2. Notwithstanding subparagraph 2(e) of Article 7.3, a Party may determine the juridical form through which the new financial service may be supplied and may require authorization for the supply of the service. If a Party requires a financial service supplier to obtain authorization to supply a new financial service, the Party shall decide within a reasonable period of time whether to issue the authorization and may refuse the authorization only for prudential reasons.
Article 4. Prudential Measures
Notwithstanding any other provision of this Agreement, a Party shall not be prevented from adopting or maintaining 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, or to ensure the integrity and stability of the financial system. 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.
Article 5. Treatment of Certain Information
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 6. Recognition
1. A Party may recognize prudential measures of any international standard-setting body, the other Party or a non-Party in determining how its measures relating to financial services shall be applied. Such recognition, which may be achieved through harmonization or otherwise, may be based on an agreement or arrangement with the international standard-setting body, the other Party or the non-Party concerned, or may be accorded autonomously.
Note: For greater certainty, nothing in Article 7.7 shall be construed to require a Party to accord such recognition to prudential measures of the other Party.
2. A Party that is a party to an agreement or arrangement referred to in paragraph 1, whether existing or future, shall afford adequate opportunity for the other Party to negotiate its accession to such an agreement or arrangement, 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.
3. Where a Party accords recognition autonomously, it shall afford adequate opportunity for the other Party to demonstrate that the circumstances referred to in paragraph 2 exist.
Article 7. Transparency
1. The Parties recognize that transparent measures governing the activities of financial service suppliers are important in facilitating their ability to gain access to, and operate in, each other’s markets. Each Party commits to promote regulatory transparency in financial services.
2. A Party shall ensure that all measures of general application to which this Annex applies are administered in a reasonable, objective and impartial manner.
3. A Party shall ensure that measures of general application adopted or maintained are promptly published or otherwise made publicly available.
4. To the extent practicable, a Party shall:
(a) publish in advance any regulation of general application related to the subject matter of this Annex that it proposes to adopt and the purpose of the regulation; and
(b) provide interested persons and the other Party with a reasonable opportunity to comment on such proposed regulation.
5. To the extent practicable, a Party should allow a reasonable period of time between the date of publication of any final regulation of general application and the date when it enters into effect.
6. A Party shall ensure that the rules of general application adopted or maintained by a self-regulatory organization of the Party are promptly published or otherwise made available in a manner that enables interested persons to become acquainted with them.
7. A Party shall maintain or establish appropriate mechanisms for responding to enquiries from interested persons of the other Party regarding measures of general application covered by this Annex.
8. A Party’s regulatory authority shall make available to interested persons of the other Party its requirements, including any documentation required, for completing applications relating to the supply of financial services.
9. On request of an applicant in writing, a Party’s regulatory authority shall inform the applicant of the status of its application. If the 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 a complete application of a financial service supplier of the other Party relating to the supply of a financial service within a reasonable period of time, and shall notify the applicant of the decision without undue delay. An application shall not be considered complete until all relevant proceedings are conducted and all necessary information is received. Where it is not practicable for such a decision to be made within a reasonable period of time, the regulatory authority shall notify the applicant without undue delay and shall endeavor to make the decision within a reasonable period of time thereafter.
11. On request of an unsuccessful applicant in writing, a Party’s regulatory authority that has denied an application shall, to the extent practicable, inform the applicant of the reasons for the denial of the application.
Article 8. Financial Services Exceptions
For greater certainty, nothing in this Annex shall be construed to prevent a Party from adopting or enforcing measures necessary to secure compliance with laws or regulations that are not inconsistent with this Annex, including those relating to the prevention of deceptive and fraudulent practices or to deal with the effects of a default on financial services contracts, subject to the requirement that such measures are not applied in a manner which would constitute a means of arbitrary or unjustifiable discrimination between the Parties or between the other Party and non-Parties where like conditions prevail, or a disguised restriction on investment in financial service suppliers or trade in financial services.
