656 Acta Apostolicae Sedis - Commentarium Officiale

5. Subject to paragraphs 3 and 4 of this Article, the information described in Article 2 of this Agreement shall be exchanged within nine months after the end of the calendar year to which the information relates.

6. The Competent Authorities of the HS/VCS and the United States shall enter into an agreement or arrangement under the mutual agreement procedure provided for in Article 8 of this Agreement, which shall:

a) establish the procedures for the automatic exchange obligations described in Article 2 of this Agreement;

b) prescribe rules and procedures as may be necessary to implement Article 5 of this Agreement; and

c) establish as necessary procedures for the exchange of the infor- mation reported under subparagraph 1(b) of Article 4 of this Agreement.

7. All information exchanged shall be subject to the confidentiality and other protections provided for in Article 9 of this Agreement, including the provisions limiting the use of the information exchanged.

Article 4 ApplicAtion of fAtcA to hs/Vcs finAnciAl institUtions

1. Treatment of Reporting HS/VCS Financial Institutions. Each Reporting HS/VCS Financial Institution shall be treated as complying with, and not subject to withholding under, section 1471 of the U.S. Internal Revenue Code if the HS/ VCS complies with its obligations under Articles 2 and 3 of this Agreement with respect to such Reporting HS/VCS Financial Institution, and the Reporting HS/ VCS Financial Institution:

a) identifies U.S. Reportable Accounts and reports annually to the HS/VCS Competent Authority the information required to be reported in paragraph 2 of Article 2 of this Agreement in the time and manner described in Article 3 of this Agreement;

b) for each of 2015 and 2016, reports annually to the HS/VCS Com- petent Authority the name of each Nonparticipating Financial Institution to which it has made payments and the aggregate amount of such payments;

c) complies with the applicable registration requirements on the IRS FATCA registration website;