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 Honduran 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 Antigua and Barbuda 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 Antigua and Barbuda Financial Institution. The U.S. Competent Authority may determine that certain failures constitute significant non-compliance with respect to a Reporting Antigua and Barbuda Financial Institution regardless of whether the failure is attributable to the Antigua and Barbuda Competent Authority or the Reporting Antigua and Barbuda Financial Institution. Examples of significant non-compliance are set forth in Paragraphs 4.2.1.1 through 4.2.1.3.
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 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 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.
