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Decree No. 2015-1 Of 2 January 2015 Concerning The Publication Of The Agreement Between The Government Of The French Republic And The Government Of The United States Of America In Order To Improve Compliance With Tax Obligations Internationally .. .

Original Language Title: Décret n° 2015-1 du 2 janvier 2015 portant publication de l'accord entre le Gouvernement de la République française et le Gouvernement des Etats-Unis d'Amérique en vue d'améliorer le respect des obligations fiscales à l'échelle internationale...

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ASSESSMENT , INTERNATIONAL AGREEMENT , BILATERAL AGREEMENT , FRANCE , UNITED STATES OF AMERICA , FINANCIAL , EVASION , ASSESSMENT , ASSESSMENT , INTERNATIONAL


JORF n°0002 of 3 January 2015 page 86
text No. 8



Decree No. 2015-1 of 2 January 2015 on the publication of the agreement between the Government of the French Republic and the Government of the United States of America with a view to improving compliance with international tax obligations and implementing the law on compliance with tax obligations in respect of foreign accounts (hereinafter referred to as the FATCA Act) (all two annexes), signed in Paris on 14 November 2013 (1)

NOR: MAEJ1431068D ELI: https://www.legifrance.gouv.fr/eli/decret/2015/1/2/MAEJ1431068D/jo/texte
Alias: https://www.legifrance.gouv.fr/eli/decret/2015/1/2/2015-1/jo/texte


President of the Republic,
On the report of the Prime Minister and the Minister for Foreign Affairs and International Development,
Considering the Constitution, in particular articles 52 to 55;
Vu la Act No. 2014-1098 of 29 September 2014 authorizing the approval of the agreement between the Government of the French Republic and the Government of the United States of America to improve compliance with international tax obligations and to implement the law on compliance with tax obligations in respect of foreign accounts (hereinafter referred to as "FATCA Law");
Vu le Decree No. 53-192 of 14 March 1953 amended on the ratification and publication of international commitments undertaken by France;
Vu le Decree No. 96-222 of 15 March 1996 publishing the agreement between the Government of the French Republic and the Government of the United States of America with a view to avoiding double taxation and preventing tax evasion and tax evasion in respect of tax on income and on capital (a whole exchange of letters), signed in Paris on 31 August 1994, and an exchange of letters supplementing Article 29 of the said Agreement, signed in Washington on 19 and 20 December 1994;
Having regard to Decree No. 2007-79 of 22 January 2007 on the publication of the Avender to the Agreement of 31 August 1994 between the Government of the French Republic and the Government of the United States of America with a view to avoiding double taxation and preventing tax evasion and tax evasion on income and property taxes, signed in Washington on 8 December 2004;
Vu le Decree No. 2010-28 of 8 January 2010 publication of the amendment to the agreement between the Government of the French Republic and the Government of the United States of America with a view to avoiding double taxation and preventing tax evasion and tax evasion on income and property taxes, signed in Paris on 31 August 1994 and amended by the advent of 8 December 2004 (a whole protocol), signed in Paris on 13 January 2009,
Decrete:

Article 1


The agreement between the Government of the French Republic and the Government of the United States of America to improve compliance with international tax obligations and to implement the law on compliance with foreign tax obligations (the so-called FATCA law) (all two annexes), signed in Paris on 14 November 2013, will be published in the Official Journal of the French Republic.

Article 2


The Prime Minister and the Minister for Foreign Affairs and International Development are responsible, each with respect to him, for the execution of this decree, which will be published in the Official Journal of the French Republic.

  • Annex


    AGREEMENT
    THE GOVERNMENT OF THE FRANÇAISE REPUBLIC AND THE GOVERNMENT OF THE UNITED STATES OF AMERICA AGAINST THE RESPECT OF THE FISCAL OBLIGATIONS TO THE INTERNATIONAL EMERGENCY AND TO THE IMPLEMENTATION


    Considering that the Government of the French Republic and the Government of the United States of America (hereinafter referred to separately as "Party" and collectively "Parties") have a longstanding close relationship with respect to mutual assistance in tax matters and wish to enter into an agreement to improve compliance with international tax obligations by deepening this relationship;
    Considering that Article 27 of the Convention between the Government of the French Republic and the Government of the United States of America with a view to avoiding double taxation and preventing tax evasion and tax evasion in respect of taxes on income and on capital signed in Paris on 31 August 1994 and amended by the amendments of 8 December 2004 signed in Washington and 13 January 2009 signed in Paris (hereinafter referred to as the "tax exchange")
    Considering that the United States of America has adopted provisions commonly referred to as the Foreign Account Tax Compliance Act "FATCA", which establish a declarative regime for financial institutions in respect of certain accounts;
    Considering that the Government of the French Republic supports the fundamental strategic objective of the FATCA Act, i.e., the improvement of compliance with tax obligations;
    Considering that FATCA law has raised a number of issues, including the fact that French financial institutions may not be able to comply with certain aspects of FATCA law due to national legal obstacles;
    Considering that the Government of the United States of America collects information on certain accounts of residents of France from the US financial institutions and is determined to exchange this information with the Government of the French Republic and to reach equivalent levels of exchanges;
    Considering that Parties are determined to work together over the long term with a view to achieving common reporting rules and due diligence standards for financial institutions;
    Considering that the Government of the United States of America recognizes the need to coordinate the reporting obligations related to FATCA law and other US tax reporting obligations to which French financial institutions are subject in order to avoid duplication of declarations;
    Considering that an intergovernmental approach to the implementation of the FATCA law would remove legal obstacles and reduce the obligations of French financial institutions;
    Considering that Parties wish to conclude an agreement to improve compliance with international tax obligations and to implement FATCA law on the basis of national reporting obligations and mutual automatic exchanges under the Convention subject to the confidentiality and guarantees provided by the Convention, including provisions that limit the use of information exchanged under the Convention;
    The Parties agreed to the following:


