4 Surrogate parent entity reporting

(1) Subject to paragraph (2), Regulation 3 shall not apply where an MNE group appoints a surrogate parent entity in respect of the fiscal year concerned and one, or more, of the circumstances mentioned in subparagraph (a), (b) or (c) of paragraph (1) of that Regulation exist.

(2) Where a surrogate parent entity is resident for tax purposes in a jurisdiction which is not a Member State, paragraph (1) shall apply only where—

(a) that jurisdiction—

(i) requires the filing of country-by-country reports,

(ii) has in effect, by the latest date specified in Regulation 8, a qualifying competent authority agreement with the State,

(iii) has not notified the Commissioners that there has been a systemic failure, and

(iv) has been notified of the identity of the surrogate parent entity concerned,

and

(b) a notification has been provided to the Commissioners in accordance with Regulation 6(2).

(3) A surrogate parent entity resident for tax purposes in the State shall provide a country-by-country report to the Commissioners in accordance with Regulation 8.