Common use of Development of Common Reporting and Exchange Model Clause in Contracts

Development of Common Reporting and Exchange Model. The Parties are committed to working with other partners and the Organisation for Economic Co-operation and Development on adapting the terms of this Agreement and other agreements between the United States and other partners to a common model for automatic exchange of information, including the development of reporting and due diligence standards for financial institutions.] 1. [FATCA Partner] shall be granted the benefit of any more favorable terms under Article 3 and Annex 1 of this Agreement relating to the application of FATCA to [FATCA Partner] Financial Institutions afforded to another Partner Jurisdiction under a signed bilateral agreement pursuant to which the other Partner Jurisdiction commits to undertake the same obligations as [FATCA Partner] described in Article 2 of this Agreement and subject to the same terms and conditions as described therein and in Articles 4, 6, 8, and 9 of this Agreement. 2. The United States shall notify [FATCA Partner] of any such more favorable terms and shall apply such more favorable terms automatically under this Agreement as if they were specified in this Agreement and effective as of the date of the entry into force of the agree- ment incorporating the more favorable terms, unless [FATCA Partner] declines the applica- tion thereof.

Development of Common Reporting and Exchange Model. The Parties are committed to working with other partners Partner Jurisdictions and the Organisation for Economic Co-Co- operation and Development on adapting the terms of this Agreement and other agreements between the United States and other partners Partner Jurisdictions to a common model for automatic exchange of information, including the development of reporting and due diligence standards for financial institutions.] 1. [FATCA Partner] shall be granted the benefit of any more favorable terms under Article 3 and or Annex 1 I of this Agreement relating to the application of FATCA to [FATCA Partner] Financial Institutions afforded to another Partner Jurisdiction under a signed bilateral agreement pursuant to which the other Partner Jurisdiction commits to undertake the same obligations as [FATCA Partner] described in Article 2 of this Agreement Agreement, and subject to the same terms and conditions as described therein and in Articles 4, 6, 8, and 9 of this Agreement. 2. The United States shall notify [FATCA Partner] of any such more favorable terms terms, and shall apply such more favorable terms shall apply automatically under this Agreement as if they such terms were specified in this Agreement and effective as of the date of the entry into force of the agree- ment agreement incorporating the more favorable terms, unless [FATCA Partner] declines the applica- tion application thereof.