Common use of Change of Clause in Contracts

Change of. circumstances Where there is a change of circumstances that causes a Reporting SGFI to know or have reason to know that the original self-certification or other documentation associated with the account is incorrect or unreliable, what is the Reporting SGFI required to do? The Reporting SGFI cannot rely on the original self-certification, and must re-determine the status of an account by obtaining either (i) a valid self-certification that establishes the residence(s) for tax purposes of the Account Holder, or (ii) a reasonable explanation and documentation (as appropriate) supporting the validity of the original self-certification In relation to a New Individual Account, please refer to the Commentary on Section IV, paragraphs 12 to 15, for more details on the procedures applicable to change of circumstances. In relation to an Entity Account, the Reporting SGFI must re-determine the status of the account in accordance with the procedures set forth in paragraph 27 of the Commentary on Section V. A Reporting SGFI is expected to institute procedures to ensure that any change that constitutes a change of circumstances is identified by the Reporting SGFI. In addition, a Reporting SGFI is expected to notify any person providing a self- certification of the person’s obligation to notify the Reporting SGFI of a change of circumstances.