690 Acta Apostolicae Sedis - Commentarium Officiale

3. The Financial Institution must have no fixed place of business outside of

the Vatican City State. For this purpose, a fixed place of business does not

include a location that is not advertised to the public and from which the

Financial Institution performs solely administrative support functions;

4. The Financial Institution must not solicit customers or Account Holders

outside the Vatican City State. For this purpose, a Financial Institution

shall not be considered to have solicited customers or Account Holders

outside the Vatican City State merely because the Financial Institution

(a) operates a website, provided that the website does permit the opening

of a Financial Account, does not specifically indicate that the Financial

Institution provides Financial Accounts or services to nonresidents, and

does not otherwise target or solicit U.S. customers or Account Holders,

or (b) advertises in print media or on a radio or television station that is

distributed or aired primarily within the Vatican City State but is also

incidentally distributed or aired in other countries, provided that the ad-

vertisement does not specifically indicate that the Financial Institution

provides Financial Accounts or services to nonresidents, and does not

otherwise target or solicit U.S. customers or Account Holders;

5. The Financial Institution does not have more than $175 million in assets

on its balance sheet, and the Financial Institution and any Related En-

tities, taken together, do not have more than $500 million in total assets

on their consolidated or combined balance sheets; and

6. Any Related Entity must be incorporated or organized in the Holy See

or the Vatican City State, and any Related Entity that is a Financial

Institution, with the exception of any Related Entity that is a retirement

fund described in paragraphs A and B of section II of this Annex II or

a Financial Institution with only low-value accounts described in para-

graph B of this section, must satisfy the requirements set forth in this

paragraph A.

B. Financial Institution with Only Low-Value Accounts. A HS/VCS Financial

Institution satisfying the following requirements:

1. The Financial Institution is not an Investment Entity;

2. No Financial Account maintained by the Financial Institution or any Re-

lated Entity has a balance or value in excess of $50,000, applying the rules

set forth in Annex I for account aggregation and currency translation; and