Article 9. Transfers of Information and Processing of Information
1. The Parties recognize that each Party may have its own regulatory requirements concerning the transfer of information, the processing of information and the location of financial service computing facilities, provided that this paragraph does not affect a Party’s rights and obligations under this Annex.
2. A Party shall not take measures that prevent:
(a) transfers of information, including transfers of data by electronic or other means, necessary for the conduct of the ordinary business of a financial service supplier in its Area; or
(b) processing of information necessary for the conduct of the ordinary business of a financial service supplier in its Area.
3. Nothing in paragraph 2 shall prevent a regulatory authority of a Party, for regulatory or prudential reasons, from requiring a financial service supplier in its Area to comply with its laws and regulations in relation to data management and storage and system maintenance, as well as to retain within its Area copies of records, provided that such requirements shall not be used as a means of avoiding the Party’s commitments or obligations under this Agreement.
4. Nothing in paragraph 2 shall restrict the right of a Party to protect personal data, personal privacy, and the confidentiality of individual records and accounts including in accordance with its laws and regulations, provided that such a right shall not be used as a means of avoiding the Party’s commitments or obligations under this Agreement.
5. Nothing in paragraph 2 shall be construed to require a Party to allow the cross-border supply or consumption abroad of services in relation to which it has not made commitments, including to allow non-resident suppliers of financial services to supply, as a principal, through an intermediary or as an intermediary, the provision and transfer of financial information and financial data processing as referred to in subparagraph (a)(xv) of Article 1.
Article 10. Self-Regulatory Organizations
If a Party requires a financial service supplier of the other Party to be a member of, participate in or have access to a self-regulatory organization to provide a financial service in its Area, that Party shall ensure that the self-regulatory organization observes that Party’s obligations under Article 7.4.
Article 11. Payment and Clearing Systems
Under the terms and conditions that accord national treatment, a Party shall grant financial service suppliers of the other Party established in its Area access to 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 former Party’s lender of last resort facilities.
Article 12. Consultations
1. A Party may request consultations with the other Party regarding any matter arising under this Agreement that affects financial services. The other Party shall consider such a request.
2. Consultations under this Article shall include the relevant representatives of the contact points specified in Article 13.
Article 13. Contact Points
Each Party shall, upon entry into force of this Agreement, designate a contact point for the effective implementation and operation of this Annex and notify the other Party of the contact details including information regarding the relevant officials. The Parties shall promptly notify each other of any change of those contact details.
Article 14. Dispute Settlement
Arbitrators of the arbitral tribunal established pursuant to Chapter 21 for disputes on any provision of this Annex shall have the necessary expertise relevant to the specific financial service under dispute.
Annex 5 referred to in Chapter 7. Schedules of Specific Commitments in relation to Article 7.5
Part 1
Explanatory Notes
Alphabets indicated against individual sectors or sub-sectors and numbers in brackets are references to the Services Sectoral Classification List (GATT Document MTN.GNS/W/120, dated July 10, 1991) and the Provisional Central Product Classification (Statistical Papers Series M No. 77, Department of International Economic and Social Affairs, Statistical Office of the United Nations, New York, 1991) (hereinafter referred to in this Annex as “CPC”). These alphabetical and numerical divisions are indicated to enhance the clarity in the description of the specific commitments but shall not be construed as being a part of the specific commitments.
The scheduling of the specific commitments follows the Guidelines for the Scheduling of Specific Commitments (WTO Document S/L/92, dated March 28, 2001). The Guidelines shall not, however, be construed as being legally binding.
The modes of supply 1) through 4) indicated in the Schedules of Specific Commitments correspond respectively to the supply of services defined in subparagraphs (o)(i) through (iv) of Article 7.2.
The entry “Unbound*” means unbound due to lack of technical feasibility.
The use of footnotes or “**” against individual CPC codes indicates that the specific commitment for that code does not extend to the total range of services covered under that code.
For greater certainty, limitations on Market Access or National Treatment described in the Schedules of Specific Commitments may include measures taken by each Party in accordance with Article 1.5.
