Law 27 November 2015 174 - International Tax Cooperation

Original Language Title: Legge 27 Novembre 2015 N.174 - Cooperazione Fiscale Internazionale

Read the untranslated law here: http://www.consigliograndeegenerale.sm/on-line/home/archivio-leggi-decreti-e-regolamenti/scheda17145590.html

SAN MARINO We the Captains Regent of the Most Serene Republic of San Marino Having regard to Article 4 of the Constitutional Law no.185 / 2005 and Article 6 of Qualified Law n.186 / 2005; We promulgate and publish the following ordinary law approved by the Great and General Council at its meeting on November 24, 2015: LAW 27 November 2015 INTERNATIONAL TAX COOPERATION 174 TITLE I GENERAL PROVISIONS Art. 1 (Purpose) 1. This law governs cooperation international tax implemented by the Republic of San Marino in execution of international agreements, bilateral or multilateral, concluded with foreign countries or jurisdictions. 2. The Congress of State is engaged in the strengthening of the agreements on cooperation and administrative assistance, through the signing of agreements with States and relevant jurisdictions, with particular reference to agreements to avoid double taxation and for the exchange of information on the basis of the standards and OECD-defined templates. Art. 2 (International Agreements) 1. The agreements referred to in Article 1, paragraph 1, are: a) the Multilateral Convention on Mutual Administrative Assistance in Tax Matters signed in Jakarta November 21, 2013 (MAC); b) bilateral agreements to ensure the exchange of tax information on request according to the OECD standard (TIEA); c) bilateral agreements to eliminate double taxation in accordance with the OECD standards and understanding of the provisions on exchange of information on request (DTA); d) the agreement with the United States Government (IGA SM) and the relevant technical arrangements to implement the tax compliance standards FATCA; e) any other international agreement containing forms of international tax cooperation, whose decision to ratify the San Marino law references to the implementation of this law. 2. Fall within the scope of this Act implementing the agreements of these understandings even if their effectiveness is not dependent on ratification. Art. 3 (Reserves) 1. The Republic of San Marino in the conclusion of international agreements, where the requirements are met and if, and mutatis mutandis, the formula any reserves in order to enable harmonization of the international instrument with sorting San Marino . Art. 4 (International Standards) 1. International standards represent criteria, guidelines and guidelines defined and formalized in international bodies, regarding how tax co-operation such as, but not limited to, the OECD standard for the automatic exchange of information (Global standards for automatic exchange of financial account information) and the OECD standards on exchange of information on request (Model Agreement on Exchange of information on Tax matter and Article 26 of the Model Tax Convention on Income and on Capital). 2. In the implementation of international tax cooperation the Republic of San Marino shall apply the standards mentioned in this law within the limits laid down thereby. Art. 5 (Definitions) 1. For the purposes of this Act shall apply: a) "System Administrator": the public or private entity that keeps the operating system takes care of the maintenance, expansion and operation; b) "CLO": Central Liaison Office - Central Liaison Office; c) "Common Reporting Standards (CRS)" rules and procedures for the identification, evaluation and communication of financial information on an automatic basis as part of the Global Standard; d) "Competent Authority Agreement (CAA)": agreement between the competent authorities; e) "similar behavior against fiscal fraud": offenses with the same level of wrongfulness of tax fraud according to the San Marino legislation. Individual cases falling under the categories of "the like" are defined under international agreements signed by the Republic of San Marino; f) "Electronic communication": exchange or transmission of information and data to one or more subjects other than the, by responsible persons in charge, through a telecommunications network; g) "Convention on Mutual Administrative Assistance in Tax Matters (MAC)": the Convention on Mutual Administrative Assistance in Tax Matters of 1988, signed by San Marino in Jakarta November 21, 2013; h) "Anonymous data": data that originally or following processing can not be associated to an identified or identifiable individual; i) "Personal data" means any information relating to natural persons, or legal entities, or can be identified;
l) "Your rights": rights of access to personal data concerning him and other rights under Article 11 of Law 70 of 23 May 1995; m) "Double Taxation Agreement (DTA)": bilateral agreement against double taxation on the basis of the OECD standards; n) "Foreign Account Tax Compliance Act (FATCA)": US regulations for the acquisition of financial information for tax purposes related to US holders of accounts with foreign financial institutions; o) "Foreign Financial Institutions Agreement (FFI Agreement)" agreement that establishes the requirements for a financial institution in San Marino held the communication is deemed to conform to the requirements of the relevant section of the Internal Revenue Code; p) "Guarantor" guarantor for the protection of the data referred to in Chapter V of the Law n.70 / 1995; q) "Global Standard": the global standard defined by the OECD for the automatic exchange of financial information (Global Standard for automatic exchange of financial account information in Tax Matters) Competent Authority consists of the Model Agreement on the Automatic Exchange of Financial Account Information ( CAA) and the Common Reporting Standards (CRS); r) "digital identity": All of the information and resources provided by a computer system to a particular user following a process of identification. Digital identity is divided into two parts: the identity, which is a fundamental part of the individual recognition and credentials, which represent the attributes that identity and that can be modified according to authorized activities; s) "IGA SM": intergovernmental agreement between the Republic of San Marino and the Government of the United States of America for the application of FATCA tax compliance measures; t) "Representative" means a natural person authorized to perform processing operations by the owner or manager; u) "Information" means any set of information that the data controller must provide the person, after the collection of personal data, under Article 8 of Law 70/1995 on the aims and methods of treatment; v) "Interested" means a natural person, legal person, entity to whom the personal data; z) "Internal Revenue Service (IRS)" means the US Internal Revenue Service; aa) "safety measures" means a set of technical and organizational procedures, electronic devices or programs used to ensure that access to data is performed by authorized persons, the data is processed for the purposes for which they were collected and accordance with the law and to avoid the loss or accidental destruction of data; bb) "Multilateral Competent Authority Agreement (MCAA)": Multilateral Agreement between the Competent Authority; cc) "Statement AML" means all the regulations and instructions of the Financial Intelligence Agency in the field of preventing and combating money laundering and terrorist financing; dd) "OECD" Organization for Cooperation and Economic Development; ee) "Director" means a natural person, linked by a relationship of service to the holder, or belonging to third legal personality, in charge of the same to the processing of personal data; ff) "Telecommunication networks" means all the equipment, the software required for their operation and control of the connection elements, the type of public, private or mixed, which allow the transmission between network termination points, information and transforming the data into electromagnetic signals; gg) "Tax Information Exchange Agreement (TIEA)": agreement to exchange tax information based on the OECD standards; hh) "Data Controller" means the natural or legal person responsible for decisions regarding the purposes and modalities of the processing of personal data and the relevant means, including security matters; ii) "actual owner" means the person natural person falling within the definition in Article 1, paragraph 1, letter r) of Law 17 June 2008 n. 92, as amended, having regard also to the instructions, force from time to time, issued by the Agency of financial information; ll) "treatment" means any operation or set of operations concerning the collection, recording, organization, storage, consultation, processing, modification, selection, extraction, use, blocking, communication, dissemination, erasure and destruction of data; mm) "Wider Approach": the principle contained in the framework of the Global Standards of adequate procedures application verification of all non-resident customers regardless of the circumstance that the exchange of information with the customer's home jurisdiction is active. TITLE II
COMPETENT AUTHORITIES AND OTHER HOLDERS TO COOPERATION INTERNATIONAL TAX Art. 6 (Central Liaison Office) 1. The Central Liaison Office (CLO), already established by Law 95 of June 18, 2008, is designated as the authority responsible for implementing and following up on administrative cooperation and exchange of information on tax matters in line with international agreements referred to in Article 2. 2. and 'excluded the jurisdiction of the CLO in co-operation with foreign authorities on supervision systems financial. Art. 7 (Requirements and incompatibilities of the CLO staff) 1. The Director shall be appointed by the Great and General Council at the proposal of the State Congress, which shall determine the remuneration and conditions of contract. The term of office is five years with the possibility of reappointment for one and five more years. 2. The official, who also has the title of deputy director, is appointed by the Congress of State, which shall determine the remuneration and conditions of contract. The term of office is five years with the possibility of renewal. 3. The director and the official must have a Master Degree in law or science or economics or finance or equivalent degree titles pursuant to Law 5 October 2011 n. 161, including those of the old system; They must also have specific expertise and adequate experience. 4. The personnel needs of the CLO is defined by delegated decree referred to in Chapter II, Title V, of Law December 5, 2011 n. 188. 5. The post of director, officer and staff throughout the CLO is incompatible with the mandate of a member of the Great and General Council, with offices in the governing bodies of professional associations and free-professional, trade union and political parties and movements politicians. In this regard also apply the rules laid down by the Law 41 of December 22, 1972, by Law 31 July 2009 n. 108 "and the Law 5 September 2014 n. 141. 6. The Director shall issue a separate provisions the organization and functioning of the Office operational by adopting guidelines and specific operational manuals. 7. The official shall assist the Director in the performance of its functions and, in case of impediment or absence of the Director, performs the duties as deputy director. 8. The staff of the CLO, for the performance of school functions, participate in the work and activities of the international organizations of reference in accordance with the Director. 9. The CLO staff are required to participate in specific training courses useful, also, to achieve qualifications and roles within the same international bodies representing the Republic of San Marino. Art. 8 (Obligation to secrecy) 1. The staff assigned to the CLO and those who cooperate with the same in the performance of their duties are obliged to the strictest secret to everything related to the Office's activities and its relations with third . News, information and data available to the CLO on account of the activity are covered by professional secrecy. The obligation to observe the confidentiality retained by the staff even after the termination of the employment relationship or collaboration with the Office. 2. shall also be subject to the respect of all those secrets, on the occasion of any relationship with the CLO, acquire, even unintentionally, information on the activities undertaken by the Office. 3. The secret can not be opposed to the Judicial Authority when the information requested is necessary for the investigation of the facts of criminal law on taxation. Art. 9 (Powers and Functions) 1. The CLO, as competent authority for the implementation of the exchange of information on the basis of international standards, has power to direct access, or through the persons referred to in Article 12, to the necessary information to give rise to this form of cooperation. 2. The Office also has the power of access to information on the basis of other forms of international cooperation to combat fraud, similar to the behavior of scams and distortions in economic relations with other states and jurisdictions in the field of indirect taxes . In those cases not covered by the restriction referred to in paragraph 3 of Article 8. 3. The skills referred to in this Article shall be exercised regardless of whether the behavior constitutes criminal law cases. 4. To carry out its tasks, the Office shall apply the procedures provided for in appropriate guidelines and operating manuals, drawn up in line with international standards and regularly adopted by the same. These measures are also prepared on the basis of
indications of tax administration in the area of ​​international cooperation. 5. And 'the CLO competence to issue the guidelines for implementing the provisions of this Act, to which the recipients of the obligations that derive from these provisions are required to comply. Art. 10 (autonomy and independence) 1. The CLO operates autonomously and independence to carry out its mandate and reports on industry issues to the Secretary of State for Finance and Budget and, if necessary, through him to Congress State. 2. The CLO is held annually to submit to the Great and General Council, through the Secretary of State for Finance and Budget, a report of a general nature concerning its activities. Art. 11 (Unenforceability the banking and professional secrecy) 1. Banking secrecy laid down in Article 36 of Law 165 of 17 November 2005, as amended, is not enforceable in performing its functions, the CLO that can also direct access to information held by the operators of the financial system. There are also opposable to the CLO the confidentiality and professional secrecy. 2. A partial exception to the provisions in paragraph 1, and in accordance with the provisions of the OECD international standards regarding limits to the exchange of information, members of the Bar and notaries and registered with the Board of Certified Public Accountants may raise against the CLO professional secrecy limited to the information they receive in performing their task of defending or representing their client in judicial proceedings or in connection with such proceedings, including advice on instituting or avoiding proceedings, whether such information is received or obtained before, during or after such proceedings. 3. The provisions of Law 70/1995, do not apply in the context of the exchange of information made in implementation of the agreements referred to in Article 2, subject to the respect of provisions for confidentiality of data they contain and those referred to in Title V. Art. 12 (Relationships with other offices and authorities) 1. in carrying out its functions, the CLO: a) may make use of the partnership Tax office, the Commercial Registry of the Court , the Office of Control and Supervision of Economic Activities, the Office Handicraft Industry and Commerce, Organisational Unit Computer, Technology, data and Statistics Offices and other government agencies; b) may request the cooperation of the bodies of the Police Department, in particular the Anti-Fraud Unit of the Civil Police, for the acquisition of data and for the retrieval of documents with the relevant stakeholders; c) may request the cooperation of the Central Bank of the Republic of San Marino and the Financial Intelligence for the deepening of the banking and financial aspects, without prejudice to the provisions of Law 165/2005, as amended; d) the said offices and authorities, as well as any other subject, are required to process requests in the manner and within the time specified by the CLO. 2. Appropriate memoranda of understanding between the CLO and, respectively, the Office of Control and Supervision of Economic Activities, the Central Bank, the Financial Intelligence Agency, the Tax Office define the forms of mutual cooperation and data access and the information available. Similar protocols can be defined with other offices and authorities. Art. 13 (Access to information and data) 1. The CLO accesses, also electronically in full versions, without limitation, the data and information available in records, archives, computer databases, registers kept by public administrations , public and professional orders. 2. The Office also access to data and information available at the Central Bank and the Financial Intelligence Agency, in the form and manner established by the agreements and protocols referred to in Article 12. 3. The CLO has access to all information held in the Office of the Trust Register, as of the subjects already identified in Article 2, paragraph 4, of the Delegate Decree 50 of March 16, 2010, as well as, in the exercise of its functions, may request directly to trustee of the exhibition events of the Book referred to in Article 28, paragraph 5, of the law 1 March 2010 n.42. 4. The CLO, in the exercise of public functions, with the Central Bank has access to the archive master established by Decree-Law 65 of May 14, 2009, in the manner, form and terms set forth in the Protocols referred to in Article 12.
5. The data and information held by public authorities, public bodies and professional associations are made available to the CLO, in a written reasoned submission in relation to the purposes and powers referred to in Article 9. 6. For the same purposes and skills indicated in paragraph 5, the CLO, upon simple request, can access the registers, archives, data or information held at the Police Authority and the court of law, including data related to criminal records. The data and their judicial activity information is released to the CLO, with the approval of the judge, only in relation to the tasks of the CLO same institute. 7. The data and information obtained by the CLO may be used solely for the performance of the duties prescribed by law. 8. The data acquired from the CLO by direct access to centralized databases of public administration can be used to exchange with foreign authorities without validation by or to the Authority holds the database. Art. 14 (Other authorities involved) 1. Without prejudice to the forms of cooperation already provided for in Article 12 in order to fulfill the cooperation made on the basis of international instruments adopted by the Republic of San Marino, specific skills can be reserved by this Law and the orders it delegates to other national authorities for their respective institutional tasks related to the performance of activities provided for by the agreements referred to in Article 2. TITLE III EXCHANGE oF INFORMATION SECTION I EXCHANGE oF INFORMATION oN REQUEST Art. 15 (Rules and criteria for the exchange of information on request) 1. exchange of information on request, under the agreements referred to in Article 2, is carried out when a State requires another specific tax information about a particular taxpayer, provided that foreseeably relevant the application of domestic law of the requesting State. Before submitting a request, the State is required to use and exhaust all means available in its own territory to obtain the information. 2. The sending and reception of requests for information between the competent authorities must be observed: a) the provisions contained in the agreements referred to in Article 2; b) the indications set out in the OECD Manual on the Implementation of Exchange of Information Provisions for Tax Purposes - Module 1 on Exchange of Information on Request and subsequent modifications, if not inconsistent with the provisions of the agreements referred to in Article 2 and those referred to in this law. 3. The arrangements for cooperation through the instrument of the exchange of information upon request with the United States Government in the implementation of the IGA SM are determined by the provisions of the agreement and those to article 20. Art. 16 ( evaluation of applications received) 1. the CLO, before activating the internal procedures designed to acquire information that is subject to a request from a foreign authority, assesses the elements of that assessing their eligibility than stipulated in the agreements, provisions of this Act and the measures the Commission delegates. 2. In case of a valid and complete application, the CLO proceeds to the acquisition, directly or indirectly, of the information required for the exchange. 3. The CLO, if you rate the impermissible request for incomplete information or for the reasons specified in Article 17, it shall promptly inform the competent authority of the requesting State, which may incorporate elements of the request or formulate a new correct. Art. 17 (Causes for refusing a request) 1. The CLO does not give rise to forms of assistance covered in this Chapter when: a) it is established that the requesting party has not pursued all means available in its own territory to obtain the information, except in cases in which recourse to such means would give rise to disproportionate difficulties; b) the fulfillment of the request and the communication of information to the requesting party are contrary to public policy; c) requests do not contain sufficient information to establish the likely relevance of the requested information to the administration in implementation of the domestic laws of the States or requested courts; d) the request is not detailed and contains references and / or generic indications such as to qualify the request itself according to the term used within the OECD of "fishing expeditions" or how an indiscriminate attempt to obtain information. 2. The CLO must not exchange information:
a) which would disclose any trade, business, industrial or a commercial procedure; b) that would reveal confidential communications between a client and a professional referred to in paragraph 2 of Article 11, where such communications are: 1) given as legal advice; 2) provided for the purpose of their use in legal proceedings in progress or planned. 3. The CLO may refuse a request for information if the same information is requested by the requesting Party to administer or enforce a provision of the tax law of the requesting Party in the same or a related obligation, which discriminates against a San Marino citizen than a citizen of the requesting Party in identical circumstances. 4. The CLO is not required to provide information which is neither held by the San Marino authorities or are in the possession or under the control of people or companies who are in the Republic of San Marino. 5. In any case, the CLO not result in the exchange of information if the request is not carried out according to the agreement and in accordance with applicable. Art. 18 (Measures for the collection of information) 1. Without prejudice to the provisions of Title II, the CLO may obtain information directly from individuals who hold or have control of the information covered by the request. 2. The acquisition referred to in paragraph 1 may be: a) based on direct request, which must: 1) be in writing and forwarded with appropriate means to verify receipt; 2) contain the useful elements to identify the item of information requested; 3) refer explicitly to any rules regarding the confidentiality of the request; 4) Indication of any mode and time to process your request. b) requiring the cooperation of the offices and the authorities referred to in Article 13 according to their powers and functions. 3. With reference to paragraph 2, the assignment of terms must take account of the reasonable period of time required to process the request in order to its complexity. Art. 19 (Request for information to foreign authorities) 1. The request for tax information to foreign authorities is triggered by the CLO: a) at the instance of the Office or the competent authorities of San Marino in the activity of the tax inspection and investigation object application of the agreements referred to in Article 2; b) on its own initiative: 1) to carry out the tasks of preventing and combating the criminal offenses referred to in Article 9, paragraph 2, based on the information prepared by the Office and the competent authorities of San Marino; 2) to acquire information related to those referred to in subparagraph a) necessary to the activity of assessment and control of financial administration. 2. The request referred to in paragraph 1 must contain the information and be worded in the manner prescribed by the agreements and the provisions of this Act. Art. 20 (Exchange of information between competent authorities in the implementation of the IGA SM) 1. In implementation of the IGA SM, the CLO meets the demands made by the competent authority in the United States laid down in that agreement. 2. The US competent authority may: a) make a series of requests to the CLO on the basis of aggregate data provided to the IRS Whistleblowers from financial institutions based FFI Agreement and the provisions of this Act; b) make the CLO subsequent requests to those referred to in subparagraph a) for further information about any US accounts without consent form, including statements of accounts prepared by the financial institution in San Marino held the communication in the regular course of their duties, which summarize the 'account activity (including withdrawals, transfers and closures). 3. The CLO is required to provide the US competent authority with the information requested by the Commission pursuant to paragraph 2, regardless of whether the tax authorities of San Marino requires planning or not such information for its own tax purposes or that the information relates investigations on acts which constitute a criminal offense under the San Marino law. 4. If the information available to the CLOs are not sufficient to meet the demands, the latter promotes the necessary measures by exercising the powers laid down in Title II and applying the provisions of Article 18. 5. With regard to a request group by the competent authority of the United States under paragraph 2, letter a), the CLO, within six months of receipt of such request, provide the competent US authority the appropriate information in the same format in which would have been transmitted if they had been communicated directly to the IRS. The CLO notification delays
in the exchange of information required US competent authority and the relevant financial institution in San Marino held the communication. In that case, the provisions of paragraph 7 of Article 33 shall apply to the financial institution holding the San Marino to communication. The CLO should in any case provide the US competent authority with the information request object in the shortest possible time. 6. The agreement between the competent authorities referred to in Article 4, paragraph 3, of the IGA SM may establish rules and procedures to be used for the implementation of the provisions of this Article. Art. 21 (Exchange of information on request in the framework of agreements for the automatic exchange of information) 1. Except as provided in Article 20, if the agreements referred to in Article 24, paragraph 1, letter b), provide forms of exchange of information on request, the CLO acts as the competent authorities under the provisions of Title III, Chapter I, mutatis mutandis. CHAPTER II EXCHANGE OF INFORMATION Spontaneous Art. 22 (Rules and criteria for the exchange of spontaneous information) 1. With the exchange of spontaneous information under Article 26 of the OECD Model Convention and Article 7 of the Multilateral Convention (MAC), the authorities competent authorities of a State shall communicate, without a request is made prior request, certain information in their possession, to the competent authority of another State concerned. 2. The sending and reception of information between the competent authorities must be in compliance with the formalities and procedures established by the OECD in the Manual on the Implementation of Exchange of Information Provisions for Tax Purposes - Module 2 on Spontaneous Exchange of Information and its amended, where not inconsistent with the provisions of the agreements referred to in Article 2 and those referred to in this law. Art. 23 (Application Condition) 1. The spontaneous exchange of information, provided by the instruments mentioned in Article 22, can take place mainly when there are reasonable grounds to believe there may be a tax loss to the treasury of ' other Contracting State. CHAPTER III AUTOMATIC EXCHANGE OF INFORMATION Art. 24 (Application) 1. The provisions of this Title III, Chapter III, govern the automatic exchange of information under: a) Article 6 of the Convention Multilateral (MAC) implemented in accordance with the standard Global for automatic exchange of financial account information; b) the Agreement between the European Community and the Republic of San Marino providing for measures equivalent to those laid down in Directive 2003/48 / EC on taxation of savings income in the form of interest payments and a Memorandum of Understanding signed in Brussels on December 7, 2004, as amended by the amending protocol initialed on 26 October 2015 and launched the procedure for the signing and ratification; c) international agreements that conform to global standards for automatic exchange of financial account information; d) by the intergovernmental agreement with the United States Government (IGA SM) for the Foreign Account Tax Compliance Act (FATCA); 2. The exchange of information automatically takes effect as from the date specified in those contracts in relation to the periods referred to therein. 3. The agreements, referred to in paragraph 1, for the purposes of this Act are also generically referred to as "relevant agreements". 4. Any reference made to the Global Standard or CRS means extended to the agreement referred to in paragraph 1, letter b), unless otherwise indicated. Art. 25 (definitions laid down in standards) 1. For the purposes of the automatic exchange of information is used, consistent with the terms defined by this Law, the definitions given in the standards and agreements referred to in Article 24 contained in 'Annex A. 2. the Sammarinese financial institutions are authorized, for the application of the provisions of this Act, the IGA MS and FFI Agreement, to use the terms defined in the regulations of the US Treasury Department provided this does not prejudice the purposes of this Act and to such arrangements. Art. 26 (Financial Institution Complainant) 1. For the purposes of this Act the term "Financial Institution Complainant" means any entity that falls within the definition of "Financial Institution Complainant" within the meaning of the relevant agreement. 2. Included within the definition of Financial Institution Complainant the following persons provided that they do not fall within the definition of "Financial Institution Not Complainant" under the relevant agreements: a) financial firms;