    Article 1
    Definitions


    1. For the purposes of this Agreement and its Annexes ("the Agreement"), the following terms and expressions have the following meaning:
    (a) The term "United States" refers to the United States of America, including its Member States, and, in its geographical acception, refers to the land territory of the United States of America, including inland waters and airspace, the territorial sea and beyond it the maritime zones on which, in accordance with international law, the United States of America has sovereign rights or jurisdiction. However, this term does not include the U.S. Territories. Any reference to a U.S. "state" includes the District of Columbia.
    (b) The term "U.S. Territory" refers to American Samoa, the Commonwealth of Northern Marianas, Guam, the Commonwealth of Puerto Rico or the American Virgin Islands.
    (c) The term "IRI" refers to the US tax administration.
    (d) The term "France" refers to the French Republic and, in its geographical acception, the European and overseas departments of the French Republic, including the territorial sea, and beyond it the zones on which, in accordance with international law, the French Republic has sovereign rights for the exploration and exploitation of the natural resources of the seabed, their subsoil and the overlying waters.
    (e) The term "Country Jurisdiction" means a legal space in which an agreement with the United States to facilitate the implementation of the FACTA law is in force. To this end, the IRS publishes a list of all Juridictions Partners.
    (f) The term "Competent Authority" means:
    1. In the case of the United States, the Secretary to the Treasury or his representative,
    2. In the case of France, the Minister for Finance or his authorized representative.
    (g) The term "Financial Institution" means a securities deposit management institution, a deposit establishment, an Investment Entity or a particular insurance agency.
    (h) The term "Manager establishment of securities deposits" means any entity whose substantial share of the activity consists of holding financial assets on behalf of third parties. The holding of financial assets on behalf of third parties represents a substantial portion of an entity's activity if the gross income of that entity attributable to the holding of financial assets and related financial services is greater than or equal to 20% of the entity's gross income for the shortest of the following two periods: (i) the three-year period ending December 31 (or the last day of an account period disbursed) before the year ii
    (i) The term "Deposit Institution" means any entity that accepts deposits within the usual framework of a banking or related activity.
    (j) The term "Invest Entity" means any entity that operates as an activity (or is administered by an entity that operates as an activity) one or more of the following benefits or transactions on behalf of a client:
    1. Transactions on monetary market instruments (e.g. cheques, notes, deposit certificates, derivatives, etc.), the exchange market, foreign currency instruments, interest rate products, indices, securities or futures markets of goods;
    2. Individual or collective portfolio management; or
    3. Other investment, administration or management of funds or money on behalf of third parties.
    This paragraph j is interpreted in accordance with the definition of the term "Financial Institution" contained in the Recommendations of the Financial Action Group (FATF).
    (k) The term "Special Insurance Organization" means any Insurance Organization (or the holding company of an Insurance Organization) that issues a Purchase-in Insurance Agreement or an Pension Agreement or is required to make payments related to this Agreement.
    (l) The term "French Financial Institution" means (i) any French resident financial institution, except any branch established outside France and (ii) any branch of a non-resident financial institution of France if that branch is established in France.
    (m) The term "Financial Institution of the Partner Jurisdiction" means (i) any financial institution established in a Partner Jurisdiction with the exception of its branches located outside the territory of the Partner Jurisdiction and (ii) any branch of a financial institution that is not established in the Partner Jurisdiction if that branch is established in the territory of the Partner Jurisdiction.
    (n) The term "Declaring Financial Institution" means a French financial institution or an American financial institution, as the case may be.
    (o) The term "French financial institution" means any French financial institution that is not a French financial institution.
    (p) The term "Declaring Financial Institution in the United States" means (i) any United States resident financial institution excluding any branch established outside the United States and (ii) any branch of a financial institution that is not a resident of the United States if that branch is located in the United States, provided that this institution or branch controls, receives or retains income for which information is to be exchanged under paragraph 2 of the Agreement.
    (q) The term "Non-French financial institution" means any French financial institution or other resident entity of France referred to in Appendix II as a French non-declaring financial institution or that meets the conditions necessary to be a deemed compliant foreign financial institution (FIF) or an effective beneficiary exempted from declaration by the regulations of the United States Treasury in force on the date of the signing of this Agreement.
    (r) The term "Non-participating Financial Institution" means a non-participating EFI within the meaning of the regulations enacted by the United States Treasury but excludes any French Financial Institution and any Financial Institution of another Partner Jurisdiction, other than a Financial Institution considered non-participating under paragraph 2 of Article 5 of this Agreement or a corresponding provision of an agreement between the United States and a Juridiction.
    (s) The term "Financial Account" means an account with a financial institution and includes:
    1. In the case of an entity that constitutes a financial institution solely because it is an Investment Entity, any title of participation or receivable (other than securities that are the subject of regular transactions in a regulated stock market) deposited with the Financial Institute;
    2. In the case of a Financial Institution not referred to in paragraph 1(s) of paragraph 1 of this section, any title of interest or receivable (other than securities that are the subject of regular transactions in a regulated stock market) deposited with the Financial Institution if (i) the value of the title of interest or receivable is calculated, directly or indirectly, primarily with respect to assets that give rise to United States Source Payments and
    3. A high-value redemption insurance contract and an annuity contract established or managed by a financial institution other than a life annuity whose performance is immediate, which is inceivable and not related to an investment, that is paid to a natural person and that corresponds to a pension or disability pension collected under an account, product or arrangement excluded from the definition of the Financial Account to Appendix II.
    Notwithstanding the above, the term "Financial Account" does not include any account, product or device that is excluded from the definition of the Financial Account in Appendix II. For the purposes of this Agreement, securities are subject to regular transactions if there is, on a continuous basis, a significant volume of transactions with these securities; and a regulated stock market is a market officially recognized and controlled by a government authority of the State in which it is located and on which a significant value of securities is negotiated annually. For the purposes of paragraph 1 (s) of this section, participation in a financial institution is not subject to regular transactions, and must be considered a financial account, if the holder of such participation (other than a financial institution acting as an intermediary) is registered in the shareholder register of that financial institution. The previous sentence does not apply to pre-registered shares on the Financial Institution's shareholders' register before July 1, 2014, and in view of the previously registered shares on the same register as of July 1, 2014, a Financial Institution is not required to apply the previous sentence before January 1, 2016.
    (t) The term "Deposit Account" includes all commercial accounts, cheque accounts, savings or term accounts and accounts whose existence is attested by a deposit certificate, a savings certificate, an investment certificate, a debt title or other similar instrument with a financial institution in the usual context of a banking or related activity. The Deposit Accounts also include amounts held by the Insurance Agencies under a guaranteed investment contract or a similar contract to which interest is paid or credited to the licensee.
    (u) The term "Conservative Account" means an account (excluding an insurance contract or an annuity contract) that is open to another person and includes any financial instrument or contract for the purpose of investment (including, but not limited to, an annuity, an obligation - a security or non-claim - or any other debt title, a foreign exchange transaction or on goods, a contract of exchange on risk of
    (v) The term "Party Title" means, in the event that a partnership is a financial institution, any participation in the capital or profits of the partnership. In the event that a trust is a financial institution, a "Party Title" is considered to be held by any person considered to be the constituent or beneficiary of all or part of the trust or by any other natural person ultimately exercising effective control over the trust. A Determined U.S. Person is considered to be the beneficiary of a foreign trust if that person has the right to benefit, directly or indirectly (through a [name], for example), from a mandatory or discretionary distribution by the trust.
    (w) The term "Insurance Contract" means a contract (with the exception of an Pension Agreement) in which the insurer undertakes to pay a sum of money in the event of a particular risk, including death, illness, accident, civil liability or material injury.
    (x) The term "Annuity Contract" means a contract in which the insurer undertakes to make payments for a certain period of time, which is determined in whole or in part by the life expectancy of one or more natural persons. This term also includes any contract considered as an Annuity Agreement by law, regulation or jurisprudence of the jurisdiction in which this contract was established, and in which the insurer undertakes to make payments for several years.
    (y) The term "high-value buyback insurance contract" means an insurance contract (excluding a reinsurance contract between two insurance organizations) with a redemption value greater than $50,000.
    (z) The term "Return Value" means the highest of the following two amounts: (i) the amount that the insurer of the insurance contract is entitled to receive in case of redemption or termination of the contract (calculated without deduction of any redemption costs or advances); (ii) the amount that the insurer of the insurance contract may borrow under the contract or in respect of its purpose. Notwithstanding the above, this term does not include an amount due under an Insurance Agreement as follows:
    1. Compensation for bodily harm, illness or economic loss incurred in carrying out an insured risk;
    2. A refund to the subscriber of a premium previously paid as part of an Insurance Agreement (with the exception of a life insurance contract) due to the cancellation or termination of the contract, a decrease in exposure to risk during the period in which the Insurance Agreement is in force or resulting from a new calculation of the error made by the other correction or
    3. Participation in the result due to the insurance contract subscriber based on the coverage of the risk of the contract or group concerned.
    (aaa) The term "Declarable Account" means, as the case may be, a French declarable account or an American declarable account.
    (b) The term "French Declarable Account" means a Financial Account to an American declaring financial institution that meets the following conditions: (i) in the case of a Deposit Account, the Account Owner is a natural person who resides in France and who receives more than $10 of interest on that account each calendar year or (ii) in the case of a Financial Account other than a Deposit Account, the
    (c) The term "American Declarable Account" means a Financial Account with a French declaring financial institution held by one or more determined U.S. individuals or by a non-American entity of which one or more of the persons holding control are determined U.S. individuals. Notwithstanding the foregoing, any account that does not meet the requirements of such an account shall not be considered as the U.S. Declarable Account after the due diligence set out in Appendix I.
    (ad) The term "Account Owner" means the person registered or identified as a Financial Account Holder by the Financial Institution that takes the account. A person, other than a Financial Institution, holding a Financial Account on behalf of or for the benefit of another person as an agent, depositary, name-name, signatory, investment advisor or intermediary, is not considered to hold the account for the purposes of this Agreement, and that other person is considered to have the account. For the purposes of the previous sentence, the term "Financial Institution" does not include a financial institution created or incorporated in an American Territory. In the case of a High-Value Purchase Insurance Agreement or an Pension Agreement, the Account Owner is any person authorized to take advantage of the Purchase Value or to change the name of the contract recipient. If no one can take advantage of the Purchase Value or change the name of the beneficiary, the Account Owners are the persons designated as beneficiaries in the contract and those who enjoy an absolute right to payments under the contract. Upon the expiry of a High-Value Purchase Insurance Agreement or an Pension Agreement, each person who is entitled to receive a sum of money under the contract is considered an Account Owner.
    (ae) The term "U.S. Person" means a natural person who is a citizen or a resident of the United States, a partnership or a corporation established in the United States or under the federal law of the United States, a trust if (i) a court located in the United States had, according to the law, the power to make orders or judgments regarding substantially all matters relating to the administration of the trust and if (ii) a person who is a resident This paragraph 1 (ae) must be interpreted in accordance with the United States Internal Revenue Code.
    (f) The term "Determined American Person" means an American Person other than one of the following: (i) any corporation whose securities are the subject of regular transactions on one or more regulated stock markets; (ii) any corporation that is a member of the same expanded group of related companies, in the sense given to the expression "affiliated group" in section 1471 (e) (2) of the Internal Revenue Code of the United States, that a corporation referred to in subparagraph (i); (iii) the United States or any public legal entity attached to them; (iv) any State of the United States, any United States Territory, any political subdivision of the United States or any public legal entity attached to one or more of them; (v) any tax-exempt organization pursuant to Article 501 (a) of the Internal Revenue Code of the United States or a personal pension plan in the sense given to the expression "individual retirement plan" in Article 7701 (a) (37) of the Internal Revenue Code of the United States; (vi) any bank in the sense given to the term "bank" in Article 581 of the Internal Revenue Code of the United States; (vii) any real estate investment funds in the sense given to the expression "real estate investment trust" in Article 856 of the Internal Revenue Code of the United States; (viii) any regulated investment corporation within the meaning given to the term "regulated investment campany" in section 851 of the Internal Revenue Code of the United States or any entity registered with the Securities and Exchange Commission pursuant to the Investment Company Act of 1940 (15 U.S.C. 80a-64); (ix) any collective investment funds in the sense given to the expression "common trust fund" in Article 584 (a) of the Internal Revenue Code of the United States; (x) any exempt tax trust under section 664 (c) of the United States Internal Revenue Code or referred to in paragraph 4947 (a) (1) of that Code; (xi) any securities dealer, goods or derivative financial instruments (including notional contracts, term contracts and options) that is registered as such under the laws of the United States or the laws of one of the Federated States; (xii) any broker in the sense given to the term "broker" in Article 6045 (c) of the Internal Revenue Code of the United States; or (xiii) any exempt tax trust pursuant to a device referred to in section 403 (b) or 457 (g) of the United States Internal Revenue Code.
    (g) The term "Entity" means a legal entity or construction, such as a trust.
    (h) The expression "Non-American Entity" means an Entity that is not an American Person.
    (a) The term "U.S. source payment likely to be subject to a deduction to the source" refers to the payment of interest (including possible emission premiums), dividends, rents, wages, salaries, premiums, rents, allowances, remuneration, emoluments and other earnings, profits and incomes that are fixed or computable, annual or periodical payments Notwithstanding the above, are excluded from the U.S. Source Payments that may be subject to a deduction to the source payments that are not considered to result in a deduction to the source under the regulations enacted by the United States Treasury.
    (j) An Entity is a "Related Entity" to another Entity if one of the two Entities controls the other or if both Entities are placed under joint control. As such, control includes direct or indirect detention of more than 50% of voting rights or the value of an Entity. Notwithstanding the foregoing, France may consider that an Entity is not an Entity related to another Entity if both Entities are not members of the same expanded group of companies related to the meaning given to the expression "affiliated group" in Article 1471 (e) (2) of the Internal Revenue Code of the United States.
    (k) The term "U.S. NIF" means a US federal tax identification number.
    (a) The term "French NIF" means a tax identification number of France (i.e. the number Siret).
    (am) The term "People holding control" means natural persons who exercise control over an Entity. In the case of a trust, the term refers to the grantor, the administrators, the person responsible for monitoring the administrator, if any, the beneficiaries or the class of beneficiaries and any other natural person ultimately exercising effective control over the trust and, in the case of a legal construction that is not a trust, the term refers to persons whose situation is equivalent or similar. The term "People holding control" is interpreted in accordance with the FATF Recommendations.
    2. Any term or expression that is not defined in this Agreement shall, unless the context requires a different interpretation or if the Competent Authorities agree on a common meaning (which does not contravene national law), the meaning assigned to it at the relevant time to the legislation of the Party applying this Agreement, any definition contained in the applicable tax legislation of that Party having it on a definition contained in another law of the same Party.


