Fatca Final Regulations Definitions List Allen Amp Overy-PDF Free Download

FATCA Final Regulations Definitions List Allen amp Overy
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FATCA Final Regulations Definitions List,FATCA Final Regulation Definitions List. Craig Cohen is senior counsel with Allen Overy in New York. Account holder section 1 1471 5 a 3 i the person of property or pursuant to a similar financing arrangement. listed or identified as the holder of a financial account with between such entity and the person holding the deposit. the FFI that maintains the financial account regardless of with the entity. whether such person is a flow through entity In the case. of a financial account held by an entity that is disregarded Branch section 1 1471 4 e 2 ii a unit business. for U S federal tax purposes the financial account shall be or office of an FFI that is treated as a branch under the. treated as held by the person owning such entity regulatory regime of a country or is otherwise regulated. under the laws of such country as separate from other. Active NFFE section 1 1472 1 c 1 iv any entity if offices units or branches of the FFI and that maintains. less than 50 percent of its gross income for the preceding books and records separate from the books and records of. calendar year is passive income and less than 50 percent other branches of the FFI including units businesses and. of the weighted average percentage of assets tested offices of an FFI located in the country in which the FFI. quarterly held by it are assets that produce or are held for is created or organized All units businesses or offices. the production of passive income of a participating FFI in a single country shall be treated. as a single branch and a financial account will be treated. Banking or similar business section 1 1471 5 e 2 an as maintained by a branch if the rights and obligations. entity is considered to be engaged in a banking or similar of the account holder and the participating FFI with. business if in the ordinary course of its business with regard to such account including any assets held in the. customers the entity accepts deposits or other similar financial account are governed by the laws of the country. investments of funds and regularly engages in one or more of the branch. of the following activities,Broker section 1 1471 1 b 9 any person U S or. A makes personal mortgage industrial or other loans or foreign that in the ordinary course of a trade or business. provides other extensions of credit during the calendar year stands ready to effect sales to. be made by others including an obligor that regularly. B purchases sells discounts or negotiates accounts. issues and retires its own debt obligations a corporation. receivable installment obligations notes drafts, that regularly redeems its own stock and a clearing. checks bills of exchange acceptances or other, organization that effects sales of securities for its. evidences of indebtedness, members excluding an international organization that is.
an exempt beneficial owner and which redeems or retires. C issues letters of credit and negotiates drafts, an obligation of which it is the issuer a stock transfer. drawn thereunder, agent that records transfers of stock for a corporation if. D provides trust or fiduciary services the nature of the activities of the agent is such that the. agent ordinarily would not know the gross proceeds from. E finances foreign exchange transactions or sales an escrow agent that effects no sales other than. transactions incidental to the purpose of the escrow such. F enters into purchases or disposes of finance leases or as sales to collect on collateral or a corporation that issues. leased assets and retires long term debt on an irregular basis. An entity is not considered to be engaged in a banking or Captive finance company section 1 1471 5 e 5 i E. similar business if the entity solely accepts deposits from an entity whose primary activity is to enter into financing. persons as collateral or security pursuant to a sale or lease including the extension of credit or leasing transactions. www allenovery com 2, with or for suppliers distributors dealers franchisees or evidence of indebtedness a currency or commodity. customers of such entity or of any member of such entity s transaction a credit default swap a swap based upon. expanded affiliated group that is an active NFFE a nonfinancial index a notional principal contract an. insurance or annuity contract and any option or other. Certified deemed compliant FFI section 1 1471 5 f 2 derivative instrument for the benefit of another person. an FFI that is, Custodial institution section 1 1471 5 e 3 any entity. i a nonregistering local bank whose gross income attributable to holding financial assets. and related financial services for the benefit of one or. ii an FFI with only low value accounts, more other persons eg custody account maintenance and.
transfer fees commissions and fees earned from executing. iii a sponsored closely held investment vehicle or. and pricing securities transactions income earned from. iv a limited life debt investment entity extending credit to customers with respect to financial. assets held in custody or acquired through such extension. Chapter 4 status section 1 1471 1 b 17 a person s of credit income earned on the bid ask spread of financial. status as a U S person a specified U S person an assets and fees for providing financial advice and for. individual that is a foreign person a participating FFI clearance and settlement services equals or exceeds 20. a deemed compliant FFI a restricted distributor an percent of the entity s gross income during the shorter of. exempt beneficial owner a nonparticipating FFI a, territory financial institution an excepted NFFE or a 1 the three year period ending on December 31 of the. passive NFFE year preceding the year in which the determination is. Clearing organization section 1 1471 1 b 18 an, entity that is in the business of holding securities for its 2 the period during which the entity has been in. member organizations or clearing trades of securities and existence before the determination is made. transferring or instructing the transfer of securities by. An entity with no operating history as of the date of the. credit or debit to the account of a member without the. determination is considered to be a custodial institution. necessity of physical delivery of the securities, if the entity expects to meet the gross income threshold. Controlled entity section 1 1471 6 b 2 an entity that is described above based on its anticipated functions assets. separate in form from a foreign sovereign or that otherwise and employees with due consideration given to any. constitutes a separate juridical entity provided that purpose or functions for which the entity is licensed or. regulated including those of any predecessor, i the entity is wholly owned and controlled by one or. more foreign sovereigns directly or indirectly through Deemed compliant FFI section 1 1471 5 f an. one or more controlled entities FFI that is, ii the entity s net earnings are credited to its own 1 a registered deemed compliant FFI.