b) any other entity falling under the definition of financial institution under the relevant agreement and resident in the territory of the Republic of San Marino; c) permanent establishments in the territory of San Marino of foreign financial institutions. 3. Excluded from the requirements of this Act permanent establishments located abroad of resident financial institutions in the Republic of San Marino. 4. With reference to FATCA does not meet the definition of financial institutions Whistleblowers The persons satisfying the requirements for the qualification of "actual beneficiaries other than exempt funds" and "Funds that qualify as exempt beneficial owners". Art. 27 (income subject to communication) 1. For the purposes of this Chapter III with the expression "subject to communication loss" means a financial account that meets the following conditions: a) the bill falls within the definition of financial account under of the relevant agreement; b) the account is in the name: 1) with reference to the CRS, for one or more natural persons not resident in the territory of the Republic of San Marino, or to one or more entities not Financial Liabilities (NFPE), as defined in the relevant agreement, controlled by one or more natural persons not resident in the territory of the Republic of San Marino; 2) with respect to FATCA, to one or more US citizens wherever they live, or to one or more Financial Entities Not Passive (NFPE), as defined in the relevant agreement, controlled by one or more US citizens wherever they live; c) the entities referred to in point b), point 1), are residents of a State or jurisdiction falling under the definition of "Jurisdiction Participant" under CRS with which it is active exchange of information; d) the account is maintained by the Institution Financial Complainant: 1) with reference to the CRS, at 31 December 2015 or as from a date later than the latter; 2) with respect to FATCA, as of June 30, 2014, or with effect from a date later than the latter; e) the bill has the additional features provided: 1) with reference to the Global Standard, Section VIII, part D of the CRS; 2) with respect to FATCA, defined in the Agreement IGA SM; f) the account is not within the definition of excluded account under the relevant agreement. 2. In relation to the accounts do not exist except the due diligence requirements laid down in Article 28. 3. The Financial Institution Complainant identifies individuals at communication accounts by applying the due diligence procedure for the purpose of the automatic exchange under this law application of the relevant agreements. 4. The Financial Institution Complainant must apply the aggregation rules of the account balance and the currency of expression of the account under the relevant agreements in order to determine whether it meets the definition of subject to notice account. The aggregation rules of the account balance and the currency are contained: a) with reference to the Global Standard, in section VII, point C of Annex B; b) re IGA SM, in Section VI of Annex C. 5. In applying the rules on the aggregation of the account balance and the currency of expression of the account for the purposes of a relevant agreement and this Act, a balance which has a negative value is treated as if it had a null value. 6. The list of states and jurisdictions with which it is active the automatic exchange of information for the Global Standard is published and updated by resolution of the Congress of State. 7. A financial joint account to multiple actors assumes the status of a subject into account in communication even if only one of the joint holders subject has the characteristics referred to in paragraph 1, letters b) and c). 8. A financial account may be subject to multiple reporting requirements for implementation of different agreements where according to the definitions of the relevant agreements can be qualified as either account subject to communication as a US account. Similarly a joint account to multiple subjects, some of which have the characteristics that make it identifiable as a US account and others have the characteristics to identify it as a statement subject to communication, it is a subject account to reporting requirements under FATCA is that the agreements relating to Global Standard. Art. 28 (Obligations of proper verifications for the automatic exchange) 1. The due diligence for the purpose of the automatic exchange is the set of operating procedures that Whistleblowers Financial institutions must take in order to: a) determine whether a financial account it is subject to reporting under relevant agreement and the characteristics specified in Article 27, paragraph 1;
b) acquiring the data and documents necessary for the fulfillment of reporting requirements. 2. Except as provided in the following paragraphs, the due diligence procedures in relation to the relevant agreements are governed, with reference to the Global Standard, Annex B and, with reference IGA SM, Annex C. Obligations diligence shall run: a) with reference to the Global Standard, from 1 January 2016; b) re IGA SM, from 1 July 2014. 3. The Whistleblowers Financial Institutions, at the opening of a new financial account by a non-resident in the territory of the Republic of San Marino or a US citizen wherever resident, is required to obtain: a) the tax identification number issued by the State of residence (tax Identification Number, or TIN), provided that the code is provided for in that State as well as a certificate, also in the form of self-certification, tax residence and also for US citizens wherever they live, the US tax code and a self-certification of residence or non-US tax residence; b) for natural persons, the surname and first name, place and date of birth and address as well as documentation proving citizenship for US citizens; c) for persons other than natural persons, the company name or business name and the registered office; d) with reference only to the financial accounts falling under the definition of US accounts, a statement of consent to the disclosure of information under the Agreement and FFI Agreement IGA SM. 4. Whistleblowers Financial Institutions, at the opening of a new financial account by Financial Entities Not Passive wherever resident, acquire, in addition to information provided by the letters a) and c) of paragraph 3, the information specified in subparagraphs a) and b) of the same paragraph 3, relating to natural persons who exercise control over these entities. 5 The acquisition obligations set out in paragraphs 3 and 4, for opening financial accounts by persons resident in the United States or to United States citizens wherever they live, as well as the Financial Entities Not Passive non-US residents anywhere, check by one or more natural persons resident in the United States or by US citizens, effective from 1 July 2014. 6 as of 1 January 2016 shall take effect the acquisition obligations under paragraphs 3 and 4 for the opening of accounts financial by residents of States other than the Republic of San Marino and the United States of America, as well as non-passive financial entities, other than those referred to in paragraph 4 wherever resident. 7. In connection with the identified financial accounts as "US accounts" entertained 30 June 2014, the Whistleblowers Financial Institutions: a) acquire from these people, the US tax code and the consent to disclose information to the competent authority within the meaning of the US ' FFI agreement and the agreement IGA SM; b) give the customer the information referred to in Article 33, paragraph 2. 8. For the purposes of FATCA financial institutions shall maintain evidence aggregate annual amount of payments granted to each non-participating financial institution for the purposes of payment of the subjects reporting in communication as determined by the IGA SM, by the provisions of section IV of Annex C to this law and in line with the FFI Agreement requirements. 9 Referring to the Global Standard, under the principle of "Wider Approach" of the due diligence requirements referred to in this law, both in relation to the new accounts to the existing ones, apply to all financial accounts, provided they do not fall within the definition of excluded accounts, regardless of whether the residence dell'intestatario jurisdiction of the account falls within the definition of jurisdiction Participant. Art. 29 (Reporting obligations) 1. Each Financial Institution Complainant must, for the first year of communication and each subsequent calendar year, prepare a statement of the information to be reported under the relevant Agreement in relation to any entity financial account in communications, held at the institute during the calendar year in question. 2. The first year of communication is: a) the calendar year 2016, in relation to an account identified as a subject in communication count in the Global Standard; b) the calendar year 2014, in relation to an account identified as a topic into account in communications for the purpose of the IGA SM and FFI Agreements. 3. Notification should be made: a) with reference to the Global Standard, the CLO by March 31 of each year following the year
which the information relates, in the manner prescribed in Article 30; b) re IGA SM, the US competent authority within the time and in the planned dall'IGA SM mode and FFI Agreement. 4. The subject of communication information is: a) with reference to the Global Standards: The information set forth in Section I, paragraph A of Annex B; b) with respect to FATCA: The information indicated FFI Agreement. 5 With reference to the provision of paragraph 2, letter a), if this information is intended to jurisdictions applying the automatic exchange with effect of the years after 2016, the first year of communication is indicated in the resolution referred to in Article 27 . 6 in relation to the Global Standard Whistleblowers Financial Institutions, if, during the reporting period have not kept any account subject to disclosure, they are still required to submit a declaration, in the same terms set out in paragraph 3, certifying that fact. 7. In relation to the Global Standard Whistleblowers Financial Institutions can communicate information about an object of communication into account about the gross proceeds credited to those accounts from the sale or redemption of securities by 31 March of the second year following the year covered this information refers. They are still subject to the reporting requirements within the normal time limits of the remaining information. 8. The period referred to in paragraph 3, letter a) shall be extended to 30 June 2017 with reference only to the reporting requirements of the information relating to 2016 the subject of a report accounts covered by the definition of Pre-existing accounts. 9. With reference to FATCA, regardless of whether a financial account falls within the definition of account subject to communication, the obligation to notify referred to in this article does not exist in the head Financial Institutions Whistleblowers come true if the conditions laid down ' Annex II to the Agreement IGA SM that qualify the latter as: a) Financial Institutions small or limited scope that qualify as deemed compliant FFI; b) investment entities that qualify as deemed compliant FFI. Art. 30 (Global Standard: Communication to the competent authority and arrangements for exchange of information) 1. The Whistleblowers Financial Institutions transmit information relating to the subject of communication accounts, by the deadline referred to in Article 29, paragraph 3, point a ), through electronic means of transmission of security protocols and standards-based data defined in Title V and measures which it delegated. The CLO, received the data exchanged through the use of dedicated applications: a) carry out verifications of consistency and regularity of flows; b) requires financial institutions Whistleblowers correction of incorrect flows or the completion of missing data; c) processes the data received and distributed to all foreign competent authority in accordance with the procedures established under the Global Standard. 2. The data transmission to the foreign competent authorities takes place by 30 September of each year following that to which the reference information. These data are stored by the CLO until 31 December of the fifth year following the year of the exchange. Art. 31 (Global Standard: receiving information from foreign competent authorities) 1. The information regarding the financial accounts relating to tax residents in San Marino subject to disclosure, provided by competent foreign authorities in implementation of the relevant agreements on the automatic exchange information, are acquired by the CLO and stored in the manner and in compliance with safety standards set out in Title V and measures which it delegated. Art. 32 (Third-party suppliers of services) 1. In order to comply with the due diligence requirements and referred to in Chapter III communications, financial institutions may use third party service providers in accordance with the provisions of the following letters, without prejudice the financial institution's responsibility for the proper performance of these obligations even if for reasons attributable to these entities: a) as part of the checks carried out by the competent authorities in the proper fulfillment of obligations under the agreements referred to in Article 24, the institutions financial are required to provide copies of the documents and information acquired from third party service providers; b) financial institutions can not trust the validity of the status of the account holder determined by the third party service provider if they know or have reason to know that such status is unreliable or wrong.
2. Financial institutions can make available to service providers referred to in paragraph 1, that other financial institutions belonging to the same group, the documents and information acquired by reference to the financial account holders, necessary for the fulfillment of due diligence obligations, acquisition and communication of the data referred to in Chapter III. 3. The third party service providers referred to in paragraph 1 which maintain the documentation and information necessary for the fulfillment of the obligations referred to in Chapter III by financial institutions may make available to the latter, the necessary documentation and information to comply with those obligations. 4. With the measures referred to in Article 52 are introduced terms and conditions for implementing the provisions of this Article. Art. 33 (Additional requirements facing financial institutions in implementation of the IGA SM) 1. Financial Institutions Whistleblowers are required to sign up on the IRS web site for registration FATCA by 1 July 2014 and to meet the requirements FFI Agreement, even on the plane for the proper verification, communication and activity of withholding. This provision also applies to the new reporting financial institutions that start their activities after the entry into force of this Act. Such persons must fulfill the obligations set out in this paragraph within six months from the date of start of operations. 2. As part of the adequate verification process referred to in Article 28, relating to pre-existing accounts (preexisting account), the Whistleblowers Financial Institutions communicate, in writing, to the US account holders that, in case of refusal to provide tax code US and allowed to communicate: a) will be reported to the IRS aggregated account information; b) the account information could give rise to a group required by the IRS for specific account information; c) in the case referred to in this paragraph the account information is transmitted to the CLO, which subsequently will provide the IRS, in accordance with Article 20. 3. The Whistleblowers Financial Institutions are required to report to the IRS, annually and in the forms and procedures provided for FFI, aggregated information relating to US accounts without a declaration of consent. 4. With regard to the accounts or the obligations assumed with regard to financial institutions which are not participating in the June 30, 2014 and in respect of which the financial institution in San Marino held the communication is expected to pay an amount subject to foreign communications, ie a payment of an annual or periodical income payments, fixed or determinable, which would apply the withholding tax if it came from the United States internal sources, it is required to: a) for the calendar years 2015 and 2016, requiring each institution financial non-participant allowed to communicate and simultaneously inform in writing the institution itself, in the absence of consent: 1) shall be forwarded to the IRS aggregate information on foreign communications subject to amounts paid to the financial institution not involved; 2) such information could give rise to a group required by the IRS for specific information on accounts or obligations; 3) in the case of paragraph 2) the information on the accounts and obligations are transmitted to the CLO which subsequently will provide the IRS pursuant to Article 20; b) for the calendar years 2015 and 2016, report to the IRS the number of financial institutions are not participants who have not given their consent, which were paid to foreign entities communication amounts during the year and the total value of these payments by 15 March of the year following the year to which the information relates. 5. With reference to the opening of new financial accounts as from 1 July 2014, identified as US accounts (new account), the Whistleblowers financial institutions are required to refrain from power of the relationship in cases where it is denied by the client consent the data communication referred to in Article 28, paragraph 3, letter d). 6. With regard to the new accounts opened with, or obligations assumed with regard to non-participating financial institution as of 1 July 2014, and according to which the financial institution in San Marino held the communication is expected to pay a foreign amount subject to communication, Whistleblowers financial Institutions are required to obtain from any financial institution nonparticipating allowed to communicate, in accordance with the requirements
an FFI Agreement, as a condition for opening the account, or insurance commitments. 7. Whistleblowers financial institutions are authorized to draw from the US accounts the withholding provided for in Article 3 of the IGA SM in cases it covers of the rules relating to US accounts without a declaration of consent. 8. With reference to financial institutions not Participants, which are branches of foreign financial institutions Whistleblowers San Marino or foreign entities related to them, are subject to the conditions provided for in paragraph 5 of Article 3 of the IGA SM for recognition by Complainant Sammarinese Financial Institution of the "Participant FFI status". Art. 34 (Obligation of keeping information and documents obtained during the verification process appropriate) 1. Financial institutions keep records and evidence used in order to perform the due diligence requirements and the acquisition of data on financial accounts to the purpose of the automatic exchange of information referred to in Title III, Chapter III, until 31 December of the fifth year following the year in which the due diligence has been completed. In cases of failure to disclose such term it is extended until the tenth year. CHAPTER IV FINAL PROVISIONS OF TITLE III Art. 35 (agreements in accordance with the Global Standard) 1. The automatic exchange of financial information, in implementation of the agreements referred to in Article 2, paragraph 1, letter c), comply with the OECD standards, It shall respect the provisions of this Act related to the Global Standard for as long as they are compatible not conflict with the provisions of the agreements. By delegated decree may be provided for implementing the provisions of these agreements. Art. 36 (Usability of data for the purposes of tax audits) 1. The information acquired in the course of the forms of cooperation provided for by this law shall only be used for the assessment and tax investigations by the field offices as well as in 'scope of criminal proceedings which have as their object misdeeds tax. 2. Detailed rules for access to that information by the competent offices establishment of taxes are established by special agreements between the CLO and the aforementioned offices within which the principals of protection of confidentiality of data are identified in line with those provided for by this Act. TITLE IV OTHER FORMS OF ASSISTANCE Art. 37 (Simultaneous tax examinations) 1. The simultaneous tax examination, provided for in Article 8 of the Multilateral Convention (MAC) and its commentary, is an agreement between two or more parties to examine simultaneously and independently , in their own territory, the tax position of one or more taxpayers to which there is a common interest or related, with the intention of exchanging the information thus obtained. 2. The competent authority for simultaneous tax examinations is the office or the deputy authorities / to the activity of assessment of tax or tribute object of simultaneous examinations. 3. The start of simultaneous tax examinations by the competent authorities of San Marino takes place in compliance with the guidelines set out in the OECD commentary on the MAC. The agreements referred to in paragraph 1 may take the form of bilateral or multilateral memoranda of understanding, of working arrangements or other similar instruments in order to facilitate the efficient performance of audits. Such arrangements shall be signed by the San Marino authorities referred to in paragraph 2 and the foreign counterparts. 4. The authorities referred to in paragraph 2 may exchange information with foreign counterparts competent authorities the information obtained in the context of the simultaneous tax examination in accordance with procedures defined in the framework of the agreements referred to in paragraphs 1 and 3. This information sharing, except as provided for in the agreements and case law of the MAC, it takes place in accordance with the provisions of this Act. 5. For the purpose of exchange, the authorities referred to in paragraph 2 may secure the cooperation of the CLO. Art. 38 (Tax inspections referred to in Article 9 of the Multilateral Convention MAC) 1. The Secretary of State for Finance and Budget may authorize, at the request of foreign authorities, representatives of the same to attend the relevant phases of a given tax audit in the Republic of San Marino. 2. The authorization order establishes the rules and conditions for the participation of the competent foreign authorities to the tax audit in San Marino. The permit, if granted, always refers to a single request.
3. The authorization referred to in paragraph 1 is in any case subject to the satisfaction of the following conditions: a) the authorization must not be in conflict with the decisions and guidelines adopted by the Government of the Republic of San Marino and notified the MAC underwriters countries, on the acceptance of requests for assistance in tax audits in San Marino; b) the request must necessarily be followed by a request for exchange of information (EOIR), under the relevant agreements, for which there are the eligibility conditions set out in Title III, Chapter I; c) must have a valid defense opportunities for the foreign authorities in order to solve a case of paramount tax; d) that the foreign authority instance must be based on detailed grounds and must contain the reasons why it is important to the physical presence of a foreign competent authority representative. 4. The authorities of the Republic of San Marino, competent in the assessment and verification of the MAC object taxes, may submit a request for tax examination abroad, in accordance with Article 9 of the same Convention, to similar foreign competent authorities after authorization of the Secretary of State for Finance and Budget. Art. 39 (Assistance for recovery of tax credits) 1. The San Marino tax authorities, if requested by one or more of the Multilateral Convention Contracting States shall take the necessary measures to recover the tax credits claimed by the requesting State , as if it were its own tax claims. 2. The tax authorities of San Marino provides assistance referred to in paragraph 1: a) in compliance with the conditions, limits and procedures laid down in Articles 11 to 16 of the Multilateral Convention; b) reserves within the limits expressly formulated in connection with ratification of the Multilateral Convention. 3. The assistance measures referred to in paragraph 1 shall be identified by the measures, provided for in Article 52, which harmonize the provisions of the MAC with those of the internal rules on collection of taxes. TITLE V ARRANGEMENTS FOR DATA PROTECTION Art. 40 (Purpose) 1. The provisions of this Title shall apply to all activities involving the processing of personal data by the Office or the competent authorities of San Marino, in the context of tax cooperation international concerning the automatic exchange of information; They shall also apply to financial institutions insofar as compatible. 2. The above activities are carried out in compliance with the principles of Law n.70 / 1995 and, more specifically, the rights, fundamental freedoms and dignity of individuals, with particular reference to privacy and personal identity and ensuring, also, the rights of legal persons and any other entity involved in the treatment. 3. The provisions on data protection can be extended to other forms of exchange, mutatis mutandis, in accordance with international standards, on the basis of appropriate guidelines adopted by the CLO. Art. 41 (Collection and Handling) 1. The data and information to be exchanged are: a) treated in a manner consistent with the purposes of the present law; b) become usable in other processing operations on condition that it is not incompatible operations with those purposes; c) collected in a relevant, accurate, complete and not excessive in relation to the purposes of the present law; d) destroyed at the end of the maximum retention period provided for in the relevant agreements. 2. Any collection and storage in paper form of data and information to be exchanged must be in appropriate areas and with appropriate procedures to ensure the secrecy of the documents, in compliance with the requirements referred to in paragraph 1. 3. The information exchanged subject to international standards in the field of data protection. They shall also be taken all the technical and organizational measures to protect the data and information against accidental or unauthorized destruction, loss or dissemination, modification and alteration, unauthorized or any type of treatment not allowed. 4. In any case, the information to be exchanged shall be disclosed only to authorized persons and the competent authorities referred to in this law. Only persons authorized and competent authorities may use that information and then only for the purposes outlined above. 5. The information exchanged may be used for other purposes when the foreign competent authority which issued it authorizes such other use. In no case can be
used for the purpose of a tax in a category subject to the reservation. The information to be exchanged can be transmitted to third parties only with the foreign competent authority which issued it. 6. With regard to financial institutions the provisions of this Article are applied, restricted to the training, the processing and transmission of the data used to exchange information; therefore continue to apply the existing rules on the identification data of the customer collection and preservation and those relating to relations attributable to it. Art. 42 (Regulations) 1. State Congressional regulation, adopted following the mandatory opinion of the Guarantor for the protection of confidentiality of personal data referred to Law 70/1995 and Chapter V, below, for brevity Guarantor, are governed: a) holders of data processing; b) the procedures and criteria for the identification of those responsible and in charge of the processing; c) the responsibilities, obligations and prohibitions imposed on persons referred to in subparagraphs a) and b); d) the system administrator skills; e) systems and procedures to ensure the security and integrity of data and to allow limited access to the same, also with reference to data in paper format; f) the technical procedures for the treatment and exchange of data; g) reporting obligations relating to the collection and processing of data; h) the procedure for release and access management and digital identity recognition; i) the process of destruction of the expiry of the data retention period. Art. 43 (Obligations of owners, officers and managers) 1. Financial institutions, the data controllers, must: a) maintain at its headquarters an entry register of responsible and in charge of the access authorized treatment; b) verify, periodically or at least yearly, such authorizations; c) transmit to the CLO, by 31 December 2016, a list of names of such persons appointed managers. 2. Changes from the statement referred to in paragraph 1, letter c), they must be sent to the previously CLO to the transmission of data and in any case not later than 30 days after the change. Confidentiality obligations continue in chief to holders in the event of the withdrawal of access to termination of employment or consulting at the financial institution. 3. The CLO must keep at its registered office a register of their names responsible and in charge of the access authorized treatment, updating it without delay of any changes and verifying, on a periodic basis or at least yearly, such authorizations. The owners, the managers and officers must ensure that the individual location and access are compliant with security policies and access credentials are authorized and properly monitored. 4. The managers and officers must be adequately trained and made aware of the potential risks associated with the treatment of the data and to guarantee safety standards and procedures. 5 The managers and officers should use the information obtained solely for the purposes provided by law, in accordance with the principles of relevance and not surplus and indispensability; They must also ensure that there are no disclosures, communications, sales to third parties, nor by any means data replicas in cases other than those provided by the procedures, establishing the conditions to rule out the risk of unauthorized duplication of data realized through the use automated query tools. TITLE VI SANCTIONS CHAPTER I SANCTIONS Art. 44 (Obstruction of the activity CLO) 1. It applies the administrative fine ranging from a minimum of € 1,000.00 to a maximum of EUR 50,000.00 to anyone, having the legal obligation under the provisions of this Act: a) fails to comply, in whole or in part, to the demands of the CLO to transmit data and information for the exchange of information mentioned in Title III; b) fails to comply with instructions issued by the CLO in accordance with this Law; 2. The penalty referred to in paragraph 1 shall also apply to anyone who hinders or opposes the activities of verification and control of the CLO or other authorities or bodies to whom he delegates. Art. 45 (Violation of due diligence and communication) 1. It applies the administrative fine of a minimum of EUR 15,000.00 to a maximum of EUR 50,000.00 to the Whistleblowers financial institutions that fail to discharge their due diligence and / or communications, referred to in Title III, Chapter III.
