Forslag til RÅDETS AFGØRELSE om indgåelse på Unionens vegne af ændringsprotokollen til aftalen mellem Den Europæiske Union og Republikken San Marino om automatisk udveksling af oplysninger om finansielle konti til forbedring af efterrettelighed vedrørende international beskatning

EN EN
EUROPEAN
COMMISSION
Brussels, 17.7.2025
COM(2025) 398 final
2025/0215 (NLE)
Proposal for a
COUNCIL DECISION
on the conclusion, on behalf of the Union, of the Amending Protocol to the Agreement
between the European Union and the Republic of San Marino on the automatic
exchange of financial account information to improve international tax compliance
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EN 1 EN
EXPLANATORY MEMORANDUM
1. CONTEXT OF THE PROPOSAL
• Reasons for and objectives of the proposal
The present proposal concerns the conclusion of the Amending Protocol to the Agreement
between the European Union and the Republic of San Marino (San Marino) on the automatic
exchange of financial account information to improve international tax compliance1
(the
Agreement).
The Agreement provides the legal basis for the reciprocal automatic exchange of financial
account information between the EU Member States and San Marino, in accordance with the
Common Reporting Standard (CRS) developed by the Organisation for Economic Co-
operation and Development (OECD). The same standard is implemented within the European
Union under Council Directive 2014/107/EU2
(DAC 2 – the first amendment to Directive
2011/16/EU3
on administrative cooperation in the field of taxation – DAC).
Important changes to the CRS were approved at international level on 26 August 20224
and
will apply from 1 January 2026. Council Directive (EU) 2023/22265
(DAC8) already
implemented these changes within the European Union and will also apply from 1 January
2026.
The changes extend the scope of the CRS to ensure the coverage of electronic money products
and central bank digital currencies. They also further improve the due diligence procedures
and reporting outcomes, with a view to increasing the usability of CRS information for tax
administrations and limiting burdens on financial institutions, where possible.
To ensure that the automatic exchange of financial account information between EU Member
States and San Marino is aligned with, and continues to take place in accordance with, the
updated CRS from 1 January 2026, it was necessary to negotiate and agree corresponding
amendments to the Agreement.
In May 2018, Regulation (EU) 2016/679 on the protection of natural persons with regard to
the processing of personal data and on the free movement of such data, and repealing
Directive 95/46/EC (General Data Protection Regulation “GDPR”)6
started to apply.
To ensure that the Agreement reflects these updates, it was necessary to remove the references
to the repealed Directive 95/46/EC and replace these references with references to Regulation
(EU) 2016/679. Simultaneously, the references to the San Marino national data protection
legislation were also updated. Finally, Article 6 of the Agreement as well as the additional
data protection safeguards regarding the treatment of data processed under this agreement
(Annex III) have been slightly adjusted to fully align the wording and ensure continued
compliance with the GDPR.
1
OJ L 381, 28.12.2004, p. 33.
2
OJ L359 of 16 December 2014, p. 1 to 29.
3
OJ L 64 of 11 March 2011, p. 1 to 12
4
https://www.oecd.org/en/publications/international-standards-for-automatic-exchange-of-information-in-tax-
matters_896d79d1-en.html, pages 62 to 102.
5
Council Directive (EU) 2023/2226 of 17 October 2023 amending Directive 2011/16/EU on administrative
cooperation in the field of taxation (OJ L, 24.10.2023)
6
OJ L119 of 4 May 2016, p. 1 to 88
EN 2 EN
A Council decision authorising the opening of negotiations for the amendment of the
Agreement concerning the automatic exchange of financial account information to improve
international tax compliance between the European Union and the Republic of San Marino
was adopted on 21 May 20247
.
Several rounds of negotiations were held and a provisional agreement was reached in March
2025. Subsequently, the draft text of the Amending Protocol was initialled by the chief
negotiators on 15 May 2025.
The Council has consistently been informed about the progress in the negotiations in the
Working Party on Tax Questions and in the High Level Working Party. In particular, the text
of the draft Amending Protocol was shared and discussed with the Member States ahead of its
initialling.
The Commission considers that the objectives set out by the Council in its negotiating
directive have been attained and that the negotiated text is acceptable to the Union.
The signing, on behalf of the Union, of the Amending Protocol to the Agreement between the
European Union and the Republic of San Marino on the automatic exchange of financial
account information to improve international tax compliance took place on xxxx.
• Consistency with existing policy provisions in the policy area
The amendment of the Agreement was negotiated in line with the comprehensive negotiating
directive adopted by the Council on 21 May 2024.
The negotiated Amending Protocol ensures that the existing agreement between the European
Union and San Marino remains aligned with Union legislation in the same field, notably the
DAC as amended by DAC8.
DAC8 includes, among other amendments, the latest changes to the OECD CRS. In the light
of the close relationship in this field between the European Union and San Marino, it is
important to strengthen along the same lines the administrative cooperation with their tax
authorities in the field of automatic exchange of financial account information. The timely
update of the Agreement ensures the smooth and effective continuation of this administrative
cooperation beyond 1 January 2026.
The amendments to the Agreement also take account of the Union policies in the field of the
fight against money laundering and terrorist financing, because the Customer Due Diligence
activities to be performed by Financial Institutions, in view of collecting the financial account
information to be exchanged under the Agreement, will be substantially aligned with those
that the same Financial Institutions have to apply as obliged entities under the European
Union legal framework in the fight against money laundering and terrorist financing.
The Amending Protocol also takes account of the Union policies in the field of respect of
fundamental rights, notably on protection of personal data in the case of the outflow of this
data to non-EU and non-EEA countries.
7
Council Decision (EU) 2024/1489 of 21 May 2024 authorising the opening of negotiations for the
amendment of the Agreements concerning the automatic exchange of financial account information to
improve international tax compliance between the European Union and the Swiss Confederation, the
Principality of Liechtenstein, the Principality of Andorra, the Principality of Monaco and the Republic
of San Marino, respectively
EN 3 EN
As far as the parts concerning the CRS are concerned, the Agreement itself includes, in
Article 8, a provision requiring the Contracting Parties to consult each other on each occasion
when an important change is adopted at OECD level to any of the elements of the CRS. The
Article also provides that following these consultations, the Agreement may be amended by
means of a protocol between the Contracting Parties. As important changes to the CRS were
approved within the OECD on 26 August 2022, and in accordance with the Union’s exclusive
competence stemming from the existing Agreement, the Amending Protocol implements all
changes that are necessary to reflect the corresponding changes to the CRS. The
implementation of those changes within the Union has been provided for by means Council
Directive (EU) 2023/2226.
2. LEGAL BASIS, SUBSIDIARITY AND PROPORTIONALITY
• Legal basis
Given the main objective and components of the Agreement, the substantive legal basis of the
present proposal to the Council is Article 115 of the Treaty on the functioning of the
European Union (TFEU).
