Which of the following Is Part of the Participating Ffi Agreement

(ii) Definition of the dormant account. A dormant account is an account (other than a cash value insurance contract or annuity contract) that is a dormant or inactive account in accordance with applicable laws or regulations or the normal operating procedures of the participating IFF, which are consistently applied to all accounts held by such an institution in a particular jurisdiction. If neither applicable laws or regulations nor the normal operations of the participating IFF retain the account address of dormant or inactive accounts, an account is a dormant account if – (B) limitations on the reason relating to certain accounts acquired as part of a merger or bulk acquisition. A participating IFF that acquires accounts of another financial institution as part of a merger or bulk acquisition of value accounts (with the exception of a related party transaction described in section 1.1471-3(c)(9)(v)) may apply the limits of the ground set out in subsections (c)(2)(ii)(B)(1) or (2) of this section (as the case may be and subject to the conditions set out therein), or the rules of § 1.1471-3 (c) (9) (v) to rely on documents collected by another financial institution for an account acquired for value either as part of a merger or a massive acquisition of accounts. (vi) Revocation of the election. A participating IFF may revoke the election described in paragraph (d) (5) (i) of this Section (as a whole or in relation to a clearly identified group of accounts) by reporting the information described in paragraph (d)(3) of this Section from the earliest reporting date in relation to the calendar year following the calendar year for which it last reported an account in accordance with this paragraph (d)( 5). (a) In general. The participating IFF reports the average balance or value of the account when reporting the average balance or value to the account holder for a calendar year. If the participating IFF does not communicate to the Account Holder the average balance or value of the Account, the participating IFF must report the balance or value of the Account at the end of the calendar year determined in accordance with Article 1.1471-5(b)(4). In the case of an account that is a cash value insurance or annuity contract, a participating IFF reports the balance or value of the account in accordance with § 1.1471-5(b)(4). (2) If the territorial financial institution does not agree to be treated as a U.S.

person with respect to a deductible payment, the participating IFF shall report to any specific U.S. person or significant U.S. owner of an entity that is treated as passive VET in respect of which the territorial financial institution acts as an intermediary or flow-through entity; and provides the participating IFF with information and documents. required in accordance with § 1.1471-3(c)(3)(iii)(G). The participating IFF will be deemed to have fulfilled these reporting obligations when reporting the currency conversion -(B) of the balance or value of the account in respect of each of these specified U.S. persons or significant U.S. owners of a passive VET. The balance or value of an account can be reported in U.S.

dollars or in the currency in which the account is denominated. In the case of an account denominated in one or more foreign currencies, the participating IFF may report the balance or value of the account in a currency in which the account is denominated and must specify the currency in which the account is reported. If the participating IFF decides to report such an account in U.S. dollars, the participating IFF shall calculate the account balance or account value in the manner described in section 1.1471-5(b)(4). (a) In general. An FFI agreement is in effect under Section 1471(b) when an FFI registers with the IRS in accordance with the procedures prescribed by the IRS and agrees to comply with the terms of an FFI agreement. The FFI Agreement contains the requirements set out in this section, any changes set out in an applicable Model 2 IGA and all provisions that apply to an IFF Model Report 1. (v) Record Retention Requirements. A participating IFF which, in the normal course of its activities, draws up statements of account summarising the activity (including withdrawals, transfers and closures) of an account for a calendar year in which the account had to be reported in accordance with point (d)(3) of this Section shall keep records of those account statements. The record must be kept for a period of six years or the retention period in accordance with the IFF`s normal business processes.

A participating IFF may be asked to extend the six-year retention period if the IRS requests such an extension before the end of the six-year period. (2) Request for customer advisor. For all high-value accounts, a participating IFE must identify the accounts to which a client advisor is assigned (including all aggregated accounts with such an account) and for which the client advisor actually knows that the account holder is a U.S. citizen or resident. (2) Participating foreign financial institutions and certain foreign financial institutions that are considered compliant that apply due diligence rules, as well as U.S. financial institutions. If a participating IFF (acquiring FFI) acquires accounts of another participating IFF or a deemed compliant IFF (including a U.S. branch of that IFF), it will apply the due diligence requirements of this paragraph (c) as a condition of its status (as described in § 1.1471-5(f)) or a U.S. IFF. As a financial institution (transferring FI), the transferring IFF may rely on the transferring IF`s determination of Chapter 4 status for an account holder and will not be subject to the standards of knowledge set out in paragraph (c) (2) (ii) (A) of this Section until circumstances change with respect to the account if the following conditions are met – (ii) For the certification period following the acquisition of these accounts (described in point f(3)(i) of this Section In this section, the transferring IFF acquiring the accounts shall review a sample of the accounts acquired in order to determine whether the provisions relating to chapter 4 status made by the transferring FI are reliable; (4) Limitations of extended verification for complete information that can be searched electronically. A participating IFF is not required to apply the enhanced review of subsection (c) (5) (iv) (D) (3) and may instead rely on the electronic search described in paragraph (c) (5) (iv) (C) of this section to identify the United States.

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