Definition: An FFI may only be treated as an owner documented FFI with respect to payments received from and accounts held with a designated withholding agent (or with respect to payments received from and accounts held with another FFI that is also treated as an owner-documented FFI by such designated withholding agent). A designated withholding agent is a U.S. financial institution, participating FFI, or reporting Model 1 FFI that agrees to undertake the additional due diligence and reporting required in order to treat the FFI as

Definition: Foreign Account Tax Compliance Act (FATCA) Withholding refers to amounts required to be withheld on payments subject to withholding under chapter 4 of the Internal Revenue Code.  A withholding agent must withhold on a payment of U.S. source fixed, determinable annual, or periodical (FDAP) income that is a withholdable payment and to which an exception does not apply.   Chapter 4 defines withholdable payments and exceptions. See Page 4

Definition: Foreign Account Tax Compliance Act (FATCA) Reporting generally refers to two types of reporting. Withholding agents are required to report withholdable payments to which chapter 4 withholding was applied, or should have been applied, on Form 1042-S, Foreign Person’s U.S. Source Income Subject to Withholding and file a tax return on Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons, to report those payments. Withholding agents may also be required to report on Form 8966, FATCA Report , or the local equivalent required by the tax

Definition: A direct reporting NFFE means a NFFE that elects to report information about its direct or indirect substantial U.S. owners to the IRS and meets the following requirements: (i) The NFFE must register on Form 8957, “FATCA Registration,” with the IRS to obtain a GIIN pursuant to the procedures prescribed by the IRS; (ii) The NFFE must report directly to the IRS on Form 8966, “FATCA Report,” (ii) The NFFE must report directly to the IRS on Form 8966, “FATCA Report,” See Page 214