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The international exchange of information in financial matters is a valuable instrument to verify, on the part of the tax administrations, the correct fulfillment of the tax obligations of the taxpayers. This has been recognised in recent years at international level, both by the various administrations involved in the fight against tax fraud, and at the level of the European Union and the Organisation for Economic Cooperation and Development. Economic Development (OECD).

Taking as a starting point the model of an intergovernmental agreement for the improvement of international tax compliance and the application of the US law on tax compliance with foreign accounts (FATCA), negotiated with the United States jointly by Germany, Spain, France, Italy and the United Kingdom, in 2013 these five countries showed their intention to extend the automatic exchange of information to as many countries as possible through the the announcement of a common pilot project for the exchange of fiscal information of a character multilateral, automatic and standardized. Following this initiative, the OECD received from the so-called "G-20" the mandate to base itself on the said model of intergovernmental agreement to develop a single international standard for the automatic exchange of tax information on accounts. financial.

As a result, in early 2014, the OECD published the Model of Agreement for the Competent Authority and a Common Information Communication Standard, and in July 2014, the OECD Council published the quoted Model of Agreement and the common information communication standard. On these bases, on 29 October 2014 a total of 51 countries and jurisdictions signed in Berlin the Multilateral Agreement of Competent Authorities on Automatic Exchange of Financial Accounts Information, in accordance with the provisions of the in Article 6 of the consolidated text of the Convention on Mutual Administrative Assistance in Tax Matters, made in Strasbourg on 25 January 1988.

At the level of the European Union, Council Directive 2011 /16/EU of 15 February 2011 on administrative cooperation in the field of taxation and repealing Directive 77 /799/EEC already provided for in the Directive on the approximation of the laws of the Member States relating to the the automatic exchange of information between the Member States, while on income and equity categories of non-financial character and on the basis that the information is available. In order to extend to the financial accounts the scope of the automatic exchange of information between Member States, in a compatible and coordinated manner with the common standard for information communication developed by the OECD, it has been adopted Recently, Council Directive 2014 /107/EU of 9 December 2014 amending Directive 2011 /16/EU as regards the enforcement of the automatic exchange of information in the field of taxation.

In addition to the International Agreements and the Directive mentioned above, this royal decree finds its basis, in the internal field, in Article 1 (2) and Article 29a, both of Law 58/2003, of 17 December, General Tax, relating to the tax obligations in the field of mutual assistance, and more specifically in the additional twenty-second provision of the cited Law 58/2003, which establishes the obligation of the institutions Financial accounts for the purposes of identifying the residence of the holders of certain financial accounts and to provide information to the tax authorities in respect of such accounts, as well as the obligation for the holders of the accounts to identify their tax residence with the financial institutions. This provision also provides that, prior to the provision of such supply, financial institutions are required to communicate to the natural persons holding the financial accounts that the information on them is given to them. This royal decree shall be communicated to the tax authority and transferred to the Member State concerned in accordance with Directive 2011 /16/EU.

This royal decree incorporates the rules of communication of information to the tax administration on financial accounts and due diligence procedures to be applied by the institutions. financial institutions in obtaining such information, so that, in turn, the tax administration can exchange information received, automatically, with the corresponding administration of the country or jurisdiction of the tax residence of the persons who hold the ownership or control of the financial account, all in the the framework of Council Directive 2011 /16/EU as amended by Council Directive 2014 /107/EU of 9 December 2014 and the Multilateral Agreement between Competent Authorities on Automatic Exchange of Financial Account Information.

Furthermore, in view of the fact that Directive 2014 /107/EU provides for a wider scope of application than that laid down in Council Directive 2003 /48/EC of 3 June 2003 on the taxation of income from savings in the form of interest payments, and the prevalence of the first on the second is available, it is necessary to delete the regulatory provisions transposing Council Directive 2003 /48/EC into national law, to avoid duplication of reporting obligations, as well as to adapt the automatic exchange of information on financial accounts to the aforementioned international single standard.

The royal decree is structured into five articles, three additional provisions, a transitional provision, five final provisions and an annex.

Article 1 sets the object of the royal decree.

Article 2 defines the subjective scope of the residence and information identification obligation, subject to the obligation of the financial institutions provided for in the Annex.

In Article 3, the obligation to identify the tax residence of persons holding the ownership or control of financial accounts is regulated. This identification obligation is the key piece on which the information exchange system is based, as the country or jurisdiction of tax residence determines whether or not the account is subject to reporting. Therefore, since the identification of the tax residence is a necessary and necessary step for the communication of information, and must be carried out in respect of all the financial accounts of the financial institution, it is necessary to regulation as an independent obligation.

The reporting obligation is set out in Article 4. Unlike the obligation to identify tax residence, this reporting obligation is limited to persons who hold the ownership or control of financial accounts, are tax residents in one of the countries or jurisdictions. with which there is an obligation to exchange information in the field of mutual assistance. In order to provide legal certainty to financial institutions, it is expressly provided for the Ministerial Order to approve the relevant information declaration to include a list of those countries or jurisdictions.

Finally, as far as the articles are concerned, the content of the information to be supplied is detailed in Article 5.

This royal decree will apply from January 1, 2016. As a result, the financial institutions will have to provide the tax administration with information for the year 2016 for the first time. This first provision of information will take place in the year 2017.

The Annex contains the due diligence rules and procedures to be applied by financial institutions with respect to the financial accounts opened in them to identify the tax residence of persons who show the ownership or control of those and determine whether such accounts are subject to reporting obligations, distinguishing between pre-existing accounts and new accounts. In turn, according to its holder, it is distinguished between accounts of natural persons and accounts of entities.

With respect to pre-existing accounts, the identification of the holder's residence is based primarily on prior information available to the institution, with enhanced review procedures in place in case of accounts. of higher value. Pre-existing accounts of entities, as long as they do not exceed a certain threshold, are not subject to review, identification or reporting of information.

With regard to the new accounts, the identification of the residence is based on the account holder's own statement, and the financial institution must verify the reasonableness of that statement on the basis of the in the information obtained by reason of the account opening.

Also, in the case of entities that are not financial institutions and are considered passive entities, specific rules are established to determine the tax residence of persons who control such entities.

Finally, for the sake of greater interpretative precision, the annex incorporates a specific section containing a comprehensive definition of the terms used in this royal decree. In particular, regulated accounts are identified in our order that are excluded from the obligation to communicate information to present a low risk of use to circumvent the tax and to be similar to other defined general, including those of Annex II to the Agreement for the implementation of FATCA signed between the United States and Spain.

In order to ensure that these rules are fully compatible with those established by other Member States and by the other countries or jurisdictions that have subscribed to the said Multilateral Agreement, in the wording of the Annex the original wording of the Directive has been respected, as far as possible, after the necessary adjustments have been made. Likewise, and for the same purpose, the rules contained in this royal decree shall be interpreted in accordance with the OECD's Comments to the Model of Agreement for the Competent Authority and the Common Standard of Information Communication.

In its virtue, on the proposal of the Minister of Finance and Public Administrations, in agreement with the Council of State and after deliberation of the Council of Ministers at its meeting of November 13, 2015,

DISPONGO:

Article 1. Object.

This royal decree aims to regulate the obligations of financial institutions to identify the residence of persons holding the ownership or control of certain financial and financial accounts. to report in accordance with Directive 2011 /16/EU as amended by Council Directive 2014 /107/EU of 9 December 2014 on the enforcement of the automatic exchange of information in the field of taxation and the Agreement Multilateral between Competent Authorities on Automatic Exchange of Information Financial accounts, in accordance with the provisions of Article 29a and the additional twenty-second provision, both of Law 58/2003, of 17 December, General Tax.

Article 2. Subjective scope.

They shall be subject to the obligations of identification of the residence and information referred to in this royal decree, the financial institutions defined in the terms set out in Section VIII (A) of the Annex.

Article 3. Obligation to identify the tax residence.

Financial institutions shall identify the tax residence of persons holding the ownership or control of financial accounts as provided for in the Annex.

Article 4. Reporting obligation.

Pursuant to Article 30.2 of the General Rules of Procedure and procedures for the management and inspection of taxes and the development of the common rules of procedures for the application of taxes approved by Royal Decree 1065/2007 of 27 July 2007 the financial institutions will be obliged to present a statement of information when the persons holding the ownership or the control of the financial accounts are tax residents in one of the following countries or jurisdictions:

(a) Another Member State of the European Union, any territory to which Directive 2011 /16/EU as amended by Council Directive 2014 /107/EU of 9 December 2014, as amended by Directive 2011 /16/EU applies, mandatory automatic exchange of information in the field of taxation, or any other country or jurisdiction with which the European Union has concluded an agreement under which the country or jurisdiction is to provide the information specified in Article 5 of this royal decree.

b) Another country or jurisdiction in respect of which the Multilateral Agreement between Competent Authorities on Automatic Exchange of Financial Account Information with which reciprocity exists in the information exchange.

(c) Any other country or jurisdiction with which Spain has concluded an agreement under which the country or jurisdiction is to provide the information specified in Article 5 of this royal decree in accordance with the provisions of the this royal decree, with which there is reciprocity in the exchange of information.

This information statement shall be annual and shall be made in the form, place and time to be determined by the Order of the Minister of Finance and Public Administrations, which shall include the list of countries or jurisdictions referred to in points (a), (b) and (c) of this Article as well as those deemed to be participants for the purposes of this royal decree.

Article 5. Information to provision.

