Acta Francisci Pp. 661

Financial Institution as of the Determination Date, the HS/VCS commits to es- tablish, by January 1, 2017, for reporting with respect to 2017 and subsequent years, rules requiring Reporting HS/VCS Financial Institutions to obtain the U.S. TIN of each Specified U.S. Person as required pursuant to subparagraph 2(a) of Article 2 of this Agreement.

Article 7 consistency in the ApplicAtion of fAtcA to pArtner JUrisdictions

1. The HS/VCS shall be granted the benefit of any more favorable terms un- der Article 4 or Annex I of this Agreement relating to the application of FATCA to HS/VCS Financial Institutions afforded to another Partner Jurisdiction under a signed bilateral agreement pursuant to which the other Partner Jurisdiction com- mits to undertake the same obligations as the HS/VCS described in Articles 2 and 3 of this Agreement, and subject to the same terms and conditions as described therein and in Articles 5, 6, 7, 10 and 11 of this Agreement.

2. The United States shall notify the HS/VCS of any such more favorable terms, and such more favorable terms shall apply automatically under this Agree- ment as if such terms were specified in this Agreement and effective as of the date of signing of the agreement incorporating the more favorable terms, unless the HS/VCS declines in writing the application thereof.

Article 8 mUtUAl Agreement procedUre

1. Where difficulties or doubts arise between the Parties regarding the im- plementation, application, or interpretation of this Agreement, the Competent Authorities shall endeavor to resolve the matter by mutual agreement.

2. The Competent Authorities may adopt and implement procedures to facil- itate the implementation of this Agreement.

3. The Competent Authorities may communicate with each other directly for purposes of reaching a mutual agreement under this Article.

Article 9 confidentiAlity

1. The HS/VCS Competent Authority shall treat any information received from the United States pursuant to Article 5 of this Agreement as confidential

and shall only disclose such information as may be necessary to carry out its ob-