2. Applies the administrative fine ranging from a minimum of € 5,000.00 to a maximum of EUR 30,000.00 to the Whistleblowers Financial Institutions, in achieving its due diligence and / or communication under this Law, provide information inaccurate or incorrect. 3. The sanctions referred to in this Article shall apply to every single breach found. the voluntary settlement is not permitted in Article 33 of Law 28 June 1989 n. 68. Art. 46 (Non-compliance with deadlines for the communication of information within the Global Standard) 1. It applies the administrative fine amounting to EUR 10,000.00 to Subjects Financial Whistleblowers that transmit the information referred to in Article 29 as well the terms set forth therein. 2. The penalty is reduced by: a) 50% for delays equal to or less than 15 days; b) 30% for delays of more than 15 days but less than 30 days 3. Communication of information carried over on June 30 involves the application of the penalty referred to in Article 45, paragraph 1. 4. The sanctions provided for this Article shall apply to every breach found. 5 the voluntary settlement is not permitted in Article 33 of Law no. 68/1989. Art. 47 (Violations in the field of data processing) 1. Failure of custody and reporting of the names of those responsible and in charge of financial institutions, referred to in Article 43, it involves the application of administrative pecuniary sanctions of € 2,000.00 for each violation. 2. In addition to the application of criminal laws, the failure to comply with the requirements set out in Title V, the breach of confidentiality obligations, disclosure to unauthorized third parties, duplication is not permitted, dissemination and destruction, even accidental, of data, comprising in chief to civil servants, including the application of disciplinary sanctions in mind the applicable rules and regulations of the code of conduct for public officials. 3. The breach of confidentiality obligations on the part of persons or of the requesting State authorities, involves the suspension of the forms of assistance governed by Title III with respect to that State, which is approved by a decision adopted by the State Congress on the proposal of the Secretary of State for Finance and Budget. Art. 48 (Relapse) 1. In case of relapse in the administrative violations set out in previous articles, the administrative fine is increased to twice as much as the maximum in the minimum, taking into account the gravity of the infringement. 2. For the purpose of this law is a recidivist who, in the three years preceding the last violation, alleged to have the same administrative violation. 3. the voluntary settlement is not permitted in Article 33 of Law no. 68/1989. Art. 49 (Increase penalties for fraudulent behavior) 1. The sanctions referred to in the preceding articles shall be increased up to twice as much as the minimum in the maximum if, in addition to unlawful conduct, is resorted to fraudulent means. 2. the voluntary settlement is not permitted in Article 33 of Law no. 68/1989. Art. 50 (Exclusion of liability) 1. The sanctions referred to in the preceding articles do not apply in the event that non-compliance with one or more due diligence and communication is due to force majeure. In any case, it does not constitute force majeure, for the purposes of this Article: a) the lack or non-availability of sufficient resources for the performance; b) believe that the other person should have, or could have, fulfill their due diligence and disclosure requirements of the present law. 2. Should a case of force majeure exists for the purposes of this article, but this is less then, the sanctions provided for in the preceding articles do not apply if the person fulfills, within 15 days of the termination of the force majeure, to due diligence and reporting obligations. Art. 51 (Dispute violations) 1. Establishment and contestation of infringements referred to in previous articles, and the application of sanctions to compete CLO. 2. The assessment of the action violations shall lapse after five years from the date on which the violation occurred. 3. The administrative fine is settled by payment to the CLO of the amount due within the time specified the order for payment. 4. The option to pay off the fine by voluntary settlement is carried out through the payment of a sum equal to half the penalty imposed, to be made within twenty days
from notification. 5. Against the sanction is permissible judicial administrative courts, in the form and terms provided for in Title II of Law no. 68/1989, except for the possibility for the judge to waive, in the context of appeals against the penalties imposed, with article 18, paragraph 4, of the same law. 6. The CLO, if the person sanctioned has not made the payment, activate the recovery procedure through role under Law 70 of May 25, 2004. 7. This registration takes place no earlier than six months after notification of the Authority's decision to double the penalty. 8. The administrative penalties prescribed in this Law are included in the list that year the Administrative Judge of Appeal proposes in accordance with Article 32 of Law no. 68/1989. TITLE V FINAL PROVISIONS Art. 52 (coordination and transitional provisions) 1. By decree can be delegated: a) changed or updated periodically in the attachments to this Act; b) defined sanctions related to the application of the FATCA legislation; c) set out the technical requirements and for the detection, transmission and communication of information on the subject of communication accounts; d) introduced application provisions of this Act and coordination required for its implementation and the resolution of conflicts with other provisions; this delegation will cease to work December 31, 2017; e) insert subsequent implementing provisions to the entry into force of the Protocol amending the Agreement between the European Community and the Republic of San Marino providing for measures equivalent to those laid down in Directive 2003/48 / EC on taxation of savings income in the form of interest payments. 2. In light of the urgent requirements which the CLO should carry for the application of tax cooperation instruments provided for in Title III, and in particular for the implementation of the automatic exchange of financial information giving effect to the provisions of the Congress of Resolution No. State. 15 of 23 March 2015 about the dynamic needs and special recruitment procedures and staff training, acknowledging also the recommendations made by the Global Forum on Transparency and Exchange of Information for Tax Purposes - OECD in the Phase 2 evaluation report adopted in November 2013 , it gives a mandate to the same State Congress to promote the procedures for the permanent employment of experts n.2 time through the appropriate contract for issuing licenses / qualifications and interview referred to in articles 32 and 33 of Delegated Decree August 2 2012 n. 106. 3. With the entry into force of this Act the two officers, one with a company director, appointed in accordance with Law 95/2008, as amended, shall remain in office in the corresponding qualifications referred to in Article 7, until the expiry of his term as a result of their appointment decisions under the previous regulations shall be 1 April 2018. at the same, as well as other employees of the CLO, they apply in any case the provisions referred to in this discipline including those relating to the duties, obligations and incompatibilities. Art. 53 (Repeals) 1. Are repealed all provisions inconsistent with this Law. Art. 54 (Entry into force) 1. This law comes into force on the fifteenth day following that of its legal publication. Our Residence, this day of 27 November 2015/1715 THE CAPTAINS REGENT Lorella Stefanelli - Nicola Renzi THE SECRETARY OF STATE FOR INTERNAL AFFAIRS Gian Carlo Venturini Annex A to Law 174 of 27 November 2015 TERM GLOBAL STANDARD FATCA Model IGA II EU Institution Complainant financial Reporting financial Institution an institution of a financial JURISDICTION pARTICIPANT that is not a fINANCIAL INSTITUTION nOT REPORTING. Financial An institution of a jurisdiction that is not a Participant FINANCIAL INSTITUTION NOT REPORTING. Any Financial Institution of each MEMBER STATE, with the requirements, which is not a FINANCIAL INSTITUTION NOT REPORTING. Financial institution of a Participant Participating Jurisdiction Jurisdiction Financial Institution Financial An institution that is resident in a JURISDICTION PARTICIPANT, but excludes branches of that Financial Institution located outside of this JURISDICTION PARTICIPANT, and all branches of a financial institution that is not resident in a jurisdiction Participant, if such branches are located in that jurisdiction Participant. Financial An institution that is resident in a
JURISDICTION PARTICIPANT, but excludes branches of that Financial Institution located outside of this JURISDICTION PARTICIPANT, and all branches of a financial institution that is not a resident in a jurisdiction Participant, if such branches are located in that jurisdiction Participant. Financial An institution which is based in San Marino, but excludes branches of that Financial Institution located outside of San Marino, and all branches of a financial institution that is not a resident of San Marino, where such branches are located in San Marine. Financial Institution Financial Institution A INSTITUTE OF HOUSING, a DEPOSIT INSTITUTE, an entity 'or VENTURE INVESTMENT OF INSURANCE SPECIFIED. A INSTITUTE OF HOUSING, a DEPOSIT INSTITUTE, an entity 'or VENTURE INVESTMENT OF INSURANCE SPECIFIED. A INSTITUTE OF HOUSING, a DEPOSIT INSTITUTE, an entity 'or VENTURE INVESTMENT OF INSURANCE SPECIFIED. Institute of Custody Custodial Institution entity that holds, as a substantial part of its activities, Financial assets on behalf of third parties. An Undertaking holds FINANCIAL ASSETS behalf of other subjects which substantial part of its business if the gross income attributable to the Body detention of Financial and related financial services activities is equal to or greater than 20% of each ENTITY which holds, as a substantial part of its business, FINANCIAL aCTIVITIES for third parties. An entity holds financial assets for the account of others as a substantial part of its activities if the entity's gross income attributable to the holding of financial and related financial services business is equal to or greater than 20 percent of the entity's gross income in the period each SCOPE which holds, as a substantial part of its activities, Financial assets on behalf of third parties. An entity holds financial assets for the account of third parties as a substantial part of its activities if the entity's gross income attributable to the holding of Financial and related financial services activity is equal to or exceeds 20% of the entity's gross income Annex A to Law November 27, 2015 174 gross income over the shorter of the Body: (i) the three-year period ending December 31 (ie the last day of a financial year does not coincide with the calendar year) previous year in which the determination is carried out; or the period during which the body has existed. the lesser of: (i) the three-year period ending December 31 (ie the last day of a financial year does not coincide with the calendar year) the previous year in which the determination is made; or (ii) the period over which the entity has existed. over the lesser of: i) the three-year period ending December 31 (ie the last day of a financial year does not coincide with the calendar year) the previous year in which the determination is made or the period over which the entity has existed. Institute of Deposit Depository Institution entity that accepts deposits as part of its ordinary banking or similar activities. An entity that accepts deposits as part of its ordinary banking or similar activities. Each SCOPE accepting deposits as part of its ordinary banking or similar activities. Undertaking for Collective Investment Investment Entity entity which mainly plays for commercial purposes one or more of the following activities or operations for or on behalf of a customer: trading in money market instruments (checks, bills, certificates of deposit, derivatives, etc. ), foreign exchange, financial instruments on exchange rates, interest rates and indices; securities or future values ​​of goods; individual and collective portfolio management; or other forms of investment, administration or management of FINANCIAL ASSETS or money on behalf of third parties; or one or more of whose gross income is primarily attributable to investment, reinvestment or trading financial assets, if the Board is run by each ENTITY which plays as an economic activity (or is managed by an entity which carries out an economic activity) following activities or operations for or on behalf of a customer: trading in money market instruments (checks, bills, certificates of deposit, derivatives, etc.), foreign exchange, financial instruments on exchange rates, interest rates and indices ; mobiliar of securities or commodity futures; individual and collective portfolio management; or other forms of investment, administration or management of funds or money on behalf of third parties.
Each SCOPE which plays as the main economic activities in one or more of the following activities or operations for a customer or on behalf of a customer: trading in money market instruments (checks, bills, certificates of deposit, derivatives etc.). Foreign currency instruments foreign exchange, interest rates and indices, securities or futures trading on listed goods; individual and collective portfolio management or other forms of investment, administration or management of financial assets or money on behalf of others or whose gross income is primarily attributable to investment, reinvestment or trading FINANCIAL ASSETS, if the entity is managed by a 'other entity that is iNSTITUTION OF Annex a to Law 174 of 27 November 2015 another body which is a INSTITUTE OF DEPOSIT, a INSTITUTE OF HOUSING, a COMPANY OF INSURANCE SPECIFIED or an INVESTMENT AUTHORITY. You consider that a body performs primarily for commercial purposes any of the activities, or the gross income of a body is primarily attributable to investment activities, reinvesting or trading financial assets, if the gross income attributable to such activities Body it is equal to or exceeds 50% of gross income over the shorter of the Body: (i) the three-year period ending on 31 December of the previous year in which the determination is made; or (ii) the period during which the body has existed. The term "Undertaking for Collective Investment" does not cover a body which is a NON-FINANCIAL ASSETS SUBJECT. DEPOSIT, INSTITUTION OF HOUSING, A COMPANY OF INSURANCE SPECIFIED or ENTITY OF INVESTMENT. Annex A to Law 174 of November 27, 2015 Financial assets Financial Asset Includes a title (for example, proportion of shares in a joint stock company; participation as a shareholder or beneficial owner of a publicly traded common or persons listed company or a trust, bond, promissory note or other evidence of debt), the investment in people, commodities, swaps society (for example, interest rate swaps, currency swaps, basis swaps, interest rate caps, interest rate floors interest, commodity swaps, equity swaps, equity index swaps and similar contracts), the insurance contract or contract of annuity, or participation (including futures or forward contract or option) in a title, the investment in people, commodity companies, swap, the insurance Contract or Contract of annuity. The term "financial assets" does not include a non-direct debt investment in real estate. --------------------------------- ---------------- Includes securities (eg shares or securities of a corporation, the shares or units as of the beneficial owner in person or disseminated trusts or listed on an exchange, promissory notes, bonds or other debt securities), shares in partnerships, listed goods, swaps (such as interest rate swaps, currency swaps, basis swaps, interest rate cap, floor interest rate swaps traded commodities, swaps on equities, equity swaps and similar agreements indices ), insurance contracts or annuity contracts, or any equity interest (including futures or forward contracts or options) in securities, in partnership, for traded goods, swaps, contracts of insurance or annuity contracts. The term "financial assets" does not include a direct and non-debt in a property interest. Insurance Company Specified Specified Insurance Company SCOPE which is an insurance company (or the holding company of an insurance company) that emits a CONTRACT OF INSURANCE FOR WHICH IS MEASURABLE VALUE OF ACCRUED or ANNUITY CONTRACT, or is obliged to make their payments. SCOPE is an insurance company (or the holding company of an insurance company) that issues, or is obliged to carry out, in relation to a payment INSURANCE FOR WHICH THE AGREEMENT IS MEASURABLE VALUE ACQUIRED or an annuity contract. Each SCOPE which is an insurance company (or the holding company of an insurance company) that emits INSURANCE CONTRACTS FOR WHICH ACQUIRED or MEASURABLE VALUE OF ANNUITY CONTRACTS or is obligated to make payments relating to these contracts. Annex A to Law 174 of November 27, 2015 Financial Institution Not Complainant Non-Reporting Financial Institution A financial institution that is: a public body, international organization or CENTRAL BANK, which is not related to a payment resulting from
an obligation assumed in the context of a commercial activity carried on by an enterprise of financial INSURANCE SPECIFIED, INSTITUTE OF CUSTODY or DEPOSIT INSTITUTE; a PENSION FUND TO WIDE PARTICIPATION; a PENSION FUND PARTICIPATION RESTRICTED; A FUND BOARD OF A PUBLIC BODY, International Organization or the Central Bank; or ISSUING OF CREDIT CARDS QUALIFIED; any other body which has a low risk of being used to evade taxes, and is defined in the domestic law as a INSTITUTE OF CASH NOT REPORTING, provided that the status of this body as a Financial Institution Not Complainant does not prejudice the aims of the Common Reporting Standard ; a VEHICLE OF COLLECTIVE INVESTMENT FREE; or trust, to the extent that the trustee is a Financial Institution Complainant and shall communicate all the information required on all Counts Subjects in Communication Any FINANCIAL INSTITUTION of San Marino or other entity residing in San Marino described in Annex II as an institution San Marino financial no obligation to notice or who otherwise qualifies as a foreign financial institution (FFI) considered defaulting or a beneficial owner is exempt under the relevant regulations of the US Department of Treasury, in force on the date of signing of this Agreement. It means any financial institution that is a) an Entity State, an international organization or a CENTRAL BANK, except for a payment obligation arising from a detainee in connection with a commercial activity carried on by an enterprise of Finance INSURANCE sPECIFIED, iNSTITUTION OF CUSTODY or iNSTITUTION OF DEPOSIT; b) a PENSION FUND TO WIDE PARTICIPATION, a PENSION FUND PARTICIPATION RESTRICTED, a BOTTOM BOARD FOR A SEPARATE STATE, of an international organization or a CENTRAL BANK or CREDIT CARD ISSUER TO QUALIFIED; c) any other ENTITY that has a low risk of being used for tax evasion, is defined in the national law as a FINANCIAL INSTITUTION IS NOT BOUND TO COMMUNICATION, it is covered by Article 8, paragraph 7a of Directive 2011/16 / EU Council on administrative cooperation in the tax area and reported for San Marino and for San Marino, is communicated to the European Commission, in Annex a to Law 174 of 27 November 2015 of the trust. provided that its status FINANCIAL INSTITUTION IS NOT BOUND TO COMMUNICATION not prejudice the achievement of the purposes of this Agreement; d) A COLLECTIVE INVESTMENT VEHICLE FREE or e) a trust, to the extent that the respective trustee is FINANCIAL INSTITUTION IS NOT BOUND TO COMMUNICATION and shall communicate all information that must be disclosed in accordance with Section I in relation to all the counts Subject Communication of the trust. Body Public Governmental Entity The Government of any jurisdiction, any political subdivision of a jurisdiction (which, for the avoidance of doubt, includes a state, a province, a district or a municipality) or any agency or instrumentality wholly-owned or of a jurisdiction of one of the above subjects (each designated as "Public Body"). This category includes the integral parts, audited entities and political subdivisions of a jurisdiction. The term "integral part" of a jurisdiction means an individual, organization, agency, office, background, institution or other body in any way The San Marino Government, any political subdivision of San Marino (which for the avoidance of doubt, includes a state , a province, a district or a municipality) or any public agency or institution wholly owned by San Marino or any one or more of the previous subjects (said, "governmental entities of San Marino"). This class includes integral parts are those subsidiaries and the political subdivisions of San Marino. For an integral part of San Marino we shall mean any person, organization, agency, office, background, public body or other body, however designated, that constitutes a governmental authority of San Marino. Net profits of governmental authority is understood to be the government of a Member State, San Marino or another jurisdiction, any political subdivision of a Member State, San Marino or another jurisdiction (which, to avoid any ambiguity, includes a state, a province, a county or a municipality) and any agency or instrumental entity wholly owned by a member State, San Marino or from another jurisdiction, or by one or more of the previous subjects (each of which It constitutes a ' "Entity
State "). This category includes the integral parts are those subsidiaries and the political subdivisions of a Member State, San Marino or other Annex A to Law 174 of November 27, 2015 designated, which is a public authority of a jurisdiction. the public authority must be credited to net earnings of own account or other accounts of the jurisdiction, without any percentage for the benefit of a private person. the term "part" does not include natural persons who are a sovereign, officer or director acting in a private or personal capacity. the term "bODY CONTROLLED" means a body that is separated in the form of the jurisdiction or otherwise constitutes a separate legal entity, provided that: the body is wholly owned and controlled by one or more public bodies, directly or through one or more controlled entities, net gains Body are credited to your account or the accounts of one or more public bodies, without any percentage of its revenues for the benefit of a private person; and Active Body are conferred on one or more public bodies in the event of dissolution. The revenue does not go to the benefit of private persons if such persons are the designated beneficiaries credited to an own account or other accounts of San Marino, no percentage for the benefit of a private person. For part no means physical persons in the capacity as sovereign, officer or director involved in a private or personal capacity. For controlled entity means a separate entity in the form of San Marino or that otherwise constitute a separate legal entity, provided that: the entity is wholly owned and controlled by one or more governmental entities of San Marino, directly or through one or more controlled entities; The entity's net profits are credited to your account or the accounts of one or more governmental entities of San Marino, no percentage of the benefit of a private person income; and the active entity confer to one or more governmental of San Marino event of an entity dissolution. A revenue is not considered for the benefit of private persons if those are the designated beneficiaries of a government program, and the program's activities are carried out for the public welfare or concern the management of certain phases of government. Notwithstanding the foregoing, however, the income is considered to benefit privatize comes from the use of a governmental entity to conduct business that lends jurisdiction. Annex A to Law 174 of 27 November 2015 of a public program, and program activities are carried out for the welfare of the public in general or relate to the management of certain phases of the government. However, notwithstanding the above, it is believed that the revenues go to the benefit of private persons if they derive from the use of a public body in order to conduct business that provides financial services to private entities, such as commercial banking business character . financial services to private individuals, such as in commercial banking services. International Organization International Organization An international organization, or an agency or entity wholly-owned. This category is split intergovernmental organization (including a supranational organization) which mainly includes governments; which has an agreement in place with the jurisdiction of the headquarters agreement or substantially the same; and whose income does not go to the benefit of private persons. Any international organization, agency or institution wholly owned by the organization. This category includes any intergovernmental organization (including a supranational organization) which primarily includes non-US governments; It has a headquarters agreement in place with San Marino; and whose income does not benefit the public. Any international organization, agency or instrumental entity wholly owned by it. This category includes any intergovernmental organization (including a supranational organization) which mainly consists of governments that concluded a headquarters agreement or a substantially similar agreement with the Member State, San Marino or other jurisdiction, and iii) in a non accrues for the benefit of private individuals. Central bank Central Bank institution that, by law or government authorization, is the principal authority, in addition to the Government of the same jurisdiction, the issue of authority instruments intended to circulate as currency. The institution that, by law