account or to other accounts of one or more foreign. 2 a certified deemed compliant FFI, sovereigns with no portion of its income inuring to. the benefit of any private person and,3 an owner documented FFI or. iii the entity s assets vest in one or more foreign. 4 a QI branch of a U S financial institution that is a. sovereigns upon dissolution,reporting Model 1 FFI,Custodial account section 1 1471 5 b 3 ii an. Depository account section 1 1471 5 b 3 i, arrangement for holding a financial instrument contract. or investment including but not limited to a share of. stock in a corporation a note bond debenture or other. www allenovery com 3,FATCA Final Regulations Definitions List.
1 A commercial checking savings time or thrift Established securities market section 1 1472 1 c 1 i. account or an account that is evidenced by a C for any calendar year. certificate of deposit thrift certificate investment. certificate passbook certificate of indebtedness i a foreign securities exchange that is officially. or any other instrument for placing money in the recognized sanctioned or supervised by a. custody of an entity engaged in a banking or similar governmental authority of the foreign country in. business for which such institution is obligated to which the market is located and has an annual value. give credit regardless of whether such instrument is of shares traded on the exchange or a predecessor. interest bearing or non interest bearing including exchange exceeding 1 billion during each of. for example a credit balance with respect to a credit the three calendar years immediately preceding. card account issued by a credit card company that is the calendar year in which the determination. engaged in a banking or similar business or is being made. 2 Any amount held by an insurance company under ii a national securities exchange that is registered. a guaranteed investment contract or under a similar under section 6 of the Securities Exchange Act. agreement to pay or credit interest thereon or to of 1934 15 USC 78f with the Securities and. return the amount held Exchange Commission, A depository account does not include a negotiable iii any exchange designated under a limitation on. debt instrument that is traded on a regulated market benefits article of an income tax treaty with the. or over the counter market and distributed and held United States that is in force or. through financial institutions or an advance premium. iv any other exchange that the Secretary may designate. or premium deposit,in published guidance,Depository institution section 1 1471 5 e 1 i any. If an exchange in a foreign country has more than one. entity that accepts deposits in the ordinary course of a. tier or market level on which stock may be separately. banking or similar business, listed or traded each such tier shall be treated as a. Documentation section 1 1471 1 b 29 withholding separate exchange. certificates written statements documentary evidence. Excepted inter affiliate FFI section 1 1471 5 e 5 iv. and other documents that may be relevant in determining. a foreign entity that is a member of a participating FFI. a person s status as a U S person a specified U S person. an individual that is a foreign person a participating. FFI a deemed compliant FFI a restricted distributor. A the entity does not maintain financial accounts other. an exempt beneficial owner a nonparticipating FFI, than financial accounts maintained for members of its. a territory financial institution an excepted NFFE or. expanded affiliated group,a passive NFFE including any document containing.
a determination of the account holder s citizenship or B the entity does not hold an account with or receive. residency for tax or AML due diligence purposes or an payments from any withholding agent other than a. accountholder s claim of citizenship or residency for tax member of its expanded affiliated group. or AML due diligence purposes, C the entity does not make withholdable payments to. Effective date of the FFI agreement section 1 1471 any person other than to members of its expanded. 1 b 31 the date on which the IRS issues a GIIN to the affiliated group that are not limited FFIs or limited. participating FFI For participating FFIs that receive a branches and. GIIN prior to December 31 2013 the effective date of. the FFI agreement is December 31 2013,www allenovery com 4. D the entity has not agreed to report or otherwise act 1 the entity is not a depository institution or custodial. as an agent for chapter 4 purposes on behalf of institution other than for members of its expanded. any financial institution including a member of its affiliated group. expanded affiliated group, 2 the entity is a holding company treasury center or. Excepted NFFE section 1 1472 1 c 1 an NFFE that is captive finance company. i a corporation the stock of which is regularly traded 3 the entity does not hold itself out as and was. on one or more established securities markets for the not formed in connection with or availed of by. calendar year an arrangement or investment vehicle that is a. private equity fund venture capital fund leveraged. ii any corporation that is a member of the same buyout fund or any similar investment vehicle. expanded affiliated group as a corporation described established with an investment strategy to acquire. in the paragraph above or fund companies and to treat the interests in those. companies as capital assets held for investment, iii any territory entity that is directly or indirectly. purposes and, wholly owned by one or more bona fide residents of.