    Article 2
    Obligations to obtain and exchange information regarding declarable accounts


    1. Subject to the provisions of Article 3 of this Agreement, each Party shall obtain the information referred to in paragraph 2 of this Article for all declarable accounts and shall exchange such information with the other Party on an annual basis in accordance with the provisions of Article 27 of the Convention.
    2. The information to be obtained and exchanged is:
    (a) In the case of France, for each American declarable account of each French financial institution:
    (1) The name, address and U.S. NIF of each Determined U.S. Person who is a Owner of this Account and, in the case of a Non-American Entity for which, after applying the diligences described in Appendix I, it appears that one or more People holding control are determined U.S. Persons, the name, address and the U.S. NIF (if any) of that Determined U.S. entity and of each of
    (2) The account number (or its functional equivalent in the absence of an account number);
    (3) The name and identification number of the French Financial Reporting Institute;
    (4) The balance or the value of the account (including, in the case of a high-value redemption insurance contract or an annuity contract, the redemption value) at the end of the calendar year or another appropriate reference period or, if the account has been closed during the year in question, immediately before the closure;
    (5) In the case of a Conservative Account:
    (A) The total gross amount of interest, the total gross amount of dividends and the total gross amount of other income generated by the assets held on the account, paid or credited to the account (or account) during the calendar year or another appropriate base period; and
    (B) The total gross proceeds of the sale or redemption of a property paid or credited to the account during the calendar year or another appropriate reference period under which the French Financial Reporting Institute acted as depositary, broker, lining name or representative of the Account Owner;
    (6) In the case of a deposit account, the total gross amount of interest paid or credited to the account in the calendar year or another appropriate base period; and
    (7) In the case of an account that is not referred to in paragraphs 2 (a) (5) or 2 (a) (6) of this section, the total gross amount paid to the Account Owner or credited to the Account Owner during the calendar year or another appropriate reference period, of which the French Financial Reporting Institute is the Debiter, including the total amount of all amounts refunded to the Owner in the other calendar year.
    (b) In the case of the United States, for each French declarable account of each American declaring financial institution:
    1. The name, address and, in the case of a French entity, the French NIF or, in the case of a French natural person, the date of birth (or the French NIF if France assigns such a number to these persons) of any person who is a resident of France and who is the account holder;
    2. The account number (or its functional equivalent in the absence of an account number);
    3. The name and identification number of the American Financial Reporting Institute;
    4. The gross amount of interest paid on a deposit account;
    5. The gross amount of American source dividends paid or credited to the account; and
    6. The gross amount of other U.S. source revenues paid or credited to the account, to the extent that they are to be reported under Chapter 3 of Subtitle A or Chapter 61 of Subtitle F of the U.S. Internal Revenue Code.


    Article 3
    Timetable and modalities of information exchange


    1. For the purposes of the exchange obligations set out in Article 2 of this Agreement, the amount and qualification of payments made under an American declarable account may be determined in accordance with the principles of French tax legislation and the amount and qualification of payments made under a French declarable account may be determined in accordance with the principles of American federal income tax law.
    2. For the purposes of the exchange obligations set out in Article 2 of this Agreement, the information exchanged indicates the currency in which each amount concerned is denominated.
    3. With respect to paragraph 2 of Article 2 of this Agreement, the information shall be obtained and exchanged for 2014 and all subsequent years, subject to the following exceptions:
    (a) In the case of France:
    (1) The information to be obtained and exchanged for 2014 is limited to those referred to in paragraphs 1 to 4 of paragraph 2 (a) of Article 2 of this Agreement;
    (2) The information to be obtained and exchanged for 2015 is those referred to in paragraphs 1 to 7 of paragraph (a) with the exception of the gross product referred to in B of paragraph 5 of paragraph 2 (a) of Article 2 of this Agreement; and
    (3) The information to be obtained and exchanged for 2016 and the following years are those referred to in paragraphs 1 to 7 of paragraph 2 (a) of Article 2 of this Agreement;
    (b) In the case of the United States, the information to be obtained and exchanged for 2014 and the following years are those referred to in paragraph 2 (b) of Article 2 of this Agreement.
    4. Notwithstanding paragraph 3 of this Article, in respect of an Account declarable open to a financial institution declaring on 30 June 2014, and subject to Article 6, paragraph 4, of this Agreement, Parties shall not be required to obtain and integrate into the information exchanged the French NIF or the U.S. NIF, as the case may be, any person concerned, if that number of tax identification is not included in the records of the financial institution. In this case, Parties shall obtain and incorporate the information exchanged the date of birth of the data subject if such date is included in the records of the Financial Reporting Institute.
    5. Subject to paragraphs 3 and 4 of this Article, the information referred to in Article 2 of this Agreement shall be exchanged within nine months after the end of the calendar year to which they relate.
    6. The Competent Authorities of France and the United States shall enter into an agreement within the framework of the procedure provided for in Article 26 of the Convention, which shall provide:
    (a) Procedures for automatic exchange obligations referred to in Article 2 of this Agreement;
    (b) The rules and procedures that may be necessary for the application of Article 5 of this Agreement; and
    (c) Where necessary, procedures for the exchange of information reported under paragraph 1 (b) of Article 4 of this Agreement.
    7. All information exchanged is subject to the confidentiality obligations and other protections provided for in the Convention, including provisions that limit the use of information exchanged.


    Article 4
    Application of FATCA law to French financial institutions


    1. Regime of French reporting financial institutions. Each French reporting financial institution is considered to be in compliance with Article 1471 of the Internal Revenue Code of the United States and exempted from the deduction to the source provided for in this Article if France complies with the obligations set out in Articles 2 and 3 of this Agreement concerning the French reporting financial institution in question and if the latter:
    (a) Identify the U.S. Declarable Accounts and provide to the French Competent Authority each year the information referred to in paragraph 2 (a) of Article 2 of this Agreement, within the time limits and in the manner provided for in Article 3;
    (b) Provides to the French Competent Authority, for each of the years 2015 and 2016, the name of each non-participating financial institution to which it has made payments and the total amount of these payments;
    (c) Compliance with applicable registration obligations on the IRS registration website for the FATCA Act;
    (d) Prescribes 30% on any U.S. source payment that may be the subject of a deduction to the source, carried out for the benefit of a non-participating financial institution, to the extent that (i) it acts as an authorized intermediary (for the purposes of Article 1441 of the Internal Revenue Code of the United States) having chosen to assume the principal responsibility for deduction to the source under Chapter 3 of the Subtitle and
    (e) In the event that it is not subject to the conditions set out in paragraph (d) of this paragraph and where it makes for the benefit of a non-participating financial institution an American Source Payment that may be subject to a deduction at the source or acts as an intermediary in the course of such a payment, it shall provide any person upstream who directly makes such a payment with the information necessary for the deduction at the source and the declarations concerning that payment.
    Notwithstanding the foregoing, a French financial institution, in the event that the conditions of this paragraph are not met, is not subject to application of the deduction to the source provided for in Article 1471 of the United States Internal Revenue Code, unless that institution is identified by the IRS as a non-participating financial institution in accordance with paragraph 2 (b) of Article 5 of this Agreement.
    2. Suspension of rules relating to recalcitrant holder accounts. The United States does not require a French financial institution to make a deduction at the source of the tax pursuant to Articles 1471 or 1472 of the Internal Revenue Code of the United States for an account held by a recalcitrant holder (as defined in the term "recitrant account holder" in Article 1471 (d) (6) of the Internal Revenue Code of the United States) or
    3. Special status of French pension plans. The French pension plans set out in Appendix II are considered by the United States to be, as the case may be, deemed to be in conformity with foreign financial institutions (FIFs) or actual beneficiaries exempted from declarations for the purposes of Articles 1471 and 1472 of the United States Internal Revenue Code. For this purpose, a French pension plan includes any Entity established or located in France and governed by its laws and any pre-established contractual or legal construction that is administered for the purpose of paying pension benefits or receiving income for the payment of such benefits, pursuant to French law and subject to the regulation of contributions, distributions, declarations, promoters and taxation.
    4. Identification and regime of other deemed to be in compliance and actual recipients exempted from reporting. Each French non-declaring financial institution is considered by the United States to be, as the case may be, a deemed compliant EFI or an effective beneficiary exempted from reporting for the purposes of Article 1471 of the Internal Revenue Code of the United States.
    5. Specific rules for related entities and branches that are non-participating financial institutions. Any French financial institution meeting the criteria set out in paragraph 1 of this section, or referred to in paragraph 3 or 4 of this section, which has Related entity or branch carrying on business in a jurisdiction that does not allow this related entity or branch to meet the criteria for participating IFEs or deemed compliant IFEs for the purposes of Article 1471 of the Internal Revenue Code of the United States, or a related entity or branch that is considered to be a financial institution not participating solely in the Consolidated Revenue Fund as a result of the expiration of the transitional period granted
    (a) The French Financial Institution shall treat each of these Related Entities or Branches as a separate non-participating financial institution for the application of the reporting and deduction requirements at the source provided for in this Agreement and each of these Related Entities or Branches shall notify the agents responsible for conducting the deduction at the source that it is a non-participating financial institution;
    (b) Each of these Related Entities or Branches lists its U.S. accounts and provides information on these accounts in accordance with Article 1471 of the Internal Revenue Code of the United States within the limits authorized by the laws applicable to it; and
    (c) This Linked Entity or Branch does not carry out any specific steps in respect of U.S. accounts held by persons who do not reside in the jurisdiction where it is located or in respect of accounts with non-participating financial institutions that are not established in that jurisdiction and that Related Entity or Branch is not used by the French Financial Institute or any other Related Entity to circumvent the obligations defined, as the case may be, in the present Article 14
    6. Coordination of the calendar. Notwithstanding the provisions of Article 3, paragraphs 3 and 5, of this Agreement:
    (a) France is not required to obtain and exchange information relating to a calendar year prior to that for which participating IFEs must provide similar information to 1' IRS pursuant to the regulations enacted by the United States Treasury;
    (b) France is not required to begin exchanging information before the date on which participating IFEs must provide the IRS with similar information as part of the regulations enacted by the United States Treasury;
    (c) The United States is not required to obtain and exchange information relating to a calendar year prior to the first calendar year under which France is required to obtain and exchange information; and
    (d) The United States is not required to begin exchanging information before the date on which France is required to do so.
    7. Coordination of definitions with US Treasury regulations. Notwithstanding Article 1 of this Agreement and the definitions contained in the annexes to this Agreement, during the implementation of this Agreement, France may use and authorize its financial institutions to use a definition of the relevant regulations enacted by the United States Treasury in place of the corresponding definition of this Agreement, provided that such use does not contravene the purpose of this Agreement.


