Other New Entity Accounts Clause Samples
The "Other New Entity Accounts" clause defines how accounts established by newly formed entities, other than those specifically named elsewhere in the agreement, are to be treated under the contract. Typically, this clause outlines the procedures for recognizing, reporting, or managing such accounts, and may specify the obligations of the parties regarding disclosure or compliance for these new entities. Its core function is to ensure that any accounts opened by new entities are properly addressed, preventing gaps in coverage or compliance that could arise from the creation of previously unanticipated entities.
Other New Entity Accounts. With respect to New Entity Accounts not described in paragraph A of this section, the Reporting Anguilla Financial Institution must determine whether the Account Holder is: (i) a Specified U.S. Person; (ii) an Anguilla Financial Institution or other Partner Jurisdiction Financial Institution; (iii) a participating FFI, a deemed-compliant FFI, or an exempt beneficial owner, as those terms are defined in relevant U.S. Treasury Regulations; or (iv) an Active NFFE or Passive NFFE.
1. Subject to subparagraph B(2) of this section, a Reporting Anguilla Financial Institution may determine that the Account Holder is an Active NFFE, an Anguilla Financial Institution, or other Partner Jurisdiction Financial Institution if the Reporting Anguilla Financial Institution reasonably determines that the Account Holder has such status on the basis of the Account Holder’s Global Intermediary Identification Number or other information that is publicly available or in the possession of the Reporting Anguilla Financial Institution, as applicable.
2. If the Account Holder is an Anguilla Financial Institution or other Partner Jurisdiction Financial Institution treated by the IRS as a Nonparticipating Financial Institution, then the account is not a U.S. Reportable Account, but payments to the Account Holder must be reported as contemplated in subparagraph 1(b) of Article 4 of the Agreement.
3. In all other cases, a Reporting Anguilla Financial Institution must obtain a self-certification from the Account Holder to establish the Account Holder’s status. Based on the self-certification, the following rules apply:
a) If the Account Holder is a Specified U.S. Person, the Reporting Anguilla Financial Institution must treat the account as a
Other New Entity Accounts. With respect to New Entity Accounts not described in paragraph A of this section, the Reporting Finnish Financial Institution must determine whether the Account Holder is: (i) a Specified U.S. Person; (ii) a Finnish Financial Institution or other Partner Jurisdiction Financial Institution; (iii) a participating FFI, a deemed-compliant FFI, or an exempt beneficial owner, as those terms are defined in relevant U.S. Treasury Regulations; or (iv) an Active NFFE or Passive NFFE.
1. Subject to subparagraph B(2) of this section, a Reporting Finnish Financial Institution may determine that the Account Holder is an Active NFFE, a Finnish Financial Institution, or other Partner Jurisdiction Financial Institution if the Reporting Finnish Financial Institution reasonably determines that the Account Holder has such status on the basis of the Account Holder’s Global Intermediary Identification Number or other information that is publicly available or in the possession of the Reporting Finnish Financial Institution, as applicable.
2. If the Account Holder is a Finnish Financial Institution or other Partner Jurisdiction Financial Institution treated by the IRS as a Nonparticipating Financial Institution, then the account is not a U.S. Reportable Account, but payments to the Account Holder must be reported as contemplated in subparagraph 1(b) of Article 4 of the Agreement.
3. In all other cases, a Reporting Finnish Financial Institution must obtain a self-certification from the Account Holder to establish the Account Holder’s status. Based on the self-certification, the following rules apply:
a) If the Account Holder is a Specified U.S. Person, the Reporting Finnish Financial Institution must treat the account as a U.S.
Other New Entity Accounts. With respect to New Entity Accounts not described in paragraph A of this section, the Reporting Financial Institution must determine whether the Account Holder is: (i) a Specified Person; (ii) a Non-Resident Entity which is a Financial Institution; (iii) a Non-Reporting Financial Institution; (iv) an exempt beneficial owner; (v) an Active NFFE or Passive NFFE.
Other New Entity Accounts. With respect to New Entity Accounts not described in paragraph A of this section, the Reporting Cayman Islands Financial Institution must determine whether the Account Holder is: (i) a Specified United Kingdom Person; (ii) a Non-United Kingdom Resident Entity which is a Financial Institution; (iii), a non-reporting Financial Institution; (v) an exempt beneficial owner; (vi) an Active NFFE or a Passive NFFE.