A “None” in II. SECTOR-SPECIFIC COMMITMENTS must be read as meaning “None, except for the conditions set out in I. HORIZONTAL COMMITMENTS.”
Annex 7 referred to in Chapter 8. Schedule of Specific Commitments on Movement of Natural Persons
Part 1. Specific Commitments of Bangladesh
This Schedule sets out Bangladesh’s commitments in accordance with Chapter 8 with respect to its commitments for the entry and temporary stay of natural persons of Japan covered under Article 8.2. Accordingly, the categories provided for in this Schedule correspond to the categories provided for in that Article. The visa type referred to in this Schedule corresponds to the visa category used for immigration purposes.
For the purposes of Chapter 8 and this Schedule, natural persons of Japan as set out in each category of this Schedule may be subject to numerical restriction.
Nothing in this Agreement shall be construed to impose any obligation on Bangladesh regarding its immigration measures, except for Chapters 1 and 8, Chapter 21 to the extent provided for in Article 8.8, and Chapter 22.
| Description of Category | Conditions and Limitations (including length of stay) |
| A. Business Visitors of Japan | |
| A natural person of Japan who will stay in Bangladesh without acquiring remuneration from within Bangladesh and without engaging in making direct sales to the general public or in supplying services himself or herself, for the purpose of: (a) analyzing investment potential; (b) participating in business-related board meetings, general meetings, technical meetings, etc.; (c) recruiting manpower from Bangladesh; (d) participating in trade fair, exhibitions and for discussions on these activities; (e) quality verification of Bangladeshi products and negotiations with suppliers for placing orders; (f) acting as a tour conductor; (g) enhancing academic network; or (h) acting as a foreign partner of the business or functioning as a director in the company. | Temporary stay for a period of up to two months per entry. Note: VISA Type B Up to one year with multiple entry facility, two months stay per entry. Visa may be extended up to three years with multiple entry facility, six months stay per entry with the recommendation of the relevant authority. Furthermore, the visa may be extended for a total duration of up to five years with the recommendation of the relevant authority. |
| B. Intra-Corporate Transferees of Japan | |
| A natural person of Japan who is in a top-level position of a foreign company will be allowed to work in a foreign company as an intra-corporate transferee. | Temporary stay (work permit) for a period of up to three months, which may be extended during the validity period of the work permit or three years, whichever is less. Note: VISA Type E. Up to three months with multiple entry facility after verifying the authenticity of the institution as per rules. Visa may be extended during the validity period of the work permit or three years, whichever is less, based on the recommendation of the employing institution, the report of the authority concerned regarding the activities of the institution and the security clearance. In the case of visa extension, if the same person has been employed in the same institution for more than three years, the authority concerned may recommend the extension of activities without the approval of the Ministry of Home. |
| C. Investors of Japan | |
| A natural person of Japan who is a foreign investor investing equity in joint venture or with 100% foreign ownership in an establishment. | Temporary stay (work permit) for a period of up to one year. Note: VISA Type PI. Up to one year with multiple entry facility. Visa may be extended up to five years with the recommendation of the relevant authority. “No visa required” facility for investment of at least 5 million US$ upon certification from Bangladesh Investment Development Authority/Bangladesh Export Processing Zone Authority and other applicable authorities in Bangladesh. Work permit of BIDA/BEZA/BEPZA/HiTech Park/PPPAB and other applicable authorities if the investor works in his or her own company. |
| E. Professional Service Suppliers of Japan | |
| F. Independent Professionals of Japan | |
