Common use of Financial Institution with a Local Client Base Clause in Contracts

Financial Institution with a Local Client Base. A Financial Institution satisfying the following requirements: 1. The Financial Institution must be licensed and regulated as a financial institution under the laws of Estonia; 2. The Financial Institution must have no fixed place of business outside of Estonia. For this purpose, a fixed place of business does not include a location that is not advertised to the public and from which the Financial Institution performs solely administrative support functions; 3. The Financial Institution must not solicit customers or Account Holders outside Estonia. For this purpose, a Financial Institution shall not be considered to have solicited customers or Account Holders outside Estonia merely because the Financial Institution (a) operates a website, provided that the website does not specifically indicate that the Financial Institution provides Financial Accounts or services to nonresidents, and does not otherwise target or solicit U.S. customers or Account Holders, or (b) advertises in print media or on a radio or television station that is distributed or aired primarily within Estonia but is also incidentally distributed or aired in other countries, provided that the advertisement does not specifically indicate that the Financial Institution provides Financial Accounts or services to nonresidents, and does not otherwise target or solicit U.S. customers or Account Holders; 4. The Financial Institution must be required under the laws of Estonia to identify resident Account Holders for purposes of either information reporting or withholding of tax with respect to Financial Accounts held by residents or for purposes of satisfying Estonia’s AML due diligence requirements; 5. At least 98 percent of the Financial Accounts by value maintained by the Financial Institution must be held by residents (including residents that are Entities) of Estonia or a Member State of the European Union; 6. Beginning on or before July 1, 2014, the Financial Institution must have policies and procedures, consistent with those set forth in Annex I, to prevent the Financial Institution from providing a Financial Account to any Nonparticipating Financial Institution and to monitor whether the Financial Institution opens or maintains a Financial Account for any Specified U.S. Person who is not a resident of Estonia (including a U.S. Person that was a resident of Estonia when the Financial Account was opened but subsequently ceases to be a resident of Estonia) or any Passive NFFE with Controlling Persons who are U.S. residents or U.S. citizens who are not residents of Estonia; 7. Such policies and procedures must provide that if any Financial Account held by a Specified U.S. Person who is not a resident of Estonia or by a Passive NFFE with Controlling Persons who are U.S. residents or U.S. citizens who are not residents of Estonia is identified, the Financial Institution must report such Financial Account as would be required if the Financial Institution were a Reporting Estonian Financial Institution (including by following the registration requirements applicable to Reporting Estonian Financial Institutions) or close such Financial Account; 8. With respect to a Preexisting Account held by an individual who is not a resident of Estonia or by an Entity, the Financial Institution must review those Preexisting Accounts in accordance with the procedures set forth in Annex I applicable to Preexisting Accounts to identify any U.S. Reportable Account or Financial Account held by a Nonparticipating Financial Institution, and must report such Financial Account as would be required if the Financial Institution were a Reporting Estonian Financial Institution (including by following the registration requirements applicable to Reporting Estonian Financial Institutions) or close such Financial Account; 9. Each Related Entity of the Financial Institution that is a Financial Institution must be incorporated or organized in Estonia and, with the exception of any Related Entity that is a retirement fund described in paragraphs A through D of section II of this Annex II, satisfy the requirements set forth in this paragraph A; and 10. The Financial Institution must not have policies or practices that discriminate against opening or maintaining Financial Accounts for individuals who are Specified U.S. Persons and residents of Estonia.

