Significant Non-Compliance a) A Competent Authority shall notify the Competent Authority of the other Party when the first-mentioned Competent Authority has determined that there is significant non-compliance with the obligations under this Agreement with respect to a Reporting Financial Institution in the other jurisdiction. The Competent Authority of such other Party shall apply its domestic law (including applicable penalties) to address the significant non-compliance described in the notice.
Significant Non-Compliance. Under Article 5(2) of the IGA, the receiving Competent Authority has the discretion to determine whether there is significant non-compliance with the obligations to obtain and exchange information described in Articles 2(2) and 4(1)(b) of the IGA with respect to a Reporting Financial Institution in the other jurisdiction. The U.S. Competent Authority also has the discretion to determine significant non-compliance based on failure to satisfy due diligence, reporting, withholding and other obligations with respect to a Reporting Australian Financial Institution. The receiving Competent Authority may determine that certain failures constitute significant non-compliance with respect to a Reporting Financial Institution regardless of whether the failure is attributable to the providing Competent Authority or the Reporting Financial Institution. Examples of significant non-compliance are set forth in Paragraphs 4.2.1.1 through 4.2.1.3.
Significant Non-Compliance. Under Article 5(2) of the IGA, the receiving Competent Authority has the discretion to determine whether there is significant non-compliance with the obligations to obtain and exchange information described in Articles 2(2) and 4(1)
Significant Non-Compliance. The U.S. Competent Authority shall notify the Austrian Competent Authority when the U.S. Competent Authority has determined that there is significant non-compliance with the requirements of an FFI Agreement or this Agreement with respect to a Reporting Austrian Financial Institution. If the non- compliance is not resolved within a period of 12 months after notification of significant non-compliance is first provided by the U.S. Competent Authority, the United States shall treat the Reporting Austrian Financial Institution as a Nonparticipating Financial Institution pursuant to this paragraph 2.
Significant Non-Compliance. The U.S. Competent Authority shall notify the Swiss Competent Authority when the U.S. Competent Authority has determined that there is significant non-compliance with the requirements of an FFI Agreement or this Agreement with respect to a Reporting Swiss Financial Institution. If the non-compliance is not resolved within a period of 12 months after notification of significant non-compliance is first provided by the U.S. Competent Authority, the United States shall treat the Reporting Swiss Financial Institution as a Nonparticipating Financial Institution pursuant to this paragraph. The IRS shall make available a list of all Partner Jurisdiction Financial Institutions that are treated as Nonparticipating Financial Institutions.
Significant Non-Compliance a) The U.S. Competent Authority shall notify the [FATCA Partner] Competent Authority when the U.S. Competent Authority has determined that there is significant non-compliance with the obligations under this Agreement with respect to a Reporting [FATCA Partner] Financial Institution. The [FATCA Partner] Competent Authority shall apply its domestic law (including applicable penalties) to address the significant non-compliance described in the notice.
Significant Non-Compliance. Under Article 5(3) of the IGA, the U.S. Competent Authority has the discretion to determine whether there is significant non-compliance with the obligations to obtain and exchange information described in Articles 2(2) and 4(1)(b) of the IGA with respect to a Reporting HS/VCS Financial Institution. The U.S. Competent Authority also has the discretion to determine significant non-compliance based on failure to satisfy due diligence, reporting, withholding and other obligations with respect to a Reporting HS/VCS Financial Institution. The U.S. Competent Authority may determine that certain failures constitute significant non-compliance with respect to a Reporting HS/VCS Financial Institution regardless of whether the failure is attributable to the HS/VCS Competent Authority or the Reporting HS/VCS Financial Institution. Examples of significant non-compliance are set forth in Paragraphs
Significant Non-Compliance. The United Kingdom Competent Authority shall notify the Cayman Islands Competent Authority when the United Kingdom Competent Authority has determined that there is significant non-compliance with the obligations under this Agreement with respect to a Reporting Cayman Islands Financial Institution. The Cayman Islands Competent Authority shall apply its domestic law (including applicable penalties) to address the significant non-compliance described in the notice in a timely manner.
Significant Non-Compliance. The U.S. Competent Authority shall notify the [FATCA Partner] Competent Authority when the U.S. Competent Authority has determined that there is significant non-compliance with the requirements of an FFI Agreement or this Agreement with respect to a Reporting [FATCA Partner] Financial Institution. If the non- compliance is not resolved within a period of 12 months after notification of significant non- compliance is first provided by the U.S. Competent Authority, the United States shall treat the Reporting [FATCA Partner] Financial Institution as a Nonparticipating Financial Institution pursuant to this paragraph 2.
Significant Non-Compliance. The U.S. Competent Authority shall notify the 11 [Consider whether the competent authority agreement or arrangement should provide for this notification described in the bracketed language.] [FATCA Partner] Competent Authority when the U.S. Competent Authority has determined that there is significant non-compliance with the requirements of an FFI Agreement or this Agreement with respect to a Reporting [FATCA Partner] Financial Institution. If the non- compliance is not resolved within a period of 12 months after notification of significant non- compliance is first provided by the U.S. Competent Authority, the United States shall treat the Reporting [FATCA Partner] Financial Institution as a Nonparticipating Financial Institution pursuant to this paragraph 2.