| A natural person of Japan will be allowed to work in Bangladesh if Bangladeshi experts are not available for: (a) the activities that require technology or knowledge at an advanced level; or (b) working in a top-level position in engineering, administration, finance, accounting, sales or marketing. | Temporary stay (work permit) for a period of up to three months, which may be extended during the validity period of the work permit or three years, whichever is less. Note: VISA Type E. Up to three months with multiple entry facility after verifying the authenticity of the institution as per rules. Visa may be extended during the validity period of the work permit or three years, whichever is less, based on the recommendation of the employing institution, the report of the authority concerned regarding the activities of the institution and the security clearance. |
| G. Contractual Service Suppliers of Japan | |
| A natural person of Japan may engage in any activities during his or her temporary stay in Bangladesh as an expert. For the purposes of this category, the term “expert” means: (a) consultant/executive in high level post/technologist/manager; and (b) engineer/technician/designer; quality controller/standard inspector/production supervisor/inspector. | Temporary stay (work permit) for a period of up to three months, which may be extended during the validity period of the work permit or three years, whichever is less. Note: VISA Type E. Up to three months with multiple entry facility after verifying the authenticity of the institution as per rules. Visa may be extended during the validity period of the work permit or three years, whichever is less, based on the recommendation of the employing institution, the report of the authority concerned regarding the activities of the institution and the security clearance. |
| H. Spouses and Dependents | |
| A spouse and dependents accompanying a natural person of Japan who has been granted entry and temporary stay pursuant to categories B, C and E through G. For the purposes of this category, the term “spouse” or “dependents” means a spouse or dependents recognized as such in accordance with the laws and regulations of Bangladesh. | Entry and temporary stay shall be granted to the spouse and dependents for, in principle, the same period as the period of temporary stay granted to the natural person of Japan pursuant to categories B, C and E through G, provided that such spouse and dependents obtain maintenance from the natural person and engage in daily activities recognized under the status of residence of “Dependent” provided for in the immigration laws of Bangladesh. In the case of visa extension, a recommendation letter of the ministry/organization concerned and a police report from Special Branch (SB) will be required. |
| I. Installers and Servicers of Japan | |
| A natural person of Japan who will arrive in Bangladesh for the purpose of machinery or software supply installation/maintenance/supervision/project inspection/research and development support/technical support to any organization or a similar job. | Temporary stay for a period of up to one month per entry. Note: VISA Type EI. Up to six months with multiple entry facility, one month stay per entry. Visa may be extended by one month upon proper justification by the local institution and after examining the relevant documents. |
Part 2. Specific Commitments of Japan
Japan may require a natural person of Bangladesh seeking entry and temporary stay under the terms and conditions set out in each category of this Schedule to obtain an appropriate visa or its equivalent prior to entry.
Nothing in this Agreement shall be construed to impose any obligation on Japan regarding its immigration measures, except for Chapters 1 and 8, Chapter 21 to the extent provided for in Article 8.8, and Chapter 22.
For the purposes of Chapter 8 and this Schedule, natural persons of Bangladesh as set out in each category of this Schedule may be subject to numerical restriction.
Japan does not take commitments in respect of category C (Investors of Bangladesh, referred to in subparagraph 1(c) of Article 8.2). Entry and temporary stay shall be granted to investors of Bangladesh in accordance with the conditions and limitations of category D (Business Managers of Bangladesh, referred to in subparagraph 1(d) of Article 8.2), provided that they will engage in one of the activities described in subparagraphs (a) through (c) in the definition of that category.