Financial Institution with a Local Client Base. A Financial Institution satisfying the following requirements: 1. The Financial Institution must be licensed and regulated as a financial institution under the laws of EstoniaLatvia; 2. The Financial Institution must have no fixed place of business outside of EstoniaLatvia. For this purpose, a fixed place of business does not include a location that is not advertised to the public and from which the Financial Institution performs solely administrative support functions; 3. The Financial Institution must not solicit customers or Account Holders outside EstoniaLatvia. For this purpose, a Financial Institution shall not be considered to have solicited customers or Account Holders outside Estonia Latvia merely because the Financial Institution (a) operates a website, provided that the website does not specifically indicate that the Financial Institution provides Financial Accounts or services to nonresidents, and does not otherwise target or solicit U.S. customers or Account Holders, or (b) advertises in print media or on a radio or television station that is distributed or aired primarily within Estonia Latvia but is also incidentally distributed or aired in other countries, provided that the advertisement does not specifically indicate that the Financial Institution provides Financial Accounts or services to nonresidents, and does not otherwise target or solicit U.S. customers or Account Holders; 4. The Financial Institution must be required under the laws of Estonia Latvia to identify resident Account Holders for purposes of either information reporting or withholding of tax with respect to Financial Accounts held by residents or for purposes of satisfying EstoniaLatvia’s AML due diligence requirements; 5. At least 98 percent of the Financial Accounts by value maintained by the Financial Institution must be held by residents (including residents that are Entities) of Estonia Latvia or a Member State of the European Union; 6. Beginning on or before July 1, 2014, the Financial Institution must have policies and procedures, consistent with those set forth in Annex I, to prevent the Financial Institution from providing a Financial Account to any Nonparticipating Financial Institution and to monitor whether the Financial Institution opens or maintains a Financial Account for any Specified U.S. Person who is not a resident of Estonia Latvia (including a U.S. Person that was a resident of Estonia Latvia when the Financial Account was opened but subsequently ceases to be a resident of EstoniaLatvia) or any Passive NFFE with Controlling Persons who are U.S. residents or U.S. citizens who are not residents of EstoniaLatvia; 7. Such policies and procedures must provide that if any Financial Account held by a Specified U.S. Person who is not a resident of Estonia Latvia or by a Passive NFFE with Controlling Persons who are U.S. residents or U.S. citizens who are not residents of Estonia Latvia is identified, the Financial Institution must report such Financial Account as would be required if the Financial Institution were a Reporting Estonian Latvian Financial Institution (including by following the applicable registration requirements applicable to Reporting Estonian Financial Institutionson the IRS FATCA registration website) or close such Financial Account; 8. With respect to a Preexisting Account held by an individual who is not a resident of Estonia Latvia or by an Entity, the Financial Institution must review those Preexisting Accounts in accordance with the procedures set forth in Annex I applicable to Preexisting Accounts to identify any U.S. Reportable Account or Financial Account held by a Nonparticipating Financial Institution, and must report such Financial Account as would be required if the Financial Institution were a Reporting Estonian Latvian Financial Institution (including by following the applicable registration requirements applicable to Reporting Estonian Financial Institutionson the IRS FATCA registration website) or close such Financial Account; 9. Each Related Entity of the Financial Institution that is a Financial Institution must be incorporated or organized in Estonia Latvia and, with the exception of any Related Entity that is a retirement fund described in paragraphs A through D of section II of this Annex II, satisfy the requirements set forth in this paragraph A; and 10. The Financial Institution must not have policies or practices that discriminate against opening or maintaining Financial Accounts for individuals who are Specified U.S. Persons and residents of EstoniaLatvia.

Financial Institution with a Local Client Base. A Financial Institution satisfying the following requirements: 1. The Financial Institution must be licensed and regulated as a financial institution under the laws of EstoniaSweden; 2. The Financial Institution must have no fixed place of business outside of EstoniaSweden. For this purpose, a fixed place of business does not include a location that is not advertised to the public and from which the Financial Institution performs solely administrative support functions; 3. The Financial Institution must not solicit customers or Account Holders outside EstoniaSweden. For this purpose, a Financial Institution shall not be considered to have solicited customers or Account Holders outside Estonia Sweden merely because the Financial Institution (a) operates a website, provided that the website does not specifically indicate that the Financial Institution provides Financial Accounts or services to nonresidentsnonresidents of Sweden, and does not otherwise target or solicit U.S. customers or Account Holders, or (b) advertises in print media or on a radio or television station that is distributed or aired primarily within Estonia Sweden but is also incidentally distributed or aired in other countries, provided that the advertisement does not specifically indicate that the Financial Institution provides Financial Accounts or services to nonresidentsresidents outside Sweden, and does not otherwise target or solicit U.S. customers or Account Holders; 4. The Financial Institution must be required under the laws of Estonia Sweden to identify resident Account Holders for purposes of either information reporting or withholding of tax with respect to Financial Accounts held by residents or for purposes of satisfying Estonia’s Swedish AML due diligence requirements; 5. At least 98 percent of the Financial Accounts by value maintained by the Financial Institution must be held by residents (including residents that are Entities) of Estonia Sweden or a Member State of the European Union; 6. Beginning on or before July 1, 2014, the Financial Institution must have policies and procedures, consistent with those set forth in Annex I, to prevent the Financial Institution from providing a Financial Account to any Nonparticipating Financial Institution and to monitor whether the Financial Institution opens or maintains a Financial Account for any Specified U.S. Person who is not a resident of Estonia Sweden (including a U.S. Person that was a resident of Estonia Sweden when the Financial Account was opened but subsequently ceases to be a resident of EstoniaSweden) or any Passive NFFE with Controlling Persons who are U.S. residents or U.S. citizens who are not residents of EstoniaSweden; 7. Such policies and procedures must provide that if any Financial Account held by a Specified U.S. Person who is not a resident of Estonia Sweden or by a Passive NFFE with Controlling Persons who are U.S. residents or U.S. citizens who are not residents of Estonia Sweden is identified, the Financial Institution must report such Financial Account as would be required if the Financial Institution were a Reporting Estonian Swedish Financial Institution (including by following the applicable registration requirements applicable to Reporting Estonian Financial Institutionson the IRS FATCA registration website) or close such Financial Account; 8. With respect to a Preexisting Account held by an individual who is not a resident of Estonia Sweden or by an Entity, the Financial Institution must review those Preexisting Accounts in accordance with the procedures set forth in Annex I applicable to Preexisting Accounts to identify any U.S. Reportable Account or Financial Account held by a Nonparticipating Financial Institution, and must report such Financial Account as would be required if the Financial Institution were a Reporting Estonian Swedish Financial Institution (including by following the applicable registration requirements applicable to Reporting Estonian Financial Institutionson the IRS FATCA registration website) or close such Financial Account; 9. Each Related Entity of the Financial Institution that is a Financial Institution must be incorporated or organized in Estonia Sweden and, with the exception of any Related Entity that is a retirement fund described in paragraphs A through D of section II of this Annex II, satisfy the requirements set forth in this paragraph A; and 10. The Financial Institution must not have policies or practices that discriminate against opening or maintaining Financial Accounts for individuals who are Specified U.S. Persons and residents of EstoniaSweden.