    Article 5
    Collaboration in the implementation and implementation of the Agreement


    1. Minor and administrative errors. Subject to the provisions of the agreement signed by the Competent Authorities pursuant to paragraph 6 of Article 3 of this Agreement, a Competent Authority shall transmit a notification to the Competent Authority of the other Party where the first Authority has reason to believe that administrative errors or other minor errors may have resulted in the communication of incorrect or incomplete information or other forms of breach of this Agreement. The Competent Authority of that other Party shall apply the provisions of its domestic law (including applicable fines) to obtain corrected and/or complete information or to resolve other forms of breach of this Agreement.
    2. Significant violation of a financial institution.
    (a) A Competent Authority shall transmit a notification to the Competent Authority of the other Party when the first Authority determines the existence of a significant offence to the obligations set out in this Agreement by a reporting financial institution of the other State. The Competent Authority of that other Party shall apply the provisions of its domestic law (including applicable fines) to remedy the significant offence described in the notification.
    (b) If, in the case of a French reporting financial institution, these coercive measures do not put an end to the significant offence observed within eighteen months after the first notice of significant offence, the United States treats the French reporting financial institution as a non-participating financial institution.
    3. Use of third parties. Each Party may authorize the reporting financial institutions to use third-party providers to fulfil their obligations under this Agreement, but these obligations remain in the area of responsibility of the reporting financial institutions.
    4. Anti-abuse device. Parties shall implement the necessary measures to avoid the adoption by financial institutions of practices intended to circumvent the declarative obligations set out in this Agreement.


    Article 6
    Reciprocal commitment to continue improving the exchange of information and promoting transparency


    1. Reciprocity. The United States Government agrees with the need to achieve equivalent levels of automatic exchanges of information with France. The Government of the United States is committed to further improving transparency and strengthening the relationship of exchange with France by continuing to adopt regulatory measures and by defending and supporting the adoption of appropriate laws in order to achieve these equivalent levels of mutual automatic exchange of information.
    2. Treatment of Indirect Payments (Passthru payments) and Gross Products. Parties are committed to working with the Juridictions Partners to develop a new practical and effective method to minimize the burden of deduction at source for indirect payments (passthru payments) and foreign gross products.
    3. Development of common reporting and information exchange models. The Parties undertake to act in conjunction with the Juridictions Partners, the Organisation for Economic Co-operation and Development and the European Union to adapt the provisions of this Agreement and other agreements between the United States and the Juridictions Partners in order to arrive at a common model for automatic exchange of information and to design models of declarations and standards of due diligence procedures for financial institutions.
    4. Data for existing accounts as at 30 June 2014. With respect to declarable accounts opened to a financial institution reporting as at 30 June 2014:
    (a) The United States undertakes to adopt, by 1 January 2017, for the declarations that concern 2017 and the following years, the rules that require the reporting financial institutions of the United States to obtain and declare, with regard to the French entities, the French NIF and, with regard to the natural persons, the date of birth (or the French NIF if France assigns such a number) of each French Titular of account of a paragraph 1
    (b) France undertakes to adopt, by January 2017, for statements that relate to 2017 and the following years, rules that require the French reporting financial institutions to obtain the American NIF of each American Person determined in accordance with paragraph 1 (a) of Article 2 of this Agreement.


    Article 7
    Coherence in the application of the FATCA law to the Juridictions Partners


    1. Pursuant to Article 4 or Annex I to this Agreement relating to the application of the FATCA law to French financial institutions, France shall be entitled to any more favourable clause granted to another Partner Jurisdiction under a bilateral agreement signed under which the other Partner Jurisdiction undertakes to comply with the same obligations as France as referred to in Articles 2 and 3 of this Agreement, subject to the conditions set out in these Articles and
    2. The United States shall inform France of any more favourable clause and shall automatically apply this clause in accordance with this Agreement as if the said clause was set out in this Agreement and applicable from the date of entry into force of the agreement including the more favourable clause, unless France declines its application.


    Article 8
    Consultations and amendments


    1. In the event of difficulties in the application of this Agreement, each Party may request consultations with a view to developing appropriate measures to ensure the implementation of this Agreement.
    2. This Agreement may be amended by agreement of the Parties in writing. Unless otherwise provided, such an amendment shall enter into force on the same procedures as those set out in Article 10, paragraph 1, of this Agreement.


    Article 9
    Annexes


    The Annexes are an integral part of this Agreement.


    Article 10
    Duration of the Agreement


    1. Each Party shall notify the other Party in writing of the performance of the internal procedures required for the entry into force of this Agreement. The latter shall enter into force on the date of the last of these written notifications and shall remain in force until the notice is given.
    2. Each Party may denounce this Agreement by written notice to the other Party. This denunciation takes effect on the first day of the month following the expiration of twelve months from the date of notice.
    3. Prior to 31 December 2016, Parties in good faith undertake consultations in order to make the necessary amendments to this Agreement to reflect the progress made in the commitments set out in Article 6 of this Agreement.
    In faith, the undersigned, duly authorized by their respective Governments, have signed this Agreement.
    Done in Paris on 14 November 2013, in duplicate, in French and English, both texts being equally authentic.


    For the Government of the French Republic:
    Mr. Pierre Moscovici
    Minister of Economy and Finance


    For the Government of the United States of America:
    Mr. Charles Rivkin
    Ambassador of the United States of America

  • Annex


    Annex I
    DILIGENCE OBLIGATIONS ON INSTITUTIONS AND DECLARATION OF AMERICAN DECLARABLE RECORDS AND EFFECTIVE PAYMENTS TO CERTAIN CONVENTIONAL INSTITUTIONS


