II SÉRIE-A — NÚMERO 78 42

with respect to 2014 and all subsequent years, except that:

a) In the case of Portugal:

(1) the information to be obtained and exchanged with respect to 2014 is only the information described in

subparagraphs 2(a)(1) through 2(a)(4) of Article 2 of this Agreement;

(2) the information to be obtained and exchanged with respect to 2015 is the information described in

subparagraphs 2(a)(1) through 2(a)(7) of Article 2 of this Agreement, except for gross proceeds described in

subparagraph 2(a)(5)(B) of Article 2 of this Agreement; and

(3) the information to be obtained and exchanged with respect to 2016 and subsequent years is the information

described in subparagraphs 2(a)(1) through 2(a)(7) of Article 2 of this Agreement;

b) In the case of the United States, the information to be obtained and exchanged with respect to 2014 and

subsequent years is all of the information identified in subparagraph 2(b) of Article 2 of this Agreement.

4. Notwithstanding paragraph 3 of this Article, with respect to each Reportable Account that is maintained

by a Reporting Financial Institution as of June 30, 2014, and subject to paragraph 3 of Article 6 of this Agreement,

the Parties are not required to obtain and include in the exchanged information the Portuguese TIN or the U.S.

TIN, as applicable, of any relevant person if such taxpayer identifying number is not in the records of the Reporting

Financial Institution. In such a case, the Parties shall obtain and include in the exchanged information the date

of birth of the relevant person, if the Reporting Financial Institution has such date of birth in its records.

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 Portugal and the United States shall enter into an agreement or

arrangement under the mutual agreement procedure provided for in Article 27 of the Convention, 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 information 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 the

Convention, including the provisions limiting the use of the information exchanged.

8. Following entry into force of this Agreement, each Competent Authority shall provide written notification

to the other Competent Authority when it is satisfied that the jurisdiction of the other Competent Authority has in

place (i) appropriate safeguards to ensure that the information received pursuant to this Agreement shall remain

confidential and be used solely for tax purposes, and (ii) the infrastructure for an effective exchange relationship

(including established processes for ensuring timely, accurate, and confidential information exchanges, effective

and reliable communications, and demonstrated capabilities to promptly resolve questions and concerns about

exchanges or requests for exchanges and to administer the provisions of Article 5 of this Agreement). The

Competent Authorities shall endeavor in good faith to meet, prior to September 2015, to establish that each

jurisdiction has such safeguards and infrastructure in place.

9. The obligations of the Parties to obtain and exchange information under Article 2 of this Agreement shall

take effect on the date of the later of the written notifications described in paragraph 8 of this

Article. Notwithstanding the foregoing, if the Portuguese Competent Authority is satisfied that the United States

has the safeguards and infrastructure described in paragraph 8 of this Article in place, but additional time is

necessary for the U.S. Competent Authority to establish that Portugal has such safeguards and infrastructure in

place, the obligation of Portugal to obtain and exchange information under Article 2 of this Agreement shall take

effect on the date of the written notification provided by the Portuguese Competent Authority to the U.S.

Competent Authority pursuant to paragraph 8 of this Article.

10. This Agreement shall terminate 12 months following entry into force if Article 2 of this Agreement is not

in effect for either Party pursuant to paragraph 9 of this Article by that date.