or to government authorization, it is the principal authority, in addition to the Government of San Marino itself, issuing tools intended to circulate as money. That institution An institution may include a body that is by law or governmental approval the principal authority, other than the Member State Government itself, of San Marino or the other jurisdiction that issues instruments to Annex A to Law 27 November 2015 n. 174 may include setting up a separate body from the Government of the jurisdiction, regardless of whether it is wholly or partially owned by the jurisdiction. It separated from the San Marino Government, regardless of which is wholly or partly of San Marino property. circulate as currency. This institution can include a distinct instrumental entity from the Member State government of San Marino or the other jurisdiction, owned or not owned in whole or in part, by the Member State, San Marino or other jurisdiction. Pension Fund for Large Participation Broad Participation Retirement Fund A fund established to provide pensions for disability or death benefits, or a combination thereof, to beneficiaries who are employees or former employees (or persons designated by such employees) of one or more employers working in consideration of services rendered, provided that the fund: have a single beneficiary with a right to more than five percent of the fund's assets; it is subject to public regulation and provides for the communication of information to the tax authorities; and satisfies at least one of the following requirements: the fund is generally exempt from tax on investment income, namely the taxation of that income is deferred or at a reduced rate, by virtue of its pension plan status; the fund receives at least 50% of its total contributions (other than transfers of assets or retirement accounts by working promoters employers; distributions or withdrawals from the fund is a fund set up in San Marino to provide pensions, death benefits or disability or a combination of them to the beneficiaries who are employees or former employees (or persons designated by such employees) of one or more employers as compensation for the services rendered, provided that the fund: have a single beneficiary with a right to more than five percent of the fund's assets; it is subject to state regulations and provide annual information on its beneficiaries to the relevant tax authorities in San Marino; and meeting at least one of the following requirements: the fund is generally exempt from taxes on income in San Marino investment under the laws of San Marino by virtue of its status as a retirement or pension plan; the fund receives at least 50 percent of its total contributions (other than transfers of assets from others or from pension and social security accounts by employers work promoters; distributions or withdrawals A fund set up to provide retirement benefits, disability benefits or death, or a combination thereof, to recipients who are, or have been, employees (or persons designated by such employees) of one or more employers as consideration for services rendered, provided that the fund: have a single beneficiary entitled to more than 5% of the fund's assets; is subject to public regulation and provides for the communication of information to the tax authorities and meets at least one of the following requirements: the fund is generally exempt from tax on capital income, or the imposition of such income is deferred or is subject to a rate reduced, given his status as a pension scheme; The fund receives at least 50% of its total contributions (other than transfers of assets from other retirement plans, or retirement accounts by employers that Annex A to Law 174 of 27 November 2015 allowed only upon the occurrence of certain events related to retirement, disability or death (except for distributions to other pension funds or retirement accounts, or apply penalties on distributions or withdrawals made before these specific events; or contributions (other than certain levies retrospectively allowed) from employees to the fund are limited based on income received by the employee or can not exceed $ 50,000 a year, by applying the rules for the aggregation of accounts, and currency conversion. from the fund are allowed only upon the occurrence of certain events related to retirement, disability or death (except for renewals of distributions to other pension funds referred to in paragraphs a to C of this
Section or pension and social security accounts in sub-paragraph A (1) of Section V of this Annex II), or apply sanctions on distributions or withdrawals made before these specific events; or contributions (other than certain retrospective contributions allowed) paid by employees to the fund are limited based on income of the employee or can not exceed $ 50,000 a year, by applying the rules of 'Annex I to aggregate accounts and conversion currency. finance; distributions or withdrawals from the fund are allowed only if specific events occur related to retirement, disability or death (except for renewal distributions to other pension funds or retirement accounts, or apply penalties on distributions or withdrawals made before these specific events or contributions (other than certain permitted replenishing contributions) to the fund by employees are limited in respect of income from work of the employee or can not annually exceed an amount denominated in the domestic currency of any member State or San Marino corresponding to 50 000 USD, applying the standards of section VII concerning the aggregation of accounts and currency conversion. Pension Fund for Participation Participation Restricted Narrow Retirement Fund a fund established to provide pensions, disability or death benefits to beneficiaries who are employees or former employees (or persons designated by such employees) of one or more employers in consideration of the services rendered, provided that: the fund accounts less than 50 participants; the fund is promoted by one or more employers or other BODIES OF INVESTMENT ENTITIES A fund established in San Marino to provide pensions, death benefits or disability benefits to beneficiaries who are employees or former employees (or persons designated by such employees) of one or more employers as compensation for the services rendered, provided that: the fund accounts less than 50 participants; the fund is promoted by one or more employers or other investment entities NFFE non-financial entities A fund set up to provide retirement benefits and disability benefits or death to recipients who are, or have been, employees (or persons designated from such employees) of one or more employers in return for services rendered, provided that: the fund has less than 50 participants; the capital being financed by one or more employers who are not Entities Investment Entity or not Annex A to Law 174 of 27 November 2015 NON-FINANCIAL LIABILITIES; the contributions of employees and employers to the fund (other than transfers of assets from retirement accounts are limited, respectively, based on the income received and the salary of the employee; participants who are not residents of the jurisdiction in which it established the Fund are not entitled to more than 20% of fund assets, and the fund may be subject to public regulation and provides for the communication of information to the tax authorities. passive foreign; the contributions of employees and employers to the fund that are not transfers of activities by pension and retirement accounts are limited, respectively, based on income and the remuneration of the employee; the participants are not residents of San Marino are not entitled to more than 20 percent of the fund's assets, and the fund is subject to governmental regulation and provide annual information on its beneficiaries to the competent tax authorities of San Marino. Financial Liabilities; contributions to the fund of the employee and the employer (other than transfers of assets from retirement accounts are limited by reference to earned income, respectively, and the employee's remuneration; participants who are not resident in the jurisdiction (a Member State or San Marino ) in which it established the Fund may not hold more than 20% of the fund and the fund is subject to public regulation and provides for the communication of information to the tax authorities. Pension Fund of a public Body, International Organization or Pension Central Bank fund of a Governmental Entity, International Organisation or Central Bank a fund set up by a BODY PUBLIC INTERNATIONAL ORGANIZATION or CENTRAL BANK to provide pensions, disability benefits or death to the beneficiaries or participants who are employees or former employees (or persons designated by those employees ), or who are not employees or former employees, if these allowances are provided to such beneficiaries or participants in consideration of services
Personalized Body Public, international organization, or the Central Bank. A fund established in San Marino by a beneficial free to provide pensions, disability or death benefits to the beneficiaries or participants who are employees or former employees of the beneficial free (or persons designated by such employees), or who are not employees or former employees, if the benefits provided to such beneficiaries or participants are paid as compensation for personal services rendered to the beneficial exempt. A fund established by the State Entity, as an international organization or by a central bank for payment of retirement benefits and disability benefits or death to the beneficiaries or participants who are, or were, employees (or persons designated by those employees ), or they are not, or have not been, employees, if the services provided to such beneficiaries or participants have the consideration of personal services performed for the State entities, the International Organization or the Central Bank. Annex A to Law 174 of November 27, 2015 Issuer Credit Cards Qualified Qualified Credit Card Issuer A financial institution that meets the following requirements: the Financial Institution is a Financial Institution solely because it is an issuer of credit cards that accepts deposits only when a customer makes a payment to a higher balance due in relation to the paper and the overpayment is not immediately returned to the customer; the Financial Institution has policies and procedures designed to prevent a customer can make an overpayment greater than $ 50,000, or to ensure that any excess payment of superior customer to $ 50,000 to be repaid to the customer within 60 days, and applying in each If the rules for the aggregation of accounts, and currency conversion. To this end, an overpayment of a client does not refer to the credit balances in the form of the objections, but includes credit balances arising from the return of goods. a financial institution is a financial institution in San Marino not obliged to communication and considered a FFI certified considered fulfilled the contract for the purposes of section 1471 of the Internal Revenue Code if it meets the following requirements: the financial institution that is only because it is an issuer of cards credit that accepts deposits only when a customer makes payments in excess of an outstanding balance via paper and the overpayment is not immediately returned to the customer; as low as or before the 1 July 2014, the financial institution has policies and procedures to avoid customer deposits exceeding $ 50,000 or to ensure that any older clients store to $ 50.000, in any case, by applying the rules referred to 'Annex I on the aggregation of accounts and the currency conversion, is returned to the customer within 60 days. To this end, a customer deposit does not include credit balances in the form of the objections, but includes credit balances resulting from returning the goods; and the financial institution must meet the requirements provided for in paragraph C of Section VI of this Annex II. Financial An institution that meets the following requirements: Financial institution is only as it is a transmitter of credit cards that accept deposits only in return for a payment in excess of the customer the balance due under the Charter and the overpayment the customer is not immediately returned, and from 1 January 2016 or before that date the Financial Institution implements policies and procedures to prevent a customer makes payments in excess of an amount denominated in the domestic currency of any member State or San Marino match 50 000 USD, or to ensure that any payment in excess of a customer this amount is refunded to the customer within 60 days, in both cases by applying the rules on aggregation of accounts and currency conversion. To this end, the excess payment of a client is not calculated in credit balances if attributable to dispute the charges but includes credit offsets resulting from the return of goods. Investment vehicle Exempt An Undertaking for Collective Investment that is regulated as a INVESTMENT VEHICLE --------------------------------- -------------- investment entity that is regulated as a VEHICLE oF COLLECTIVE INVESTMENT, provided Annex a to Law 174 of 27 November 2015 Exempt Collective Investment Vehicle COLLECTIVE, provided that all holdings in the investment vehicle
collective are held by or through natural or legal persons who are not People Covered by the Communication, with the exception of a Prohibited Financial Liabilities with PARENT who are PEOPLE SUBJECT TO COMMUNICATION. An Undertaking for Collective Investment that is regulated as a collective investment vehicle falls within the COLLECTIVE INVESTMENT FREE because of the fact that the collective investment vehicle issued materially bearer shares, provided that: the collective investment vehicle has not issued , and not materially emit any bearer share; the vehicle of collective investment retreats all these actions at the time of redemption; the collective investment vehicle performs the due diligence procedures laid down in Sections II to VII and communicate any required information relating to these actions when they are presented for redemption or other payment; and collective investment vehicle provide for policies and procedures to ensure that these shares are redeemed or that all the units or shares in collective investment vehicle are held by or through Individuals or entities who are not People of the Communication Object, excluding SCOPE NOT FINANCIAL LIABILITIES with People practicing People who have Control Communication Object. An 'Investment Entities regulated as a collective investment vehicle does not cease to qualify as a COLLECTIVE INVESTMENT FREE Vehicle only because the collective investment vehicle issued shares in physical bearer form, provided that: the collective investment vehicle has not issued , and does not issue, no physical action in bearer form after December 31, 2015; the vehicle of collective investment retreats all these actions in the event of redemption; the collective investment vehicle to implement the due diligence procedures laid down in Sections II to VII and communicate any information required to be disclosed in respect of such actions, when these are presented for redemption or other payment and collective investment vehicle have policies and procedures to ensure that these shares are redeemed or immobilized as Annex a to Law 174 of 27 November 2015 fixed as soon as possible. soon as possible and before 1 January 2018. Financial Account Financial Account An account held by a Financial Institution and includes a BEHALF OF DEPOSIT, a CUSTODY ACCOUNT and: in the case of a Board of Investment, investments or interest expense in the Institute Financial. Notwithstanding the foregoing, the term "Financial Account" does not include shares or interest in a body that is an Undertaking for Collective Investment on the sole ground that provides advice on investments, and acts on behalf of, or manages portfolios, and it acts on behalf of a customer in order to invest, manage or administer financial assets deposited on behalf of the customer at a Financial Institution different from that body; in the case of a non-descript Financial Institution, investments or financial interest in the Institute, if the interests of the class was established in order to avoid the notice pursuant to Section I; and a contract for which an insurance Matured value is measurable and an annuity contract issued or entertained by a Financial Institution, which is not an annuity has the same meaning as in the relevant Regulations of the US Treasury, but does not include accounts excluded from the definition of financial account in Annex II. An account held with the Financial Institution; This expression includes a DEPOSIT ACCOUNT, in the case of an Entity and Investment HOUSING: ACCOUNT, shares in the venture capital or Financial Institution debt. However, the expression "Financial Account" does not include shares in the venture capital or debt capital in the Entity that has an Entity Investment solely because advises on investment and acts on behalf of, or manages portfolios and it acts on behalf of a client for the purpose of investment, management or administration of financial assets deposited in the customer's name Financial institution different from that entity; in the case of non-financial institution described in Part C, paragraph 1, letter a) of the shares in the venture capital or the financial institution debt financing, if the shares of the category has been set up to circumvent the communications due under the section I and
any insurance contract for which a Measurable Value Annex A to Law 174 of 27 November 2015 immediate lifetime non-transferable and not linked to investment granted to a natural person and that monetizes a pension or disability benefits provided under an account which is a INCOME EXCLUDED. The term "FINANCIAL ACCOUNT" does not include any statement which is a statement Excluded. Matured and any annuity contract issued by or held with financial institution, other than an immediate annuity, non-transferable and not linked to investment which is issued against a natural person and includes the monetization of a pension or a ' disability allowance provided for under an account that is a INCOME EXCLUDED. The "Financial Account" term does not include any account that is a statement Excluded. Deposit Account Depository Account Any merchant account, checking account, savings account, term account, or an account certificate from a certificate of deposit, savings certificate, investment certificate, certificate of debt, or other similar instruments entertained by an Institute financial in the normal course of banking or similar activities. A Deposit Account also includes an amount held by an insurance company under a guaranteed investment contract or similar arrangement for the payment or credit of interest on it. --------------------------------- -------------- Includes any account trade, current account, savings account, term account or savings deposit account or an account that is proved by a certificate of deposit, savings certificate, investment certificate, certificate of debt, or other similar instrument managed by a ' Financial institution as part of its ordinary banking or similar activities. A Deposit Account also includes an amount held by an insurance company on the basis of a guaranteed investment contract for a similar payment arrangement or credits related interest. An account of Custody account (other than an --------------------------------- ------ OF CONTRACT -------- it means an account (other than an Agreement Annex a to Law 174 of November 27, 2015 Custodial account INSURANCE aND aNNUITY CONTRACT) that includes one or more financial assets to the benefit of another person. of insurance or an annuity contract) which holds one or more financial assets for the benefit of another person. Participation Equity Interest In the case of a partnership that is a Financial Institution, a participation in the capital or profits of the partnership. In the case of a trust that is a Financial Institution, it is believed that a participation is held by a person treated as a settlor or beneficiary of all or part of the trust, or other natural person engaged in the last instance the effective control over the trust. A Person Subject to the Communication will be treated as a beneficiary of a trust if such Person Subject to Communications has the right to receive, directly or indirectly (eg, through an agent) compulsory distribution or can receive, directly or indirectly, a discretionary distribution from the trust. --------------------------------- -------------- In the case of a partnership that is financial institution, participation in the capital or profits of the partnership. In the case of a trust which is Financial Institution, a Unit in the Risk Capital is deemed held by any person regarded as a settlor or beneficiary of all or part of the trust, or any other natural person who ultimately, exercise effective control over the trust. One Person Communication Object will be considered a beneficiary of a trust if it is entitled to receive from the trust, directly or indirectly (eg, through a nominee), a mandatory distribution, or can receive, directly or indirectly, a discretionary distribution. Contract Insurance Insurance Contract A contract (other than an annuity contract) under which the issuer agrees to pay a sum to the occurrence of a specified contingency that implies a risk of mortality, morbidity, have the same meaning as set out in relevant regulations the US Treasury Department. A contract (other than an annuity contract) under which the issuer agrees to pay an amount to the occurrence of a specific event involving mortality, morbidity, injuries, Annex A to Law 174 of 27 November 2015
injury, liability, or real estate. liability or asset risk. Contract of Annuity Annuity Contract A contract under which the issuer agrees to make payments for a specified period of time, in whole or in part in relation to the life expectancy of one or more natural persons. This term also includes a contract that is considered an Annuity Contract in accordance with the law, regulation or practice of the jurisdiction in which the contract was issued, and under which the issuer agrees to make payments for a specified number of years. They have the same meaning as set out in relevant regulations of the US Treasury. A contract under which the issuer agrees to make payments for a specified period of time in whole or in part by reference to the life expectancy of one or more Individuals. The term also includes a contract that you consider an annuity contract in accordance with applicable laws, regulations or practices of the jurisdiction (a Member State, San Marino or another jurisdiction) where the contract was issued, and depending on the which the issuer agrees to make payments over a period of years. Insurance contract for which a value is measurable Matured Cash Value Insurance Contract An insurance contract (other than a reinsurance contract between two insurance companies) for which a measurable VALUE ACQUIRED. Have the meanings set out in the relevant regulation of the US Treasury. An Insurance Contract (other than a reinsurance contract compensation between two insurance companies) which has a value Matured. Matured Value Cash Value The higher of the amount that the policy holder is entitled to receive a ransom or termination of the contract (determined without reduction for any redemption fees or loans on insurance policies), and the amount that the policyholder may want to loan under the contract or in relation to the same. Without prejudice to have the same meaning as set out in relevant regulations of the US Treasury. The higher of the amount that the insured has the right to receive upon redemption or cancellation of the contract (determined without reduction for any redemption fee or loan on the policy) and the amount that the insured can borrow according to the contract as well. Subject to Annex A to Law 174 of 27 November 2015 on, the term "Matured value" does not include an amount due under a contract of insurance: only following the death of a person insured under a contract of insurance about life; as compensation for personal injury or sickness or other benefits that provides compensation for any financial loss incurred upon the occurrence of the event against which the insurance is established; as a refund of a previously paid premium (less the cost of insurance charges actually imposed or not) under an Insurance Contract (other than a life insurance policy linked to investments or a pension) contract because of cancellation or termination of the contract, reduction of exposure to risk during the period of effectiveness of the contract, or because of the correction of an error in the data or error in connection with the award for the contract; as insured dividend (other than a dividend resolution), provided that the dividend refers to an insurance contract under which the compensation due; or as a return of an award of advance payment or deposit for a premium above, the "value Matured" term does not include the amounts due under the Contract of Insurance: only in death because of a natural person insured under a contract life insurance; such as compensation for accidents or illness or other allowance that provides compensation for the economic impact on the occurrence of the insured event; as reimbursement of previously paid premium (net of the cost of insurance charges actually imposed or not) on the basis of an insurance contract (other than a life insurance policy or annuity linked to investments) following cancellation or termination of the contract, risk reduction during the effective period of the contract, or resulting from the adjustment of a registration error or similar nature concerning the award of the contract; d) as a dividend to the insured (other than
a dividend of cancellation) provided that the dividend refers to an insurance contract under which the only benefits payable, or as repayment of an advance premium or a deposit premium for an insurance contract to which the prize will be Annex A to law 174 of November 27, 2015 contract of insurance for which the premium is due at least annually if the amount of the deposit premium or premium deposit does not exceed the following annual premium that will be due under the contract. payable at least annually, to deposit the amount of the advance premium or the premium shall not exceed the following annual premium due under the contract. Pre-existing account Preexisting Accounts A Financial Account entertained by a INSTITUTE FINANCIAL REPORTING 31/12/2015. A Financial Statement entertained 30 June 2014 at a financial institution in San Marino held the communication. A Financial Account held with Financial Institution seal the Communication of 31 December 2015; a Member State or San Marino has the possibility of including in the expression "ACCOUNT EXISTING" all the Financial Accounts of an account holder, regardless of the date of opening of the Financial Account, if: Account Holder also holds with The FINANCIAL INSTITUTION SEALING tHE COMMUNICATION, or at Entity Associated within the same jurisdiction (a member State or San Marino) Financial Institution Holding the Communication, a Financial statement which is an EXISTING ACCOUNT; the Financial Institution seal the Communication and, where appropriate, the Connected Person in the same jurisdiction (a Member State or San Marino) Financial Institution seal the Communication considers both of the above Financial Accounts, as well as all the other Financial Accounts of the Holder Account which are considered as Annex a to Law 174 of November 27, 2015 Pre-existing accounts, such as a single financial statement for purposes of compliance with the standards of knowledge and requirements for the determination of the balance or value of any of these Financial accounts at the time of applying the thresholds of account; concerning a Financial Statement which is being PROCEDURES AML / KYC, FINANCIAL INSTITUTION SEAL THE COMMUNICATION allowed fulfilling those Procedures for Financial Account based on PROCEDURES AML / KYC completed for EXISTING ACCOUNT and the opening of the Financial Account not requires the provision of customer information new, additional or altered by the Account Holder if the purpose of this agreement. Before the entry into force of the Protocol of Amendment, Member States shall communicate to San Marino and San Marino shall notify the European Commission if the option referred to in this paragraph has been exercised. The European Commission can coordinate the transmission of the communication by the Member States to San Marino and the European Commission shall transmit the communication by San Marino to the Member States. All any Annex A to Law 174 of 27 November 2015 year changes of this option by a Member State or San Marino are communicated in the same way. New Account New Account One Financial Account entertained by a INSTITUTE FINANCIAL REPORTING opened on 01.01.2016 or after this date. A financial account held by a financial institution subject to Reporting in San Marino as from 1 July 2014. A Financial Statement detained at FINANCIAL INSTITUTION SEAL TO COMMUNICATION, opened on 1 January 2016 or thereafter, unless it is not considered an EXISTING ACCOUNT under the expanded definition of Pre-existing Account. Preexisting account of Natural Preexisting Individual Account A ACCOUNT EXISTING entertained by one or more natural persons. A ACCOUNT EXISTING entertained by one or more natural persons. A ACCOUNT EXISTING held by one or more natural persons. New Account of Natural New Individual Accounts A NEW ACCOUNT entertained by one or more natural persons. A NEW ACCOUNT entertained by one or more natural persons. A NEW ACCOUNT held by one or more natural persons. Preexisting account of Legal Persons Preexisting Entity Account A ACCOUNT EXISTING entertained by one or more legal entities. existing entity accounts with a balance or value of the account that exceeds $ 250,000 at June 30, 2014. A Pre-existing account held by one or more entities. Account Lower Lower Value Account Value A Statement of Pre-Existing Individuals with a balance or aggregate value at 31 December 2015 will not exceed $ 1,000,000.