    I. General.
    A. - France requires any French reporting financial institution to identify the U.S. Declarable Accounts and accounts held by non-participating financial institutions in accordance with the procedures set out in this Annex I.
    B. - For the purposes of this Agreement,
    1. All amounts are expressed in United States dollars and refer to their countervalue in other currencies.
    2. Unless otherwise provided, the balance or value of an account is the balance or value of the account on the last day of the calendar year or another relevant reference period.
    3. Where a balance or value threshold is determined as at 30 June 2014, pursuant to this Appendix I, the balance or value threshold shall be determined on that date or on the last day of the reference period immediately close before 30 June 2014, and where a balance or value threshold is determined on the last day of a calendar year pursuant to this Appendix I, the balance or value threshold shall be determined on the last day of the calendar year or the appropriate reference.
    4. Subject to paragraph 1 of section II, paragraph E, of this Annex I, an account shall be considered as an American declarable account from the date on which it is identified as such pursuant to the procedures set out in this Annex.
    5. unless otherwise provided, information relating to a U.S. Declarable Account shall be forwarded each year in the calendar year following the year to which the information relates.
    C. - In place of the procedures described in each of the sections of this Annex, France may authorize its reporting financial institutions to apply the procedures set out in the corresponding US Treasury regulations to determine whether an account is an American declarable account or an account held by a non-participating financial institution. France may authorize its reporting financial institutions to make this election separately for each section of this Annex, either in respect of all relevant financial accounts or, separately, in relation to a clearly identified group of accounts (e.g., sectors of activity or having regard to the place of account).
    II. - Accounts of pre-existing physical persons. The identification of U.S. Declarable Accounts among the Pre-existing Accounts held by natural persons ("Pre-existing Physical Accounts") is carried out according to the following rules and procedures.
    A. Accounts not subject to examination, identification or declaration. Unless the French Financial Reporting Institute decides otherwise, either in respect of all accounts of pre-existing natural persons or separately, in relation to a clearly identified group of accounts, where the implementation rules enacted by France provide for the possibility of such an election, it is not necessary to examine, identify or declare the Accounts of the following pre-existing natural persons as American Declarable Accounts:
    1. Subject to paragraph 2 of subsection E of this section, a Pre-existing Physical Person Account whose balance or value does not exceed $50,000 as at June 30, 2014.
    2. Subject to paragraph 2 of subsection E of this section, a Pre-existing Physical Person Account that is a High-Value Purchase Insurance Agreement or an Annuity Contract whose balance or value does not exceed $250,000 as at June 30, 2014.
    3. A pre-existing physical person account that is a high-value redemption insurance contract or an annuity contract to the extent that the legislation or regulations in force in France or the United States are opposed to the sale of high-waste insurance contracts or annuity contracts to persons domiciled in the United States (e.g., where the financial institution concerned does not have an obligation to register
    4. A deposit account with a balance not exceeding $50,000.
    B. - Procedures for the review of the Accounts of Pre-existing Physical Persons whose balance or value as at June 30, 2014 is greater than $50,000 ($250,000 for a High-Value Purchase Insurance Agreement or an Pension Agreement) but does not exceed $1,000 ("Low Value Accounts").
    1. Electronic review. The French Financial Reporting Institute is required to review the data it holds and that may be electronically investigated as to the presence of any of the following U.S. indices:
    (a) Identification of the Account Owner as an American citizen or resident;
    (b) Unambiguous indication of a birthplace in the United States;
    (c) Postal or current home address in the United States (including US mailboxes);
    (d) Current telephone number in the United States;
    (e) Order of permanent transfer on an account managed to
    United States;
    (f) Procuration or delegation of signature in the course of validity granted to a person whose address is located in the United States; or
    (g) Address bearing the mention "to the attention of" or "remaining position" that is the sole address of the Account Owner listed in the file of the French Financial Reporting Institute. In the case of a Pre-existing Physical Person Account that is a Low Value Account, an address with the reference "to the attention of" located outside the United States or "remaining position" is not an American index.
    2. If the electronic data review does not reveal any of the U.S. indices listed in paragraph B, paragraph 1, of this section, no new steps are required until a change of circumstances occurs and the result is that one or more U.S. indices are associated with this account, or that this account becomes a High Value Account described in paragraph D of this section.
    3. If the electronic data review reveals one of the U.S. indices listed in paragraph 1 of paragraph B of this section, or if a change of circumstances occurs that results in one or more U.S. indices associated with this account, the French Financial Reporting Institute must consider the account as an American Declarable Account unless it chooses to apply item 4 of paragraph B of this section and one of the exceptions to that account applies.
    4. Notwithstanding the discovery of U.S. indices pursuant to paragraph 1 of paragraph B of this section, a French reporting financial institution is not required to consider an account as an American declarable account if:
    (a) where the information on the Account Owner clearly includes the indication of a place of birth in the United States, the French Financial Reporting Institute obtains, or has previously examined, a copy of the following documents:
    (1) A self-certification that the Account Owner is not a citizen or a U.S. resident for tax purposes (established on Form W-8 of the IRS or another approved similar form);
    (2) A non-American passport or other identity document issued by a public authority certifying that the nationality or citizenship of the account holder is not American; and
    (3) A copy of the U.S. Nationality Loss Certificate for the Account Owner or the reason for:
    (a) The Account Owner does not have such a certificate when he has renounced American citizenship, or
    (b) The Account Owner did not obtain American citizenship at birth.
    (b) When the account holder's information includes a current postal or residence address in the United States or, as the only telephone numbers associated with the account, one or more telephone numbers in the United States, the French Financial Reporting Institute obtains, or has previously examined, and retains a copy of the following documents:
    (1) A self-certification that the Account Owner is not a citizen or a U.S. resident for tax purposes (established on Form W-8 of the IRS or another approved similar form); and
    (2) A supporting document referred to in section VI, paragraph D, of this Appendix I, which establishes the non-American status of the Account Owner.
    (c) When the information on the Account Owner includes a standing transfer order on an account managed in the United States, the French Financial Reporting Institute obtains or has previously reviewed, and retains a copy of the following documents:
    (1) A self-certification that indicates that the Account Owner is not a citizen or a U.S. resident for tax purposes (established on Form W-8 of the IRS or another approved similar form; and
    (2) A supporting document referred to in section VI, paragraph D, of this Appendix I, which establishes the non-American status of the Account Owner.
    (d) When the information on the account holder includes a valid proxy or signature delegation granted to a person whose address is located in the United States or an address bearing the mention "to the attention of" or "remaining position" as the only address known to the account holder or one or more telephone numbers in the United States (other than a non-American telephone number associated with the account), the French Financial Institute has previously maintained a copy
    (1) A self-certification that the Account Owner is not a citizen or a U.S. resident for tax purposes (established on Form W-8 of the IRS or another approved similar form) or
    (2) A supporting document referred to in section VI, paragraph D, of this Appendix I, which establishes the non-American status of the Account Owner.
    C. - Additional procedures for low-value pre-existing physical accounts.
    1. The review of the Pre-existing Physical Persons Accounts that are Low Value Accounts to search for U.S. indices must be completed no later than June 30, 2016.
    2. If a change in circumstances with respect to an Account of a pre-existing, low-value natural person occurs and has the effect that one or more of the U.S. indices referred to in paragraph B of this section are associated with that account, the French Financial Reporting Institute shall consider the account as an American Declarable Account unless item 4 of subsection B of this section applies.
    3. With the exception of the Deposit Accounts referred to in paragraph 4 of paragraph A of this section, any Account of a pre-existing natural person that has been identified as the U.S. Declarable Account pursuant to this section is considered to be an American Declarable Account in the following years, unless the Account Owner ceases to be a Determined U.S. Person.
    D. - In-depth review procedures for the Accounts of Pre-existing Physical Persons whose balance or value exceeds $1,000 as of June 30, 2014 or December 31, 2015 or any subsequent year ("High Value Accounts").
    1. Data search electronically. The French Financial Reporting Institute must review the data it holds and that may be electronically searched for the U.S. indices described in paragraph B, paragraph 1. of this section.
    2. Research in paper files. If the data of the French Financial Reporting Institute likely to be examined electronically contain fields that include all the information described in paragraph 3 of paragraph D of this section and allow for an understanding of its content, no research in hard-copy records is required. If this data does not contain all of this information, the French Financial Reporting Institute is also required, for a High Value Account, to review the client's current main file and, to the extent that this information is not included, the following documents associated with the account and obtained by the French Financial Reporting Institute in the previous five years to search for one of the U.S. indices described in paragraph B of this section:
    (a) Most recently collected supporting documents relating to the account;
    (b) The most recent convention or the most recent account opening document;
    (c) The most recent documentation obtained by the French Financial Reporting Institute pursuant to the Procedures for Identifying Clients and Combating Laundering (AML/KYC) or for other legal reasons;
    (d) Any power of attorney or delegation of signature that is valid; and
    (e) Any order of permanent transfer that is valid.
    3. Exception where electronic data contain sufficient information. A French reporting financial institution is not required to conduct research in the paper files described in paragraph 2 of paragraph D of this section if its information that may be examined electronically includes the following:
    (a) The nationality or country of residence of the account holder;
    (b) The address of the home and the postal address of the account holder on the file of the French financial institution;
    (c) The telephone number(s) of the Owner of the Account on file with the French Financial Reporting Institute;
    (d) A possible order of permanent transfer from the account to another account (including an account from another branch of the French financial institution or another financial institution);
    (e) A possible address bearing the mention "to the attention of" or "remaining position" for the Account Owner; and
    (f) A possible proxy or delegation of signature on the account.
    4. Requesting information from the Customer Manager for real account knowledge. In addition to the research in the computer and paper files described above, the French Financial Reporting Institute is required to treat as the American Declarable Account any High Value Account entrusted to a Customer Manager (including any financial accounts that are grouped with such a High Value Account) if the Customer Account Manager knows that the Account Owner is a Determined US Person.
    5. Consequences of the discovery of American indices.
    (a) If the in-depth review of the High Value Accounts described above does not reveal any of the U.S. indices listed in paragraph 1 of paragraph B of this section and if the application of paragraph 4 of paragraph D of this section does not allow for the determination that the account is held by a specified U.S. Person, no new approach is required until a change of circumstances occurs that results in one or more U.S. indices associated with that account.
    (b) If the in-depth review of the High Value Accounts described above reveals one of the U.S. indices listed in paragraph 1 of paragraph B of this section or in the event of a subsequent change of circumstances that has the effect of combining with the account one or more U.S. indices related to the account, the French Financial Reporting Institute must consider the account as an U.S. Declarable Account, unless it chooses to apply point 4 of paragraph B of this section and
    (c) Except for the deposit accounts referred to in paragraph 4 of paragraph A of this section, any account of a pre-existing natural person that has been identified
    as the U.S. Declarable Account pursuant to this section is deemed to be an U.S. Declarable Account every year, unless the Account Owner ceases to be a determined U.S. person.
    E. - Additional procedures for high-value accounts.
