SECTION 5. APPLICATION

PROCEDURES FOR WP OR WT AGREEMENTS

.01 Prospective WP or WT . An entity seeking to enter into a WP or WT agreement must submit Form 14345, “Application for Qualified Intermediary, Withholding Foreign Partnership, or Withholding Foreign Trust Status,” online through the QI/WP/WT Application and Account Management System accessible through the QI/WP/WT landing page available at https://www.irs.gov/businesses/corporations/ qualified-intermediary-system. The application must also include any additional information and documentation requested by the IRS. The application must establish, to the satisfaction of the IRS, that the applicant has adequate resources and has established appropriate practices and procedures to comply with the terms of the WP or WT agreement. Questions regarding WP and WT applications may be sent to lbi.fi.qiwpissues@irs.gov.

Prior to submitting Form 14345, a prospective WP or WT (other than an FFI that is a retirement fund or an NFFE that is not a sponsoring entity) must submit

Form 8957, “Foreign Account Tax Compliance Act (FATCA) Registration,” through the FATCA registration website available at www.irs.gov/FATCA to obtain a chapter 4 status of participating FFI, registered deemed-compliant FFI, registered deemed-compliant Model 1 IGA FFI, or sponsoring entity. Upon completion of the registration process, a WP or WT described in the preceding sentence will be issued a GIIN (which is separate from its WP-EIN or WT-EIN) to be used to identify its chapter 4 status to withholding agents and to tax administrators, if applicable, and for FATCA reporting to the extent required under its FATCA requirements.

If the IRS approves the WP’s or WT’s application, the IRS will send the WP or WT an approval notice and the WP-EIN or WT-EIN assigned to the entity for fulfilling the requirements of a WP or WT under the WP or WT agreement. A WP or WT that has been issued a GIIN must, within 90 days of the date of approval of its WP or WT application, update its FATCA registration on the FATCA registration website to include its WP-EIN or WT-EIN.

The IRS will not enter into a WP or WT agreement with an FFI that provides for the use of documentary evidence obtained under a jurisdiction’s know-yourcustomer rules if it has not approved that jurisdiction’s know-your-customer practices and procedures. A list of jurisdictions with know-your-customer rules that the IRS has approved is available at http://www.irs.gov/Businesses/InternationalBusinesses/List-of-Approved-KYC-Rules. To request IRS approval of a jurisdiction’s know-your-customer rules, contact the KYC coordinator in the IRS Foreign Intermediaries Program at lbi.fi.qiwpissues@ irs.gov.

.02 Existing WP or WT . A WP or WT that has executed a WP or WT agreement and seeks to renew its WP or WT agreement must do so online through the QI/ WP/WT Application and Account Management System and include the information requested for renewal of its WP or WT status. A WP or WT will retain its previously issued WP-EIN or WT-EIN for fulfilling the requirements of a WP or WT under chapters 3 and 4.

.03 Contact Information . For questions regarding the WP and WT application process, contact the Foreign Intermediaries Program at lbi.fi.qiwpissues@irs.gov.