The Council is to adopt the decision concluding the Amending Protocol after consulting the
European Parliament. Given that Article 115 TFEU is the substantive legal basis, the
European Parliament should give its opinion. Therefore, the procedural legal basis of the
decision concluding the Amending Protocol is Article 218(6), second subparagraph, point (b),
TFEU. As Article 115 TFEU requires unanimity for Union act, the procedural legal basis for
the conclusion of the Amending Protocol should include the second subparagraph of Article
218(8) TFEU.
• Union Competence
Under the case law of the Court of Justice, the Union has exclusive competence where an
agreement may affect common rules or alter their scope8
. This jurisprudence of the Court of
Justice has been enshrined in Article 3(2) TFEU.
Article 3(2) TFEU provides that, in addition to the areas of exclusive Union competence listed
in Article 3(1) TFEU, the Union shall “also have exclusive competence for the conclusion of
an international agreement when its conclusion is provided for in a legislative act of the Union
or is necessary to enable the Union to exercise its internal competence, or in so far as its
conclusion may affect common rules or alter their scope”.
• Proportionality
The amending protocol respects the principle of proportionality and does not go beyond what
is necessary to meet the objective of updating the Agreement to incorporate the changes to the
Common Reporting Standard that shall take effect from 1 January 2026. These amendments
will enable the Member States to continue the automatic exchange of financial account
information with San Marino in an uninterrupted manner, and in a manner that aligns with the
new requirements of the CRS, as already incorporated in the DAC8.
• Choice of instrument
This proposal for a Council decision is submitted in accordance with paragraph 6 of Article
218 TFEU, which envisages the adoption by the Council of a decision concluding an
8
Opinion 3/15 of the Court, ECLI:EU:C:2017:114, paragraph 118 and the case law quoted therein
EN 4 EN
international agreement. There exists no other legal instrument that could be used in order to
achieve the objective expressed in this proposal. Given the subject matter of the envisaged
agreement, it is appropriate for the Commission to submit a proposal to that effect.
3. RESULTS OF IMPACT ASSESSMENTS
• Impact assessment
According to tool 7 of the Better Regulation9
, an impact assessment is not needed, inter alia,
when the Commission has little or no choice in the matter.
This condition is satisfied in the present case as the amendments to the existing Agreements
with respect to the automatic exchange of financial account information fully align with the
changes to the CRS that were agreed at the OECD level and already incorporated into EU law
by means of the DAC8. Finally, the changes on data protection, are merely aimed at updating
references to the EU and San Marino data protection legislation and slightly adjusting Article
6 as well as the additional data protection safeguards included in Annex III of the Agreement
to fully align the wording and ensure continued compliance with the GDPR.
• Fundamental rights
The envisaged amending protocol to the Agreement will respect the key values of the
European Union as established in Article 2 of the TFEU and the Charter of Fundamental
Rights of the European Union.
4. BUDGETARY IMPLICATIONS
The proposal has no implication for the EU budget.
5. OTHER ELEMENTS
• Detailed explanation of the specific provisions of the proposal
The envisaged amendments cover the following points:
1. Amendments to ensure that the automatic exchange of financial account
information between Member States and San Marino under the existing Agreement is
aligned with and continues to take place in accordance with the updated CRS from
1 January 2026
The foreseen amendments expand the scope of reporting to include new digital financial
products, such as Specified Electronic Money Products and Central Bank Digital Currencies.
Simultaneously and with the aim of improving the reliability and use of the exchanged
information, the amendments introduce more detailed reporting requirements and
strengthened due diligence procedures.
The amendments also contain provisions to ensure an efficient interaction between the CRS
and the separate Crypto-Asset Reporting Framework (CARF) developed by the OECD10
.
These provisions allow to limit instances of duplicative reporting, while maintaining a
9
https://ec.europa.eu/info/sites/default/files/br_toolbox-nov_2021_en_0.pdf
10
https://www.oecd.org/en/publications/international-standards-for-automatic-exchange-of-information-in-tax-
matters_896d79d1-en.html, pages 8 to 61.
EN 5 EN
maximum amount of operational flexibility of Reporting Financial Institutions that are also
subject to obligations under the CARF.
These amended reporting and automatic exchange of information requirements are provided
for within Articles 1-3 and Annex I. They will apply from 1 January 2026.
2. Update to the legal reference on data protection legislation and specification of
additional data protection safeguards
All references to Directive 95/46/EC have been replaced with references to the GDPR.
Simultaneously, the legal reference to the national data protection legislation of San Marino
has been updated to Law No. 171 of 21 December 2018. Finally, Article 6 and the additional
data protection safeguards included in Annex III have been slightly adjusted to align the
wording and ensure continued compliance with the GDPR.
• Text of the Amending Protocol, joint declarations and notifications
The text of the Amending Protocol is submitted to the Council together with this proposal.
The text of the joint declarations is submitted together with this proposal.
In accordance with the Treaties, it is for the Commission to proceed, on behalf of the Union,
to make the notification provided for in Article 2 of the Amending Protocol, in order to
express the consent of the Union to be bound by that Amending Protocol.
EN 6 EN
2025/0215 (NLE)
Proposal for a
COUNCIL DECISION
on the conclusion, on behalf of the Union, of the Amending Protocol to the Agreement
between the European Union and the Republic of San Marino on the automatic
exchange of financial account information to improve international tax compliance
THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the functioning of the European Union, and in particular
Article 115, in conjunction with Article 218(6), second subparagraph, point (b) and the
second subparagraph of Article 218(8) thereof,
Having regard to the proposal from the European Commission,
Having regard to the opinion of the European Parliament11
,
Whereas:
(1) The Agreement between the European Union and the Republic of San Marino on the
automatic exchange of financial account information to improve international tax
compliance12
(‘the Agreement’) has enhanced mutual assistance in tax matters
between the contracting parties and improved international tax compliance.
(2) Important changes to the Common Reporting Standard (CRS) were approved at
international level on 26 August 202213
and have been introduced in the EU legislation
with the amending of Council Directive 2011/16/EU by Council Directive (EU)
2023/222614
.
(3) Therefore, the Agreement needs to be amended to ensure that the automatic exchange
of financial account information between EU Member States and the Republic of San
Marino is aligned with, and continues to take place in accordance with, the updated
CRS from 1 January 2026.
(4) The text of the Amending Protocol to the Agreement between the European Union and
Republic of San Marino on the automatic exchange of financial account information to
improve international tax compliance (‘the Amending Protocol to the Agreement’),
which is the result of the negotiations, duly reflects the negotiating directive issued by
the Council.
11
Opinion of XXX (not yet published in the Official Journal)
12
OJ L346 of 31 December 2015, pages 1 to 41; OJ L140 of 27 May 2016, pages 1 to 2.
13
https://www.oecd.org/en/publications/international-standards-for-automatic-exchange-of-information-in-tax-
matters_896d79d1-en.html, pages 62 to 102.