    1. If, as of June 30, 2014, an Account of a Pre-existing Physical Person is a High Value Account, the French Financial Reporting Institute must complete the in-depth review procedures described in paragraph D of this section by June 30, 2015. If, as a result of this review, this account is identified as the U.S. Declarable Account on or before December 31, 2014, the French Financial Reporting Institute must include the information required for 2014 in the first account statement and then on an annual basis. In the case of an account identified as the U.S. Declarable Account after December 31, 2014, and on or before June 30, 2015, the French Financial Reporting Institute does not have to provide information on this account for 2014, but must then provide information on this account on an annual basis.
    2. If, as of June 30, 2014, an Account of a pre-existing natural person is not a High Value Account but becomes a Account on the last day of 2015 or any subsequent calendar year, the French Financial Reporting Institute shall apply to that account the in-depth review procedures described in paragraph D of this section within six months after the last day of the calendar year in which the account becomes a High Value Account. If, as a result of this review, it appears that this account is an American Declarable Account, the French Financial Institution must provide the information required for that account for the year in which it is identified as the American Declarable Account and for the following years on an annual basis, unless the Account Owner ceases to be a determined U.S. person.
    3. After a French reporting financial institution has applied the in-depth review procedures described in paragraph D of this section to a High Value Account, it is no longer required to renew these procedures in the following years, with the exception of taking information from the Customer Support Officer described in paragraph D of this section.
    4. If a change in circumstances with respect to a High Value Account occurs and has as a result that one or more of the U.S. indices referred to in paragraph B of this section are associated with this account, the French Financial Institution must consider the account as an American Declarable Account unless it chooses to apply item 4 of subsection B of this section and if one of the exceptions to it applies in respect of that account.
    5. A French reporting financial institution is required to implement procedures to ensure that customer managers identify any changes in circumstances related to an account. If, for example, a Customer Service Officer is informed that the Account Owner has a new postal address in the United States, the French Financial Reporting Institute must consider this new address as a change of circumstances and, if it chooses to apply paragraph 4 of paragraph B of this section, obtain the required documents from the Account Owner.
    F. - Accounts of pre-existing individuals documented for other purposes. A French financial institution that has already obtained from the Holder of an account of the documents certifying that the Holder is neither a citizen nor a resident of the United States in order to comply with its obligations arising from an agreement with the IRS as a qualified intermediary, a corporation of foreign persons engaged in the withholding at the source or a foreign trust proceeding with the deduction at the source, or in order to fulfill its obligations under Chapter 61 of title
    III. - New Physical Persons Accounts. The following rules and procedures apply to the identification of U.S. Declarable Accounts in the Financial Accounts held by natural persons and opened as of July 1, 2014 ("New Physical Persons Accounts").
    A. Accounts not subject to examination, identification or declaration. Unless the French Financial Reporting Institute decides otherwise, either in respect of all the New Accounts of Physical Persons or, separately, in relation to a clearly identified group of such accounts, where the implementation rules enacted by France provide for the possibility of such an election, the following New Accounts of Physical Persons are not subject to examination, identification or declaration as the Declarable American Accounts:
    1. A deposit account, unless the balance of the account exceeds $50,000 at the end of the calendar year or any other appropriate reference period.
    2. An Insurance Contract, unless its Purchase Value exceeds $50,000 at the end of the calendar year or any other appropriate reference period.
    B. - Other New Accounts of Physical Persons. With respect to the New Accounts of Physical Persons not covered in paragraph A of this section, the French Financial Institute must obtain at the time of the opening of the account (or within 90 days after the end of the calendar year during which the account ceases to meet the conditions set out in paragraph A of this section) a self-certification, which may be part of the opening documents of the account, which allows it to determine whether the
    1. If self-certification determines that the Account Owner resides in the United States for tax purposes, the French Financial Reporting Institute is required to process the Account as an American Declarable Account and to obtain a self-certification (established using the IRS Form W-9 or another similar registered form) on which the Account Owner NIF is listed.
    2. If a change of circumstances in respect of a New Account of a natural person occurs and has as a result that the French Financial Reporting Institute finds or has reasons to assume that the initial self-certification is inaccurate or unreliable, this Institution cannot use this self-certification and must obtain a valid self-certification that specifies whether the Account Owner is a citizen or an American resident for tax purposes. If the French Financial Reporting Institute cannot obtain valid self-certification, it must consider the account as an American Declarable Account.
    IV. - Pre-existing entity accounts. The following rules and procedures apply to the identification of U.S. Declarable Accounts and accounts held by non-participating financial institutions in the Pre-existing Accounts held by entities ("Pre-existing Entity Accounts").
    A. - Accounts of entities not subject to review, identification or declaration. Unless the French Financial Reporting Institute decides otherwise, either in respect of all pre-existing entity accounts or, separately, in relation to a clearly identified group of such accounts, where the implementation rules enacted by France provide for the possibility of such an election, a pre-existing entity account whose balance or value does not exceed $250,000 as of June 30, 2014 has not been identified as having to be declared as
    B. - Entity accounts subject to review. A pre-existing entity account whose balance or value exceeds $250,000 as at June 30, 2014 and a pre-existing entity account whose balance does not exceed $250,000 as at June 30, 2014, but exceeds the threshold of $1,000 as at the last day of 2015 or any subsequent calendar year must be reviewed by applying the procedures described in subsection D of this section.
    C. - Entity accounts for which a return is required. With respect to the Pre-existing Entity Accounts referred to in paragraph B of this section, only accounts held by one or more entities that are determined U.S. Persons or by passive non-financial foreign Entities (FNIs) of which one or more of the persons holding control of them are U.S. citizens or residents are considered to be U.S. Declarable Accounts. In addition, accounts held by non-participating financial institutions are considered accounts for which the total payments described in paragraph 1 (b) of Article 4 of this Agreement must be reported to the competent French authorities.
    D. - Examination procedures for the identification of Entities Accounts for which declarations are required. For the Pre-existing Entity Accounts described in paragraph B of this section, the French Financial Reporting Institute shall apply the following examination procedures to determine whether the account is held by one or more determined U.S. Persons, by passive EENFs, of which one or more of the persons controlling it are U.S. citizens or residents or by non-participating financial institutions:
    1. Determine whether the entity is a determined American Person.
    (a) Information obtained for regulatory or customer-related purposes (including information collected under the Procedures for Identifying Clients and Combating Laundering [AML/KYC]) is reviewed to determine whether this information indicates that the Account Owner is an American Person. To this end, the place of incorporation or creation or an address in the United States is part of the information indicating that the Account Owner is an American Person.
    (b) If the information obtained indicates that the Account Owner is an American Person, the French Financial Reporting Institute is required to process the Account as an American Declarable Account unless it obtains a self-certification of the Account Owner (established on Form W-8 or W-9 of the IRS or a similar registered form) or if it determines with sufficient certainty on the basis of information in its possession or that is accessible to the public that the Account is not
    2. Determine whether a non-American entity is a financial institution.
    (a) The information obtained for regulatory or customer-related purposes (including information collected under the Procedures for Identifying Clients and Combating Laundering (AML/KYC)) is to be reviewed to determine whether this information indicates that the Account Owner is a Financial Institution.
    (b) If the information obtained indicates that the Account Owner is a Financial Institution, or if the French Financial Reporting Institution checks the Account Owner's Identification Number (IMIN) on the IFE list published by the IRS, the Account is not an American Declarable Account.
    3. Determine whether a financial institution is a non-participating financial institution for which payments it has received are subject to the aggregate declarations provided for in Article 4, paragraph 1 (b), of the Agreement.
    (a) Subject to paragraph 3 (b) of paragraph D of this section, a French reporting financial institution may determine that the Account Holder is a French financial institution or a financial institution of a Partner Jurisdiction if the French reporting financial institution determines with sufficient certainty that the Account Holder has that status on the basis of the Account Holder's identification number (GIIN) on the list of IFEs published by the Account holder In this case, no further examination, identification or declaration is required with respect to the account.
    (b) If the Account Holder is a French Financial Institution or a Financial Institution of a Partner Jurisdiction considered by the IRS as a non-participating financial institution, the Account is not a U.S. Declarable Account, but payments made to the Account Holder must be declared in accordance with paragraph 1 (b) of Article 4 of this Agreement.
    (c) If the Account Holder is not a French Financial Institution or a Partner Jurisdiction, the French Financial Institution is required to treat the Account Holder as a non-participating financial institution for which the payments it has received are declarable pursuant to paragraph 1 (b) of Article 4 of the Agreement, unless the French Financial Institute
    (1) Obtains a self-certification (established on Form W-8 of the IRS or a registered analog form) of the Account holder certifying that it is a deemed certified IFE or an effective beneficiary exempted from reporting, as defined in the relevant U.S. Treasury regulations, or
    (2) Check the Account Owner's Identification Number (IMIN) on the IFE list published by the IRS, in the case of a participating IFE or a registered IFE that is deemed to be in compliance with the FATCA Act.
    4. Determine whether an account held by an EENF is an American declarable account. With respect to the Holder of a Pre-existing Entity Account that is neither an U.S. Person nor a Financial Institution, the French Financial Reporting Institute must determine (i) whether the Account Owner is a controlled entity, (ii) if the Account Owner is a passive EENF and (iii) if one of the Persons holding control of the Account Owner is a citizen or an American resident. To this end, the French Financial Reporting Institute must follow the directions referred to in paragraph 4 (a) to (d) of paragraph 4 of this section in the order that best suits the situation.
    (a) To identify individuals holding control of an account holder entity, the French Financial Reporting Institute may rely on information collected and retained as part of the Procedures for Identifying Clients and Combating Laundering (AML/KYC).
    (b) To determine whether an Account Holder is a passive EENF, the French Financial Reporting Institute must obtain a self-certification (established on Form W-8 or W-9 of the IRS or a registered analog form) of the Account Holder in order to determine its status, unless, from information in its possession or accessible to the public, it may establish with sufficient certainty that the Account Holder is an active EENF.
    (c) To determine whether a person holding control of a passive EENF is an American citizen or resident for tax purposes, a French reporting financial institution may be based on:
    (1) Information collected and collected pursuant to the Procedures for Identifying Clients and Combating Laundering (AML/KYC) in the case of a Pre-existing Entity Account held by one or more EENF and whose balance or value does not exceed $1,000, or
    (2) On a self-certification (established on Form W-8 or W-9 of the IRS or a registered similar form) of the Account Owner or a Person holding control in the case of a Pre-existing Entity Account held by one or more EENF and whose balance or value is greater than $1,000.
    (d) If a person holding control of a passive EENF is an American citizen or resident, the account must be treated as an American declarable account.
    E. - Schedule of Implementation of the Review and Additional Procedures for Pre-existing Entities Accounts.
    1. A review of pre-existing entity accounts with a balance or value exceeding $250,000 as at June 30, 2014 is to be completed by June 30, 2016.
    2. A review of pre-existing entity accounts whose balance or value does not exceed $250,000 as at June 30, 2014 but is greater than $1,000 000 as at December 31, 2015 or any subsequent year must be completed within six months after the last day of the calendar year in which the balance or value of the account was greater than $1,000.
    3. If a change in circumstances with respect to a Pre-existing Entity Account occurs and is therefore that the French Financial Reporting Institute knows or has good reason to assume that the self-certification or other related document is inaccurate or unreliable, the French Financial Reporting Institute must re-examine the status of the Account by applying the procedures described in paragraph D of this section.
    V. - New entity accounts. The following rules and procedures apply to identify the U.S. Declarable Accounts as well as accounts held by non-participating financial institutions in the Financial Accounts held by entities and opened on or after July 1, 2014 ("New Entities Accounts").
