restrictive measures with regard to transfers and payments relating to services and investment. Such measures shall be equitable, nondiscriminatory, in good faith, of limited duration; they may not go beyond what is necessary to remedy the balance of payments situation and shall be fully consistent with the provisions of GATS Articles XI and XII. 3. The State Party concerned shall inform all other State Parties forthwith and present, as soon as possible, a timetable for their removal. Such measures shall be taken in accordance with other international obligations of the State Party concerned. 4. Notwithstanding paragraph 1 a State Party may delay or prevent a transfer through the equitable, non-discriminatory and good faith application of measures: (a) taken to protect the rights of creditors in case of bankruptcy, insolvency or other legal actions; (b) relating to or ensuring compliance with the laws and regulations: (c) (i) on the issuing, trading and dealing in securities, futures and derivatives, (ii) concerning reports or records of transfers, or in connection with criminal offences and orders or judgements in administrative and adjudicatory proceedings. ARTICLE 21 Labour Market Integration Agreements Nothing in this Protocol prevents the conclusion of labour Market Integration Agreements as provided for in Article V bis of the GATS. ARTICLE 22 Denial of Benefits In accordance with the definitions set out in Article 1 and subject to prior notification and consultation, a State Party may deny the benefits of this Protocol to a service supplier of another State Party, where the State Party establishes that the service is being provided by an enterprise that is owned or controlled by persons of a non-State Party and that has no substantial business operations in the economy of a State Party. 16

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