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within six months after the last day of the calendar year in which the account balance or value exceeds

$1,000,000.

3. If there is a change of circumstances with respect to a Preexisting Entity Account that causes the Reporting

Portuguese Financial Institution to know, or have reason to know, that the self-certification or other documentation

associated with an account is incorrect or unreliable, the Reporting Portuguese Financial Institution must

redetermine the status of the account in accordance with the procedures set forth in paragraph D of this section.

V. New Entity Accounts. The following rules and procedures apply for purposes of

identifying U.S. Reportable Accounts and accounts held by Nonparticipating Financial

Institutions among Financial Accounts held by Entities and opened on or after July 1,

2014 (“New Entity Accounts”).

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

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

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

election, a credit card account or a revolving credit facility treated as a New Entity Account is not required to be

reviewed, identified, or reported, provided that the Reporting Portuguese Financial Institution maintaining such

account implements policies and procedures to prevent an account balance owed to the Account Holder that

exceeds $50,000.

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

section, the Reporting Portuguese Financial Institution must determine whether the Account Holder is: (i) a

Specified U.S. Person; (ii) a Portuguese Financial Institution or other Partner Jurisdiction Financial Institution; (iii)

a participating FFI, a deemed-compliant FFI, or an exempt beneficial owner, as those terms are defined in

relevant U.S. Treasury Regulations; or (iv) an Active NFFE or Passive NFFE.

1. Subject to subparagraph B(2) of this section, a Reporting Portuguese Financial Institution may determine that

the Account Holder is an Active NFFE, a Portuguese Financial Institution, or other Partner Jurisdiction Financial

Institution if the Reporting Portuguese Financial Institution reasonably determines that the Account Holder has

such status on the basis of the Account Holder’s Global Intermediary Identification Number or other information

that is publicly available or in the possession of the Reporting Portuguese Financial Institution, as applicable.

2. If the Account Holder is a Portuguese Financial Institution or other Partner Jurisdiction Financial Institution

treated by the IRS as a Nonparticipating Financial Institution, then the account is not a U.S. Reportable Account,

but payments to the Account Holder must be reported as contemplated in subparagraph 1(b) of Article 4 of the

Agreement.

3. In all other cases, a Reporting Portuguese Financial Institution must obtain a self-certification from the

Account Holder to establish the Account Holder’s status. Based on the self-certification, the following rules apply:

a) If the Account Holder is a Specified U.S. Person, the Reporting Portuguese Financial Institution must treat

the account as a U.S. Reportable Account.

b) If the Account Holder is a Passive NFFE, the Reporting Portuguese Financial Institution must identify the

Controlling Persons as determined under AML/KYC Procedures, and must determine whether any such person

is a U.S. citizen or resident on the basis of a self-certification from the Account Holder or such person. If any

such person is a U.S. citizen or resident, the Reporting Portuguese Financial Institution must treat the account

as a U.S. Reportable Account.

c) If the Account Holder is: (i) a U.S. Person that is not a Specified U.S. Person; (ii) subject to subparagraph

B(3)(d) of this section, a Portuguese Financial Institution or other Partner Jurisdiction Financial Institution; (iii) a

participating FFI, a deemed-compliant FFI, or an exempt beneficial owner, as those terms are defined in relevant

U.S. Treasury Regulations; (iv) an Active NFFE; or (v) a Passive NFFE none of the Controlling Persons of which

is a U.S. citizen or resident, then the account is not a U.S. Reportable Account, and no reporting is required with

respect to the account.

d) If the Account Holder is a Nonparticipating Financial Institution (including a Portuguese Financial Institution

or other Partner Jurisdiction Financial Institution treated by the IRS as a Nonparticipating Financial Institution),