14
Council Directive (EU) 2023/2226 of 17 October 2023 amending Directive 2011/16/EU on administrative
cooperation in the field of taxation (OJ L, 24.10.2023)
EN 7 EN
(5) In accordance with Council Decision (EU) XXXX15
, the Amending Protocol to the
Agreement was signed on XXXX subject to its conclusion at a later date.
(6) The European Data Protection Supervisor was consulted in accordance with
Article 42(1) of Regulation (EC) No 2018/1725 of the European Parliament and of the
Council.16
(7) The Amending Protocol to the Agreement and the joint declarations attached to it
should be approved on behalf of the Union,
HAS ADOPTED THIS DECISION:
Article 1
The Amending Protocol to the Agreement between the European Union and the Republic of
San Marino on the automatic exchange of financial account information to improve
international tax compliance is hereby approved on behalf of the Union.
The text of the Amending Protocol to the Agreement is attached to this Decision.
Article 2
The Joint Declaration of the Contracting Parties on the Agreement and the Annexes, the Joint
Declaration of the Contracting Parties on Article 5 of the Agreement, the Joint Declaration of
the Contracting Parties on the relations between San Marino and the European Union, the
Joint Declaration of the Contracting Parties on the definition of Central Bank and the Joint
Declaration of the Contracting Parties on the entry into force of the Amending Protocol are
hereby approved.
Article 3
This Decision shall enter into force on the day following that of its publication in the Official
Journal of the European Union.
Done at Brussels,
For the Council
The President
15
Council Decision (EU) xxxx on the signing, on behalf of the Union, of the Amending Protocol to the
Agreement between the European Union and the Republic of San Marino on the automatic exchange of financial
account information to improve international tax compliance (OJ L XXXX)
16
Regulation (EU) 2018/1725 of the European Parliament and of the Council of 23 October 2018 on the
protection of natural persons with regard to the processing of personal data by the Union institutions,
bodies, offices and agencies and on the free movement of such data, and repealing Regulation (EC) No
45/2001 and Decision No 1247/2002/EC (OJ L 295, 21.11.2018, p.39-98)


EN EN
EUROPEAN
COMMISSION
Brussels, 17.7.2025
COM(2025) 398 final
ANNEX
ANNEX
to the
Proposal for a Council Decision
on the conclusion, on behalf of the Union, of the Amending Protocol to the Agreement
between the European Union and the Republic of San Marino on the automatic
exchange of financial account information to improve international tax compliance
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Europaudvalget 2025
AMENDING PROTOCOL
to the Agreement between the European Union and the Republic of San Marino on the
automatic exchange of financial account information to improve international tax
compliance
THE EUROPEAN UNION,
and
THE REPUBLIC OF SAN MARINO, hereinafter referred to as ‘San Marino’,
both hereinafter referred to, individually, as ‘Contracting Party’ and, jointly, as ‘Contracting
Parties’,
WHEREAS the Contracting Parties are committed to improving their relationship and
enhancing cooperation between them, as shown by the conclusion of negotiations on an
association agreement in December 2023, providing for the right for San Marino to join the
European Union internal market, including its four fundamental freedoms, and for cooperation
in other areas,
WHEREAS the Contracting Parties have a longstanding and close relationship with respect to
mutual assistance in tax matters, which consisted, initially, in the application of measures
equivalent to those laid down in Council Directive 2003/48/EC1
, and which was later
developed into the Agreement between the European Union and the Republic of San Marino
on the automatic exchange of financial account information to improve international tax
compliance2
(‘the Agreement’), as amended by the Amending Protocol to the Agreement
between the European Community and the Republic of San Marino providing for measures
equivalent to those laid down in Council Directive 2003/48/EC on taxation of savings income
in the form of interest payments3
based upon the reciprocal automatic exchange of information
by means of implementing the Organisation for Economic Co-operation and Development
(OECD) Standard for Automatic Exchange of Financial Account Information in Tax Matters
(‘the Global Standard’),
WHEREAS, following the OECD’s first comprehensive review of the Global Standard,
amendments to the Global Standard were approved by the OECD’s Committee on Fiscal
Affairs in August 2022 and were adopted by the OECD Council on 8 June 2023 by means of
its revised Recommendation on the International Standards for Automatic Exchange of
Information in Tax Matters(‘the update to the Global Standard’),
WHEREAS the OECD comprehensive review identified the increasing complexity of financial
instruments and the emergence and use of new types of digital assets and acknowledged the
necessity of adapting the Global Standard to ensure comprehensive and effective tax
compliance,
WHEREAS the update to the Global Standard expanded the scope of reporting to include new
digital financial products, such as Specified Electronic Money Products and Central Bank
1
Council Directive 2003/48/EC of 3 June 2003 on taxation of savings income in the form of interest payments (OJ
EU L 157, 26.6.2003, p. 38).
2
OJ EU L 381 28.12.2004, p. 33.
3
OJ EU L 346, 31.12.2015, p. 3.
Digital Currencies, which offer credible alternatives to traditional Financial Accounts, which
are already subject to reporting under the Global Standard,
WHEREAS the new OECD Crypto-Asset Reporting Framework (‘CARF’), which was
introduced in parallel to the update to the Global Standard, serves as a complementary
mechanism at the global level and is specifically designed to address the rapid development
and growth of the Crypto-Asset market,
WHEREAS it was considered imperative to ensure an efficient interaction between those two
frameworks, in particular to limit instances of duplicative reporting, by (i) excluding Specified
Electronic Money Products and Central Bank Digital Currencies from the scope of the CARF,
given their coverage under the updated Global Standard; (ii) considering Crypto-Assets within
the scope of the updated Global Standard to be Financial Assets for the purpose of reporting
Custodial Accounts, Equity or Debt Interests in Investment Entities (except in cases of
provision of services effectuating exchange transactions for or on behalf of customers, which
are covered under the CARF), indirect investments in Crypto-Assets through other traditional
financial products or traditional financial products issued in crypto form; and (iii) providing
for an optional provision for Reporting Financial Institutions to switch off gross proceeds
reporting for assets that are classified as Crypto-Assets under both frameworks, when such
information is reported under the CARF, while continuing to report under the Global Standard
all other information, such as account balance,
WHEREAS the CARF has been implemented within the European Union by way of Council
Directive (EU) 2023/22264
, which amended Council Directive 2011/16/EU5
with those
provisions applying from 1 January 2026 and San Marino is committed to implementing the
CARF in its domestic legislation and applying those provisions from the same date,
WHEREAS, with a view to limiting instances of duplicative reporting, the Contracting Parties
should apply the delineation between the Agreement, the CARF and Directive (EU) 2023/2226
in a manner consistent with the delineation between the updated Global Standard and the
CARF,
WHEREAS, with the aim of improving the reliability and use of the exchanged information,
the update to the Global Standard introduces more detailed reporting requirements and
strengthened due diligence procedures,
WHEREAS the update to the Global Standard adds a new ‘Excluded Account’ category for
Capital Contribution Accounts and a de minimis threshold for reporting of Depository
Accounts holding Specified Electronic Money Products,
WHEREAS Regulation (EU) 2016/679 of the European Parliament and of the Council6
lays
down specific data protection rules in the European Union which also apply to the exchanges
of information covered by the Agreement,
4
Council Directive (EU) 2023/2226 of 17 October 2023 amending Directive 2011/16/EU on administrative
cooperation in the field of taxation (OJ EU L 24.10.2023).
