Common use of Significant Non-Compliance Clause in Contracts

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. a) The U.S. Competent Authority shall will notify the Competent Authority of [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 Competent Authority of [FATCA Partner] Competent Authority shall apply its domestic law (including applicable penalties) to address the significant non-compliance described in the notice.