Custodial Institution definition

Custodial Institution means any Entity that holds, as a substantial portion of its business, financial assets for the account of others. An entity holds financial assets for the account of others as a substantial portion of its business if the entity’s gross income attributable to the holding of financial assets and related financial services equals or exceeds 20 percent of the entity’s gross income during the shorter of: (i) the three-year period that ends on December 31 (or the final day of a non-calendar year accounting period) prior to the year in which the determination is being made; or (ii) the period during which the entity has been in existence.

Custodial Institution means any Entity that holds, as a substantial portion of its business, Financial Assets for the account of others. This is where the Entity’s gross income attributable to the holding of Financial Assets and related financial services equals or exceeds 20% of the Entity’s gross income during the shorter of: (i) the three-year period that ends on 31 December (or the final day of a non-calendar year accounting period) prior to the year in which the determination is being made; or (ii) the period during which the Entity has been in existence.

Custodial Institution means any Entity that holds, as a substantial portion of its business, Financial Assets for the account of others. An Entity holds Financial Assets for the account of others as a substantial portion of its business if the Entity’s gross income attributable to the holding of Financial Assets and related financial services equals or exceeds 20% of the Entity’s gross income during the shorter of: (i) the three-year period that ends on 31 December (or the final day of a non-calendar year accounting period) prior to the year in which the determination is being made; or (ii) the period during which the Entity has been in existence.

Examples of Custodial Institution in a sentence

• The following Entities shall be treated as Non-Reporting Singaporean Financial Institutions and as exempt beneficial owners for purposes of sections 1471 and 1472 of the U.S. Internal Revenue Code, other than with respect to a payment that is derived from an obligation held in connection with a commercial financial activity of a type engaged in by a Specified Insurance Company, Custodial Institution, or Depository Institution.

• The following Entities shall be treated as Non-Reporting Indian Financial Institutions and as exempt beneficial owners for purposes of sections 1471 and 1472 of the U.S. Internal Revenue Code, other than with respect to a payment that is derived from an obligation held in connection with a commercial financial activity of a type engaged in by a Specified Insurance Company, Custodial Institution, or Depository Institution.

• The following Entities shall be treated as Non-Reporting British Virgin Islands Financial Institutions and as exempt beneficial owners for purposes of sections 1471 and 1472 of the U.S. Internal Revenue Code, other than with respect to a payment that is derived from an obligation held in connection with a commercial financial activity of a type engaged in by a Specified Insurance Company, Custodial Institution, or Depository Institution.

• The following Entities shall be treated as Non-Reporting Belgian Financial Institutions and as exempt beneficial owners for purposes of sections 1471 and 1472 of the U.S. Internal Revenue Code, other than with respect to a payment that is derived from an obligation held in connection with a commercial financial activity of a type engaged in by a Specified Insurance Company, Custodial Institution, or Depository Institution.

• The following Entities shall be treated as Non-Reporting Luxembourg Financial Institutions and as exempt beneficial owners for purposes of sections 1471 and 1472 of the U.S. Internal Revenue Code, other than with respect to a payment that is derived from an obligation held in connection with a commercial financial activity of a type engaged in by a Specified Insurance Company, Custodial Institution, or Depository Institution.

More Definitions of Custodial Institution

Custodial Institution means any Entity that holds, as a substantial portion of its business, Financial Assets for the account of others. An Entity holds Financial Assets for the account of others as a substantial portion of its business if the Entity’s gross income attributable to the holding of Financial Assets and related financial services equals or exceeds 20% of the Entity’s gross income during the shorter of:

Custodial Institution means any entity that holds, as a substantial portion of its business, financial assets for the account of others;

Custodial Institution means any entity that holds, as a "substantial portion" of its business, financial assets for the account of others. Custodial institutionsicnacnlude custodial banks, trust companies or brokers, in certain circumstances. An entity will hold financial assets for the account of others as a "substantial portion" of its business if its gross income attributable to the holding of financial assentds arelated financial services equals or exceeds 20 percent of its total gross income over, in general terms, a specified -3year period (or over the period that the entity has been in existence, if that is less than 3 years). The relevant three year periodThe term income attributable to holding financial assets and related financial services means custody, account maintenance, and transfer fees; commissions and fees earned from executing and pricing securities transactios;nincome earned from extending credit to customers with respect to financial assets held in custody by the entity (or acquiredthrough such extension of credit); income earned on the b-aidsk spread of financial assets; fees for providing financial advicweith respect to financial assets held in (or potentially to be held in) custody by the entity; and fees for clearance and settlement services.An execution only broker that simply executes trading instructions, or receives and transmits suchinstructionsto another executing broker, will not hold assets for the account of others and should not be a custodial institution (although it is possible that it could be an investment entity).Entities that only provide advice, do not hold, and will not hold finainalcassets; and therefore have no financial accounts should not be treated as custodial institutions. Asassets is limited to providing financial advice with respectftionancial assets held in (or to be held in) custody by the entity.

Custodial Institution means a prison, a young offender institution, a secure training centre, a young offenders institution, a young offenders centre, a juvenile justice centre or a remand centre;

Custodial Institution means any entity that holds, as a substantial portion of its business, financial assets for the account of others pursuant to Article 1 of the Agreement;

Custodial Institution means any of the following—

Custodial Institution means any entity that holds, as a substantial portion of its business, financial assets for the account of others and where its income attributable to the holding of financial assets and related financial services equals or exceeds twenty per cent. of its gross income during the three financial years