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 Montenegro; 2. The Financial Institution must have no fixed place of business outside of Montenegro. 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 Montenegro. For this purpose, a Financial Institution shall not be considered to have solicited customers or Account Holders outside Montenegro 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 Montenegro 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 Montenegro 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 Montenegro’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 Montenegro; 6. By the later of July 1, 2014, or the date that the Financial Institution claims treatment as a deemed-compliant FFI pursuant to paragraph A of this section, 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 Montenegro (including a U.S. Person that was a resident of Montenegro when the Financial Account was opened but subsequently ceases to be a resident of Montenegro) or any Passive NFFE with Controlling Persons who are U.S. residents or U.S. citizens who are not residents of Montenegro; 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 Montenegro or by a Passive NFFE with Controlling Persons who are U.S. residents or U.S. citizens who are not residents of Montenegro is identified, the Financial Institution must report such Financial Account as would be required if the Financial Institution were a Reporting Financial Institution of Montenegro (including by following the applicable registration requirements on 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 Montenegro 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 Financial Institution of Montenegro (including by following the applicable registration requirements on 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 Montenegro and, with the exception of any Related Entity that is a retirement fund described in paragraphs A through C 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 Montenegro.

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 MontenegroPoland; 2. The Financial Institution must have no fixed place of business outside of MontenegroPoland. 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 MontenegroPoland. For this purpose, a Financial Institution shall not be considered to have solicited customers or Account Holders outside Montenegro Poland 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 Montenegro Poland 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 Montenegro Poland 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 MontenegroPoland’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 MontenegroPoland or a Member State of the European Union; 6. By the later of Beginning on or before July 1, 2014, or the date that the Financial Institution claims treatment as a deemed-compliant FFI pursuant to paragraph A of this section, 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 Montenegro Poland (including a U.S. Person that was a resident of Montenegro Poland when the Financial Account was opened but subsequently ceases to be a resident of MontenegroPoland) or any Passive NFFE with Controlling Persons who are U.S. residents or U.S. citizens who are not residents of MontenegroPoland; 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 Montenegro Poland or by a Passive NFFE with Controlling Persons who are U.S. residents or U.S. citizens who are not residents of Montenegro Poland is identified, the Financial Institution must report such Financial Account as would be required if the Financial Institution were a Reporting Polish Financial Institution of Montenegro (including by following the applicable registration requirements on 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 Montenegro Poland 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 Polish Financial Institution of Montenegro (including by following the applicable registration requirements on 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 Montenegro Poland and, with the exception of any Related Entity that is a retirement fund described in paragraphs A through C 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 MontenegroPoland.

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 MontenegroSerbia; 2. The Financial Institution must have no fixed place of business outside of MontenegroSerbia. 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 MontenegroSerbia. For this purpose, a Financial Institution shall not be considered to have solicited customers or Account Holders outside Montenegro Serbia merely because the Financial Institution 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 Montenegro Serbia 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 Montenegro Serbia 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 MontenegroSerbian’s AML due diligence requirements; 5. At least 98 percent of the Financial Accounts by value maintained by the Financial Institution Institution1 must be held by residents (including residents that are Entities) of MontenegroSerbia; 6. By the later of July 1, 2014, or the date that the Financial Institution claims treatment as a deemed-compliant FFI pursuant to this paragraph A of this sectionA, 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 Montenegro Serbia (including a U.S. Person that was a resident of Montenegro Serbia when the Financial Account was opened but subsequently ceases to be a resident of MontenegroSerbia) or any Passive NFFE with Controlling Persons who are U.S. residents or U.S. citizens who are not residents of MontenegroSerbia; 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 Montenegro Serbia or by a Passive NFFE with Controlling Persons who are U.S. residents or U.S. citizens who are not residents of Montenegro Serbia is identified, the Financial Institution must report such Financial Account as would be required if the Financial Institution were a Reporting Serbian Financial Institution of Montenegro (including by following the applicable registration requirements on 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 Montenegro Serbia 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 Serbian Financial Institution of Montenegro (including by following the applicable registration requirements on 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 Montenegro Serbia and, with the exception of any Related Entity that is a retirement fund described in paragraphs A through C D of section II of this Annex IIXxxxx XX, 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 MontenegroSerbia.

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 MontenegroSerbia; 2. The Financial Institution must have no fixed place of business outside of MontenegroSerbia. 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 MontenegroSerbia. For this purpose, a Financial Institution shall not be considered to have solicited customers or Account Holders outside Montenegro Serbia merely because the Financial Institution 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 Montenegro Serbia 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 Montenegro Serbia 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 MontenegroSerbian’s AML due diligence requirements; 5. At least 98 percent of the Financial Accounts by value maintained by the Financial Institution Institution1 must be held by residents (including residents that are Entities) of MontenegroSerbia; 6. By the later of July 1, 2014, or the date that the Financial Institution claims treatment as a deemed-compliant FFI pursuant to this paragraph A of this sectionA, 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 Montenegro Serbia (including a U.S. Person that was a resident of Montenegro Serbia when the Financial Account was opened but subsequently ceases to be a resident of MontenegroSerbia) or any Passive NFFE with Controlling Persons who are U.S. residents or U.S. citizens who are not residents of MontenegroSerbia; 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 Montenegro Serbia or by a Passive NFFE with Controlling Persons who are U.S. residents or U.S. citizens who are not residents of Montenegro Serbia is identified, the Financial Institution must report such Financial Account as would be required if the Financial Institution were a Reporting Serbian Financial Institution of Montenegro (including by following the applicable registration requirements on 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 Montenegro Serbia 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 Serbian Financial Institution of Montenegro (including by following the applicable registration requirements on 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 Montenegro Serbia and, with the exception of any Related Entity that is a retirement fund described in paragraphs A through C 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 MontenegroSerbia.