Vorlage

4. The Competent Authorities will automatically exchange the information described in Article 2 in a common reporting standard schema in Extensible Markup Language.

5. The Competent Authorities will agree on one or more methods for data transmission including encryption standards.

ARTICLE 4

Cooperation on Compliance and Enforcement

The Competent Authority of a Member State will notify the Competent Authority of

Switzerland and the Competent Authority of Switzerland will notify the Competent Authority of a Member State when the first-mentioned (notifying) Competent Authority has reason to believe that an error may have led to incorrect or incomplete information reporting under Article 2 or there is non-compliance by a Reporting Financial Institution with the applicable reporting requirements and due diligence procedures consistent with Annexes I and II. The notified Competent Authority will take all appropriate measures available under its domestic law to address the errors or non-compliance described in the notice.

AMP/EU/CH/en 12