--------------------------------- -------------- A Pre-existing Account of Natural person whose balance or aggregate value does not exceed 31 December 2015, an amount denominated in the domestic currency of any member State or San Marino corresponding to USD 1,000,000. Annex A to Law 174 of 27 November 2015 Statement by High High Value Account Value A Statement of Pre-Existing Individuals with a balance or aggregate value exceeds $ 1 million at December 31, 2015 or on December 31 of any subsequent year. --------------------------------- -------------- A Pre-existing Account of Natural person whose balance or aggregate value exceeds, on 31 December 2015 or 31 December of a year later, an amount denominated in the domestic currency of any member State or San Marino corresponding to USD 1,000,000. New Account of Legal Persons New Entity Accounts A New Account entertained by one or more legal entities. The financial accounts held by entities and open from 1 July 2014. A New account held by one or more entities. Account Excluded Excluded Account One of the following accounts: a retirement account that meets the following requirements: the bill is subject to regulation as a personal account pension or part of a pension plan registered or regulated for the payment of retirement benefits (including allowances for disability or death); the bill enjoys tax relief (ie, contributions to the account that would otherwise be subject to tax are deductible or excluded from the gross income of the account holder or taxed at a reduced rate, or the taxation of investment income from the account is deferred or subject to a reduced rate); It has required an annual communication of information to the tax authorities in relation to the account; withdrawals are contingent upon the achievement of a pre-existing accounts of individuals with a balance or value that does not exceed $ 50,000 at June 30, 2014. preexisting accounts of physical persons which consist of insurance contracts for which a measurable accrued value or contracts annuity with a balance or a value less than or equal to $ 250,000 at June 30, 2014. preexisting accounts of physical persons which consist of insurance contracts for which a measurable accrued value or annuity contracts, provided that the legislation or regulations of San Marino or the United States effectively prohibit the sale of such insurance contracts for which it is measurable with an accreted value or annuity contracts to US residents (for example, in the event that its financial institution does not possess registration a retirement account that meets the following requirements: the account is subject to regulation as an individual retirement account or a member of a registered pension plan or regulated for the accrual of pension benefits (including disability benefits or death); the bill benefits from tax relief (ie payments made on the account, which would otherwise be subject to tax, are deductible or deducted from the gross income of the Account Holder or subject to a reduced rate, or the taxation of capital gains arising from the account is deferred or is carried out at a reduced rate); is no communication of information to the tax authorities with respect to the account; withdrawals are subject to the achievement of an Annex A to Law 174 of 27 November 2015 determined retirement age, for disability or death, or applied sanctions withdrawals made before such specified events; and annual contributions are limited to $ 50,000 or less, or there is a maximum contribution limit to the account during the lifetime of $ 1,000,000 or less; In any case, the rules laid down in paragraph C of Section VII for the aggregation of the accounts and the currency conversion. A financial statement that otherwise meets the requirement for the mere fact that such financial assets or income can receive funds transferred by one or more Financial Accounts, or by one or more pension funds. an account that meets the following requirements: the account is subject to regulation as an investment vehicle for purposes other than retirement and is regularly traded in an established securities market, or the account is subject to regulation as a savings vehicle for purposes other than those pension; the bill enjoys tax relief (ie, contributions to the account that would otherwise be subject to tax are deductible or excluded from the gross income of the account holder or taxed at a reduced rate, or required under law
US, and the legislation of San Marino, including the obligation of communication or use of retention insurance products held by residents in San Marino). deposit accounts with a balance equal to or less than $ 50,000. deposit accounts unless the account balance does not exceed $ 50,000 at the end of the calendar year. insurance contracts for which a measurable accrued value, unless the value accrued does not exceed $ 50,000 at the end of the calendar year. specific retirement age, disability or death, or apply penalties for withdrawals made before such events and alternatively, the annual contributions are limited to an amount denominated in the domestic currency of any Member State or San Marino or less to 50 000 USD or there is an upper limit less than or equal to an amount denominated in the domestic currency of any member State or San Marino corresponding to $ 1,000,000 for pourable contributions to the account over the life course, in both cases applying the rules on the aggregation of accounts, and currency conversion. A financial statement that will not cease to meet this requirement only because it can receive tasks or transferred funds from one or more Financial Accounts, or by one or more pension funds; an account that meets the following requirements: the bill is regulated as an investment vehicle for non-pension and is regularly traded on a regulated market of securities, or the account is regulated as a savings mechanism for non-pension; the bill benefits from tax relief (ie payments made on the account, that would be Annex A to Law 174 of 27 November 2015 the taxation of income from the investment account is deferred or subject to a reduced rate); withdrawals are contingent upon the fulfillment of specific criteria for the purpose of investment or savings account (for example, the provision of benefits for education or medical) or apply sanctions withdrawals made before the fulfillment of these criteria; and annual contributions are limited to $ 50,000 or less. a life insurance policy with a coverage period that will end before the insured reaches 90 years, provided that the contract satisfies the following requirements: regular premiums, do not diminish over time, they are due at least annually during the term of the contract or until the completion of the 90th year of the insured's age, depending on which of these conditions occurs first; the contract has no contractual value at which a person can access (through withdrawal, loan or otherwise) without solving the contract; the amount (other than compensation for death) due to the cancellation or termination of the contract may not exceed the aggregate premiums paid for the contract, otherwise subject to tax, are deductible or deducted from the gross income of the Account Holder or are subject to a reduced rate, or the taxation of capital gains arising from the bill is deferred or is carried out at a reduced rate); withdrawals are subject to the satisfaction of certain criteria regarding the purpose of the investment or savings account (such as the provision of educational or medical services), or penalties are applied to withdrawals made before these criteria are met and the annual contributions they are limited to amounts less than or equal to an amount denominated in the national currency of each member State or San Marino corresponding to 50 000 USD, in application of the rules on aggregation of accounts and currency conversion. A financial statement that otherwise meets the requirement set out in Part C, point 17, letter b), point iv), does not cease to meet this requirement only because it can receive tasks or transferred funds from one or more Financial Accounts that meet the requirements referred to in part C, paragraph 17, a) or b), or by one or more pension funds which meet the requirements set out in part B, paragraphs 5 Annex a to Law 174 of November 27, 2015 less the sum of the charges mortality, morbidity and expenses (actually imposed or not) for the period or periods of validity of the contract and any amounts paid prior to the cancellation or termination of the contract; and the contract is not held by a transferee for value. an account held exclusively by an heir, if the documentation for this statement includes a copy of the deceased's will or of the death certificate. an account set up in relation to the following: order or judgment of the court. sale, exchange or lease of
personal property or real estate, provided that the account meets the following requirements: the bill is financed only through an advance, deposit, deposit the amount of which is necessary to secure an obligation directly linked to the transaction, or a similar payment, or is funded with Financial an Activity deposited in the account in connection with the sale, exchange or lease of property; the account is set up and used exclusively to ensure the purchaser's obligation to pay the purchase price of the goods, the seller for payment of contingent liabilities to 7; c) a life insurance policy with a coverage period which ends before the insured reaches the age of 90 years, provided that the contract satisfies the following requirements: regular premiums are due, not decreasing over time and be paid at least annually until the earlier date between the date of termination of the contract and the date when the insured turns 90; the contractual service is not accessible by any person (by drawing, lending or other purposes) without terminating the contract; the amount (a fine of death exclusion) to be paid as a result of cancellation or termination of the contract can not exceed the aggregate value of premiums paid for the contract, less the sum of mortality and morbidity and expenses (actual taxes or less) for the period or periods of the contract and any amounts paid prior to the cancellation or termination of the contract and the contract is not held by a beneficiary for consideration; an account belonging entirely to a trust if the documents related to this statement includes a copy of the will of the deceased or of the death certificate; an account opened in Annex A to Law 174 of 27 November 2015 or the landlord or tenant to pay damages related to the asset leased as agreed in the lease; the activities of the account, including revenues, will be paid or otherwise distributed to the benefit of, the seller, lessor or lessee (also to meet the obligation of that person) when the asset is sold, exchanged or made, or rental ends; the bill is not a margin account or similar account set up in relation to a sale or exchange of an Activity Budget; a requirement for a Financial Institution, which guarantees the service of a loan covered by a building, to set aside a part of a fee just to facilitate the payment of taxes or insurance related to real estate at a later time. a requirement for a Financial Institution solely to facilitate the payment of taxes at a later time. a deposit account that meets the following requirements: the account exists only because a customer makes a payment in excess of a balance due in respect of a credit card or other revolving credit facility and the payment in respect of: i) a ' order or a court judgment; the sale, exchange or rental of movable or immovable property, provided that the bill meets the following requirements: - the account is funded solely by an advance fee, a deposit, a deposit to ensure an adequate amount obligation directly linked to the transaction, or a similar payment, or is funded with financial assets deposited in the account in connection with the sale, exchange or lease of the property; - The account is opened and used only to guarantee the purchaser's obligation to pay the purchase price of the goods, the seller's obligation to pay contingent liabilities, or the obligation of the landlord or the tenant to pay any related damages leased property as provided in the lease; - The assets held in the account, including income derived therefrom, will be paid or otherwise distributed to the benefit of, the seller, lessor or lessee (including, to fulfill the obligations) at the time of sale, exchange or refund good, or expiration of the lease; - The bill is not a margin account or similar account Annex A to Law 174 of 27 November 2015 excess is not immediately returned to the customer; and the Financial Institution has policies and procedures designed to prevent a customer can make an overpayment greater than $ 50,000, or to ensure that any excess payment of superior customer to $ 50,000 to be repaid to the customer within 60 days of applying for However the rules laid down in paragraph C of Section VII for currency conversion. To this end, an overpayment of a customer refers not
to the credit balances in the form of the objections, but includes credit balances arising from the return of goods. other accounts that have a low risk of being used to evade taxes, have substantially similar characteristics to the accounts and are defined in national law such as Conti Excluded, provided that the status of such accounts as Conti Excluded will not compromise the objectives of the Common Reporting Standard . opened in connection with the sale or exchange of an Activity Financial and the account is not associated with an account; the obligation of financial institution that finances a loan secured by real estate to set aside a part of the payment for the sole purpose of facilitating the subsequent payment of taxes or insurance related to real estate; the obligation of financial institution exclusively in order to facilitate the subsequent payment of taxes. Income Subject to Communication Reportable Account An account held by one or more Persons Subject to communication or a Prohibited Financial Liabilities with one or more parent who is a Subject Person Communication, in ------------ --------------------- -------------- An account held in one Member State which is reportable or reportable in San Marino, provided that they have been declared as such by the due diligence procedures, consisting of the Annex a to Law 174 of 27 November 2015 provided it has been identified as such in accordance with the due diligence procedures. Annexes I and II in force in the Member State or San Marino. Person Subject to Communication Reportable Person A Person of Jurisdiction Subject to different communication by: a company whose shares are regularly traded on one or more established securities markets; a company that has a BODY RELATED of a company; a Public Body; an international organization; a Central Bank; or a Financial Institution. --------------------------------- -------------- An individual or entity that is identified by San Marino as a reporting entity Financial Institution resident in a member State, in accordance with the procedures of due diligence, or a property of a deceased person who was resident in a member State. Person of a Jurisdiction Subject to Jurisdiction Communication Reportable Person A natural person or a legal person who is resident in a JURISDICTION SUBJECT TO COMMUNICATION under the tax laws of such jurisdiction, or an heir of a deceased person who was a resident of a Subject to Jurisdiction Communication. To this end, a body such as a partnership, a partnership with limited liability or a similar legal institution that has no residence for tax purposes is treated as resident in the jurisdiction where located its place of effective management. --------------------------------- -------------- An individual or entity that is resident in a jurisdiction subject of Communication under the tax laws of such jurisdiction, or the assets of a deceased person who was a resident in a jurisdiction Communication Object. To this end, an Entity as a partnership, a limited liability company or a similar legal arrangement, which does not have a place of residence for tax purposes is resident in a jurisdiction in which its place of effective management is situated . Jurisdiction Subject to Communication Reportable A jurisdiction with which it is in force an agreement under which there is an obligation to provide the information, which is ---------------------- ----------- -------------- ------------------------- ------ -------------- Annex a to Law 174 of 27 November 2015 Jurisdiction identified in a published list. Jurisdiction Participant Participating Jurisdiction A jurisdiction with which it is in force an agreement under which it will provide the information, and that is identified in a published list. A jurisdiction that has entered into an agreement with the United States to facilitate the implementation of FATCA. Respect of a Member State or San Marino shall mean any Member State with regard to communications in San Marino; San Marino with regard to communications in a Member State or any other jurisdiction in which the Member State or San Marino, as appropriate, has concluded an agreement under which the other jurisdiction will provide information and set out in a list published by that member State or San Marino and notified, respectively, San Marino or the European Commission; as it regards the Member States, any
other jurisdiction with which the EU has concluded an agreement under which the other jurisdiction and will provide the information that appears on a list published by the European Commission. Persons exercising control Controlling Persons Individuals who exercise control over a body. In the case of a trust, this term designates the settlor (s), the trustee, the (i) the guardian (s) (if any), on (i) the recipient (s) or class (es) of the recipients, as well as any other natural person engaged in the last instance the effective control over the trust and in the case of an institute individuals who exercise control over a body. In the case of a trust, that word describes (i) the settlor (s), the (i) the trustee, on (i) the guardian (s) (if any), on (i) the recipient (s) or class (es) of beneficiaries, as well as any other natural person exercising ultimately effective control over the trust and, in the case of a natural persons who exercise control of an Entity. In the case of a trust means the settlor or settlors, the trustees or trustee, any protector or any protectors, the beneficiary or beneficiaries or the class or classes of beneficiaries, and any other natural person who ultimately, exercises the Annex a to Law 174 of 27 November 2015 legal different from a trust, this term refers to people who perform similar or equivalent functions. The term "PARENT" shall be construed in accordance with the FATF Recommendations. legal institution other than a trust, this term refers to people who perform similar or equivalent functions. . The term "PARENT" shall be construed in accordance with the Recommendations of the Financial Action Task Force. effective control over the trust; in the case of a legal arrangement other than a trust are persons that are in equivalent positions, or the like. The expression "People Exercising Control" must be interpreted in accordance with the FATF recommendations. Not subject NFE Financial entity that is not a Financial Institution. Each non-US entity that is not an FFI, as defined in the relevant regulations of this Section of the Department of the US Treasury, or is an entity described in sub-paragraph B (4) (j), and also any entity not - US established in San Marino or in another jurisdiction that is not an institution partners Finanziaria. An entity that is not an institution Financial. Financial Liabilities not subject Passive NFE A Subject not Finanziario which is not a PERSON NON-FINANCIAL ASSETS; or an Undertaking for Collective Investment is not a Financial Institution of Jurisdiction Participant. Each NFFE that is not a NFFE active, or a foreign company of people with responsibility for withholding foreign trust, or with responsibility for the withholding agent under the relevant Regulations of the US Treasury Department. An entity that is not an Entity Nonfinancial Nonfinancial Activate; or Investment Entity, that is not a Financial Institution Jurisdiction Participant. Financial assets not subject Active NFE A Subject not Finanziario that meets one of the following criteria: less than 50% of its gross Not Subject Financial income for the previous calendar year or other suitable period of reference is passive income and less than 50% A NFFE that meets one of the following criteria: less than 50 percent of the NFFE gross income for the previous calendar year or other appropriate reporting period is passive income and less than 50 percent of the assets held by the Entity is understood that no financial meets one of the following criteria: a) less than 50% of gross income Financial Entity not for the previous calendar year or other appropriate reporting period is passive income and less than 50% Annex a to Law 174 of 27 November 2015 the assets held by Subject not Cash during the previous calendar year or other appropriate reporting period are assets that produce or are held to produce passive income; the actions of the Financial Subject There are regularly traded in an established securities market or the Subject Finance is not a Related Body of a body whose shares are regularly traded on an established securities market. Subject Financial It is not a public body, an international organization, a central bank, or a body wholly owned by one or more of these subjects; all activities of the Subject There are essentially financial in detention (in whole or in part) of the share capital in one or more
subsidiaries engaged in the performance of various economic or commercial activity by the activity of a Financial Institution, or in the provision of financing and services to those subsidiaries, unless an Undertaking does not qualify as such if the Board acts as (or qualifies as) investment fund, for example, a private equity fund, a fund of venture NFFE during the previous calendar year or other appropriate reporting period are assets that produce or are held to produce passive income; the capital of NFFE is regularly traded on a regulated securities market or the NFFE is an associated entity of an entity whose capital is regularly traded on a regulated securities market. For the purposes of this Agreement, the interest is "regular" talks if there is a significant volume of trade compared to interest on an ongoing basis, while for "the regulated securities market" means a recognized financial market and officially controlled by a governmental authority where it is the market and which has a substantial annual value of shares traded; the NFFE is organized in a US Territory and all owners of the recipient are actually resident in the US Territory; the NFFE is a government (non-US), a political subdivision (which, to avoid ambiguity, includes a state, province, municipality or county) or a public body responsible for executing the function of such a government or a political subdivision, a government of a US Territory, an organization of the assets held by the Entity not Finanziaria during the previous calendar year or other appropriate reporting period are assets that produce or are held to produce passive income; b) the capital of the Entity Budget is not regularly traded on a regulated market of securities, or the Entity is not Financial Entity Associated Entity of the capital of which is regularly traded on a regulated market of securities; c) the Financial Entity is not an Entity State, an international organization, a central bank or an Entity wholly owned by one or more of these subjects; d) all of the entity's financial activities not consist essentially in detention (full or partial) in amounts of one or more controlled titles engaged in the performance of various economic or commercial activity by the activity of financial institution, and the provision of financing and services to them, unless an Entity is not appropriate for this status since acts (or qualifies) as an investment fund, a private equity fund, a venture capital fund, a leveraged buyout fund or Annex a to Law 174 of November 27, 2015 capital, a fund leveraged buyouts, or other investment vehicle which is intended to acquire or finance company and then hold participations in such companies as capital assets for investment purposes; Subject Financial not yet engaged in economic activity and has not exercised in the past, but is investing capital with the intent to pursue an economic activity different from that of a Financial Institution, provided that the financial Not Subject not qualifies for this exception after 24 months from the initial date of the organization Subject No Financial; Subject Financial It is not a Financial Institution for the past five years and is liquidating its assets or is reorganizing with the intent to continue or start to perform an economic activity different from that of a Financial Institution; Subject not Finanziario mainly deals with financing and hedging transactions with or on behalf of related organisms that are not Financial Institutions, and does not provide funding to cover services or bodies that are not related bodies, on condition that the group of these international bodies, a central bank of issue non- US, or an entity wholly owned by one or more of these subjects; all activities of NFFE consist essentially in detention (full or partial) of the outstanding amount of securities, or the provision of funding and services in respect of one or more subsidiaries engaged in the exercise of an economic activity or other commercial activity of a 'financial institution, except that an entity is not eligible to qualify as a NFFE and such entities act (or qualify) as an investment fund, such as a private equity fund, a venture capital fund, a fund leveraged buyouts , or other
investment vehicle whose purpose is to acquire or finance company and then hold participations in such companies as capital assets for investment purposes; the NFFE not pursuing an economic activity and has not exercised in the past, but is investing capital in some activities with the intent to pursue an economic activity different from that of a financial institution, provided that the non NFFE qualifies for this exception after 24 months from the date of its initial organization; the NFFE was not a financial institution in the last five years, and is selling off its other investment vehicle activities whose purpose is to acquire or finance company and then hold participations in such companies as capital assets for investment purposes; e) Financial Entities not yet engaged in economic activity and has not exercised in the past, but is investing capital in some activities with the intent to exercise an economic activity different from that of the Financial Institution; Entity Financial not does not qualify for this exception after 24 months from the date of its initial organization; Entity Financial It was not financial institution in the last five years and is liquidating its assets or is reorganizing in order to continue or begin to operate in an economic activity different from that of the Financial Institution; Entity not Finanziaria mainly deals with financing transactions and hedging transactions with or on behalf of entities that are not Connect Financial Institutions and does not provide funding or services to entities that are not entities Connect coverage, provided that the group these Entities Connect is primarily about economic activity Annex a to Law 174 of 27 November 2015 related mainly carries out different economic activity from that of a Financial Institution; or Subject Financial Does not meet all the following requirements: it was formed and has operated within its jurisdiction of residence exclusively for religious purposes, charitable, scientific, artistic, cultural, sports or educational; that was set up and operated in its jurisdiction of residence and is a professional organization, trade association, chamber of commerce, organization of work, organization of farmers or market gardeners, civic association or organization that has operated exclusively for the promotion social welfare; It is exempt from income tax in its jurisdiction of residence; It has no shareholders or members that have an interest as owner or beneficiary about his income or assets; applicable laws of the jurisdiction of residence of the Person Not Cash or instruments of incorporation of the same do not allow that the income or assets of the Prohibited Person Financial are distributed or intended for the benefit of an individual or a non-charitable, except within of activities or is reorganizing with the intent to continue or start to operate in an economic activity different from that of a financial institution; the NFFE mainly deals with financing and hedging transactions with or on behalf of entities that are not affiliated financial institutions, and provides financing services to entities or coverage that are not related entities, provided that the group of such entities connected is primarily about economic activity different from that of a financial institution; the NFFE is a "NFFE subject to exceptions" as described in the relevant regulations of the Department of the US Treasury; ie The NFFE meets all the following requirements: it was established and has been operating in its jurisdiction of residence exclusively for religious purposes, charitable, scientific, artistic, cultural, sports or educational; that was established and has been operating in its jurisdiction of residence and is a professional organization, trade association, chamber of commerce, organization of work, organization of farmers or market gardeners, civic association or organization that has operated exclusively for the promotion of being different from that of the Financial institution or h) the Financial Entities do not meet all the following requirements: i) has been established and is managed in your jurisdiction of residence (a member State, San Marino or another jurisdiction) exclusively for religious purposes, charitable, scientific, artistic, cultural, sports or educational, or it was established and is managed in your jurisdiction of residence (a member State, San
Marine or another jurisdiction) and is a professional organization, a union of economic operators, a chamber of commerce, organization of work, agricultural or horticultural organization, union or active civic organization exclusively for the promotion of social assistance; It is exempt from income tax in its jurisdiction of residence (a Member State, San Marino or another jurisdiction); has no shareholders or members that have an interest in respect of owners or beneficiaries on its income or capital; applicable laws of the jurisdiction of residence (a Member State, San Marino or another jurisdiction) of the Entity Annex A to Law 174 of 27 November 2015 the charitable nature of the Prohibited Person Financial, or by way of payment of a fair remuneration for services rendered, or by way of payment of the fair market value of goods purchased by the Subject not financial; and applicable laws of the jurisdiction of residence of the Person Not Cash or instruments of incorporation of the same state that, upon liquidation or termination of the Subject is Not Cash, his entire estate is distributed to a public body or other nonprofit organization, or it is donated to the Government of the jurisdiction of residence of the subject not to a Financial or political subdivision. social; It is exempt from income tax in its jurisdiction of residence; has no shareholders or members that have an interest in respect of owners or beneficiaries on its income or capital; applicable laws of the jurisdiction of residence of NFFE or acts constituting the entity does not allow that the income of the entity or assets are distributed or intended for the benefit of a private or non-charitable entity, except as part of the entity's charitable nature purposes, or as payment of a fair remuneration for services rendered, or by way of payment of the fair value of assets acquired by the NFFE market; and applicable laws of the jurisdiction of residence of NFFE or instruments of incorporation of the entity provide that, upon liquidation or dissolution of the entity, all its assets are distributed to a governmental entity or other non-profit organization, or it is donated to the Government of the jurisdiction of residence of NFFE or a political subdivision. Nonfinancial or instruments of incorporation of the Entity Not Finanziaria not allow that the income or capital of the Entity Budget are not distributed or intended for the benefit of an individual or Entity uncharitable except as part of a charitable nature purposes Entity, as payment of a fair remuneration for services rendered, or by way of payment of the fair market value of goods purchased from the Entity not Finanziaria v) the applicable laws of the jurisdiction of residence (a member State, San marine or another jurisdiction) No Entity Financial or instruments of incorporation of the Entity no financial provide that, upon liquidation or dissolution of the Entity not Finanziaria, all its assets are distributed to State and Entity other organization non-profit, or is donated to the government of the jurisdiction of residence (a member State, San Marino or another jurisdiction) Financial Entity or not a political subdivision. Account Holder Account Holder The person listed or identified as the holder of a financial statement from the Institute of Finance at which it entertained the bill. The person listed or not identified as a holder of a financial account by the financial institution at which it entertained the bill. The person not listed or identified as owner of the Financial Statement by Financial Institution at which the account is held. A Annex A to Law 174 of 27 November 2015 is considered the account holder for the purposes of the Common Reporting Standards person, other than a Financial Institution that holds a Financial Statement for the benefit or on behalf of another person acting as Agent , custodian, nominee, signatory, investment advisor or broker, and that other person is treated as the account holder. In case of contract for which insurance is a measurable value Matured or Annuity Contract for Account Holder means a person having a right to access the Matured value or change the beneficiary of the contract. If any person can access the value Matured or change the beneficiary for Account Holder means a person named as owner in the contract