Financial Institution with a Local Client Base. A Financial Institution satisfying the following requirements: 1. The Financial Institution must be licensed and regulated as a financial institution under the laws of EstoniaIceland; 2. The Financial Institution must have no fixed place of business outside of EstoniaIceland. For this purpose, a fixed place of business does not include a location that is not advertised to the public and from which the Financial Institution performs solely administrative support functions; 3. The Financial Institution must not solicit customers or Account Holders outside EstoniaIceland. For this purpose, a Financial Institution shall not be considered to have solicited customers or Account Holders outside Estonia Iceland merely because the Financial Institution (a) operates a website, provided that the website does not specifically indicate that the Financial Institution provides Financial Accounts or services to nonresidents, and does not otherwise target or solicit U.S. customers or Account Holders, or (b) advertises in print media or on a radio or television station that is distributed or aired primarily within Estonia Iceland but is also incidentally distributed or aired in other countries, provided that the advertisement does not specifically indicate that the Financial Institution provides Financial Accounts or services to nonresidents, and does not otherwise target or solicit U.S. customers or Account Holders; 4. The Financial Institution must be required under the laws of Estonia Iceland to identify resident Account Holders for purposes of either information reporting or withholding of tax with respect to Financial Accounts held by residents or for purposes of satisfying EstoniaIceland’s AML due diligence requirements; 5. At least 98 percent of the Financial Accounts by value maintained by the Financial Institution must be held by residents (including residents that are Entities) of Estonia or a Member State of the European UnionIceland; 6. Beginning on or before July 1, 2014the Determination Date, the Financial Institution must have policies and procedures, consistent with those set forth in Annex I, to prevent the Financial Institution from providing a Financial Account to any Nonparticipating Financial Institution and to monitor whether the Financial Institution opens or maintains a Financial Account for any Specified U.S. Person who is not a resident of Estonia Iceland (including a U.S. Person that was a resident of Estonia Iceland when the Financial Account was opened but subsequently ceases to be a resident of EstoniaIceland) or any Passive NFFE with Controlling Persons who are U.S. residents or U.S. citizens who are not residents of EstoniaIceland; 7. Such policies and procedures must provide that if any Financial Account held by a Specified U.S. Person who is not a resident of Estonia Iceland or by a Passive NFFE with Controlling Persons who are U.S. residents or U.S. citizens who are not residents of Estonia Iceland is identified, the Financial Institution must report such Financial Account as would be required if the Financial Institution were a Reporting Estonian Icelandic Financial Institution (including by following the applicable registration requirements applicable to Reporting Estonian Financial Institutionson the IRS FATCA registration website) or close such Financial Account; 8. With respect to a Preexisting Account held by an individual who is not a resident of Estonia Iceland or by an Entity, the Financial Institution must review those Preexisting Accounts in accordance with the procedures set forth in Annex I applicable to Preexisting Accounts to identify any U.S. Reportable Account or Financial Account held by a Nonparticipating Financial Institution, and must report such Financial Account as would be required if the Financial Institution were a Reporting Estonian Icelandic Financial Institution (including by following the applicable registration requirements applicable to Reporting Estonian Financial Institutionson the IRS FATCA registration website) or close such Financial Account; 9. Each Related Entity of the Financial Institution that is a Financial Institution must be incorporated or organized in Estonia Iceland and, with the exception of any Related Entity that is a retirement fund described in paragraphs A through D of section II of this Annex II, satisfy the requirements set forth in this paragraph A; and 10. The Financial Institution must not have policies or practices that discriminate against opening or maintaining Financial Accounts for individuals who are Specified U.S. Persons and residents of EstoniaIceland.