the U S territory under the laws of which the entity 4 the entity is not a specified insurance company. is organized,Excepted nonfinancial start up company section. iv an active NFFE 1 14715 e 5 ii a foreign entity that is investing capital. in assets with the intent to operate a new business or line of. v an excepted nonfinancial group entity, business other than that of a financial institution or passive. NFFE for a period of,vi an excepted nonfinancial start up company. 1 in the case of an entity intending to operate a new. vii an excepted nonfinancial entity in liquidation. business 24 months from the initial organization of. or bankruptcy,such entity and,viii an excepted inter affiliate FFI. 2 in the case of an entity with the intent to operate a. ix a foreign entity that is described in section 501 c new line of business 24 months from the date of the. other than an insurance company described in section board resolution or its equivalent approving the new. 501 c 15 or line of business provided that such entity qualified. as an active NFFE for the 24 months preceding, x a non profit organization the date of such approval excluding an entity that.
functions or holds itself out as an investment fund. Excepted nonfinancial entity in liquidation or such as a private equity fund venture capital fund. bankruptcy section 1 1471 5 e 5 iii a foreign entity leveraged buy out fund or any investment vehicle. that was not a financial institution or passive NFFE at whose purpose is to acquire or fund companies and. any time during the past five years and that is in the hold interests in those companies as capital assets for. process of liquidating its assets or reorganizing with investment purposes. the intent to continue or recommence operations as a. non financial entity Exempt beneficial owner section 1 1471 6 a beneficial. owner of a payment that is, Excepted nonfinancial group entity section 1 1471 5 e. 5 i a foreign entity that is a member of a nonfinancial 1 an integral part controlled entity or political. group if subdivision of a foreign sovereign,www allenovery com 5. FATCA Final Regulations Definitions List, 2 an international organization or wholly owned agency A is not entitled to vote. or instrumentality thereof including an organization. B is limited and preferred as to dividends and, i comprised primarily of foreign governments does not participate in corporate growth to any. significant extent,ii recognized as an intergovernmental or.
supranational organization under a foreign law C has redemption and liquidation rights which do not. similar to 22 U S C 288 288f or that has in exceed the issue price of such stock except for a. effect a headquarters agreement with a foreign reasonable redemption or liquidation premium and. government and,D is not convertible into another class of stock. iii whose income does not inure to the benefit of, private persons A partnership or any entity other than a corporation shall. be treated as a member of an expanded affiliated group if. 3 a bank that is by law or government sanction the more than 50 percent by value of the beneficial interests. principal authority other than the government itself in such partnership are owned by members of such group. issuing instruments intended to circulate as currency including any entity treated as a member of such group by. including an instrumentality that is separate from a reason of this sentence. foreign government whether or not owned in whole, or in part by a foreign government FATF compliant jurisdiction section 1 1471 1 b 41 a. jurisdiction that,4 a government of a U S territory. i is not subject to a Financial Action Task Force call. 5 a foreign retirement fund on its members and other jurisdictions to apply. counter measures to protect the international financial. 6 an entity that is an FFI solely because it is an system from the on going and substantial money. investment entity each direct holder of an equity laundering and terrorist financing risks emanating. interest in the investment entity is an exempt from the jurisdiction. beneficial owner described herein and each direct, holder of a debt interest in the investment entity is ii is not a jurisdiction with strategic AML CFT.
either a depository institution with respect to a loan anti money laundering and combating the financing. made to such entity or an exempt beneficial owner of terrorism deficiencies that has not made. described herein or sufficient progress in addressing the deficiencies. or has not committed to an action plan developed, 7 a person treated as an exempt beneficial owner with the Financial Action Task Force to address the. pursuant to a Model 1 IGA or Model 2 IGA deficiencies and. Expanded affiliated group section 1 1471 5 i 2 iii is not a jurisdiction with strategic AML CFT. one or more chains of corporations connected through deficiencies that the Financial Action Task Force has. stock ownership with a common parent corporation but identified as not making sufficient progress on its. only if i the common parent owns directly more than action plan agreed upon with the Financial Action. 50 percent of the stock by voting power and value in Task Force. at least one of the other corporations and ii more than. 50 percent of the stock by voting power and value in FFI section 1 1471 5 d with respect to any entity that is. each of the corporations except the common parent is not resident in a country that has in effect a Model 1 IGA or. owned directly by one or more of the other corporations Model 2 IGA any financial institution that is a foreign. For these purposes the term stock does not include any entity with respect to any entity that is resident in a. stock which country that has in effect a Model 1 IGA or Model 2 IGA. www allenovery com 6, any entity that is treated as a Financial Institution pursuant or C including an entity that is also a depository. to such Model 1 IGA or Model 2 IGA A territory financial institution custodial institution insurance company. institution is not an FFI or investment entity described in paragraph A. FFI agreement section 1 1471 4 a an agreement iv any equity or debt interest other than interests. pursuant to procedures prescribed by the IRS including regularly traded on an established securities market. a qualified intermediary agreement a withholding in a holding company or treasury center if. partnership agreement and a withholding trust agreement. that is entered into by an FFI other than an FFI that 1 the expanded affiliated group of which the entity. is a registered deemed compliant FFI or a reporting is a member includes one or more investment. Model 1 FFI and that has an effective date or renewal date entities described in paragraph B or C or. on or after December 31 2013 or a qualified intermediary passive NFFEs and the income derived by such. agreement that is entered into by a foreign branch of a U S investment entities or passive NFFEs is 50 percent. financial institution other than a branch that is a reporting or more of the aggregate income earned by the. Model 1 FFI and that has an effective date or renewal date expanded affiliated group. on or after December 31 2013,2 the redemption or retirement amount or return. FFI with only low value accounts section 1 1471 5 f 2 earned on the interest is determined directly or. ii an FFI if indirectly primarily by reference to one or more. investment entities described in paragraph B, A the FFI is not an investment entity or C or one or more passive NFFEs that are. members of the entity s expanded affiliated group, B no financial account maintained by the FFI or in.
