Common use of New Entity Accounts Clause in Contracts

New Entity Accounts. The following rules and procedures apply to accounts held by entities and opened on or after January 1, 2014 (“New Entity Accounts”). A. The Reporting United Kingdom Financial Institution must determine whether the account holder is: (i) a Specified U.S. Person; (ii) a United Kingdom Financial Institution or other Partner Jurisdiction Financial Institution; (iii) a participating FFI, a deemed-compliant FFI, an exempt beneficial owner, or an excepted FFI, as those terms are defined in relevant U.S. Treasury Regulations; or (iv) an Active NFFE or Passive NFFE. B. A Reporting United Kingdom Financial Institution may determine that an account holder is an Active NFFE, a United Kingdom Financial Institution, or other Partner Jurisdiction Financial Institution if the Reporting United Kingdom Financial Institution reasonably determines that the entity has such status on the basis of information that is publicly available or in the possession of the Reporting United Kingdom Financial Institution. C. In all other cases, a Reporting United Kingdom Financial Institution must obtain a self-certification from the account holder to establish the account holder’s status. 1. If the entity account holder is a Specified U.S. Person, the Reporting United Kingdom Financial Institution must treat the account as a U.S.