    A. - Accounts of entities not subject to review, identification or declaration. Unless the French Financial Reporting Institute decides otherwise, either in respect of all New Accounts of Entities or, separately, in relation to a clearly identified group of accounts, where the implementation rules enacted by France provide for the possibility of such an election, an account used for a credit card or a revolving credit deemed to be a New Entity Account does not have to be examined, identified or declared, provided the
    B. - Other New entity accounts. With respect to the New Accounts of Non-Described Entities in paragraph A of this section, the French Financial Reporting Institute must determine whether the Account Owner is (i) a Determined U.S. Person; (ii) a French financial institution or other partner jurisdiction; (iii) a participating EFI, a deemed EFI in accordance with the FATCA Act or an effective beneficiary exempted from reporting, as defined in the relevant U.S. Treasury regulations; or (iv) an active or passive EENF.
    1. Subject to paragraph 2 of paragraph B of this section, a French reporting financial institution may establish that the Account Owner is an active EENF, a French financial institution or a Partner Jurisdiction if it determines with sufficient certainty that such is the status of the Account Owner from the Identification Number (GIIN) of the Account Owner or other information accessible to the public or in the possession of the Financial Reporting Institution.
    2. If the Account Holder is a French Financial Institution or another Financial Institution of another Partner Jurisdiction considered by the IRS as a non-participating financial institution, the Account is not a U.S. Declarable Account but payments made to the Account Holder must be declared in accordance with paragraph 1 (b) of Article 4 of this Agreement.
    3. In all other cases, the French Financial Reporting Institute must obtain a self-certification of the Account Owner in order to establish its status. On the basis of self-certification, the following rules apply:
    (a) If the Account Owner is a Determined U.S. Person, the French Financial Reporting Institute must consider the Account as an American Declarable Account.
    (b) If the Account Owner is a passive EENF, the French Financial Reporting Institute must identify persons holding control in accordance with the procedures for identifying customers and combating laundering (AML/KYC) and determine whether any of these individuals is an American citizen or resident from a self-certification provided by the Account Owner or any of these persons. If one of these individuals is a U.S. citizen or resident, the French financial institution must treat the account as an American declarable account.
    (c) If the account holder is (i) an unspecified American Person; (ii) subject to paragraph 3 (d) of paragraph B of this section, a French Financial Institution or another Partner Jurisdiction; (iii) a participating EFI, a deemed EFI in accordance with the FATCA Act or an effective beneficiary exempted from reporting as defined in the applicable U.S. Treasury regulations; (iv) an active EENF; or (v) a passive EENF of which none of the persons holding control is a citizen or resident of the United States, the account is not an American declarable account and no declaration is required for that account.
    (d) If the Account Holder is a non-participating financial institution (including a French financial institution or a Partner Jurisdiction that is treated by the IRS as a non-participating financial institution), this account is not an American declarable account but payments made to the holder of the account must be declared in accordance with Article 4, paragraph 1 (b), of the Agreement.
    VI. - Specific rules and definitions. For the implementation of the diligences described above, the following additional rules and definitions apply:
    A. - Use of self-certifications and supporting documents. A French reporting financial institution cannot rely on a self-certification or supporting document if it knows or has good reasons to assume that this self-certification or supporting document is inaccurate or unreliable.
    B. - Definitions. The following definitions apply for the purposes of this Appendix I:
    1. Procedures to identify clients and combat laundering (AML/KYC). The term "Procedures to Identify and Combat Laundering" refers to the due diligence obligations that the French Financial Reporting Institute is required to observe under the anti-Laundering provisions or similar French rules to which the French Financial Reporting Institution is subject.
    2. EENF. The term "EENF" means all Non-American entity that is not an IFE in the sense given to that expression in the relevant U.S. Treasury regulations or is an entity described in paragraph 4 (j) of paragraph B of this section, as well as any Non-American entity that is established in French territory or another Partner Jurisdiction and that is not a Financial Institution.
    3. Passive EENF. The term "Passive EENF" means any EENF that is not (i) an active EENF or (ii) a foreign partnership that may be subject to a deduction at the source or a foreign trust that may be subject to a deduction at the source in accordance with the relevant US Treasury regulations.
    4. EENF is active. The term "EENF Active" means any EENF that meets one of the following criteria:
    (a) Less than 50% of the EENF's gross revenues for the previous calendar year or another relevant accounting period are passive revenues and less than 50% of the assets held by the EENF during the previous calendar year or another relevant accounting period are assets that produce or are held for passive income;
    (b) EENF shares are the subject of regular transactions in a regulated stock market or EENF is an Entity related to an Entity whose shares are the subject of regular transactions in a regulated stock market;
    (c) The EENF is constituted on an American Territory and all the owners of the beneficiary are residents of this American Territory;
    (d) The EENF is a government (other than the U.S. government), a political subdivision of such a government (which, in order to avoid ambiguity, includes a state, province, county or municipality), or a public body exercising a function of a government or a political subdivision, the government of a U.S. Territory, an international organization, a non-American central bank or an entity held 100% by one or more of the above-mentioned structures;
    (e) The activities of the EENF consist essentially of holding (in whole or in part) shares issued by one or more subsidiaries whose activities are not those of a financial institution or proposing financing or services to these subsidiaries. An EENF may not claim this status if it operates (or is present) as an investment fund, such as an investment capital fund, a venture capital fund, a business repurchase fund by debt, or any other investment organization whose purpose is to acquire or finance companies and then hold investments for investment purposes;
    (f) EENF has not yet been active and has never been active before, but invests capital in assets to carry out an activity other than that of a financial institution, provided that this exception cannot apply to the EENF after the expiry of a period of 24 months after the date of its original constitution;
    (g) The EENF was not a financial institution for the previous five years and proceeds to the liquidation of its assets or is being restructured to continue or resume transactions or activities that are not those of a financial institution;
    (h) The EENF focuses on the financing of Related Entities that are not financial institutions and coverage transactions with or on behalf of them and does not provide funding or coverage services to Entities that are not related Entities, provided that the group to which these Related Entities belong is primarily devoted to an activity that is not that of a financial institution;
    (i) EENF is an "excluded EENF" as described in the relevant US Treasury regulations; or
    (j) The EENF meets all the following conditions:
    i. it is established and operated in its jurisdiction of residence exclusively for religious, charitable, scientific, artistic, cultural, sporting or educational purposes; or is established and exploited in its jurisdiction of residence and is a professional federation, a employers' organization, a trade union, agricultural or horticultural organization, civic or an organization whose exclusive purpose is to promote social well-being;
    ii. it is exempt from corporate tax in its jurisdiction of residence;
    iii. it has no shareholder or any member with a right of ownership or enjoyment on its income or assets;
    iv. the law applicable in the EENF's jurisdiction of residence or its constituent documents exclude that the EENF's revenues or assets are distributed to natural persons or for-profit organizations or used for their benefit, unless such use is in relation to the EENF's charitable activities or as a reasonable remuneration, at the market price, for goods and services rendered, acquired or subscribed by the EENF; and
    v. the law applicable in the EENF's jurisdiction of residence or its constituent documents require that, in the liquidation or dissolution of the Entity, all its assets be distributed to a public entity or to another non-profit organization or be devolved to the EENF's government of residence or to any of its political subdivisions.
    5. Pre-existing account. The term "Pre-existing Account" means an Open Financial Account with a Reporting Financial Institution as of June 30, 2014.
    C. - Aggregation of account balances and monetary conversion rules.
    1. Aggregation of Physical Persons Accounts. To determine the balance or overall value of the Financial Accounts held by a natural person, a French financial institution must aggregate all financial accounts held with or from a French financial institution Entity linked to the extent that the IT systems of this institution link the accounts with a data such as the customer number or the tax identification number and allow to aggregate the balances or values of the accounts. Each holder of a joint account shall be assigned the balance or total value of that account for the purposes of the aggregation obligations described in this item 1.
    2. Aggregation of Entities Accounts. To determine the balance or overall value of the Financial Accounts held by an Entity, a French reporting financial institution must take into account all financial accounts held with it or with a related Entity as the IT systems of this institution allow to combine the accounts with a data such as the customer number or the tax identification number and allow to aggregate the balances or values of the Financial Accounts.
    3. Specific aggregation rules applicable to customers. For the purpose of determining the balance or overall value of the Financial Accounts held by a person for the purpose of determining whether a Financial Account is a High Value Account, a French reporting financial institution must also aggregate these accounts, in the case of the Financial Accounts of which a customer manager knows or has good reasons to assume that they are, directly or indirectly, held, controlled or created (at a title other than that of a person's property administrator).
    4. Monetary conversion rules. To determine the balance or value of the Financial Accounts denominated in a currency other than the United States dollar, a French reporting financial institution shall convert the thresholds expressed in dollars in this Annex I to the above-mentioned currency using the specified course on the last day of the calendar year preceding the year in which the Institution calculates the balance or value of an account.
    D. - Documentary evidence. For the purposes of this Appendix I, the following documentary evidence is deemed acceptable:
    1. A certificate of residence issued by a public body authorized to do so (e.g. a State, an agency of the State or a municipality) of the jurisdiction whose beneficiary claims to be a resident.
    2. In the case of a natural person, any valid identity document issued by a public body authorized to do so (e.g. a State, an agency of the person or a municipality), on which the name of the person is displayed and which is generally used for identification purposes.
    3. In the case of an Entity, any official document issued by a public body authorized to do so (e.g., a State, an agency of the Entity or a municipality) on which is the name of the Entity and the address of its principal institution in the jurisdiction (or the U.S. Territory) of which it claims to be a resident or in the jurisdiction (or the U.S. Territory) in which the Entity was constituted or whose law governs it.
    4. In the case of an Open Financial Account in a jurisdiction subject to anti-money-laundering rules (AML) that have been approved by the IRS as part of an agreement with an eligible intermediary (as defined in the United States Treasury regulations), one of the documents other than a W-8 or W-9 form referenced by that jurisdiction in the attachments to the agreement with an eligible intermediary (
    5. Any financial statement, solvency report prepared by a third party, declaration of termination of payments or report of the Securities and Exchange Commission.
    E. - Alternative procedures for financial accounts held by a natural person who is a beneficiary of a high-value redemption insurance contract. A French financial institution may presume that the beneficiary of a High-Value Purchase Insurance Agreement (other than the subscriber) that receives a capital as a result of a death is not a Determined U.S. Person and may consider that this Financial Account is not a U.S. Declarable Account unless the French Reporting Financial Institute actually knows that the beneficiary of the capital is a Determined U.S. Person or has any reason. A French reporting financial institution has reasons to know that the beneficiary of the capital of a Redemption High-Value Insurance Agreement is a determined U.S. Person if the information collected by the French reporting financial institution and associated with the beneficiary includes U.S. indices in accordance with paragraph B of section II of this Appendix I. If a French reporting financial institution is aware, or has reasons to know, that the beneficiary is a specified U.S. Person, the French reporting financial institution shall follow the procedures set out in paragraph 3 of section II, paragraph B, of this Appendix I.
    F. - Use of third parties.
    Without presuming the choice that could be made pursuant to the provisions of section I, paragraph C, of this Appendix I, France may authorize the French reporting financial institutions to rely on third-party review procedures, to the extent provided for in the relevant US Treasury regulations.


