On 21 April 2016, the EU Council approved the agreement with San Marino for the automatic exchange of financial account information. The agreement, signed 8 December 2015, upgrades a 2004 agreement that ensures that San Marino applies measures equivalent to those in the Council Directive (2003/48/EC) on the taxation of savings income. Under the agreement, information on the financial accounts of residents of EU Member States and San Marino will be automatically exchanged from 2017.