and a person with an established right to payment under the terms of the contract. At the expiration of the Insurance Contract for which a value is measurable Matured or an annuity contract, it is treated as an Account Holder any person entitled to receive a payment under the contract. considering the account holder for the purposes of this Agreement, the person, other than a financial institution, which holds a financial account for the benefit or on behalf of another person acting as agent, custodian, nominee, Signatory, investment adviser or intermediary, and that other person were considered as the account holder. For the purposes of the preceding sentence, the term "financial institution" does not include a financial institution organized or incorporated in a US Territory. In the case of the insurance contract for which a measurable accrued value or annuity contract, the account holder is any person entitled to access the value gained or change the beneficiary of the contract. If no one can access the value gained or change the beneficiary to the account holder is defined as any person named in the contract as owner and any person with an established right to payment under the terms of the contract. Upon expiry of the insurance contract for which a measurable accrued value or annuity, is considered as the account holder any person entitled to receive a payment under the contract. person, other than financial institution, which holds a Financial Statement for the benefit or on behalf of another person acting as agent, custodian, nominee, Signatory, investment advisor or broker is not regarded as having the account for the purposes of this Annex and the other person is regarded as having the ownership of the account. In the case of a contract for which insurance is a Measurable Value Matured or an Annuity Contract, the Account Holder is any person having the right to access the value Matured or change the beneficiary of the contract. If any person can access the value Matured or change the beneficiary, the Account Holders are all persons named as the owners in the contract and all the people who had legitimately entitled to the payment under the contract. The expiration of a contract for which insurance is a Measurable Value Matured or an annuity contract, each person entitled to receive a payment under the contract is considered the Account Holder. The proper procedures Procedures The proper procedures The appropriate procedures Annex A to Law 174 of November 27, 2015 Anti-Money Laundering / Identification of customers AML / KYC Procedures verification of a Financial Institution Complainant, in accordance with anti-money laundering obligations or similar obligations to which it is subject Complainant Financial Institution. verification of a financial institution in San Marino held the communication, in compliance with anti-money laundering obligations or to the San Marino similar obligations to which that financial institution held at the San Marino Communication is submitted. verification of the financial institution customers to Tenuta Communication in accordance with anti-money laundering obligations and obligations to which such Financial Institution holding the communication is subject. Entity Entity A legal person or a legal institution, as a corporation, a partnership, a trust or a foundation. A legal person or a legal institution such as a trust. A legal entity or a legal arrangement such as a corporation, a partnership, a trust or a foundation. Body Related Related Entity Another Body if one controls the other, or if both are under the same control. To this end, control includes direct or indirect ownership of more than 50% of the voting power and value in a body. An entity is related to another entity if one controls the other or both are under common control. To this end, control includes direct or indirect ownership of more than 50 percent of the voting rights or participation in an entity. Notwithstanding the foregoing, San Marino can be considered as an entity linked to another if the two entities are not members of the same group of affiliated widened as defined in section 1471 (e) (2) of the US tax code. One of the two entities controls the other entity, the two entities are under common management, or the two Entities are Entities of Investment, are
under common management, and that management fulfills its due diligence obligations on taxation of such Entity Investment. To this end, control includes direct or indirect ownership of more than 50% of the voting rights and value in an Entity. TIN The Tax Code (or functional equivalent in the absence of a social security number). A tax identification code of the United States Federal. Documentary evidence Documentary Evidence A certificate of residence issued by a licensed public body (such as a government or its agency or municipality) of the jurisdiction in which the recipient of the payments A certificate of residence issued by an authorized government agency (eg, a government or its agency or municipality) of the jurisdiction in which the recipient of the payments a certificate of residence issued by public authorities (eg the State or an agency thereof, or a municipality) of the jurisdiction (a State Annex a to Law 174 of 27 November 2015 claims to be resident. with reference to a natural person, a valid identity document issued by a licensed public body (such as a government or its agency or municipality) containing the name of the natural person and is generally used for identification purposes only. with reference to a legal person, an official document issued by a licensed public body (such as a government or its agency or municipality) containing the name of the legal entity, as well as the 'address of its head office in the jurisdiction in which claims to be resident, or the jurisdiction in which it was incorporated or organized. the financial statements subject to audit, the information business to third parties, the failure instances or reports of the securities regulatory authority. He claims to be resident. With reference to an individual, a valid identity document issued by an authorized government agency (such as a government or its agency or municipality), containing the name of the natural person and is generally used for identification purposes. With reference to an entity, any official document issued by an authorized government agency (such as a government or its agency or municipality), containing the entity name and, or the address of its main office in the jurisdiction ( or US Territory) in which the entity claims to be resident, or jurisdiction (ie the US Territory), in which the entity was incorporated or organized. With reference to a financial account held with a jurisdiction covered by an anti-money laundering legislation approved by the IRS in connection with an agreement IQ (as described in the relevant Department of the Regulations of the US Treasury), each of the documents for the ' identification of individuals or entities, other than W-8 or W-9 forms, listed in Annex IQ specific agreement of such jurisdiction. The financial statements, as a member of the marketing services, San Marino or another jurisdiction) where the beneficiary of payments claims to be resident; with reference to an individual, a valid identity document issued by public authorities (eg the State or an agency thereof, or a town), containing the name of the natural person and that is commonly used for identification purposes; with reference to an Entity, the official documents issued by public authorities (eg the State or an agency thereof, or a town), containing the entity's name and the address of its main office in the jurisdiction ( a member State, San Marino or another jurisdiction) where the entity claims to be resident or in the jurisdiction (a member State, San Marino or another jurisdiction) where the same entity is legally incorporated or organized; the audited financial statements, business information to third parties, bankruptcy petitions or authority reports of securities market regulation. As for Preexisting Entity Accounts, each Member State or San Marino may authorize the institutions Annex A to Law 174 of November 27, 2015 Third, the bankruptcy petitions, or reports to the US Commission on Securities and Stock Exchange (US Securities and Exchange Commission). Financial Communication at Tenute to use as any Documentary Evidence classification contained in their records concerning the Holder of account determined in accordance with a standardized system of
Industrial Coding, registered by the Institution Financial Tenuta Communication according to its usual commercial practices for the purposes of Procedures AML / KYC or other regulatory purposes (other than tax) and administered by that Financial Institution seal the Communication before the date used to classify the Financial Account as a Pre-existing account, provided that the Financial Institution seal the Communication is not aware of or do not have reason to be aware of the fact that this classification is inaccurate or unreliable. For "standardized industrial coding system" means a coding system used in order to classify the companies according to the type of activity carried out for purposes other than fiscal ones. Before the entry into force of the Protocol of Amendment, Member States shall communicate to San Marino and San Marino shall notify the European Commission Annex A to Law 174 of 27 November 2015 if the option referred to in this paragraph has been exercised. The European Commission can coordinate the transmission of the communication by the Member States to San Marino and the European Commission shall transmit the communication by San Marino to the Member States. Any changes the exercise of this option by a Member State or San Marino are communicated in the same way. Amount Subject to Foreign Communication Foreign Reportable Amount ------------------------------ -------- In compliance with the relevant regulations of the US Treasury, a payment of an annual or periodical income payments, fixed or determinable, which would apply the withholding tax if it came from sources inside the United States. ------------------------------- -------------- Financial Institution nonparticipating not Participating Financial Institution ------------------------------ -------- FOREIGN FINANCIAL INSTITUTION (FFI) not participant as defined in the relevant Regulations attributed the US Treasury Department, but does not include a financial institution in San Marino or other financial institution partners of a different jurisdiction from a financial institution considered as a financial institution no participant or of the corresponding article signed in an agreement between the United States and a partner jurisdiction. ------------------------------- -------------- Annex A to Law 27 November 2015 US 174 US account statement ------------------------------ -------- A financial account entertained at a financial institution in San Marino held the communication and held by one or more US persons specified or by an entity with a non-US person or persons to scrutiny which are specified US persons. Notwithstanding the foregoing, an account is not considered a US account if the account is not identified as such after the application of due diligence procedures. ------------------------------- -------------- US statement without declaring consent Non-Consenting US Accounts ------------------------------ -------- It means a entertained financial account at a financial institution in San Marino held the communication to the June 30, 2014, with respect to which the financial institution in San Marino held the communication led to the case of the US statement in accordance with the due diligence procedures, the San Marino laws prohibit the disclosure provided for in the with a foreign financial institution (FFI Agreement) in the absence of consent from the holder of the account, the financial institution in San Marino held the communication has tried but failed to obtain the necessary consent to the disclosure or the US tax code of the holder of bill; the financial institution held at the San Marino ------------------------------- ------------ - Annex a to Law 174 of 27 November 2015 communication announced, or was required to report to the IRS information aggregated on the account, as prescribed in sections 1471 to 1474 of the Internal Revenue code and the relevant regulations of the US Department of Treasury . US person US Person ------------------------------ -------- A US citizen or individual resident in the United States, any partnership or corporation organized in the United States or under US law or every State, a trust if a court in the US, in accordance with applicable law, has jurisdiction to issue an order or a judgment on substantially all matters concerning
the administration of the trust, and one or more US persons have the authority to control all substantial decisions of the trust or the assets of a deceased who is a US citizen or US resident. ------------------------------- -------------- US Person specified Specified US person ------------------------------ -------- a US person other than: a corporation whose shares are regularly ne0goziate on one or more regulated securities markets; any corporation member of the same group of affiliated widened, as defined in section 1471 (e) (2) of the Internal Revenue Code, as a capital company; the United States or ------------------------------- -------------- Annex a to Law 174 of 27 November 2015 his institution or any agency wholly owned; any State or Territory of the United States, any political subdivision of any of the above, or any agency or institution owned entirely by one or more of the above; any organization exempt from tax in accordance with Section 501 (a) of the Internal Revenue Code or an individual pension plan as defined in section 7701 (a) (37) of the Internal Revenue Code; any bank as defined in section 581 of the Internal Revenue Code; any real estate investment trust as defined in Section 856 of the Internal Revenue Code; any investment company regulated as defined in Section 851 of the Internal Revenue Code or any entity registered with the US Commission on Securities and Stock Exchange under the Investment Company Act of 1940 (15 USC 80a-64); any mutual fund as defined in section 584 (a) of the Internal Revenue Code; any trust tax-free in accordance with Section 664 (c) of the Internal Revenue Code or which is described in section 4947 (a) (1) of the Internal Revenue Code; a trader in securities, assets or financial instruments Annex A to Law 174 of 27 November 2015 derivatives (including contracts on notional capital, futures, forwards and options) registered as such under the United States law or every State; an intermediary as defined in section 6045 (c) of the Internal Revenue Code; or any trust tax-free in accordance with a plan described in section 403 (b) or section 457 (g) of the US tax code. European Union European Union ------------------------------ -------- -------- ------------------------- -------------- the Union pursuant to the Treaty on European Union , ie the territories where the Treaty applies to the European Union operation, under the conditions specified therein. Member State Member State ------------------------------ -------- -------- ------------------------- -------------- One EU member state. Competent authorities Competent Authorities ------------------------------ -------- -------- ------------------------- -------------- the authorities listed in Annex IV, in subparagraphs a) and to the letters b) to c). Annex IV is an integral part of this Agreement. The list of the Competent Authority set out in Annex IV may be amended by simple notification to the other Contracting Party by San Marino, regarding the authorities referred to in subparagraph a) of that Annex, and on the part of 'European Union with regard to the authorities referred to in subparagraphs b) to c) of the same. Financial Institution ------------------------------ -------- ---------- ----------------------- -------------- Any Financial Institution residing in Annex A to Law No 27 November 2015 .174 resident in a member State member State Financial Institution a member State, to the exclusion of any branch of the Financial Institution which is situated outside of that member State, and any branch of non-resident financial institution in that member State, if the branch is located in that member State. individual / entities resident in a Member State Member State Person ------------------------------ -------- --------------------------------- -------------- An individual or Entity identified by Financial institution of Tenuta San Marino to the Communication as a resident in a member State in accordance with the appropriate verification procedures, in compliance with Annexes I and II, or the assets of a deceased person who was resident in a member State . NIF ------------------------------ -------- ----------- ---------------------- -------------- a tax identification code (or
functional equivalent in the absence of a tax identification number). Personal Data Personal Data ------------------------------ -------- -------- ------------------------- -------------- any information relating to an identified or identifiable ( an "interested party"); an identifiable person is a person who can be identified, directly or indirectly, in particular by reference to an identification number or to one or more factors specific to his physical, psychological, mental, economic, cultural or social. Annex A to Law 174 of 27 November 2015 Processing Processing ------------------------------ -------- --------------------------------- -------------- Each operation or series of operations concerning personal data, cone or without automated tools, such as collection, recording, organization, storage, adaptation or alteration, retrieval, consultation, use, disclosure or transmission via transfer, dissemination or other forms of making available, alignment or combination, blocking, erasure or destruction. Annex B to the law 27 November 2015 n.174 (CRS) OBLIGATIONS OF PROPER CHECKING FOR IDENTIFICATION AND COMMUNICATION OF AUDITORS COMMUNICATION OBJECT Section I - General Reporting obligations A. Subject to paragraphs C to F, each Financial Institution reporting shall include the following information in relation to each account subject to communication of such Financial Institution Complainant: 1. name, address, jurisdiction (s) of residence, number (s) tax (i) (tax Identification Number), and date and place of birth (in the case of a natural person) of each person Subject to communication which is an Account Holder and, in the case of a legal person who is an Account Holder and which, after application of appropriate verification procedures consistent with Sections V, VI and VI, is identified as having one or more parent companies that are Subject to People Communication, name, address, jurisdiction (s) of residence and tax identification number (i) (i) of the legal person and the name, address, jurisdiction (s) of residence, social security number (s) (s) and date and place of birth of each person Subject to Communication; 2. number of the account (or functional equivalent in the absence of an account number); 3. name and identification code of 'Financial Institution Complainant; 4. balance or value of the account (including, in the case of an insurance contract for which a value is measurable Matured or an annuity contract, the Accrued Value or surrender value) at the end of the relevant calendar year or other period reference appropriate or, if the account was closed during that year or period, the closure of the account; 5. in the case of a statement of case: a) the total gross amount of the interest, the total gross amount of dividends and the total gross amount of other income generated by the assets held in the account, in each case paid or credited to the account (or to that account) during the calendar year or other appropriate reporting period; b) the total gross proceeds from the sale or redemption of financial assets paid or credited to the account during the calendar year or other appropriate reference period for which the Financial Institution Complainant acted as custodian, broker, agent or otherwise as an agent for the Account Holder; 6. in the case of a Deposit Account, the total gross amount of interest paid or credited to the account during the calendar year or other appropriate reporting period; and 7. in the case of an account not described in sub-paragraph A (5) or (6), total gross amount paid or credited to the Account Holder in relation to the account during the calendar year or other appropriate reference period in question the Financial Institution is the debtor, including the aggregate amount of any redemption payments to the Account Holder during the calendar year or other appropriate period. B. The information provided must identify the currency of denomination of each amount. C. Despite the sub-paragraph A (1), in respect of each Account Subject to communication which is a Pre-existing account, the (i) tax code (i) (i) or date of birth does not necessarily have to Annex B to the Law 27 November 2015 174 be disclosed if this (these) number (s) tax (i) or date of birth are not present in the Financial Institution documents Complainant and not otherwise have to be collected by the latter under the San Marino law . However, a Financial Institution Complainant is required to do
we can, as far as reasonable, to get (i) tax code (s) (s) and date of birth in relation to Counts Pre-existing before the end of the second calendar year following the year in which these accounts were identified as Conti Subjects in Communication. D. Despite the sub-paragraph A (1), the tax code should not be reported if (i) a tax code is not issued by the relevant Jurisdiction Subject to Communication or (ii) the national law of the relevant jurisdiction Subject to Communication does not require obtaining a tax identification number issued by that Jurisdiction Subject to Communication. E. Despite the sub-paragraph A (1), the place of birth should not be communicated, unless the Complainant Financial Institution is not otherwise required to obtain and communicate under the legislation sammarinse and this is available in the data available electronically stored Financial Institution Complainant. F. Notwithstanding paragraph A, the information should be provided in reference to 2016 is the information described in this paragraph, with the exception of gross income described in sub-section A (5) (b). Section II: General obligations of due diligence A. An account is treated as income subject to communication from the date in which it is identified as such in accordance with the appropriate procedures of verification of Sections II to VII and, unless otherwise specified, information about an Account Subject to communication must be disclosed annually in the calendar year following the year to which the information relates. B. The balance or the value of an account is determined by reference to the last day of the calendar year or other appropriate reporting period. C. when necessary to determine a threshold of balance or value in reference to the last day of a calendar year, the relevant balance or value must be determined in relation to the last day of the reporting period ending with or within this calendar year. D. E 'admitted the use of third party providers of services as provided for in Article 32 of this Law. E. E 'admitted the possibility of the Whistleblowers Financial Institutions to apply to the Counts Preexisting the due diligence procedures for new accounts, and due diligence procedures for the Upper Value Counts the Counts of Lower Value. When a jurisdiction that allows the due diligence procedures for new accounts are used for Preexisting Accounts, the rules otherwise applicable to Preexisting Accounts continue to apply. Section III: Adequate verification for Preexisting Accounts of Natural Persons The following procedures apply to the identification of Conti Subjects in communication between Preexisting Accounts of Natural Persons. Annex B to the law 27 November 2015 n.174 A. Conti for which there is the obligation to verify, identification or communication to a Pre-existing Account of Natural Person that is a contract for which an insurance Matured value is measurable or an annuity contract, there is the obligation to verify, identification or communication, provided that the institution Financial Complainant is effectively prevented by law to sell this agreement to the residents of a Jurisdiction Subject to communication. B. Counts of Lower Value. The following procedures shall apply with respect to Counts of Lower Value. 1. Residence Address. If the Complainant Financial Institution has in its records a current residence address for the natural person Account Holder on the basis of Documentary Evidence, the Financial Institution Complainant can treat the individual Account Holder as a tax resident of the jurisdiction in which is the address for the purpose of determining whether such Holder of the natural person account is a person Subject to Communication. This procedure can be used as an alternative to the one referred to in paragraph 2 when the address of residence was acquired as part of the process of adequate verification of customers under current AML legislation. 2. Search in the electronic archives. If the Complainant Financial Institution does not make use of a current residence address for the individual owner of the account on the basis of Documentary Evidence as referred to in sub-paragraph B (1), the Financial Institution Complainant must verify the data available electronically Istituto Finanziario Complainant required for the following clues and applying sub-paragraph B of (3) to (6): a) identification of the Account Holder as a resident of a jurisdiction Subject to Communication; b) current postal address or residence (including a post office box) in a
Jurisdiction Subject to Communication; c) one or more phone numbers in a Communication and Jurisdiction Subject to any phone number in the Financial Institution's jurisdiction Complainant; d) permanent transfer orders (other than a deposit account) in favor of an account held in a Jurisdiction Subject to the Communication; e) currently valid power of attorney or signatory authority vested in an individual with an address in Jurisdiction Subject to the Communication; or f) "brass plate" or address "c / o" in a Jurisdiction Subject to communication if the Financial Institution Complainant does not have in their records of another address for the Account Holder. 3. If using the electronic search is not detected any evidence referred to in sub-paragraph B (2), are not required further formalities until action is not a change in circumstances as a result of which one or more clues are associated with the account, or as long as the bill does not become a high value account. 4. If the electronic search is detected via a clue referred to in sub-paragraph B (2) (a) to (e), or if there is a change of circumstances as a result of which one or more indicia are associated with the account, the Financial Institution Complainant must treat the Account Holder as a resident for tax purposes in each Jurisdiction Subject to communication that is Annex B to the law 27 November 2015 n.174 identified a clue, unless you choose to apply the sub- B. (6) and one of the exceptions to that sub-paragraph shall not apply in respect of that account. 5. If by (a) using the electronic search is detected "general delivery" or an address "c / o" and is not identified any other address and none of the other evidence referred to in sub-paragraph B (2) to ( e) for the Account Holder, the Financial Institution Complainant must, in the order most appropriate to the circumstances, to apply the research described in the sub-paragraph C paper archives (2), or try to get a self-certification by the Account Holder or Documentary Evidence to establish the (e) residence (s) for tax purposes of the Account Holder. If the research in the paper emerges no clue and trying to get the application form, or Documentary Evidence is not successful, the Financial Institution Complainant must report the account as account not documented. 6. Despite being found clues in accordance with sub-paragraph B (2), a Financial Institution Complainant is not required to treat an Account Holder as a resident of a jurisdiction Subject to communication if: a) the holder of the account information includes a postal address or current residence in jurisdiction Subject to communication, one or more phone numbers in the jurisdiction Subject to Communication (and no phone number in the Financial Institution jurisdiction Complainant) or permanent transfer orders (in relation to different financial accounts by accounts of deposit) in favor of an account held in a jurisdiction Subject to Communications, the Financial Institution Complainant obtained, or has previously occurred and maintain: i) self-certification of the account Holder of the (e) jurisdiction (s) of residence of the Account Holder that does not include such a Jurisdiction Subject to the Communication; and ii) Evidence Documentary under which the Account Holder is not subject to communication. b) information on the Account Holder contain a currently valid power of attorney or signatory authority granted to an entity with address in the Subject Jurisdiction in Communications, the Financial Institution Complainant obtained, or has previously occurred and maintain: i) self-certification of the Holder Account of the (e) of the Account Holder's jurisdiction of residence (i) which does not include such a jurisdiction Subject to the Communication; or ii) Documentary Evidence under which the Account Holder is not subject to communication. C. Verification strengthened Procedures Counts of High Value. The following verification reinforced procedures apply with regard to Counts of High Value. 1. Search in the electronic archives. In reference to the Counts of High Value, the Financial Institution Complainant must verify the data traceable electronically stored by the latter in order to detect any signs referred to in sub-paragraph B (2). 2. Research in the paper files. If the Financial Institution electronically searchable databases Complainant are structured for the acquisition of all the information referred to in sub-paragraph C (3), it is not necessary to further research in the paper files. If banks
