Common use of Certified Deemed-Compliant Financial Institutions Clause in Contracts

Certified Deemed-Compliant Financial Institutions. The following categories of institutions are Non-Reporting Swiss Financial Institutions that are treated as certified deemed-compliant FFIs for purposes of section 1471 of the U.S. Internal Revenue Code: 1. Any non-profit organization established and maintained in Switzerland for religious, charitable, educational, scientific, cultural or other public purposes that, by reason of its nature as such, is generally exempt from income taxation in Switzerland. 2. A Swiss condominium owners’ association established pursuant to Art. 712l(2) of the Swiss Civil Code.

Certified Deemed-Compliant Financial Institutions. The following categories of institutions in- stitutions are Non-Reporting Swiss Financial Institutions that are treated as certified deemed-compliant FFIs for purposes of section 1471 of the U.S. Internal Revenue Code: 1. Any non-profit organization established and maintained in Switzerland for religious, charitable, educational, scientific, cultural or other public purposes that, by reason of its nature as such, is generally exempt from income taxation in Switzerland. 2. A Swiss condominium owners’ association established pursuant to Art. 712l(2) of the Swiss Civil Code.