disputes in Financial Services
1.
If an investor of a Party submits a claim to arbitration under Section B of
Chapter 9 (Investment) challenging a measure relating to regulation or supervisionof financial institutions, markets or instruments, the expertise or experience of any

11-17

particular candidate with respect to financial services law or practice shall betaken into account in the appointment of arbitrators to the tribunal.
2.
If an investor of a Party submits a claim to arbitration under Section B of
Chapter 9 (Investment), and the respondent invokes Article 11.11 (Exceptions) as
a defence, the following provisions of this Article shall apply.
(a)

The respondent shall, no later than the date the tribunal fixes forthe respondent to submit its counter-memorial, or in the case of anamendment to the notice of arbitration, the date the tribunal fixes
for the respondent to submit its response to the amendment, submit
in writing to the authorities responsible for financial services of theParty of the claimant, as set out in Annex 11-D (Authorities
Responsible for Financial Services), a request for a joint
determination by the authorities of the respondent and the Party of
the claimant on the issue of whether and to what extent Article
11.11 (Exceptions) is a valid defence to the claim. The respondent
shall promptly provide the tribunal, if constituted, and the nondisputing Parties a copy of the request. The arbitration may
proceed with respect to the claim only as provided in paragraph
4.14

(b)

The authorities of the respondent and the Party of the claimant
shall attempt in good faith to make a determination as described insubparagraph (a). Any such determination shall be transmitted
promptly to the disputing parties, the Committee and, ifconstituted, to the tribunal. The determination shall be binding on
the tribunal and any decision or award issued by the tribunal must
be consistent with that determination.

(c)

If the authorities referred to in subparagraphs (a) and (b) have notmade a determination within 120 days of the date of receipt of the
respondent’s written request for a determination undersubparagraph (a), the respondent or the Party of the claimant may
request the establishment of a panel under Chapter 28 (Dispute
Settlement) to consider whether and to what extent Article 11.11(Exceptions) is a valid defence to the claim. The panel establishedunder Article 28.7 (Establishment of a Panel) shall be constitutedin accordance with Article 11.21 (Dispute Settlement). Further to

14

For the purposes of this Article, “joint determination” means a determination by the authorities
responsible for financial services of the respondent and of the Party of the claimant, as set out inAnnex 11-D (Authorities Responsible for Financial Services). If, within 14 days of the date of thereceipt of a request for a joint determination, another Party provides a written notice to the
respondent and the Party of the claimant indicating its substantial interest in the matter subject tothe request, that other Party’s authorities responsible for financial services may participate indiscussions regarding the matter. The joint determination shall be made by the authorities
responsible for financial services of the respondent and the Party of the claimant.

11-18

Article 28.18 (Final Report), the panel shall transmit its final reportto the disputing Parties and to the tribunal.
3.
The final report of a panel referred to in paragraph 2(c) shall be binding on
the tribunal, and any decision or award issued by the tribunal must be consistent
with the final report.
4.
If no request for the establishment of a panel pursuant to paragraph 2(c)has been made within 10 days of the expiration of the 120 day period referred toin paragraph 2(c), the tribunal established under Article 9.19 (Submission of a
Claim to Arbitration) may proceed with respect to the claim.
(a)

The tribunal shall draw no inference regarding the application of
Article 11.11 (Exceptions) from the fact that the authorities havenot made a determination as described in paragraphs 2(a), (b) and
(c).

(b)

The Party of the claimant may make oral and written submissions
to the tribunal regarding the issue of whether and to what extent
Article 11.11 (Exceptions) is a valid defence to the claim. Unless
it makes such a submission, the Party of the claimant shall be
presumed, for the purposes of the arbitration, to take a position on
Article 11.11 that is not inconsistent with that of the respondent.

5.
For the purposes of this Article, the definitions of the following terms set
out in Article 9.1 (Definitions) are incorporated, mutatis mutandis: “claimant”,“disputing parties”, “disputing party”, “non-disputing Party” and “respondent”.

11-19

ANNEX 11-A
CROSS-BORDER TRADE

Australia
Insurance and insurance-related services
1.
Article 11.6.1 (Cross-Border Trade) shall apply to the cross-border supplyof or trade in financial services, as defined in subparagraph (a) of the definition of“cross-border supply of financial services” in Article 11.1 (Definitions), withrespect to:(a)insurance of risks relating to:(i)maritime shipping and commercial aviation and spacelaunching and freight (including satellites), with suchinsurance to cover any or all of the following: the goods
being transported, the vehicle transporting the goods, andany liability arising therefrom; and(ii)

goods in international transit;(b)reinsurance and retrocession;(c)services auxiliary to insurance, such as consultancy, risk
assessment, actuarial and claim settlement services; and(d)insurance intermediation, such as brokerage and agency, as
referred to in subparagraph (c) of the definition of “financial
service” in Article 11.1 (Definitions), of insurance of risks related
to services listed in subparagraphs (a) and (b) of this paragraph.

Banking and other financial services (excluding insurance)
2.
Article 11.6.1 (Cross-Border Trade) shall apply to the cross-border supplyof or trade in financial services, as defined in subparagraph (a) of the definition of“cross-border supply of financial services” in Article 11.1 (Definitions), withrespect to:(a)provision and transfer of financial information, and financial dataprocessing and related software relating to banking and otherfinancial services, as referred to in subparagraph (o) of thedefinition of “financial service” in Article 11.1 (Definitions); and

11-20

(b)

advisory and other auxiliary services, excluding intermediation,
relating to banking and other financial services, as referred to in
subparagraph (p) of the definition of “financial service” in Article
11.1 (Definitions).

11-21

Brunei Darussalam
Insurance and insurance-related services
1.
Article 11.6.1 (Cross-Border Trade) shall apply to the cross-border supplyof or trade in financial services, as defined in subparagraph (a) of the definition of“cross-border supply of financial services” in Article 11.1 (Definitions), withrespect to:(a)insurance of risks relating to:(i)maritime shipping and commercial aviation and spacelaunching and freight (including satellites), with suchinsurance to cover any or all of the following: the goods
being transported, the vehicle transporting the goods, andany liability arising therefrom; and(ii)

goods in international transit;(b)reinsurance and retrocession; and(c)services auxiliary to insurance, such as consultancy, risk
assessment, actuarial and claim settlement services.

