FFI group definition

FFI group means an expanded affiliated group (as defined in
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Examples of FFI group in a sentence

  • A participating FFI that is a member of an FFI group that includes one or more limited FFIs must treat such FFIs as nonparticipating FFIs for withholding and reporting purposes.

  • A lead FFI’s notice of termination of its lead FI status will require members of the FFI group to designate a new lead FI on the FATCA registration website in accordance with its instructions or in later published guidance.

  • Each FFI that is a member of an FFI group must have the chapter 4 status of a participating FFI, deemed-compliant FFI, exempt beneficial owner, or limited FFI as a condition for any member of such FFI group obtaining chapter 4 status as a participating FFI, registered deemed-compliant FFI, or limited FFI.

  • In addition, the participating FFI and each FFI (other than a certified deemed-complaint FFI or exempt beneficial owner) that is a member of the participating FFI’s FFI group must comply with the requirements of a participating FFI, registered deemed-compliant FFI, or limited FFI as a condition for the participating FFI maintaining its chapter 4 status as a participating FFI.

  • For an FFI to maintain its status as a participating FFI, the FFI agreement requires that each member of the FFI group other than an exempt beneficial owner maintains one of the following chapter 4 statuses: participating FFI (including a reporting Model 2 FFI), limited FFI, registered deemed- compliant FFI (including a reporting Model 1 FFI), or nonreporting Model 1 or 2 FFI.

  • An FFI and its FFI group may register on the FATCA registration website.

  • If an FFI group has in place a consolidated compliance program as described in §1.1471-4(f)(2)(ii), the FI that is designed as the compliance FI for the FFI group must act as the lead FI for each member of the FFI group that participates in such consolidated compliance program.

  • With respect to a participating FFI other than a reporting Model 2 FFI, each FFI that is a member of an FFI group must have the chapter 4 status of a participating FFI, deemed-compliant FFI, or exempt beneficial owner as a condition for any member of such FFI group obtaining chapter 4 status as a participating FFI or registered deemed-compliant FFI.

  • In addition, the participating FFI and each FFI (other than a certified deemed-compliant FFI or exempt beneficial owner) that is a member of the participating FFI’s FFI group must comply with the requirements of a participating FFI or registered deemed-compliant FFI as a condition for the participating FFI maintaining its chapter 4 status as a participating FFI.

  • A Participating FFI group is • an expanded affiliated group that includes one or more Participating FFIs; or • an expanded affiliated group in which one or more members of the group is a reporting Model 1 FFI and each member of the group that is an FFI is a Registered Deemed- Compliant FFI, non-reporting IGA FFI, limited FFI, or retirement fund described in §1.1471-6(f) of the US Treasury Regulations (these are the Exempt Beneficial Owner categories of retirement fund).