(xiii) Asset management, such as cash or portfolio management, all forms of collective investment management, pension fund management, custodial, depository and trust services;
(xiv) Settlement and clearing services for financial assets, including securities, derivative products, and other negotiable instruments;
(xv) Provision and transfer of financial information, and financial data processing and related software by suppliers of other financial services;
(xvi) Advisory, intermediation and other auxiliary financial services on all the activities listed in subparagraphs (v) through (xv), including credit reference and analysis, investment and portfolio research and advice, advice on acquisitions and on corporate restructuring and strategy.
(b) a financial service supplier means any natural or juridical person of a Party wishing to supply or supplying financial services but the term"financial service supplier" does not include a public entity.
(c) public entity means:
(i) a government, a central bank or a monetary authority, of a Party, or an entity owned or controlled by a Party, that is principally engaged in carrying out governmental functions or activities for governmental purposes, not including an entity principally engaged in supplying financial services on commercial terms; or
(ii) a private entity, performing functions normally performed by a central bank or monetary authority, when exercising those functions.
Article 2. Scope
1. This Annex applies to measures affecting the supply of financial services. Reference to the supply of a financial service in this Annex shall mean the supply of a service as defined in subparagraph (k) (supply of a service) of Article 8.1 (Definitions);
2. For the purposes of subparagraph (h) ( services) of Article 8.1 (Definitions), "services supplied in the exercise of governmental authority" means the following:
(a) activities conducted by a central bank or monetary authority or by any other public entity in pursuit of monetary or exchange rate policies;
(b) activities forming part of a statutory system of social security or public retirement plans; and
(c) other activities conducted by a public entity for the account or with the guarantee or using the financial resources of the Government.
3. For the purposes of subparagraph (h) (services) of Article 8.1 (Definitions), if a Party allows any of the activities referred to in subparagraphs (b) or (c)to be conducted by its financial service suppliers in competition with a public entity or a financial service supplier, "services" shall include such activities.
4. Subparagraph (i) (a service supplied in the exercise of governmental authority) of Article 8.1 (Definitions) shall not apply to services covered by this Annex.
Article 3. Prudential Measures, Exchange Rate and Financial Stability
1. Notwithstanding any other provisions of this Agreement, a Party shall not be prevented from taking measures for prudential reasons, including for the protection of investors, depositors, policy holders or persons to whom a fiduciary duty is owed by a financial service supplier; to ensure the integrity and stability of the financial system; or to ensure the stability of the exchange rate (16), including to prevent speculative capital flows, subject to the following:
(a) where such measures do not conform with the provisions of this Agreement, they shall not be used as a means of avoiding the Party’s commitments or obligations under this Agreement;
(b) for measures to ensure the stability of the exchange rate including to prevent speculative capital flows, such measures 16 shall be no more than necessary, and phased out when conditions no longer justify their institution or maintenance; and
(c) for measures to ensure the stability of the exchange rate including to prevent speculative capital flows, such measures shall be applied on a Most-Favoured-Nation basis.
2. Nothing in this Agreement shall be construed to require a Party to disclose information relating to the affairs and accounts of individual customers or any confidential or proprietary information in the possession of public entities.
Article 4. Recognition
1. A Party may recognise prudential measures of any other country in determining how the Party's measures relating to financial services shall be applied. Such recognition, which may be achieved through harmonisation or otherwise, may be based upon an agreement or arrangement with the country concerned or may be accorded autonomously.
2. A Party that is a party to such an agreement or arrangement referred to in subparagraph (a), whether future or existing, shall afford adequate opportunity for other interested Parties to negotiate their accession to such agreements or arrangements, or to negotiate comparable ones with it, under circumstances in which there would be equivalent regulation, oversight, implementation of such regulation, and, if appropriate, procedures concerning the sharing of information between the parties to the agreement or arrangement. Where a Party accords recognition autonomously, it shall afford adequate opportunity for any other Party to demonstrate that such circumstances exist.
3. Where a Party is contemplating according recognition to prudential measures of any other country, paragraph 2 of Article 4 (Recognition) shall not apply.
Article 5. Dispute Settlement
Panels for disputes on prudential issues and other financial matters shall have the necessary expertise relevant to the specific financial service under dispute.
ANNEX 8C. MOVEMENT OF NATURAL PERSONS
Article 1. Scope
1. This Annex applies to measures by a Party affecting the entry or temporary stay of natural persons of the other Party covered by its Schedule of Specific Commitments.