Banking and other financial services (excluding insurance)
2.

Article 11.6.1 (Cross-Border Trade) shall apply only with respect to:(a)provision and transfer of financial information; and(b)provision and transfer of financial data processing and related
software relating to banking and other financial services, as
referred to in subparagraph (o) of the definition of “financial
service” in Article 11.1 (Definitions).

11-22

Canada15
Insurance and insurance-related services
1.
Article 11.6.1 (Cross-Border Trade) shall apply to the cross-border supplyof or trade in financial services, as defined in subparagraph (a) of the definition of“cross-border supply of financial services” in Article 11.1 (Definitions), withrespect to:(a)insurance of risks relating to:(i)maritime transport and commercial aviation and spacelaunching and freight (including satellites), with suchinsurance to cover any or all of the following: the goods
being transported, the vehicle transporting the goods, andany liability deriving therefrom; and(ii)

goods in international transit;(b)reinsurance and retrocession;(c)services auxiliary to insurance, as described in subparagraph (d) of
the definition of “financial service” in Article 11.1 (Definitions);
and

(d)

insurance intermediation, such as brokerage and agency, as
referred to in subparagraph (c) of the definition of “financial
service” in Article 11.1 (Definitions), of insurance of risks related
to services listed in subparagraphs (a) and (b) of this paragraph.

Banking and other financial services (excluding insurance)
2.
Article 11.6.1 (Cross-Border Trade) shall apply to the cross-border supplyof or trade in financial services, as defined in subparagraph (a) of the definition of“cross-border supply of financial services” in Article 11.1 (Cross-Border Trade),with respect to:(a)provision and transfer of financial information, and financial dataprocessing, as referred to in subparagraph (o) of the definition of“financial service” in Article 11.1 (Definitions); and(b)advisory and other auxiliary financial services, and credit reference
and analysis, excluding intermediation, relating to banking and

15

For greater certainty, Canada requires that a cross-border financial services supplier maintain alocal agent and records in Canada.

11-23other financial services, as referred to in subparagraph (p) of thedefinition of “financial service” in Article 11.1 (Definitions).

11-24

ChileInsurance and insurance-related services
1.
Article 11.6.1 (Cross-Border Trade) shall apply to the cross-border supplyof or trade in financial services, as defined in subparagraph (a) of the definition of“cross-border supply of financial services” in Article 11.1 (Definitions), withrespect to:(a)insurance of risks relating to:(i)international maritime shipping and internationalcommercial aviation and space launching and freight(including satellites), with such insurance to cover any or
all of the following: the goods being transported, thevehicle transporting the goods, and any liability deriving
there from; and(ii)

goods in international transit;(b)brokerage of insurance of risks relating to subparagraphs (a)(i) and(a)(ii); and(c)reinsurance and retrocession; reinsurance brokerage;
consultancy, actuarial and risk assessment services.

andBanking and other financial services (excluding insurance)
2.

Article 11.6.1 (Cross-Border Trade) shall apply with respect to:(a)provision and transfer of financial information, as referred to in
subparagraph (o) of the definition of “financial service” in Article
11.1 (Definitions);(b)

financial data processing, as referred to in subparagraph (o) of thedefinition of “financial service” in Article 11.1 (Definitions),
subject to prior authorisation from the relevant regulator, as
required;16 and(c)advisory and other auxiliary financial services, excludingintermediation and credit reference and analysis, relating tobanking and other financial services, as referred to in subparagraph

16

The Parties understand that if the financial information or financial data processing referred toin subparagraphs (a) and (b) involve personal data, the treatment of such personal data shall be inaccordance with Chilean law regulating the protection of such data.

11-25

(p) of the definition of “financial service” in Article 11.1
(Definitions).
3.
It is understood that a Party’s commitments on cross-border investment
advisory services shall not, in and of themselves, be construed to require the Party
to permit the public offering of securities (as defined under its relevant law) in the
territory of the Party by cross-border suppliers of the other Party who supply or
seek to supply such investment advisory services. A Party may subject the crossborder suppliers of investment advisory services to regulatory and registration
requirements.

11-26

JapanInsurance and insurance-related services
1.
Article 11.6.1 (Cross-Border Trade) shall apply to the cross-border supplyof or trade in financial services, as defined in subparagraph (a) of the definition of“cross-border supply of financial services” in Article 11.1 (Definitions), withrespect to:(a)insurance of risks relating to:(i)maritime shipping and commercial aviation and spacelaunching and freight (including satellites), with suchinsurance to cover any or all of the following: the goods
being transported, the vehicle transporting the goods, andany liability arising therefrom; and(ii)

goods in international transit;(b)reinsurance, retrocession, and services auxiliary to insurance asreferred to in subparagraph (d) of the definition of “financial
service” in Article 11.1 (Definitions); and(c)insurance intermediation, such as brokerage and agency, as
referred to in subparagraph (c) of the definition of “financial
service” in Article 11.1 (Definitions), of insurance of risks related
to services listed in subparagraphs (a) and (b) of this paragraph.17

Banking and other financial services (excluding insurance)
2.
Article 11.6.1 (Cross-Border Trade) shall apply to the cross-border supplyof or trade in financial services, as defined in subparagraph (a) of the definition of“cross-border supply of financial services” in Article 11.1 (Definitions), withrespect to:(a)securities-related transactions with financial institutions and otherentities in Japan as prescribed by the relevant laws and regulationsof Japan;(b)

sales of a beneficiary certificate of an investment trust and an
investment security, through securities firms in Japan;18

17

Insurance intermediation services may be supplied only for insurance contracts allowed to besupplied in Japan.

18

Solicitation must be conducted by securities firms in Japan.