1. The information to be provided for each of the accounts subject to reporting shall be as follows:

(a) Name and surname or full name, address, address, country or jurisdiction of residence and the NIF of any person subject to the disclosure of information that is the holder of the account. In the case of accounts whose ownership corresponds to natural persons, the place and date of birth must also be reported.

Dealing with accounts whose ownership corresponds to an entity, and that after the application of due diligence procedures in accordance with Sections V, VI and VII of the Annex, is identified as an entity with one or more persons who exercise control and who are persons subject to information communication, the information referred to in the previous paragraph shall be communicated with respect to the entity and to each person subject to information communication.

b) The account number.

c) Name and tax identification number of the financial institution required to communicate information.

d) The balance or value of the account at the end of the calendar year considered.

Dealing with an insurance contract with cash value or an annuity contract, the cash value or the ransom value will be taken.

In the event of cancellation of the account in that year, the cancellation of the account will be communicated.

e) In the case of a custody account:

1. º The total gross amount in interest, the total gross amount by way of dividends and the total gross amount by way of other income, generated in relation to the assets held in the account, paid or noted in each case in the account or in relation to the account, during the calendar year.

2. º Total gross proceeds from the sale or amortization of financial assets paid or credited to the account during the calendar year in which the reporting financial institution acted as custodian, broker, designated agent or as a representative in any other quality for the account holder.

f) In the case of a deposit account, the total gross amount of interest paid or credited to the account during the calendar year.

g) In the case of an account not described in (e) and (f) above, the total gross amount paid or recorded to the account holder in relation to the account during the calendar year in which the financial institution is obliged to communicate information to the obligor or to the debtor, including the total amount corresponding to write-downs made to the account holder during the calendar year.

The information communicated must specify the currency in which each amount is called.

2. By way of derogation from the above paragraph, the following exceptions shall apply in respect of the information to be supplied:

(a) It shall not be mandatory to communicate the NIF or the date of birth in the case of pre-existing accounts if the NIF or date of birth is not found in the records of the financial institution and is not required to collect this data in accordance with applicable regulations.

However, the financial institution shall reasonably seek to obtain the NIF and the date of birth at the latest by the end of the second calendar year following the year in which pre-existing accounts have been identified as accounts subject to reporting.

b) It shall not be mandatory to communicate the NIF if the country or jurisdiction of residence does not issue it.

(c) It shall not be mandatory to communicate the place of birth unless the following requirements are met:

1. The financial institution has the obligation to obtain and communicate it, or has had such an obligation under any legal instrument of the European Union which was in force on 5 January 2015.

2. This is available in the electronic search data that the institution maintains.

Additional disposition first. Transposition of Directive 2011 /16/EU as amended by Council Directive 2014 /107/EU of 9 December 2014 on the enforcement of the automatic exchange of information in the field of taxation.

By this royal decree, the rules of communication of information to the tax administration on financial accounts and due diligence procedures that must be applied are incorporated into national law. financial institutions in obtaining such information as set out in Council Directive 2011 /16/EU as amended by Council Directive 2014 /107/EU of 9 December 2014, as regards the enforcement of the exchange automatic information in the field of taxation.

Additional provision second. Interpretation according to the OECD's comments.

The rules contained in this royal decree relating to the obligations of financial institutions to identify the residence of persons holding the ownership or control of certain financial and financial accounts report on the same shall be interpreted in accordance with the OECD's Comments to the Model of Agreement for the Competent Authority and the Common Information Communication Standard.

Additional provision third. Obligation to obtain the tax identification number in relation to the Agreement between the United States of America and the Kingdom of Spain for the improvement of international tax compliance and the implementation of the Foreign Account Tax Compliance Act- FATCA.

In relation to pre-existing accounts subject to disclosure under the terms of the Agreement between the United States of America and the Kingdom of Spain for the improvement of international tax compliance and the implementation of the Foreign Account Tax Compliance Act -FATCA, financial institutions shall obtain during the year 2017 the U.S. NIF of persons holding the ownership or control of the financial account in case of which would not have been obtained before.

Single transient arrangement. Information obligations in respect of certain income obtained by natural persons resident in other States of the European Union.

Without prejudice to the provisions of paragraph One of the first provision of this royal decree, the obligations for the provision of information referred to in Articles 45 to 49 of the General Rules of Procedure and procedures for the management and tax inspection and for the development of the common rules of procedures for the application of taxes approved by Royal Decree 1065/2007 of 27 July 2007, must be complied with, in any event, in relation to the information to be supplied for 2015.

Final disposition first. Amendment of the General Rules of Procedure and procedures for the management and inspection of taxes and the development of the common rules of procedures for the application of taxes approved by Royal Decree 1065/2007, 27 July.

The following amendments are made to the General Rules of Procedure and procedures for the management and inspection of taxes and the development of the common rules of procedures for the application of taxes approved by Royal Decree 1065/2007 of 27 July 2007:

One. With effect from 1 January 2016, subsection 5 of Section 2 of Chapter V of Title II, additional provision tenth, additional provision thirteenth and the second transitional provision shall be deleted.

Two. With effect from 1 January 2017, Article 76 shall be deleted.

Final disposition second. Amendment of the Companies Tax Regulation, approved by Royal Decree 634/2015, of July 10.

With effect for the tax periods starting from 1 January 2015, Article 45 of the Company Tax Regulation, approved by Royal Decree 634/2015 of 10 July 2015, is amended. worded as follows:

" Article 45. Limits on the accumulation of aid to the film sector.

In compliance with the provisions of Community legislation, the deduction provided for in Article 36 (2) of the Tax Act shall be applicable, provided that the following limits are taken into account:

(a) The production that generates the right to the deduction must have a minimum cost of 2 million euros.

b) The basis of the deduction may not exceed 80 percent of the total cost of production. "

Final disposition third. Amendment of the Rules of Procedure of Friendly Procedures on Direct Taxation, approved by Royal Decree 1794/2008 of 3 November 2008.

With effect from 1 January 2016, the following amendment is introduced in the Rules of Procedure of the Friendly Procedures on Direct Taxation, approved by Royal Decree 1794/2008 of 3 November 2008:

" Single transient provision. Transitional arrangements for procedures.

The provisions of Articles 2, 9.1 and 19.1 of this Regulation shall apply to procedures pending completion on 1 January 2016. "

Final disposition fourth. Competence title.

This royal decree is adopted pursuant to the provisions of Article 149.1.14. of the Constitution which attributes to the State the competence in matters of general finance.

Final disposition fifth. Entry into force.

This royal decree will enter into force on 1 January 2016, except for the second final provision, which will enter into force the day after its publication in the "Official State Gazette".

Given in Madrid, on November 13, 2015.

FELIPE R.

The Minister of Finance and Public Administrations,

CRISTOBAL MONTORO ROMERO

ANNEX

Due diligence rules

Section I. Due diligence obligations

1. Financial institutions required to report information shall identify the tax residence of persons holding the ownership or control of the financial accounts by the application of the due diligence procedures. Sections II to VII.

For these purposes, financial institutions required to communicate information shall have appropriate procedures for the compliance with due diligence and document preservation measures.

2. Documentary evidence, holder's statements and other information used in compliance with due diligence obligations may be retained in original format or by certified copies or photocopies, including electronic storage.

The statements of the holder may be made in any form, including electronic and telephone channels, that allow the financial institution to have and record its content and date of issue, and to accredit which has been carried out by the account holder or by the person representing the account holder. The content may be contained in one or more documents and must include the declaration's commitment to communicate any change of circumstances that may affect the condition of the declaration, as well as, at least, the following information:

a) Full name or social reason.

b) Full address of the address.

c) Country (s) /Jurisdiction (s) of tax residence.

d) Tax identification number of each country/jurisdiction of tax residence, if issued.

e) Date of birth.

The holder's statements shall be valid indefinitely, unless there is a change of circumstances that may affect the status of the holder.

Section II. General requirements

A. An account shall be deemed to be an account subject to reporting from the date on which it is identified as such in accordance with the due diligence procedures of Sections II to VII.

B. The balance or value of an account shall be determined on the last day of the calendar year.

C. Financial institutions required to communicate information may:

-To use third-party services to meet their reporting and due diligence obligations, with responsibility for the correct compliance with those obligations on those services.

-Apply due diligence procedures for new accounts and lower value accounts due diligence procedures for higher value accounts to pre-existing accounts, without prejudice to the continued application of the rules applicable in general to pre-existing accounts.

Section III. Due diligence on pre-existing physical person accounts

A. The following procedures shall apply to pre-existing natural person accounts for the purposes of determining tax residence.

B. Lower value accounts.

With regard to accounts of less value, financial institutions may choose to apply the procedure provided for in paragraph 1 if the requirements laid down in the same or the procedure laid down in the paragraphs 2 and below.

1. Domicile. If the financial institution has an updated home address of the account holder, based on documentary evidence, in its archives, it may consider such a natural person as a tax resident in the country or jurisdiction in the address is located.

2. Search for electronic files. If the financial institution does not apply the provisions of the preceding paragraph, it shall review the data subject to electronic search which it has in respect of any of the following indications and apply the provisions of paragraphs 3 to 6. following:

a) Identification of account holder as resident in another country or jurisdiction.

b) Current address or address, including a post office, in another country or jurisdiction.

c) One or more phone numbers in another country or jurisdiction and no phone number in Spain.

(d) Permanent orders, except those relating to deposit accounts, transfer of funds to an account opened in another country or jurisdiction.

e) A notarial power of representation in force or a signature authorization in favor of a person domiciled in another country or jurisdiction, or

(f) Correspondence withholding instructions or an address for receipt of correspondence in another country or jurisdiction in case the financial institution has no other address in its files for the holder of the account.

