Examples of Mexican Financial Institution in a sentence
A Reporting Mexican Financial Institution may not rely on a self-certification or documentary evidence if the Reporting Mexican Financial Institution knows or has reason to know that the self-certification or documentary evidence is incorrect or unreliable.
Each Lender that is not a Mexican Financial Institution agrees that, upon the occurrence of any event giving rise to the operation of Section 2.12, 2.13 or 2.14(a) as to it, it will use its commercially reasonable efforts to avoid or minimize the consequence of such event; provided that such action shall not, in the judgment of such Lender, as the case may be, be illegal or materially and adversely economically or otherwise disadvantageous to it.
If a Preexisting Individual Account is a High Value Account as of June 30, 2014, the Reporting Mexican Financial Institution must complete the enhanced review procedures described in paragraph D of this section with respect to such account by June 30, 2015.
If based on this review such account is identified as a U.S. Reportable Account on or before December 31, 2014, the Reporting Mexican Financial Institution must report the required information about such account with respect to 2014 in the first report on the account and on an annual basis thereafter.
For purposes of determining the balance or value of Financial Accounts denominated in a currency other than the U.S. dollar, a Reporting Mexican Financial Institution must convert the dollar threshold amounts described in this Annex I into such currency using a published spot rate determined as of the last day of the calendar year preceding the year in which the Reporting Mexican Financial Institution is determining the balance or value.
An Entity that is a Mexican Financial Institution solely because it is an Investment Entity, provided that each direct holder of an Equity Interest in the Entity is an exempt beneficial owner, and each direct holder of a debt interest in such Entity is either a Depository Institution (with respect to a loan made to such Entity) or an exempt beneficial owner.
Unless the Reporting Mexican Financial Institution elects otherwise, either with respect to all Preexisting Individual Accounts or, separately, with respect to any clearly identified group of such accounts, where the implementing rules in Mexico provide for such an election, the following Preexisting Individual Accounts are not required to be reviewed, identified, or reported as U.S.
For purposes of determining the aggregate balance or value of Financial Accounts held by a person to determine whether a Financial Account is a High Value Account, a Reporting Mexican Financial Institution is also required, in the case of any Financial Accounts that a relationship manager knows, or has reason to know, are directly or indirectly owned, controlled, or established (other than in a fiduciary capacity) by the same person, to aggregate all such accounts.
If any such person is a U.S. citizen or resident, the Reporting Mexican Financial Institution must treat the account as a U.S. Reportable Account.
With respect to New Entity Accounts not described in paragraph A of this section, the Reporting Mexican Financial Institution must determine whether the Account Holder is: (i) a Specified U.S. Person; (ii) a Mexican Financial Institution or other Partner Jurisdiction Financial Institution; (iii) a participating FFI, a deemed- compliant FFI, or an exempt beneficial owner, as those terms are defined in relevant U.S. Treasury Regulations; or (iv) an Active NFFE or Passive NFFE.