Other New Entity Accounts. With respect to New Entity Accounts not described in paragraph A of this section, the Reporting Australian Financial Institution must determine whether the Account Holder is: (i) a Specified U.S. Person; (ii) an Australian Financial Institution or other Partner Jurisdiction Financial Institution; (iii) a participating FFI, a deemed-compliant FFI, or an exempt beneficial owner, as those terms are defined in relevant U.S. Treasury Regulations; or (iv) an Active NFFE or Passive NFFE.
1. Subject to subparagraph B(2) of this section, a Reporting Australian Financial Institution may determine that the Account Holder is an Active NFFE, an Australian Financial Institution, or other Partner Jurisdiction Financial Institution if the Reporting Australian Financial Institution reasonably determines that the Account Holder has such status on the basis of the Account Holder’s Global Intermediary Identification Number or other information that is publicly available or in the possession of the Reporting Australian Financial Institution, as applicable.
2. If the Account Holder is an Australian Financial Institution or other Partner Jurisdiction Financial Institution treated by the IRS as a Nonparticipating Financial Institution, then the account is not a U.S. Reportable Account, but payments to the Account Holder must be reported as contemplated in subparagraph 1(b) of Article 4 of the Agreement.
3. In all other cases, a Reporting Australian Financial Institution must obtain a self-certification from the Account Holder to establish the Account Holder’s status. Based on the self-certification, the following rules apply:
a) If the Account Holder is a Specified U.S. Person, the Reporting Australian Financial Institution must treat the account as a U.S.
Other New Entity Accounts. With respect to New Entity Accounts not described in paragraph A of this section, the Reporting Republic of Azerbaijan Financial Institution must determine whether the Account Holder is: (i) a Specified U.S. Person; (ii) a Republic of Azerbaijan Financial Institution or other Partner Jurisdiction Financial Institution; (iii) a participating FFI, a deemed-compliant FFI, or an exempt beneficial owner, as those terms are defined in relevant U.S. Treasury Regulations; or (iv) an Active NFFE or Passive NFFE.
1. Subject to subparagraph B(2) of this section, a Reporting Republic of Azerbaijan Financial Institution may determine that the Account Holder is an Active NFFE, a Republic of Azerbaijan Financial Institution, or other Partner Jurisdiction Financial Institution if the Reporting Republic of Azerbaijan Financial Institution reasonably determines that the Account Holder has such status on the basis of the Account Holder’s Global Intermediary Identification Number or other information that is publicly available or in the possession of the Reporting Republic of Azerbaijan Financial Institution, as applicable.
2. If the Account Holder is a Republic of Azerbaijan Financial Institution or other Partner Jurisdiction Financial Institution treated by the IRS as a Nonparticipating Financial Institution, then the account is not a U.S. Reportable Account, but payments to the Account Holder must be reported as contemplated in subparagraph 1(b) of Article 4 of the Agreement.
Other New Entity Accounts. With respect to New Entity Accounts not described in paragraph A of this section, the Reporting British Virgin Islands Financial Institution must determine whether the Account Holder is: (i) a Specified United Kingdom Person; (ii) a Non-United Kingdom Resident Entity which is a Financial Institution; (iii), a non-reporting Financial Institution; (v) an exempt beneficial owner; (vi) an Active NFFE or a Passive NFFE.
Other New Entity Accounts. With respect to New Entity Accounts not described in paragraph A of this section, the Reporting Thai Financial Institution must determine whether the Account Holder is: (i) a Specified U.S. Person; (ii) a Thai Financial Institution or other Partner Jurisdiction Financial Institution; (iii) a participating FFI, a deemed-compliant FFI, or an exempt beneficial owner, as those terms are defined in relevant U.S. Treasury Regulations; or (iv) an Active NFFE or Passive NFFE.
1. Subject to subparagraph B(2) of this section, a Reporting Thai Financial Institution may determine that the Account Holder is an Active NFFE, a Thai Financial Institution, or other Partner Jurisdiction Financial Institution if the Reporting Thai Financial Institution reasonably determines that the Account Holder has such status on the basis of the Account Holder’s Global Intermediary Identification Number or other information that is publicly available or in the possession of the Reporting Thai Financial Institution, as applicable.
2. If the Account Holder is a Thai Financial Institution or other Partner Jurisdiction Financial Institution treated by the IRS as a Nonparticipating Financial Institution, then the account is not a U.S. Reportable Account, but payments to the Account Holder must be reported as contemplated in subparagraph 1(b) of Article 4 of the Agreement.