3. If none of the indications in the above paragraph are discovered in the electronic search, no further action shall be necessary until a change of circumstances occurs following which one or more indicia is associated with the account or until such time as the account becomes a higher value account.

4. If, in the electronic search, any of the signs in points (a) to (e) of paragraph 2 are discovered, or if there is a change in circumstances following which one or more indicia is associated with the account, the holder of the account shall be considered has a tax resident in each country or jurisdiction in respect of which any indication has been found, unless it is chosen to apply paragraph B. 6 and one of the exceptions to that paragraph applies to that account.

5. If an instruction is discovered in the electronic search for the retention of correspondence or an address for the receipt of correspondence and no other address or other evidence listed in paragraph 2 has been found, points (a) to (e), for the account holder, must be carried out in the order most appropriate to the circumstances, the search in the paper files described in paragraph C. 2 or an attempt to obtain from the account holder a statement or documentary evidence to determine his tax residence. If the paper search fails to establish any indication and the attempt to obtain the documentary evidence or evidence is not successful, the financial institution shall communicate in the information statement that the account is not documented.

6. Notwithstanding the finding of evidence from another country or jurisdiction pursuant to paragraph 2 above, the financial institution shall not have to treat the account holder as a tax resident in that country or jurisdiction if:

(a) The account holder's information includes an updated postal address or address in that country or jurisdiction, one or more telephone numbers in that country or jurisdiction (and no telephone number in Spain), or standing orders (relating to financial accounts other than deposit accounts) for the transfer of funds to an account opened in that country or jurisdiction, and the financial institution obtains, or has previously reviewed and retains in its files:

i) A statement by the holder of his country's account (s) or jurisdiction (s) of tax residence that does not include that country or jurisdiction, and

ii) Documentary evidence confirming the tax residence countries or jurisdictions included in that declaration.

(b) The information of the account holder includes a proxy power of attorney or a signature authorization in force in favor of a person domiciled in that country or jurisdiction, and the financial institution obtains, or has previously reviewed and preserved in your files:

i) A statement by the holder of his country's account (s) or jurisdiction (s) of tax residence that does not include that country or jurisdiction, or

(ii) documentary evidence to determine the tax residence (s) of the account holder who is (s) other than that of that country or jurisdiction.

C. Enhanced review procedures for higher value accounts.

With regard to higher value accounts, financial institutions will have to implement the following enhanced review procedures.

1. Search for electronic files. For the highest value accounts, the financial institution shall review any electronic search data that it maintains to find any of the evidence described in paragraph B. 2.

2. Search on paper files. If the electronic search databases of the financial institution contain fields for the inclusion and capture of all the information described in section C. 3, it will not be necessary to proceed to the search in the paper files. In cases where electronic databases are unable to capture all of that information, the financial institution should also review the client's current master file in respect of the highest value accounts and, in so far as they do not are included in the, the following documents associated with the account that the institution has obtained in the last five years for any of the indicia described in paragraph B. 2:

a) The most recent documentary evidence collected in relation to the account.

b) The most recent account opening contract or documentation.

(c) The most recent documentation obtained by the financial institution in accordance with the procedures laid down in accordance with Law 10/2010 of 28 April on the prevention of money laundering and the financing of the terrorism and its development regulations, or with another regulatory purpose.

d) All current signing power or signature authority, and

e) All standing orders, except those relating to deposit accounts, of transfer of funds that are in place.

3. Exception in cases where the databases contain sufficient information. The financial institution shall not have to proceed to the search in the paper files described in paragraph C. 2 to the extent that its electronic search information includes the following:

(a) The status of the account holder with respect to their residence.

(b) The address and postal address of the account holder who are in the archives of the financial institution.

(c) The number or telephone numbers of the account holder who, if applicable, are in the archives of the financial institution.

(d) In the case of financial accounts other than deposit accounts, if there are standing orders for the transfer of funds from the account to another account, including an account of another branch of the financial institution or another financial institution.

e) If there is an address for receipt of correspondence or an instruction for the current correspondence hold for the account holder, and

f) If there is any representation power or a signature authorization relative to the account.

4. Consult the personal manager on his/her knowledge of fact. In addition to the obligations laid down in paragraphs 1 and 2 above, the personal manager to whom any higher value account has been assigned shall be consulted, including the financial accounts added to that higher value account, on his or her behalf. knowledge of the tax residence of the person or persons holding the property of the person or persons. If the personal manager knows in fact that such persons are tax residents in another country or jurisdiction, the financial institution shall take this into account for the purposes of fulfilling the obligations of Articles 3 and 4 of this Regulation. decree.

5. Effects of the finding of indicia.

(a) If, in the enhanced review of the higher value accounts described above, none of the indications in paragraph B. 2 are discovered and is not determined in accordance with paragraph 4 above that the holder is a resident tax resident in another country or jurisdiction, no other measure shall be necessary until a change of circumstances occurs that causes one or more indicia to be associated with the account.

(b) If in the enhanced revision of the higher value accounts described above, any of the indications in paragraph B. 2 (a) to (e) are discovered or if there is a change in subsequent circumstances following which they are associated one or more indicia with the account, the financial institution shall treat the account holder as a tax resident in each country or jurisdiction in respect of which any indication has been found, unless it chooses to apply paragraph B. 6 and one of the exceptions to that paragraph applies to that account.

c) If in the enhanced revision of the higher value accounts described above, an instruction for the correspondence retention or an address for the receipt of correspondence is discovered and none have been found another address or any other indication listed in points (a) to (e) of paragraph B. 2 for the account holder, the financial institution shall obtain from the account holder a documentary evidence or evidence to determine its tax residence. If you are unable to obtain the documentary evidence or evidence, the financial institution shall communicate in the information statement that the account is not documented.

6. If the pre-existing physical person account is not a higher value account as of 31 December 2015, but at the end of a subsequent calendar year it has become so, the financial institution shall carry out the review procedures. This paragraph shall be amended as described in paragraph C in the calendar year following the year in which the account is converted into a higher value account. If, on the basis of that review, the account is identified as a reporting account, the information required on that account for the year in which the account is identified as subject to communication shall be reported annually. information and for the following years, unless the account holder ceases to be a person subject to information communication.

7. Once the enhanced review procedures described in this paragraph C have been applied to a higher value account, the financial institution will not be obliged to re-apply them in later years, except for the consultation of the personal manager. described in paragraph 4 above. However, if the account is not documented, the financial institution shall reapply them annually until the account becomes documented.

8. If there is a change in circumstances relating to a higher value account following which one or more of the indicia described in paragraph B. 2 are associated with the account, the financial institution shall treat the account holder as such. a tax resident in each country or jurisdiction in respect of which any indication has been found, unless he chooses to apply paragraph B. 6 and one of the exceptions to that paragraph applies to that account.

9. Financial institutions should put in place procedures to ensure that personal managers identify changes in circumstances of an account. For example, if a personal manager is notified that the account holder has a new postal address in another country or jurisdiction, the financial institution will have to consider the new address as a change of circumstances and, if it chooses apply paragraph B. 6. You must obtain the relevant documentation from the account holder.

D. The revision of the pre-existing accounts with the highest physical value shall be completed by 31 December 2016 at the latest. The revision of the pre-existing accounts of lower physical person value shall be completed by 31 December 2017 at the latest.

E. Any pre-existing account of a natural person who has been identified as an account subject to reporting in accordance with this Section shall be treated as an account subject to information communication in all the following years, unless the account holder ceases to be a person subject to information communication.

Section IV. Due diligence for new physical person accounts

The following procedures apply to new physical person accounts.

A. In relation to the new accounts of a natural person, at the time of the opening of the account, the financial institution shall obtain a declaration, which may form part of the account opening documentation, which enables it to determine the tax residence of the account holder. It shall also verify the reasonableness of such a statement on the basis of the information that the institution has obtained at the opening of the account, including all documentation collected in accordance with the procedures laid down in the Law 10/2010 of 28 April 2010 on the prevention of money laundering and the financing of terrorism and its development rules.

B. If there is a change in circumstances relating to a new account of a natural person following which the financial institution is aware or may be aware that the original statement is incorrect or unreliable, the financial institution may not rely on the original declaration and shall obtain a valid declaration establishing the tax residence of the account holder.

Section V. Due to pre-existing entity accounts

The following procedures will apply to pre-existing entity accounts.

A. Entity accounts not subject to review, identification or reporting of information. Unless the financial institution opts for another criterion, either in respect of all pre-existing entity accounts, either separately from any group of such accounts clearly identified, the pre-existing entity accounts whose balance or value added at 31 December 2015 does not exceed an amount in euro corresponding to $250,000 US dollars shall not be subject to review, identification or reporting of information until its balance or value added exceeds that amount on the last day of any subsequent calendar year.

B. Entity accounts subject to review. It shall be subject to review in accordance with the procedures laid down in paragraph D of any pre-existing account of an institution whose balance or value added at 31 December 2015 exceeds an amount in euro corresponding to $250,000 (a) US and any pre-existing entity account that does not exceed that amount by 31 December 2015 but whose aggregate balance or value exceeds that amount on the last day of any subsequent calendar year.

C. Entity accounts that may be subject to reporting. For the pre-existing entity accounts described in paragraph B above, only accounts that may be subject to one or more entities that are owned by one or more entities shall be treated as accounts. tax residents in another country or jurisdiction, or entities that are not financial institutions (NFs) that are passive in which one or more of the persons exercising control are persons resident for tax purposes in another country or jurisdiction.

