18 DE ABRIL DE 1996

636-(7)

4) Nothing in this article shall prevent:

a) Financial institutions from applying their own lending or underwriting pratices based on market principles and prudential considerations; or

b) A Contracting Party from taking measures:

0 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

ii) To ensure the integrity and stability of its financial system and capital markets.

PART m

Investment promotion and protection

Article 10

Promotion, protection and treatment of investments

1) Each Contracting Party shall, in accordance with the provisions of-this Treaty, encourage and create stable, equitable, favourable and transparent conditions for investors of other Contracting Parties to make investments in its area. Such conditions shall include a commitment to accord at all times to investments of investors of other Contracting Parties fair and equitable treatment. Such investments shall also enjoy the most constant protection and security and no Contracting Party shall in any way impair by unreasonable or discriminatory measures their management, maintenance, use, enjoyment or disposal. In no case shall such investments be accorded treatment less favourable than that required by international law, including treaty obligations. Each Contracting Party shall observe any obligations it has entered into with an investor or an investment of an investor of any other Contracting Party.

2) Each Contracting Party shall endeavour to accord to investors of other Contracting Parties, as regards the making of investments in its area, the treatment described in paragraph 3).

3) For the purposes of this article, «treatment» means treatment accorded by a Contracting Party which is no less favourable than that which it accords to its own investors or to investors of any other Contracting Party or any third state, whichever is the most favourable.

4) A supplementary treaty shall, subject to conditions to be laid down therein, oblige each party thereto to accord to investors of other parties, as regards the making of investments in its area, the treatment described in paragraph 3). That treaty shall be open for signature by the states and regional economic integration organizations which have signed or acceded to this Treaty. Negotiations towards the supplementary treaty shall commence not later than 1 January 1995, with a view to concluding it by 1 January 1998.

5) Each Contracting Party shall, as regards the making of investments in its area, endeavour to:

a) Limit to the minimum the exceptions to the treatment described in paragraph 3);

b) Progressively remove existing restrictions affecting investors of other Contracting Parties.

6) :

a) A Contracting Party may, as regards the making of investments in its area, at any time declare voluntarily to the Charter Conference, through the Secretariat, its intention not to introduce new exceptions to the treatment described in paragraphs);

b) A Contracting Party may, furthermore, at any time make a voluntary commitment to accord to

investors of other Contracting Parties, as regards

the making of investments in some or all economic activities in the energy sector in its area, the treatment described in paragraph 3). Such commitments shall be notified to the Secretariat and listed in annex VC and shall be binding under this Treaty.

7) Each Contracting Party shall accord to investments in its area of investors of other Contracting Parties, and their related activities including management, maintenance, use, enjoyment or disposal, treatment no less favourable than that which it accords to investments of its own investors or of the investors of any other Contracting Party or any third state and their related activities including management, maintenance, use, enjoyment or disposal, whichever is the most favourable.

8) The modalities of application of paragraph 7) in relation to programmes under which a Contracting Party provides grants or other financial assistance, or enters into contracts, for energy technology research and development, shall be reserved for the supplementary treaty described in paragraph 4). Each Contracting Party shall through the Secretariat keep the Charter Conference informed of the modalities it applies to the programmes described in this paragraph.

9) Each state or regional economic integration organization which signs or accedes to this Treaty shall, on the date it signs the Treaty or deposits its instrument of accession, submit to the Secretariat a report summarizing all laws, regulations or other measures relevant to:

a) Exceptions to paragraph 2); or

b) The programmes referred to in paragraph 8).

A Contracting Party shall keep its report up to date by promptly submitting amendments to the Secretariat. The Charter Conference shall review these reports periodically.

In respect of subparagraph a) the report may designate parts of the energy sector in which a Contracting Party accords to investors of other Contracting Parties the treatment described in paragraph 3).

In respect of subparagraph b) the review by the Charter Conference may considerer the effects of such programmes on competition and investments.

10) Notwithstanding any other provision of this article, the treatment described in paragraphs 3) and 7) shall not apply to the protection of intellectual property; instead, the treatment shall be as specified in the corresponding provisions of the applicable international agreements for the protection of intellectual property rights to which the respective Contracting Parties are parties.

11) For the purposes or article 26, the application by a Contracting Party of a trade-related investment measure as described in article 5, 1) and 2), to.an investment of an investor of another Contracting Party existing at the time of such application shall, subject to article 5, 3) and 4) be