electronic data do not capture all of this information, in respect of the Counts of Annex B to the law 27 November 2015 n.174 Value High, the Financial Institution Complainant must also check the main customer master data and, if they are not present in this registry, the following documents are associated with the account and acquired by the Institution Financial Complainant over the last five years in connection with any evidence referred to in sub-paragraph B (2): a) the most recent Documentary evidence collected with regard to the account ; b) the most recent contract or documentation in relation to the opening of the account; c) the latest documentation acquired by Istituto Finanziario Complainant in accordance with anti-money laundering procedures / identification of the customer or for other regulatory purposes; d) any powers of attorney or authority to currently valid signature; ee) any permanent transfer orders (other than a Deposit Account) currently available. 3. Exceptions in the case where the databases contain sufficient information. A Financial Institution Complainant is not required to be searched in the paper referred to in sub-paragraph C archives (2) if the information electronically traceable Financial Institution Complainant comprise the following: a) resident status of the Account Holder; b) home address and mailing address of the Account Holder is currently registered with the Financial Institution Complainant; c) (i) telephone number of the Account Holder (s) are currently registered, where applicable, at the Financial Institution Complainant; d) in the case of Financial Accounts Accounts other than the deposit, the presence of permanent transfer orders in favor of another account (including an account at another financial institution branch Complainant or other Financial Institution); e) the presence of an address "c / o" or a "brass plate" for the Account Holder; and f) the presence of any powers of attorney or signatory authority on the account. 4. Request the author of the report on the actual knowledge. In addition to research in the Financial Institution Complainant must be treated as income subject to all of Conti Value Communication above electronic and paper files, Tall entrusted to an author of the report (including any accounts linked to this Financial Statement of High Value) if the person in charge of the relationship (if any) is actually aware of the fact that the Account Holder is a person Subject to Communication. 5. Effects of the detection of clues. a) If none is detected clues referred to in sub-paragraph B (2) in the course of the enhanced verification of the Counts of High Value described above, and the bill is not identified as held by a Subject Person Communication referred to under -paragraph C (4), you are not required further formalities until there is a change of circumstances from which flows the association to the same account of one or more clues. b) If a clue among those listed in subparagraph B (2) (a) to (e) is detected in the course of the enhanced verification of High Value Accounts previously referred to, or involved a subsequent change of circumstances after which one or more clues are associated with the account, the Complainant Financial Institution must treat the account as an account Subject to the Communication in relation to each Jurisdiction Subject to Communication that a clue is identified, unless you choose to apply the sub-paragraph B (6) and one of the exceptions to that sub-paragraph shall not apply in respect of that account. Annex B to the Law 27 November 2015 174 c) If in the course of the enhanced verification of the Counts of previously described High value is detected a "brass plate" or a "c / o" address, and is not identified any other address none of the other evidence referred to in sub-paragraph B (2) (a) to (e) for the Account Holder, the Financial Institution Complainant must obtain from that Account Holder or a self Documentary evidence to establish ( e) residence (s) for tax purposes of the Account Holder. If the Complainant Financial Institution can not get such self-certification or Documentary Evidence, it must report the account as account not documented. 6. If, at December 31, 2015 Pre-existing account of a Natural Person is not a statement of High Value, but it gets in reference to the last day of a subsequent calendar year, the Financial Institution Complainant must complete, with reference to that account, strengthened verification procedures described in paragraph C within the calendar year following the year in
where the account becomes a High Value Account. If that account is identified as Account Subject to the Communication on the basis of such verification, the Financial Institution Complainant must provide the information requested on this account relating to the year in which it is identified as Account Subject to Communication and subsequent years an annual basis, unless the Account Holder does not cease to be a person Subject to Communication. 7. Once a Financial Institution Complainant applies enhanced verification procedures provided for in paragraph C to a High Value Account, the 'Financial Institution Complainant is not required to apply these procedures again, except for the request to the controller report referred to in sub-section C (4), the same statement of High value for any of the following years, unless the bill is not documented, in which case the 'Financial Institution Complainant should reapply these procedures on an annual basis as long as this account ceases to be undocumented. 8. If there is a change of circumstances in relation to a High Value Account, from which flows the association to the same account of one or more indications referred to in sub-paragraph B (2), the 'Financial Institution must treat the Complainant account as an account Subject to the Communication in relation to each Jurisdiction Subject to communication that is identified a clue, unless it decides to apply the sub-paragraph B (6) and one of the exceptions of the said sub-section does not apply with respect to that account. 9. Financial Complainant An institution must implement appropriate procedures to ensure that an official of the report will identify any changes in circumstances of an account. For example, if an administrator of the report shall be communicated to the Account Holder has a new mailing address in a Jurisdiction Subject to communication, the 'Financial Institution Complainant is required to deal with the new address as a change of circumstances and, if it decides to apply the sub-paragraph B (6), is required to obtain the appropriate documentation from the Account Holder. D. The Preexisting Accounts Verification of Natural Persons must be completed no later than [30 June 2017]. E. Pre-existing Accounts of Natural Persons who have been identified as Conti Subjects Communication in accordance with this Section shall be treated as Conti Subjects in communication for all subsequent years, unless the Account Holder does not cease to be a Person Subject in Communication. Annex B to the Law 174 of November 27, 2015 Section IV: Adequate verification for New Accounts of Natural Persons The following procedures apply to the identification of Conti Subjects in communication between Conti New Individuals. A. As for Conti New Individuals, at the time of opening the account, the Financial Institution Complainant must obtain a self, which can be part of the documentation for the account opening, which allows the Institution Complainant to determine the financial (e) residence (s) of the account Holder for tax purposes and confirm the reasonableness of such self-certification on the basis of information obtained by the Institution financial Complainant in relation to the opening of the account, including any documentation collected under Procedures AML / identification of customers. B. If the self-declaration states that the Account Holder is resident for tax purposes in a jurisdiction Subject to Communication, the Complainant Financial Institution must treat the account as an Account Subject to Communication and the application form must also include the tax code Account holder in connection with such Jurisdiction subject to Communication (subject to paragraph D of Section I) and date of birth. C. If there is a change of circumstances with reference to a New Statement of Natural because of which the Financial Institution is aware, or has reason to believe that the original self is inaccurate or unreliable, the Financial Institution Complainant can not trust the original self and must acquire valid self-certification that establishes the (e) residence (s) for tax purposes of the Account Holder. Section V: Adequate verification for Preexisting Accounts of Legal Entities The following procedures apply to the identification of Conti Subjects in communication between Preexisting Accounts of Legal Entities. A. Counts of Legal Persons for which there is the obligation to verify, identification or communication. Unless the Financial Institution Complainant decides
otherwise, both in relation to all the Counts of Legal Persons Preexisting that, separately, each group clearly identified such accounts, for Preexisting Accounts of Legal Persons with a balance or an aggregate value of not more than $ 250,000 as of December 31, 2015 , there is the obligation to verify, identification or communication such Conti Subjects in communication as long as the balance or the aggregate value does not exceed $ 250,000 in relation to the last day of a subsequent calendar year. B. Counts of Legal Persons subject to verification. Account Preesistente of a Legal Person whose balance or aggregate value exceeds $ 250,000 at December 31, 2015, and a statement Preesistente of a Legal Person of not more than $ 250,000 at December 31, 2015, but with a balance or the aggregate value of over $ 250,000 in reference to 'last day of a subsequent calendar year, subject to verification in accordance with the procedures set out in paragraph DC Counts of Legal Persons for which there is an obligation of disclosure. As for Preexisting Accounts of Legal Persons described in paragraph B, they are treated as accounts Subjects at only Communication accounts held by one or more legal entities Annex B to the Law 174 of November 27, 2015 People who are Covered by the Communication, or Subjects not Financial Liabilities with one or more parent companies which are Persons subject to Communication. D. Verification procedures for the identification of Legal Persons Accounts for which there is an obligation of disclosure. For Preexisting Accounts of Legal Persons described in paragraph B, a Financial Institution Complainant has to apply the following verification procedures to determine if the account is held by one or more Persons Subject to Communication, or Subjects Not Financial Liabilities with one or more Parent People who are Subject to communication: 1. Determine if the legal person is a person Subject to Communication. a) Verification of information retained for legal purposes or because of relationships with customers (including information gathered pursuant to the Anti Money Laundering Procedures / customer identification) to determine when information indicates that the Account Holder is resident in a jurisdiction subject to communication. To this end, the information indicating that the Account Holder is resident in a jurisdiction Subject to Communication include a place of incorporation or organization, or an address in a Jurisdiction Subject to Communication. b) If the information indicates that the Account Holder is resident in a jurisdiction Subject to Communication, the Complainant Financial Institution must treat the account as an Account Subject to communication, unless you get self-certification by the Account Holder , or may reasonably determine, based on the information in its possession or publicly available, the Account Holder is not a person Subject to Communication. 2. Determine if the Legal Person is a Prohibited Financial Liabilities with one or more parent companies which are Persons Subject to Communication. As for a Holder of a Pre-existing account of a Legal Person (including a Legal Person is a Person Subject to Communication), the Financial Institution Complainant must establish if the Account Holder is a Prohibited Financial Liabilities with one or more Persons who are Subject to parent communication. If one of the parent companies of a Prohibited Financial Liabilities is a Subject Person Communication, the account should be treated as a statement Subject to Communication. In determining the above, the Financial Institution Complainant must follow the indications referred to in sub-paragraphs D (2) (a) to (c) in the order most appropriate to the circumstances. a) Determine if the Account Holder is a Prohibited Financial Liabilities. In order to determine if the Account Holder is a Prohibited Financial Liabilities, the Financial Institution must obtain a self Complainant by the Account Holder to determine their status, unless it has no information in its possession, or publicly available, under which it can reasonably determine that the Account Holder is a Prohibited Financial Assets or Financial Institution other than an Undertaking for Collective Investment referred to in sub-paragraph a (6) (b) of Section VIII that is not a Financial Institution Jurisdiction of a Participant. b) Determine the parent of an Account Holder. In order to determine the parent of an Account Holder, a Financial Institution Complainant may use the information collected and maintained in accordance with the procedures
AML / identification of customers. Annex B to the Law 27 November 2015 174 c) Determine if a parent of a Prohibited Financial Liabilities is a Person Subject to Communication. In order to determine whether a parent of a Prohibited Financial Liabilities is a Person Subject to the Communication, a Complainant Financial Institution can avail of: i) information collected and maintained in accordance with the procedures of customer AML / identification in the case of a Pre-existing Account a Legal person held by one or more Subjects not Financial with a balance of the account or the aggregate value of which does not exceed $ 1,000,000; or ii) a self-certification of the Account Holder or that the parent (s) jurisdiction (s) in which the parent company is resident for tax purposes. E. Timing related to the verification and the Supplementary Procedures applicable to Preexisting Accounts of Legal Entities. 1. Verification of Legal Persons Pre-existing accounts with a balance or an aggregate value of over $ 250,000 to 31 December 2015 must be completed by 30 June 2017. 2. The verification of Preexisting Accounts of Legal Persons with a balance or an aggregate value not more than $ 250,000 on 31 December 2015 but higher than $ 250,000 on December 31 of a subsequent year, must be completed within the next calendar year following the year in which the balance of the account or the aggregate value exceeds $ 250,000. 3. Where there is a change of circumstances with reference to a statement Preesistente a Legal Person by reason of which the Financial Institution Complainant becomes aware, or has reason to believe, that self-certification or other documentation associated with the account is inaccurate or unreliable, the Financial Institution Complainant must again determine the status of the account in accordance with the procedures set out in paragraph D. Section VI: Adequate verification for New Accounts of Legal Entities the following procedures apply to the identification of Conti in communication between Subjects New accounts of Legal Entities. A. Verification procedures for the identification of Legal Persons Accounts for which there is an obligation of disclosure. For Conti New Legal Persons, a Financial Institution Complainant has to apply the following verification procedures to determine if the account is held by one or more Persons Subject to Communication, or Subjects Not Financial Liabilities with one or more parent companies that are persons Subject to communication: 1. Determine if the legal person is a person Subject to Communication. a) Obtain a self, which can be part of the documentation for the account opening, which allows financial institution to determine the Complainant (s) residence (s) of the Account Holder for tax purposes and confirm the reasonableness of this self-certification on the basis of information obtained by the Institution Financial Complainant in relation to the opening of the account, including any documentation collected under the anti-money laundering procedures / identification of customers. If the Legal Person certifies that does not have the residence for tax purposes, the Financial Institution Complainant may rely address of the principal office of the Juridical Person to determine the residence of the Account Holder. Annex B to the Law 27 November 2015 174 b) If the self-certification indicates that the Account Holder is resident in a jurisdiction Subject to Communication, the Complainant Financial Institution must treat the account as an Account Subject to communication, unless not be reasonably assessed, based on information in its possession or publicly available, the Account Holder is not a person Subject to the Communication in relation to this Communication Subject to Jurisdiction. 2. Determine if the Legal Person is a Prohibited Financial Liabilities with one or more parent companies which are Persons Subject to Communication. As for a Holder of a New Account of a Legal Person (including a Legal Person is a Person Subject to Communication), the Financial Institution Complainant must establish if the Account Holder is a Prohibited Financial Liabilities with one or more Persons who are Subject to parent communication. If one of the parent companies of a Prohibited Financial Liabilities is a Subject Person Communication, the account should be treated as a statement Subject to Communication. In determining the above, the Financial Institution Complainant must follow the indications referred to in sub-paragraphs A (2) (a) to (c) in the order most appropriate to the circumstances. a) Determine if the Account Holder is a Prohibited Financial
Passive. In order to determine if the Account Holder is a Prohibited Financial Liabilities, the Financial Institution Complainant must make use of self-certification by the Account Holder to determine their status, unless it has no information in its possession, or publicly available , under which it can reasonably determine that the Account Holder is a Prohibited Financial Assets or Financial Institution other than a Board of Investment referred to in sub-paragraph a (6) (b) of Section VIII is not an Institution financial Jurisdiction of a Participant. b) Determine the parent of an Account Holder. In order to determine the parent of an Account Holder, a Complainant Financial Institution may use the information collected and maintained in compliance with anti-money laundering procedures / identification of customers. c) Determine if a parent of a Prohibited Financial Liabilities is a Person Subject to Communication. In order to determine whether a parent of a Prohibited Financial Liabilities is a Subject Person in Communications, a Financial Institution Complainant may use self-certification of the Account Holder or of such parent. Section VII: Special Rules of adequate checks When carrying out adequate verification procedures described above, the following additional rules apply: A. Reliability of self-certification and the Documentary Evidence. A Financial Institution Complainant can not be trusted to self-certification or Documentary Evidence if it knows or has reason to believe that self-certification or Documentary Evidence is incorrect or unreliable. B. Alternative procedures for the Financial Accounts held by Physical Persons receiving an Insurance Contract for which a value is measurable Matured or an Annuity Contract. A Financial Institution Complainant may assume that a beneficiary natural person (other than the owner) of an Insurance Contract for which a value is measurable Matured or an Annuity Contract that receives Annex B to the law 27 November 2015 n.174 an economic benefit in case of death is not a person Subject to communication and can treat this statement as other than a Financial statement Subject to communication, unless the 'Financial Institution Complainant is not aware or has reason to believe that the beneficiary is a person Subject in Communication. A Complainant Financial Institution has reason to believe that a beneficiary of a contract for which insurance is a measurable value Matured or an annuity contract is a Subject Person Communication if the information obtained by 'Financial institution associated with the Complainant and the beneficiary contain the evidence described in paragraph B of Section III. If a Financial Institution Complainant actually knows or has reason to believe that the recipient is a Person Subject to the Communication, the 'Financial Institution Complainant must follow the procedures set out in paragraph B of Section III. C. Standards for the aggregation of the account balance and the currency. 1. Aggregation of accounts of physical persons. In determining the balance or the aggregate value of the Financial Accounts held by a natural person, a Financial Institution Complainant is required to aggregate all Conti Financial entertained at the same, or in an associated entity, but only to the extent that the systems computer dell 'Financial Institution Complainant linking the Financial accounts with reference to a given, such as customer number or tax identification number, and allow the aggregation of balances or of your accounts. To each of the holders of a joint account Financial Account it is attributed the entire balance or value of the Financial Joint account for the purposes of aggregation requirements in this sub-paragraph. 2. Aggregation of Accounts of Legal Entities. In order to determine the balance or the aggregate value of the Financial Accounts held by a Legal Person, a Financial Institution Complainant is required to take into account all the Financial Accounts held with the 'Financial Institution Complainant or with related entities, but only to the extent that the computer systems of the 'Financial Institution Complainant linking the Financial accounts with reference to a given, such as customer number or tax identification number, and allow the aggregation of balances or of your accounts. To each of the holders of a joint account Financial Account it is attributed the entire balance or value of the Financial Joint account for the purposes of aggregation requirements in this sub-paragraph.
3. Special aggregation standard applicable to data of the report. In order to determine the balance or the aggregate value of the Financial Accounts held by a person to determine whether a Financial Account is a High Value Account, a Financial Institution Complainant is also required to aggregate all these accounts in the case of Financial Accounts for which a controller the ratio is aware or has reason to believe to be directly or indirectly owned, controlled or made (not as trustee) by the same person. 4. Amounts understood as inclusive of the equivalent in other currencies. All dollar amounts are expressed in US dollars and are intended inclusive of the equivalent in other currencies, as determined under national law. D. Additional Options exercisable. The reporting financial institutions can exercise the following additional options in the context of adequate verification procedures required under the CRS: 1. Use the simplified rules of due diligence provided for insurance contracts for which a measurable accrued value and Contracts of the Group's pension; Annex B to the law 27 November 2015 n.174 2. Resorting to the use of standardized coding systems as part of the due diligence process; 3. To consider, as part of the identification of the subject of communication accounts process, pre-existing accounts as well as new accounts opened in favor of customers already acquired before 1 January 2016, provided that the financial institution has complied properly with regard to such customers to due diligence obligations under the AML legislation and that the relationship with the customer, based on pre-existing account, is in progress at the time of opening the new account; 4. Expand the definition of Related Entities for the purpose of a fund classification as an entity linked to another fund; 5. Apply the "Grandfathering Rule" in relation to collective investment vehicles exempted; 6. Apply the currency conversion rules Dollar / EURO with reference to dollar amounts expressed in this Act provided by the CRS. Annex C to the law 27 November 2015 n.174 (FATCA) OBLIGATIONS OF PROPER CHECKING FOR IDENTIFICATION AND COMMUNICATION UNITED STATES OF ACCOUNTS AND PAYMENTS TO CERTAIN FINANCIAL INSTITUTIONS NOT IN SECTION I - Definitions and General Rules Financial institutions San Marino held the communication (hereinafter the financial institutions Whistleblowers or IFSS) must identify US accounts and accounts held by financial institutions are not participating in accordance with the appropriate procedures of verification referred to in this Schedule CA definitions: for the purposes of adequate procedures verification (or due diligence) and subject to the definitions set out in Annex a to this Act: 1. "pre-existing accounts" means the financial accounts by anyone opened with a financial Institution Complainant to 30 June 2014. 2. "New accounts" means the financial accounts by anyone held with a financial Institution Complainant from 1 July 2014. 3. "accounts of natural persons" means financial accounts held with a financial Institution Complainant by individuals. 4. "entity" Conti designates entertained financial accounts at a Financial Institution Complainant by persons other than natural persons. 5. "pre-existing accounts of individuals of an insignificant amount" means the existing financial accounts of individuals whose balance or value at June 30, 2014 is higher than $ 50,000.00 ($ 250,000.00 in the case of a value of insurance contracts matured and annuity contracts) and less than $ 1,000,000.00. 6. "existing accounts of natural persons of a significant amount" means the existing financial accounts of individuals whose balance or value at 30 June 2014 or 31 December 2015 or any subsequent calendar year exceeds $ 1,000,000.00. 7. "pre-existing entity accounts" shall designate the existing financial accounts of entities held with a Financial Institution Complainant to 30 June 2014. 8. "New entity accounts" means the existing financial accounts of entities held with a Financial Institution Complainant from 1 July 2014. 9. "Anti Money Laundering procedures" means the customer due diligence procedures provided by Law 92 of June 17, 2008 and subsequent amendments of the Financial Intelligence Agency Instructions time to time in force; 10. "Documentary evidence" means documentation, listed below, accepted as part of the proper procedures occurs: a) certificate of residence issued by the relevant tax authority of the country where the recipient of the payment claims to be resident;
b) for natural persons, valid document issued by an authorized public institution, containing the name of the individual and commonly used for identification purposes; c) for entities, official documentation issued by a licensed public body, containing the entity name and the address of its principal place of Annex C to Law 174 of 27 November 2015 in the country (or US Territory) where the entity claims to be resident or in which the entity is legally incorporated or organized; d) for accounts held in a jurisdiction covered by anti-money laundering legislation approved by the IRS in connection with a QI agreement, each of the different documents from templates "IRS Form W-8" or "IRS Form W-9" to which It refers to the specific annex to this jurisdiction to the QI agreement for the identification of individuals or entities; e) balance sheets, trade information to third parties, bankruptcy petitions, and reports to the US Securities and Exchange Commission. B. General Rules: In applying the due diligence procedures the Whistleblowers Financial Institutions adopt the following guidelines: 1. All dollar amounts are expressed in US dollars and are intended inclusive of the equivalent in other currencies. 2. Except as otherwise provided herein, the balance or value of an account is determined on the last day of a calendar year or, in the case of an insurance contract for which is measurable or an accrued value of an annuity contract, the last day of the calendar year or the most recent contract annual anniversary. 3. Subject to paragraph E (1) of Section II of this Annex, a financial account is considered a US account subject to disclosure from the date in which it is identified as such in accordance with the due diligence procedures. 4. Unless otherwise specified, the information on a US account must be reported each year in the course of the calendar year following the year to which the information relates. 5. The Whistleblowers financial institutions, if they are aware or has reason to be aware of the inaccuracy or unreliability of self-certification or documentary evidence, can not be considered valid that self-certification or documentary evidence. C. Alternative procedure: As an alternative to the procedures described in each section of this Schedule C, San Marino reporting financial institutions can follow the procedures described in the relevant Regulations of the US Treasury Department to determine whether an account is a US account or an account held by non-participating financial institution, except that if an account is considered to be held by a recalcitrant account holder in accordance with the procedures described in the relevant regulations of the Department of the US Treasury, this account should be considered a US account for of this Agreement. San Marino reporting financial institutions can make this choice separately for each section of this Schedule C and in relation to all relevant financial accounts, separately, each group clearly identified such accounts (for example, according to the branch of activity or the place from which entertained the bill). Except as otherwise provided in an agreement with a foreign financial institution (FFI Agreement), once a financial institution reporting San Marino has decided to follow the procedures laid down in the relevant regulations of the Department of the US Treasury in relation to a group of accounts, that institution must continue to apply those procedures in a consistent manner in all subsequent years, unless there has been a material change to the relevant regulations of the Department of the US Treasury. Annex C to the Law November 27, 2015 174 SECTION II - existing accounts of individuals In identifying US accounts among existing accounts held by individuals ( "pre-existing accounts of physical persons"), the following rules apply and procedures: A. Conti for which there is the obligation to verify, identification or communication. Unless the financial institution in San Marino held the communication decides to waive the exemption thresholds set by FATCA standards in relation to all existing accounts held by individuals, separately, each group clearly identified such accounts, for the following existing accounts of individuals there is the obligation to verify, identification or communication such US accounts:
1. Subject to sub-paragraph E (2) of this Section, existing accounts of individuals with a balance or value that does not exceed $ 50,000 at June 30, 2014, provided they do not become high-value accounts to 31 December 2015 or a subsequent calendar year; 2. Subject to sub-paragraph E (2) of this Section, existing accounts of individuals which consist of insurance contracts for which a measurable accrued value or annuity contracts with a balance or value equal to or less than $ 250000-30 June 2014 provided that they do not become high-value accounts to 31 December 2015 or any subsequent calendar year; 3. pre-existing Accounts of individuals which consist of insurance contracts for which a measurable accrued value or annuity contracts, provided that the legislation or regulations of San Marino or the United States effectively prohibit the sale of such insurance contracts which is measurable with an accreted value or annuity contracts to US residents (for example, in the event that its financial institution does not possess the required registration under the US law, and the San Marino legislation provides for the obligation of disclosure or application of withholding insurance products held by residents in San Marino). 4. Deposit Accounts with a balance less than or equal to $ 50,000. B. Verification procedures of existing accounts of individuals with a balance or value that exceeds $ 50,000 at June 30, 2014 ($ 250,000 for insurance contracts for which it is measurable with an accreted value or annuity contracts), but does not exceed $ 1,000,000 ( "the amount of accounts not relevant"). 1. Search in the electronic archives. The San Marino reporting financial institution must verify the data traceable electronically stored in its archives in order to identify one or more of the following signs of US accounts ( "US Indicia"): a) Identification of the account holder as a citizen or resident of the US; b) unambiguous indication of the place of birth in the US; c) Current postal address or US residence (including a US post office box); d) Actual number of US phone; e) permanent transfer orders in favor of an account held in the United States; f) Prosecution or currently valid power signature attributed to a person with a US address; ie Annex C to the law 27 November 2015 n.174 g) An address "c / o ...." or "brass plate" which is the sole owner of the account of the address of the financial institution present in archives In the case of San Marino reporting an existing account the natural person who is an insignificant value account, an address "c / o" outside the United States or a "general delivery address" is not considered as an indication of US accounts. 2. If using the electronic search is not detected any clues of US accounts listed in sub-paragraph B (1) of this Section, no further formalities required until there is a change of circumstances as a result of which one or more indicia of US accounts are associated with the account or the account becomes a high-value account, as described in section D of this Section. 3. If using the electronic search of this Section, or if there is a change of circumstances as a result of which one or more indicia of US accounts is detected any of the listed evidence of US accounts listed in sub-paragraph B (1) are associated with the account , the financial institution in San Marino held the communication must consider the statement as a US account, unless you choose to apply sub-paragraph B (4) of this Section and that one of the exceptions to that sub-paragraph applies with respect to this account. 4. Despite the finding of evidence of US accounts under sub-paragraph B (1) of this Section, a financial institution in San Marino reporting should not be considered an account as a US account in the following cases: a) Where the holder information account uniquely indicate a US place of birth, the financial institution reporting Marino has acquired, or has previously occurred, keeping track in the archive, the following documents: (1) self-certification stating that the account holder is neither a citizen US, or US resident for tax purposes (on IRS form "W-8" or other approved similar forms); (2) a non-US passport or other identity document issued by the authorities of a State proving the nationality or citizenship of the account holder in a country other than the United States; is
