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Sponsoring Entities

Definition:

An FFI is a sponsored controlled foreign corporation, if the FFI meets the following requirements (i) The FFI is a controlled foreign corporation that is not a QI, WP, or WT; (ii) The FFI is wholly owned, directly or indirectly, by a U.S. financial institution that agrees with the FFI to act as a sponsoring entity for the FFI; and (iii) The FFI shares a common electronic account system with the sponsoring entity that enables the sponsoring entity to identify all account holders and payees of the FFI and to access all account and customer information maintained by the FFI including, but not limited to, customer identification information, customer documentation, account balance, and all payments made to the account holder or payee. See Page 188