(1) Any agreement providing for conciliation or arbitration pro- ceedings under the Additional Facility in respect of existing or future disputes requires the approval of the Secretary-General. The parties may apply for such approval at any time prior to the institution ofpro- ceedings by submitting to the Secretariat a copy of the agreement con- cluded or proposed to be concluded between them together with other relevant documentation and such additional information as the Secre- tariat may reasonably request.

(2) In the case of an application based on

Article 2(a)

, the Secre- tary-General shall give his approval only if (a) he is satisfied that the requirements of that provision are fulfilled at the time, and (b) both parties give their consent to the jurisdiction ofthe Centre under

Article 25 of the Convention

(in lieu of the Additional Facility) in the event that the jurisdictional requirements ratione personaeofthat Article shall have been met at the time when proceedings are instituted.

(3) In the case of an application based on

Article 2(b)

, the Secre- tary-General shall give his approval only if he is satisfied (a) that the requirements ofthat provision are fulfilled,and (b) that the underlying transaction has features which distinguish it from an ordinary com- mercial transaction.

(4) If in the case of an application based on

Article 2(b)

the juris- dictional requirements ratione personaeofArticle 25 ofthe Convention shall have been met and the Secretary-General is of the opinion that it is likely that a Conciliation Commission or Arbitral Tribunal,as the case may be,will hold that the dispute arises directly out of an investment, he may make his approval of the application conditional upon consent by both parties to submit any dispute in the first instance to the juris- diction of the Centre.

(5) The Secretary-General shall as soon as possible notify the par- ties whether he approves or disapproves the agreement of the parties. He may hold discussions with the parties or invite the parties to a meet- ing with the officials ofthe Secretariat either at the parties’request or at his own initiative.The Secretary-General shall,upon the request of the parties or any of them, keep confidential any or all information fur- nished to him by such parties or party in connection with the provi- sions of this Article.

(6) The Secretary-General shall record his approval ofan agreement pursuant to this Article together with the names and addresses of the parties in a register to be maintained at the Secretariat for that purpose.