D. Review procedures for identifying entity accounts that may be subject to reporting. In relation to the pre-existing entity accounts described in paragraph B above, the financial institutions shall apply the following review procedures:

1. Determination of the entity's tax residence.

a) Review the information that they retain for regulatory or customer relationship purposes (including information collected under procedures applied under Law 10/2010 of 28 April, for the prevention of money laundering and the financing of terrorism and its development rules) to determine the tax residence of the account holder. For these purposes, the information indicative of the tax residence of the account holder includes the place of incorporation or an address in another country or jurisdiction.

(b) If the information indicates that the account holder is a tax resident in a country or jurisdiction referred to in Article 4 of this royal decree, the institution shall treat the account as a credit account information unless you obtain a statement from the account holder or reasonably determine, on the basis of the information available to you or that it is public, that the account holder is not a person subject to disclosure.

2. Determination of the tax residence of persons exercising control of an entity that is a passive NFE. In relation to the holder of a pre-existing entity account (including entities that are persons subject to reporting), the financial institution shall determine whether the account holder is a passive NFE with one or more of the following: persons exercising control and determining the tax residence thereof. In the event that any person exercising the control of a passive NFE is a person subject to information communication, the account shall be treated as an account subject to information communication. In order to carry out these determinations, the institution shall follow the indications in points (a), (b) and (c) in the order most appropriate to the circumstances.

a) Determination of whether the account holder is a passive ENF. In order to determine whether the account holder is a passive NFE, the institution shall obtain a statement from the account holder to establish its status, unless it has information in its possession or is published on the basis of the account. the account holder can reasonably be determined to be an active NFE or a financial institution other than the investment entity described in paragraph A. 6.b) of Section VIII which is not a financial institution of a participant jurisdiction.

b) Determination of persons exercising control of the account holder. In order to determine the persons exercising control of the account holder, the institution may rely on information obtained and retained in accordance with procedures applied in accordance with Law 10/2010 of 28 April on the prevention of money laundering and the financing of terrorism and its development rules.

c) Determination of the tax residence of a person exercising control of a passive ENF. In order to determine the tax residence of a person exercising the control of a passive ENF, the institution may rely on:

(i) Information obtained and retained in accordance with procedures applied in accordance with Law 10/2010 of 28 April on the prevention of money laundering and the financing of terrorism and its development rules in the case of a pre-existing account of an entity whose ownership corresponds to one or more NFs whose balance or aggregate value does not exceed an amount in euro corresponding to USD 1,000,000, or

(ii) A statement by the account holder or that person exercising control of the country or jurisdictions in which the person exercising control is a tax resident.

E. Review deadlines and additional procedures applicable to pre-existing entity accounts.

1. The revision of the pre-existing accounts of an institution whose balance or aggregate value at 31 December 2015 exceeds an amount in euro corresponding to US $250,000 shall be concluded by 31 December 2017 at the latest.

2. The revision of the pre-existing accounts of an institution whose balance or aggregate value at 31 December 2015 does not exceed an amount in euro corresponding to US $250,000 but exceeds that amount as at 31 December of one year later, it shall be concluded in the calendar year following the year in which the balance or aggregate value of the account exceeds that amount.

3. If there is a change in circumstances relating to a pre-existing entity account following which the financial institution knows or may be aware that the statement or any other documentation associated with an account is incorrect or unreliable, that institution shall re-determine the status of the account in accordance with the procedures laid down in paragraph D above.

Section VI. Due diligence for new entity accounts

The following procedures apply to new entity accounts.

Review procedures for identifying entity accounts that may be subject to information communication. For new entity accounts, financial institutions shall apply the following review procedures:

1. Determination of the entity's tax residence.

(a) The financial institution shall obtain a statement, which may form part of the account opening documentation, to enable it to determine the tax residence (s) of the account holder. It shall also verify the reasonableness of such a statement on the basis of the information which that institution has obtained at the opening of the account, including all documentation collected in accordance with procedures applied in accordance with the Law 10/2010 of 28 April 2010 on the prevention of money laundering and the financing of terrorism and its implementing rules. If the institution certifies that it has no tax residence, the financial institution may rely on the management of the principal office of the institution to determine the residence.

(b) If the statement indicates that the account holder is a tax resident in a country or jurisdiction referred to in Article 4 of this royal decree, the financial institution shall treat the account as an account subject to information communication, unless it reasonably determines, on the basis of information available to it or that it is public, that the account holder is not a person subject to disclosure in relation to that country or jurisdiction.

2. Determination of the tax residence of persons exercising control of an entity that is a passive NFE. In relation to the holder of a new entity account (including entities that are persons subject to reporting), the financial institution shall determine whether the account holder is a passive NFE with one or more of the following: persons exercising control and determining the tax residence thereof. In the event that any person exercising the control of a passive NFE is a person subject to information communication, the account shall be treated as an account subject to information communication. In order to carry out these determinations, the financial institution shall follow the indications in points (a), (b) and (c) in the order most appropriate to the circumstances.

a) Determination of whether the account holder is a passive ENF. In order to determine whether the account holder is a passive NFE, the financial institution shall rely on a statement by the account holder to establish its status, unless it has information in its possession or is public, on the basis on which the account holder can reasonably be determined to be an active NFE or a financial institution other than the investment entity described in paragraph A. 6.b) of Section VIII which is not a financial institution of a participating jurisdiction.

b) Determination of persons exercising control of the account holder. In order to determine the persons exercising the control of the account holder, the financial institution may rely on information obtained and retained in accordance with procedures applied in accordance with Law 10/2010 of 28 April 2010. prevention of money laundering and the financing of terrorism and its development rules.

c) Determination of the tax residence of a person exercising control of a passive ENF. In order to determine the tax residence of a person exercising the control of a passive ENF, the financial institution may only rely on a statement from the account holder or that person exercising control.

Section VII. Special rules of due diligence

When applying the due diligence procedures described above, the following additional rules apply:

A. Where financial institutions obtain statements from the holder or documentary evidence, in respect of which they are aware or may become aware that they are incorrect or unreliable, they may not rely on them for the purpose of determining the status of the holder. client and must request a new statement from the holder or additional documentation that justifies their condition.

B. Alternative procedures applicable to financial accounts, the holders of which are natural persons benefiting from an insurance contract with a cash value or an annuity contract and for collective insurance contracts with value in cash or collective annuity contracts.

(a) The financial institution may presume that a natural person (other than the owner) who is a beneficiary of a cash-value insurance contract or an annuity contract that receives death capital is not a person subject to disclosure and may consider that such a financial account is not an account subject to disclosure, unless that institution is aware of, or may become aware of, that the beneficiary is a person subject to information communication. It is considered that the financial institution may become aware that a beneficiary of an insurance contract with a cash value or an annuity contract is a person subject to disclosure of information if the information obtained by the same and related to the beneficiary contains indications of tax residence in a country or jurisdiction referred to in Article 4 of this royal decree described in Section III (B) of this Annex. If a financial institution is aware of, or may become aware, that the beneficiary is a person subject to disclosure, that institution shall follow the procedures laid down in paragraph B of the Financial Regulation. Section III.

(b) The financial institution may treat a financial account constituting the participation of a member in a collective insurance contract with cash value or collective annuity contract as a financial account which is not an account subject to information communication to the date on which an amount is payable to the employee/certificate holder or beneficiary, if that financial account meets the following requirements:

i) The insurance taker is the company and said insurance covers twenty-five or more employees/certificate holders.

(ii) Employees/certificate holders are entitled to receive the relevant benefit and to designate beneficiaries in the event of the death contingency, and

iii) The total amount to be paid to any employee/certificate holder or beneficiary does not exceed an amount in euros corresponding to 1,000,000 U.S. dollars.

By "cash value insurance collective contract" means an insurance contract with cash value that: (i) provides coverage to associated natural persons through an employer, professional association, union or other association or group, and (ii) charges a premium for each member of the group (or member of a group category) that is determined without regard to individual health characteristics other than the age, sex and smoking habit of the member (or Member category) of the group.

A "collective annuity contract" means an annuity contract under which creditors are associated natural persons through an employer, professional association, union or other association or group.

C. Rules for the aggregation of the balance of accounts and for currency conversion.

1. Aggregation of accounts of natural persons. In order to determine the aggregate balance or value of the financial accounts whose holder is a natural person, the financial institution shall aggregate all the accounts opened in the institution itself or in the related entities, but only to the extent that the computerized systems of the financial institution link the financial accounts by reference to a data item, such as the customer number or the NIF, and allow the aggregation of the balances or securities of the accounts. In particular, it shall be understood that the above requirements are not met and therefore no such aggregation shall be made in respect of the relevant account holder, where the financial institution is not allowed to provide the same account holder. an integrated extract from all positions as a result of legal restrictions resulting from data protection regulations.

For the application of the aggregation requirements described in this paragraph, each holder of a joint financial account shall be assigned the balance or full value of the joint financial account.

Those accounts that have a negative balance must be computed with zero balance.

2. Aggregation of entity accounts. In order to determine the aggregate balance or value of the financial accounts whose holder is an institution, the financial institution shall consider all financial accounts that are open in the institution itself or in the related entities, but only to the extent that the computerised systems of the financial institution link the financial accounts by reference to a data item, such as the customer number or the NIF, and allow the aggregation of the balances or securities of the accounts. In particular, it shall be understood that the above requirements are not met and therefore no such aggregation shall be made in respect of the relevant account holder, where the financial institution is not allowed to provide the same account holder. an integrated extract from all positions as a result of legal restrictions resulting from data protection regulations.

