U.S.A.: IRS Reminder regarding QI agreement renewal and FATCA compliance

20.07.2012

The latest newsletter has been received from the U.S. Internal Revenue Service (IRS) regarding Qualified Intermediaries (QIs) and FATCA1 implementation.

The objective of this newsletter is to remind interested parties of some previously published basics of the administration of the QI Program and FATCA implementation, including the following:

  • In order to retain their QI status, QIs must become FATCA compliant and the QI agreement will be modified to reflect Chapter 4 requirements.
  • The 31 December 2012 deadline for renewal of QI agreements has been extended, according to Notice 2011-532, until 31 December 2013.
  • The renewal of the QI agreement will be accomplished through the online FATCA Foreign Financial Investor (FFI) registration system, which will be available no later that 1 January 2013.

Note: The final regulations for FFIs have not yet been issued and are expected by the end of the summer.

Further information

Additional information regarding the above can be found in our Announcement A12023 dated 1 February 2012.

For further information, please contact the Clearstream Banking3 Tax Help Desk on:

LuxembourgFrankfurt
Email:tax@clearstream.comtax@clearstream.com
Telephone:+352-243-32835+49-(0) 69-2 11-1 3821
Fax:+352-243-632835+49-(0) 69-2 11-61 3821

or Clearstream Banking Customer Service or your Relationship Officer.

1. FATCA: Foreign Account Tax Compliance Act.
2. For Notice 2011-53, see the IRS website (pdf).
3. Clearstream Banking refers collectively to Clearstream Banking AG, registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in the Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500 (CBF) and Clearstream Banking, société anonyme, registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Register of Commerce and Companies under number B-9248 (CBL).

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