5
Council Directive 2011/16/EU of 15 February 2011 on administrative cooperation in the field of taxation and
repealing Directive 77/799/EEC (OJ EU L 64, 11.3.2011, p. 1).
6
Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of
natural persons with regard to the processing of personal data and on the free movement of such data, and
repealing Directive 95/46/EC (General Data Protection Regulation) (OJ EU L 119, 04.05.2016, p. 1).
WHEREAS Law No. 1717
of 21 December 2018 regulates the protection of personal data in
San Marino,
WHEREAS, on the date of signing of this Amending Protocol, the European Commission has,
so far, not adopted a decision pursuant to Article 45(3) of Regulation (EU) 2016/679 finding
that San Marino is a country that ensures an adequate level of protection of personal data,
WHEREAS both Contracting Parties commit to implementing and observing the specific data
protection safeguards as included in the Agreement, including Annex III,
WHEREAS Reporting Financial Institutions, sending Competent Authorities and receiving
Competent Authorities, as data controllers, should retain information processed in accordance
with the Agreement for no longer than necessary to achieve the purposes thereof and whereas,
given the differences in Member States' and San Marino's legislation, the maximum retention
period should be set by reference to the statute of limitations provided by each data controller's
domestic tax legislation,
WHEREAS the processing of information under the Agreement is necessary for and
proportionate to the purpose of enabling Member States' and San Marino's tax administrations
to correctly and unequivocally identify the taxpayers concerned, to administer and enforce their
tax laws in cross-border situations, to assess the likelihood of tax evasion being perpetrated and
to avoid unnecessary further investigations,
HAVE AGREED AS FOLLOWS:
Article 1
The Agreement is amended as follows:
(1) the introductory wording between the title and Article 1 is replaced by the following:
‘THE EUROPEAN UNION,
and
THE REPUBLIC OF SAN MARINO, hereinafter referred to as “San Marino”,
both hereinafter referred to, individually, as “Contracting Party” and, jointly, as
“Contracting Parties”,
HAVE AGREED TO CONCLUDE THE FOLLOWING AGREEMENT:’;
(2) in Article 1(1), the following subparagraph is added:
‘(m) the term “Crypto-Asset Reporting Framework” means the international
framework for the automatic exchange of information with respect to Crypto-
Assets (which includes the Commentaries) developed by the OECD, with G20
countries and approved by the OECD on 26 August 2022.’;
(3) Article 2 is amended as follows:
7
Bollettino Ufficiale della Repubblica di San Marino [https://www.bollettinoufficiale.sm/on-
line/RicercaBU?acm_lang=it_IT&acm_session=D41C8C128609A28C2FB7110E5375A6D1.tomcat1lb&operation=g
etDocBU&id=1da1d6f8c775533f025aaa32a4094d865ec68fb9].
(a) paragraph 2 is amended as follows:
(i) subparagraphs (a) and (b) are replaced by the following:
‘(a) the following:
(i) the name, address, TIN(s) and date and place of birth (in the
case of an individual) of each Reportable Person that is an
Account Holder of the account and whether the Account
Holder has provided a valid self-certification;
(ii) in the case of any Entity that is an Account Holder and that,
after application of due diligence procedures consistent with
Annexes I and II, is identified as having one or more
Controlling Persons that is a Reportable Person, the name,
address, and TIN(s) of the Entity and the name, address,
TIN(s) and date and place of birth of each Reportable Person,
as well as the role(s) by virtue of which each Reportable
Person is a Controlling Person of the Entity and whether a
valid self-certification has been provided for each Reportable
Person; and
(iii) whether the account is a joint account, including the number
of joint Account Holders;
(b) the account number (or functional equivalent in the absence of an
account number), the type of account and whether the account is a
Preexisting Account or a New Account;’;
(ii) the term ‘and’ at the end of subparagraph (f) is deleted;
(iii) the following subparagraph is inserted after subparagraph (f):
‘(fa) in the case of any Equity Interest held in an Investment Entity that
is a legal arrangement, the role(s) by virtue of which the Reportable
Person is an Equity Interest holder; and’;
(b) the following paragraph is added:
‘3. Notwithstanding paragraph 2, subparagraph (e), point (ii), and unless the
Reporting Financial Institution has elected otherwise under Section I(F)
of Annex I with respect to any clearly identified group of accounts, the
gross proceeds from the sale or redemption of a Financial Asset are not
required to be exchanged to the extent such gross proceeds from the sale
or redemption of such Financial Asset are exchanged by the Competent
Authority of San Marino with the Competent Authority of a Member State
or by the Competent Authority of a Member State with the Competent
Authority of San Marino under the Crypto-Asset Reporting Framework.’;
(4) Article 3 is amended as follows:
(a) in paragraph 3, the following subparagraphs are added:
‘Notwithstanding the first and second subparagraphs, for accounts that are
treated as a Reportable Account solely by virtue of the amendments to this
Agreement made by the Amending Protocol of [date of signing], and, with
regard to all Reportable Accounts, for the additional information to be
exchanged pursuant to the changes made to Article 2(2) under that latter
Amending Protocol, information is to be exchanged with respect to the first year
as from the entry into force of that Amending Protocol and all subsequent years.
Notwithstanding the preceding subparagraphs, with respect to each Reportable
Account that is maintained by a Reporting Financial Institution as of 31
December 2025 and for reporting periods ending by the second calendar year
following such date, information with respect to the role(s) by virtue of which
each Reportable Person is a Controlling Person or Equity Interest holder of the
Entity is to be exchanged where reported by the Reporting Financial Institution
in accordance with Section I, subparagraphs A(1)(b) and A(6a), of Annex I.’;
(b) paragraph 4 is replaced by the following:
‘4. The Competent Authorities will automatically exchange the information
described in Article 2 in a common reporting standard schema in
Extensible Markup Language using the Common Transmission System
approved by the OECD or any other appropriate system for data
transmission that may be agreed in the future.’;
(c) paragraph 5 is deleted;
(5) Article 6 is amended as follows:
(a) paragraph 1 is replaced by the following:
‘1. In addition to the confidentiality rules and other safeguards outlined in this
Agreement, including those outlined in Annex III, the processing of
personal data pursuant to this Agreement shall be subject, (i) for Member
States, to Regulation (EU) 2016/679 of the European Parliament and of
the Council*
, and, (ii) for San Marino, to the provisions of Law No. 171
of 21 December 2018**
.