For the application of the aggregation requirements described in this paragraph, each holder of a joint financial account shall be assigned the balance or full value of the joint financial account.

Those accounts that have a negative balance must be computed with zero balance.

3. Special aggregation rule applicable to personal managers. To determine the aggregate balance or value of financial accounts held by a person to determine whether a financial account is a higher value account, the financial institution shall also add those accounts for which a financial account is a higher value account. a personal manager knows, or may become aware that, directly or indirectly, they are the property of that person, are under his or her control or have been created by it (except if that person intervenes as a trustee).

4. Inclusion of the equivalent in other currencies in all amounts. All amounts shall be understood to include the equivalent amounts in other currencies, according to the published exchange rate corresponding to the day of the conversion.

Section VIII. Definitions of terms

The following terms will have the following meaning:

A. Financial institution required to communicate information.

1. "Reporting Financial Institution" means any financial institution that is not a non-reporting financial institution, provided that:

i) Be a financial institution resident in Spain, excluding branches of that financial institution located outside of Spain, or

(ii) Be a branch of a non-resident financial institution in Spain, when that branch is located in Spain.

2. 'Financial institution of a participating jurisdiction' means (i) any financial institution resident in a participating jurisdiction, excluding branches of that financial institution located outside the jurisdiction participant in question, and (ii) any branch of a non-resident financial institution in a participating jurisdiction, if the branch is located in the participating jurisdiction in question.

3. "Financial institution" means a custodial institution, a deposit institution, an investment entity or a specific insurance company.

4. "custody institution" means any entity that holds financial assets on behalf of third parties as an important part of its economic activity. An entity holds financial assets on behalf of a third party as an important part of its economic activity when the gross income of the entity attributable to the holding of the financial assets and the related financial services is equal to or higher 20% of the gross income obtained by the institution for the shortest of the following periods:

i) The three-year period ended December 31 (or the last day of an accounting year that does not correspond to the calendar year) prior to the year in which the determination is made, or

ii) The entity's existence time.

This category includes, in particular, investment service companies that develop such activity.

5. "Deposit institution" means any entity that accepts deposits in the ordinary course of its banking or similar activity. This includes in this category, in particular, credit institutions and entities that issue means of payment that may be loaded prior to their use.

6. 'Investment entity' means any entity:

a) The main economic activity consists in the performance of one or more of the following activities or operations on behalf of or in favour of a customer:

i) Operations with money market instruments (cheques, letters, certificates of deposit, derivatives, etc.); currency exchange, currency and currency markets instruments and index-based instruments; securities tradable, or commodity futures trading.

ii) Managing collective and individual investments, or

iii) Other forms of investment, management or management of financial assets or money on behalf of third parties

or

b) Gross income is primarily attributable to investment, reinvestment or trading in financial assets, if the entity is managed by another entity that is in turn a deposit institution, a custodial institution, a specific insurance undertaking or an investment entity described in paragraph A. 6.a).

An entity is considered to have as its principal economic activity the performance of one or more of the activities described in paragraph A. 6.a), or that its gross income is primarily attributable to investment, reinvestment or trading in financial assets for the purposes of paragraph A. 6.b) if the gross income of the entity attributable to the activities in question is equal to or greater than 50% of the gross income obtained by the institution for the shortest of the following periods: (i) the three-year period ending on 31 December preceding the year in which the determination is made; or (ii) the time of existence of the entity.

This category includes, in particular, the collective investment institutions, with the exception of the real estate companies to which the Law 35/2003 of 4 November, of the Collective Investment Institutions, and the Capital-risk entities.

Not included in this category, in particular, the Credit Entities Deposit Insurance Fund and the Investment Guarantee Fund.

The expression "investment entity" does not include entities that are active NFs for meeting any of the criteria referred to in paragraph D. 8, points (d) to (g).

This paragraph shall be interpreted in a manner consistent with the definition of "financial institution" expressed in similar terms in the recommendations of the International Financial Action Task Force.

7. 'Financial assets' means transferable securities (for example, shares in the capital of companies, shares in the capital or in the profits of companies of persons who have numerous partners or are listed on markets of recognised securities; promissory notes, bonds and bonds and other debt securities), shares in persons holding companies, commodities, swaps (for example, interest rate swaps, currency swaps, swaps , the agreements on maximum or minimum interest rates, raw material swaps, swapslinked to shares, stock index swaps and similar agreements), insurance contracts or annuity contracts, or any instrument (including options and futures or forward contracts) linked to a value furniture, a participation in a person's company, a basic product, a swap, an insurance contract or an annuity contract. The term "financial assets" does not include direct interest, not linked to a debt, in real estate.

8. "Specific insurance company" means any entity that is an insurance company (or the control company of an insurance company) that offers an insurance contract with cash value or an annuity contract, or which is required to make payments in relation to them.

This category includes, in particular, the insurance entities authorized to operate in the life class, who develop the activity indicated in the preceding paragraph.

B. Financial institution not required to communicate information.

1. 'Financial institution not required to communicate information' means any financial institution that is:

(a) A State entity, an international organisation or a central bank, except in relation to a payment arising from an obligation arising from a commercial financial activity of the type of those made by an insurance company specifies, a custodial institution or a deposit institution.

(b) A broad participation pension fund, a restricted participation pension fund, a pension fund of a state entity, an international organisation or a central bank, or an authorised issuer of credit cards.

c) An exempt collective investment instrument.

(d) The entity described in paragraph B. 1.e) of Section VIII of Annex I to Directive 2011 /16/EU, as amended by Council Directive 2014 /107/EU of 9 December 2014, as regards the compulsory nature of the automatic exchange of information in the field of taxation, provided that the conditions laid down therein are met.

By Order of the Minister of Finance and Public Administrations other financial institutions may not be required to communicate information that meets the requirements of section B. 1.c) of the section Annex I to Directive 2011 /16/EU, as amended by Council Directive 2014 /107/EU of 9 December 2014, with regard to the enforcement of the automatic exchange of information in the field of taxation.

2. 'State entity' means the administration of a country or jurisdiction, its political subdivisions (including the Länder, provinces, counties or municipalities), or any institution or institutional agency that belongs in its entirety to the same or any of the above entities (each constituting a "state entity"). The participating parties, controlled entities and political subdivisions of a country or jurisdiction are included in this category.

It is understood:

(a) By "integral part" of a country or jurisdiction any person, organization, agency, department, fund, agency or other body, whatever its name, that is a state authority of the same. The net income of the State authority must be credited to the State authority's account or to other accounts of the country or jurisdiction, without any party being able to revert to a particular benefit. Natural persons who are monarchs, officials or administrators when acting in a personal or private capacity are not considered an integral part.

b) By "controlled entity" an entity that is formally different from the country or jurisdiction or that constitutes in some other sense a separate legal entity, provided that:

i) The entity is controlled or wholly owned by one or more state entities, directly or through one or more controlled entities.

(ii) The entity's net income is credited to the account of the entity or to the accounts of one or more state entities, without any portion of such income being able to revert for the benefit of a particular entity, and

iii) The entity's assets are attributed at the time of its dissolution to one or more state entities.

Income is not considered to be in the interest of individuals if they are the beneficiaries of a public programme, and the activities of the programme are carried out for the general population and the common welfare, or are related to the management of some instance of the administration. However, it is considered that the revenue will be in the interest of individuals if they are the result of the use of a State entity to carry out a commercial activity, such as a commercial banking activity, which it offers financial services to individuals.

Included in this category, in particular, the General Administration of the State, the Administrations of the Autonomous Communities, the Entities that make up the Local Administration, the Public Law Entities with own legal personality linked to or dependent on any of the Public Administrations and entities controlled by any of the Public Administrations.

The Institute of Official Credit and the analogous entities of the Autonomous Communities, the Insurance Compensation Consortium, the National Securities and Exchange Commission and the Fund are also considered. Banking Orderly Restructuring (FROB).

3. "International organization" means any international organization or agency or institutional agency that belongs to the organization in its entirety. This category covers all intergovernmental organisations, including supranational organisations: (i) which are primarily formed by governments; (ii) which effectively have a headquarters agreement or a similar agreement in the main with the Kingdom of Spain or with another country or jurisdiction; and (iii) whose income does not revert to the benefit of individuals.

4. "central bank" means an institution which, by law or state law, is the principal authority, other than the government of the country or jurisdiction, issuing instruments intended to circulate as means of payment. Such an institution may include an independent institutional agency of the country's government or jurisdiction, which may or may not be wholly or partially owned by the country or jurisdiction. It is included in this category, in particular the Banco de España.

5. 'broad-participation pension fund' means a fund established for the purpose of providing retirement, disability or death benefits, or any combination thereof, to beneficiaries who are or have been employed (or persons designated by them) of one or more employers as a counterpart of services provided, provided that the fund:

a) Do not have any beneficiary entitled to more than 5 percent of the assets in the fund.

b) Be subject to state regulations and provide information to the Tax Administration, and

c) Meet at least one of the following requirements:

i) that the fund is globally exempt from tax on investment returns, or that such returns are subject to deferred taxation or are taxed at a reduced rate, on account of their status as a retirement plan or pensions.

(ii) that the fund obtains at least 50% of the total contributions, other than transfers of assets from other plans described in points 5, 6 and 7 of paragraph B, or from retirement accounts and pension described in paragraph C. 17.a), of the sponsor employers.

