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 Kuwait Competent Authority, Reporting Kuwait Financial Institutions, and Paragraph 1.

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 Kuwait Qatari Competent Authority, Reporting Kuwait Qatari Financial Institutions, and Paragraph 1Paragraph 1.1.2 Financial Institutions toward compliance with any such requirements during this transition period when pursuing enforcement.