11-27

(c)

provision and transfer of financial information, and financial dataprocessing and related software, as referred to in subparagraph (o)of the definition of “financial service” in Article 11.1 (Definitions);
and

(d)

advisory and other auxiliary services, excluding intermediation,
relating to banking and other financial services, as referred to in
subparagraph (p) of the definition of “financial service” in Article
11.1 (Definitions).

11-28

Malaysia
Insurance and insurance-related services
1.
Article 11.6.1 (Cross-Border Trade) shall apply to the cross-border supplyof or trade in financial services, as defined in subparagraph (a) of the definition of“cross-border supply of financial services” in Article 11.1 (Definitions), withrespect to:
(a)

(b)

insurance of risks relating to:(i)maritime shipping and commercial aviation and spacelaunching and freight (including satellites), with suchinsurance to cover any or all of the following: the goods
being transported, the vehicle transporting the goods, andany liability arising therefrom; and(ii)

goods in international transit; andreinsurance and retrocession; services auxiliary to insurancecomprising consultancy services, actuarial, risk assessment, risk
management and maritime loss adjusting; and brokerage services
for risks relating to subparagraph (a) of this paragraph.

Banking and other financial services (excluding insurance)
2.
Article 11.6.1 (Cross-Border Trade) shall apply to the cross-border supplyof or trade in financial services, as defined in subparagraph (a) of the definition of“cross-border supply of financial services” in Article 11.1 (Definitions), withrespect to the provision and transfer of financial information and financial dataprocessing and related software, as referred to in subparagraph (o) of thedefinition of “financial service” in Article 11.1 (Definitions).
3.
The commitment made by Malaysia under paragraph 2 does not extend to
the supply of electronic payment services for payment card transactions19.

19

For greater certainty, the electronic payment services for payment card transactions referred toin this commitment fall within subcategory 71593 of the United Nations Central Product
Classification, Version 2.0, and include only the processing of financial transactions such asverification of financial balances, authorisation of transactions, notification of banks (or credit card
issuers) of individual transactions and the provision of daily summaries and instructions regarding
the net financial position of relevant institutions for authorised transactions.

11-29

MexicoInsurance and insurance-related services
1.
Article 11.6.1 (Cross-Border Trade) shall apply to the cross-border supplyof or trade in financial services, as defined in subparagraph (a) of the definition of“cross-border supply of financial services” in Article 11.1 (Definitions), withrespect to:(a)insurance of risks relating to:(i)maritime shipping and commercial aviation and spacelaunching and freight (including satellites), with suchinsurance to cover any or all of the following: the goods
being transported, the vehicle transporting the goods, andany liability arising therefrom; and(ii)

goods in international transit;(b)reinsurance and retrocession;(c)

consultancy, actuarial services and risk assessment in connection
with subparagraphs (a) and (b); and(d)brokerage of insurance of risks relating to subparagraphs (a) and(b).

Banking and other financial services (excluding insurance)
2.

Article 11.6.1 (Cross-Border Trade) shall apply only with respect to:(a)provision and transfer of financial information, and financial dataprocessing and related software, as referred to in subparagraph (o)of the definition of “financial service” in Article 11.1 (Definitions),
subject to prior authorisation from the relevant regulator, as
required;20 and(b)advisory and other auxiliary financial services,21 excludingintermediation, and credit reference and analysis, relating to

20

The Parties understand that if the financial information or financial data processing referred toin subparagraphs (a) and (b) involve personal data, the treatment of such personal data shall be inaccordance with Mexican law regulating the protection of such data.

21

The Parties understand that advisory and other auxiliary financial services do not include thoseservices referred to in subparagraphs (e) through (o) of the definition of “financial service” inArticle 11.1 (Definitions).

11-30

banking and other financial services as referred to in subparagraph(p) of the definition of “financial service” in Article 11.1
(Definitions).

11-31

New ZealandInsurance and insurance-related services
1.
Article 11.6.1 (Cross-Border Trade) shall apply to the cross-border supplyof or trade in financial services, as defined in subparagraph (a) of the definition of“cross-border supply of financial services” in Article 11.1 (Definitions), withrespect to:(a)insurance of risks relating to:(i)maritime shipping and commercial aviation and spacelaunching and freight (including satellites), with suchinsurance to cover any or all of the following: the goods
being transported, the vehicle transporting the goods, andany liability arising therefrom; and(ii)

goods in international transit;(b)reinsurance and retrocession, as referred to in subparagraph (b) of
the definition of “financial service” in Article 11.1 (Definitions);(c)services auxiliary to insurance, as referred to in subparagraph (d)of the definition of “financial service” in Article 11.1 (Definitions);
and

(d)

insurance intermediation, such as brokerage and agency, as
referred to in subparagraph (c) of the definition of “financial
service” in Article 11.1 (Definitions), of insurance risks relating toservices listed in subparagraphs (a) and (b) of this paragraph.

Banking and other financial services (excluding insurance)
2.
Article 11.6.1 (Cross-Border Trade) shall apply to the cross-border supplyof or trade in financial services, as defined in subparagraph (a) of the definition of“cross-border supply of financial services” in Article 11.1 (Definitions), withrespect to:(a)provision and transfer of financial information and financial dataprocessing and related software, as referred to in subparagraph (o)of the definition of “financial service” in Article 11.1 (Definitions);
and

(b)

advisory and other auxiliary services, excluding intermediation,
relating to banking and other financial services, as referred to in

11-32

subparagraph (p) of the definition of “financial service” in Article
11.1 (Definitions).

11-33

Peru22
Insurance and insurance-related services
1.
Article 11.6.1 (Cross-Border Trade) shall apply to the cross-border supplyof or trade in financial services, as defined in subparagraph (a) of the definition of“cross-border supply of financial services” in Article 11.1 (Definitions), withrespect to:(a)insurance of risks related to:(i)maritime shipping and commercial aviation and spacelaunching and freight (including satellites), with suchinsurance to cover any or all of the following: the goods
being transported, the vehicle transporting the goods, andany liability arising there from; and(ii)

goods in international transit;(b)reinsurance and retrocession;(c)

consultancy, actuarial, risk assessment and claim settlement
services; and(d)insurance intermediation, such as brokerage and agency, as
referred to in subparagraph (c) of the definition of “financial
service” in Article 11.1 (Definitions), of insurance of risks relating
to services listed in subparagraphs (a) and (b) in this paragraph.