2. This Annex shall not apply to measures affecting natural persons seeking access to the employment market of the other Party, nor shall it apply to measures regarding citizenship, nationality, residence or employment on a permanent basis.
3. Nothing in this Agreement shall prevent a Party from applying measures to regulate the entry of natural persons of the other Party into, or their temporary stay in, its territory, including those measures necessary to protect the integrity of, and to ensure the orderly movement of natural persons across, its borders, provided that those measures are not applied in such a manner as to nullify or impair the benefits accruing to either Party under this Annex.
4. The sole fact that a Party requires natural persons of the other Party to obtain a relevant permit (17) shall not be regarded as nullifying or impairing the benefits accruing to either Party under this Annex.
Article 2. Grant of Entry and Temporary Stay
1. The Parties shall ensure that their requirements and procedures relating to entry and temporary stay are pre-established and clearly specified.
2. In accordance with this Annex and subject to each Party’s schedule of specific commitments in Annex 8A (Schedules of Specific Commitments), a Party shall grant temporary entry or extension of temporary stay to natural persons of the other Party to the extent provided for in those commitments, provided that those natural persons:
(a) follow the granting Party’s prescribed application procedures under its relevant laws and regulations; and
(b) meet all relevant eligibility requirements for temporary entry or extension of temporary stay.
3. The sole fact that a Party grants temporary entry to a natural person of the other Party pursuant to this Annex shall not be construed to exempt that natural person from meeting any applicable licensing or other requirements, including any mandatory codes of conduct, to practice a profession or otherwise engage in business activities.
Article 3. Provision of Information
1. Each Party shall endeavor to make publicly available information necessary for an effective application for the grant of entry and temporary stay in its territory.
2. Information referred to in paragraph 1 may include a description of, in particular:
(a) all categories of visas and work permits relevant to the entry, temporary stay and work of natural persons covered by this Annex;
(b) requirements and procedures for application for, and issuance of, first-time entry, temporary stay and, where applicable, work permits, including information on documentation required, conditions to be met and method of filing; and
(c) requirements and procedures for application for, and issuance of, renewed temporary stay and, where applicable, work permits.
3. Each Party shall endeavor to provide the other Parties with details of relevant publications or websites where information referred to in paragraph 2 is made available.
Article 4. Expeditious Application Procedures
1. The competent authorities of each Party shall process expeditiously complete applications for granting entry, temporary stay or work permits (18) submitted by service suppliers of other Parties, including applications for extensions thereof.
2. If the competent authorities of a Party require additional information from the applicant in order to process its application, they shall notify the applicant without undue delay.
3. Upon request by an applicant, the competent authorities of a Party shall provide information concerning the status of its application within a reasonable time frame.
4. The competent authorities of each Party shall notify the applicant for entry, temporary stay or work permit of the outcome of its application within a reasonable time after a decision has been taken. The notification shall include, if applicable, the period of stay and any other terms and conditions.
5. If an application is terminated or denied, to the extent possible, each Party shall, if applicable, inform the applicant without undue delay the reasons for such action. The applicant may submit a new application at its discretion unless otherwise prohibited by each Party’s domestic laws and regulations.
6. Any fees imposed in respect of the processing of an application for grant of entry and temporary stay, including those in respect of visa, work permit, or other authorisation shall be reasonable.
Article 5. Dispute Settlement
1. Neither Party shall have recourse to dispute settlement under Chapter 16 (Dispute Settlement) on matters in relation to the obligations as provided in paragraph 2 of Article 2 (Grant of Entry 18 and Temporary Stay) and paragraphs 5 and 6 of Article 4 (Expeditious Application Procedures).
2. In the event of any differences between Parties regarding the interpretation and application of this Annex, the Parties concerned shall first engage in consultations in good faith and make every effort to reach a mutually satisfactory solution.
3. In the event that the consultations referred in paragraph 2 fail to resolve the differences, either Party may refer the matter to the Joint Committee in accordance with Article 18.1 (Joint Committee).
Article 6. Cooperation
The Parties agree to discuss mutually agreed areas of cooperation with the aim of further facilitating the temporary entry and temporary stay of natural persons of the other Party in line with their respective laws and regulations, which shall take into consideration areas proposed by the Parties during the course of negotiations or other areas as may be identified by the Parties.