3. In all other cases, a Reporting Thai Financial Institution must obtain a self-certification from the Account Holder to establish the Account Holder’s status. Based on the self- certification, the following rules apply:
a) If the Account Holder is a Specified U.S. Person, the Reporting Thai Financial Institution must treat the account as a U.S. Reportable Account.
b) If the Account Holder is a Passive NFFE, the Reporting Thai Financial Institution must identify the Controlling Persons as determined under AML/KYC Procedures, and must determine whether any such person is a U.S. citizen or resident on the basis of a self- certification from the Account Holder or such person. If any such person is a U.S. citizen or resident, the Reporting Thai Financial Institution must treat the account as a U.S. Reportable Account.
c) If the Account Holder is: (i) a U.S. Person that is not a Specified U.S. Person; (ii) subject to subparagraph B(3)(d) of this section, a Thai Financial Institution or other Partner Jurisdiction Financial Institution; (iii) a participating FFI, a deemed-compliant FFI, or an exempt beneficial owner, as those term...
Other New Entity Accounts. With respect to New Entity Accounts not described in paragraph A of this section, the Reporting Turkish Financial Institution must determine whether the Account Holder is: (i) a Specified U.S. Person; (ii) a Turkish Financial Institution or other Partner Jurisdiction Financial Institution; (iii) a participating FFI, a deemed-compliant FFI, or an exempt beneficial owner, as those terms are defined in relevant U.S. Treasury Regulations; or (iv) an Active NFFE or Passive NFFE.
1. Subject to subparagraph B(2) of this section, a Reporting Turkish Financial Institution may determine that the Account Holder is an Active NFFE, a Turkish Financial Institution, or other Partner Jurisdiction Financial Institution if the Reporting Turkish Financial Institution reasonably determines that the Account Holder has such status on the basis of the Account Holder’s Global Intermediary Identification Number or other information that is publicly available or in the possession of the Reporting Turkish Financial Institution, as applicable.
2. If the Account Holder is a Turkish Financial Institution or other Partner Jurisdiction Financial Institution treated by the IRS as a Nonparticipating Financial Institution, then the account is not a U.S. Reportable Account, but payments to the Account Holder must be reported as contemplated in subparagraph 1(b) of Article 4 of the Agreement.
3. In all other cases, a Reporting Turkish Financial Institution must obtain a self-certification from the Account Holder to establish the Account Holder’s status. Based on the self-certification, the following rules apply:
a) If the Account Holder is a Specified U.S. Person, the Reporting Turkish Financial Institution must treat the account as a U.S. Reportable Account.
b) If the Account Holder is a Passive NFFE, the Reporting Turkish Financial Institution must identify the Controlling Persons as determined under Anti-Money Laundering/Know Your Customer Procedures, and must determine whether any such person is a U.S. citizen or resident on the basis of a self-certification from the Account Holder or such person. If any such person is a U.S. citizen or resident, the Reporting Turkish Financial Institution must treat the account as a U.S. Reportable Account.
c) If the Account Holder is: (i) a U.S. Person that is not a Specified U.S. Person; (ii) subject to subparagraph B(3)(d) of this section, a Turkish Financial Institution or other Partner Jurisdiction Financial Institution; (iii) a participating FFI, a...
Other New Entity Accounts. With respect to New Entity Accounts not described in paragraph A of this section, the Reporting Cambodian Financial Institution must determine whether the Account Holder is: (i) a Specified U.S. Person; (ii) a Cambodian Financial Institution or other Partner Jurisdiction Financial Institution; (iii) a participating FFI, a deemed-compliant FFI, or an exempt beneficial owner, as those terms are defined in relevant U.S. Treasury Regulations; or (iv) an Active NFFE or Passive NFFE.
1. Subject to subparagraph B(2) of this section, a Reporting Cambodian Financial Institution may determine that the Account Holder is an Active NFFE, a Cambodian Financial Institution, or other Partner Jurisdiction Financial Institution if the Reporting Cambodian Financial Institution reasonably determines that the Account Holder has such status on the basis of the Account Holder’s Global Intermediary Identification Number or other information that is publicly available or in the possession of the Reporting Cambodian Financial Institution, as applicable.
2. If the Account Holder is a Cambodian Financial Institution or other Partner Jurisdiction Financial Institution treated by the IRS as a Nonparticipating Financial Institution, then the account is not a U.S. Reportable Account, but payments to the Account Holder must be reported as contemplated in subparagraph 1(b) of Article 4 of the Agreement.
3. In all other cases, a Reporting Cambodian Financial Institution must obtain a self-certification from the Account Holder to establish the Account Holder’s status. Based on the self-certification, the following rules apply:
a) If the Account Holder is a Specified U.S. Person, the Reporting Cambodian Financial Institution must treat the account as a U.S.