| Description of Category | Conditions and Limitations (including length of stay) |
| A. Business Visitors of Bangladesh | |
| A natural person of Bangladesh who will stay in Japan without acquiring remuneration from within Japan and without engaging in making direct sales to the general public or in supplying services himself or herself, for the purpose of participating in business contacts including negotiations for the sale of goods or services, or other similar activities including those to prepare for establishing commercial presence in Japan. | Entry and temporary stay for a period of up to 90 days, which may be extended, shall be granted to a natural person of this category. |
| B. Intra-Corporate Transferees of Bangladesh | |
| 1. A natural person of Bangladesh who: (a) has been employed by a public or private organization that supplies services or invests in Japan, for a period not less than one year immediately preceding the date of his or her application for the entry and temporary stay in Japan; (b) is being transferred to a branch or representative office of that public or private organization in Japan, or another public or private organization constituted or organized in Japan owned or controlled by or affiliated with the former public or private organization; and (c) will engage in one of the following activities during his or her temporary stay in Japan: (i) the activities to direct the branch or representative office as its head; (ii) the activities to direct the latter public or private organization as its board member or auditor; (iii) the activities to direct one or more departments of the latter public or private organization; or; (iv) the activities that require technology or knowledge at an advanced level pertinent to physical sciences, engineering or other natural sciences; or jurisprudence, economics, business management, accounting or other human sciences; or the activities that require ideas and sensitivity based on culture of a country other than Japan, recognized under the status of residence of “Engineer/Specialist in Humanities/International Services”, provided for in the Immigration Control and Refugee Recognition Act (Cabinet Order No. 319 of 1951, as may be amended). Note: For the purposes of this category, a public or private organization is “affiliated” with another public or private organization when the latter can significantly affect the decision making of the former on finance and business policy. 2. The activities that require technology or knowledge at an advanced level pertinent to natural or human sciences referred to in subparagraph 1(c)(iv) mean the activities in which the natural person may not be able to engage without the application of specialized technology or knowledge of natural or human sciences acquired by him or her by, in principle, completing college education (i.e. bachelor’s degree) or higher education. | 1. Entry and temporary stay for a period of up to five years, which may be extended, shall be granted to a natural person of this category. 2. Entry and temporary stay for a period of three months shall be granted to a natural person of this category, only where the expected period of his or her activity in Japan is three months or less. |
| D. Business Managers of Bangladesh | |
| A natural person of Bangladesh who will engage in one of the following activities during his or her temporary stay in Japan: (a) the activities to invest in business in Japan and manage such business; (b) the activities to manage business in Japan on behalf of a person other than that of Japan who has invested in such business; or (c) the conduct of business in Japan in which a person other than that of Japan has invested. | 1. Entry and temporary stay for a period of up to five years, which may be extended, shall be granted to a natural person of this category. 2. Entry and temporary stay for a period of three months shall be granted to a natural person of this category, only where the expected period of his or her activity in Japan is three months or less. |
| E. Professional Service Suppliers of Bangladesh | |
| A natural person of Bangladesh who is a legal, accounting or taxation service supplier qualified under the laws and regulations of Japan and who will engage in one of the following activities during his or her temporary stay in Japan: (a) legal services supplied by a lawyer qualified as “Bengoshi” under the laws and regulations of Japan; (b) legal advisory services on law of jurisdiction where the service supplier is a qualified lawyer on condition that the service supplier is qualified as “GaikokuHo-Jimu-Bengoshi” under the laws and regulations of Japan; (c) legal services supplied by a patent attorney qualified as “Benrishi” under the laws and regulations of Japan; (d) legal services supplied by a maritime procedure agent qualified as “Kaijidairishi” under the laws and regulations of Japan; (e) accounting, auditing and bookkeeping services supplied by an accountant qualified as “Koninkaikeishi” under the laws and regulations of Japan; (f) taxation services supplied by a tax accountant qualified as “Zeirishi” under the laws and regulations of Japan; (g) legal services supplied by a judicial scrivener qualified as “Shiho-Shoshi” under the laws and regulations of Japan; (h) legal services supplied by an administrative scrivener qualified as “Gyousei-Shoshi” under the laws and regulations of Japan; (i) legal services supplied by a certified social insurance and labor consultant qualified as “Shakai-HokenRomushi” under the laws and regulations of Japan; or (j) legal services supplied by a land and house surveyor qualified as “TochiKaoku-Chosashi” under the laws and regulations of Japan. | 1. Entry and temporary stay for a period of up to five years, which may be extended, shall be granted to a natural person of this category. 2. Entry and temporary stay for a period of three months shall be granted to a natural person of this category, only where the expected period of his or her activity in Japan is three months or less. |