Member States shall, for the purpose of the correct application of Article
5, restrict the scope of the obligations and rights provided for in Article
13, Article 14(1) to (4) and Article 15 of Regulation (EU) 2016/679 to the
extent required in order to safeguard the interests referred to in Article
23(1)(e) of that Regulation. San Marino shall take equivalent measures
under its domestic law.
Each Member State and San Marino shall ensure that each Reporting
Financial Institution under their jurisdiction informs each individual
Reportable Person concerned that the information relating to him referred
to in Article 2 will be collected and transferred in accordance with this
Agreement and shall ensure that the Reporting Financial Institution
provides to that individual all information that he is entitled to under its
domestic data protection legislation, and at least the following:
(a) the purpose of the processing of his personal data;
(b) the legal basis of the processing operation;
(c) the recipients of his personal data;
(d) the identity of the data controllers;
(e) the time-limits for storing the data;
(f) the existence of the right to request access to, rectification and
erasure of his personal data from the controller;
(g) the right to seek administrative and/or judicial redress and the
procedure to do so;
(h) the right to have recourse to the competent data protection
supervisory authority or authorities and the relevant contact details.
This information shall be provided in sufficient time for the individual to
exercise his data protection rights and, in any case, before the Reporting
Financial Institution concerned reports the information referred to in
Article 2 to the competent authority of its jurisdiction of residence (being
a Member State or San Marino).
Member States and San Marino shall ensure that each individual
Reportable Person is notified of a breach of security with regard to his
personal data when that breach is likely to adversely affect the protection
of his personal data or privacy.
__________
*
Regulation (EU) 2016/679 of the European Parliament and of the
Council of 27 April 2016 on the protection of natural persons with
regard to the processing of personal data and on the free movement
of such data, and repealing Directive 95/46/EC (General Data
Protection Regulation) (OJ EU L 119, 04.05.2016, p. 1).
**
Bollettino Ufficiale della Repubblica di San Marino
[https://www.bollettinoufficiale.sm/on-
line/RicercaBU?acm_lang=it_IT&acm_session=D41C8C128609A
28C2FB7110E5375A6D1.tomcat1lb&operation=getDocBU&id=1
da1d6f8c775533f025aaa32a4094d865ec68fb9].’;
(b) paragraph 2 is replaced by the following:
‘2. Personal data processed in accordance with this Agreement shall be
retained for no longer than necessary to achieve the purposes of this
Agreement and, in any case, in accordance with each data controller's
domestic rules on statute of limitations.
Reporting Financial Institutions and the competent authorities of each
Member State and San Marino shall be considered to be data controllers,
each with respect to the personal data it processes under this Agreement.
The data controllers shall be responsible for ensuring compliance with the
personal data protection safeguards set out in this Agreement and for the
respect of the rights of the data subjects.’;
(c) paragraph 5 is replaced by the following:
‘5. Notwithstanding the provisions of the preceding paragraphs, information
received by a jurisdiction (being a Member State or San Marino) may be
used for other purposes when such information may be used for such other
purposes under the laws, including those on the protection of personal
data, of the supplying jurisdiction (being, respectively, San Marino or a
Member State) and when the Competent Authority of that jurisdiction
authorises such use. Information provided by a jurisdiction (being a
Member State or San Marino) to another jurisdiction (being, respectively,
San Marino or a Member State) may be transmitted by the latter to a third
jurisdiction (being another Member State), subject to the safeguards
provided for under this Article and in Annex III and subject to prior
authorisation by the Competent Authority of the first-mentioned
jurisdiction from which the information originated.
Information provided by one Member State to another Member State
under its applicable law implementing Council Directive 2011/16/EU on
administrative cooperation in the field of taxation may be transmitted to
San Marino subject to prior authorisation by the Competent Authority of
the Member State from which the information originated.’;
(6) in Article 7, paragraph 2 is replaced by the following:
‘2. If the consultation relates to significant non-compliance with the provisions of
this Agreement, and the procedure described in paragraph 1 does not provide for
an adequate settlement, the Competent Authority of a Member State or San
Marino may suspend the exchange of information under this Agreement
towards, respectively, San Marino or a specific Member State, by giving notice
in writing to the other Competent Authority concerned. Such suspension will
have immediate effect. For the purposes of this paragraph, significant non-
compliance includes, but is not limited to, non-compliance with the
confidentiality and data safeguard provisions of this Agreement, including
Annex III, of Regulation (EU) 2016/679 and of Law No. 171 of 21 December
2018, as applicable, a failure by the Competent Authority of a Member State or
San Marino to provide timely or adequate information as required under this
Agreement, defining the status of Entities or accounts as Non-Reporting
Financial Institutions and Excluded Accounts in a manner that frustrates the
purposes of this Agreement.’;
(7) Article 9 is replaced by the following:
‘Article 9
Termination
Either Contracting Party may terminate this Agreement by giving notice of
termination in writing to the other Contracting Party. Such termination will become
effective on the first day of the month following the expiration of a period of 12
months after the date of the notice of termination. In the event of termination, all
information previously received under this Agreement will remain confidential and
subject, (i) for Member States, to the provisions of Regulation (EU) 2016/679 and (ii)
for San Marino, to the provisions of Law No. 171 of 21 December 2018 and, in both
cases, to the specific data protection safeguards set out in this Agreement, including
those contained in Annex III.’;
(8) Annex I is amended as follows:
(a) in Section I, paragraph A is amended as follows:
(i) the introductory wording and subparagraphs 1 and 2 are replaced by the
following:
‘Subject to paragraphs C to F, each Reporting Financial Institution must
report to the Competent Authority of its jurisdiction (being a Member
State or San Marino) with respect to each Reportable Account of such
Reporting Financial Institution:
1. the following information:
(a) the name, address, jurisdiction(s) of residence (being a
Member State or San Marino), TIN(s) and date and place of
birth (in the case of an individual) of each Reportable Person
that is an Account Holder of the account and whether the
Account Holder has provided a valid self-certification;
(b) in the case of any Entity that is an Account Holder and that,
after application of the due diligence procedures consistent
with Sections V, VI and VII, is identified as having one or
more Controlling Persons that is a Reportable Person, the
name, address, jurisdiction(s) (being a Member State, San
Marino or other jurisdiction) of residence and TIN(s) of the
Entity and the name, address, jurisdiction(s) (being a Member
State or San Marino of residence, TIN(s) and date and place
of birth of each Reportable Person, as well as the role(s) by
virtue of which each Reportable Person is a Controlling
Person of the Entity and whether a valid self-certification has
been provided for each Reportable Person; and
(c) whether the account is a joint account, including the number
of joint Account Holders;
2. the account number (or functional equivalent in the absence of an
account number), the type of account and whether the account is a
Preexisting Account or a New Account;’;
