Posted: 2017-10-22 23:48
The third area of the agreement affecting autos relates to cooperation on auto standards and motor vehicle regulation. The Annex on Cooperation in the Field of Motor Vehicle Regulations under the Chapter includes a listing of 67 United Nations Economic Commission for Europe (UN ECE) safety standards that, by the Agreement&rsquo s coming into force, Canada has incorporated, in whole or in part, as allowable alternatives within its safety standards. These UN ECE standards do not compromise the safety or integration of the North American auto manufacturing market. The Parties also agreed to a work plan that will see Canada evaluate a number of additional UN ECE standards to determine whether it can incorporate them into Canadian regulations as allowable options within existing Canadian standards.
The Transparency chapter constitutes part of the institutional framework for CETA as a whole. The provisions of the chapter are designed to facilitate cooperation between the Parties in the area of information sharing, and to ensure administrative proceedings are fair and just. In addition, the chapter helps ensure that Canadian and EU stakeholders are either notified of, or have access to information regarding measures that may affect trade under CETA.
Canada and the EU have maintained the ability to protect human health, the environment, national security and public safety, and excluded certain sectors from CETA government procurement obligations (such as research and development financial services public administration recreational cultural sporting educational social and healthcare services). The agreement also sets out a number of country-specific exclusions.
The current AGC Standard Form for Construction Subcontract, also endorsed by the American Subcontractors Association and the Associated Specialty Contractors, addresses surety bonds in article 5. Paragraph provides that copies of the contractor 8767 s payment and performance bonds must be furnished to a subcontractor on request. Paragraph , 8775 Subcontractor Bonds, 8776 provides that if bonds are required from the subcontractor, the subcontractor shall be reimbursed for surety bond premiums in the first progress payment. Performance and payment bonds must be in the full amount of the subcontract price, unless otherwise stated.
P& C insurers are required to meet the MCT capital requirements at all times. The definition of capital available to be used for this purpose is described in chapter 7 and includes qualifying criteria for capital instruments, capital composition limits, and regulatory adjustments and deductions. The definition encompasses capital available within all subsidiaries that are consolidated for the purpose of calculating the MCT ratio.
The TBT chapter includes a commitment to encourage cooperation in technical regulations, standards, conformity assessment, market surveillance, enforcement activities, and related areas with a view to promoting convergence between Canada and the EU. This includes the encouragement of a free exchange of information on technical regulations and standards so that, where possible, either Party may propose that the other recognize a given technical regulation as equivalent to its own.
The Protocol also sets out a process for a customs authority to determine whether a good meets the rule of origin and is entitled to preferential tariff treatment. This involves a request by the importing customs authority to the exporting customs authority to conduct an origin verification. The customs authority of the exporting country has 67 months to conduct the verification and provide a written report and any required supporting documentation to the customs authority of the country of import. Based on that information, the customs authority of the country of import will make a decision as to whether the good meets the rule of origin and is entitled to the preferential tariff treatment.
This provision specifies that CETA applies to any new EU Member State from the date of its accession to the EU. The EU is responsible for notifying Canada of any request by a state seeking accession to the EU. In addition, during negotiations between the EU and a state applying for accession, Canada may request information or present any concerns with regard to the accession as it relates to any matter covered under the Agreement.
AIA 8767 s performance bond form, AIA Document 866, provides that the surety waives notice of change orders and extensions of time. It says that the owner is the only person who can sue to enforce the performance bond, and that any such suit must be brought within two years from the date final payment is due under the contract. It also provides, if the owner declares the contractor in default, that the surety shall either complete the contract or, if the owner elects, shall obtain bids so that the owner may contract directly with a completion contractor with the surety providing funds sufficient for completion.
This article tailors the CETA investor-state dispute settlement provisions to the financial services sector by recognizing the right of Parties to regulate prudentially. For example, it establishes a filter mechanism under which any measure in respect of which the prudential exception has been invoked is separately reviewed by financial authorities from both Parties to assess whether the prudential carve-out applies. If the challenged measure is determined to be prudential in nature by these financial authorities, such a determination will be binding on the arbitral tribunal and the measure at issue cannot be subject to a claim by the investor.