| F. Independent Professionals of Bangladesh | |
| 1. A natural person of Bangladesh who will engage in the activities of supplying services during his or her temporary stay in Japan on the basis of a personal contract with a public or private organization in Japan which correspond to: (a) the activities that require technology or knowledge at an advanced level pertinent to physical sciences, engineering or other natural sciences; or jurisprudence, economics, business management, accounting or other human sciences, recognized under the status of residence of “Engineer/Specialist in Humanities/International Services”, provided for in the Immigration Control and Refugee Recognition Act; (b) the activities that require ideas and sensitivity based on culture of a country other than Japan, recognized under the status of residence of “Engineer/Specialist in Humanities/International Services”, provided for in the Immigration Control and Refugee Recognition Act; or (c) the activities that require specialized skills relating to Bangladeshi cuisine under the status of residence of “Skilled Labor”, provided for in the Immigration Control and Refugee Recognition Act. 2. The activities that require technology or knowledge at an advanced level pertinent to natural or human sciences referred to in subparagraph 1(a) mean the activities in which the natural person may not be able to engage without the application of specialized technology or knowledge of natural or human sciences acquired by him or her by, in principle, completing college education (i.e. bachelor’s degree) or higher education. | 1. Entry and temporary stay for a period of up to five years, which may be extended, shall be granted to a natural person of this category. 2. Entry and temporary stay for a period of three months shall be granted to a natural person of this category, only where the expected period of his or her activity in Japan is three months or less. |
| G. Contractual Service Suppliers of Bangladesh | |
| 1. A natural person of Bangladesh who is an employee of a public or private organization in Bangladesh having no commercial presence in Japan (hereinafter referred to in this category as “the Bangladeshi organization”) and who will engage in one of the following activities of supplying services during his or her temporary stay in Japan: (a) the activities that require technology or knowledge at an advanced level pertinent to physical sciences, engineering or other natural sciences; or jurisprudence, economics, business management, accounting or other human sciences, recognized under the status of residence of “Engineer/Specialist in Humanities/International Services”, provided for in the Immigration Control and Refugee Recognition Act; (b) the activities that require ideas and sensitivity based on culture of a country other than Japan, recognized under the status of residence of “Engineer/Specialist in Humanities/International Services”, provided for in the Immigration Control and Refugee Recognition Act; or (c) the activities that require specialized skills relating to Bangladeshi cuisine under the status of residence of “Skilled Labor”, provided for in the Immigration Control and Refugee Recognition Act. 2. The activities that require technology or knowledge at an advanced level pertinent to natural or human sciences referred to in subparagraph 1(a) mean the activities in which the natural person may not be able to engage without the application of specialized technology or knowledge of natural or human sciences acquired by him or her by, in principle, completing college education (i.e. bachelor’s degree) or higher education. | 1. Entry and temporary stay for a period of up to five years, which may be extended, shall be granted to a natural person of this category, subject to paragraph 3. 2. Entry and temporary stay for a period of three months shall be granted to a natural person of this category, only where the expected period of his or her activity in Japan is three months or less, subject to paragraph 3. 3. Entry and temporary stay referred to in paragraphs 1 and 2 shall be granted, provided that: (a) a service contract between a public or private organization in Japan (hereinafter referred to in this category as “the Japanese organization”) and the Bangladeshi organization has been concluded; and (b) it is recognized, in the context of the service contract referred to in subparagraph (a), that a labor contract between the natural person and the Japanese organization has been concluded. |
| H. Spouses and Dependents | |
| A spouse and dependents accompanying a natural person of Bangladesh who has been granted entry and temporary stay pursuant to categories B and D through G. Note: For the purposes of this category, the term “spouse” or “dependents” means a spouse or dependents recognized as such in accordance with the laws and regulations of Japan. | 1. Entry and temporary stay shall be granted to the spouse and dependents for, in principle, the same period as the period of temporary stay granted to the natural person of Bangladesh pursuant to categories B and D through G, provided that such spouse and dependents obtain maintenance from the natural person and engage in daily activities recognized under the status of residence of “Dependent” provided for in the Immigration Control and Refugee Recognition Act. 2. A spouse who has been granted entry and temporary stay pursuant to paragraph 1 may, upon application, have his or her status of residence changed to that under which he or she is allowed to work, subject to the approval of the Government of Japan in accordance with the Immigration Control and Refugee Recognition Act. |