Common use of Transition Period for Remediation and Enforcement Clause in Contracts

Transition Period for Remediation and Enforcement. 4.4.1 The Competent Authorities intend calendar years 2014 and 2015 to be a transition period for purposes of the enforcement and administration of any data collection, due diligence, information reporting, automatic information exchange, and withholding requirements described in the IGA. The U.S. Competent Authority intends to take into account the good faith efforts of the Commonwealth of Dominica Competent Authority, Reporting Commonwealth of Dominica Financial Institutions, and Paragraph 1.1.2 Financial Institutions toward compliance with any such requirements during this transition period when pursuing enforcement.