Common use of Recognition and Harmonization Clause in Contracts

Recognition and Harmonization. 1. In applying the measures covered by this Chapter, a Party may recognize the prudential measures of another Party or a non-Party. Such recognition may be granted unilaterally, achieved through harmonization or other means, or on the basis of an agreement or arrangement with the other Party or the non-Party. 2. A Party granting recognition of prudential measures pursuant to paragraph 1 shall provide appropriate opportunities for any other Party to demonstrate that circumstances exist whereby there are or will be equivalent regulations, supervision and enforcement of the regulation, and, if appropriate, procedures for sharing information between the Parties. 3. Where a Party grants recognition of prudential measures in accordance with paragraph 1 and the circumstances set out in paragraph 2 exist, the Party shall provide adequate opportunity for another Party to negotiate accession to the agreement or arrangement, or to negotiate a similar agreement or arrangement.

Recognition and Harmonization. 1. In applying the measures covered by under this Chapterchapter, a Party may recognize the prudential measures of another Party party or of a non-Partynon- party. Such recognition may be granted unilaterally, accorded; harmonization achieved unilaterally or through harmonization or other means, ; or on the basis of based upon an agreement or arrangement with the other Party or the non-Party. 2. A Party granting The party that grants recognition of prudential measures pursuant to under paragraph 1 shall provide appropriate opportunities for any other Party adequate opportunity to another party to demonstrate that circumstances exist whereby in which there are or will would be equivalent regulations, supervision monitoring and enforcement implementation of the regulation, regulation and, if where appropriate, procedures for the sharing of information between the Partiesparties. 3. Where a Party grants recognition of prudential measures in accordance with under paragraph 1 and the circumstances set out in paragraph 2 exist2, the that Party shall provide afford adequate opportunity for another Party the other party to negotiate accession to the agreement or arrangement, or arrangement to negotiate or a similar comparable agreement or arrangement.