Chapter 9. DIGITAL TRADE
Article 9.1. Definitions
For the purposes of this Chapter:
(a) digital product means a computer programme, text, video, image, sound recording or other product that is digitally encoded, produced for commercial sale or distribution, and that can be transmitted electronically; (19), (20), (21)
(b) electronic authentication means the process of verifying or testing an electronic statement or claim, in order to establish a level of confidence in the statement’s or claim’s reliability;
(c) electronic signature means data in electronic form that is in, affixed to, or logically associated with, an electronic document, and that may be used to identify the signatory in relation to the electronic document and indicate the signatory’s approval of the information contained in the electronic document;
(d) electronic transmission or transmitted electronically means a transmission made using any electromagnetic means, not including content of the transmission;
(e) personal data means any information, including data, about an identified or identifiable natural person, either separately or combined with other information, either directly or indirectly;
(f) measure means any measure by a Party, whether in the form of a law, regulation, rule, procedure, decision, administrative action, or any other form; and
(g) unsolicited commercial electronic message means an electronic message which is sent for commercial or marketing purposes to an electronic address, without the consent of the recipient or despite the explicit rejection of the recipient, through an Internet access service supplier or, to the extent provided for under the laws and regulations of each Party, other telecommunications service. A Party may apply the definition to unsolicited electronic messages delivered through one or more modes of delivery, including short message services (SMS) or email.
Article 9.2. Objectives
1. The Parties recognise the economic growth and opportunity that digital trade provides, the importance of avoiding barriers to its use and development, the importance of frameworks that promote consumer confidence in digital trade, the importance of facilitating the development and use of electronic commerce, and the applicability of the WTO Agreement to measures affecting digital trade.
2. The objectives of this Chapter are to:
(a) promote digital trade between the Parties and the wider use of digital trade globally;
(b) contribute to creating an environment of trust and confidence in the use of digital trade; and
(c) enhance cooperation between the Parties regarding the development of digital trade.
Article 9.3. Scope
1. This Chapter shall apply to measures adopted or maintained by a Party that affect trade by electronic means.
2. This Chapter shall not apply to:
(a) government procurement;
(b) information held or processed by or on behalf of a Party, or measures related to such information, including measures related to its collection.
3. For greater certainty, the Parties affirm that measures affecting the supply of a service delivered or performed electronically are subject to the relevant provisions of Chapter 8 (Trade in Services) and its Annexes, including any exceptions or limitations set out in this Agreement that are applicable to such provisions.
4. For greater certainty, the obligations contained in Article 9.12 (Cross- Border Flow of Information) shall not apply to aspects of a Party's measures that do not conform with the obligation in Chapter 8 (Trade in Services) to the extent that such measures are adopted or maintained in accordance with:
(a) any terms, limitations, qualifications, and conditions specified in a Party’ s commitments, or are with respect to a sector that is not subject to a Party’ s commitments, made in accordance with Article 8.3 (Most-Favoured Nation Treatment) or Article 8.7 (Schedules of Specific Commitments); and
(b) any exception that is applicable to the obligations in Chapter 8 (Trade in Services) to be read in conjunction with any other relevant provisions in this Agreement.
Article 9.4. Customs Duties
1. Each Party shall maintain its current practice of not imposing customs duties on electronic transmissions between the Parties, not including content transmitted electronically.
2. The Parties may adjust their practice referred to paragraph 1 in light of any further WTO Ministerial Decisions or Agreements in relation to the Work Programme on Electronic Commerce.
3. For greater certainty, paragraphs 1 and 2 shall not preclude any Party to apply customs procedures for public policy purposes, or from imposing internal taxes, fees, or other charges on electronic transmissions, provided that such taxes, fees, or charges are imposed in a manner consistent with the relevant WTO agreements.
Article 9.5. Domestic Electronic Transactions Framework
1. Each Party shall maintain a legal framework governing electronic transactions consistent with the principles of the UNCITRAL Model Law on Electronic Commerce (1996) or the United Nations Convention on the Use of Electronic Communications in International Contracts done at New York on 23 November 2005.
2. Each Party shall endeavour to:
(a) avoid any unnecessary regulatory burden on electronic transactions; and
(b) facilitate input by interested persons in the development of its legal framework for electronic transactions.
Article 9.6. Electronic Authentication and Electronic Signatures
1. Except in circumstances otherwise provided for under its laws and regulations, neither Party shall deny the legal validity of a signature solely on the basis that the signature is in electronic form.
2. Taking into account international norms for electronic authentication, each Party shall:
a) permit participants in electronic transactions to determine appropriate electronic authentication technologies and implementation models for their electronic transactions;
b) not limit the recognition of electronic authentication technologies and implementation models for electronic transactions; and
c) permit participants in electronic transactions the opportunity to prove that their electronic transactions comply with its laws and regulations with respect to electronic authentication.