the case of an FFI that is a member of an expanded 3 the value of the interest is determined directly. affiliated group by any member of the expanded or indirectly primarily by reference to assets. affiliated group has a balance or value in excess of that give rise or could give rise to withholdable. 50 000 and payments or, C the FFI does not have more than 50 million in assets 4 the interest is issued with a principal purpose. on its balance sheet as of the end of its most recent of avoiding the reporting or withholding. accounting year or in the case of an FFI that is a requirements of chapter 4. member of an expanded affiliated group the entire, expanded affiliated group does not have more than v any equity or debt interest other than interests. 50 million in assets on its consolidated or combined regularly traded on an established securities market. balance sheet as of the end of its most recent in an entity that is a depository institution custodial. accounting year institution investment entity described in paragraph. A or insurance company if,Financial account section 1 1471 5 b 1. 1 the value of the interest is determined directly. i any depository account maintained by a or indirectly primarily by reference to assets. financial institution that give rise or could give rise to withholdable. payments or,ii any custodial account maintained by a. financial institution 2 the interest is issued with a principal purpose. of avoiding the reporting or withholding, iii any equity or debt interest other than interests requirements of chapter 4 or.
regularly traded on an established securities market. in an investment entity described in paragraph B,www allenovery com 7. FATCA Final Regulations Definitions List, vi a contract issued or maintained by an insurance 2 either i contributions to the account that would. company a holding company of an insurance otherwise be subject to tax under such laws are. company a depository institution a custodial deductible or excluded from the gross income. institution an investment entity or a holding company of the account holder or taxed at a reduced rate. or treasury center that is a financial institution if or ii taxation of investment income from the. the contract is a cash value insurance contract or an account is deferred or taxed at a reduced rate. annuity contract,3 withdrawals are conditioned on meeting. A financial account does not include specific criteria related to the purpose of the. savings account for example the provision of, A a retirement or pension account if under the laws of educational or medical benefits or penalties. the jurisdiction where the account is maintained apply to withdrawals made before such criteria. are met and, 1 the account is subject to regulation as a personal.
retirement account or is part of a registered or 4 annual contributions are limited to 50 000 or less. regulated retirement or pension plan for the, provision of retirement or pension benefits C a life insurance contract with a coverage period. including disability or death benefits that will end before the insured individual attains. 2 either i contributions to the account that would. otherwise be subject to tax under such laws are 1 periodic premiums which do not decrease over. deductible or excluded from the gross income time are payable at least annually during the. of the account holder or taxed at a reduced rate period the contract is in existence or until the. or ii taxation of investment income from the insured attains age 90 whichever is shorter. account is deferred or taxed at a reduced rate, 2 the contract has no contract value that any person. 3 annual information reporting is required to can access by withdrawal loan or otherwise. the relevant tax authorities with respect to the without terminating the contract. 3 the amount other than a death benefit payable, 4 withdrawals are conditioned on reaching a upon cancellation or termination of the contract. specified retirement age disability or death or cannot exceed the aggregate premiums paid for the. penalties apply to withdrawals made before such contract less the sum of mortality morbidity and. specified events and expense charges whether or not actually imposed. for the period or periods of the contract s existence. 5 either i annual contributions are limited to and any amounts paid prior to the cancellation or. 50 000 or less or ii there is a maximum termination of the contract and. lifetime contribution limit to the account of, 1 000 000 or less 4 the contract is not held by a transferee for value. B an account other than an insurance or annuity D an account that is held solely by an estate if the. contract if under the laws of the jurisdiction where documentation for such account includes a copy of. the account is maintained the deceased s will or death certificate. 1 the account is subject to regulation as a savings E an escrow account that is established in. vehicle for purposes other than for retirement connection with. 1 a court order or judgment or,www allenovery com 8.
