SECTION 3. APPLICATION FOR QI

STATUS

.01 Prospective QI. A prospective QI must submit Form 14345, Qualified Intermediary Application, to become a QI. An application must include the information required by Form 14345 and any additional information and documentation requested by the IRS. The Form 14345 must establish, to the satisfaction of the IRS, that the applicant has adequate resources and procedures to comply with the terms of the QI agreement. A prospective QI must apply for QI status by submitting Form 14345 to:

Internal Revenue Service Foreign Payments Practice Foreign Intermediaries Program 290 Broadway, 12th Floor NW New York, New York 10007-1867

Attention: QI Applications Once the QI application is approved, the IRS will send an approval notice to the address of the QI provided on Form 14345. The approval notice will include a QI-EIN for fulfilling the requirements of a QI under chapters 3, 4, and 61, and section 3406, including making tax deposits and filing Forms 945, 1042, 1042–S, 1099, and 8966, and will also instruct a QI (other than an NFFE that is not acting on behalf of its shareholders) to submit the information specified in Form 8957, Foreign Act Tax Compliance Act (FATCA) Registration, (“registration form”) through the FATCA registration website available at www.irs.gov/FATCA, to obtain its chapter 4 status as a participating FFI, registered deemed-compliant FFI, or direct reporting NFFE and must register as a QI by providing the information specified for renewal of QI status. An NFFE that is acting as a sponsoring entity (as defined in § 1.1471–1(b)(124)) of a direct reporting NFFE and that obtains QI status must also register as a QI on the FATCA registration website by providing the information specified for renewal of QI status. Upon completion of the registration process, an FFI (other than a limited FFI or limited branch of an FFI) will be issued

a GIIN to be used to identify itself to withholding agents and to tax administrators for FATCA reporting. In the case of an NFFE that is not acting on behalf of its shareholders, the approval notice will provide the date on which the QI-EIN is issued (which will serve as the effective date of the QI agreement).

For future years, the IRS intends to update the online FATCA registration website to allow prospective QIs to submit a QI application electronically and in such manner as the IRS may prescribe in future guidance or other instructions. Until this update to the FATCA registration website occurs, a prospective QI must submit to the IRS address identified above a paper Form 14345.

Except as otherwise provided in future published guidance, the IRS will not enter into a QI agreement with an FFI that provides for the use of documentary evidence obtained under a jurisdiction’s knowyour-customer rules if it has not approved the “know-your-customer” practices and procedures for opening accounts. A list of jurisdictions for which the IRS has received know-your-customer information and for which the know-your-customer rules are acceptable is available at: http:// www.irs.gov/Businesses/International- Businesses/List-of-Approved-KYC-Rules . To request approval of a jurisdiction’s know-your-customer rules, contact the KYC coordinator in the Foreign Intermediaries Program at the address provided above.

.02 Existing QI. An FFI that seeks to renew its QI agreement as well as register as a participating FFI, registered deemedcompliant FFI, or limited FFI must do so by submitting a registration form through the FATCA registration website available at www.irs.gov/FATCA . An NFFE that is a direct reporting NFFE or a sponsoring entity of a direct reporting NFFE must also renew its QI agreement through the FATCA registration website. As part of the FATCA registration process, the QI must include the information specified in the registration form and its accompanying instructions. The FFI or NFFE should ensure that it has provided to the IRS all of the information that is required to complete its FATCA registration and renew its QI agreement. Upon completion of the registration process and approval by the

July 14, 2014 154 Bulletin No. 2014–29

IRS, an FFI (other than a limited FFI) or NFFE will be issued a GIIN to be used to identify itself to a withholding agent and to a tax administration for FATCA reporting. A QI will also retain its QI-EIN to be used when it is fulfilling the requirements of a QI under chapters 3, 4, and 61 and section 3406, including making tax deposits and filing Forms 945, 1042, 1042–S, 1099, and 8966. A QI that is an NFFE and that is not acting as a QI on behalf of its shareholders and is not a sponsoring entity must renew its QI agreement by submitting a request for renewal to the Foreign Intermediaries Program at the address provided in section 3.01 of this revenue procedure.