(iii) that the distribution or reimbursement of amounts from the fund is authorized only in the event of specific events related to retirement, disability or death, with the exception of income distributed for investment in other pension funds as described in points (5), (6) and (7) or (7) or pension and pension accounts described in paragraph (c) (a) (a), or that the distribution or reimbursement of amounts before such events specific place to penalties, or

iv) the contributions of employees to the fund (excluding certain authorised compensatory contributions) are limited in the light of the income received by the employee, or may not exceed, annually, an amount in euro corresponding to USD 50,000, applying the rules for aggregation of accounts and currency conversion as set out in Section VII (C).

Included in this category, in particular, are the funds regulated by the recast of the Law on Pension Funds and Plans, approved by Royal Legislative Decree 1/2002 of 29 November, and the entities defined in the Article 64 of the recast text of the Law on the Management and Supervision of Private Insurance, approved by Royal Decree-Law 6/2004 of 29 October, when in a social security mutual society all its mutualists are employees, their partners protection or promoters are the individual companies, institutions or entrepreneurs in the which provide their services and the benefits granted are solely a consequence of the provision of foresight agreements between them and any other comparable entity regulated in the field of the Autonomous Communities.

6. "Restricted participation pension fund" means a fund established for the purpose of providing retirement, disability or death benefits to beneficiaries who are or have been employed (or persons designated by them) of one or more employers as a counterpart of services provided, provided that:

a) The fund has less than 50 members.

(b) The fund's promoters are one or more employers that are not investment entities or passive ENFs.

(c) Contributions to the fund of employees and employers, excluding transfers of assets from the retirement and pension accounts described in paragraph C. 17.a), are limited according to income received by the employee and the remuneration paid to the employee, respectively.

(d) Members who are not resident in the country or jurisdiction in which the fund is established are not entitled to more than 20 percent of the fund's assets, and

e) The fund is subject to state regulations and provides information to the tax administration.

7. 'pension fund of a State entity, an international organisation or a central bank' means a fund established by a State entity, an international organisation or a central bank for the purpose of providing services by retirement, incapacity or death to its beneficiaries or members who are or have been employed (or persons designated by them), or who are not or have been employed, if the benefits offered to such beneficiaries or members are the counterpart of personal services provided to the State entity, the organisation or the central bank.

8. "Authorized credit card issuer" means a financial institution that meets the following requirements:

a) The financial institution has financial institution status only because it is a credit card issuer that accepts deposits only when a customer makes a payment that exceeds the balance due from transactions with the card and the surplus is not immediately refunded to the customer, and

(b) The financial institution applies, as from 1 January 2016 or before that date, measures and procedures to prevent a customer from making overpayments in excess of a corresponding euro amount. (a) to the United States, or to ensure that any overpayment of a customer exceeding that amount is reimbursed to him within 60 days, applying in each case the rules for the aggregation of accounts and currency conversion Section VII, Section C. For these purposes, the overpayment made by the customer does not relate to balances creditors that include controversial charges, but it does include the creditor balances arising from the return of goods.

9. 'exempt collective investment instrument' means a regulated investment entity as an instrument of collective investment, provided that the ownership of all interests in the collective investment instrument corresponds to the the following entities or are exercised through them: (i) a capital company whose share capital is regularly traded on one or more recognised stock markets; (ii) a capital company which is a related entity of a capital company described in (i); (iii) an entity (iv) an international organisation; (v) a central bank, or (vi) a financial institution, with the exception of those described in section VIII (ii)

C. Financial account.

1. 'Financial account' means an account opened in a financial institution, including deposit accounts, custody accounts, and:

(a) In the case of an investment entity, any equity or debt participation in the financial institution. Notwithstanding the foregoing, the term 'financial account' does not include any equity or debt participation in an entity that is an investment entity solely by: (i) advising a client and acting on behalf of a client, or (ii) managing portfolios for a client, and acting on behalf of a client, for the purposes of investment, management or administration of financial assets deposited on behalf of the client in a financial institution other than the entity concerned.

(b) In the case of financial institutions not described in paragraph C. 1.a), any equity or debt participation in the financial institution, if the type of participation in question was determined in order to circumvent the information communication in accordance with Article 5, and

(c) Cash-value insurance contracts and annuity contracts offered by or maintained by a financial institution other than the immediate, non-transferable, and non-investment-linked, for life-income, issued to a natural person, who monetize a pension or disability benefit linked to an account that is an excluded account.

The term "financial account" does not include accounts that are excluded accounts.

2. "deposit account" means any commercial account, current account, savings account or time account, or other account identified by a certificate of deposit, savings, investment or debt, or a similar instrument, opened in a financial institution in the ordinary course of its banking or similar activity. The deposit accounts also include the amounts held by an insurance company under a guaranteed investment contract or a similar arrangement for the payment or entry into account of the relevant interest.

3. 'custody account' means an account, other than an insurance contract or an annuity contract, in which one or more financial assets are deposited for the benefit of a third party.

4. "Equity participation" means, in the case of companies of persons that are financial institutions, both a share of capital and the profits of the company of persons. In the case of the entity referred to in Section VIII (b) (d) of Annex I to this Royal Decree with the nature of a financial institution, it is considered that any person to whom it is a financial institution is considered to have a stake in the capital. considers to be an entity, or a beneficiary of all or a part of that entity, or any other natural person exercising final effective control over that entity, including through a chain of control or ownership. Persons shall be considered to be beneficiaries of such an entity if they are entitled to receive, directly or indirectly (for example through a designated agent) a compulsory distribution, or they may receive, directly or indirectly, a discretionary distribution by that entity.

5. 'insurance contract' means a contract, other than annuity contracts, under which the issuer agrees to pay an amount if a specified contingency involving a death, illness or illness, is materialised; accident, liability or property risk.

6. 'Annuity Contract' means a contract under which the issuer agrees to make payments for a given period in whole or in part by reference to the life expectancy of one or more natural persons. Included in this term are, in particular, the temporary or lifetime income offered by the insurance entities authorized to operate in the life class.

For the purposes of calculating the balance or value of the financial account, the financial institution required to release information may, where appropriate, use the capitalization value referred to in Order EHA3481/2008 of 1 January 2008. December, approving the model 189 of the annual information declaration on securities, insurance and income.

7. "Cash value insurance contract" means an insurance contract (other than a reinsurance contract between two insurance companies) that has a cash value.

8. 'cash value' means the largest of the following amounts: (i) the amount that the insurance policyholder is entitled to receive as a result of the rescue or the termination of the contract (determined without computing the possible reduction in (ii) the amount that the policyholder may take on loan under the contract or in relation to it.

The term "cash value" does not include amounts payable on the basis of an insurance contract:

(a) Exclusively on the occasion of the death of a natural person insured in a life insurance contract.

(b) For the purpose of providing personal injury or sickness or other compensation for economic loss arising from the materialization of the insured risk.

(c) For the return of a previously paid premium (less the cost of insurance costs, irrespective of whether or not they have been applied) for an insurance contract (other than an annuity or insurance contract life linked to an investment) due to the cancellation or termination of the contract, a loss of risk exposure during the term of the contract, or a new calculation of the premium for the correction of the similar notification or error.

d) As a dividend of the policyholder, other than dividends to the termination of the contract, provided the dividends are related to an insurance contract in which the only benefits payable are those described in paragraph C. 8.b), or

(e) For the repayment of advance premium or premium deposit for a insurance contract in which the premium is payable at a minimum annual frequency, if the amount of the advance premium or the premium deposit does not exceed the following annual premium to be paid under the contract.

For the purposes of calculating the balance or value of the financial account, the financial institution required to release information may, where appropriate, use the redemption value referred to in Order EHA3481/2008 of 1 January 2008. December, approving the model 189 of the annual information declaration on securities, insurance and income.

9. 'pre-existing account' means:

(a) A financial account that is kept open at December 31, 2015 in a financial institution required to communicate information.

(b) Any financial account of a holder, be that natural person or entity, regardless of the date of opening of the account, if:

i) The holder also has in the financial institution required to communicate information in an entity linked to it in Spain, a financial account that is a pre-existing account in accordance with paragraph C. 9.a).

(ii) The financial institution required to communicate information and, if applicable, the entity linked to it in Spain, treats the two financial accounts mentioned above, and any other financial accounts of the holder that have the consideration of pre-existing accounts in accordance with this point (b), as a single financial account for the purposes of compliance with the standards of knowledge set out in Section VII (A) and the determination of the balance or value of any of the financial accounts when applying the thresholds set for the accounts.

iii) As regards financial accounts subject to the procedures laid down in Law 10/2010 of 28 April 2010 on the prevention of money laundering and the financing of terrorism and its implementing rules, the financial institution required to communicate information is authorised to comply with those procedures for the financial account on the basis of the results of the application of those procedures to the pre-existing account described in section C. 9.a), and

iv) The opening of the financial account does not require the holder to submit new, additional or modified information about the same other than that set out in this Annex.

10. 'New account' means an open financial account in a financial institution that is required to report information as of 1 January 2016, unless it is treated as a pre-existing account in accordance with paragraph C. 9.b).

11. 'Pre-existing physical person account' means a pre-existing account whose holder or holders are one or more natural persons.

12. 'New account of natural person' means a new account, the holder of which is one or more natural persons.

13. 'pre-existing entity account' means a pre-existing account whose holder or holders are one or more entities.

14. 'Lower value account' means a pre-existing account of a natural person with an aggregate balance or value at 31 December 2015 which does not exceed an amount in euro corresponding to USD 1,000,000.

15. 'higher value account' means a pre-existing account of a natural person with an aggregate balance or value at 31 December 2015 or any subsequent year exceeding a euro amount corresponding to $1,000,000

16. 'New Entity Account' means a new account whose holder or holders are one or more entities.