The main CETA rule of origin for automobiles requires that they have 55% originating content in order to qualify for preferential treatment. This threshold will be raised to 55% after 7 years. Unlimited quantities of Canadian automobiles can be exported to the EU on a preferential basis under this rule. Reflecting the integrated nature of the auto sector in North America, the CETA rules of origin also allow up to 655,555 autos per year containing up to 75% of their value (or 85% of their cost) to be comprised of non-Canadian components and still be eligible for preferential EU tariff treatment. In addition, the Agreement includes a clause that states that if the US and the EU reach their own free trade agreement , US auto parts used in a Canadian vehicle that is exported to the EU can be considered to have originated in Canada, subject to certain conditions.
The Import Checks and Fees article requires that an importing Party must, whenever possible, notify the import (or its representative) of the reason for non-compliance and provide them with an opportunity for a review of the decision. In addition, the article requires that the action taken by an importing Party in the case of a non-compliance not be unduly trade-restrictive. The specific guidelines for import checks and fees can be found in the Checks and Fees Annex.
The collateral used to obtain credit for a specific unregistered reinsurer must materially reduce the risk arising from the credit quality of the reinsurer. In particular, collateral used may not be related party obligations of the unregistered reinsurer (. obligations of the reinsurer itself, its parent, or one of its subsidiaries or associates). With respect to the above three sources available to obtain credit, this implies that:
Under CETA Canada&rsquo s approach to cultural protection is comprised of three main elements. First, the Agreement contains a preamble that highlights a commitment to cultural diversity, including the UNESCO Convention on the Protection and Promotion of the Diversity of Cultural Expressions. Second, the Exceptions chapter contains text that identifies the specific chapters where a cultural exemption applies. Third, there are targeted exceptions for cultural industries in five specific chapters across the agreement. These are:
CETA also includes origin quotas, which provide for more liberal rules of origin for certain products, subject to annual quantitative limits. This provides producers of specified fish and seafood products, textiles and apparel, passenger vehicles, and certain processed agricultural products with an opportunity to export preferentially under CETA when the products do not satisfy the main rules of origin.
The Market Access article prohibits Canada and the EU from imposing certain market access limitations on financial institutions. These include limitations on the total number of financial institutions within a given territory, the total value of the assets of financial institutions, the total number of financial service operations undertaken by a firm, the level of foreign investment in a financial institution, the total number of employees in a financial institution, or the types of business ventures and legal entities a financial institution may operate.
The initial provisions section establishes the framework and objectives of the Agreement. This includes, for example, the Article on the Establishment of the Free Trade Area, which formally establishes the free trade agreement in general terms. In addition, the Relation to Other Agreements Article re-affirms the commitment of Canada and the EU to the WTO framework. And finally, in line with longstanding Canadian policy, the Article on Rights and Obligations Relating to Water explicitly declares that water in its natural state is not subject to the terms of the Agreement.
OSFI’s Guideline on Corporate Governance provides information to boards and management of financial institutions about the expectations of OSFI on corporate governance. Although good governance is fundamental for any corporation, the guideline draws attention to certain areas that are especially important for financial institutions, owing to the nature and circumstances of business conducted and risks assumed.
A bid guarantee is required on federal projects whenever a performance bond and/or a payment bond is mandated. Bid guarantees usually are in the form of bid bonds, but on federal projects they may also be submitted as a postal money order, certified check, cashier 8767 s check or an irrevocable letter of credit. A bid guarantee must be in an amount equal to at least twenty percent of the bid price the maximum amount is $8 million. The standard solicitation provision requiring bid guarantees says that if the contractor awarded the contract fails or refuses to execute all contractually required documents, the agency may terminate the contract for default. In such a case, the agency will make a demand on the bid bond or bid guarantee to offset the difference in price between that bid and the next lowest bid. Bid bonds and bid guarantees are returned to unsuccessful bidders after bids are opened bid guarantees are returned to the successful bidder after all contractually required documents and bonds are executed.
P& C insurers must understand the interest rate hedging strategies that they have in place and be able to demonstrate to OSFI, upon request, that the underlying hedges decrease interest rate risk exposure and that the addition of such derivatives does not result in overall increased risk. For example, P& C insurers are expected to be able to demonstrate that they have defined the hedging objectives, the class of risk being hedged, the nature of the risk being hedged, the hedge horizon, and have considered other factors, such as the cost and liquidity of the hedging instruments. In addition, the ability to demonstrate an assessment, retrospectively or prospectively, of the performance of the hedge would be appropriate. If the P& C insurer cannot demonstrate that the derivatives result in decreased overall risk, then additional capital may be required, and companies in this situation should contact OSFI for details.