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Annual rate labels carry a jurisdiction with them
An annual percentage shown in two markets can have different regulatory meaning.
Treating every label as a universal measure conceals the rules that determine what enters the calculation.
The local definition and the product schedule are complementary evidence. A foreign official explanation may teach vocabulary, while the applicable authority establishes which disclosure governs the actual agreement.
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Definitions
- Applicable jurisdiction
- Legal setting that governs the agreement or a particular right; it is not established merely by the language of a website.
- Written record
- Document identifying the information, decision or communication that can be checked later.