17. 'Excluded account' means any of the following accounts:

a) A retirement or pension account that meets the following requirements:

i) The account is subject to the legislation applicable to personal retirement accounts or forms part of a registered or regulated retirement or pension scheme that provides retirement or pension benefits (including disability or death benefits).

(ii) The account enjoys a favourable tax (i.e. income in the account, which otherwise would have to be taxed, is deductible or excluded from the gross income of the holder or is taxed at a reduced rate, or returns on the investment that the account produces are subject to deferred taxation or are taxed at a reduced rate.)

iii) Information about the account should be communicated to the Tax Administration.

(iv) Account reintegrals are contingent upon a specified retirement age, disability or death being reached, or subject to penalty if performed before such facts are materialized, and

(v) or (i) the annual contributions may not exceed an amount in euro corresponding to US $50,000 or (ii) the maximum contribution to the account over a lifetime cannot exceed an amount in Euro corresponding to USD 1,000,000, in each case applying the rules for aggregation of accounts and currency conversion as set out in Section VII, paragraph C.

A financial account which otherwise meets the requirement set out in paragraph C. 17.a) .v) shall not cease to be satisfied by the mere fact of being able to receive assets or funds transferred from one or more accounts financial institutions that comply with points (a) or (b) of paragraph C. 17, or transferred from one or more pension funds that meet the requirements of paragraph B. 5, B. 6 or B. 7.

Included in this concept are, in particular, the accounts representative of contributions and contributions to the social security systems referred to in Articles 51 and 53 of Law 35/2006, of 28 November, of the Tax on the Income of the Physical Persons and of partial modification of the Laws of the Taxes on Societies, on the Income of Non-Residents and on the Heritage.

b) An account that meets the following requirements:

i) The account is subject to the law applicable to investment instruments for purposes other than retirement and is regularly traded on a recognised securities market, or the account is subject to the law applicable to savings instruments for purposes other than retirement.

(ii) The account enjoys a favourable tax (i.e. income in the account, which otherwise would have to be taxed, is deductible or excluded from the gross income of the holder or is taxed at a reduced rate, or returns on the investment that the account produces are subject to deferred taxation or are taxed at a reduced rate.)

(iii) Reintegration of the account is subject to compliance with specific criteria related to the purpose of the investment or savings account (e.g. the provision of educational or medical benefits), or are subject to a penalty if performed before such criteria are met, and

(iv) Annual contributions may not exceed an amount in euro corresponding to USD 50,000, applying to these effects the rules for aggregation of accounts and currency conversion set out in the section VII, paragraph C.

A financial account which otherwise meets the requirement set out in paragraph C. 17.b) .iv) shall not cease to be satisfied by the mere fact of being able to receive assets or funds transferred from one or more accounts financial institutions that comply with points (a) or (b) of paragraph C. 17, or transferred from one or more pension funds that meet the requirements of paragraph B. 5, B. 6 or B. 7.

Included in this concept are, in particular, the individual schemes of systematic savings described in the third additional provision of Law 35/2006 of 28 November of the Income Tax of Persons Physical and partial modification of the Laws of the Taxes on Societies, on the Income of Non-Residents and on the Heritage and the long-term savings plans described in the additional twenty-sixth provision of the Law.

(c) A life insurance contract whose coverage period ends before the insured person is 90 years old, provided that the contract meets the following requirements:

i) That periodic premiums, which are not decreasing over time, are payable at least annually during the term of the contract or until the insured person is 90 years of age if he is second period is shorter.

ii) That the contract does not have a value to which any person may access (through repayment, loan or other means) without contract resolution.

(iii) that the amount payable for the cancellation or termination of the contract (excluding the death benefit) cannot exceed the aggregate amount of the premiums paid under the contract, minus the sum of the death, sickness, accident or other reasons (irrespective of whether or not they have been applied) for the period or periods of validity of the contract and all amounts paid prior to the cancellation or termination of the contract, and

iv) That the transferee of the contract does not maintain this for its value.

d) An account whose exclusive ownership corresponds to a relict flow, if the account documentation includes a copy of the deceased's will or death certificate.

e) An account established in connection with any of the following facts:

i) A judgment or injunction.

(ii) A sale, exchange or lease of real estate or furniture, provided that the account meets the following requirements:

-That the funds in the account come exclusively from the deposit of a payment on account, as a guarantee of execution, of sufficient amount to guarantee an obligation directly related to the transaction, or a similar payment, or come from a financial asset deposited in the account in connection with the sale, exchange or lease of the goods.

-That the account has been opened and used exclusively as a guarantee of execution of the buyer's obligation to pay the price of the purchase of the goods, of the seller's obligation to pay any contingent liabilities, or the obligation of the lessor or lessee to pay any damage to the leased property, in accordance with the lease.

-That the assets of the account, including the income generated by it, are to be paid or otherwise distributed for the benefit of the buyer, seller, landlord or tenant (if applicable, in compliance with the obligation of such person) at the time of the sale, exchange or transfer of the goods or the termination of the lease.

-That the account is not a margin or similar account opened in connection with the sale or exchange of a financial asset, and

-That the account is not associated with an account as described in C. 17.f.

(iii) The obligation assumed by a financial institution that manages a secured loan for immovable property to set aside a portion of a payment to be used exclusively for the purpose of further payment of taxes or insurance related to the real estate.

(iv) The obligation assumed by a financial institution to provide exclusively the subsequent payment of taxes.

f) A deposit account that meets the following requirements:

i) The account exists exclusively because a customer makes a payment that exceeds the balance due for transactions with a credit card or other revolving credit lines and the surplus is not immediately refunded to the customer. client, and

(ii) The financial institution applies, as from 1 January 2016 or before that date, measures and procedures to prevent a customer from making overpayments in excess of a corresponding euro amount. to US $50,000 or to ensure that any overpayment of a customer exceeding that amount is reimbursed to him within 60 days, in both cases applying the currency conversion rules set out in Section VII, paragraph C. For these purposes, the overpayment made by the customer does not refer to any creditor balances that include controversial charges, but it does include the creditor balances arising from the return of goods.

g) The following accounts:

1. The collective insurance that implements pension commitments in application of the additional provision of the Recast Text of the Law on the regulation of pension plans and funds, approved by Royal Legislative Decree 1/2002, of 29 of November, provided that the contributions are determined by collective agreement between the company and the union representatives, or by law.

2. A representative account of the contributions to protected assets of persons with disabilities referred to in Article 54 and the additional 18th of the Law 35/2006 of 28 November of the Income Tax Natural Persons and partial modification of the Laws of Taxes on Societies, on the Income of Non-Residents and on Heritage.

3. A pre-existing account (with the exception of an annuity contract) with an annual balance of less than a corresponding euro amount of US $1,000 that is considered to be inactive.

By Order of the Minister of Finance and Public Administrations other excluded accounts which meet the requirements laid down in Section VIII of Annex I to Directive 2011 /16/EU may be determined. as amended by Council Directive 2014 /107/EU of 9 December 2014 on the enforcement of the automatic exchange of information in the field of taxation.

D. Account subject to information communication.

1. 'Reporting account' means a financial account opened in a financial institution that is required to communicate information, and the ownership of which is the responsibility of one or more persons subject to information communication; or a passive ENF in which one or more of the persons exercising control are persons subject to disclosure, provided that it has been determined as such in accordance with the due diligence procedures described in Sections II to VII.

2. 'Person subject to disclosure' means a person resident in the tax system in another country or jurisdiction referred to in Article 4 of this royal decree other than: (i) a capital company whose share capital is traded regularly in one or more recognised stock markets; (ii) a capital company which is a related entity of a capital company described in (i); (iii) a state entity; (iv) an international organisation; (v) a central bank; or (vi) a financial institution.

3. "Tax resident person in another country or jurisdiction" means a natural person or entity residing in that country or jurisdiction under its tax law, or the flow rate of a deceased resident in that country or jurisdiction.

For these purposes, an entity, whether a person-holding company, a limited liability company or a similar legal instrument, that does not have a tax residence shall be treated as resident in the country or jurisdiction in which the place of effective administration is situated.

4. 'Participating jurisdiction' means:

(a) Another Member State of the European Union, any territory to which Directive 2011 /16/EU as amended by Council Directive 2014 /107/EU of 9 December 2014, as amended by Directive 2011 /16/EU applies, mandatory automatic exchange of information in the field of taxation, or any other country or jurisdiction with which the European Union has concluded an agreement under which the country or jurisdiction is to provide the information specified in Article 5.

(b) Another country or jurisdiction in respect of which the Multilateral Agreement between Competent Authorities on Automatic Exchange of Financial Account Information has had effects.

(c) Any other country or jurisdiction with which Spain has concluded an agreement under which the country or jurisdiction is to provide the information specified in Article 5 in accordance with the provisions of this royal decree.

5. 'persons exercising control' means the natural persons who control an entity, and the term of office shall be interpreted in accordance with the provisions of Article 4 of Law 10/2010 of 28 April on the prevention of money laundering and of the financing of terrorism and Articles 8 and 9.5 of Royal Decree 304/2014 of 5 May, approving the Regulation of Law 10/2010 of 28 April on the prevention of money laundering and the financing of terrorism.

6. The abbreviation "ENF" means any entity that is not a financial institution.

7. 'Passive NFE' means:

i) An ENF that is not an active ENF, or

(ii) An investment entity described in paragraph A. 6.b) that is not a financial institution of a participating jurisdiction.