Banking and other financial services (excluding insurance)
2.
Article 11.6.1 (Cross-Border Trade) shall apply only with respect to theprovision and transfer of financial information, and financial data processing andrelated software as referred to in subparagraph (o) of the definition of “financial
service” in Article 11.1 (Definitions)23, subject to prior authorisation from therelevant regulator, as required, and advisory and other auxiliary financial

22

Peru reserves the right to apply this Annex under conditions of reciprocity.

23

The Parties understand that, if the financial information or financial data processing referred toin paragraph 2 of this Annex involves personal data, the treatment of such personal data shall be inaccordance with Peru’s law regulating the protection of such data and Section B of Annex 11-B
(Specific Commitments).

11-34

services24, excluding intermediation, relating to banking and other financial
services as referred to in subparagraph (p) of the definition of “financial service”
in Article 11.1 (Definitions).25

24

The Parties understand that advisory and other auxiliary financial services do not include thoseservices referred to in subparagraphs (e) through (o) of the definition of “financial service” inArticle 11.1 (Definitions).

25

The Parties understand that a trading platform, whether electronic or physical, does not fallwithin the range of services specified in this paragraph.

11-35

Singapore
Insurance and insurance-related services
1.
Article 11.6.1 (Cross-Border Trade) shall apply to the cross-border supplyof or trade in financial services, as defined in subparagraph (a) of the definition of“cross-border supply of financial services” in Article 11.1 (Definitions), withrespect to:(a)insurance of “MAT” risks relating to:(i)maritime shipping and commercial aviation and spacelaunching and freight (including satellites), with suchinsurance to cover any or all of the following: the goods
being transported, the vehicle transporting the goods, andany liability arising there from; and(ii)

goods in international transit;(b)reinsurance and retrocession;(c)services auxiliary to insurance comprising actuarial, loss adjustors,
average adjustors and consultancy services;(d)reinsurance intermediation by brokerages; and(e)

MAT intermediation by brokerages.

Banking and other financial services (excluding insurance)
2.
Article 11.6.1 (Cross-Border Trade) shall apply to the cross-border supplyof or trade in financial services, as defined in subparagraph (a) of the definition of“cross-border supply of financial services” in Article 11.1 (Definitions), withrespect to:(a)provision and transfer of financial information, as described insubparagraph (o) of the definition of “financial service” in Article
11.1 (Definitions); and(b)financial data processing and related software, as described insubparagraph (o) of the definition of “financial service” in Article
11.1 (Definitions), subject to prior authorisation from the relevant
regulator, as required.26

26

For greater certainty, if the financial information or financial data processing referred to in
subparagraphs (a) and (b) pertain to outsourcing arrangements or involves personal data, the11-36

United States
Insurance and insurance-related services
1.
Article 11.6.1 (Cross-Border Trade) shall apply to the cross-border supplyof or trade in financial services, as defined in subparagraph (a) of the definition of“cross-border supply of financial services” in Article 11.1 (Definitions), withrespect to:
(a)

(b)

insurance of risks relating to:(i)maritime shipping and commercial aviation and spacelaunching and freight (including satellites), with suchinsurance to cover any or all of the following: the goods
being transported, the vehicle transporting the goods, andany liability arising therefrom; and(ii)

goods in international transit; andreinsurance and retrocession; services auxiliary to insurance, as
referred to in subparagraph (d) of the definition of “financial
service” in Article 11.1 (Definitions); and insuranceintermediation, such as brokerage and agency, as referred to in
subparagraph (c) of the definition of “financial service” in Article
11.1 (Definitions).

2.
Article 11.6.1 (Cross-Border Trade) shall apply to the cross-border supplyof or trade in financial services, as defined in subparagraph (c) of the definition of“cross-border supply of financial services” in Article 11.1 (Definitions), withrespect to insurance services.
Banking and other financial services (excluding insurance)
3.

Article 11.6.1 shall apply only with respect to:(a)provision and transfer of financial information, and financial dataprocessing and related software, as referred to in subparagraph (o)of the definition of “financial service” in Article 11.1 (Definitions);andoutsourcing arrangements and treatment of personal data shall be in accordance with the Monetary
Authority of Singapore’s regulatory requirements and guidelines on outsourcing and Singapore’s
law regulating the protection of such data, respectively. These regulatory requirements andguidelines shall not derogate from the commitments undertaken by Singapore in paragraph 2 andSection B of Annex 11-B (Specific Commitments).

11-37

(b)

advisory and other auxiliary services, excluding intermediation,
relating to banking and other financial services, as referred to in
subparagraph (p) of the definition of “financial service” in Article
11.1 (Definitions).

11-38

Viet Nam
Insurance and insurance-related services
1.
Article 11.6.1 (Cross-Border Trade) shall apply to the cross-border supplyof or trade in financial services, as defined in subparagraph (a) of the definition of“cross-border supply of financial services” in Article 11.1 (Definitions), withrespect to:(a)insurance of risks relating to:(i)international maritime shipping and internationalcommercial aviation with such insurance to cover any or allof the following: the goods being transported, the vehicletransporting the goods, and any liability arising therefrom;
and

(ii)

goods in international transit;(b)reinsurance and retrocession; and(c)brokerage services, and services auxiliary to insurance, as referred
to in subparagraph (d) of the definition of “financial service” inArticle 11.1 (Definitions).

Banking and other financial services (excluding insurance)
2.
Article 11.6.1 (Cross-Border Trade) shall apply to the cross-border supplyof or trade in financial services, as defined in subparagraph (a) of the definition of“cross-border supply of financial services” in Article 11.1 (Definitions), withrespect to:(a)provision and transfer of financial information, and financial dataprocessing and related software, as referred to in subparagraph (o)of the definition of “financial service” in Article 11.1 (Definitions),
subject to prior authorisation from the relevant regulator, as
required;27 and(b)advisory and other auxiliary services, excluding intermediation,
relating to banking and other financial services, as referred to in
subparagraph (p) of the definition of “financial service” in Article

27

The Parties understand that if the financial information or financial data processing referred toin subparagraph (a) involve personal data, the treatment of such personal data shall be inaccordance with Vietnamese laws regulating the protection of such data.