3. Notwithstanding paragraph 2, a Party may require that, for a particular category of transactions, the method of authentication meets certain performance standards or is certified by an authority accredited in accordance with its laws and regulations.
4. The Parties shall encourage the use of interoperable electronic authentication.
Article 9.7. Paperless Trading
1. Each Party shall endeavour to
(a) make trade administration documents available to the public in electronic form; and
(b) accept trade administration documents submitted electronically as the legal equivalent of the paper version of those documents.
2. Each Party shall work towards implementing initiatives which provide for the use of paperless trading, taking into account the methods agreed by international organisations including the World Customs Organisation.
3. The Parties shall cooperate in international for a to enhance acceptance of electronic versions of trade administration documents.
Article 9.8. Online Consumer Protection
1. The Parties recognise the importance of adopting and maintaining transparent and effective measures to protect consumers from misleading, deceptive, and fraudulent commercial practices when they engage in digital trade.
2. Each Party shall adopt or maintain consumer protection laws and regulations to provide protection against misleading, deceptive, and fraudulent commercial activities that cause harm or potential harm to consumers engaged in digital trade.
3. The Parties recognise the importance of cooperation between their respective national consumer protection agencies or other relevant bodies on activities related to cross-border digital trade in order to enhance consumer protection.
4. Each Party shall publish information on the consumer protection it provides to users of electronic commerce, including how:
(a) consumers can pursue remedies; and
(b) business can comply with any legal requirements.
Article 9.9. Personal Data Protection
1. The Parties recognise the economic and social benefits of protecting the personal data of persons who conduct or engage in electronic transactions and the contribution that this makes to enhancing consumer confidence in digital trade.
2. Each Party shall adopt or maintain a legal framework which ensures the protection of personal data of the users of digital trade.
3. In the development of its legal framework for the protection of personal data, each Party shall take into account international standards, principles, guidelines, and criteria of relevant international organisations or bodies.
4. Each Party shall publish information on the personal information protection it provides to users of electronic commerce, including how: (a) individuals can pursue remedies; and (b) business can comply with any legal requirements.
5. The Parties shall encourage juridical persons to publish, including on the internet, their policies and procedures related to the protection of personal data.
6. The Parties shall cooperate, to the extent possible, for the protection of personal data transferred from a Party.
Article 9.10. Principles on Access to and Use of the Internet for Digital Trade
To support the development and growth of digital trade, each Party recognises that consumers in its territory should be able to:
(a) Access and use services and applications of their choice, unless prohibited by the Party’s laws and regulations;
(b) Run services and applications of their choice, subject to the needs of law enforcement; and
(c) Connect their choice of devices to the Internet, provided that such devices do not harm the network and are not prohibited by the Party’s laws and regulations.
Article 9.11. Unsolicited Commercial Electronic Messages
1. Each Party shall adopt or maintain measures regarding unsolicited commercial electronic messages that:
(a) require a supplier of unsolicited commercial electronic messages to facilitate the ability of a recipient to prevent ongoing reception of those messages;
(b) require the consent, as specified in the laws and regulations of each Party, of recipients to receive commercial electronic messages; or
(c) otherwise provide for the minimisation of unsolicited commercial electronic messages.
2. Each Party shall provide recourse against a supplier of unsolicited commercial electronic messages that does not comply with a measure adopted or maintained in accordance with paragraph 1.
3. The Parties shall cooperate in appropriate cases of mutual concern regarding the regulation of unsolicited commercial electronic messages.
Article 9.12. Cross-Border Flow of Information
1. Recognizing the importance of the free flow of information in facilitating trade, and acknowledging the importance of protecting personal information, the Parties shall endeavor to consider the possibility of easing barriers to electronic information flows across borders and of promoting cross-border flow of information, to the extent consistent with its laws and regulations.
2. Each party shall adopt or maintain any measures that it considers necessary for data protection that support the implementation of the cross-border flow of information and shall keep the implementation of those measures under review and assess their functioning.
3. Each Party may consult with the relevant authority of the other Party regarding the implementation of those measures in supporting the cross-border flow of information.
Article 9.13. Cooperation
1. Recognising the importance of digital trade to their collective economies, the Parties shall endeavour to maintain a dialogue on regulatory matters relating to digital trade with a view to sharing information and experiences, as appropriate, including on related laws, regulations, and their implementation, and best practices with respect to digital trade, including in relation to:
(a) digital products;
(b) online consumer protection;
(c) personal data;
(d) unsolicited commercial electronic messages;