8. "Active ENF" means any ENF that meets any of the following criteria:

(a) Less than 50 percent of the gross income obtained by the NFE during the preceding calendar year is passive income, and less than 50 percent of the assets held by the NFE during the preceding calendar year are assets that generate passive income or whose tenure is intended to generate passive income.

(b) The social capital of the NFE is regularly traded on a recognised stock market, or the NFE is an entity linked to an entity whose capital is regularly traded on a recognised stock market.

(c) The NFE is a state entity, an international organisation or a central bank or an entity wholly owned by one or more of the above.

d) The activities of the NFE consist substantially of the holding (total or partial) of the shares in circulation of one or more subsidiaries that develop an economic activity other than that of a financial institution, or the provision of services to such subsidiaries and in their financing, although an entity shall not be considered to be an active NFE if it operates (or is presented) as an investment fund, as in the case of a private investment fund, a venture capital fund, a the purchase fund with foreign financing or as an investment instrument the object of which is to acquire or finance companies and then maintain a stake in their fixed assets for investment purposes.

(e) The NFE does not yet have an economic activity or has previously held it, but invests capital in assets with the intention of carrying out an activity other than that of a financial institution, provided that the NFE cannot to benefit from this derogation after a period of 24 months from the initial establishment of the derogation.

f) The NFE has not been a financial institution in the last five years and is in the process of winding up its assets or reorganisation with a view to continuing or restarting an activity other than that of the institution financial.

(g) The main activity of the NFE consists of the financing and hedging of transactions carried out with related entities other than financial institutions, or on behalf of such entities, and the NFE does not provide services of financing or hedging to any entity other than a related entity, provided that the main economic activity of any group of related entities of these characteristics is different from that of a financial institution

or

h) The ENF meets all of the following requirements:

i) is established and operates in your country or jurisdiction of tax residence exclusively for religious, charitable, scientific, artistic, cultural, sporting or educational purposes; or is established and operates in your country or jurisdiction of tax residence as a professional organisation, association for the promotion of commercial interests, chamber of commerce, trade union organisation, agricultural or horticultural organisation, civic association or organisation exclusively dedicated to the promotion of social welfare.

ii) You are exempt from income tax in your country or jurisdiction of residence.

iii) You do not have shareholders or partners that are beneficial owners or owners of your income or assets.

(iv) The applicable law of the country or jurisdiction of tax residence of the NFE or its documents of incorporation prevents the distribution of income or assets of the NFE to private individuals or entities, or their use in profit of these, except in the development of the beneficial activity of the NFE, or as payment of a reasonable consideration for services received, or as a payment of what would constitute a fair market price for the properties acquired by the Entity, and

v) The applicable law of the country or jurisdiction of the tax residence of the NFE, or its documents of incorporation, require that, after the liquidation or dissolution of the NFE, all its assets are distributed to a state entity or another non-profit-making organisation, or reverting to the administration of the country or jurisdiction of tax residence of the NFE or of a political subdivision of the NFE.

E. Miscellaneous Provisions.

1. 'Account holder' means the person registered or identified by the financial institution in which the account is opened as the holder of a financial account. Persons other than a financial institution that are the holders of a financial account for the benefit or for the account of another person as a representative, custodian, designated agent, signatory, investment adviser, or as an intermediary shall not have the treatment of account holders for the purposes of this Annex, which shall be treated by that other person. In the case of an insurance contract with a cash value or an annuity contract, the account holder is any person entitled to have the cash value or to modify the beneficiary of the contract. In the event that no person is able to dispose of the cash value or modify the beneficiary of the contract, the account holder shall be any person designated as the owner in the contract and any person who acquires the right to the payment under the terms of the contract. Upon the expiry of an insurance contract with a cash value or an annuity contract, any person who is entitled to receive a payment for the reason of the contract shall be deemed to be a holder of the account.

2. 'Entity' means a legal person or legal instrument, such as a company of capital, a company of persons, as referred to in point B. 1 (d) of Section VIII of the Annex to this Royal Decree or a foundation.

3. An entity is a "related entity" to another entity if: (i) one of the two entities controls the other; (ii) both entities support a common control; or (iii) the two entities are investment entities referred to in paragraph A. 6.b), are under the the same address and the address meets the due diligence obligations applicable to those investment entities. For these purposes, control includes direct or indirect participation in more than 50 percent of the capital of an entity and the holding of more than 50 percent of the voting rights therein.

4. "NIF" means the tax identification number of a taxpayer (or its functional equivalent of no tax identification number).

5. 'documentary evidence' means any of the following:

(a) A certificate of residence issued by an approved State body for the purpose (e.g. an administration or body thereof, or a local entity) of the country or jurisdiction in which the beneficiary claims to have his or her tax residence.

(b) In respect of a natural person, any valid identification issued by a body of the State authorised for that purpose (e.g. an administration or body thereof, or a local entity) in which the name of the person and that is commonly used for identification purposes.

(c) In respect of an entity, any official documentation issued by an approved State body for the purpose (e.g. an administration or body thereof, or a local entity) with the name of the entity and the entity domicile of its seat in the country or jurisdiction in which the entity claims to have its tax residence or the country or jurisdiction of the institution of the entity.

For these purposes, the domicile of the seat of an entity is, in general, that of the place where its place of effective administration is situated, not considering the domicile of the seat of an institution as the address of the institution a financial institution in which the institution has an account, a post office or an address used exclusively for the receipt of correspondence, except that such address is the only one used by the institution and is listed as the address of the registered office of the institution in the documents of incorporation of the entity. Nor is the address of the seat of an entity considered to be an address that is provided with the instruction to retain all correspondence addressed to that address.

d) Any audited financial statements, third-party credit report, bankruptcy statement, or securities market regulator report.

In relation to pre-existing entity accounts, financial institutions required to communicate information may use as documentary evidence any classification of the institution's files with respect to the holder. the account that has been determined on the basis of a standard coding system in the sector, which has been registered by the institution in accordance with its normal business practices for the implementation of the procedures provided for in this Regulation. in accordance with Law 10/2010 of 28 April on the prevention of money laundering and the prevention of financing of terrorism and its development legislation (except for tax purposes) and which has been established by the same before the date used to classify the financial account as a pre-existing account, provided that the financial institution does not know or cannot become aware that this classification is incorrect or unreliable.

6. 'Account number' means the identification number assigned by the financial institution to distinguish it from other accounts opened in the financial institution, including an equivalent functional element.

Section IX. Additional rules on reporting and due diligence for information on financial accounts

1. Changing circumstances.

By "change of circumstances", in particular, it is understood that any change that results in the inclusion of new relevant information on the condition of a person or of information that does not conform to the condition assigned to it person. In addition, it is considered a change of circumstances any inclusion of new information or modification of the existing information in respect of the account holder, including the addition of a new holder or the replacement or other change of the holder of the account. account, and any inclusion of new information or modification of the existing information in respect of the accounts associated with the account concerned (the rules for aggregation of accounts as described in points 1, 2 and 3 of paragraph C) should be applied; Section VII) if such modification or inclusion of information affects the condition of the holder of the account. If a financial institution has relied on the home test described in Section III (B) 1 of this Annex and there is a change of circumstances following which that financial institution is aware or may become aware that the financial institution documentary evidence (or other equivalent documentation) is incorrect or unreliable, the financial institution shall obtain, no later than the last day of the calendar year, or 90 calendar days after the notification or discovery of that change of circumstances, a declaration and new documentary evidence enabling it to determine the (s) residence (s) of the account holder. If the institution is unable to obtain the declaration and the new documentary evidence within that period, it shall apply the electronic file search procedure described in points 2 to 6 of paragraph B of Section III.

2. Residence of financial institutions and branch concept.

The determination of the concepts of residence and branch will be carried out by applying the regulations on tax residence and permanent establishments collected in Law 27/2014 of 27 November of the Tax on Societies and in the recast text of the Non-Resident Income Tax Act, approved by the Royal Legislative Decree 5/2004, of March 5.

In the case of the entity referred to in Section VIII (b) (d) of the Annex to this Royal Decree with a financial institution, irrespective of its tax residence, it is deemed to be subject to the obligations established in this royal decree if one or more of its trustees are resident in Spain, except if that entity communicates to another participating jurisdiction, because of its tax residence, all the information to which it is refers to Article 5 of this royal decree in respect of accounts subject to information communication of that entity.

The following special rules for financial institutions other than that referred to in the preceding paragraph shall also apply:

(a) If they do not have a tax residence (for example, because they are considered to be fiscally transparent), they will be considered to be subject to the obligations set out in this royal decree and will therefore be financial institutions. required to communicate information if:

-They are incorporated under Spanish law.

-Your place of administration, including your effective administration, is in Spain, or

-Are subject to financial supervision in Spain.

(b) If they are resident in Spain and in another or other participating jurisdictions, they shall be subject to the reporting and due diligence obligations of the country or jurisdiction in which they have their account opened or financial accounts.

3. Inactive accounts and accounts that are not documented.

A pre-existing account is considered to be an inactive account when: (i) the account holder has not made transactions with that account or any other of its ownership in the financial institution for the three years (ii) the account holder has not had contact with the financial institution for matters relating to that or any other account of his or her ownership in the same institution during the previous six years (iii) the account is treated as an inactive account in accordance with the institution's usual operating procedures financial institution and, (iv) in the case of a cash-value insurance contract, the financial institution has not contacted the account holder for matters relating to the account or any other account of its ownership open in the This institution for the previous six years.

As for the accounts that are not documented, the communication of the same to the tax administration will be done in the terms provided for in the corresponding Order of the Minister of Finance and Public Administrations.