(ii) the term ‘and’ at the end of subparagraph 6 is deleted;
(iii) the following subparagraph is inserted after subparagraph 6:
‘6a. in the case of any Equity Interest held in an Investment Entity that
is a legal arrangement, the role(s) by virtue of which the Reportable
Person is an Equity Interest holder; and’;
(b) in Section I, paragraph C is replaced by the following:
‘C. Notwithstanding subparagraph A(1), with respect to each Reportable
Account that is a Preexisting Account, the TIN(s) or date of birth is not
required to be reported if such TIN(s) or date of birth is not in the records
of the Reporting Financial Institution and is not otherwise required to be
collected by such Reporting Financial Institution under domestic law or
any European Union legal instrument (if applicable). However, a
Reporting Financial Institution is required to use reasonable efforts to
obtain the TIN(s) and date of birth with respect to Preexisting Accounts
by the end of the second calendar year following the year in which
Preexisting Accounts were identified as Reportable Accounts and
whenever it is required to update the information relating to the
Preexisting Account pursuant to domestic AML/KYC Procedures.’;
(c) in Section I, the following paragraph is added:
‘F. Notwithstanding subparagraph A(5)(b), and unless the Reporting
Financial Institution elects otherwise with respect to any clearly identified
group of accounts, the gross proceeds from the sale or redemption of a
Financial Asset are not required to be reported to the extent such gross
proceeds from the sale or redemption of such Financial Asset are reported
by the Reporting Financial Institution under the Crypto-Asset Reporting
Framework.’;
(d) in Section VI, subparagraph A(2)(b) is replaced by the following:
‘(b) Determining the Controlling Persons of an Account Holder. For the
purposes of determining the Controlling Persons of an Account Holder, a
Reporting Financial Institution may rely on information collected and
maintained pursuant to AML/KYC Procedures, provided that such
procedures are consistent with the 2012 FATF Recommendations. If the
Reporting Financial Institution is not legally required to apply AML/KYC
Procedures that are consistent with the 2012 FATF Recommendations, it
must apply substantially similar procedures for the purpose of determining
the Controlling Persons.’;
(e) in Section VII, the following paragraph is inserted after paragraph A:
‘Aa. Temporary lack of self-certification. In exceptional circumstances where
a self-certification cannot be obtained by a Reporting Financial Institution
in respect of a New Account in time to meet its due diligence and reporting
obligations with respect to the reporting period during which the account
was opened, the Reporting Financial Institution must apply the due
diligence procedures for Preexisting Accounts, until such self-certification
is obtained and validated.’;
(f) in Section VIII, subparagraphs A(5) to (7) are replaced by the following:
‘5. The term “Depository Institution” means any Entity that:
(a) accepts deposits in the ordinary course of a banking or similar
business; or
(b) holds Specified Electronic Money Products or Central Bank Digital
Currencies for the benefit of customers.
6. The term “Investment Entity” means any Entity:
(a) which primarily conducts as a business one or more of the following
activities or operations for or on behalf of a customer:
(i) trading in money market instruments (cheques, bills,
certificates of deposit, derivatives, etc.); foreign exchange;
exchange, interest rate and index instruments; transferable
securities; or commodity futures trading;
(ii) individual and collective portfolio management; or
(iii) otherwise investing, administering, or managing Financial
Assets, money, or Relevant Crypto-Assets on behalf of other
persons; or
(b) the gross income of which is primarily attributable to investing,
reinvesting, or trading in Financial Assets or Relevant Crypto-
Assets, if the Entity is managed by another Entity that is a
Depository Institution, a Custodial Institution, a Specified Insurance
Company, or an Investment Entity described in subparagraph
A(6)(a).
An Entity is treated as primarily conducting as a business one or more of
the activities described in subparagraph A(6)(a), or an Entity's gross
income is primarily attributable to investing, reinvesting, or trading in
Financial Assets or Relevant Crypto-Assets for the purposes of
subparagraph A(6)(b), if the Entity's gross income attributable to the
relevant activities equals or exceeds 50 % of the Entity's gross income
during the shorter of: (i) the three-year period ending on 31 December of
the year preceding the year in which the determination is made; or (ii) the
period during which the Entity has been in existence. For the purposes of
subparagraphA(6)(a)(iii), the term “otherwise investing, administering, or
managing Financial Assets, money, or Relevant Crypto-Assets on behalf
of other persons” does not include the provision of services effectuating
Exchange Transactions for or on behalf of customers. The term
“Investment Entity” does not include an Entity that is an Active NFE
because that Entity meets any of the criteria in subparagraphs D(9)(d) to
(g).
This paragraph shall be interpreted in a manner consistent with similar
language set forth in the definition of “financial institution” in the
Financial Action Task Force Recommendations.
7. The term “Financial Asset” includes a security (for example, a share of
stock in a corporation; partnership or beneficial ownership interest in a
widely held or publicly traded partnership or trust; note, bond, debenture,
or other evidence of indebtedness), partnership interest, commodity, swap
(for example, interest rate swaps, currency swaps, basis swaps, interest
rate caps, interest rate floors, commodity swaps, equity swaps, equity
index swaps, and similar agreements), Insurance Contract or Annuity
Contract, or any interest (including a futures or forward contract or option)
in a security, Relevant Crypto-Asset, partnership interest, commodity,
swap, Insurance Contract, or Annuity Contract. The term “Financial
Asset” does not include a non-debt, direct interest in real property.’;
(g) in Section VIII, the following subparagraphs are added after subparagraph A(8):
‘9. The term “Specified Electronic Money Product” means any product that
is:
(a) a digital representation of a single Fiat Currency;
(b) issued on receipt of funds for the purpose of making payment
transactions;
(c) represented by a claim on the issuer denominated in the same Fiat
Currency;
(d) accepted in payment by a natural or legal person other than the
issuer; and
(e) by virtue of regulatory requirements to which the issuer is subject,
redeemable at any time and at par value for the same Fiat Currency
upon request of the holder of the product.
The term “Specified Electronic Money Product” does not include a
product created for the sole purpose of facilitating the transfer of funds
from a customer to another person pursuant to instructions of the
customer. A product is not created for the sole purpose of facilitating the
transfer of funds if, in the ordinary course of business of the transferring
Entity, either the funds connected with such product are held longer than
60 days after receipt of instructions to facilitate the transfer, or, if no
instructions are received, the funds connected with such product are held
longer than 60 days after receipt of the funds.
10. The term “Central Bank Digital Currency” means any digital Fiat
Currency issued by a Central Bank, or other monetary authority.
11. The term “Fiat Currency” means the official currency of a jurisdiction,
issued by a jurisdiction or by a jurisdiction’s designated Central Bank or
monetary authority, as represented by physical banknotes or coins or by
money in different digital forms, including bank reserves and Central
Bank Digital Currencies. The term also includes commercial bank money
and electronic money products (including Specified Electronic Money
Products).
12. The term “Crypto-Asset” means a digital representation of value that
relies on a cryptographically secured distributed ledger or a similar
technology to validate and secure transactions.
