Examples of foreign financial institution in a sentence
As per definition of the Annex II, Section IV (E) (5) of the IGA Luxemburg-USA, a Restricted Fund is a Non-Reporting Luxembourg Financial Institution and shall be treated as a deemed-compliant Foreign Financial Institution for purposes of section 1471 of the US Internal Revenue Code.
As a fund set up in Luxembourg, which is subject to the supervision of the CSSF under the Law of 2010, the Company is to be treated as a Reporting Foreign Financial Institution within the meaning of the IGA.As a result of this FATCA status, the Company is obliged to collect and check information from all shareholders on a regular basis.
Tata Asset Management Company Limited (TAML) is classified as a Foreign Financial Institution (FFI) under the FATCA provisions and in accordance therewith, the AMC would be required to comply with the rules & regulations of FATCA, from time to time.
This will determine the extent of the obligations that need to be undertaken.Through the US Regulations, FATCA introduces the concept of a Foreign Financial Institution (FFI).
According to the current Luxembourg FATCA provisions, the Fund qualifies as a "Restricted Fund" pursuant to Annex II, Section IV(E)(5) of the Luxembourg-US IGA and is therefore deemed to be a Non-Reporting Luxembourg Financial Institution as well as a deemed-compliant Foreign Financial Institution.