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Art.9 |
Article 9 |
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Art.9.1 |
1) The Contracting Parties acknowledge the importance of open capital markets in encouraging the flow of capital to finance trade in Energy Materials and Products and for the making of and assisting with regard to Investments in Economic Activity in the Energy Sector in the Areas of other Contracting Parties, particularly those with economies in transition. Each Contracting Party shall accordingly endeavour to promote conditions for access to its capital market by companies and nationals of other Contracting Parties, for the purpose of financing trade in Energy Materials and Products and for the purpose of Investment in Economic Activity in the Energy Sector in the Areas of those other Contracting Parties, on a basis no less favourable than that which it accords in like circumstances to its own companies and nationals or companies and nationals of any other Contracting Party or any third state, whichever is the most favourable. |
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Art.9.2 |
2) A Contracting Party may adopt and maintain programmes providing for access to public loans, grants, guarantees or insurance for facilitating trade or Investment abroad. It shall make such facilities available, consistent with the objectives, constraints and criteria of such programmes including any objectives, constraints or criteria relating to the place of business of an applicant for any such facility or the place of delivery of goods or services supplied with the support of any such facility) for Investments in the Economic Activity in the Energy Sector of other Contracting Parties or for financing trade in Energy Materials and Products with other Contracting Parties. |
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Art.9.3 |
3) Contracting Parties shall, in implementing programmes in Economic Activity in the Energy Sector to improve the economic stability and investment climates of the Contracting Parties, seek as appropriate to encourage the operations and take advantage of the expertise of relevant international financial institutions. |
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Art.9.4 |
4) Nothing in this Article shall prevent: |
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Art.9.4.a |
a) financial institutions from applying their own lending or underwriting practices based on market principles and prudential considerations; or |
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Art.9.4.b |
b) a Contracting Party from taking measures: |
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Art.9.4.b.i |
i) for prudential reasons, including the protection of Investors, consumers, depositors, policy-holders or persons to whom a fiduciary duty is owed by a financial service supplier, or |
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Art.9.4.b.ii |
ii) to ensure the integrity and stability of its financial system and capital markets. |
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Sect.3 |
PART III |
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Art.14 |
Article 14 |
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Art.14.1 |
1) Each Contracting Party shall with respect to Investments in its Area of Investors of any other Contracting Party guarantee the freedom of transfer into and out of its Area, including the transfer of: |
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Art.14.1.a |
a) the initial capital plus any additional capital for the maintenance and development of an Investment; |
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Art.14.1.b |
b) Returns; |
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Art.14.1.c |
c) payments under a contract, including amortization of principal and accrued interest payments pursuant to a loan agreement; |
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Art.14.1.d |
d) unspent earnings and other remuneration of personnel engaged from abroad in connection with that Investment; |
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Art.14.1.e |
e) proceeds from the sale or liquidation of all or any part of an Investment; |
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Art.14.1.f |
f) payments arising out of the settlement of a dispute; |
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Art.14.1.g |
g) payments of compensation pursuant to Articles 12 and 13. |
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Art.14.2 |
2) Transfers under paragraph 1) shall be effected without delay and except in case of a Return in kind) in a Freely Convertible Currency. |
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Art.14.3 |
3) Transfers shall be made at the market rate of exchange existing on the date of transfer with respect to spot transactions in the currency to be transferred. In the absence of a market for foreign exchange, the rate to be used will be the most recent rate applied to inward investments or the most recent exchange rate for conversion of currencies into Special Drawing Rights, whichever is more favourable to the Investor. |
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Art.14.4 |
4) Notwithstanding paragraphs 1) to 3), a Contracting Party may protect the rights of creditors, or ensure compliance with laws on the issuing, trading and dealing in securities and the satisfaction of judgements in civil, administrative and criminal adjudicatory proceedings, through the equitable, non-discriminatory, and good faith application of its laws and regulations. |
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Art.14.5 |
5) Notwithstanding paragraph 2), Contracting Parties which are states that were constituent parts of the former Union of Soviet Socialist Republics may provide in agreements concluded between them that transfers of payments shall be made in the currencies of such Contracting Parties, provided that such agreements do not treat Investments in their Areas of Investors of other Contracting Parties less favourably than either Investments of Investors of the Contracting Parties which have entered into such agreements or Investments of Investors of any third state. |
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Art.14.6 |
6) Notwithstanding subparagraph 1)b), a Contracting Party may restrict the transfer of a Return in kind in circumstances where the Contracting Party is permitted under Article 292)a) or the GATT and Related Instruments to restrict or prohibit the exportation or the sale for export of the product constituting the Return in kind; provided that a Contracting Party shall permit transfers of Returns in kind to be effected as authorized or specified in an investment agreement, investment authorization, or other written agreement between the Contracting Party and either an Investor of another Contracting Party or its Investment. |