2 a sale exchange or lease of real or personal option in a security partnership interest commodity. property provided that the account meets the notional principal contract insurance contract or. following conditions annuity contract, i the account is funded solely with a down Financial institution section 1 1471 5 e 1 any entity. payment earnest money deposit in an that is,amount appropriate to secure an obligation. of one of the parties directly related to i a depository institution. the transaction or a similar payment or,ii a custodial institution. with a financial asset that is deposited in,the account in connection with the sale. iii an investment entity,exchange or lease of the property.
iv a specified insurance company or,ii the account is established and used solely to. secure the obligation of the purchaser to pay v an entity that is a holding company or treasury. the purchase price for the property the seller center that. to pay any contingent liability or the lessor or, lessee to pay for any damages relating to the A is part of an expanded affiliated group that. leased property as agreed under the lease includes a depository institution custodial. institution insurance company or investment, iii the assets of the account including the entity described in paragraph B or C or. income earned thereon will be paid or, otherwise distributed for the benefit of the B is formed in connection with or availed of by. purchaser seller lessor or lessee including a collective investment vehicle mutual fund. to satisfy such person s obligation when the exchange traded fund private equity fund hedge. property is sold exchanged or surrendered fund venture capital fund leveraged buyout fund. or the lease terminates or any similar investment vehicle established with. an investment strategy of investing reinvesting, iv the account is not a margin or similar account or trading in financial assets.
established in connection with a sale or, exchange of a financial asset and A financial institution does not include. v the account is not associated with a credit i an excepted nonfinancial group entity. card account,ii an excepted nonfinancial start up company. F a noninvestment linked non transferable immediate. life annuity contract including a disability annuity iii an excepted nonfinancial entity in liquidation or. that monetizes a retirement or pension account or bankruptcy. G an account or product that is excluded from the iv an excepted inter affiliate FFI. definition of financial account under the terms of an. applicable Model 1 IGA or Model 2 IGA v a foreign entity that is described in sectionv501 c. other than an insurance company described in section. Financial asset section 1 1471 5 e 4 ii a security 501 c 15 or. as defined in section 475 c 2 without regard to the. last sentence thereof partnership interest commodity vi a non profit organization. as defined in section 475 e 2 notional principal,Flow through entity section 1 1471 1 b 46 a. contract insurance contract or annuity contract or. partnership simple trust or grantor trust as determined. any interest including a futures or forward contract or. under U S tax principles,www allenovery com 9,FATCA Final Regulations Definitions List. Foreign entity section 1 1473 1 e any entity that is not C distributions or withdrawals from the fund are. a U S person including a territory entity allowed only upon the occurrence of specified. events related to retirement disability or death, Foreign passthru payment section 1 1471 5 h 2 except rollover distributions to retirement or.
RESERVED pension accounts or other foreign retirement. funds or penalties apply to distributions, Foreign person section 1 1471 1 b 51 any person other. or withdrawals made before such specified, than a U S person and includes a QI branch of a U S. financial institution,D contributions other than certain permitted. Foreign retirement fund section 1 1471 6 f,make up contributions by employees to. the fund are limited by reference to earned, 1 a fund established in a country with which the United.
income of the employee or may not exceed,States has an income tax treaty in force provided. 50 000 annually, that the fund is entitled to benefits under such treaty. on income that it derives from sources within the, 3 a fund established to provide retirement disability. United States or would be entitled to such benefits if. or death benefits to beneficiaries that are current or. it derived any such income as a resident of the other. former employees or persons designated by such, country that satisfies any applicable limitation on. employees of one or more employers in consideration. benefits requirement and is operated principally to. for prior services rendered provided that, administer or provide pension or retirement benefits.
i the fund has fewer than 50 participants, 2 a fund established to provide retirement disability. or death benefits or any combination thereof to ii the fund is sponsored by one or more employers. beneficiaries that are current or former employees that are not investment entities or passive NFFEs. or persons designated by such employees of one, or more employers in consideration for services iii employee and employer contributions to. rendered provided that the fund the fund other than transfers of assets from. other foreign retirement funds or retirement, i does not have a single beneficiary with a right to or pension accounts are limited by reference. more than 5 percent of the fund s assets to earned income and compensation of the. employee respectively, ii is subject to government regulation and provides. annual information reporting about its beneficiaries iv participants that are not residents of. to the relevant tax authorities in the country in the country in which the fund is established or. which the fund is established or operates and operated are not entitled to more than 20 percent. of the fund s assets and,iii satisfies one or more of the following.
requirements v the fund is subject to government,regulation and provides annual information. A the fund is generally exempt from tax on,reporting about its beneficiaries to the relevant. investment income under the laws of the, tax authorities in the country in which the fund is. country in which it is established or operates,established or operates. due to its status as a retirement or pension plan, 4 a fund formed pursuant to a pension plan that would.
