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 of a non-Party. Such recognition may be: a) unilaterally granted; b) achieved through harmonization or other means; or c) granted on the basis of an agreement or arrangement with another Party or a 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 there are circumstances under which equivalent regulations exist or will exist, 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, that 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 this Chapter, a Party may recognize the prudential measures of another the other Party or of a non-Party. Such recognition may be: a) unilaterally granted; b) achieved through harmonization or other means; or c) granted on the basis of an agreement or arrangement with another the other Party or with a non-Party. 2. A The Party granting recognition of prudential measures pursuant to paragraph 1 shall provide appropriate opportunities for any the other Party to demonstrate that there are circumstances under which equivalent regulations exist or will exist, 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 provided for in paragraph 2 exist, that Party shall provide adequate opportunity for another the other 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 this Chapter, a each Party may recognize the prudential measures of another the other Party or of a non-Party. Such recognition may be: (a) unilaterally grantedgranted unilaterally; (b) achieved through harmonization or other means; or (c) granted based on the basis of an agreement or arrangement with another the other Party or a non-Party. 2. A The Party granting recognition of prudential measures pursuant to paragraph 1 shall provide appropriate opportunities for any the other Party to demonstrate that there are circumstances under which equivalent regulations exist or will exist, 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 pursuant to paragraph 1 and the circumstances set out in paragraph 2 exist, that Party shall provide adequate opportunity for another the other Party to negotiate accession to the agreement or arrangementagreement, or to negotiate a similar agreement or arrangementagreement.