SECTION 3. FATCA REGISTRATION

FOR PARTICIPATING FFI OR REPORTING MODEL 2 FFI STATUS

An FFI may register on Form 8957, Foreign Account Tax Compliance Act (FATCA) Registration, via the FATCA registration website available at http:// www.irs.gov/fatca to enter into the FFI agreement on behalf of one or more of its branches so that each of such branches may be treated as a participating FFI and receive a global intermediary identification number (GIIN). A branch of such an FFI that cannot, under the laws of the jurisdiction in which such branch is located, satisfy all of the terms of the FFI agreement will be treated as a limited branch (as defined in the FFI agreement) and will be subject to withholding under section 1471 as a nonparticipating FFI. A reporting Model 2 FFI may also register on the FATCA registration website on behalf of one or more of its branches to obtain a GIIN and to agree to comply with the terms of the FFI agreement, as modified by an applicable Model 2 IGA.

In general, the FFI agreement does not apply to a reporting Model 1 FFI, or any branch of such an FFI, unless the reporting Model 1 FFI has registered a branch located outside of a Model 1 IGA jurisdiction so that such branch may be treated as a participating FFI or reporting Model 2 FFI. In such a case, the terms of the applicable FFI agreement apply to the operations of such branch. With respect to an FFI (or branch of an FFI) that is a qualified intermediary (QI) or an FFI that is a withholding foreign partnership (WP) or a withholding foreign trust (WT), the revised QI, WP, and WT agreements will

1Unless otherwise provided, all citations in this revenue procedure and the FFI agreement are to the Internal Revenue Code of 1986 and to the Income Tax Regulations thereunder.

Bulletin No. 2014–3 419 January 13, 2014

incorporate by reference the requirements of the FFI agreement (including the modifications to the terms of the FFI agreement that are applicable to a reporting Model 2 FFI) and the terms of the FFI agreement will apply to an FFI (or an QI branch of an FFI) that is treated as a participating FFI or reporting Model 2 FFI.

See Announcement 2014–1 and the FATCA registration user guide for more information about the FATCA registration process. Each branch of a participating FFI or reporting Model 2 FFI that is registered, other than a limited branch, will be issued a GIIN to use in connection with complying with the FFI agreement and to identify itself to withholding agents. For information on registration by financial institutions that are QIs, WPs, and WTs, see Announcement 2014–1.