11-39

11.1 (Definitions), to the extent that such services are permitted in
the future by Viet Nam.

11-40

ANNEX 11-B
SPECIFIC COMMITMENTS

Section A: Portfolio Management
1.
A Party shall allow a financial institution organised in the territory of
another Party to provide the following services to a collective investment scheme
located in its territory28:(a)investment advice; and(b)

portfolio management services, excluding:(i)trustee services; and(ii)

custodial services and execution services that are notrelated to managing a collective investment scheme.

2.

Paragraph 1 is subject to Article 11.6.3 (Cross-Border Trade).

3.

For the purposes of paragraph 1, collective investment scheme means:
(a)

(b)

For Australia, a “managed investment scheme” as defined under
section 9 of the Corporations Act 2001 (Cth), other than a managed
investment scheme operated in contravention of subsection 601ED(5) of the Corporations Act 2001 (Cth), or an entity that:(i)carries on a business of investment in securities, interests inland, or other investments; and(ii)

in the course of carrying on that business, invests funds
subscribed, whether directly or indirectly, after an offer or
invitation to the public (within the meaning of section 82 of
the Corporations Act 2001 (Cth)) made on terms that thefunds subscribed would be invested.

For Brunei Darussalam:

28

For greater certainty, a Party may require a collective investment scheme or a person of a Party
involved in the operation of the scheme located in the Party’s territory to retain ultimate
responsibility for the management of the collective investment scheme.

11-41

(i)

A “collective investment scheme”, defined under Section
203, of the Securities Market Order, 2013 as any
investment arrangements with respect to assets of any
description, including money, the purpose or effect ofwhich is to enable persons taking part in the arrangements(whether by becoming owners of the property or any part ofit or otherwise) to participate in or receive profits or income
arising from the acquisition, holding, management or
disposal of the property or sums paid out of such profits orincome.

(ii)

The arrangements must be such that:(A)

the persons who are to participate (participants) do
not have day-to-day control over the management of
the property, whether or not they have the right to be
consulted or to give directions;(B)the arrangements must also have either or both of thefollowing characteristics:

(C)

(iii)

(c)

(1)

the contributions of the participants and the
profits or income out of which payments are to
be made to them are pooled; and(2)

the property is managed as a whole, by or on
behalf of the operator of the collective
investment scheme; andthe arrangements must satisfy the condition set out
in subparagraph (iii).

The condition referred to in subparagraph (ii)(B) is that theproperty belongs beneficially to, and is managed by or on
behalf of, a company, the trustee of a trust or some otherentity or arrangement having as its purpose the investmentof its funds with the aim of spreading the investment risk
and giving its members the benefit of the results of the
management of those funds for or on behalf of thatcompany, trust, entity or arrangement.

For Canada, an “investment fund” as defined under the relevant
Securities Act.29

29

In Canada, a financial institution organised in the territory of another Party can only provide
custodial services to a collective investment scheme located in Canada if the financial institution
has shareholders equity equivalent to at least CAD $100 million.

11-42

(d)

For Chile, a “General Management Fund” (Administradora
General de Fondos) as defined in Law 20.712 which is subject tosupervision by the Superintendence of Securities and Insurance(Superintendencia de Valores y Seguros), excluding the provisionof custodial services that are related to managing a collective
investment scheme.

(e)

For Japan, a “financial instruments business operator” engaged ininvestment management business under the Financial Instruments
and Exchange Law (Law No. 25 of 1948).

(f)

For Malaysia, any arrangement where:(i)

the investment is made for the purpose, or having the effect,of providing facilities for persons to participate in or
receive profits or income arising from the acquisition,
holding, management or disposal of securities, futurescontracts or any other property (referred to as “scheme’s
assets”) or sums paid out of such profits or income;(ii)

the persons who participate in the arrangements do not have
day-to-day control over the management of the scheme’s
assets; and(iii)

the scheme’s assets are managed by an entity that is
responsible for the management of the scheme’s assets andis approved, authorised or licensed by a relevant regulator
to conduct fund management activities,

and includes, among others, unit trust funds, real estate investment
trusts, exchange-traded funds, restricted investment schemes andclosed-end funds.
(g)

For Mexico, the “Managing Companies of Investment Funds”
established under the Investment Funds Law (Ley de Fondos deInversión). A financial institution organised in the territory of
another Party will only be authorised to provide portfolio
management services to a collective investment scheme located in
Mexico if it provides the same services in the territory of the Party
where it is established.

11-43

(h)

For New Zealand, a “registered scheme” as defined under the
Financial Markets Conduct Act 2013.30(i)

For Peru:(i)mutual funds for investments and securities, pursuant toSingle Ordered Text approved by Supreme Decree Nº 0932002-EF (Texto Único Ordenado de la Ley de Mercado deValores aprobado mediante Decreto Supremo Nº 0932002-EF); or(ii)

investment funds, pursuant to Legislative Decree Nº 862(Decreto Legislativo Nº 862, Ley de Fondos de Inversión ysus Sociedades Administradoras).

(j)

For Singapore, a “collective investment scheme” as defined under
the Securities and Futures Act (Cap. 289), and includes the
manager of the scheme, provided that the financial institution inparagraph 1 is authorised or regulated as a fund manager in the
territory of the Party it is organised in and is not a trust company.

(k)

For the United States, an investment company registered with the
Securities and Exchange Commission under the Investment
Company Act of 1940.31(l)

For Viet Nam, a fund management company established andoperated under the Securities Law of Viet Nam, and subject toregulation and supervision by the State Securities Commission ofViet Nam, in case the services in paragraph 1 are provided to
manage an investment fund which invests in the assets locatedoutside Viet Nam.