13. The term “Relevant Crypto-Asset” means any Crypto-Asset that is not a
Central Bank Digital Currency, a Specified Electronic Money Product or
any Crypto-Asset for which the Reporting Crypto-Asset Service Provider
has adequately determined that it cannot be used for payment or
investment purposes.
14. The term “Exchange Transaction” means any:
(a) exchange between Relevant Crypto-Assets and Fiat Currencies; and
(b) exchange between one or more forms of Relevant Crypto-Assets’;
(h) in Section VIII, subparagraph B(1)(a) is replaced by the following:
‘(a) a Governmental Entity, International Organisation or Central Bank, other
than:
(i) with respect to a payment that is derived from an obligation held in
connection with a commercial financial activity of a type engaged
in by a Specified Insurance Company, Custodial Institution, or
Depository Institution; or
(ii) with respect to the activity of maintaining Central Bank Digital
Currencies for Account Holders which are not Financial Institutions,
Governmental Entities, International Organisations or Central
Banks.’;
(i) in Section VIII, subparagraph C(2) is replaced by the following:
‘2. The term “Depository Account” includes any commercial, checking,
savings, time, or thrift account, or an account that is evidenced by a
certificate of deposit, thrift certificate, investment certificate, certificate of
indebtedness, or other similar instrument maintained by a Depository
Institution. A Depository Account also includes:
(a) an amount held by an insurance company pursuant to a guaranteed
investment contract or similar agreement to pay or credit interest
thereon;
(b) an account or notional account that represents all Specified
Electronic Money Products held for the benefit of a customer; and
(c) an account that holds one or more Central Bank Digital Currencies
for the benefit of a customer.’;
(j) in Section VIII, subparagraph C(9)(a) is replaced by the following:
‘(a) a Financial Account maintained by a Reporting Financial Institution as of
31 December 2015 or, if the account is treated as a Financial Account
solely by virtue of the amendments to this Agreement made by the
Amending Protocol of [date of signing], as of 31 December 2025.’;
(k) in Section VIII, subparagraph C(10) is replaced by the following:
‘10. The term “New Account” means a Financial Account maintained by a
Reporting Financial Institution opened on or after 1 January 2016, or, if
the account is treated as a Financial Account solely by virtue of the
amendments to this Agreement made by the Amending Protocol of [date
of signing], on or after 1 January 2026 unless it is treated as a Preexisting
Account under the extended definition of Preexisting Account in
subparagraph C(9).’;
(l) in Section VIII, the following subparagraph is inserted after subparagraph
C(17)(e)(iv):
‘(v) a foundation or capital increase of a company provided that the account
satisfies the following requirements:
– the account is used exclusively to deposit capital that is to be used
for the purpose of the foundation or capital increase of a company,
as prescribed by law;
– any amounts held in the account are blocked until the Reporting
Financial Institution obtains an independent confirmation regarding
the foundation or capital increase;
– the account is closed or transformed into an account in the name of
the company after the foundation or capital increase;
– any repayments resulting from a failed foundation or capital
increase, net of service provider and similar fees, are made solely to
the persons who contributed the amounts; and
– the account has not been established more than 12 months ago.’;
(m) in Section VIII, the following subparagraph is inserted after subparagraph
C(17)(e):
‘(ea) A Depository Account that represents all Specified Electronic Money
Products held for the benefit of a customer, if the rolling average 90 day
end-of-day aggregate account balance or value during any period of 90
consecutive days did not exceed USD 10 000 or an equivalent amount
denominated in the domestic currency of each Member State or San
Marino at any day during the calendar year or other appropriate reporting
period.’;
(n) in Section VIII, subparagraph D(2) is replaced by the following:
‘2. The term “Reportable Person” means a Reportable Jurisdiction Person
other than: (i) an Entity the stock of which is regularly traded on one or
more established securities markets; (ii) any Entity that is a Related Entity
of an Entity described in clause (i); (iii) a Governmental Entity; (iv) an
International Organisation; (v) a Central Bank; or (vi) a Financial
Institution.’;
(o) in Section VIII, subparagraph D(5)(c) is replaced by the following:
‘(c) any other jurisdiction (i) with which the relevant Member State or San
Marino, as the context requires, has an agreement in place pursuant to
which that other jurisdiction will provide the information specified in
Section I; and (ii) which is identified in a list published by that Member
State or San Marino.’;
(p) in Section VIII, the following subparagraph is added after subparagraph E(6):
‘7. The term “Government Verification Service” is an electronic process
made available by a Reportable Jurisdiction to a Reporting Financial
Institution for the purposes of ascertaining the identity and tax residence
of an Account Holder or Controlling Person.’;
(q) the following section is added after Section X:
‘SECTION XI
TRANSITIONAL MEASURES
Notwithstanding subparagraph A(1)(b) and A(6a) of Section I, with respect to
each Reportable Account that is maintained by a Reporting Financial Institution
as of 31 December 2025 and for reporting periods ending by the second calendar
year following such date, information with respect to the role(s) by virtue of
which each Reportable Person is a Controlling Person or Equity Interest holder
of the Entity is only required to be reported if such information is available in
the electronically searchable data maintained by the Reporting Financial
Institution.’;
(9) Annex III is amended as follows:
(a) the heading is replaced by the following:
‘ADDITIONAL DATA PROTECTION SAFEGUARDS REGARDING THE
TREATMENT OF THE DATA PROCESSED UNDER THIS AGREEMENT’;
(b) paragraphs 3 and 4 are replaced by the following:
‘3. Data minimisation
The personal data processed by the Contracting Parties under this
Agreement shall be relevant and limited to what is necessary and
proportionate to the purposes set out in this Agreement.
The Contracting Parties shall not exchange personal data revealing racial
or ethnic origin, political opinions, religious or philosophical beliefs, trade
union membership, genetic data, biometric data for the purpose of
uniquely identifying a natural person, or data concerning the health or sex
life of the individual.
4. Transparency, right of access, rectification and erasure of data
Where personal data received from another jurisdiction under this
Agreement is, in accordance with the conditions set out in Article 6(5) of
this Agreement, used for other purposes within the receiving jurisdiction,
or is transmitted by the receiving jurisdiction to a third jurisdiction (being
another Member State or San Marino), the Competent Authority of the
receiving jurisdiction using the personal data for other purposes or
transmitting it to a third jurisdiction shall inform the individual Reportable
Person concerned. This information shall be provided in sufficient time
for the individual to exercise his data protection rights and, in any case,
before the receiving jurisdiction has used the personal data for the other
purposes or transmitted it to the third jurisdiction.
With respect to any personal data which is processed under this
Agreement, any individual shall have the right to obtain access to his
personal data concerning him or her and to obtain rectification of
inaccurate personal data concerning him or her. Where the personal data
has been unlawfully processed the individual may obtain its erasure.
To facilitate the exercise of this right, each individual shall be enabled to
make requests for access to, rectification and/or erasure of his data which
are addressed to the other Competent Authority via the individual’s own
Competent Authority.
