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to re-apply such procedures, other than the relationship manager inquiry described in subparagraph D(4) of this

section, to the same High Value Account in any subsequent year.

4. If there is a change of circumstances with respect to a High Value Account that results in one or more U.S. indicia

described in subparagraph B(1) of this section being associated with the account, then the Reporting Portuguese

Financial Institution must treat the account as a U.S. Reportable Account unless it elects to apply subparagraph

B(4) of this section and one of the exceptions in such subparagraph applies with respect to that account.

5. A Reporting Portuguese Financial Institution must implement procedures to ensure that a relationship manager

identifies any change in circumstances of an account. For example, if a relationship manager is notified that the

Account Holder has a new mailing address in the United States, the Reporting Portuguese Financial Institution

is required to treat the new address as a change in circumstances and, if it elects to apply subparagraph B(4) of

this section, is required to obtain the appropriate documentation from the Account Holder.

F. Preexisting Individual Accounts That Have Been Documented for Certain Other Purposes. A Reporting

Portuguese Financial Institution that has previously obtained documentation from an Account Holder to establish

the Account Holder’s status as neither a U.S. citizen nor a U.S. resident in order to meet its obligations under a

qualified intermediary, withholding foreign partnership, or withholding foreign trust agreement with the IRS, or to

fulfill its obligations under chapter 61 of Title 26 of the United States Code, is not required to perform the

procedures described in subparagraph B(1) of this section with respect to Lower Value Accounts or

subparagraphs D(1) through D(3) of this section with respect to High Value Accounts.

III. New Individual Accounts.The following rules and procedures apply for purposes of

identifying U.S. Reportable Accounts among Financial Accounts held by individuals

and opened on or after July 1, 2014 (“New Individual Accounts”).

A. Accounts Not Required to Be Reviewed, Identified, or Reported.Unless the Reporting Portuguese

Financial Institution elects otherwise, either with respect to all New Individual Accounts or, separately, with

respect to any clearly identified group of such accounts, where the implementing rules in Portugal provide for

such an election, the following New Individual Accounts are not required to be reviewed, identified, or reported

as U.S. Reportable Accounts:

1. A Depository Account unless the account balance exceeds $50,000 at the end of any calendar year or other

appropriate reporting period.

2. A Cash Value Insurance Contract unless the Cash Value exceeds $50,000 at the end of any calendar year or

other appropriate reporting period.

B. Other New Individual Accounts. With respect to New Individual Accounts not described in paragraph A of this

section, upon account opening (or within 90 days after the end of the calendar year in which the account ceases

to be described in paragraph A of this section), the Reporting Portuguese Financial Institution must obtain a self-

certification, which may be part of the account opening documentation, that allows the Reporting Portuguese

Financial Institution to determine whether the Account Holder is resident in the United States for tax purposes

(for this purpose, a U.S. citizen is considered to be resident in the United States for tax purposes, even if the

Account Holder is also a tax resident of another jurisdiction) and confirm the reasonableness of such self-

certification based on the information obtained by the Reporting Portuguese Financial Institution in connection

with the opening of the account, including any documentation collected pursuant to AML/KYC Procedures.

1. If the self-certification establishes that the Account Holder is resident in the United States for tax purposes, the

Reporting Portuguese Financial Institution must treat the account as a U.S. Reportable Account and obtain a

self-certification that includes the Account Holder’s U.S. TIN (which may be an IRS Form W-9 or other similar

agreed form).

2. If there is a change of circumstances with respect to a New Individual Account that causes the Reporting

Portuguese Financial Institution to know, or have reason to know, that the original self-certification is incorrect or

unreliable, the Reporting Portuguese Financial Institution cannot rely on the original self-certification and must

obtain a valid self-certification that establishes whether the Account Holder is a U.S. citizen or resident for U.S.