Section B: Transfer of Information
Each Party shall allow a financial institution of another Party to transfer
information in electronic or other form, into and out of its territory, for dataprocessing if such processing is required in the institution’s ordinary course of30

Custodial services are included in the scope of the specific commitment made by New Zealandunder this Annex only with respect to investments for which the primary market is outside theterritory of the Party.

31

Custodial services are included in the scope of the specific commitment made by the UnitedStates under this Annex only with respect to investments for which the primary market is outside
the territory of the Party.

11-44

business. Nothing in this Section restricts the right of a Party to adopt or maintainmeasures to:(a)protect personal data, personal privacy and the confidentiality of
individual records and accounts; or(b)require a financial institution to obtain prior authorisation from therelevant regulator to designate a particular enterprise as a recipientof such information, based on prudential considerations,32

provided that this right is not used as a means of avoiding the Party’s
commitments or obligations under this Section.

Section C: Supply of Insurance by Postal Insurance Entities
1.
This Section sets out additional disciplines that apply if a Party allows its
postal insurance entity to underwrite and supply direct insurance services to thegeneral public. The services covered by this paragraph do not include the supply
of insurance related to the collection, transport and delivery of letters or packages
by a Party’s postal insurance entity.
2.
No Party shall adopt or maintain a measure that creates conditions ofcompetition that are more favourable to a postal insurance entity with respect tothe supply of insurance services described in paragraph 1 as compared to a private
supplier of like insurance services in its market, including by:(a)

imposing more onerous conditions on a private supplier’s licenceto supply insurance services than the conditions the Party imposes
on a postal insurance entity to supply like services; or(b)making a distribution channel for the sale of insurance services
available to a postal insurance entity under terms and conditions
more favourable than those it applies to private suppliers of like
services.

3.
With respect to the supply of insurance services described in paragraph 1
by a postal insurance entity, a Party shall apply the same regulations andenforcement activities that it applies to the supply of like insurance services byprivate suppliers.
4.
In implementing its obligations under paragraph 3, a Party shall require a
postal insurance entity that supplies insurance services described in paragraph 1 topublish an annual financial statement with respect to the supply of those services.
32

For greater certainty, this requirement is without prejudice to other means of prudential
regulation.

11-45

The statement shall provide the level of detail and meet the auditing standards
required under the generally accepted accounting and auditing principles, or
equivalent rules, applied in the Party’s territory with respect to publicly tradedprivate enterprises that supply like services.
5.
If a panel under Chapter 28 (Dispute Settlement) finds that a Party is
maintaining a measure that is inconsistent with any of the commitments inparagraphs 2, 3 and 4, the Party shall notify the complaining Party and provide an
opportunity for consultations prior to allowing the postal insurance entity to:(a)issue a new insurance product, or modify an existing product in amanner equivalent to the creation of a new product, in competition
with like insurance products supplied by a private supplier in the
Party’s market; or(b)increase any limitation on the value of insurance, either in total orwith regard to any type of insurance product, that the entity may
sell to a single policyholder.

6.
This Section shall not apply to a postal insurance entity in the territory of a
Party:(a)that the Party neither owns nor controls, directly or indirectly, as
long as the Party does not maintain any advantages that modify theconditions of competition in favour of the postal insurance entity inthe supply of insurance services as compared to a private supplierof like insurance services in its market; or(b)if sales of direct life and non-life insurance underwritten by the
postal insurance entity each account for no more than 10 per cent,respectively, of total annual premium income from direct life andnon-life insurance in the Party’s market as of January 1, 2013.

7.
If a postal insurance entity in the territory of a Party exceeds thepercentage threshold referred to in paragraph 6(b) after the date of signature ofthis Agreement by the Party, the Party shall ensure that the postal insurance entity
is:(a)regulated and subject to enforcement by the same authorities that
regulate and conduct enforcement activities with respect to the
supply of insurance services by private suppliers; and(b)subject to the financial reporting requirements that apply tofinancial institutions supplying insurance services.

11-46

8.
For the purposes of this Section, postal insurance entity means an entitythat underwrites and sells insurance to the general public and that is owned orcontrolled, directly or indirectly, by a postal entity of the Party.

Section D: Electronic Payment Card Services
1.
A Party shall allow the supply of electronic payment services for payment
card transactions33 into its territory from the territory of another Party by a personof that other Party. A Party may condition the cross-border supply of suchelectronic payment services on one or more of these requirements that a services
supplier of another Party:(a)register with or be authorised34 by relevant authorities;(b)

be a supplier who supplies such services in the territory of the otherParty; or(c)designate an agent office or maintain a representative or sales
office in the Party’s territory,

provided that such requirements are not used as a means to avoid a Party’s
obligation under this Section.
2.
For the purposes of this Section, electronic payment services for payment
card transactions does not include the transfer of funds to and from transactors’
accounts. Furthermore, electronic payment services for payment card transactions
include only those payment network services that use proprietary networks toprocess payment transactions. These services are provided on a business tobusiness basis.
3.
Nothing in this Section shall be construed to prevent a Party from adopting
or maintaining measures for public policy purposes, provided that these measures
are not used as a means to avoid the Party’s obligation under this Section. For
greater certainty, such measures may include:33

For greater certainty, the electronic payment services for payment card transactions referred toin this commitment fall within subparagraph (h) of the definition of “financial service” in Article
11.1 (Definitions), and within subcategory 71593 of the United Nations Central Product
Classification, Version 2.0, and include only the processing of financial transactions such asverification of financial balances, authorisation of transactions, notification of banks (or credit card
issuers) of individual transactions and the provision of daily summaries and instructions regarding
the net financial position of relevant institutions for authorised transactions.

34

Such registration, authorisation and continued operation, for new and existing suppliers can beconditioned, for example: (i) on supervisory cooperation with the home country supervisor; and(ii) the supplier in a timely manner providing a Party’s relevant financial regulators with the ability
to examine, including onsite, the systems, hardware, software and records specifically related tothat supplier’s cross-border supply of electronic payment services into the Party.

11-47

4.

