1. FIs, based on requirements (qualitative and quantitative) set out under Section III, Annex II, IGA- Small and limited scope financial institutions that qualify as DCFFIs, to self-determine whether they are entitled to FATCA exemption or not.
2. FIs that meet all requirements and are FATCA exempt entities, provide SBV with documents evidencing their statuses.
3. FIs, who, in consideration of their businesses, view that they should entitle to FATCA exemption, propose further amendments to Annex II in order to expand FATCA exemption list.
FIs are required to response to SBV before 15 September 2014.
OL2746 is considered as a positive sign that SBV is speeding up IGA negotiation. Hopefully, the IGA signing stays on track with SBV’s plan and will be concluded by the end of 2014 or Quarter I/2015.
FIs should consider their possibilities to meet FATCA exemption requirements and submit to SBV with any proposal for further amendments to Annex II (if any).
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