B the fund receives at least 50 percent of its,meet the requirements of section 401 a other than. total contributions other than transfers of, the requirement that the plan be funded by a trust. assets from retirement or pension accounts or,created or organized in the United States. from other foreign retirement funds from the,sponsoring employers. www allenovery com 10, 5 a fund established exclusively to earn income for An obligation that constitutes indebtedness for.
the benefit of one or more foreign retirement funds U S tax purposes is outstanding as of its issue date. described above or retirement or pension accounts or in all other cases an obligation is outstanding as of. the date a legally binding agreement establishing the. 6 a fund established and sponsored by an exempt obligation was executed between the parties to the. beneficial owner to provide retirement disability or agreement Any material modification of an outstanding. death benefits to beneficiaries or participants that are obligation will result in the obligation being treated. current or former employees of the exempt beneficial as newly is sued or executed as of the effective date of. owner or persons designated by such employees such modification. or that are not current or former employees but the. benefits provided to such beneficiaries or participants Holding company section 1 1471 5 e 5 i C an. are in consideration of personal services performed entity whose primary activity consists of holding. for the exempt beneficial owner directly or indirectly all or part of the outstanding. stock of one or more members of its expanded, GIIN section 1 1471 1 b 52 the identification affiliated group. number that is assigned to a participating FFI registered. deemed compliant FFI or a reporting Model 1 FFI for Investment entity section 1 1471 5 e 4. purposes of identifying such entity to withholding agents. All GIINs will appear on the IRS FFI list A an entity that primarily conducts as a business one or. more of the following activities or operations for or. Grandfathered obligation section 1 1471 2 b 2 i on behalf of a customer. 1 any obligation outstanding on January 1 2014 1 trading in money market instruments checks. bills certificates of deposit derivatives etc, 2 any obligation that gives rise to a withholdable foreign currency foreign exchange interest. payment solely because the obligation is treated rate and index instruments transferable. as giving rise to a dividend equivalent pursuant securities or commodity futures. to section 871 m and the regulations thereunder, provided that the obligation is executed on or before 2 individual or collective portfolio management or. the date that is 6 months after the date on which, obligations of its type are first treated as giving rise 3 otherwise investing administering or managing. to dividend equivalents funds money or financial assets on behalf of. other persons, 3 any agreement requiring a secured party to make a.
payment with respect to or to repay collateral posted B an entity whose gross income is primarily. to secure a grandfathered obligation If collateral attributable to investing reinvesting or trading. or a pool of collateral secures both grandfathered and the entity is managed by another entity that. obligations and obligations that are not grandfathered is a depository institution a custodial institution. the collateral posted to secure the grandfathered a specified insurance company or an investment. obligations must be determined by allocating pro entity described in paragraph A or. rata by value the collateral or each item comprising. C an entity that functions or holds itself out as, the pool of collateral to all outstanding obligations. a collective investment vehicle mutual fund, secured by the collateral or pool of collateral or. exchange traded fund private equity fund hedge, 4 solely for purposes of a foreign passthru payment any fund venture capital fund leveraged buyout fund. obligation that is executed on or before the date that or any similar investment vehicle established with. is 6 months after the date on which final regulations an investment strategy of investing reinvesting or. defining the term foreign passthru payment are filed trading in financial assets. with the Federal Register,www allenovery com 11,FATCA Final Regulations Definitions List. IRS FFI list section 1 1471 1 b 67 the list published until such time as such account is closed transferred. by the IRS that contains the names and GIINs for all or the account holder provides the documentation. participating FFIs registered deemed compliant FFIs for the FFI to determine the U S or non U S status. and reporting Model 1 FFIs of such account and report such account if required. close each such account within a reasonable period of. Limited branch section 1 1471 4 e 2 iii a branch time or transfer each such account to a U S financial. of an FFI that under the laws of the jurisdiction as of institution a participating FFI or a reporting. February 15 2012 and that apply with respect to the Model 1 FFI. financial accounts maintained by the branch cannot both. Limited life debt investment entity section 1 1471 5 f. A with respect to financial accounts that the 2 iv an FFI that. participating FFI is required to treat as U S accounts. either report such accounts to the IRS close such A is a collective investment vehicle formed pursuant to. accounts within a reasonable period of time or a trust indenture or similar fiduciary arrangement that. transfer such accounts to a U S financial institution is an FFI solely because it is an investment entity that. a branch of the FFI that will so report a participating offers interests primarily to unrelated investors. FFI or a reporting Model 1 FFI and,B was in existence as of December 31 2011 and the.