(a)

measures to protect personal data, personal privacy and theconfidentiality of individual records, transactions and accounts,
such as restricting the collection by, or transfer to, the cross-borderservices supplier of another Party, of information concerning
cardholder names;(b)

the regulation of fees, such as interchange or switching fees; and(c)the imposition of fees as may be determined by a Party’s authority,
such as those to cover the costs associated with supervision or
regulation or to facilitate the development of the Party’s payment
system infrastructure.

For the purposes of this Section, payment card means:(a)

For Australia, a credit card, charge card, debit card, cheque card,
automated teller machine (ATM) card, prepaid card, and otherphysical or electronic products or services for performing a similarfunction as such cards, and the unique account number associatedwith that card, product or service.

(b)

For Brunei Darussalam, in accordance with its laws andregulations, a payment instrument, whether in physical orelectronic format, that enables a person to obtain money, goods orservices, or to otherwise make payment, including credit card,charge card, debit card, cheque, automated teller machine (ATM)card, prepaid card or other instruments widely used for performing
a similar function.

(c)

For Canada, a “payment card” as defined under the Payment Card
Networks Act as of January 1, 2015. For greater certainty, both thephysical and electronic forms of credit and debit cards are includedin the definition. For greater certainty, credit cards include pre-paid
cards.

(d)

For Chile, a credit card, a debit card and a prepaid card in physicalform or electronic format, as defined under Chilean law.
(i)

In respect of such payment cards, in lieu of the scope of thecross-border electronic payment services referred to in thiscommitment, only the following cross-border financial
services may be supplied:(A)

receiving and sending messages among acquirers
and issuers or their agents and representatives
through electronic or informatic channels for:11-48

authorisation requests, authorisation responses(approvals or declines), stand-in authorisations,adjustments, refunds, returns, retrievals, charge
backs and related administrative messages;(B)calculation of fees and balances derived fromtransactions of acquirers and issuers by means ofautomated or computerised systems, and receiving
and sending messages related to this process toacquirers and issuers, and their agents andrepresentatives, provided that those calculations are
subject to approval, recognition or confirmation by
the acquiring and issuing parties involved;(C)

the provision of periodic reconciliation, summaries
and instructions regarding the net financial positionof acquirers and issuers, and their agents andrepresentatives for approved transactions; and(D)value-added services related to the main processing
activities in subparagraphs (d)(i)(A), (d)(i)(B) and(d)(i)(C), such as fraud prevention and mitigation
activities,andadministrationofloyaltyprogrammes.

Such cross-border financial services may only be supplied
by a service supplier of another Party into the territory of
Chile pursuant to this commitment, provided that suchservices are supplied to entities that are regulated by Chilein connection with their participation in card payment
networks and that are contractually responsible for suchservices.
(ii)

(e)

Nothing in this commitment restricts the right of Chile toadopt or maintain measures, in addition to all othermeasures set forth in this Section, that condition the crossborder supply of such electronic payment services into
Chile by a service supplier of another Party on a contractual
relationship between that supplier and an affiliate of the
supplier established, authorised and regulated as a payments
network participant under Chilean law in the territory of
Chile, provided that such right is not used as a means of
avoiding Chile’s commitments or obligations under thisSection.

For Japan:

11-49

(i)

a credit card and a prepaid card in physical or electronic
form as defined under the laws and regulations of Japan;
and

(ii)

a debit card in physical or electronic form, provided thatsuch a card is allowed within the framework of the laws andregulations of Japan.

(f)

For Malaysia, a credit card, a debit card and a prepaid card as
defined under Malaysian law.

(g)

For Mexico, a credit card and a debit card in physical form orelectronic format, as defined under Mexican law.
(i)

(ii)

In respect of such payment cards, in lieu of the scope of thecross-border electronic payment services set forth inparagraph 1, only the following cross-border services may
be supplied:(A)

receiving and sending messages for: authorisation
requests, authorisation responses (approvals or
declines), stand-in authorisations, adjustments,
refunds, returns, retrievals, charge backs and related
administrative messages;(B)calculation of fees and balances derived fromtransactions of acquirers and issuers, and receiving
and sending messages related to this process toacquirers and issuers, and their agents andrepresentatives;(C)the provision of periodic reconciliation, summaries
and instructions regarding the net financial positionof acquirers and issuers, and their agents andrepresentatives for approved transactions; and(D)value-added services related to the main processing
activities in subparagraphs (g)(i)(A), (g)(i)(B) and(g)(i)(C), such as fraud prevention and mitigation
activities,andadministrationofloyaltyprogrammes.

Such cross-border services may only be supplied by aservice provider of another Party into the territory of
Mexico pursuant to this commitment, provided that theservices are supplied to entities that are regulated by
Mexico in connection with their participation in card

11-50

payment networks and that are responsible for suchservices.
(iii)

Nothing in this commitment restricts the right of Mexico to
adopt or maintain measures, in addition to all othermeasures set forth in this Section, that condition the crossborder supply of such electronic payment services into
Mexico by a service supplier of another Party on acontractual relationship between that supplier and anaffiliate of the supplier established and authorised as apayments network participant under Mexican law in the
territory of Mexico, provided that such right is not used as ameans of avoiding Mexico’s commitments or obligations
under this Section.

(h)

For New Zealand, a credit or debit card in physical or electronic
form.

(i)

For Peru:

(j)

(i)

credit and debit cards as defined under Peruvian laws andregulations; and(ii)

prepaid cards, as defined under Peruvian laws andregulations, that are issued by financial institutions.

For Singapore:(i)a credit card as defined in the Banking Act (Cap. 19), acharge card as defined in the Banking Act and a stored
value facility as defined in the Payment Systems(Oversight) Act (Cap. 222A); and(ii)

a debit card and an automated teller machine (ATM) card.

For greater certainty, both the physical and electronic forms of thecards or facility as listed in subparagraphs (j)(i) and (j)(ii) above
would be included as a payment card.
(k)

For the United States, a credit card, charge card, debit card, chequecard, automated teller machine (ATM) card, prepaid card, and otherphysical or electronic products or services for performing a similarfunction as such cards, and the unique account number associatedwith that card, product or service.

