Common use of Designation of the Lead FI Clause in Contracts

Designation of the Lead FI. If the participating FFI designates a lead FI to initiate its FATCA registration, the participating FFI must authorize the lead FI to fulfill the responsibilities described in section 11.02(B) of this agreement. If an FFI group has in place a consolidated compliance program as described in §1.1471-4(f)(2)(ii), the FI that is designed as the compliance FI for the FFI group must act as the lead FI for each member of the FFI group that participates in such consolidated compliance program.

Designation of the Lead FI. If the participating FFI designates a lead FI to initiate its FATCA registration, the participating FFI must authorize the lead FI to fulfill the responsibilities described in section 11.02(B) of this agreement. If an FFI group has in place a consolidated compliance program as described in §1.1471-4(f)(2)(ii), the FI that is designed as the compliance FI for the FFI group must act as the lead FI for each member of the FFI group that participates in such consolidated compliance program.

Designation of the Lead FI. If the participating FFI designates a lead FI to initiate its FATCA registration, the participating FFI must authorize the lead FI to fulfill the responsibilities described in section 11.02(B) of this agreement. If an FFI group has in place a consolidated compliance program as described in §1.1471-4(f)(2)(ii), the FI that is designed designated as the compliance FI for the FFI group must act as the lead FI for each member of the FFI group that participates in such consolidated compliance program.