(3) A copy of the Certificate of Loss of Nationality of the United States (Certificate of Loss of Nationality of the United States) of the account holder or a reasonable explanation: (a) the reason that the account holder does not have such a certificate despite his renunciation of US citizenship; or (b) the reason that the account holder did not obtain US citizenship at birth. b) In cases where the account holder information comprise a postal or US residency current address, or one or more US phone numbers which are the only one phone number associated with the account, the financial institution reporting Marino has acquired or has previously occurred, keeping track in the archive, the following documents: (1) self-certification stating that the account holder is neither a US citizen nor a resident of the United States for tax purposes (on IRS form "W-8" or other similar forms approved ); and (2) documentary evidence, as defined in paragraph D of Section VI of this Schedule C, which establish the non-US status of a subject of the account holder. Annex C to the law 27 November 2015 n.174 c) Where information on the account holder include permanent transfer orders in favor of an account held in the United States, the financial institution in San Marino held the communication has acquired, or has previously occurred, keeping track in the archive, the following documents: (1) self-certification stating that the account holder is neither a US citizen nor a resident of the United States for tax purposes (on IRS form "W-8" or other similar forms approved ); and (2) documentary evidence, as defined in paragraph D of Section VI of this Schedule C, which establish the non-US status of a subject of the account holder. d) Where information on an account holder include a currently valid power of attorney or signatory authority vested in an individual with US address, or an address "c / o" or brass plate that represents the only delivery identified the owner of the account, or one or more US phone numbers (if the account is also associated with a non-US phone number), the financial institution reporting Marino has acquired, or has previously occurred, keeping track in the archive, the following documents: (1) self-certification stating that the account holder is neither a US citizen or US resident for tax purposes (on IRS form "W-8" or other approved similar forms); or (2) documentary evidence, as defined in paragraph D of Section VI of this Schedule C, which establish the non-US status of a subject of the account holder. C. Supplementary Procedures applicable to existing accounts of individuals that make up the amount does not add significant 1. The verification of existing accounts of individuals that make up the amount of accounts not relevant to the detection of clues of US accounts must be completed by 30 June 2016. 2. If a change of circumstances in relation to an existing account the natural person who is an account of an amount not material, from which flows the association to the same account of one or more indicia of US accounts described in sub -paragraph B (1) of this Section, the financial institution in San Marino reporting should consider the statement as a US account, unless it is covered by sub-paragraph B (4) of this Section. 3. Apart from the holding accounts referred to in sub-paragraph A (4) of this section, all existing accounts of individuals who have been identified as US accounts under this Section shall be deemed as such for all the years later, unless the account holder does not cease to be a US person specified. D. enhanced verification procedures for existing accounts of individuals with a balance or a value in excess of $ 1,000,000 at June 30, 2014, or December 31, 2015 or later an annuity ( "large-value accounts"). 1. Search in the electronic archives. The IFSS must verify the data stored electronically traceable by it for the purpose of identifying one or more of the clues of US accounts described in sub-paragraph B (1) of this Section. Annex C to the Law 174 of 27 November 2015 2. Research in paper files. If dell'IFSS electronically searchable databases provide the appropriate fields for the acquisition of all the information referred to in sub-
Paragraph D (3) of this Section, it is not necessary to further research in the paper files. If the electronic databases that do not acquire the totality of this information, as regards the large-value accounts, the IFSS, in order to detect the presence of one or more of the clues of US accounts referred to in sub-paragraph B (1 ) of this Section, it shall also examine the main customer master data and, if they are not present in the registry, the following documents to the associated account and acquired by that institution during the past five years: a) the most recent evidence obtained with reference to the account; b) the most recent contract or document for the opening of the account; c) the latest documentation acquired by the financial institution in San Marino held the communication in compliance with anti-money laundering procedures / for the knowledge of the customer (KYC) or for other legal purposes; d) any powers of attorney or authority to currently valid signature; ee) any permanent transfer orders currently operating. 3. Exceptions in the case where the databases contain sufficient information. A IFSS is not required to perform the search in the present paper files in sub-section D (2) Section if the information tracked electronically at the same include the following information: a) the nationality or residence status of the holder of bill; b) the mailing address and residence address of the account holder is currently registered with the financial institution in San Marino held the communication; c) any (i) number (s) of the account holder of the phone is currently registered with the financial institution in San Marino held the communication; d) the presence of a permanent transfer orders in favor of another account (including an account at another financial institution's branch in San Marino held communication or another financial institution); e) the presence of a "c / o" address or brass plate of the account holder; and f) the presence of any powers of attorney or signatory authority on the account. 4. Request the author of the report for actual knowledge. In addition to research in the electronic and paper files above, the financial institution in San Marino held the communication must be considered as US accounts all large-value accounts entrusted to an author of the report (including any financial accounts aggregates in such account), if the responsible for the report has actual knowledge that the account holder is a US person specified. 5. Effects of the detection of clues of US accounts. a) If none is detected clues of US accounts listed in sub-paragraph B (1) of this section in the course of the enhanced verification of significant amounts previously described accounts, and the account is not identified as owned by a US person specified under sub-paragraph D (4) of this Section, no further formalities required until there is a change of circumstances from which flows the association to the same account of one or more indicia of US accounts. b) If it detects any of the listed evidence of US accounts listed in sub-paragraph B (1) of this section in the course of the enhanced verification of significant amounts previously described accounts, or if occurs after a change of circumstances as a result of which one or more clues of US accounts Annex C to Law 174 of 27 November 2015 are associated with the account, the financial institution in San Marino held the communication must consider the statement as a US account, unless you choose to apply sub-paragraph B ( 4) of this Section and that one of the exceptions to that sub-paragraph applies with respect to such account. c) Except for the deposit accounts referred to in sub-paragraph A (4) of this section, all existing accounts of individuals who have been identified as US accounts under this Section shall be deemed as such for all the years later, unless the account holder does not cease to be a US person specified. E. Supplementary Procedures applicable to accounts of a significant amount. 1. If, on 30 June 2014, an earlier account of the physical person is a high-value account, the financial institution in San Marino held the communication must be completed with reference to that account strengthened the procedures described in section D of this Section by 30 June 2015. If, on the basis of such verification, the said account is identified as a US account December 31, 2014 or before that date, the financial institution holding the San Marino
communication must transmit the required information on this statement in relation to 2014 in the first communication on the account and subsequently on an annual basis. In the case of an account identified as a US account after 31 December 2014 and by 30 June 2015, the financial institution in San Marino held the communication is not obliged to transmit information on this statement in relation to 2014, but will be required to communicate every year thereafter. 2. If, at June 30, 2014, an existing account of a natural person is not a large-value account, but it becomes so by the last day of 2015 or any subsequent calendar year, the financial institution in San Marino held the communication must complete with respect to such account the procedures strengthened verification described in paragraph D of this Section within six months of the last day of the calendar year in which the bill becomes a high-value account. If that account is identified as a US account on the basis of this assessment, the financial institution in San Marino held the communication must provide the information requested on this statement in relation to the year it identified as a US account and for subsequent years with Cadence annual, unless the account holder does not cease to be a US person specified. 3. Once a financial institution in San Marino held the communication shall apply the procedures strengthened verification referred to in paragraph D of this Section to a high-value account, it is not required to re-apply these procedures, except for the request to the manager of this Section of the report referred to in sub-paragraph D (4), the same account for any of the following years. 4. If there is a change in circumstances with regard to a significant amount of account, from which flows the association to the same account of one or more indicia of US accounts described in sub-paragraph B (1) of this Section, the establishment financial San Marino held the communication must consider the statement as a US account, unless it decides to apply sub-paragraph B (4) of this Section and that one of the exceptions to that sub-paragraph applies with respect to such account. 5. A financial institution in San Marino held the communication must implement appropriate procedures to ensure that an official of the report will identify any changes in circumstances of an account. For example, if a report is responsible for the Annex C to the Law 174 of November 27, 2015 announced that the account holder has a new mailing address in the United States, the financial institution in San Marino held the communication must consider the new address as a change of circumstances and, if it decides to apply sub-paragraph B (4) of this Section, shall obtain the appropriate documentation from the account holder. F. existing accounts of individuals that have been documented for certain other purposes. San Marino financial institution holding the media, which has previously obtained documents from an account holder from which he determined that the latter does not have the status of either a US citizen or resident in the United States, in order to fulfill its obligations under an agreement signed with the IRS as a qualified intermediary as foreign partnerships with responsibility for withholding foreign trust, or with responsibility for withholding, or in order to fulfill the obligations under Chapter 61 of Title 26, United States Code, is not obligated to perform the procedures described in sub-paragraph B (1) of this Section for an amount not material accounts or procedures referred to in sub-paragraphs D (1) to D ( 3) of this section for high-value accounts. SECTION III - New accounts of individuals In identifying US accounts among financial accounts held by natural persons and open from July 1, 2014 ( "new accounts of natural persons"), the following rules and procedures shall apply: A. Conti for which there is the obligation to verify, identification or communication. Unless the financial institution in San Marino held the communication decides to make use of available options disapplication of the exemption thresholds set by FATCA standards and in relation to all new accounts of natural persons, separately, each group clearly identified such accounts , the following new accounts of natural persons there is the obligation to verify, identification or communication such US accounts:
1. deposit accounts unless the account balance does not exceed $ 50,000 at the end of the calendar year. 2. insurance contracts for which a measurable accrued value, unless the value accrued do not exceed $ 50,000 at the end of the calendar year. B. Other new accounts of physical persons. As for the new accounts of natural persons other than those described in paragraph A of this Section, the opening of the account (or within 90 days of the solar term of the year in which the account ceases to fall within paragraph A of the present disclosure section), the financial institution in San Marino held the communication must acquire self-certification, which can be part of the documentation for the account opening and enabling the same institution to determine whether the account holder is resident in the United States for tax purposes (for this purpose, a US citizen is considered a US resident for tax purposes, even if the account holder is at the same time as tax resident of another jurisdiction) and to confirm the reasonableness of such self-certification, based on the information acquired institution Annex C to the Law 174 of November 27, 2015 held at the San Marino financial communication in relation to the opening of the account, including any documents acquired under the anti-money laundering and procedures relating to customer knowledge. 1. If the self-declaration states that the account holder is resident in the United States for tax purposes, the financial institution in San Marino held the communication must consider the statement as a US account and must acquire a self that includes the US tax code the account holder (on IRS form W-9 or other approved similar modules). 2. Where there is a change of circumstances in relation to a new account of physical persons on the basis of which the financial institution in San Marino held the communication knows or has reason to be aware that the original self is inaccurate or unreliable, it can not trust the self-certification original and must therefore acquire a self-valid determination whether the account holder is a US citizen or a US resident for tax purposes. If the financial institution in San Marino held the communication is unable to acquire a self-viable, it considers the statement as a US account without consent form. SECTION IV - existing accounts Entity In identifying US accounts and accounts held by financial institutions are not participating in the pre-existing accounts held by entities ( "pre-existing accounts of entities"), the following rules and procedures shall apply: A. accounts of entities for which there is the obligation to verify, identification or communication. Unless the financial institution in San Marino held the communication decides to waive the exemption thresholds set by FATCA standards and in relation to all existing accounts of entities that, separately, each clearly identified group of such accounts, for existing accounts entity with a balance or value of not more than $ 250,000 as of June 30, 2014, there is the obligation to verify, identification or communication such US accounts, until such balance or value does not exceed $ 1,000,000. B. Counts of entities subject to audit. Pre-existing entity accounts whose balance or value exceeds $ 250,000 30 June 2014 and the existing accounts of entities not exceeding $ 250,000 at June 30, 2014, but with a balance or value that exceeds $ 1 million on the last day of 2015 or next calendar year, subject to verification in accordance with the procedures set out in paragraph D of this Section. C. Conti entities for which there is an obligation of disclosure. As for the existing accounts of entities described in paragraph B of this Section, considering only US accounts accounts held by one or more entities that are US persons specified, or by non-financial foreign entities (NFFE) passive with one or more persons exercising control who have citizenship or residence in the United States. In addition, the accounts held by financial institutions are considered as non-participating accounts in respect of which must be communicated the total amount of payments under an FFI Agreement. Annex C to the Law November 27, 2015 174 D. Verification procedures for the identification of entity accounts for which there is an obligation of disclosure. For existing accounts of entities described in paragraph B of this Section, the establishment
San Marino financial holding communication shall apply the following verification procedures to determine if the account is held by one or more specified US persons, from passive NFFE with one or more persons who exercise control possessing the nationality or residence in the United States, or from non-participating financial institutions: 1. Determine if the entity is a US person specified. a) Verification of information retained for legal purposes or because of relationships with customers (including information gathered pursuant to the AML / procedures relating to customer knowledge) to determine when information indicates that the account holder is a US person . To this end, the information indicating that the account holder is a US person within a place of incorporation or organization in the United States or a US address. b) If the information indicates that the account holder is a US person, the financial institution in San Marino held the communication must consider the statement as a US account, unless you get self-certification by the (modules of the account holder IRS W-8 or W-9, or other approved similar modules), or may reasonably determine, based on the information in its possession or publicly available, that the account holder is not a US person specified. 2. Determine if an entity is not a US financial institution. a) Verification of information retained for legal purposes or because of relationships with customers (including information gathered pursuant to the AML / relating to customer knowledge procedures) to determine when information indicates that the account holder is an institution financial. b) If the information indicates that the account holder is a credit institution or the financial institution in San Marino held the verification communication GIIN the identification code of the account holder in the list of foreign institutions published by the IRS, the bill is not a US account. 3. Determine whether a financial institution is a financial institution not addressed to participants of payments subject to the obligation of aggregated online communication with the requirements of an FFI Agreement. a) Subject to sub-paragraph D (3) (b) of this Section, a financial institution in San Marino held the communication can determine that the account holder is a financial institution in San Marino or other financial institution partners of a jurisdiction if the financial institution in San Marino held the communication reasonably determines that the account holder has that status on the basis of GIIN identification code of the account holder in the list of foreign institutions published by the IRS, or other publicly available information or in possession of ' San Marino financial institution holding the communication, as applicable. In this case, further testing, identifications are not necessary or communications with reference to the account. b) If the account holder is a financial institution or other institution Marino Annex C to the law 27 November 2015 n.174 financial partners of a jurisdiction considered by the IRS as a non-participating financial institution, the account is not a US account but payments to the account holder must be reported in line with the requirements of an FFI Agreement. c) If the account holder is not a financial institution or other financial institution in San Marino at partner jurisdiction, the financial institution in San Marino held the communication must be considered the holder of the account as a financial institution not addressed participant subject to communication payments in line with the requirements of an FFI Agreement, unless the financial institution in San Marino held the communication: (1) Get a self-certification (on IRS form W-8 or other approved similar modules) by the account holder declaring FFI to be a certified considered defaulting or a beneficial owner exempt, as defined in the relevant regulations of the Department of the US Treasury; or (2) In the case of participating FFI or registered deemed compliant FFI, check out the GIIN identification code of the account holder in the list of foreign financial institutions published by the IRS. 4. Determine whether an account held by a NFFE is a US account. As for the holder of an existing account of entity that is not characterized either as a US person, or as a financial institution, the financial institution in San Marino
sealing the communication has to determine (i) if the account holder has people who exercise control, (ii) if the account holder is a passive NFFE, and (iii) if one of the persons exercising control over the account holder is a citizen or resident of the United States. In determining the above, the financial institution in San Marino held the communication must follow the rules outlined in sub-paragraphs D (4) (a) to D (4) (d) of this section in the order most appropriate to the circumstances. a) For the purpose of determining the persons who exercise control over an account holder, the financial institution in San Marino held the communication can make use of the information collected and maintained in compliance with anti-money laundering procedures / concerning knowledge of the customers. b) For the purposes of determining whether an account holder is a passive NFFE, the financial institution in San Marino held the communication must acquire a self-certification (on IRS Forms W-8 or W-9, or other approved similar modules) by of the account holder to determine its status, unless, based on the information in its possession or that are publicly available, it can not reasonably determine that the account holder is an active NFFE. c) For the purposes of determining whether a person exercising control over a passive NFFE is a citizen or resident of the United States for tax purposes, the financial institution in San Marino held the communication can use: 1) the information collected and stored in accordance anti-money laundering procedures / concerning knowledge of the customer in case of a pre-existing account entities held by one or more NFFE with a balance or value of the account that does not exceed $ 1,000,000; or 2) a self-certification (on IRS Forms W-8 or W-9, or other approved similar modules) by the account holder or of such a person who exercises control in the case of a pre-existing account held by an entity or more NFFE with a balance or value of the upper account for $ 1,000,000. d) If one of the persons exercising control over a passive NFFE is a citizen or resident of the United States, the bill is considered as a US account. Annex C to the Law 174 of 27 November 2015 E. Deadline for verification and additional procedures applicable to existing accounts of entities. 1. The verification of existing accounts of entities with a balance or value of the account that exceeds $ 250,000 30 June 2014 must be completed by 30 June 2016. 2. The verification of existing accounts of entities with a balance or value of the account that does not exceed $ 250,000 at June 30, 2014, but that exceeds $ 1 million at 31 December 2015 or a subsequent year, must be completed within six months following the last day of the calendar year in which the balance or the value of the account exceeds $ 1,000,000. 3. Where there is a change of circumstances with reference to an existing account of entities on account of which the financial institution in San Marino held the communication knows or has reason to be aware that self-certification or other documentation associated with the account is inaccurate or unreliable, it shall restate the status of the account in accordance with procedures set forth in paragraph D of this Section. Section V - New entity accounts. In identifying US accounts and accounts held by financial institutions are not participating in the financial accounts held by entities and open from July 1, 2014 ( "new entity accounts"), the following rules and procedures shall apply: A . entity Accounts for which there is the obligation to verify, identification or communication. Unless the financial institution in San Marino held the communication decides otherwise, both in relation to all new entity accounts, separately, each clearly identified group of such accounts, an account linked to a credit card or a line of revolving credit considered as a new entity account are not subject to verification requirements, identification or communication, provided that the financial institution holding the San Marino to communication from which you entertained this bill implements policies and procedures to prevent the balance in favor the holder of the account exceeds $ 50,000. B. Other new entity accounts. As for the new entity accounts not described in paragraph A of this Section, the financial institution in San Marino held the communication has to determine whether the account holder is: (i) a US person specified; (Ii) a financial institution or other financial institution in San Marino at partner jurisdiction; (Iii) a participating FFI, a FFI
considered defaulting or a beneficial owner exempt, as defined in the relevant regulations of the Department of the US Treasury; or (iv) a NFFE active or passive. 1. Subject to sub-paragraph B (2) of this Section, a financial institution in San Marino held the communication can determine that the account holder is an active NFFE, San Marino financial institution or other financial institution partners of a jurisdiction, if the financial institution in San Marino held the communication reasonably determine that the account holder has that status on the basis of GIIN identification code of the account holder or other publicly available information or in possession of the same institution, where applicable. Annex C to the Law 174 of 27 November 2015 2. If the account holder is a financial institution in San Marino or other financial institution partners of a jurisdiction considered by the IRS as a non-participating financial institution, the account is not a US account but payments to the account holder must be reported in line with the requirements of an FFI Agreement. 3. In all other cases, the financial institution in San Marino held the communication must obtain self-certification by the account holder to determine the status of the same. According to self-certification, the following rules apply: a) If the account holder is a US person specified, the financial institution in San Marino held the communication must consider the statement as a US account. b) If the account holder is a passive NFFE, the financial institution in San Marino held the communication must identify the persons who exercise control in accordance with anti-money laundering procedures / concerning knowledge of the customer, and determine whether such persons are citizens or residents of the United States on the basis of self-certification of the account holder or to such persons. If such persons are citizens or residents of the US, the financial institution in San Marino held the communication must consider the statement as a US account. c) If the account holder is: (i) a different US person by a specified US person; (Ii) subject to sub-paragraph B (3) (d) of this Section, the San Marino financial institution or other institution of a partner jurisdiction; (Iii) a participating FFI, a FFI considered defaulting or a beneficial owner exempt, as defined in the relevant regulations of the Department of the US Treasury; (Iv) an active NFFE; or (v) a passive NFFE where none of the persons who exercise control is a citizen or resident of the United States, the bill does not constitute a US account and there is no obligation to report with respect to the bill itself. d) If the account holder is not a financial institution participating (including San Marino financial institution or other financial institution partners of a jurisdiction considered by the IRS as a financial institution non-participating), the bill is not a US account, but payments to the account holder must be reported in line with the requirements of an FFI Agreement. Section VI - Additional Rules In the implementation of adequate verification procedures described above, the following additional rules apply: 1. the balance Aggregation Rules. In order to determine the balance or the aggregate value of accounts held by a natural person or an entity, a IFSS aggregates all accounts of the same owner entertained at it, as well as those held with members of its expanded affiliated group or sponsored FI group , provided that the computer systems used to link such accounts with reference to a given, such as customer number or tax identification number of the account holder. For the purposes of this aggregation rule, with reference to the accounts of natural persons, the IFSS gives to each of the holders of a joint account the full balance or value of the account. 2. Special Rule of aggregation applicable to data of the report. Annex C to the law 27 November 2015 n.174 To determine the aggregation of the balance or the value of financial accounts held by a person in order to determine whether the financial account is an account of a significant amount, a financial institution in San Marino held the communication It must also aggregate all accounts, in the case of financial accounts of which a controller report is aware or has reason to be aware that they are directly or indirectly owned, controlled, or consisting of (not as trustee) by the same person. 3. Rule for currency conversion.
In determining the balance or the value of financial accounts denominated in a currency other than US dollars, a financial institution in San Marino held the communication must convert the amount of US dollar thresholds referred to in this Annex I in that currency using a spot rate published determined on the last day of the calendar year preceding the year in which the financial institution in San Marino held the communication determines the balance or value. Alternative procedures for financial accounts held by natural persons benefiting from a contract of insurance for which it gained a measurable value. San Marino financial institution holding the communication can be assumed that a beneficiary natural person (other than the owner) of an insurance contract for which it gained a measurable value that receives an economic benefit in case of death is not a US person specified and may consider that account different financial from a US account, unless the financial institution in San Marino held the communication is aware or has reason to be aware of the fact that the beneficiary is a US person specified. San Marino financial institution holding the communication has reason to be aware of the fact that the beneficiary of an insurance contract for which a measurable accrued value is a specified US person, if the information collected by the institution itself, and associated to the beneficiary contain clues of US accounts, as described in sub-paragraph (B) (1) of Section II of this Schedule C. Where a financial institution in San Marino held the communication is aware or has reason to be aware of the fact that the beneficiary is a US person specified, it must follow the procedures referred to in sub-paragraph B (3) of Section II of this Schedule C. alternative procedures for new accounts opened before the entry into force of the IGA SM. Shall apply mutatis mutandis to alternative procedures provided for in the IGA SM for new accounts opened before the entry into force of this agreement. Alternative procedures for new entities accounts opened between July 1, 2014 and January 1, 2015. For new entities accounts opened between July 1, 2014 and January 1, 2015, in relation to all new entity accounts or separately , in relation to a clearly identified group of such accounts, the San Marino financial institutions held communication may regard these accounts as a pre-existing accounts of entities and apply due diligence procedures concerning legacy accounts of entities in Section IV of this Schedule C instead of due diligence procedures specified in Section V of this Schedule C. In this case, the procedures of Annex C to the law 27 November 2015 n.174 diligence in Section IV of this Schedule C must be applied, irrespective of of the balance threshold or the value of the account referred to in paragraph a of Section IV of this Annex C.