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

Financial Institutions with a Local Client Base. An Irish Financial Institution that meets all of the following requirements: (a) The Financial Institution must be licensed and regulated under the laws of Ireland; (b) The Financial Institution must have no fixed place of business outside of Ireland; (c) The Financial Institution must not solicit account holders outside of Ireland. For this purpose, a Financial Institution shall not be considered to have solicited account holders outside of Ireland merely because it operates a website, provided that the website does not specifically indicate that the Financial Institution provides accounts or services to non-residents, or otherwise target or solicit U.S. customers; (d) The Financial Institution must be required under the tax laws of Ireland to perform either information reporting or withholding of tax with respect to accounts held by residents of Ireland; (e) At least 98 per cent of the accounts by value provided by the Financial Institution must be held by residents (including residents that are entities) of Ireland or another Member State of the European Union; (f) Subject to subparagraph (g) below, beginning on January 1, 2014, the Financial Institution does not open accounts for (i) any Specified U.S. Person who is not a resident of Ireland (including a U.S. Person that was a resident of Ireland when the account was opened but subsequently ceases to be a resident of Ireland), (ii) a Nonparticipating Financial Institution, or (iii) any Passive NFFE with Controlling Persons who are U.S. citizens or residents; (g) On or before January 1, 2014, the Financial Institution must implement policies and procedures to monitor whether it provides any account held by a person described in subparagraph (f), and if such an account is discovered, the Financial Institution must report such account as though the Financial Institution were a Reporting Irish Financial Institution or close such account; (h) With respect to each account that is held by an individual who is not a resident of Ireland or by an entity, and that is opened prior to the date that the Financial Institution implements the policies and procedures described in subparagraph (g) above, the Financial Institution must review those accounts in accordance with the procedures described in Annex I applicable to Preexisting Accounts to identify any U.S. Reportable Account or account held by a Nonparticipating Financial Institution, and must close any such accounts that were identified, or report on such accounts as though the Financial Institution were a Reporting Irish Financial Institution; (i) Each Related Entity of the Financial Institution must be incorporated or organised in Ireland and must meet the requirements set forth in this paragraph; and (j) The Financial Institution must not have policies or practices that discriminate against opening or maintaining accounts for individuals who are Specified U.S. Persons and who are residents of Ireland.

Financial Institutions with a Local Client Base. An Irish Financial Institution that meets all of the following requirements: (a) The Financial Institution must be licensed and regulated under the laws of Ireland; (b) The Financial Institution must have no fixed place of business outside of Ireland; (c) The Financial Institution must not solicit account holders outside of Ireland. For this purpose, a Financial Institution shall not be considered to have solicited account holders outside of Ireland merely because it operates a website, provided that the website does not specifically indicate that the Financial Institution provides pro- vides accounts or services to non-residents, or otherwise target or solicit U.S. customers; (d) The Financial Institution must be required under the tax laws of Ireland to perform either information reporting or withholding of tax with respect to accounts held by residents of Ireland; (e) At least 98 per cent of the accounts by value provided by the Financial Institution must be held by residents (including residents resi- dents that are entities) of Ireland or another Member State of the European Union; (f) Subject to subparagraph (g) below, beginning on January 1, 2014, the Financial Institution does not open accounts for (i) any Specified Speci- fied U.S. Person who is not a resident of Ireland (including a U.S. Person that was a resident of Ireland when the account was opened but subsequently ceases to be a resident of Ireland), (ii) a Nonparticipating Financial Institution, or (iii) any Passive NFFE with Controlling Persons who are U.S. citizens or residents; (g) On or before January 1, 2014, the Financial Institution must implement policies and procedures to monitor whether it provides pro- vides any account held by a person described in subparagraph (f), and if such an account is discovered, the Financial Institution must report such account as though the Financial Institution were a Reporting Irish Financial Institution or close such account; (h) With respect to each account that is held by an individual who is not a resident of Ireland or by an entity, and that is opened prior to the date that the Financial Institution implements the policies and procedures described in subparagraph (g) above, the Financial Xxxxx- cial Institution must review those accounts in accordance with the procedures described in Annex I applicable to Preexisting Accounts to identify any U.S. Reportable Account or account held by a Nonparticipating Financial Institution, and must close any such accounts that were identified, or report on such accounts as though the Financial Institution were a Reporting Irish Financial Xxxxx- cial Institution; (i) Each Related Entity of the Financial Institution must be incorporated incorpor- ated or organised in Ireland and must meet the requirements set forth in this paragraph; and (j) The Financial Institution must not have policies or practices that discriminate against opening or maintaining accounts for individuals individ- uals who are Specified U.S. Persons and who are residents of Ireland.