(l)

For Viet Nam, a credit card, debit card or prepaid card, in physicalform or electronic format, as defined under the laws and11-51

regulations of Viet Nam for cards issued inside or outside theterritory of Viet Nam using an international Issuer Identification
Number or Bank Identification Number (international IIN or
BIN).35(i)Viet Nam shall allow the issuance of such cards using
international IIN or BIN subject to conditions that are no
more restrictive than the conditions applied to the issuanceof such cards not using international IIN or BIN.

(ii)

For greater certainty, nothing in this commitment restricts
the right of Viet Nam to adopt or maintain measures, inaddition to the measures set out in this Section, thatcondition the cross-border supply of such electronic
payment services into Viet Nam by a service supplier ofanother Party on the provision of information and data to
the Government of Viet Nam, for public policy purposes,
regarding transactions that the supplier processes, provided
that such measures are not used as a means of avoiding Viet
Nam’s obligation under this Section.

Section E: Transparency Considerations
In developing a new regulation of general application to which this
Chapter applies, a Party may consider, in a manner consistent with its laws andregulations, comments regarding how the proposed regulation may affect theoperations of financial institutions, including financial institutions of the Party orother Parties. These comments may include:(a)submissions to a Party by another Party regarding its regulatory
measures that are related to the objectives of the proposed
regulation; or(b)submissions to a Party by interested persons, including otherParties or financial institutions of other Parties, with regard to thepotential effects of the proposed regulation.

35

For the purposes of this subparagraph, “international Issuer Identification Number or Bank
Identification Number” and “international IIN or BIN” mean a number that is assigned to a service
supplier of another Party pursuant to the relevant standards adopted by the International
Organization for Standardization.

11-52

ANNEX 11-C
NON-CONFORMING MEASURES RATCHET MECHANISM
Notwithstanding Article 11.10.1(c) (Non-Conforming Measures), for Viet
Nam for three years after the date of entry into force of this Agreement for it:(a)Article 11.3 (National Treatment), Article 11.4 (Most-FavouredNation Treatment), Article 11.5 (Market Access for Financial
Institutions) and Article 11.9 (Senior Management and Boards of
Directors) shall not apply to an amendment to any non-conforming
measure referred to in Article 11.10.1(a) (Non-Conforming
Measures) to the extent that the amendment does not decrease theconformity of the measure, as it existed at the time of entry into
force of this Agreement for Viet Nam, with Article 11.3 (National
Treatment), Article 11.4 (Most-Favoured-Nation Treatment),
Article 11.5 (Market Access for Financial Institutions) and Article
11.9 (Senior Management and Boards of Directors);(b)

Viet Nam shall not withdraw a right or benefit from:(i)a financial institution of another Party;(ii)

investors of another Party, and investments of suchinvestors, in financial institutions in Viet Nam’s territory;
or

(iii)

cross-border financial service suppliers of another Party,

in reliance on which the investor or covered investment has taken
any concrete action,36 through an amendment to any nonconforming measure referred to in Article 11.10.1(a) (NonConforming Measures) that decreases the conformity of themeasure as it existed immediately before the amendment; and(c)Viet Nam shall provide to the other Parties the details of any
amendment to any non-conforming measure referred to in Article
11.10.1(a) (Non-Conforming Measures) that would decrease theconformity of the measure, as it existed immediately before theamendment, at least 90 days before making the amendment.

36

Concrete action includes the channelling of resources or capital in order to establish or expand abusiness and applying for permits and licences.

11-53

ANNEX 11-D
AUTHORITIES RESPONSIBLE FOR FINANCIAL SERVICES
The authorities for each Party responsible for financial services are:(a)for Australia, the Treasury and the Department of Foreign Affairs
and Trade;(b)for Brunei Darussalam, the Monetary Authority of Brunei
Darussalam (Autoriti Monetari Brunei Darussalam);(c)for Canada, the Department of Finance of Canada;(d)for Chile, the Ministry of Finance (Ministerio de Hacienda);(e)

for Japan, the Ministry of Foreign Affairs and the Financial
Services Agency, or their successors;(f)for Malaysia, Bank Negara Malaysia and the Securities
Commission Malaysia;(g)for Mexico, the Ministry of Finance and Public Credit (Secretaríade Hacienda y Crédito Público);(h)for New Zealand, the Ministry of Foreign Affairs and Trade, incoordination with financial services regulators;(i)for Peru, the Ministry of Economy and Finance (Ministerio de
Economía y Finanzas), in coordination with financial regulators;(j)for Singapore, the Monetary Authority of Singapore;(k)for United States, the Department of the Treasury for purposes of
Article 11.22 (Investment Disputes in Financial Services) and forall matters involving banking, securities, and financial services
other than insurance, the Department of the Treasury, incooperation with the Office of the U.S. Trade Representative, forinsurance matters; and(l)for Viet Nam, the State Bank of Viet Nam and the Ministry of
Finance.

11-54

ANNEX 11-E
1.
Brunei Darussalam, Chile, Mexico and Peru do not consent to thesubmission of a claim to arbitration under Section B of Chapter 9 (Investment) fora breach of Article 9.6 (Minimum Standard of Treatment), as incorporated into
this Chapter, in relation to any act or fact that took place or any situation thatceased to exist before:(a)the fifth anniversary of the date of entry into force of thisAgreement for Brunei Darussalam, Chile and Peru, respectively;
and

(b)

the seventh anniversary of the date of entry into force of thisAgreement for Mexico.

2.
If an investor of a Party submits a claim to arbitration under Section B of
Chapter 9 (Investment) that Brunei Darussalam, Chile, Mexico or Peru has
breached Article 9.6 (Minimum Standard of Treatment), as incorporated into this
Chapter, it may not recover for loss or damage that it incurred before:(a)the fifth anniversary of the date of entry into force of thisAgreement for Brunei Darussalam, Chile and Peru, respectively;
and

(b)

the seventh anniversary of the date of entry into force of thisAgreement for Mexico.

11-55