B with respect to recalcitrant account holders and FFI s organizational documents require that the. financial accounts held by nonparticipating FFIs entity liquidate on or prior to a set date and do not. withhold with respect to each such account as permit amendments to the organizational documents. required prohibit such account holder from effecting including the trust indenture without the agreement. any transactions with respect to a financial account of all of the FFI s investors. until such time as such account is closed transferred. or the account holder provides the documentation C was formed for the purpose of purchasing and did. for the FFI to determine the U S or non U S status in fact purchase specific types of indebtedness and. of such account and report such account if required holding those assets subject to reinvestment only. close each such account within a reasonable period of under prescribed circumstances until the termination. time or transfer each such account to a U S financial of the asset or the vehicle. institution a branch of the FFI that will so report a. D all payments made to the investors of the FFI are. participating FFI or a reporting Model 1 FFI,cleared through a clearing organization that is a. Limited FFI section 1 1471 4 e 3 ii a member of participating FFI reporting Model 1 FFI or U S. an expanded affiliated group that includes one or more financial institution or made through a trustee that is. participating FFIs if under the laws of each jurisdiction that a participating FFI reporting Model 1 FFI or U S. apply with respect to the financial accounts maintained by financial institution and. the affiliate the affiliate cannot both,E the FFI s trust indenture or similar fiduciary. A with respect to financial accounts that are U S arrangement only authorizes the trustee or fiduciary. accounts report such accounts to the IRS close to engage in activities specifically designated in the. such accounts within a reasonable period of time or trust indenture and the trustee or fiduciary is not. transfer such accounts to a U S financial institution authorized through a fiduciary duty or otherwise. a participating FFI or a reporting Model 1 FFI and to fulfill the obligations that a participating FFI is. subject to absent a legal requirement to fulfill them. B with respect to recalcitrant account holders and even if the consequence of the trustee failing to fulfill. financial accounts held by nonparticipating FFIs these obligations is to cause the FFI to be withheld. withhold with respect to each such account as upon and no other person has the authority to fulfill. required prohibit such account holder from effecting the obligations that a participating FFI is subject to. any transactions with respect to a financial account on behalf of the FFI. www allenovery com 12, Local FFI section 1 1471 5 f 1 i A an FFI that 7 with respect to each preexisting account held by. a nonresident of the country in which the FFI is, 1 is licensed and regulated as a financial institution organized or held by an entity reviews such accounts. under the laws of its country of incorporation or to identify any U S account or account held by a. organization which must be a FATF compliant nonparticipating FFI and certifies to the IRS that. jurisdiction at the time the FFI registers for it did not identify any such account as a result of its. deemed compliant status review that it has closed any such accounts that were. identified or transferred them to a participating FFI. 2 does not have a fixed place of business outside its. reporting Model 1 FFI or U S financial institution or. country of incorporation or organization excluding. that it agrees to withhold and report on such accounts. a location that is not advertised to the public and. as if it were a participating FFI,from which the FFI performs solely administrative.
support functions 8 in the case of an FFI that is a member of an expanded. affiliated group each FFI in the group is incorporated. 3 does not solicit customers or account holders outside. or organized in the same country and with the,its country of incorporation or organization. exception of any member that is a foreign retirement. fund meets the requirements herein and,4 is required under the laws of its country of. incorporation or organization to identify resident. 9 does not have policies or practices that discriminate. account holders for purposes of either information. against opening or maintaining financial accounts,reporting or withholding of tax with respect to. for individuals who are specified U S persons, financial accounts held by residents or is required to. and who are residents of the FFI s country of, identify resident accounts for purposes of satisfying.
incorporation or organization,such country s AML due diligence requirements. Material modification section 1 1471 2 b 2 iv in, 5 at least 98 percent of the financial accounts by. the case of an obligation that constitutes indebtedness for. value maintained by the FFI as of the last day of, U S tax purposes any significant modification of the debt. the preceding calendar year are held by residents, instrument as defined in section 1 1001 3 e in all other. including residents that are entities of the country. cases whether a modification of an obligation is material. in which the FFI is incorporated or organized or, is determined based on the facts and circumstances.
with respect to an FFI incorporated or organized, in a member state of the European Union holders Model 1 IGA section 1 1471 1 b 72 an agreement or. that are residents of other member states of the arrangement between the United States or the Treasury. European Union Department and a foreign government or one or more. agencies thereof to implement FATCA through reporting. 6 by the later of December 31 2013 or the date it, by financial institutions to such foreign government or. registers as a deemed compliant FFI implements, agency thereof followed by automatic exchange of the. policies and procedures consistent with those set, reported information with the IRS The IRS will publish. forth for a participating FFI to monitor whether, a list identifying all countries that are treated as having in.
the FFI opens or maintains a financial account for. effect a Model 1 IGA, a specified U S person who is not a resident of the. country in which the FFI is incorporated or organized Model 2 IGA section 1 1471 1 b 73 an agreement or. including a U S person that was a resident when the arrangement between the United States or the Treasury. financial account was opened but subsequently ceases Department and a foreign government or one or more. to be a resident an entity controlled or beneficially agencies thereof to facilitate the implementation of. owned as determined under the FFI s AML due FATCA through reporting by financial institutions. diligence by one or more specified U S persons that directly to the IRS in accordance with the requirements. are not residents of the country in which the FFI is of an FFI agreement supplemented by the exchange. incorporated or organized or a nonparticipating FFI of information between such foreign government or. www allenovery com 13,FATCA Final Regulations Definitions List. agency thereof and the IRS The IRS will publish a list Non profit organization section 1 1471 5 e 5 vi. identifying all countries that are treated as having in a foreign entity that is established and maintained in its. effect a Model 2 IGA country of residence exclusively for religious charitable. scientific artistic cultural or educational purposes if. NFFE section 1 1471 1 b 74 a foreign entity that is. not a financial institution including a territory NFFE A the entity is exempt from income tax in its country. or a foreign entity treated as an NFFE pursuant to a of residence. Model 1 IGA or Model 2 IGA, B the entity has no shareholders or members who have a. Nonfinancial group section 1 1471 5 e 5 i B an proprietary or beneficial interest in its income or assets. expanded affiliated group if, C neither the laws of the entity s country of residence nor. 1 for the three year period preceding the year for which the entity s formation documents permit any income. the determination is made or assets of the entity to be distributed to or applied. for the benefit of an individual or noncharitable entity. A no more than 25 percent of the gross income other than pursuant to the conduct of the entity s. of the expanded affiliated group excluding charitable activities or as payment of reasonable. income derived by any member that is an compensation for services rendered or the use of. excepted nonfinancial start up company or an property or as payment representing the fair market. excepted nonfinancial entity in liquidation or value of property that the entity has purchased and. bankruptcy consists of passive income, D the laws of the entity s country of residence or the.
