meetings  that r elate to pending r egulator y pr oposals, a repor t of  the s ubstance of the

meeting should be made available pr omptly to the public.

B.  Regulator y A pplication P roces s

N egotiator s  s hould s eek agreement on the following gener al pr inciples:

1.  A ll cur rent r egulations  and licensing cr iteria s hould be publicly available

and access ible in wr iting and thr ough electronic media s o that all mar ket participants  have

eas y acces s  to s uch mater ial. Licens e applicants  s hould be pr ovided with a w ritten

s tatement s etting out f ully and precis ely the documents  and inf or mation the applicant must

s upply f or  the pur pos e of  obtaining authorization.

2.  Regulator s s hould establis h a mechanism to r es pond to inquiries on rules 

and r egulations  fr om service s uppliers .  Enquiry points  for the public should be pr ovided.

3.  Regulator y inter pretations  and the gr ants  of  r egulator y exemptions 

s hould be made available to the public on a pr ompt basis  ( subject to busines s confidential

r ules ) .

4.  When an examination is  r equir ed f or  the licens ing of an individual,

r egulators  should schedule s uch examinations at reasonably f r equent inter vals.

Examinations should be open to all eligible applicants, including foreign applicants.

5.  A ctions  on any application for a licens e s hould be taken w ithin a

r easonable period of  time.  Licenses  s hould enter into f or ce immediately upon being

granted.

6.  N o s er vice s upplier  s hould be denied a license, and no new ser vice

s hould be prohibited, on the basis of any f actor  not identif ied in the published wr itten

r egulations  or inter pretations .

7.  When an application f or a licens e or  other  r egulator y status is denied,

r egulators  should pr ovide a detailed explanation f or that action, including the par ticular 

r equir ements that wer e not s atisf ied.  A pplicants s hould be given the oppor tunity to

r es ubmit applications  or to file additional or  s upplementary mater ial.

8.  F ees  char ged in connection with licenses s hould be f air and r eas onable

and not act to unr eas onably limit licens ing r eques ts or  the introduction of  new products  and

s er vices .

9.  Conf idential inf ormation pr ovided by an applicant s hould not gener ally

be dis clos ed.    D is closur e of  such infor mation should occur  only in accordance w ith

establis hed r ules per mitting public disclos ur e.

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