    Annex I
    FINANCIAL INSTITUTIONS, INCLUDING STATEMENTS AND PRODUCTS


    The following Entities are considered, as the case may be, either as actual recipients of a statement or as deemed IFEs in compliance, and the following accounts are excluded from the definition of the Financial Accounts.
    I. Actual recipients of statements. The following categories of Entities are considered to be non-reporting French financial institutions and as actual beneficiaries exempted from reporting for the purposes of sections 1471 and 1472 of the Internal Revenue Code of the United States:
    A. - Government Entities.
    The French State and its local or territorial authorities and their legal entities of public law and any body wholly owned by the aforementioned entities.
    B. Central Bank.
    The French central bank and each of its subsidiaries wholly owned by it.
    C. International organizations.
    Any intergovernmental organization (including any supranational organization) recognized by French law or regulation or which has an international headquarters agreement with France.
    D. - Pension plans.
    Retirement funds.
    E. - Other Entities.
    Paid leave.
    II. - Reputed financial institutions. The following financial institutions are French non-reporting financial institutions that are considered to be deemed to conform to the purposes of section 1471 of the Internal Revenue Code of the United States. In addition, subsection C of this section provides the specific rules applicable to an Investment Entity:
    A. - Financial institutions with a local customer base:
    A French financial institution that meets all the following criteria:
    1. The Financial Institution must be approved and regulated as a Financial Institution under French legislation;
    2. The Financial Institution must not have a fixed business facility outside French territory. To this end, a fixed business facility does not include a place that is not reported to the public and from which the Financial Institute exercises an exclusively administrative support role;
    3. The Financial Institution should not approach clients or Account Holders outside French territory. For this purpose, a financial institution is not deemed to have solicited customers or account holders outside of the French territory on the basis that the Financial Institute (a) operates an Internet site, provided that the said site does not expressly indicate that the Financial Institute provides financial accounts or services to non-residents, and does not target or solicit in any other manner
    4. The Financial Institute is required, pursuant to French tax legislation, to identify resident accounts holders in order to provide information, to make a deduction at the source of the tax on accounts held by residents of France or to complete the French procedures implemented to combat laundering (AML);
    5. At least 98% of the value financial accounts managed by the Financial Institute must be held by residents (including residents who are entities) of France or another Member State of the European Union:
    6. Subject to paragraph 7 below, effective 1 July 2014 or before that date, the Financial Institute shall have rules and procedures, in accordance with those set out in Appendix I, in order not to hold a Financial Account of Non-Party Financial Institute and to verify whether the Financial Institute opens or retains a Financial Account for (i) any Determined U.S. Person who is not a resident of France (including an American Person)
    7. As of July 1, 2014, or before that date, these rules and procedures must provide that if a Financial Account held by a Person referred to in subsection 6 is identified, the Financial Institution shall declare the said Financial Account as if it were a French financial institution (including the applicable registration obligations contained on the IRS registration website for the FATCA Act) or close the account;
    8. Any pre-existing account held by a natural person who is not a resident of France or by an Entity shall be examined by the said Financial Institution in accordance with the procedures set out in Appendix I applicable to the Pre-existing Accounts in order to identify any United States Declarable Account or any Financial Account held by a non-participating financial institution. If such an account is discovered, the Financial Institution must declare it as if it were a French reporting financial institution (including applicable registration obligations on the IRS registration website on the FATCA Act) or close it;
    9. Any Entity related to the Financial Institution that is a Financial Institution shall be constituted or governed by French legislation and, with the exception of pension funds described in paragraph D of section I of this Annex II, shall meet the criteria set out in this paragraph A; and
    10. The Financial Institution shall not have discriminatory directives or practices in the context of the opening or management of Financial Accounts for natural persons who are residents of France and determined American persons.
    B. Collective investment organizations.
    An Investment Entity established in France that is regulated as a collective investment agency, as well as "property corporations" and "habitat financing companies", provided that all participations in this collective investment organization (including debt securities greater than $50,000) are held directly or indirectly by one or more participating beneficiaries exempted from reporting, active EENFs referred to in paragraph B of Appendix I
    C. - Specific rules.
    The following rules apply to an Investment Entity:
    1. With respect to participation in an Investment Entity that is a collective investment organization described in paragraph B of this section, the reporting obligations of any Investment entity (other than a financial institution through which interest in the collective investment agency is held) is considered to be met.
    2. With regard to participations in:
    (i) an Investment Entity established in a Partner Jurisdiction that is regulated as a collective investment organization and whose all participations (including debt securities of more than $50,000) are held directly or indirectly by one or more effective beneficiaries exempted from reporting, active EENFs referred to in paragraph B of section VI of Appendix I, United States Persons who are not determined by the United States Financial Institutions
    (ii) an Investment Entity that is a collective investment organization under the United States Treasury regulations.
    The declarative obligations of any Investment Entity that is a French financial institution (other than a financial institution through which interests in a collective investment organization are held) are considered to be fulfilled.
    3. With respect to participations in an Investment Entity established in France that is not referred to in paragraph B or in paragraph 2 of paragraph C of this section, in accordance with Article 5, paragraph 3, of the Agreement, the declarative obligations of other Investment Entities relating to such participations shall be considered to be fulfilled if the information to be declared by the First Investment Entity under the Agreement and have been declared in respect
    D. - FCPE and SICAVAS cases.
    An Investment Entity whose sole purpose is to invest funds made through pay savings accounts referred to in section III, paragraph B, of this Appendix II.
    III. - Products excluded from the definition of financial accounts.
    The following categories of French accounts and products and managed by a French financial institution are excluded from the definition of Financial Accounts and, accordingly, are not considered to be U.S. Declarable Accounts:
    A. Certain Accounts or Retirement Products.


    - Products called "Article 82", "Article 83", "Madelin", "Madelin agricole", "Perp, Pere and Prefon"
    - "Article 39" contracts.


    B. Some other accounts or products benefiting from tax benefits.
    Regulated savings
    - Booklet A and Booklet Blue
    - Sustainable Development Booklet
    - Booklet of Popular Savor
    - Young booklet
    - Savings Plan Accommodation and Savings Account Accommodation
    - People's savings plan/PEP.
    Salary savings
    - Participation agreements
    - Business Savings Plan/ESP and Business Savings Plan/IESP3
    - Collective Retirement Savings Plan/PERCO and Corporate Collective Retirement Savings Plan/PERCO
    - Current account blocked.


Done on January 2, 2015.


François Hollande

By the President of the Republic:


The Prime Minister,

Manuel Valls


Minister for Foreign Affairs and International Development,

Laurent Fabius

(1) Effective October 14, 2014.
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