B no more than 5 percent of the gross income of the entity s formation documents require that upon the. expanded affiliated group is derived by members entity s liquidation or dissolution all of its assets be. of the expanded affiliated group that are FFIs distributed to an integral part controlled entity or. excluding income derived from transactions political subdivision of a foreign sovereign or another. between members of the expanded affiliated non profit organization or escheat to the government. group or by any member of the expanded of the entity s country of residence or any political. affiliated group that is a certified deemed subdivision thereof. compliant FFI and, Nonregistering local bank section 1 1471 5 f 2 i an. C no more than 25 percent of the fair market value FFI if. of assets held by the expanded affiliated group, excluding assets held by a member that is an A it operates solely as and is licensed and regulated. excepted nonfinancial start up company or an under the laws of its country of incorporation or. excepted nonfinancial entity in liquidation or organization as either 1 a bank or 2 a credit union. bankruptcy are assets that produce or are held or similar cooperative credit organization that is. for the production of passive income and operated without profit. 2 any member of the expanded affiliated group B its business consists primarily of receiving deposits. that is an FFI is either a participating FFI or from and making loans to unrelated retail customers. deemed compliant FFI, C it does not have a fixed place of business outside its. Nonparticipating FFI section 1 1471 1 b 75 an FFI country of incorporation or organization aside from. other than a participating FFI a deemed compliant FFI any location that is not advertised to the public and. or an exempt beneficial owner from which the FFI performs solely administrative. support functions,www allenovery com 14, D it does not solicit customers or account holders a participating FFI reporting Model 1 FFI or U S. outside its country of incorporation or organization financial institution closes such account or becomes. a participating FFI and, E it does not have more than 175 million in assets.
on its balance sheet and if the FFI is a member of 3 by the later of December 31 2013 or the date it. an expanded affiliated group the group does not registers with the IRS implements policies and. have more than 500 million in total assets on its procedures to ensure that it identifies any financial. consolidated or combined balance sheets and account that becomes a U S account or a financial. account held by a recalcitrant account holder, F with respect to an FFI that is part of an expanded or a nonparticipating FFI due to a change in. affiliated group each member of the expanded circumstances and within 6 months of the date on. affiliated group is incorporated or organized in the which the FFI first has knowledge or reason to know. same country and does not have a fixed place of of the change in the account holder s chapter 4 status. business outside of that country aside from any the FFI transfers any such account to an affiliate that. location that is not advertised to the public and from is a participating FFI reporting Model 1 FFI or U S. which the FFI performs solely administrative support financial institution closes such account or becomes. functions and each FFI in the group other than an a participating FFI. FFI with only low value accounts or a restricted fund. is a nonregistering local bank Non U S account section 1 1471 1 b 77 a financial. account that is not a U S account and that does not. Nonreporting IGA FFI section 1 1471 1 b 76 an FFI have an account holder that is a nonparticipating FFI or. that is identified as a nonreporting financial institution recalcitrant account holder. pursuant to a Model 1 IGA or Model 2 IGA and that is not. a registered deemed compliant FFI Obligation section 1 1471 2 b 2 ii any legally binding. agreement or instrument including for example,Nonreporting member of a participating FFI group. section 1 1471 5 f 1 i B an FFI that is a member of a 1 a debt instrument for example a bond guaranteed. participating FFI group and that investment certificate or term deposit. 1 by the later of December 31 2013 or the date it 2 an agreement to extend credit for a fixed term for. registers with the IRS implements policies and example a line of credit or a revolving credit facility. procedures to ensure that within 6 months of opening provided that the agreement as of its issue date fixes. a U S account or a financial account held by a the material terms including a stated maturity date. recalcitrant account holder or a nonparticipating FFI under which the credit will be provided. the FFI either transfers such account to an affiliate. that is a participating FFI reporting Model 1 FFI 3 a derivatives transaction entered into between. or U S financial institution closes such account or counterparties under an ISDA Master Agreement that. becomes a participating FFI is evidenced by a confirmation. 2 reviews its financial accounts that were opened 4 a life insurance contract under which the entire. prior to the time it implements the policies and contract value is payable no later than upon the death. procedures described above using the procedures of the individual s insured under the contract or. applicable to preexisting accounts of participating. 5 an immediate annuity contract payable for a period. FFIs to identify any U S account or financial,certain or for the life of the annuitant. account held by a nonparticipating FFI and within, 6 months of the identification of any such account. An obligation does not include any legal agreement or. the FFI transfers such account to an affiliate that is.


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