Automatic exchange of financial information requires phased reporting, currency identification, confidentiality protections, and effectiveness notifications before exchanges commence. Article 3 prescribes that exchanged information be determined by the recipient jurisdiction's tax principles and must identify currency; reporting is phased with initial limited fields expanding in later years, and missing taxpayer identifying numbers for pre-existing accounts may be replaced by date of birth if not held. Exchanges occur within a specified period after the calendar year, require a Competent Authority arrangement to implement procedures, are subject to Convention confidentiality and use limitations, and become effective only after reciprocal written notifications confirming safeguards and infrastructure.