The requested Competent Authority shall provide access to the relevant
data and, where appropriate, update and/or correct any inaccurate or
incomplete data.’;
(c) paragraphs 6 and 7 are replaced by the following:
‘6. Automated processing
The Competent Authorities shall not take any decision which produces
legal effects concerning an individual or significantly affects him or her
and which is based solely on automated processing of data.
7. Transfers to authorities of third countries
A Competent Authority may occasionally transfer personal data received
pursuant to this Agreement to public authorities in third countries, other
than the Member States and San Marino, if all of the following
circumstances apply:
(a) the transfer is necessary for the purposes specified in Article 6(4) in
the receiving third country and the personal data will be used by the
receiving third country only for such purposes;
(b) the personal data is relevant and proportionate to the purposes for
which it is transferred;
(c) the competences of the third country authority are directly related to
the purposes referred to in Article 6(4);
(d) the receiving third country ensures a level of protection of the
personal data equivalent to the one established by this Agreement,
as well as undertakes not to transfer the received data to any third
parties;
(e) the Competent Authority from which the information was received
has provided prior agreement; and
(f) the data subject has been informed of the transfer.
Any other transfers of information received pursuant to this Agreement to
third parties shall be prohibited.’;
(d) paragraph 10 is replaced by the following:
‘10. Oversight
The processing of personal data by Reporting Financial Institutions and
Competent Authorities under this Agreement shall be subject to the
independent supervision of (i) the national data protection supervisory
authorities established under Regulation (EU) 2016/679 in the Member
States, and (ii) the Guarantor for the Confidentiality of Personal Data,
established by Law No. 171 of 21 December 2018, in San Marino.
These authorities in the Member States and San Marino shall have
effective powers of oversight, investigation, intervention and review, and
shall have power to refer violations of law for legal action, where
appropriate. They shall in particular ensure that complaints relating to
non-compliance are received, investigated, responded to, and
appropriately redressed.’;
(10) in Annex IV, subparagraph (ac) is deleted.
Article 2
Entry into force
This Amending Protocol requires ratification or approval by the Contracting Parties in
accordance with their own procedures. The Contracting Parties shall notify each other of the
completion of these procedures. The Amending Protocol shall enter into force on the first day
of January following the last notification.
Article 3
Languages
This Amending Protocol shall be drawn up in duplicate in the Bulgarian, Croatian, Czech,
Danish, Dutch, English, Estonian, Finnish, French, German, Greek, Hungarian, Irish, Italian,
Latvian, Lithuanian, Maltese, Polish, Portuguese, Romanian, Slovak, Slovenian, Spanish and
Swedish languages, each text being equally authentic.
IN WITNESS WHEREOF, the undersigned Plenipotentiaries have hereunto set their hands.
Done at … in the year two thousand and twenty-five.
For the European Union
For the Republic of San Marino
JOINT DECLARATIONS OF THE CONTRACTING PARTIES:
JOINT DECLARATION OF THE CONTRACTING PARTIES ON THE AGREEMENTAND
THE ANNEXES
The Contracting Parties agree, regarding the implementation of the Agreement and Annexes I
and II thereto as amended by the Amending Protocol of [date of signing], that the
Commentaries to the OECD Model Competent Authority Agreement and Common Reporting
Standard, as well as the Commentaries to the 2023 Addendum to the OECD Model Competent
Authority Agreement and to the 2023 update to the Common Reporting Standard, should be a
source of illustration or interpretation and in order to ensure consistency in application.
JOINT DECLARATION OF THE CONTRACTING PARTIES ON ARTICLE 5 OF THE
AGREEMENT
The Contracting Parties agree that Article 5 of the Agreement is aligned to the latest OECD
standard on transparency and exchange of information in tax matters enshrined in Article 26 of
the OECD Model Tax Convention. Therefore, the Contracting Parties agree, regarding the
implementation of Article 5, that the commentary to Article 26 of the OECD Model Tax
Convention on Income and on Capital in the version current at the time of signature of the
Amending Protocol should be a source of interpretation.
Where the OECD adopts new versions of the commentary to Article 26 of the OECD Model
Tax Convention on Income and on Capital in subsequent years, when acting as the requested
jurisdiction, any Member State or the Republic of San Marino may apply those versions as a
source of interpretation, replacing the previous ones. That Member State shall notify the
Republic of San Marino and the Republic of San Marino shall notify the European Commission
when they apply the previous sentence. The European Commission may coordinate the
transmission of the notification from Member States to the Republic of San Marino and the
European Commission shall transmit the notification from the Republic of San Marino to all
Member States. The application shall have an effect as of the date of the notification.
JOINT DECLARATION OF THE CONTRACTING PARTIES ON THE RELATIONS
BETWEEN SAN MARINO AND THE EUROPEAN UNION
The European Union recognises the active role played by the Republic of San Marino in the
international process for transparency and tax cooperation among countries. San Marino is
constantly working towards full convergence with international and European Union standards
on anti-money laundering, tax and finance, as has been recognised by Moneyval, the OECD
and the International Monetary Fund.
In particular, the alignment process with the relevant provisions of the European Union on
banking matters, anti-money laundering, payment systems, statistics, and euro banknotes and
coins – provisions which are also important with regard to the above-mentioned transparency
standards – is regulated by the Monetary Agreement between the European Union and the
Republic of San Marino (the ‘Monetary Agreement’), signed in 2012. In the Monetary
Agreement, San Marino committed to transposing the relevant set of rules of the European
Union into its own national legal system.
This process of convergence is meant to be assisted by the Agreement between the European
Union and the Republic of San Marino on the automatic exchange of financial account
information to improve international tax compliance (the ‘Agreement’), in respect of which
San Marino highlighted the need to ensure financial, technical and operational sustainability.
The European Union acknowledges San Marino's willingness to achieve, taking account of the
start of the exchange of information under the Agreement, the effective integration of its
financial and banking system within the Union market, in compliance with the obligations
deriving from the Monetary Agreement.
Integration-related issues will be further addressed in the context of the association agreement
with the European Union, the negotiations for which were concluded on 12 December 2023.
JOINT DECLARATION OF THE CONTRACTING PARTIES ON THE DEFINITION OF
CENTRAL BANK
The Contracting Parties agree, with reference to the criteria to identify Non-Reporting
Financial Institution, (Annex I, Section VIII, paragraph B), that the term ‘Central Bank’(Annex
I, Section VIII, subparagraph B(4)) is to be interpreted for San Marino to refer to the Central
Bank of the Republic of San Marino (Banca Centrale della Repubblica di San Marino).
JOINT DECLARATION OF THE CONTRACTING PARTIES ON THE ENTRY INTO
FORCE OF THE AMENDING PROTOCOL
The Contracting Parties declare that they expect that the constitutional requirements of San
Marino and the requirements of European Union law concerning entering into international
agreements will be fulfilled in time to enable the Amending Protocol to enter into force on the
first day of January 2026. They will take all the measures in their power to achieve that goal.