Projet

In this context, each Member State will inform the European Commission, which will in turn notify Switzerland, in case Reporting Financial Institutions in Switzerland are prevented by law from selling such Contracts, regardless of where they are finalised, to its residents based on applicable European Union law and domestic law of that Member State. Accordingly, Switzerland will notify the European Commission, which will in turn inform Member States, in case Reporting Financial Institutions of one or more Member States are prevented by law from selling such Contracts,

regardless of where they are finalised, to Swiss residents based on Swiss law. These notifications will be made prior to the entry into force of the Amending Protocol regarding the foreseen legal situation as of the entry into force. In the absence of such notification it will be considered that Reporting Financial Institutions are not effectively prevented by the law of the Reportable

Jurisdiction in one or more circumstances from selling Cash Value Insurance Contracts or Annuity Contracts to residents of that Reportable Jurisdiction. Provided the law of the jurisdiction of the Reporting Financial Institution also does not effectively prevent Reporting Financial Institutions from selling Cash Value Insurance Contracts or Annuity Contracts to residents of the Reportable Jurisdiction, Section III (A) of Annex I shall not apply to the relevant Reporting Financial

Institutions and Contracts.

DECLARATION OF SWITZERLAND

ON ARTICLE 5 OF THE AGREEMENT

The Swiss delegation has informed the European Commission that Switzerland will not exchange information in relation to a request based on data obtained illegally. The European Commission took note of the Swiss position.

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AMP/EU/CH/D/en 3