684 Acta Apostolicae Sedis - Commentarium Officiale

tion III of this Annex I, or (ii) to perform all the due diligence procedures related to New Entity Accounts specified in section V of this Annex I, then Reporting HS/VCS Financial Institutions may apply the alternative procedures described in subparagraph G(2) of this section, as applicable, to such New Accounts, in lieu of the procedures otherwise required under this Annex I. The alternative procedures described in subparagraph G(2) of this section shall be available only for those New Individual Accounts or New Entity Accounts, as applicable, opened prior to the earlier of: (i) the date the HS/VCS has the ability to compel Reporting HS/VCS Financial Institutions to comply with the due diligence procedures described in sec- tion III or section V of this Annex I, as applicable, which date the HS/VCS shall inform the United States of in writing by the date of entry into force of this Agreement, or (ii) the date of entry into force of this Agreement. If the alternative procedures for New Entity Accounts opened after the Determination Date, and before January 1, 2015, described in paragraph H of this section are applied with respect to all New Entity Accounts or a clearly identified group of such accounts, the alternative procedures described in this paragraph G may not be applied with respect to such New Entity Accounts. For all other New Accounts, Reporting HS/VCS Financial Institutions must apply the due diligence procedures described in section III or section V of this Annex I, as applicable, to determine if the account is a U.S. Reportable Account or an account held by a Nonpar- ticipating Financial Institution.

2. Alternative Procedures.

a) Within one year after the date of entry into force of this Agreement, Reporting HS/VCS Financial Institutions must: (i) with respect to a New Individual Account described in subparagraph G(1) of this sec- tion, request the self-certification specified in section III of this Annex I and confirm the reasonableness of such self-certification consistent with the procedures described in section III of this Annex I, and (ii) with respect to a New Entity Account described in subparagraph G(1) of this section, perform the due diligence procedures specified in sec- tion V of this Annex I and request information as necessary to docu- ment the account, including any self-certification, required by section V of this Annex I.

b) the HS/VCS must report on any New Account that is identified pur- suant to subparagraph G(2)(a) of this section as a U.S. Reportable