branches of FFIs are treated identically to USFIs in respect of these issues.
In addition, outside the area of financial accounts held by FFIs and USFIs, Treasury and the IRS have published no guidance on the manner in which a withholding agent can properly make these determinations, the type of information a withholding agent can rely upon, and the form in which such information must be provided to the withholding agent (if any).
In the case of USFIs, this may mean a default to Chapter 4 withholding at the expense of Chapter 3 withholding, which would distort the overall U.S.
Given the unique compliance challenges presented by FATCA, not only to participating FFIs, but to deemed-compliant FFIs, USFIs, NFFEs, withholding agents, and other affected parties, TEI recommends that (i) the general effective date of FATCA be delayed, at a minimum, to January 1, 2014, and (ii) in no event should the effective date be earlier than 24 months from the date of publication of final regulations under Chapter 4.
The pro forma merged entity's expected use of wholesale funding is lower relative to all USFIs than is its corresponding share of consolidated assets.
financial institutions ("USFIs") used in computing total liabilities for purposes of calculating the limitation on liabilities of a financial company required under section 622 of the Dodd-Frank Act and includes U.S.-based bank and nonbank affiliates of foreign banking organizations.
As a result of the proposed acquisition, PNC would become the 19th largest USFI based on assets, with $291 billion or 1.1 percent of USFS assets.
withholding agents other than USFIs to rely on a foreign entity's certification as to its classification for chapter 4 purposes, absent reason to know that such certification is unreliable or incorrect.
Section 1471(c)(2) permits an FFI to elect to be subject to the same reporting as a USFI: